Credicorp Ltd (NYSE:BAP) Q4 2020 Earnings Conference Call February 9, 2021 9:30 AM ET Company Participants Walter Bayly - Chief Executive Officer Gianfranco Ferrari - Deputy Chief Executive Officer Reynaldo Llosa - Chief Risk Officer Cesar Rios - Chief Financial Officer Alvaro Correa - Deputy CEO and Head of Insurance & Pensions Funds Conference Call Participants Ernesto Gabilondo - Bank of America Jason Mollin - Scotiabank Tito Labarta - Goldman Sachs Jorg Friedemann - Citigroup Geoffrey Elliott - Autonomo ...

CREDIC�RP Earnings Conference Call 3Q/2020 ＣＲＥＤＩＣＣＲＰ 1. COVID-19 Update 2. 3Q20 Results 3. Outlook 4. Key Takeaways 5. Appendix ＣＲＥＤＩＣ ◇ Ｒ Ｐ 1. COVID-19 Update Economic Reactivation in Peru continues CREDIC❖RP Almost a "V" shaped recovery … Excess deaths between 2020 and 2019 in Peru and Metropolitan Lima (weekly tally) (1) —Peru 4,666 -Metropolitan Lima 781 246 Jan Feb Mar Apr May Aug Sep Oct Jun Jul Cement, Vehicles and Real Estate (2019 = 100)(3) - Real Estate transactions 109 100 Cement Dispatchment 94 ...

Credicorp Ltd. (NYSE:BAP) Q3 2020 Earnings Conference Call November 6, 2020 9:30 AM ET Company Participants Walter Bayly - Chief Executive Officer Gianfranco Ferrari - Deputy Chief Executive Officer Reynaldo Llosa - Chief Risk Officer Cesar Rios - Chief Financial Officer Alvaro Correa - Deputy CEO and Head of Insurance & Pensions Funds Conference Call Participants Ernesto Gabilondo - Bank of America Jorge Kuri - Morgan Stanley Thiago Batista - UBS Tito Labarta - Goldman Sachs Jason Mollin - Scotiabank Geoff ...

Financial Data and Key Indicators Changes - Credicorp reported a loss of PEN 620 million in Q2 2020, resulting in a return on equity of -10.7% [20] - The loan portfolio grew by 21.4% year-over-year, primarily driven by government relief programs, while the structural loan portfolio grew by 7.7% [38] - The cost of risk was significantly impacted, sitting at 7.76% for the quarter, with provisions increasing by 79.3% quarter-over-quarter and 510.7% year-over-year [25][40] Business Line Data and Key Indicators Changes - BCP's loan portfolio grew by 18.6% year-over-year, with SME loans increasing by 30.6%, largely due to Reactiva loans [21] - Mibanco's loan growth was attributed to government relief programs, with a 7.9% year-over-year increase in average daily balances [29] - The insurance and pensions business saw improved net income year-over-year, driven by a rise in property and casualty results [35] Market Data and Key Indicators Changes - The Peruvian economy experienced a severe contraction, with GDP expected to decline between 11% and 15% in 2020, but is projected to rebound by 6% to 10% in 2021 [8][9] - Household consumption has recovered to 77% of pre-pandemic levels, indicating signs of economic reactivation [7] - The financial system is highly liquid, with total loans in the private sector growing around 13% year-over-year, supported by the Reactiva Peru program [12] Company Strategy and Development Direction - The company is focused on digital transformation, with a significant increase in digital clients and transactions, aiming to enhance customer experience and operational efficiency [16][17] - Credicorp is committed to maintaining a solid financial condition while supporting stakeholders, including providing medical coverage for employees and financial support for clients [12][13] - The company plans to continue investing in digital capabilities and optimizing operations to adapt to the changing environment [42][47] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about economic recovery, noting that the worst appears to be behind for GDP figures [8] - The company anticipates lower levels of year-over-year contraction in the coming months, with expectations for a gradual recovery in the economy [9] - Forward-looking provisions are expected to decrease in the second half of 2020 compared to the first half, reflecting improved portfolio performance [48] Other Important Information - Credicorp's common equity Tier 1 levels remain above internal targets, indicating a strong capital base [44] - The company issued $500 million in senior notes as a conservative measure to manage liquidity during the COVID-19 situation [45] - The efficiency ratio deteriorated year-over-year, primarily due to decreased operating income, but cost-saving measures are being implemented [42] Q&A Session Summary Question: Provision charges normalization expectations - Management expects lower provisions in the second half of the year compared to the first half, but not as favorable as the last half of 2019 [50][52] Question: Risk exposure in the wholesale loan portfolio - Management does not anticipate significant provision charges from the wholesale loan portfolio, citing positive payment trends [53][54] Question: Political and regulatory outlook - Management noted ongoing legislative initiatives regarding interest rates and support for debtors, with a stable cabinet structure [55][56] Question: NIM and NII recovery - Management indicated that the impairment charge is a one-off event and that NII may stabilize as loan payments resume [58][59] Question: Risk profile of renegotiated loans - Management reported active restructuring of loans, with both collateralized and non-collateralized loans performing better than expected [63][65] Question: IT investment plans - Management confirmed continued investment in digital channels to achieve long-term efficiencies despite short-term impacts on traditional fee income [66][67] Question: Long-term ROE expectations - Management acknowledged that ROEs may remain lower for a while due to the impact of Reactiva loans, but they are working towards efficiency improvements [68][69]

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 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 ...

Credicorp Ltd (NYSE:BAP) Q1 2020 Earnings Conference Call May 8, 2020 10:30 AM ET Company Participants Cesar Rios - CFO Walter Bayly - CEO Gianfranco Ferrari - Deputy CEO & Head, Universal Banking Reynaldo Llosa - Chief Risk Officer Conference Call Participants Ernesto Gabilondo - Bank of America Merrill Lynch Jason Mollin - Scotiabank Jorge Kuri - Morgan Stanley Marcelo Telles - Crédit Suisse Jorg Friedemann - Citigroup Carlos Gomez - HSBC Piedad Alessandri - Credicorp Capital Sergey Dubin - Harding Loevne ...

Financial Data and Key Indicators Changes - Credicorp reported a net income of 973 million soles in Q4 2019, which was 11% lower than Q3 2019 due to seasonality [11] - For the full year 2019, net income reached 4,265 million soles, a 7.1% increase compared to the previous year [12] - The return on average equity (ROAE) for the full year was 17%, while the return on average assets (ROAA) was 2.3% [12] - The cost of risk increased by 22 basis points to 1.6% in 2019 [12] - The net interest margin (NIM) increased by 11 basis points to 5.39% in 2019 [12] Business Line Data and Key Indicators Changes - Universal banking saw average daily loan balances grow by 6.9% in 2019, primarily driven by retail banking segments [5] - Mibanco experienced downward pressure on margins, with a 76 basis point drop in NIM due to strong competition [7] - The insurance underwriting results improved, mainly due to growth in the property and casualty business [9] - Investment banking and wealth management saw better results in proprietary portfolios compared to 2018, with a 6% growth in assets under management [10] Market Data and Key Indicators Changes - The banking sector loans grew by 6% in 2019, the lowest growth since 2017, with corporate loans growing only 2.9% [5] - The Peruvian economy expanded by approximately 1.6% year-over-year in Q4 2019, with a full-year GDP growth of 2% [4] - The economic activity is expected to accelerate in 2020, driven by a rebound in primary sectors and public investment [4] Company Strategy and Development Direction - Credicorp aims to enhance its governance framework and has simplified its committee structure to improve effectiveness and diversity [27] - The company is focusing on digital transformation and customer experience, with a goal to pre-approve credit for 50% of the economically active population by 2021 [25] - Credicorp plans to continue investing in technology and digital capabilities while managing costs effectively [60] Management's Comments on Operating Environment and Future Outlook - Management expects the macroeconomic and political context to improve slightly in 2020, positively impacting the banking sector [29] - Loan growth is projected to be between 8% and 10% in 2020, primarily driven by retail banking and Mibanco [29] - The cost of risk is expected to range between 1.6% and 1.8% in 2020, reflecting a focus on riskier segments [29] Other Important Information - Credicorp completed the acquisition of Bancompartir Colombia and is preparing for a merger with Encumbra [8] - The company has increased its expenditures on transformation while maintaining a focus on cost management, resulting in an improved cost-to-income ratio [6] Q&A Session Summary Question: Guidance on asset quality and cost of risk - Management explained that the cost of risk is expected to remain elevated due to the inclusion of higher-risk segments, despite improvements in risk management models [35][36] Question: Non-interest expenses increase - The increase in non-interest expenses was attributed to seasonality and consulting fees, with expectations for ongoing expenses being clarified [39] Question: Loan growth challenges - Management acknowledged tougher competition in wholesale loans but expressed optimism about retail and Mibanco portfolios growing faster through new products [45] Question: Net income growth expectations - Management indicated that net income growth is expected to be in the single digits for 2020, with a focus on maintaining a higher dividend payout ratio [49] Question: M&A activity - Management is actively reviewing M&A opportunities both domestically and in targeted countries, with potential decisions expected in the first half of the year [52] Question: CET1 ratio and ROE targets - The sustainable ROE target of 19% is based on maintaining a CET1 ratio close to the internal minimum of 11% [57] Question: Coverage in Bolivia - Management reassured that all past due loans are adequately covered, and there are no major concerns regarding the portfolio quality in Bolivia despite political volatility [64][65]