UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

February 12, 2024

Commission File Number 001-38965

INTERCORP FINANCIAL SERVICES INC.

(Registrant’s name)

Intercorp Financial Services Inc.

Torre Interbank, Av. Carlos Villarán 140

La Victoria

Lima 13, Peru

(51) (1) 615-9011

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

On February 12, 2024, Intercorp Financial Services Inc. (“IFS”) announced its unaudited results for the fourth quarter of 2023, which were approved by the Board on February 12, 2024. IFS’ condensed consolidated unaudited results as of December 31, 2023 and December 31, 2022, and the corresponding Management Discussion and Analysis are attached hereto.

EXHIBIT INDEX

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Intercorp Financial Services Inc.

Fourth Quarter 2023 Earnings

Lima, Peru, February 12, 2024. Intercorp Financial Services Inc. (Lima Stock Exchange/NYSE: IFS) announced today its unaudited results for the fourth quarter 2023. These results are reported on a consolidated basis under IFRS in nominal Peruvian soles.

Intercorp Financial Services: FY23 revenues up 10% YoY, growth across all businesses

• 4Q23 earnings of S/ 286 million, up 47% QoQ

• Customer base growth continues across businesses

• Tight management of costs with 5% YoY decrease in 4Q23

• Sound capitalization levels

• Positive developments in digital and ESG indicators

Banking: Defiant year in banking activity

• Soft banking activity after tightening of credit standards

• Stable NIM throughout the year with cost of funds stabilizing on rates outlook

• Banking expenses declined 6% YoY, C/I ratio at 36.2% in 4Q23

• CoR at 5.2% in 4Q23 and 4.3% in FY23, strong coverage

• Increasing market relevance in targeted banking products

Insurance: FY23 earnings of S/ 292 million, ROE at 86.2%

• Full-year and quarterly results increased 14% and 76% YoY, respectively, mostly due to strong results from investments

• ROIP of 7.2% in 4Q23 compared to 6.0% in 3Q23 and 7.5% in 4Q22

• Market leader in annuities with a 26.4% share as of Nov23

• For periods prior to 2023, a reconstruction of results appropriate to the first adoption of IFRS17 has been performed for comparative purposes

Wealth Management: Positive quarter due to investment portfolio recovery

• Significant QoQ increase in revenues driven by investment results

• Continued growth in AUM: 2.0% QoQ and 8.7% YoY

• Sequential recovery of fee income continues, adding up to quarterly growth in NII

Payments: Revenues ramping up

• Payments acquirer fees increased 1.3% QoQ and 1.2% YoY

• Number of affiliated merchants and transactional volumes continue to expand

• Share of e-commerce transactions within Izipay grew from 15.8% to 16.2% YoY

Intercorp Financial Services

SUMMARY

2023 Performance

Intercorp Financial Services’ profits were S/ 1,079.3 million in 2023, a 35.7% decrease compared to 2022. The lower net profit was mainly a result of increases of more than two-fold in impairment loss on loans and 4.7% in other expenses. These factors were partially offset by increases of 7.6% in net interest and similar income, 3.6% in net fee income from financial services, 2.8% in other income, in addition to an improvement in insurance and translation results.

IFS’s ROE was 11.3% in 2023, lower than the 19.1% registered in 2022.

Intercorp Financial Services’ P&L statement

(1) Figures for 2022 have been re-expressed for comparison purposes due to IFRS17 adoption.

Net interest and similar income grew S/ 318.4 million, or 7.6%, mainly due to an increase of S/ 414.8 million in our Banking business, partially offset by negative performances of S/ 85.9 million and S/ 19.2 million in our Insurance and Wealth Management businesses, respectively.

Impairment loss on loans, net of recoveries increased more than two-fold, explained by higher provision requirements in both retail and commercial loan books, associated with a deterioration of the macroeconomic outlook in Peru.

Growth of S/ 41.1 million in net fee income from financial services was mainly due to higher commissions across most products and services in our Banking business and higher fees from payments acquirer in our Payments business, where the number of merchants grew 25.0%. However, lower fees from funds management in our Wealth Management business partially compensated the positive performance.

Other income increased S/ 15.3 million, or 2.8%, reflecting a strong improvement in our Wealth Management business, attributed to mark-to-market valuation on proprietary investments, as well as positive performances in our Insurance and Banking businesses.

Insurance results, despite being negative, improved from S/ -252.9 million in 2022 to S/ -178.4 million in 2023.

The moderate increase in other expenses was mostly attributed to higher expenses in our Payments, Insurance and Banking businesses.

The efficiency ratio was 36.8% in 2023, compared to the 36.4% registered in 2022.

Intercorp Financial Services’ Statement of financial position

(1) Figures as of 12.31.22 and 09.30.23 have been re-expressed for comparison purposes due to IFRS17 adoption.

4Q23 Performance

Intercorp Financial Services’ net profit was S/ 286.1 million in 4Q23, an increase of S/ 90.9 million QoQ, or 46.5%, but a decrease of S/ 162.8 million YoY, or 36.3%.

IFS’s annualized ROE was 11.6% in 4Q23, above the 8.2% reported in 3Q23, but below the 19.5% registered in 4Q22.

Intercorp Financial Services’ P&L statementu

(1) Figures for 4Q22 and 3Q23 have been re-expressed for comparison purposes due to IFRS17 adoption.

Quarter-on-quarter performance

Profits increased S/ 90.9 million QoQ, or 46.5%, mainly due to a S/ 119.9 million increase in other income and a positive performance in translation result. These effects were partially compensated by a S/ 44.3 million lower net interest and similar income, and an increase of S/ 35.0 million in loan loss provisions.

Other income increased S/ 119.9 million QoQ, or more than two-fold, mainly explained by growth of S/ 65.4 million in our Insurance business, S/ 13.3 million in our Payments business, S/ 1.2 million in our Banking business and a positive reversion in our Wealth Management business associated with a recovery of global market trends.

Net interest and similar income decreased S/ 44.3 million QoQ, or 3.8%. This was due to lower average yields on loans and due from banks in our Banking business, as well as a S/ 19.4 million decrease in our Insurance business caused by a downward trend in inflation rates, partially offset by a S/ 1.3 million increase in our Wealth Management business, in turn related to higher dividends received from proprietary portfolio investments.

Insurance results improved from S/ -28.8 million in 3Q23 to S/ -24.1 million in 4Q23, as a result of higher insurance income and lower insurance expenses related to annuities.

Impairment loss on loans, net of recoveries, increased S/ 35.0 million QoQ, or 6.0%, explained by higher provision requirements in both commercial and retail loan portfolios of our Banking business.

Other expenses increased S/ 2.7 million QoQ, or 0.4%, mainly as a result of higher administrative expenses related to additional customer acquisition, as well as higher depreciation and amortization charges in our Payments business, partially offset by lower expenses in our Banking business, mainly as a result of tight management of expenses.

Year-on-year performance

Profits decreased S/ 162.8 million YoY, or 36.3%, mainly due to an increase of S/ 338.2 million in impairment loss on loans, net of recoveries, in addition to decreases of S/ 35.4 million in net fee income from financial services, and S/ 25.0 million in net interest and similar income. These factors were partially offset by an S/ 87.5 million increase in other income, a S/ 39.1 million decrease in other expenses and a S/ 62.2 million improvement in insurance results.

Impairment loss on loans, net of recoveries increased S/ 338.2 million YoY, or more than two-fold, due to higher requirements in the retail and commercial loan portfolios of our Banking business.

Net fee income from financial services declined S/ 35.4 million YoY, or 11.0%, mainly attributed to lower commissions from credit card services, commissions from banking services, fees from collection services and higher fees paid to foreign banks in our Banking business. A higher service cost in our Payments business, as a result of increased transactional volumes, and a reduction in correspondent banking fees affected by a higher use of digital wallets, also contributed with the lower net fee income.

Net and similar income decreased S/ 25.0 million YoY, or 2.2%, attributed to a S/ 43.3 million decrease in our Insurance business, related to lower interest and similar income caused by a downward trend in inflation rates. This was partially compensated by a S/ 20.1 million YoY increase in our Banking business, mostly explained by higher returns on due from banks and loans.

Other income increased S/ 87.5 million YoY, or 63.9%, mainly due to positive developments in valuation gain from investment property, net gain on financial assets at fair value, and net gain on sale of financial investments in our Insurance business. A positive reversion of Inteligo’s mark-to-market valuations on proprietary portfolio investments also helped the growth in other income.

Other expenses decreased S/ 39.1 million YoY, or 5.4%, mainly due to a S/ 32.6 million decrease in our Banking business, in turn related to lower salaries and employee benefits, administrative expenses, among other charges.

Insurance results improved S/ 62.2 million YoY, as a result of higher insurance income and lower insurance expenses.

CONTRIBUTION BY SEGMENTS

The following table shows the contribution of Banking, Insurance, Wealth Management and Payments businesses to Intercorp Financial Services’ net profit. The performance of each of the four segments is discussed in detail in the following sections.

Intercorp Financial Services’ Profit by segment

Interbank

SUMMARY

2023 Performance

Interbank’s profits were S/ 856.1 million in 2023, which represented a decrease of S/ 518.0 million YoY, or 37.7%.

The yearly performance was mainly attributed to increases of S/ 1,149.1 million in impairment loss on loans, net of recoveries, and S/ 19.1 million in other expenses. These factors were partially offset by increases of S/ 414.8 million in net interest and similar income, S/ 19.4 million in other income, and S/ 15.6 million in net fee income from financial services.

Interbank’s ROE was 11.2% in 2023, representing a lower profitability compared to the 19.8% reported in 2022.

Banking Segment’s P&L Statement

Net interest and similar income increased 12.6%, due to 27.3% higher interest and similar income, partially compensated by a 60.0% increase in interest and similar expense.

The higher interest and similar income was due to increases of more than two-fold in interest on due from banks and inter-bank funds, 25.4% in interest on loans, and 17.5% in interest on financial investments.

Interest on due from banks and inter-bank funds increased S/ 164.2 million, or more than two-fold, explained by a 190 basis point increase in the nominal average rate, from 1.3% in 2022 to 3.2% in 2023, partially offset by a 14.2% decrease in the average volume.

Interest on loans grew S/ 1,059.3 million, or 25.4%, due to increases of 180 basis points in the nominal average rate and 5.7% in the average volume.

The higher average rate on loans, from 9.4% in 2022 to 11.2% in 2023, was due to yield increases in the commercial and consumer portfolios, and mortgages to a lesser extent.

The higher average volume of loans was attributed to growth of 13.4% in retail loans, partially offset by a 3.9% decrease in commercial loans. In the retail portfolio, the higher average volume was mainly due to increases of 17.3% in consumer loans and 7.2% in mortgages. The reduction in commercial loans was attributed to decreases of 7.3% in working capital loans and 4.8% in trade finance loans, partially offset by growth of 16.4% in leasing operations.

Interest on financial investments increased S/ 78.1 million, or 17.5%, due to growth of 60 basis points in the average yield and 4.6% in the average volume. The higher average yield, from 4.2% in 2022 to 4.8% in 2023, was due to higher returns on CDBCR and corporate bonds, partially offset by lower returns on sovereign bonds. The higher average volume was a result of increases in balances of CDBCR and sovereign bonds, partially compensated by lower positions in global and corporate bonds.

As a result of the above, the nominal average yield on interest-earning assets expanded 170 basis points, from 7.2% in 2022 to 8.9% in 2023.

The 60.0% higher interest and similar expense was due to increases of more than two-fold in interest on due to banks and correspondents, and 83.9% in interest on deposits and obligations, partially compensated by a 30.4% decrease in interest on bonds, notes and other obligations.

Interest on due to banks and correspondents increased as a result of a 250 basis point increase in the average cost, from 2.9% in 2022 to 5.4% in 2023, as well as an 11.8% increase in the average volume. The higher average cost was due to higher rates in funding provided by correspondent banks abroad and BCRP, partially compensated by lower rates in inter-bank funds. The higher average volume was related to higher balances in funding from correspondent banks abroad, COFIDE and inter-bank funds, partially offset by lower funding provided by BCRP.

Interest on deposits increased S/ 756.4 million, or 83.9%, explained by a 160 basis point increase in the average cost, from 2.0% in 2022 to 3.6% in 2023, as a result of higher rates paid to institutional, commercial and retail deposits, associated with higher reference rates globally. The 3.0% increase in the average volume was explained by higher balances of institutional and retail deposits, partially compensated by lower balances of commercial deposits.

The lower interest on bonds, notes and other obligations was mostly explained by a 27.5% reduction in the average volume, attributable to the maturity and repayment of a senior international bond, as well as local subordinated bonds throughout the year.

The average cost of funding increased 150 basis points, from 2.5% in 2022 to 4.0% in 2023, in line with the higher average cost of deposits and on due to banks and correspondents.

As a result of the above, net interest margin was 5.5% in 2023, 60 basis points higher than the 4.9% reported in 2022.

Impairment loss on loans, net of recoveries increased S/ 1,149.1 million, or more than two-fold when compared to the previous year. The increase in provision expenses was mainly related to higher requirements in the retail and commercial loan books, associated with a deterioration of the macroeconomic outlook in Peru.

The S/ 15.6 million, or 2.0% increase in net fee income from financial services was mainly due to higher commissions across most products and services.

Other income grew S/ 19.4 million, or 4.1%, mainly due to an increase in net gain on valuation of securities.

Other expenses increased S/ 19.1 million, or 1.0%, mainly as a result of higher expenses in technology, as well as marketing expenses related to credit cards.

The efficiency ratio was 37.3% in 2023, an improvement compared to the 40.4% registered in 2022.

Results before translation result and income tax were S/ 1,088.5 million in 2023, a decrease of 39.7% compared to the result registered in 2022. This effect was partially offset by a lower effective tax rate.

As a result of the above, profits for the period were S/ 856.1 million, lower compared to the net profit of S/ 1,374.1 million registered in 2022.

4Q23 Performance

Interbank’s profits were S/ 135.3 million in 4Q23, a decrease of S/ 60.9 million, or 31.0%, and a reduction of S/ 229.6 million YoY, or 62.9%. The quarterly performance was mainly attributed to an increase of S/ 35.0 million in impairment loss on loans, net of recoveries, a S/ 26.5 million decrease in net interest and similar income, as well as a higher effective tax rate. These factors were partially offset by a decrease of S/ 15.3 million in other expenses, a S/ 1.2 million increase in other income and a S/ 0.9 million growth in net fee income from financial services.

The annual performance in net profit was explained by growth of S/ 338.0 million in impairment loss on loans, net of recoveries, as well as decreases of S/ 11.8 million in net fee income from financial services and S/ 9.3 million in other income. These effects were partially compensated by a S/ 32.6 million decrease in other expenses and a S/ 20.1 million increase in net interest and similar income, as well as a lower effective tax rate.

Interbank’s ROE was 6.8% in 4Q23, below the 10.2% and 20.2% registered in 3Q23 and 4Q22, respectively.

Banking Segment’s P&L Statement

INTEREST-EARNING ASSETS

Interbank’s interest-earning assets reached S/ 66,092.5 million as of December 31, 2023, a slight reduction of 0.7% QoQ, but an increase of 2.2% YoY.

The quarterly decrease in interest-earning assets was explained by reductions of 4.8% in cash and due from banks and inter-bank funds, and 1.0% in loans, partially offset by an increase of 4.0% in financial investments.

The YoY growth in interest-earning assets was attributed to increases of 24.8% in financial investments and 2.9% in loans, partially compensated by a 19.6% decrease in cash and due from banks and inter-bank funds.

Interest-earning assets

Loan portfolio

The evolution of performing loans continued to be affected by the disbursement and maturity or prepayment of commercial loans under the Reactiva Peru Program. As of December 31, 2023, these performing loans amounted S/ 625.8 million, compared to balances of S/ 773.2 million as of September 30, 2023 and S/ 2,020.3 million as of December 31, 2022.

Performing loans declined 1.2% QoQ, as retail loans decreased 1.6% and commercial loans 0.8%. Excluding the effect of the Reactiva Peru Program in the comparing periods, total performing loans and commercial loans would have also decreased 0.9% and 0.1% QoQ, respectively.

Retail loans decreased 1.6% due to a 3.3% reduction in consumer loans, partially offset by a 1.3% increase in mortgages. Consumer loans decreased due to lower balances of cash loans and credit cards, partially offset by 2.5% growth in payroll deduction loans.

The quarterly reduction in commercial loans was a result of lower working capital loans, in addition to lower trade finance loans in the corporate segment, as well as lower working capital loans in the SME and mid-sized segment. These effects were partially compensated by higher leasing operations in the corporate and mid-sized segment, as well as higher trade financial loans in the mid-sized segment.

Performing loans grew 2.4% YoY explained by a 6.2% increase in retail loans, partially offset by a 1.9% reduction in commercial loans. Excluding the effect of the Reactiva Peru Program in the comparing periods, performing loans and commercial loans would have increased 5.9% and 5.6% YoY, respectively.

The YoY growth in retail loans was due to increases of 6.5% in consumer loans and 5.7% in mortgages. The increase in consumer loans resulted from higher balances of payroll deduction loans and personal loans, partially compensated by lower balances of credit cards.

The annual reduction in commercial loans was mainly explained by lower balances of Reactiva Peru loans in the form of lower trade finance loans in the corporate segment, as well as lower working capital loans across all segments. These factors were partially offset by higher leasing operations in the corporate and mid-sized segment.

As of 4Q23, 3Q23 and 4Q22, Interbank’s rescheduled portfolio of Reactiva Peru loans amounted to S/ 730.5 million, S/ 896.0 million and S/ 1,476.4 million, respectively, representing 94.8% of total balances of Reactiva Peru loans in 4Q23, 94.7% in 3Q23 and 64.6% in 4Q22.

It is worth mentioning that these loans are guaranteed in large part by the Peruvian government. As of December 31, 2023, Interbank activated the guarantee coverage for an amount of S/ 807.2 million.

Breakdown of retail loans

FUNDING STRUCTURE

Funding structure