Daniela Miranda

Daniele Miranda from Santander asked for clarification on the 13%-15% portfolio growth guidance for 2026, specifically how much is driven by overall market growth versus market share gains. She also inquired about the medium-term outlook for the 2.3% NIM, asking if it represents a through-the-cycle margin or if normalization towards 2028 is expected.

Answer

CEO Jorge Salas and Chief Commercial Officer Samuel Canineu explained that Bladex does not track market share due to its small size relative to the Latin American trade market. They anticipate balanced growth across the region, with specific opportunities in countries like Guatemala and Argentina (Vaca Muerta complex). Samuel Canineu emphasized that margin stability is by design, focusing on value-added, structured businesses like working capital solutions and project finance. He noted that Bladex has enough capital to defend net interest income with volume if needed.

Daniele Miranda from Santander asked about the drivers of Bladex's 13%-15% portfolio growth guidance, specifically the split between overall market growth and market share gains. She also sought clarification on whether the 2.3% NIM is a through-the-cycle margin or if it's expected to normalize lower in the medium term.

Answer

CEO Jorge Salas noted the difficulty in quantifying Bladex's market share due to its specialized role in a large Latin American trade market. Chief Commercial Officer Samuel Canineu added that Bladex does not focus on market share, seeing ample growth opportunities. He mentioned 2025 growth was balanced, with Guatemala showing strong performance, and 2026 growth is also expected to be balanced, with opportunities in underexposed markets like Argentina. Regarding NIM, Mr. Canineu stated Bladex has effectively defended margins through disciplined execution and a focus on structured, value-added transactions, which offer more stability in a borrower-friendly market. Mr. Salas reiterated that maintaining margins will be challenging due to market pressures.

Daniela Miranda inquired about the company's net interest margin (NIM) outlook for 2026 and addressed the observed volatility in Interseguro and Inteligo's results, asking for their medium-term profitability outlook and any initiatives to mitigate earnings volatility.

Answer

Luis Felipe Castellanos (CEO, Intercorp Financial Services) explained that Interseguro and Inteligo have a structural profitability target of 20%+, with volatility primarily stemming from market-dependent investment results, while their fee businesses remain stable. He indicated that NIM should continue to improve as the higher-yielding loan book gains relevance. Michela Casassa (CFO, Intercorp Financial Services) further elaborated that NIM should slightly increase in 2026 due to positive impacts from higher-yielding loan growth and continued optimization of funding costs through efficient funding mix.

Daniela Miranda asked for additional color on the NIM outlook for 2026, given no formal guidance was provided. She also questioned the medium-term profitability outlook for Interseguro and Inteligo, and initiatives to mitigate earnings volatility in these businesses.

Answer

Luis Felipe Castellanos, CEO of Intercorp Financial Services, confirmed a structural profitability target of 20% for Interseguro and Inteligo, acknowledging market-dependent volatility. Michela Casassa, CFO of Intercorp Financial Services, explained that NIM should slightly increase in 2026 due to higher-yielding loan growth and continued optimization of funding costs, driven by an improved mix of efficient funding.