Credicorp Ltd. (NYSE:BAP) Q3 2023 Earnings Conference Call November 3, 2023 10:30 AM ET Company Participants Milagros Ciguenas - IRO Cesar Rios - CFO Raimundo Morales - CEO, Yape Reynaldo Llosa - Chief Risk Officer Conference Call Participants Tito Labarta - Goldman Sachs Ernesto Gabilondo - Bank of America Merrill Lynch Geoffrey Elliott - Autonomous Research Thiago Batista - UBS Yuri Fernandes - JPMorgan Sergey Dubin - HL Carlos Gomez - HSBC Andres Soto - Santander Operator Good morning everyone. I would l ...

ＣＲＥＤＩＣＣＲＰ Earnings Conference Call November 2023 Earnings Conference Call Earnings Conference Call Safe Harbor This material includes "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. Forward-looking statements are not as ...

Financial Performance - Net Income attributable to Credicorp increased 22.6% YoY to S/1,401 million, resulting in a ROE of 18.6%[5] - Net Income attributable to Credicorp reached S/1,401 million, up 1.2% QoQ and 22.6% YoY, with a ROE of 18.6%[30] - BCP Stand-alone reported 8.5% YoY growth in Net Income, mainly from an increase in Net Interest Income (NII)[35] - Net profit for 2Q23 reached S/1,429,817, reflecting a 22.1% increase year-over-year[38] - Total other income increased by 19.7% year-over-year to S/1,433,786 in 2Q23[38] Loan and Deposit Trends - Structural Loans measured in average daily balances declined 0.6% QoQ but increased 5.5% YoY, driven by growth in Retail Banking at BCP[5] - Total Deposits at quarter-end declined 3.5% QoQ and 2.7% YoY, with Credicorp maintaining a 40.6% market share in low-cost deposits[5] - Total loans as of June 2023 amounted to S/137,905 million, reflecting a QoQ decrease of 0.5% and a YoY increase of 1.6%[66] - Government Program Loans dropped 26.7% QoQ and 64.3% YoY, representing 3.9% of total loans at quarter-end[59] - The loan portfolio quality showed an NPL ratio of 5.64% in 2Q23, an increase of 46 basis points year-over-year[38] Risk and Provisions - The Structural NPL ratio increased 23 bps QoQ to 5.3%, influenced by social unrest and high inflation[6] - Structural Provisions increased 10.5% QoQ and 124.3% YoY, reflecting a challenging macroeconomic environment[7] - Structural Cost of Risk stood at 2.3%, reflecting the impact of adverse macroeconomic conditions on client payment capacity[22] - The coverage ratio of NPLs decreased to 98.7% in 2Q23, down 790 basis points year-over-year[38] - Provisions for credit losses on the loan portfolio rose to S/ 882,156,000 in 2Q23, reflecting a 10.4% increase QoQ and a 100.3% increase YoY[108] Efficiency and Cost Management - The Efficiency Ratio improved 310 bps YoY to 44.4% for 1H23, despite a seasonal increase in 2Q23[9] - The efficiency ratio improved to 44.6% in 2Q23, a decrease of 310 basis points year-over-year[38] - Operating expenses increased 9.1% YoY, primarily due to expenses at BCP and disruptive initiatives[29] - Total operating expenses reached S/2,103,072 in Q2 2023, reflecting a 3.2% QoQ increase[140] - Disruptive expenses surged by 69.6% YTD, representing 9.0% of total operating expenses, attributed to investments in various digital initiatives[147] Digital Engagement and User Metrics - Monthly active users (MAU) of Yape reached 9.0 million, with monthly revenue per MAU up 32% QoQ to S/2.5[10] - Yape reached 12.6 million users by the end of Q2 2023, with 9.0 million monthly active users (MAU), representing a 70% engagement rate[44] - In Q2 2023, Yape executed 615 million transactions, totaling S/53 billion year-to-date, averaging 25 transactions per MAU[44] - Yape users made over 34.4 million mobile top-ups in Q2 2023, marking a 13.3% increase from Q1 2023 and a 208% increase from Q2 2022[46] - Yape's Net Promoter Score (NPS) reached 78 points in Q2 2023, indicating strong user satisfaction[49] Capital and Regulatory Ratios - The CET1 Ratio for BCP at quarter-end was 12.8%, up 123 bps YoY and 87 bps QoQ[9] - Credicorp's Tier 1 ratio increased to 12.75% in 2Q23, up 89 basis points from the previous quarter[38] - The Global Capital Ratio at BCP Stand-alone reached 17.2%, up 75 bps QoQ, driven by the same factors affecting the IFRS CET1 Ratio[156] - Credicorp's Regulatory Capital Ratio stood 1.46 times above the minimum requirement, with a slight QoQ increase of 3 bps[153] - The structural allowance for loan losses stood at S/ 7,824 million, reflecting a QoQ increase of 0.6% but a YoY decrease of 3.6%[66] Economic Environment and Challenges - In 2Q23, the Peruvian economy is expected to have contracted around 0.5% YoY, marking its worst performance in 22 years, excluding the pandemic[163] - Inflation closed 2Q23 at 6.5% YoY, after remaining above or close to 8.0% for 14 consecutive months[166] - The annualized fiscal deficit rose to 2.6% of GDP in the last 12 months to June 2023, with tax revenues falling 14.2% YoY[168] - The trade balance surplus rose to USD 11.6 billion by May 2023, although exports fell 3.2% YoY to USD 64.9 billion[169] - The Central Reserve Bank of Peru maintained the monetary policy rate at 7.75%, its highest level since January 2023[166] IFRS 17 Implementation - The implementation of IFRS 17 resulted in a net equity increase of S/. 10 million for Pacifico Seguros by the end of December 2022 compared to IFRS 4[186] - The aggregate impact of implementing IFRS 17 on the net earnings of Credicorp was not material, amounting to S/. 15 million[192] - The recognition of insurance underwriting income under IFRS 17 is fundamentally different, requiring present value measurements of insurance obligations[190] - The adjustment in the Efficiency Ratio reflects a more accurate representation of the company's operational efficiency[199] - The company is transitioning to IFRS 17, which may affect future financial reporting and performance metrics[199]

Credicorp Ltd. (NYSE:BAP) Q2 2023 Earnings Call Transcript August 11, 2023 10:30 AM ET Company Participants Milagros Ciguenas - Investor Relations Officer Gianfranco Ferrari - Chief Executive Officer Cesar Rios - Chief Financial Officer Reynaldo Llosa - Chief Risk Officer Francesca Raffo - Chief Innovation Officer Cesar Rivera - Head of Insurance and Pensions Conference Call Participants Ernesto Gabilondo - Bank of America Juan Recalde - Scotiabank Yuri Fernandes - JP Morgan Geoffrey Elliott - Autonomous Ti ...

Credicorp Ltd (NYSE:BAP) Q1 2023 Earnings Conference Call May 8, 2023 10:30 AM ET Company Participants Milagros Ciguenas - Investor Relations Officer Gianfranco Ferrari - Chief Executive Officer Cesar Rios - Chief Financial Officer Reynaldo Llosa - Chief Risk Officer Conference Call Participants Ernesto Gabilondo - Bank of America Rene Perez - Scotiabank Olavo Arthuzo - UBS Geoffrey Elliott - Autonomous Nicholas Walker - Goldman Sachs Tejkiran Magesh - WhiteOak Capital Alonso Aramburu - BTG Andres Soto - Sa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Exhibit 99.1 Annual and Sustainability Report 2022 1 Annual Report | --- | --- | --- | |--------------------------------------------------------|-------|-------| | Letter from the Chairman of t h e B o a r d | 3 | | | O u r P u r p o s e, Visio n a n d Valu e s | 7 | | | S t a t e m e n t o f r e s p o n sibilit y | 8 | | | C r e dic o r p a t a gla n c e | 9 | | | G r o u p D e s c rip tio n | 1 1 | | | O u r b u sin e s s e s in 2 0 2 2 | 1 8 | | | | | | | E c o n o mic E n vir o n m e n t | 2 1 | | | E c ...

Credicorp Ltd (NYSE:BAP) Q4 2022 Earnings Conference Call February 10, 2023 9:30 AM ET Company Participants Milagros Cigüeñas - Head of IR Gianfranco Ferrari - CEO Cesar Rivera - CFO Reynaldo Llosa - Chief Risk Officer Conference Call Participants Daer Labarta - Goldman Sachs Geoffrey Elliott - Autonomous Yuri Fernandes - JPMorgan Juan Recalde - Scotiabank Andres Soto - Santander Tejkiran Kannaluri Magesh - White Oak Capital Carlos Gomez - HSBC Operator Good morning, everyone. I would like to welcome y ...

Credicorp Ltd (NYSE:BAP) Q3 2022 Earnings Conference Call November 4, 2022 10:30 AM ET Company Participants Milagros Ciguenas - Head, IR Gianfranco Ferrari - CEO Francesca Raffo - Chief Innovation Officer Cesar Rios - CFO & Head, Finance Reynaldo Llosa - Chief Risk Officer Conference Call Participants Jason Mollin - Scotiabank Ernesto Gabilondo - Bank of America Merrill Lynch Thiago Batista - UBS Daer Labarta - Goldman Sachs Carlos Gomez - HSBC Sergey Dubin - Harding Loevner Andres Soto - Santander Yuri Fer ...

Financial Performance - Core income increased by 17.5% year-over-year, with a return on equity (ROE) of 19.6%[9] - Net Interest Income (NII) increased by 22.5% year-over-year, and fees increased by 6.6% year-over-year[48] - The Common Equity Tier 1 (CET1) ratio for BCP was 11.8% and for Mibanco was 16.0%[9,48] - Earnings contribution was 75.7% from Universal Banking, 9.9% from Microfinance, 12.5% from Insurance & Pensions, and 1.9% from IB & WM[48] Digitalization and Customer Engagement - BCP's digital clients represent 63% of their client base[9,36] - Digital clients have 2.8 products compared to 1.6 products for non-digital clients[32] - Digital monetary transactions are 19.2 times higher for digital clients compared to non-digital clients[32] - Yape has over 10 million users and aims for 150 billion S/ in annual volume transacted by 2024[43,45] Risk Management and Asset Quality - Structural Non-Performing Loan (NPL) coverage ratio was 113.3%[9] - Structural Cost of Risk (CoR) was 1.22%[9] - Structural loans increased by 10.8% year-over-year[48]