Sign in

    Ernesto María Gabilondo Márquez • Bank of America

    Ernesto María Gabilondo Márquez's questions to Intercorp Financial Services Inc (IFS) leadership

    Ernesto María Gabilondo Márquez's questions to Intercorp Financial Services Inc (IFS) leadership • Q4 2024

    Question

    Ernesto María Gabilondo Márquez of Bank of America inquired about the expected drivers for fee income growth in 2025, the revenue contribution from digital channels, key variables to monitor for the wealth management business, and the anticipated effective tax rate.

    Answer

    Executive Michela Ramat projected high single to low double-digit fee income growth for 2025, driven by a recovery in the consumer loan book. She noted that while digital adoption is high, splitting out digital fees is difficult, and the 2025 tax rate will likely be slightly higher. Executive Bruno Ferreccio del Rio added that for wealth management, he expects continued fee growth, improved NIM as rates fall, and more stable portfolio results.

    Ask Fintool Equity Research AI

    Ernesto María Gabilondo Márquez's questions to Intercorp Financial Services Inc (IFS) leadership • Q3 2024

    Question

    Ernesto María Gabilondo Márquez inquired about Net Interest Margin (NIM) expectations for 2025, the future evolution of cost of risk from its current normalized levels, drivers for fee income growth, and the expected timeline to reach the company's sustainable ROE target of approximately 18%.

    Answer

    Executive Michela Ramat explained that NIM is expected to recover in 2025, driven by the full-year effect of lower funding costs and a rebound in the higher-yield consumer loan portfolio. She anticipates the cost of risk will remain near the current 3.1% level, as improvements in the consumer book will be offset by a changing portfolio mix and the maturity of government guarantees. Ramat also projected strong fee income growth in 2025 from Izipay, Inteligo, and a recovery in consumer loan fees. She noted that while the 18% ROE target is getting closer, it's more likely to be achieved towards the end of 2025 rather than for the full year.

    Ask Fintool Equity Research AI

    Ernesto María Gabilondo Márquez's questions to Credicorp Ltd (BAP) leadership

    Ernesto María Gabilondo Márquez's questions to Credicorp Ltd (BAP) leadership • Q3 2024

    Question

    Ernesto María Gabilondo Márquez inquired about the outlook for asset quality and cost of risk in 2025, and asked for the breakeven timeline for the new digital banks, Yape and Tenpo.

    Answer

    Chief Financial Officer Alejandro Perez-Reyes stated that the cost of risk is expected to continue decreasing in 2025, aiming for a level lower than 2024. Chief Executive Officer Gianfranco Piero Ferrari de Las Casas added that Yape is already past its breakeven point, while Tenpo is projected to reach breakeven in two to three years, tracking ahead of its business plan.

    Ask Fintool Equity Research AI

    Ernesto María Gabilondo Márquez's questions to Banco de Chile (BCH) leadership

    Ernesto María Gabilondo Márquez's questions to Banco de Chile (BCH) leadership • Q2 2024

    Question

    Ernesto María Gabilondo Márquez inquired about the reasons for the upward revision in ROE guidance to 21%, the earnings outlook for the remainder of the year and beyond, and the bank's expected competitive advantage with its new acquiring business.

    Answer

    Executive Pablo Ricci and Executive Rodrigo Aravena attributed the higher ROE guidance to a revised macroeconomic outlook, including a higher year-end interest rate forecast (5.5%) and increased inflation expectations (4.3%), which positively impact net interest margins. They noted a long-term ROE target of around 18% or higher. Regarding the new acquiring business, B-Pago, Rodrigo Aravena stated the strategy is customer-centric, initially focusing on SMEs and middle-market clients to become a 'very relevant player.' Pablo Ricci added that this initiative, along with strong customer growth, is expected to support mid-to-high single-digit fee growth.

    Ask Fintool Equity Research AI

    Ernesto María Gabilondo Márquez's questions to Banco Santander-Chile (BSAC) leadership

    Ernesto María Gabilondo Márquez's questions to Banco Santander-Chile (BSAC) leadership • Q1 2024

    Question

    Ernesto Gabilondo from Bank of America asked for the bank's expected normalized effective tax rate and inquired about the competitive landscape, specifically asking about aggressive fintechs and Santander's preparedness.

    Answer

    Cristian Vicuna, Chief of Strategic Planning and IR, projected a normalized tax rate of 21-22%. He and CFO Emiliano Muratore addressed competition by noting the absence of large disruptive fintechs seen elsewhere in the region. They identified Mercado Libre as a relevant entrant but expressed strong confidence in their own digital ecosystem, including Mas Lucas and Getnet, to compete effectively.

    Ask Fintool Equity Research AI