IFS: Strong 1Q26 earnings beat signals a solid start to the year

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IFS: Strong 1Q26 earnings beat signals a solid start to the year

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IFS

Strong 1Q26 earnings beat signals a solid

start to the year

Maintain Rating: BUY | PO: 67.00 USD | Price: 44.44 USD

1Q26 earnings beat; ROAE at ~19% 11 May 2026

IFS reported 1Q26 net income of S$602mn, up 2% QoQ and 35% YoY, beating our Equity

estimate and Bloomberg consensus by 12% and 11%, respectively. The earnings beat

was driven by stronger non-credit-related revenues—particularly financial transaction ErnestoResearch GabilondoAnalyst >>

results and other income—alongside lower provision charges. Annualizing 1Q26 earnings Merrill Lynch (Mexico)

+52 55 5201 3428

implies S$2.4bn, or 24% growth, well above our full-year growth expectation of 15%. ernesto.gabilondo@bofa.com

ROAE reached 19.4%, comfortably above the ~17% guidance, improving from 15.1% in Mario Pierry

4Q25 and 16.3% in 1Q25. Research Analyst

BofAS

Strong performance across all IFS subsidiaries +1mario.pierry@bofa.com646 743 0047

Banking operations earnings rose 44% YoY, delivering an ROAE of 19.5%. Insurance Antonio Ruette >>

earnings increased 14% YoY, generating a strong ROAE of 43.3%, while wealth Research Analyst

Merrill Lynch (Brazil)

management earnings surged 68% YoY, with an ROAE of 22%. Consolidated results +55 11 2188 4225

reflected positive momentum from higher-yielding loans, sustained improvement in risk- antonio.ruette@bofa.com

adjusted NIM, deepening primary banking relationships, while insurance and wealth Augusto Uehara >> Research Analyst

management continued to deliver double-digit growth. Merrill Lynch (Brazil)

+55 11 2188 4651

Key operating highlights augusto.uehara@bofa.com

Loan Growth (+): +2% QoQ and 5% YoY growth (7% FX-adjusted), accelerating from

muted growth in 4Q25 (vs.