Credicorp Ltd. (NYSE:BAP) Q4 2023 Earnings Conference Call February 9, 2024 9:30 AM ET Company Participants Milagros Ciguenas – Investor Relations Gianfranco Ferrari – Chief Executive Officer Cesar Rios – Chief Financial Officer Reynaldo Llosa – Chief Risk Officer Carlos Otello – Chief Financial Officer-Mibank Conference Call Participants Ernesto Gabilondo – Bank of America Olavo Arthuzo – UBS Sergey Dubin – HL Carlos Gomez – HSBC Beatriz Abreu – Goldman Sachs Yuri Fernandes – JPMorgan Andres Soto – Santand ...

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Group 1 - Sandy Spring Bancorp, Inc. (SASR) has seen a 12.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Sandy Spring Bancorp has a dividend yield of 5.3%, significantly higher than the industry average of 2.9% [1] - Flushing Financial Corporation (FFIC) has experienced a 1.2% increase in the Zacks Consensus Estimate for its next year earnings over the last 60 days [1] - Flushing Financial Corporation has a dividend yield of 5.1%, compared to the industry average of 3.2% [1] - Credicorp Ltd. (BAP) has seen a 2% increase in the Zacks Consensus Estimate for its next year earnings over the last 60 days [1] Group 2 - The Zacks Rank 1 company mentioned has a dividend yield of 4.5%, which is above the industry average of 4.1% [2]

Lima, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Lima, PERU, January 26th, 2024 – Credicorp Ltd. announces to its shareholders and the market that its 4Q23 Earnings Release Report will be released on Thursday, February 8th, 2024, after market close. Credicorp’s Webcast / Conference Call to discuss such results; will be held on Friday, February 9th, 2024, at 9:30 a.m. ET (9:30 a.m. Lima, Peru time). The call will be hosted by Gianfranco Ferrari – Chief Executive Officer, Cesar Rios - Chief Financial Officer, Frances ...

Lima, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Lima, PERU, January 26th, 2024 – Credicorp Ltd. announces to its shareholders and the market that its 4Q23 Earnings Release Report will be released on Thursday, February 8th, 2024, after market close. Credicorp's Webcast / Conference Call to discuss such results; will be held on Friday, February 9th, 2024, at 9:30 a.m. ET (9:30 a.m. Lima, Peru time). The call will be hosted by Gianfranco Ferrari – Chief Executive Officer, Cesar Rios - Chief Financial Officer, Frances ...

Lima, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Lima, PERU, January 18th, 2024 -- Credicorp (NYSE:BAP) announces that in accordance with its corporate disclosure policies and to prevent any leaks of financial results and ensure fairness, the Company will start the quiet period for 4Q23's earnings release on January 25th. This period will end on the date of the release, February 8th. During the quiet period, the Company will not disclose any financial information, comment on financial results, or respond to related ...

Investors interested in Banks - Foreign stocks are likely familiar with Credicorp (BAP) and HDFC Bank (HDB) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive ea ...

Financial Performance - Net income attributable to Credicorp declined 6.4% YoY to S/1,238 million, resulting in a ROE of 16.2% compared to 19.8% in 3Q22[6] - In Q3 2023, net earnings attributable to Credicorp totaled S/1,238 million, reflecting a decrease of 11.6% QoQ and 6.4% YoY[25] - Net profit for 3Q23 was S/1,354,764, a decrease of 11.6% QoQ and 6.7% YoY, while net profit attributable to Credicorp was S/1,322,909, also down by 11.6% QoQ and 6.4% YoY[34] - The company reported a net gain from associates increased by 35.3% QoQ and 24.2% YoY, reaching S/32,056 in 3Q23[104] - The net gain from foreign exchange transactions was S/262,167, which is a 1.1% decrease quarter-over-quarter and a 20.4% decrease year-over-year[198] Loan and Deposit Trends - Total loans increased by 1.6% QoQ to S/151,392,202 but decreased by 4.1% YoY, while deposits and obligations rose by 3.5% QoQ to S/152,792,014, reflecting a 2.8% YoY decline[34] - Total deposits increased 3.5% QoQ, primarily driven by time and demand deposits, while YoY deposits declined 2.8% due to a shift towards time deposits in a high-interest rate environment[6] - The Loan/Deposit (L/D) ratio dropped by 150 bps at BCP and 890 bps at Mibanco QoQ, reflecting an increase in total deposits[66] - Total structural loans increased to S/ 111,857 million in September 2023, reflecting a 1.0% QoQ growth and a 0.6% YoY increase[45] - The dollarization level of total deposits decreased by 30 bps QoQ to 48.9%, remaining below the average of the last two years[64] Interest Income and Margin - Net Interest Income (NII) grew 1.6% QoQ to S/3,254 million, with a YoY increase of 12.9%, supported by a shift towards retail loans[16] - The net interest margin for 3Q23 was 5.33%, down 11 bps QoQ and 78 bps YoY, while the risk-adjusted net interest margin was 4.51%, a decrease of 11 bps QoQ and 6 bps YoY[34] - The net interest margin (NIM) stood at 6.11% at the end of 3Q23, reflecting a growth of 9 bps QoQ[75] - Interest income from loans reached S/ 4,819,101, a 20.8% increase compared to Q3 2022[185] - The yield on IEAs increased to 8.73%, up 29 bps from the previous quarter, driven by a higher proportion of investments in government securities[76] Provisions and Risk Management - Provisions increased 13.8% QoQ and 85.0% YoY, with a cost of risk rising to 2.5%[6] - The Structural NPL ratio increased 29 bps QoQ and 64 bps YoY to 5.6%, influenced by high inflation and interest rates affecting client payment performance[6] - The allowance for loan losses increased by 1.5% QoQ to S/7,942.82 million, reflecting a proactive approach to managing credit risk[52] - The structural coverage ratio of NPLs decreased to 101.4%, down 626 bps QoQ, indicating a reduction in the buffer against potential loan losses[52] - The most affected segments for provisions included Consumer Loans and Credit Cards, particularly among vulnerable sub-segments, with a notable uptick in provisions for Mortgage loans due to higher expected losses[91] Operational Efficiency - The efficiency ratio improved by 160 bps in 9M23 to 45.1%, reflecting operating income growth at BCP and Pacífico[8] - The efficiency ratio for 3Q23 was 45.5%, an increase of 170 bps QoQ, suggesting a rise in operating efficiency[34] - Operating expenses rose 11.0% YTD, primarily driven by BCP's core businesses and disruptive initiatives at Credicorp[24] - The efficiency ratio improved to 39.2% in 3Q23, up from 37.3% in 2Q23, driven by growth in core income at BCP and an increase in the Insurance Underwriting Result at Pacifico[120] - Administrative and general expenses grew by 13.8% YTD, primarily due to increased IT expenses and marketing efforts[115] Economic Environment - Peru's economic performance is weaker than expected, leading to a revised outlook for the business and increased provisions for expected losses[32] - The Peruvian economy contracted by 0.9% YoY in 3Q23, marking its third consecutive quarterly decline, with non-primary sectors falling by 1.6%[133] - Annual inflation rate in Peru is expected to close at 4.0% by the end of 2023, down from 8.5% in 2022[130] - The "El Niño Costero" phenomenon reached a "Strong" intensity in 3Q23, significantly impacting the fishing, agricultural, and primary manufacturing sectors, which reported their worst performance in over two decades[134] - The expectation of the "El Niño Costero" continuing until 1Q24 has led to increased caution among agents regarding private consumption and investment decisions[134] Technology and Innovation - Yape, the leading payment network in Peru, is on track to reach cashflow break-even in 2024, with revenue per monthly active user increasing 26% QoQ to S/2.9[8] - Digital monetary transactions increased to 76% in 3Q23, with a transactional cost per unit of 0.07, reflecting improved efficiency in operations[37] - The mobile banking rating for iOS remained stable at 4.7, while the Android rating decreased to 4.2, indicating a need for improvement in user experience on Android platforms[37] - Yape reached 13.4 million users in Q3 2023, with 9.8 million (73%) being monthly active users (MAU) who made transactions[39] - The company launched a new exchange rate functionality in September 2023, with over 12,000 transactions completed by quarter-end[39] Insurance Performance - The Insurance Underwriting Result increased by 11.6% QoQ and 8.9% YoY, mainly due to improvements in the Life Business[20] - Year-to-date, the insurance underwriting result rose by 31.1%, driven by a 10.3% increase in income from insurance services[107] - The insurance underwriting result for Life increased by 15.1% QoQ, driven by improved income from insurance services[107] - Income from insurance services decreased by 0.9% QoQ, attributed to reduced sales in Individual Life and lower premium levels in Pensions[112] - Loss on reinsurance increased by 23.1% YoY, indicating higher recoveries on reinsurance claims[112]

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 ...