SUMMARY

This summary highlights selected information about us and should be read as an introduction to the more detailed information included in this prospectus. You should carefully read this prospectus in its entirety before investing in our common shares, including “Presentation of Financial and Other Information,” “Risk Factors,” “Selected Consolidated Financial Information,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our unaudited interim condensed consolidated financial statements and our audited annual consolidated financial statements and related notes. Unless otherwise indicated, all financial information provided in this section has been prepared in accordance with IFRS except for certain information such as CAGR and other comparative market information which is presented under SBS GAAP. We have included in this summary and elsewhere in this prospectus certain information reported by the SBS for the Peruvian banking and insurance sectors as a whole as well as for individual financial institutions in Peru, including Interbank and Interseguro, which report to the SBS and the SMV in SBS GAAP. The information under SBS GAAP has been presented for comparative market purposes only.

Overview

IFS is a leading provider of banking, insurance and wealth management services for retail customers and commercial clients in Peru. Our purpose is to empower all Peruvians to achieve financial well-being, and as such, we have built an integrated financial services platform in the fast-growing, underpenetrated and profitable Peruvian financial system. We have invested in building a leading and scalable digital platform (mobile and online), which is rapidly being adopted by existing and new customers. Our digital platform is complemented by one of the largest distribution networks in the country which includes financial stores, ATMs, correspondent agents, dedicated sales forces, financial advisors, and call centers. Together our digital platform and distribution network provide our more than three million customers and a potential market of more than 30 million Peruvians and 9 million businesses with access to our products and services and a distinctive and convenient customer experience.

We manage our business in three segments, banking, insurance and wealth management, that complement each other and represent diversified sources of revenue. Our banking segment operates through our subsidiary Interbank, which is the second largest provider of consumer loans in Peru, according to the SBS. Interbank provides a full range of retail banking and commercial banking products, and services to individuals, large companies, and small and medium enterprises. Our insurance segment operates through our subsidiary Interseguro, which is the leading provider of annuities in Peru by premiums and one of the leading life insurance companies in the country according to the SBS. Interseguro provides a wide range of retirement, savings, life, unemployment and other insurance products mainly to retail customers. Our wealth management segment operates through our subsidiaries Inteligo Bank, Inteligo SAB and Interfondos, which together provide wealth management, private banking, financing, brokerage, advisory and other investment services mainly to high net worth individuals.

Our key strategic priority is to achieve digital excellence for our customers by providing them with a world-class, flexible and secure digital platform. We believe our digital transformation is vital to our continued growth and profitability, and for this reason we have been investing in developing the capabilities necessary to offer digital products and services to our customers. In March 2019, more than 975,000 retail customers used our digital platform compared to more than 450,000 in December 2016 and more than 380,000 retail customers no longer utilize physical channels other than ATMs in March 2019. We are aiming to allow our customers to have a 100% digital relationship with us in an efficient and secure manner. We have also streamlined our physical presence and reduced the number of branches by approximately 9% since 2016, focusing on educating our customers in the use of our digital platform. To accompany this transformation we are in the process of redesigning our physical presence in order to better serve the evolving needs of our customers. We have

substantially increased migration of low-value-added transactions to more efficient digital channels, and we have increased sales of products to existing customers, as well as increased new customer acquisition of which a growing number are being acquired digitally or “born-digital.” This process of digital customer acquisition and sales has been accelerating, for example, in March 2019, 17% of new retail clients were acquired digitally compared to 3% in March 2018, and more than 37% of sales of new products to retail customers were performed digitally compared to 28% in March 2018.

We aim to be the company that best knows the needs of Peruvians. Our advanced analytics and CRM capabilities are being enriched with new sources of data and new tools that technology offers, such as cloud, real-time decision, machine learning and artificial intelligence. We believe that a deep knowledge of our current and potential customers allows us to offer them the best solutions for their financial needs across our banking, insurance and wealth management segments. Through this deep knowledge we have also been able to enhance our risk models, helping us to propel growth and continue to improve our profitability.

The following table shows the evolution of our reported net profit, dividends, ROE and ROA and our adjusted net profit, ROE and ROA, from 2016 through 2018 and for the three months ended March 31, 2019 and 2018:

As of March 31, 2019, we had total assets of S/65.8 billion (approximately U.S.$19.8 billion), total gross loans of S/34.7 billion (approximately U.S.$10.5 billion), total deposits of S/34.8 billion (approximately U.S.$10.5 billion) and shareholders’ equity of S/7.7 billion (approximately U.S.$2.3 billion).

We operate the following three business segments:

As of and for the three months ended March 31, 2019, Interbank represented 74.9% of our total assets and 85.0% of our net profit. As of and for the year ended December 31, 2018, Interbank represented 74.4% of our total assets, 92.6% of our net profit and 81.8% of our adjusted net profit. For the 2018 fiscal year, Interbank declared a dividend of S/467.0 million (or approximately U.S.$140.8 million) of which S/463.8 million (or approximately U.S.$139.8 million) were paid to IFS, and represents 66.0% of total dividends received by IFS.

With a significant focus on the emerging middle class, Interbank has a higher percentage of retail loans, which account for 54.0% and 53.2% of its total loan portfolio, compared to the banking system’s average of 35.7% and 35.1%, as of March 31, 2019 and December 31, 2018, respectively. This contributes to a higher risk-adjusted net-interest margin than the banking system’s average.

Interbank’s CAGR in loans, deposits and obligations, and net profit between 2014 and 2018 was 10.5%, 10.3%, and 9.0%, respectively. For 2018, Interbank’s net profit was S/1,010.9 million and ROE was 20.2% and for the three months ended March 31, 2019 its net profit was S/299.7 million and annualized ROE was 22.1%.

As of and for the three months ended March 31, 2019 Interseguro represented 19.7% of our total assets and 8.2% of our net profit and as of and for the year ended December 31, 2018, Interseguro represented 19.7% of our total assets, negative 5.6% of our net profit and 6.7% of our adjusted net profit. For the 2018 fiscal year, Interseguro declared a dividend of S/138.0 million (or U.S.$41.6 million), which represents 19.6% of total dividends received by IFS.

Interseguro’s CAGR in gross premiums plus collections was 8.3% between 2014 and 2018. For 2018, Interseguro’s net loss was S/61.5 million and its adjusted net profit was S/83.3 million, while

its ROE was negative 7.6% and its adjusted ROE was 9.4%. For the three months ended March 31, 2019 Interseguro’s net profit was S/28.9 million and annualized ROE was 12.8%.

Inteligo’s CAGR in assets under management was 11.8% between 2014 and 2018. In addition, for the year ended December 31, 2018, Inteligo’s net profit was S/197.5 million and ROE was 25.7% and for the three months ended March 31, 2019, Inteligo’s net profit was S/78.3 million and annualized ROE was 38.1%.

The following tables provide certain financial and other information about our three business segments for the periods indicated.

The following table provides relevant information about dividends declared by each of our subsidiaries:

The following tables provide certain financial and other information about our consolidated business.

Market Opportunity

We believe that the ongoing growth of the Peruvian economy, the expanding middle class, the growth of private wealth creation in Peru, the low penetration of financial services and the well-capitalized and profitable Peruvian financial system offer significant opportunities for our continued growth. Moreover, new technological developments are opening up new opportunities for growth, enabling us to efficiently acquire and serve more clients, while providing distinctive and convenient customer service and greater access and inclusion to financial services to previously underserved Peruvians.

High growth economy with strong macroeconomic fundamentals

According to the EIU, Peru’s average GDP growth rate was 3.2% between 2014 and 2018, which is higher than the growth rate of each of the peer countries in Latin America during the same period (Colombia at 2.8%, Mexico at 2.6%, Chile at 2.2%, and Brazil at negative 0.8%). Additionally, Peru’s average inflation rate was 2.9% between 2014 and 2018, which was lower than the inflation rates of each of the peer countries in Latin America during the same period (Brazil at 6.2%, Colombia at 4.6%, Mexico at 4.1% and Chile at 3.5%). The Peruvian government’s prudent management of the economy, conservative fiscal policy, coupled with the Central Reserve Bank of Peru’s cautious management of inflation and international reserves have contributed to economic development, increased internal consumption and strong macroeconomic fundamentals, including low levels of public debt, low inflation, low fiscal deficit and high levels of international reserves. Peru’s strong track record of macroeconomic policy credibility, consistency and ability to adapt to changes has helped it to achieve investment grade ratings of A3 by Moody’s Investor Service (“Moody’s”), BBB+ by Standard & Poor’s Rating Services (“S&P”) and BBB+ by Fitch Ratings Ltd. (“Fitch”) as of December 31, 2018. In its most recent forecast as of March 2019, the Central Reserve Bank of Peru has estimated real GDP growth for Peru of 4.0% for both 2019 and 2020, in line with 2018 growth.

Expansion of the middle class and affluent population

The core of our customer base is Peru’s growing middle class and affluent population. According to INEI, the poverty rate in Peru has declined to 20.5% in 2018, from 30.8% in 2010, and GDP per capita in U.S. dollars has grown from U.S.$5,051 in 2010 to U.S.$6,907 in 2018, according to EIU. Peru has a total population of 32.2 million, and according to the Asociación Peruana de Empresas de Investigación de Mercados (APEIM), Peru’s middle and upper socioeconomic segments (segments A, B and C) have significantly expanded and, as of 2017, represented 50% of the population compared to 42% in 2010. We believe that the increase in the number of people belonging to the middle class and affluent population creates a greater need for financial services, particularly for increasingly sophisticated banking, insurance and wealth management products. The expansion of these segments of the population drives growth and profitability across our business. Additionally, based on macroeconomic trends, we expect the number of high net worth individuals in Peru and the size of their investable assets to continue to grow and further increase the market for wealth management services.

Low financial services penetration

We believe that growth potential in Peru’s financial services sector continues to be significant. Despite sustained recent growth of 8.8% CAGR in total gross loans between 2014 and 2018, banking penetration in Peru, measured as the ratio of loans-to-GDP, was 36.6% as of December 31, 2018, according to the SBS and the Central Reserve Bank of Peru, below the average ratio of 51.2% for the group of peer countries in Latin America according to the EIU, the SBIF, the Central Bank of Brazil, the Colombian Financial Superintendency, and the Mexican Commission for Banking and Securities. In addition, it was less than half of the 93.0% ratio for Chile. We believe that penetration potential is even more significant in retail banking. Total retail loans including credit cards per inhabitant in Peru, is well below its peer countries in Latin America. As of December 31, 2018, the

estimated total number of debit and credit cards per inhabitant in Peru was 0.9 as compared to 2.3 cards per inhabitant for Chile, according to the SBS and the SBIF, respectively. The ratio of retail loans-to-GDP in Peru was 13.0%, while the penetration of retail loans in Chile was 39.6% and the average for the group of peer countries in Latin America was 26.3%, as of December 31, 2018. Furthermore, as of December 31, 2018, there were approximately 0.2 million mortgages outstanding in Peru for a population of approximately 32.2 million, compared to approximately 1.6 million mortgages outstanding in Chile for a population of approximately 18.2 million. Similarly, insurance penetration in Peru, measured as the ratio of premiums-to-GDP as of December 31, 2017, is estimated to be 1.6%, which is lower than the average ratio of 3.5% for the group of peer countries in Latin America, and less than half the ratio of 4.9% for Chile, according to the Swiss Re Sigma 2017 Report.

Healthy, well-capitalized and profitable financial system

As a result of sound regulation and prudent management, the Peruvian financial system is healthy, well-capitalized and profitable, according to figures published by the SBS. Gross loans in Peru (measured in soles ) have grown at a CAGR of 8.8% between December 31, 2014 and December 31, 2018, and 8.5% between March 31, 2018 and March 31, 2019, while the banking system’s asset quality has remained strong with a ratio of past-due loans as a percentage of total gross loans of 3.0% and a ratio of impairment allowance for loans as a percentage of past-due loans of 153.0% as of March 31, 2019, according to the SBS. Capitalization of the Peruvian banking system has consistently been well above regulatory requirements in the last five years with a total capital ratio of the banking system of 15.3% as of March 31, 2019, according to the SBS, as compared to a minimum requirement established by the SBS of 10.0% plus a 2.3% additional capital requirement. Interbank’s capitalization ratio was 16.4% and Interseguro’s regulatory solvency ratio was 130.4%, according to the SBS as of March 31, 2019. Furthermore, the banking and insurance industries in Peru remain profitable, with an 18.3% annualized ROE for the banking system and a 19.7% annualized ROE for the insurance industry for the three months ended March 31, 2019, according to the SBS.

Development of new technologies and distribution channels

There are many technological trends currently impacting the financial services industry worldwide. For example, the penetration of cell phones, Internet and the 4G mobile network, the ability to process large quantities of data through big data, cloud and machine learning, and the opportunity to utilize robotics and artificial intelligence. As a result, many large banks have started digital transformations with large increases in their level of technological investments and are working on developing their product offerings.

Due to improved technology, banks are now able to offer a better value proposition to their customers that include better solutions with features tailored to the customer’s needs, contextual banking (whereby the customer is offered a connected banking experience, including tailored product offerings), enhanced 24 hour customer support and access and faster approval and response times, all at a lower per capita cost. Additionally, banks are now able to reach a broader base of customers both in terms of income levels and geographic locations and will be able to gradually offer them more products and services and make them a part of the banked segment of the Peruvian population, which constitutes a very important growth opportunity in the country.

Competitive Strengths

We have established a premier financial group with leading market positions in each of our primary business segments. We believe that our market share, focus on targeted and profitable segments, scale and highly recognized and trusted brands, combined with adoption of innovative technologies and increasing integration across our business segments, strongly position us to capitalize on the future expansion of the Peruvian economy.

Leading financial services provider focused on retail customers and highly attractive businesses

We target retail customers and growing and profitable businesses in Peru. We have highly recognized and trusted brands in each of our segments, Interbank in banking, Interseguro in insurance and Inteligo in wealth management. Within our banking segment, Interbank focuses primarily on retail banking, where we believe we are able to obtain higher profitability, with 54.0% of its loan portfolio constituting retail loans, compared to 35.7% for the Peruvian banking system, as of March 31, 2019, according to the SBS. Interbank is the second largest provider of consumer loans among banks in Peru, with a 22.6% market share as measured by gross consumer loans as of March 31, 2019, compared with 24.7% for BCP, 17.1% for Scotiabank and 11.6% for BBVA. Interbank is also the largest provider of credit card loans among banks in Peru, with a 26.3% market share by credit card loans, and the largest privately owned bank provider of payroll deduction loans to public sector employees, with a 23.5% market share by payroll deduction loans, in each case as of March 31, 2019.

We believe that our focus on the retail market has allowed Interbank to obtain a higher ROE than the banking system on average. This higher ROE is driven by a balanced consumer loan portfolio where two of our most profitable products are credit cards and payroll deduction loans. Interbank has one of the highest net interest margins when compared to the three largest banks in Peru, due to its higher weighting in retail banking and credit cards when compared to its peers. Low delinquency rates on our payroll deduction loans reduce the overall credit risk exposure of our consumer loans portfolio. For the three months ended March 31, 2019, Interbank’s NIM was 135 basis points higher than the average for the three largest Peruvian banks and for the three months ended March 31, 2019, Interbank’s risk adjusted NIM was 69 basis points higher than the average for the three largest Peruvian banks, according to the SBS. Under IFRS, Interbank’s net interest margin for the three months ended March 31, 2019 was 5.5%.

Our commercial banking business serves a range of clients spanning large corporates, mid-corporates and SMEs. We are focusing on increasing our market share in mid-corporates and SMEs while maintaining our large corporate business with a profit-oriented approach. This market provides an additional growth opportunity given our 8.4% market share for mid-corporates and 4.0% market share for small businesses as of March 31, 2019, according to the SBS. Moreover, our overall commercial loan portfolio provides us with a lower risk component that balances our total loan portfolio.

We believe that Interseguro provides us with a fast-growing and profitable business. In our insurance segment, Interseguro is the leading provider of annuities in Peru, with a market share of total annuities (excluding private annuities) of 32.3% as measured by premiums collected for the three months ended March 31, 2019, according to the SBS. We focus on the middle class and affluent population in Peru, a segment we believe is substantially underpenetrated in insurance services. During April 2016, the Peruvian Congress enacted a law that allowed retirees to withdraw up to 95.5% of their accumulated capital in cash in their mandatory pension account upon retirement, resulting in a significant reduction of retirement annuities sold by Peruvian insurance companies, including Interseguro. In this context, in order to keep its position as a leading provider in annuities, in 2016, Interseguro launched its private annuities product which allows retirees to receive a fixed income either for life or a fixed period. As of the date of this prospectus, most of the customers of private annuities and their funds originate from retirees who choose to buy a product from an insurance company rather than from a private pension fund. Interseguro is also a leading provider of life insurance with the acquisition of Seguros Sura and we believe this market provides an additional opportunity for growth.

Within our wealth management segment, Inteligo is well positioned to capture an increasing share of the growing number of wealthy individuals, resulting from economic growth and wealth creation in Peru. Inteligo’s CAGR in assets under management was 11.8% between December 31, 2014 and December 31, 2018. We believe that Inteligo’s position as a provider of tailored wealth management services as well as its ability to provide its customers with both local and international investment products will help increase its share of wallet among high net worth individuals, while delivering high levels of growth and profitability.

Track record of sustained growth supported by our strong market share and high profitability

Our strong track record of growth is supported by our increased market share, improvements in efficiency, and high profitability across our business segments. At Interbank, we have gained significant market share over the years. Our market share in total gross loans has increased from 9.4% in 2007, to 11.3% in 2014, and to 12.0% in 2018, while our market share in total deposits has grown from 9.3% in 2007, to 11.6% in 2014, and to 12.8% in 2018. We are focused primarily on retail banking because we believe that it presents significant growth opportunities and higher profitability. In retail banking, Interbank’s outstanding retail loans, including consumer and mortgage loans, achieved a 17.3% growth between March 2018 and March 2019, higher than the 10.9% registered for the Peruvian banking system, according to the SBS. Our market share was 26.3% in credit card loans in March 2019, the largest in the market. In the same period, Interbank has held a strong position across retail products, with market shares of 17.0% and 18.7% of total retail loans in 2014 and March 2019, respectively, according to the SBS. With respect to mortgage loans, Interbank’s market share increased from 12.7% in 2014 to 14.4% in March 2019, according to the SBS. Interbank’s increasing market shares have been accompanied by high profitability, with ROE averaging 23.5% compared to 19.8% for the Peruvian banking system, from 2014 to 2018. The commercial banking division at Interbank has also grown faster than the Peruvian banking system. Interbank’s outstanding commercial loans achieved a 16.1% growth between March 2018 and March 2019, higher than the 5.1% and 7.2% registered for BCP and the Peruvian banking system, respectively according to the SBS.

Interseguro is a leading and growing insurance company in Peru, which achieved a CAGR of 8.3% in premiums, compared to the Peruvian insurance industry’s 6.1%, between December 31, 2014 and December 31, 2018, according to the SBS. Furthermore, in the same period Interseguro’s positioning in the industry increased, with market shares in annuities by premiums (excluding private annuities) of 22.7% in 2007, 24.6% in 2014 and 32.3% in March 2019. Interseguro’s assets increased at a CAGR of 27.2% compared to 10.1% for the insurance industry between 2014 and 2018. Between 2014 and 2018, Interseguro’s ROE averaged 30.0% compared to 15.8% for the insurance industry, both according to the SBS. Interseguro’s recent results have been driven in large part by the acquisition of Seguros Sura. Interseguro’s ROE was 22.1% for the three months ended March 31, 2019, according to the SBS.

Inteligo’s assets under management grew at a CAGR of 11.8% between 2014 and 2018. Similarly, net profit grew at a CAGR of 7.4% between December 31, 2014 and December 31, 2018, supported by strong fees on assets under management. Inteligo’s ROE averaged 26.5% for the three-year period ended December 31, 2018. Inteligo’s ROE was 38.1% for the three months ended March 31, 2019.

Digital suite of products and services with rapidly increasing levels of adoption

IFS is striving to reshape the banking space in Peru, creating a new digital experience driven by convenience and simplicity. Although we believe physical channels are still necessary in an underpenetrated financial system like Peru’s, our digital platform has substantially increased our customers’ interactions with Interbank and provided us with new business opportunities to build on consumer loyalty and cross-sell services, as well as accelerate new customer acquisition and inclusion of previously underserved segments of the population, including individuals, entrepreneurs and micro-businesses. We have a wide offering of digital products and services for existing and new clients, enabling them to get what they want, when they want it, and how they want it.

We believe our digital platform provides us with a competitive advantage as evidenced by our increased market share and improvement in net promoter score (“NPS”). As of March 31, 2019, 95% of total functionalities at Interbank, which include day-to-day transactions, new products and self-service features, are available digitally. Our digital users have reached 56% of total retail customers who interact with the bank in

March 2019, and our 100% digital customers have reached 22% of total retail customers in March 2019 compared to the 10% reached in 2016. Our digital transformation allows our customers to interact more frequently with us. As a result, our customers’ monthly interactions through our digital platform have increased substantially, from 10 million in March 2017 to 18 million in March 2019, while interactions in branches remained stable at 2 million in the same periods. Our penetration of digital sales and self-service transactions increased to 31% of total retail sales and self-service interactions in March 2019, from 21% in March 2018.

Furthermore, digital customer acquisition, or clients that were ‘born digital’, reached approximately 11,500 in March 2019, or 17% of new individual clients, compared to approximately 1,600 in March 2018, or 3% of new individual clients. Similarly, we are continuously improving our digital capabilities for SME and corporate clients, enhancing our value-added proposition and tools to foster our commercial customers’ growth. For example, we have streamlined our account opening process for businesses from fifteen days to a digital thirty-minute process. This innovation has driven growth in new customer acquisition for small companies through our digital platform, accounting for 38% of our total new small business accounts in March 2019 compared to 0% in March 2018.

Supported by our digital platform, we have also increased the cross-selling of products, which we define as the number of products owned by a customer. The cross-selling ratio is calculated as the sum of the number of products owned by any given group of customers divided by the number of customers in such group. The number of products owned by our digital customers has increased 49% from March 2018 to March 2019, which resulted in a higher cross-selling ratio for digital customers, from 1.84 products per digital customer in March 2018 to 1.92 products per digital customer in March 2019. By comparison, the number of products owned by our total customers increased by 15%, with a growth in the cross-selling ratio for total customers from 1.61 products per customer in March 2018 to 1.66 products per customer in March 2019. Accordingly, the cross-selling ratio for digital customers was 1.15 times greater than the cross-selling ratio for total customers in March 2019.

Further, the total number of products sold increased 33%, from approximately 332,000 in March 2018 to approximately 440,000 in March 2019. Products sold digitally more than tripled, from approximately 35,000 to approximately 113,000, representing 26% of total sales in March 2019, compared to 10% in March 2018; compared to an increase of 10% for products sold through non-digital channels, which represented 74% of our total sales in March 2019, compared to 90% in March 2018. Per specific product, in March 2019, approximately 25,000 saving accounts were opened digitally, which represented 24% of total savings accounts opened, compared to approximately 2,000 saving accounts opened digitally in March 2018, or 3% of total savings accounts opened. Similarly, approximately 2,000 extra cash loans were sold digitally in March 2019, or 15% of total sales of such product, compared to approximately 1,000 extra cash loans sold digitally in March 2018, which represented 7% of total sales. Credit card line increases also grew due to our focus on our digital platform. In March 2019, approximately 38,000 credit card line increases were performed digitally, representing 68% of total credit card line increases, higher than approximately 11,000 credit card line increases performed digitally in March 2018, or 35% of total credit card line increases. Digital sale of credit cards grew from approximately 200 credit cards sold in March 2018, to approximately 25,000 in March 2019, increasing its share in the total number of credit cards sold from 1% to 8% in the corresponding period.

As part of our digital transformation, we have introduced new technologies and processes which enable us to improve time-to-market of new solutions. We have also made significant changes in the way we work. We are currently working with more than 80 teams using an agile framework on a number of projects, ranging from applications, digital products, new functionalities, and we are currently exploring different solutions targeting new customer segments and piloting new initiatives. For example, we have an innovation lab called “LaBentana”, which focuses on continuous innovation and development of new ideas and pilot initiatives, using design thinking methodologies developed together with the consulting firm IDEO.

Convenient and innovative nationwide omni-channel distribution network with a distinctive customer-oriented approach

We believe that our convenient and innovative nationwide retail distribution network together with a dedicated sales force and financial advisors, allow us to better reach our customers, and this combination has differentiated us from our competitors. Interbank has one of the most convenient and extensive retail banking distribution networks in Peru and is currently present in almost all of Peru’s regions. Our focus on digital transformation allows to help our customers to interact with us in an easier and more efficient way, and allows customers to migrate from the use of physical infrastructure to digital platforms. For instance, we have shifted monetary transactions operated through our branches to digital channels. Total monetary transactions have been increasing at a CAGR of 5.6% from 2015 to 2018 driven by monetary transactions through our mobile and internet banking which have increased at a 62.1% CAGR for the corresponding period, even though monetary transactions through our financial stores have been decreasing at a CAGR of 3.9% from 2015 to 2018. We believe this optimization of our distribution footprint has enabled us to reach our clients more efficiently, allowing them to perform transactions when and how they want to, at lower marginal costs for Interbank. This has also allowed us to improve our NPS for digital clients, which was 42 as of March 31, 2019, 16 points higher than NPS for traditional clients.

Interbank has built a convenient omni-channel distribution network in Peru, serving over three million customers. As of March 31, 2019, Interbank had 264 financial stores and operated the third-largest ATM network in Peru with more than 1,953 ATMs, which includes the largest out-of-branch ATM network (under our Global Net brand). Interbank has the largest number of financial stores inside supermarkets in Peru, which are open seven days a week from 9:00 a.m. to 9:00 p.m. Moreover, with the intention of providing underserved customers with more convenient services, Interbank operates a network of correspondent agents, called Interbank Agentes. The correspondent agent concept consists of providing third-party commercial establishments with low-cost electronic terminals which allow Interbank’s customers to perform basic cash-based operations such as cash withdrawals, credit card and bill payments, and deposits at a lower marginal cost to Interbank relative to transactions performed in our financial stores. As of March 31, 2019, Interbank had over 2,500 correspondent agents.

Since 2013 and in line with our strategy, we have implemented a profitability model for financial stores and ATMs which ranks them according to certain profitability metrics relevant to each distribution channel. This has allowed us to identify the less profitable units in order to close them and to prioritize new openings in more strategic locations with higher demand for value-added financial services. As a result, the number of financial stores, which peaked at 290 in 2016, has decreased to 264 as of March 31, 2019, while productivity of financial stores, measured as the volume of retail deposits per branch, has increased. This drove retail deposits per branch to grow from approximately S/32 million per branch as of December 2014 to approximately S/55 million per branch as of March 2019. Additionally, the number of monetary transactions per branch has increased from approximately 39,000 monetary transactions per branch in December 2014 to approximately 50,000 monetary transactions per branch in March 2019. Similarly, the number of ATMs has decreased to 1,953 in March 2019 from 2,297 in 2015, while monetary transactions kept growing year over year in this channel. Furthermore, the number of Interbank and Interseguro sales agents has decreased from 897 in 2016 to 803 in March 2019, while call center agents decreased from 390 to 353 in the same period.

Interseguro offers and sells its annuities and individual life insurance products through its own dedicated sales force to ensure the delivery of high-quality service and advice to customers. Interseguro’s specialized sales force is trained to provide a differentiated service for various customer types. As of March 31, 2019, Interseguro employed 117 agents exclusively dedicated to selling annuities and 273 agents to selling other insurance products. In addition to its own sales force, Interseguro leverages on the retail distribution capabilities of Interbank and those of Intercorp and of Intercorp Retail to offer simple low-cost premium insurance products, such as credit life insurance, mandatory traffic accident insurance (“SOAT”), card protection, loan protection, extended warranty and accident insurance.

Inteligo has developed a proprietary financial advisory model that has been a key pillar in sustaining its growth. The model takes into account the financial objectives of its customers and emphasizes risk analysis and continuous monitoring with portfolio rebalancing. Along with this, Inteligo has been able to successfully serve its customer base in order to deliver tailored products and advice.

Prudent risk management resulting in high asset quality, strong liquidity and high investment returns

Risk management has been and will continue to be a primary focus of our operations and at the center of our culture. Our experienced risk management teams focus on monitoring and managing risks across all business areas, including credit, market, liquidity and operational risks, among others. We believe our risk management expertise has allowed us to achieve strong asset quality and high investment returns. Our prudent management has allowed us to build up sufficient capital to allow us to grow strategically, invest in opportunities and pay dividends to our shareholders.

Interbank’s underwriting procedures are based on strong analytics and proprietary models. Additionally Interbank’s investments in technology and improvements in its ability to process and apply data have enriched our risk models and enhanced their accuracy and predictiveness. These models, which have increased eight times in number since 2017, along with the risk management skills of its experienced risk management team, provide Interbank with a competitive advantage. Interbank’s credit risk policies are approved by its risk committee and board of directors. Despite Interbank’s concentration in retail loans, which tend to have higher levels of delinquency, Interbank’s past-due loans as a percentage of total gross loans ratio as of March 31, 2019 was 2.6%, lower than the 3.1% average of the three largest banks in Peru. As of March 31, 2019, Interbank’s past-due loans coverage ratio was 177.0%, which compares favorably with the average for the Peruvian banking system of 153.0%, according to the SBS.

Interbank’s capitalization ratio, which is calculated as Interbank’s regulatory capital divided by its risk-weighted assets, was the highest compared to the other three largest banks. Additionally as of March 31, 2019, Interbank’s capitalization ratio stood at 16.4% as compared to 15.3% for the Peruvian banking system, according to the SBS. The minimum capitalization ratio required by Peruvian banking regulations is 10.0% plus an additional capital requirement which depends on certain levels of loan concentration in each institution. For Interbank, this additional capital requirement amounts to 1.7% as of March 31, 2019, compared to 2.3% for the Peruvian banking system. Interbank’s core equity tier 1 ratio was 10.2% as of March 31, 2019.

Interseguro’s investment team and its investment management approach have achieved a 6.9% investment return for the three months ended March 31, 2019, compared to the Peruvian insurance industry’s 7.3%, according to the SBS, while maintaining prudent levels of risk and following the SBS risk guidelines.

Inteligo’s lending services are offered through Inteligo Bank to complement its wealth management business. The decision to make loans to wealth management customers only results in Inteligo’s loan portfolio being fully collateralized by its customers’ assets and which to date have had no delinquencies. Regarding the management of capital, Inteligo Bank’s capitalization ratio, which is calculated as Inteligo Bank’s regulatory capital divided by its risk-weighted assets, was 26.9% as of March 31, 2019, above the minimum capitalization ratio required by the Central Bank of Bahamas of 8.0%.

Increasingly integrated business platform with synergy potential supported by a strong parent group

Since the introduction of our insurance and wealth management operations alongside our banking operations, we have strived to share and leverage key resources and capabilities across all three segments, which has resulted in enhanced revenues.

Our banking operations remain our core competency that binds together all our operations, while our insurance and wealth management operations are expected to continue supporting our growth. We believe that our continuous efforts to better integrate our three segments, combined with our focus on digital transformation, our existing distribution channels, experience and knowledge of our customer base and the Peruvian market, is a significant competitive advantage.

Furthermore, our parent company, Intercorp Peru, is one of Peru’s largest economic conglomerates, with activities spanning financial services, retail, education and real estate, among others. In 2018, Intercorp Peru’s businesses represented approximately 3.3% of Peru’s GDP, while generating U.S.$7,529.7 million in revenues. We believe that being part of this group gives us a competitive edge, because of the group’s deep knowledge of the Peruvian consumer, extensive focus and know-how in the Peruvian retail market, highly visible in-country presence and rapid decision-making capabilities. Intercorp provides significant synergy and cross-selling opportunities for IFS. For example, starting in 2018, we, jointly with Intercorp Peru, launched an effort to strengthen our presence and commercial efforts in seven of Peru’s main regions: Arequipa, Cusco, Trujillo, Chiclayo, Ica, Huancayo and Piura, by leveraging on Intercorp’s already established network.

Diversified funding base with strength in retail deposits

IFS has a competitive funding structure. We have access to diverse sources of funding, including deposits and debt securities placed in local and international capital markets. The majority of our funding comes from low cost customer deposits, which demonstrate our customers’ trust in our franchise and enables us to achieve attractive lending spreads. At Interbank, as of March 31, 2019, 78% of our total funding base was comprised of deposits. Interbank’s deposit base is broad and fragmented, such that we are not dependent on a certain type of customer, which provides Interbank with an average cost of funding of 3.0% for the three months ended March 31, 2019 and 2.5% for the corresponding period of 2018.

Interbank has been a significant player in the Peruvian banking industry with a market share of demand, savings, and term deposits of 12.8%, 15.0%, and 11.1%, respectively, as of March 31, 2019, according to SBS. Moreover, our strategic focus on retail has allowed Interbank to gain market share in retail deposits over the years reaching 13.2% as of March 31, 2019 compared to 12.1% as of December 31, 2014, providing us with a healthy funding base.

Interbank’s strong asset quality and capital and liquidity position have resulted in two of the highest local ratings levels possible, which have allowed it to secure local funding through local short-term and long-term debt market issuances.

Experienced management team with proven ability to foster a merit-based culture and a highly motivated work force

We believe that the strength of our senior and middle management team has enhanced and will continue to be a key driver of our successful business model. We benefit from an experienced, diverse and talented management team. Most of the members of our senior management have held management positions with other major financial institutions in the United States, Latin America and Europe.

We are focused on attracting, developing and retaining highly qualified personnel and believe that a merit-based culture that emphasizes teamwork enables us to maintain a motivated workforce that delivers high-quality service. Interbank is the only Peruvian company that has been chosen by the Peruvian Great Place to Work Institute as one of the 20 best places to work in Peru for the past 17 consecutive years and one of the top 20 places to work in Latin America in the past nine years. In the most recent rankings, Interbank was selected number two best company to work for in Peru in the large size category (2018), number three in Latin America

(2019), number two for women in Peru (2019) and number three for millennials in Peru (2018). Similarly, Interseguro is the only Peruvian insurance company that has been chosen as one of the top ten best places to work in Peru (medium-size category) by the Peruvian Great Place to Work Institute for the past eight consecutive years. Additionally, Inteligo SAB has been ranked among the top 15 companies in its category (companies with 30 to 250 employees) in Peru since it started participating in the Great Place to Work Institute survey in 2011, and is currently the only Peruvian brokerage house included in the ranking. Inteligo Bank’s branch in Panama began participating in the Great Place to Work Institute survey in 2014 and since 2015 has been ranked among the top 10 companies in its category (companies with 30 to 250 employees) in Panama.

Strategy

Our purpose is to empower all Peruvians to achieve financial well-being. Our aim is to become the top-of-mind partner for Peruvians, individuals and enterprises, when they think about both day-to-day financial needs and medium-term goals and dreams. To achieve this goal and to continue being a fast growing and profitable company, we have defined our key strategic priorities as follows:

Become the foremost financial services company in the heart and mind of Peruvians by putting them at the center of our ecosystem

We aim to become the preferred option for our individual and commercial customers helping them to achieve financial well-being and growth by deeply knowing and anticipating their needs, by building trust and providing transparency in our relationship with them, and by delivering a superior experience which is simple, mobile, agile and suited to that particular customer. We have highly recognized and trusted brands in each of our segments, Interbank in banking, Interseguro in insurance and Inteligo in wealth management.

We help our individual customers throughout their journeys with a personalized approach based on customer segment, which includes Joven, Preferente, Emprendedor, Premium and Select within Interbank and Certia and Private within Inteligo. The customer journey begins with new client acquisition and on-boarding, continues with customer development and loyalty, and finally, we focus on maintaining our customer base through retention and our win-back efforts. We have been implementing a number of initiatives aimed at improving the complete customer relationship. As of March 31, 2019, in retail banking, NPS increased to 33, compared to 11 as of March 31, 2018. In commercial banking, as of March 31, 2019, NPS remained stable at 32 compared to March 31, 2018.

We are continuously improving our value proposition for different customer segments including improvements to basic products such as accounts, payments and financing; introducing new special digital features, such as the loyalty program Interbank Benefit, the budget tool Smart, the digital savings account Piggybank, and the customer relationship program Interbank Cares. We are also developing additional ecosystems such as a financial health platform for customers and other tailored experiences. Towards this end, we use design thinking methodologies, learned through the consulting firm IDEO, that have been deployed in a number of projects.

Additionally, we are creating a payment ecosystem that seeks to create a strong bond with our customers, by focusing on four pillars: (i) increasing current person to business (“P2B”) offline business by extending merchant coverage, improving customer experience and banking the unbanked, (ii) increasing current P2B online business by optimizing adoption and fostering usage, (iii) improving the convenience of person to person (“P2P”) payments for customers by developing a better experience, and (iv) eliminating cash by banking the unbanked through pre-paid cards and through our open APIs that allow partners to access our account opening and basic financial-transaction services. Our goal is to develop an ecosystem which creates loyalty from customers and allows us to fulfill their financial needs digitally.

Within commercial banking our priority is also growth with a strong focus on profitability. We aim to provide the best self-service credit experience for commercial clients, by digitally providing them with the information and features necessary to manage their financial needs, and by offering the easiest and most transparent means of managing their cash flow and payments. For this purpose, we are in the process of implementing a new internet banking platform that will deliver most of these features.

For commercial banking we have three client groups based on volume of sales and employ different strategies accordingly. For large corporates we focus our efforts on generation of fees from cash management and corporate finance; for medium-sized companies we focus on growth, productivity and cash management; and for small companies we focus on sustainable growth and productivity with a strong support from analytics and collections. For small businesses, we now can open a Cuenta Negocios account within 30 minutes and have seen the number of new clients opening this account digitally, increasing from no accounts for 2017 to more than 9,700 accounts as of March 2019 since its introduction in August 2018. Moreover, we are testing an application which provides an alternative way of financing based on digital tools and information.

Be the company with the deepest knowledge of Peruvians providing personalized and real-time solutions

Our advanced analytics and CRM capabilities are being enriched with new sources of data and new tools that technology offers, such as cloud, real-time decision, machine learning and artificial intelligence. We aim to have the deepest understanding of Peruvians, both individuals and companies, as we believe that a deep knowledge of our current and potential customers’ characteristics and adapting to their behavior is important to better serve them, and to offer them the best solutions for their needs and risk profile.

Investments in technology represent the pillar of this strategic initiative, and we are working on a variety of areas to achieve this goal, including data and infrastructure, advanced analytics for marketing, and risk profiling and pricing models, as well as improving our CRM capabilities, including contextual marketing. With the support of our team of data scientists, we centrally design and distribute most of our sales campaigns, and have substantially improved our campaign effectiveness and are currently employing real-time decision making on certain campaigns. This combination of investments has helped make us more dynamic, and to be able to approach customers in real time.

These efforts also include different actions undertaken to have a better understanding of the self-employed segment of the population, which constitute a significant opportunity for financial services given the current low penetration levels. We are working on alternative risk profile models for new customer acquisition using new sources and non-traditional sources of data.

Our analytics vision is to have a fully deployed online customer management system which relies on real-time data, cloud processing, automated and reusable variables, real-time decision and actions, and an integrated infrastructure to support these new processes.

Attract and retain customers with a superior experience, which seamlessly integrates our physical and digital platform

We want to deliver a seamless and superior experience to our customers that integrates our physical and digital platforms. We believe this combination will allow us to more effectively serve our customers, enabling them to get what they want, when they want it, and how they want it.

At Interbank, we have developed the digital capabilities to perform more than 95% of all the functionalities a customer needs within Interbank as of March 31, 2019. These include transactions, sale of new products, and self-service features. The percentage of transactions performed off branches has continued to

increase, reaching 95% as of March 31, 2019. Digital sales and other self-service interactions have significantly increased during the last 12 months reaching 31% in March 2019, from 21% in March 2018. This represents a growth of 72% in the volume of digital sales and self-service interactions.

Through our physical channels we continue to focus on providing a superior customer experience and are improving productivity and efficiency through new paperless and digital processes, tools and more advanced analytics. Additionally, we continue to invest in educating our customers to encourage the use of digital and other channels. Deposits, withdrawals, payments of bills and credit cards are being redirected to other more cost-efficient channels.

Furthermore, we are currently redesigning our physical distribution platform to better suit the new digitally-influenced customer needs. Our idea is to focus more on high value-added activities, which include advisory and complex product sales, and less on transactions and simple product sales. For this purpose, we are in the process of redesigning our branch formats and distribution presence, including branches, correspondent agents, contact center and ATMs.

In digital, we are focusing our efforts on expanding the products and self-service interactions, continuing to foster the adoption of digital channels by our customers, adding new features, such as chat robots for employees and customers, and ensuring that interactions with our customers are safe and secure.

At Interseguro, we are expanding our product offering through our digital platform, which started with the launch of the online sale of SOAT in 2016, and continued with the sale of new digital products, such as travel insurance and car insurance. In 2018, premiums sold through digital channels accounted for 1.5% of gross premiums and for the three months ended March 31, 2019 accounted for 2.7% of gross premiums. At Inteligo, we introduced Certia, which focuses on onshore wealth management, and launched a digital platform that allows on-boarding, financial planning, advisory and execution services to our customers.

Create and scale-up new businesses by targeting new customers, segments and businesses

We seek to accelerate growth in the underpenetrated Peruvian market. For this purpose, we carry out thorough research through our lab LaBentana, alongside consumers, to identify areas for improvement and develop a variety of new initiatives to address pain points and make our offering more seamless. This allows us to target new customer segments, aiming to develop new revenue sources and accelerate our digital transformation.

Examples of these initiatives include the piloting of a digital payments solution for users and merchants. It targets cash payments at points of sale and cash peer-to-peer transfers, which account for the majority of total transactions. It offers in store payments through QR codes, online mobile top-ups and peer-to-peer transfers using only the mobile phone number.

Another initiative aims at finding alternative methods to provide access to loans to small and micro enterprises. Through a fully digital experience, which makes it cost-efficient and scalable, it allows small entrepreneurs to request and, if approved, get a loan disbursed in maximum of four hours. Once these initiatives have scaled up, we integrate them into our operations and digital platform, as have been the cases for the Piggybank and the expedited opening of accounts for small businesses through Cuenta Negocios.

Focus on efficiency and productivity

We will continue to focus on our digital transformation to enhance efficiency through the automation of internal processes and use of technology. Our goal is to be more efficient while utilizing fewer resources in our

customer interactions by focusing our efforts on four main areas: (i) becoming paperless, (ii) implementing more independent robot usage which includes artificial intelligence features, (iii) digitalizing end-to-end customer processes and (iv) eliminating low value-added activities.

During 2017 and 2018, we focused on reducing paper-based processes mainly targeting intensive back-office processes and branch processes. During 2018, we implemented our first 38 robotic process automations at Interbank with the aim of improving customer and operational processing times (in particular for low value-added processes) and reducing operational errors. Our target is to implement more than 100 robotic process automations during 2019 at Interbank.

Our focus on profitability has helped us to improve our efficiency ratio from 38.0% in 2016 to 35.6% in 2018, and 33.7% in the three months ended March 31, 2019 with initiatives spanning from branch and ATM rationalization to increases of sales productivity. We will continue to pursue such initiatives which are bolstered by new digital features and processes.

Provide a scalable platform that our customers can trust with world-class technology

A scalable, flexible, stable and secure technological platform is key to achieve our purpose. We believe that we have deployed the key initial investments necessary to scale our platform and are committed to continue improving by maintaining our current levels of investment.

The first phase of investments from 2015 to 2017 consisted of (i) new mobile and internet banking platforms for retail customers, (ii) a new internet banking platform for commercial customers, (iii) investment in data, (iv) significant investment in our core infrastructure and applications to guarantee the stability and operational efficiency needed to support increasing transactional volumes coming from our digital strategy, including the outsourcing of our data centers, and (v) cybersecurity to safeguard our operations and our customers. See “Business—Information Technology Unit” for further information.

Beginning in 2018, in the second phase we have been increasing our efforts on advanced analytics development, including big data, machine-learning, cloud and real time decisions, by working together with world-class partners to build capabilities to serve our customers throughout the life cycle digitally and to explore new business opportunities. We have bolstered our investments in cybersecurity as we believe it is fundamental to provide a secure platform to be able to continue with our digital transformation.

We have moved from working with 17 agile teams in 2017 to more than 80 in 2018, allowing us to substantially decrease time-to-market, being 14 times faster, and to develop more innovative ideas. We also have an internal innovation lab working with design thinking methodologies implemented together with the consulting firm IDEO to further accelerate the development of new ideas using new technologies.

Our ongoing focus is based on four main areas of work: (i) development of a new digital platform based on open technologies and APIs, (ii) focus on the high performance and stability of our technological platforms, including cloud services, (iii) new processes for continuous delivery of new developments, and (iv) focus on cybersecurity.

Be a great place to work with a unique culture and strong sense of achievement for new talent

We believe that a motivated workforce leads to high-quality customer service, which leads to satisfied customers and better results. Our commitment to fostering a motivated workforce and performance-based culture is demonstrated by being ranked among the top Peruvian and Latin American companies in all our core segments by the Great Place to Work Institute and recently also in the specific rankings for women and millennials.

In the past years, we have been focusing on changing the way we work to agile methodologies, developing digital and analytical capabilities and changing the mindset of our talent. For this purpose, we have introduced a series of initiatives such as Demo Days, Expo Analytics, Interbank Hackathon, Innovaton, Interbank Datathon, as well as our Innovation Day at the Intercorp Peru level. We have also created training programs including the Agile Academy, Tribk, and the Interbank Tek program.

Interbank, Interseguro and Inteligo will continue their efforts to attract, develop and retain highly qualified personnel and to maintain a performance-based culture that emphasizes teamwork to keep a motivated workforce that delivers high-quality service and strong results.

Recent Developments

The following information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the six months ended June 30, 2019 and is subject to change, including as a result of any normal period-end adjustments. These estimated results are presented under IFRS, in nominal Peruvian soles for our subsidiaries Interbank, Interseguro and Inteligo. Our independent auditors have not audited, reviewed, compiled or applied agreed-upon procedures with respect to the preliminary information and, accordingly, they do not express an opinion or any other form of assurance with respect thereto. There can be no assurance that the final information for this period will not differ from this preliminary information, and any such differences could be material.

IFS

We currently expect, based on preliminary analysis, that on a consolidated basis, our results of the quarter ended June 30, 2019 will be generally consistent with our reported results for the quarter ended March 31, 2019.

Interbank

Interbank’s gross loans amounted to approximately S/33.9 billion as of June 30, 2019, which represented an approximately 12% increase compared to June 30, 2018, albeit at a slower pace compared to the 17% year-over-year increase in gross loans as of March 31, 2019.

Interbank’s deposits were approximately S/33.1 billion as of June 30, 2019, which represented an increase of approximately 14% compared to June 30, 2018, and an acceleration of growth compared to the 12% increase reported as of March 31, 2019 compared to March 31, 2018. The faster growth in total deposits compared to gross loans supported an improvement in the loans-to-deposits ratio, from 104% as of June 30, 2018 to approximately 102% as of June 30, 2019.

Interbank’s total capital ratio was 16.1% as of June 30, 2019, compared to 16.7% as of June 30, 2018. Additionally, core equity tier 1 ratio was 10.6% as of June 30, 2019, compared to 10.3% as of June 30, 2018. These ratios were calculated pursuant to SBS regulations. See information regarding total capital ratio and core equity tier 1 ratio in “Summary Consolidated Financial and Operating Information”, “Regulation and Supervision—Banking Regulation and Supervision—Capital Adequacy Requirements Basel II” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition—Liquidity and Capital Resources.”

Interseguro

Interseguro’s total net premiums earned minus claims and benefits increased approximately 42% in the six months ended June 30, 2019 compared to the corresponding period of 2018. When excluding the negative effect of S/144.8 million due to a change in accounting estimates recorded in June 2018, driven by the publication by the SBS of new mortality tables, net premiums earned minus claims and benefits increased approximately 28% between the comparable periods.

Inteligo

Inteligo’s assets under management (AUM) reached approximately S/18.5 billion as of June 30, 2019, an increase of approximately 9% compared to the June 30, 2018. This was mainly explained by a double-digit growth in AUM at Inteligo Bank in addition to a slight increase of AUM at Interfondos.

Risks and Challenges

Our ability to leverage our strengths and successfully pursue the strategies described above is subject to a high degree of risk. See “Risk Factors” and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in our common shares. Such risks include, but are not limited to, the following:

Corporate Information

Our principal executive offices are located at Av. Carlos Villarán 140, 5th Floor, Urbanización Santa Catalina, La Victoria, Lima 13, Peru. Our telephone number is +(511) 615-9011. Our website address (the contents of which are not part of, and are not incorporated into, this prospectus) is www.ifs.com.pe .