Alfin Banco S.A.

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What it is

Alfin Banco is a Peruvian commercial bank aimed at an entrepreneurial customer base in the lower-middle income segments (socioeconomic levels C and D). It offers savings and fixed deposits, consumer and business loans, debit cards, insurance products, and money-transfer services.

The bank was licensed by the banking regulator (SBS) on 23 January 2008 under the name Banco Azteca del Perú S.A.; shareholders voted to rename it Alfin Banco S.A. in November 2021, with the change taking effect in December of that year. It was founded in September 2007 with an initial capital of S/ 26 (US$8)MM, opening for business in January 2008 as a subsidiary of Mexico’s Grupo Elektra (part of the Salinas Group), originally focused on financing purchases at Elektra retail stores.

Who owns it

The bank started as a subsidiary of Grupo Elektra of Mexico; in December 2020 Grupo Elektra announced the sale of its entire stake to a group of Peruvian investors, and in October 2022 Corporación Coril formally became the majority shareholder. Grupo Coril has since raised its stake to 78.8% of the bank’s capital through successive capital injections.

Corporación Coril is a Peruvian holding company with more than 30 years in capital markets and finance, operating regulated entities including a stock-broking house, a securitisation company, a fund manager, and a fiduciary firm. Through these entities the group manages assets of more than S/ 25 billion (roughly US$7.3 billion).

Who runs it

The CEO (Gerente General) is Luis Alfredo Geldres de la Rosa, who took charge in 2024 as part of a broader restructuring of the bank’s leadership. The board chairmanship became vacant on 17 January 2025, when René Emilio Jaime Farach resigned as president of the board of directors effective the same day.

A new chair had not been publicly disclosed in available sources as of the date of this profile. As part of the 2024 capital plan, a new capital contribution of S/ 5,000 thousand (US$1 mn) was made, through which Corporación Coril raised its ownership stake.

The money, in plain words

Alfin earns money by lending — mainly short-term personal loans — and charging interest on them. In full-year 2024 its net margin was 18.2% and its return on equity (ROE) reached 15.3% — those figures, however, come from a different analytical cut (JCR LATAM’s methodology using indirect income lines).

The more granular PCR rating report, using non-audited figures, tells a starkly different story: financial income held virtually flat at S/ 277.5 MM (~US$81.5 MM), and net profit was a thin S/ 1.3 MM (~US$0.4 MM) — a net margin of roughly 0.5% (our calculation), far below the Peruvian banking sector average and a sign the bank is still burning through accumulated losses from prior years.

The bank carries a deferred tax asset of S/ 69,346 thousand (US$20 mn), largely representing tax losses carried forward from earlier periods — a reminder of how deep the earlier losses ran. Management projects those carryforward losses will be fully absorbed by 2025.

What it is doing now

The bank’s share of non-revolving consumer lending slipped from 1.2% to 1.0% of the Peruvian market in 2024, a deliberate consequence of its pivot toward business lending — expanding into large, medium, and small corporate borrowers. By June 2025, its total direct loan book had grown to S/ 883.95 (US$260)MM, a 21.1% rise from December 2024.

In June 2025, shareholders approved a capital increase — raising the capital base to S/ 1,874.65 (US$550)MM through the issuance of additional Class A and Class B shares, all fully subscribed and paid. That injection is designed to give the bank the regulatory muscle to compete for larger corporate clients.

A second programme of subordinated bonds, worth up to S/ 50 (US$15)MM, was approved by shareholders in August 2024 as a further layer of long-term funding.

What to watch

• Loan quality: The bank’s share of non-revolving consumer credit fell to 1.0% of the market by December 2024 as it deliberately shifted toward business loans — if those new corporate credits sour, the impact on a thin equity base would be swift.
• Capital injection follow-through: The June 2025 share issuance raised capital to S/ 1,874.65 (US$550)MM in principle; whether the new equity translates into profitable lending growth is the test.
• Leadership stability: Following a sharp cut in staff and branches over the past two years, the restructuring has extended to the business model and senior management. A permanent board chair and a settled executive team are prerequisites for the strategy to take hold.
• Profitability gap: With a return on equity of 1.0% against a sector average of 15.3% (PCR, December 2024), the bank must grow revenues faster than costs — a task made harder while still absorbing past losses.

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This is news, not investment advice.