Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 20.7% for Q2 2025, reflecting strong operating performance and disciplined risk management [13][52] - Net interest income increased by 4.2%, supported by a contraction in interest expenses and an improved funding mix [25][50] - The efficiency ratio stood at 44.2%, indicating effective cost control and scalability of digital investments [15][51] Business Line Data and Key Metrics Changes - Universal banking and insurance and pensions posted strong results, while microfinance continued to recover [13] - Fee income increased by 8.2%, driven by transactional activity at JAPI and BCP [26] - The innovation portfolio contributed 6.2% of risk-adjusted revenues, on track towards a 10% target for 2026 [13] Market Data and Key Metrics Changes - Peru's GDP is expected to grow by 3.2% in 2025, with domestic demand growing around 4.5% [8][29] - Inflation in Peru has remained below 2% for seven consecutive months, supporting recovery in private consumption [31][29] - The terms of trade have reached their highest level in 75 years, driven by elevated prices of gold, silver, and copper [29] Company Strategy and Development Direction - The company is focused on building a more agile, balanced, and forward-looking platform, emphasizing digital infrastructure and client engagement [10][16] - Investments in disruptive innovation are a key pillar of the long-term strategy, with a goal to enhance financial inclusion and sustainability [19][21] - The company aims to transition towards a more diversified business model where fee generation and client engagement are as critical as lending [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a favorable resolution regarding the tax case with Sunnab, despite the payment of approximately 1.6 billion soles [12][53] - The macroeconomic environment is improving, with expectations of sustained engagement in the second half of the year [10][28] - The company anticipates loan growth to accelerate, particularly in retail banking, supporting a resilient net interest margin (NIM) [57] Other Important Information - The company has revised its full-year ROE guidance to around 19%, reflecting solid core performance and disciplined risk management [59] - The ongoing economic recovery is positively impacting the microfinance sector, with Mibanco's profitability rising by 16.3% [41] - Yape continues to scale, serving nearly 50 million monthly active users, and is expected to become a significant contributor to the company's revenue [17][39] Q&A Session Summary Question: What is driving the improvement in cost of risk? - Management explained that measures taken last year ensured portfolios are under risk appetite, leading to a low cost of risk. They anticipate higher yielding portfolios in the second half of the year [63][66] Question: What is the long-term vision for the physical branch network? - Management indicated that the role of branches has shifted from transactional to educational and commercial, with a significant reduction already made in the branch network [70][72] Question: What are the expectations for loan growth this year? - Management expects loan growth to be around 6.5%, primarily driven by retail segments, including mortgages and consumer credit [80][85] Question: How much can Yape contribute in the future? - Management anticipates Yape could become the second largest line of business for Credicorp, primarily due to its lending business in retail and SME segments [94][95]

Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 20.7% for Q2 2025, reflecting strong operating performance and disciplined risk management [13][22] - Net interest income increased by 4.2%, supported by a contraction in interest expenses and a low-cost deposit structure [24][51] - The risk-adjusted net interest margin (NIM) reached a record 5.4%, aided by improved asset quality [14][52] Business Line Data and Key Metrics Changes - Universal banking and insurance and pensions posted very strong results, while microfinance continued to recover [13] - Fee income increased by 8.2%, driven by transactional activity at JAPI and BCP [25] - The innovation portfolio contributed 6.2% of risk-adjusted revenues, on track towards a 10% target for 2026 [13] Market Data and Key Metrics Changes - Peru's GDP is expected to grow by 3.2% in 2025, with domestic demand growing around 4.5% [7][27] - Inflation in Peru has remained below 2% for seven consecutive months, indicating a favorable economic environment [30] - The terms of trade have reached their highest level in 75 years, driven by elevated prices of gold, silver, and copper [27] Company Strategy and Development Direction - The company is focused on building a more agile, balanced, and forward-looking platform, emphasizing digital infrastructure and client engagement [9][16] - The strategy includes advancing digital onboarding, behavioral scoring, and embedding AI across operations to enhance efficiency and decision-making [18][20] - The company aims to transform into a more diversified business model where fee generation and client engagement are as critical as lending [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a favorable resolution regarding the tax case with Sunnab, despite the payment of approximately 1.6 billion soles [11][54] - The company anticipates loan growth to accelerate in the second half of the year, particularly in retail banking and microfinance [56][84] - The long-term sustainable ROE guidance has been revised upwards to around 19.5%, driven by stronger expectations of loan growth dynamics [60] Other Important Information - The company is preparing for its Investor Day on October 9, where it will outline its financial services model of the future [21] - The company reported a significant gain in BCP's investment portfolio, contributing positively to the ROE [22] Q&A Session Summary Question: What is driving the improvement in cost of risk? - Management explained that measures taken last year ensured portfolios are under risk appetite, leading to a low cost of risk. They anticipate higher yielding, higher risk portfolios in the second half of the year [63][66] Question: What is the long-term vision for the physical branch network? - The company has reduced its branch network significantly and plans to continue evolving branches into more educational and commercial hubs rather than transactional centers [70][72] Question: What are the expectations for loan growth this year? - The company expects loan growth to be around 6.5%, particularly driven by retail segments, including mortgages and consumer credit [84] Question: How much can Yape contribute in the future? - Yape is expected to become the second largest line of business for the company, primarily due to its lending business in retail and SME segments [91] Question: What is the expected cost of risk for the second half of the year? - The expectation for the whole year is a cost of risk in the range of 1.8% to 2.2%, with the second half likely closer to 2% [103]

Financial Performance Highlights - Credicorp achieved a Return on Equity (ROE) of 20.9% in 1H25[91], and the long-term sustainable ROE target was raised from approximately 18% to approximately 19.5%[102] - Net Interest Income (NII) increased by 5.3% year-over-year (YoY) in 2Q25[83] - Fee income increased by 8.2% YoY[19], and gains on FX transactions increased by 7.9% YoY[19], while insurance underwriting results increased by 11.2% YoY[19] Key Ratios and Metrics - The Common Equity Tier 1 (CET1) ratio stood at 12.56%[14, 19], a 51 basis points (bps) increase YoY[19] - The Non-Performing Loan (NPL) ratio decreased by 102 bps YoY to 5.0%[19] - The Cost of Risk (CoR) decreased by 141 bps YoY to 1.6%[19] - The Net Interest Margin (NIM) increased by 9 bps YoY to 6.4%[19] - Low-cost deposits accounted for 57.2% of the funding base, a 274 bps increase YoY[19] Business Segment Performance - Universal Banking demonstrated strong profitability, with an ROE of 30.9% in 2Q25[37] - Yape's lending operations saw significant growth, with the number of users with loans increasing from 0.8 million in 2Q24 to 3.0 million in 2Q25[45, 47], and lending revenue share increasing from 4% to 18% over the same period[45, 47] - Mibanco Peru's ROE increased to 16.3% in 2Q25[50], driven by improved risk management and a stronger NIM[49] - Grupo Pacifico's insurance service income was S/ 847.914 million in 2Q25[59], with insurance service expenses accounting for 68.3% of the income[59] Economic Outlook and Guidance - The company expects a GDP growth of around 3%[14, 96] - The company updated its 2025 guidance, expecting a total loan portfolio growth of around 6.5%[96]

Financial Performance Highlights - Credicorp achieved a robust ROE of 20.3% in 1Q25, or 18.4% excluding extraordinary income related to Empresas Banmedica acquisition[14, 112] - The innovation portfolio contributed 5.4% of risk-adjusted revenues in 1Q25, aiming for 10% by 2026[14, 114] - The efficiency ratio stood at 45.7% in 1Q25[14, 104] Key Financial Metrics - Risk-adjusted NIM was 5.24% in 1Q25, a 16 bps increase compared to 4Q24[14] - The NPL ratio improved to 5.1%, a decrease of 112 bps year-over-year[23] - The cost of risk decreased to 1.6%, a decrease of 66 bps year-over-year[23] Business Segment Performance - Universal Banking's ROE was 27.1% in 1Q25[44] - Yape generated 4.8% of Credicorp's risk-adjusted revenues in 1Q25, with over 14 million monthly active users (MAU)[55] - Mibanco Peru's ROE was 14.7% in 1Q25[62] Economic Context and Outlook - Peru's GDP grew approximately 4% year-over-year in 1Q25[26] - The company maintains its 2025 GDP growth guidance of around 3%[109] - The reference rate in Peru as of May 2025 was 4.50%[14]