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Intercorp's Q2 profit jumps 71.3%; provisions rise

Intercorp Financial Services Inc. posted a 71.3% jump in its second-quarter net profit as the Peru-focused company's insurance unit swung back to profit.

Net profit attributable to shareholders totaled 347.9 million Peruvian soles, up from 203.1 million soles earned in the year-ago period. EPS rose to 3.18 soles from 1.83 soles year over year.

The company attributed the year-over-year improvement mainly to a reduction in its adjustment of technical reserves within its insurance segment, noting that it had taken a 144.8 million-sole hit in the 2018 second quarter for the full adoption of new mortality tables. As a result, the earnings contribution from the company's Interseguro Compañía de Seguros SA unit swung to a 32.8 million sole profit from a loss of 113.7 million soles a year earlier.

Meanwhile, the profit contribution from Intercorp's primary banking unit, Banco Internacional del Perú SAA, rose 5.1% year over year to 300.2 million soles.

Net interest income hit 859.4 million soles, up 3.4% from the prior quarter and 9.6% higher than a year ago. The net interest margin ticked to 5.8% from 5.5% in the linked quarter and 5.6% in the year-ago period.

Net fee income from financial services, meanwhile, ticked 1.1% higher year over year to 222.7 million soles. Other income, however, shot 72.4% higher to 129.4 million soles, which the company said was partly due to better results on the sale of financial investments at both Interseguro and Interbank.

Net loan loss impairments jumped 71.4% year over year, hitting 192.9 million soles, which the company attributed mainly to its release of provisions for construction sector exposures during the comparable period.

Intercorp's return on average equity came to 18.5% for the second quarter, compared to 19.0% in the linked quarter and 12.7% a year earlier.

As of Aug. 12, US$1 was equivalent to 3.39 Peruvian soles.