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    Daniel Mora • Credicorp Capital

    Daniel Mora's questions to Intercorp Financial Services Inc (IFS) leadership

    Daniel Mora's questions to Intercorp Financial Services Inc (IFS) leadership • Q1 2025

    Question

    Via webcast, Daniel Mora from CrediCorp Capital asked for an update on the Telefonica corporate case, questioning if the provision coverage was sufficient, and requested the normalized net profit and ROE for Q1 after excluding this effect.

    Answer

    Executive Luis Castellanos López-Torres reiterated that the company is comfortable with its current provision levels for the Telefonica case based on available information. He stated that if the one-time provision effect were excluded, the company's earnings would have been 'north of $500 million.'

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    Daniel Mora's questions to Foreign Trade Bank of Latin America Inc (BLX) leadership

    Daniel Mora's questions to Foreign Trade Bank of Latin America Inc (BLX) leadership • Q4 2024

    Question

    Daniel Mora of CrediCorp asked about the total loan portfolio's exposure to U.S. trade beyond Mexico and inquired about the deployment strategy for the new trade finance and treasury platforms, specifically whether it would be country-by-country or a broader rollout.

    Answer

    Executive Jorge Salas explained that potential tariffs on Mexico and China could create export opportunities for other Latin American countries like Brazil, which Bladex is positioned to finance. Chief Commercial Officer Samuel Canineu added that the new trade finance platform is country-agnostic and will be piloted with key relationships before being deployed to all clients.

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    Daniel Mora's questions to Foreign Trade Bank of Latin America Inc (BLX) leadership • Q3 2024

    Question

    Daniel Mora from Credicorp Capital inquired about the bank's Net Interest Margin (NIM) sensitivity to falling interest rates and its target for non-interest income as a percentage of total income, and whether ROE could surpass the 2026 guidance.

    Answer

    CFO Ana de Mendez explained that a 100-basis point change in interest rates impacts NIM by approximately 12 basis points and ROE by 100 basis points, due to the floating-rate nature of the balance sheet. She noted that new products should help sustain profitability. CEO Jorge Salas added that the bank's target is to increase non-interest income from the current 13% to 18% of total revenues by the end of 2026, driven by new platform initiatives.

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    Daniel Mora's questions to Banco Santander-Chile (BSAC) leadership

    Daniel Mora's questions to Banco Santander-Chile (BSAC) leadership • Q2 2024

    Question

    Daniel Mora questioned when a turnaround in NPLs, especially in the commercial segment, could be expected and asked what management considers a normalized NPL ratio for the bank's current portfolio mix.

    Answer

    Cristian Vicuna, Chief of Strategic Planning and Investor Relations, stated that a normalized NPL ratio for the current portfolio mix would be in the low-2s range (2.2% to 2.4%). He indicated that the bank is nearing a turnaround point for absolute NPL figures, with an expected improvement materializing in the next 6 to 9 months, noting that the recent ratio increase was partly due to a smaller loan book denominator.

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    Daniel Mora's questions to Banco Santander-Chile (BSAC) leadership • Q1 2024

    Question

    Daniel Mora from Credicorp Capital asked for an explanation of the bank's higher NPL ratio compared to peers, specifically questioning the drivers in the commercial loan segment and the actions being taken for improvement.

    Answer

    Cristian Vicuna, Chief of Strategic Planning and Investor Relations, stated that the NPL increase aligns with the economic cycle. He specified that in the commercial portfolio, the increase is concentrated in single names within the agriculture and real estate sectors, which are well-collateralized. He anticipates the situation will improve in the second half of the year and noted the bank's normalized cost of risk should be between 1.1% and 1.2%.

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