Core Insights - Credicorp (NYSE: BAP) is the holding company for BCP, which is the largest bank in Peru, maintaining a dominant market share and superior returns on equity over a long period [1] Company Overview - Credicorp operates BCP, the largest bank in Peru, which has sustained a dominant market position [1] - The company has demonstrated consistent superior returns on equity, indicating strong financial performance [1] Market Position - The dominant market share of BCP suggests that there is little indication of significant changes in its competitive position [1]

Core Points - Credicorp Ltd. has filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the Securities and Exchange Commission [1] - The report includes audited consolidated financial statements for the years ended December 31, 2022, 2023, and 2024 under International Financial Reporting Standards (IFRS) [1] Company Overview - Credicorp Ltd. is the leading financial services holding company in Peru, with a diversified business portfolio organized into four primary lines: Universal Banking, Microfinance, Insurance and Pension Funds, and Investment Management and Advisory [3] - The company operates through various subsidiaries, including Banco de Crédito del Perú (BCP), Mibanco, Grupo Pacifico, and Credicorp Capital, and has a presence in Peru, Chile, Colombia, Bolivia, and Panama [3]

Core Points - Credicorp Ltd. declared a cash dividend of S/40.00 per share, totaling S/3,775,292,680.00, based on a net income of S/5,501,254,379.37 for the 2024 financial year [1][2] - The dividend will be paid on June 13, 2025, to shareholders of record on May 19, 2025, without withholding tax at source [1] - The cash dividend will be converted to US Dollars using the exchange rate published by the Peruvian Superintendency of Banks, Insurance and Pension Funds [2] Company Overview - Credicorp Ltd. is the leading financial services holding company in Peru, with a diversified business portfolio across Universal Banking, Microfinance, Insurance and Pension Funds, and Investment Management and Advisory [3] - The company operates through various subsidiaries, including Banco de Crédito del Perú, Mibanco, Grupo Pacifico, and Credicorp Capital, with a presence in Peru, Chile, Colombia, Bolivia, and Panama [3]

Group 1 - Credicorp Ltd. will enter a quiet period for its 1Q25 earnings release starting May 1, 2025, which will last until May 15, 2025 [1] - During the quiet period, the company will refrain from disclosing financial information, commenting on financial results, or responding to related inquiries [1] Group 2 - Credicorp is the leading financial services holding company in Peru, with operations in Chile, Colombia, Bolivia, and Panama [2] - The company has a diversified business portfolio organized into four main lines: Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Management & Advisory [2]

Company Overview - Credicorp (BAP) shares increased by 4.8% to $178.02 in the last trading session, following a broader market rally influenced by President Trump's announcement of a 90-day tariff pause for non-retaliating nations [1] - The stock had previously experienced a 6.1% decline over the past four weeks, indicating a significant turnaround in investor sentiment [1] Earnings Expectations - Credicorp is projected to report quarterly earnings of $5.31 per share, reflecting a year-over-year increase of 4.9% [2] - Expected revenues for the upcoming report are $1.42 billion, which represents a 9.2% increase compared to the same quarter last year [2] Stock Performance and Trends - The consensus EPS estimate for Credicorp has remained unchanged over the last 30 days, suggesting that the stock's price movement may not sustain without trends in earnings estimate revisions [3] - Credicorp currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [3] - In comparison, Bancolombia (CIB), another stock in the same industry, closed 8% higher at $38.98, although it has returned -12.7% over the past month [3] Industry Context - Credicorp operates within the Zacks Banks - Foreign industry, which is currently experiencing varied performance among its constituents [3] - Bancolombia's consensus EPS estimate has decreased by 1% over the past month to $1.62, representing a 10% decline compared to the previous year [4]

Group 1: Acquisition Details - Credicorp has completed the acquisition of the remaining 50% interest in the joint venture with Banmedica, which was initially established in December 2014 [1][2] - Following the acquisition, Banmedica's 50% interest in the private medical insurance business has been transferred to Pacifico Seguros, while its interest in Pacifico EPS has been transferred to Credicorp's subsidiary Grupo Crédito S.A. [3] Group 2: Strategic Implications - This acquisition enhances Credicorp's ability to create a more sustainable and inclusive economy by improving access to insurance and healthcare, while also advancing financial inclusion in Peru [4] - The company remains committed to investing in the country and the sector, ensuring that Pacifico Seguros and Pacifico EPS continue to be trusted partners for Peruvian families [4] Group 3: Operational Continuity - Customers, policyholders, agents, and other stakeholders can expect a seamless transition with no disruptions to services, product terms, or policy administration following the transaction [5] Group 4: Company Overview - Credicorp is the leading financial services holding company in Peru, with a diversified business portfolio organized into four lines: Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Management & Advisory [6] - Pacifico EPS is one of the largest corporate health insurance providers in Peru, with over one million clients and a reported net income of S/ 207 million for 2024 [7] - Pacifico Seguros, part of Credicorp, reported a net income of S/ 770 million in 2024 and offers a wide range of insurance products [8]

Group 1 - Credicorp is recognized as one of the better-run banks in Latin America, particularly noted for its effective risk management practices [1] - The company has garnered a positive reputation among investors, indicating strong operational performance [1]

Exhibit 99.1 | | Operating and Financial Highlights | 03 | | --- | --- | --- | | | Senior Management Quotes | 05 | | | Fourth Quarter 2024 Earnings Conference Call | 06 | | | Summary of Financial Performance and Outlook | 07 | | Financial Overview | | 12 | | | Credicorp's Strategy Update | 13 | | | Analysis of 4Q24 Consolidated Results | | | 01 | Loan Portfolio | 17 | | 02 | Deposits | 20 | | 03 | Interest Earning Assets and Funding | 23 | | 04 | Net Interest Income (NII) | 24 | | 05 | Portfolio Quality and ...

Financial Data and Key Metrics Changes - The company reported record profitability of $5.5 billion and an ROE of 16.5%, which adjusted to 17.2% when excluding one-off charges related to the Sartorius case [7][11] - The cost of risk fell to 2.1%, with provisions decreasing by 14.4% due to improved payment performance [33][76] - The net interest margin (NIM) decreased by nine basis points to 6.3% [34][78] Business Line Data and Key Metrics Changes - Universal banking and insurance business lines drove strong results, with significant growth in transactional volumes, particularly in FX and diesel transactions [12][26] - BCP's ROE reached 20.1%, supported by resilient margins and a shift towards retail loans [44][51] - MiBanco's NPL ratio improved, falling for three consecutive quarters, while NIM rose to 14.2% [61][62] Market Data and Key Metrics Changes - The Peruvian economy grew around 4% year-over-year in Q4 2024, recovering from a contraction in 2023 [36][39] - Inflation in Peru was controlled at 2%, one of the lowest figures among both advanced and developing economies [37][42] - The banking industry is expected to grow around 5.5%, with the company anticipating growth above this market rate [95][150] Company Strategy and Development Direction - The company aims to achieve 10% of risk-adjusted revenues from new businesses by 2026, focusing on digital transformation and sustainability [20][176] - Strategic priorities include attracting top talent, enhancing digital capabilities, and integrating sustainability into the core business strategy [15][176] - The company is committed to a robust risk management framework to support growth across all subsidiaries [178] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the macroeconomic recovery and its positive impact on loan growth, expecting the Peruvian economy to grow around 3% in 2025 [10][39] - The company anticipates a resilient NIM despite potential policy rate reductions, supported by a shift towards higher-yielding loans [83][84] - Management highlighted the importance of political stability and responsible fiscal policies for long-term sustainable growth [10][11] Other Important Information - The company has allocated over $1.5 billion in sustainable financing across various sectors, emphasizing its commitment to financial inclusion and education [19][20] - Yape, the company's payments platform, reached profitability in 2024 with nearly 14 million active users, becoming Peru's fifth-largest e-commerce player [27][54] Q&A Session Summary Question: Political landscape and its impact on the industry - Management noted the uncertainty with many candidates for the upcoming elections but expects minimal impact on the industry until late in the year [92][94] Question: Sustainable ROE and operational expenses - Management expects to achieve an ROE of around 18% by 2026, with disruptive initiatives contributing positively to ROE [97][98] Question: Asset quality and loan origination - Management expressed confidence in restarting loan origination due to improved macro conditions and better performance of new vintages [104][106] Question: Provisioning related to Sartorius - A provision of 259 million soles was made, and management believes this should cover potential losses without needing additional provisions [111][155] Question: Efficiency ratio guidance - Management indicated that while Yape is profitable, its higher cost-to-income ratio may lead to a stable or slightly weaker efficiency ratio in the near term [120][125] Question: Capital distribution and dividends - The company aims to pay out excess capital as dividends, with a goal of growing dividends in March [136][137] Question: Loan growth expectations - The company expects to grow above the market rate, with average daily balances projected to increase by 3.5% [150][151]

4Q24 Earnings Conference Call February 2025 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 assurances of future performance. Instead, they are based ...