Financial Data and Key Metrics Changes - The company closed the quarter with a 16.9% ROE and 19% for the full year, reflecting record high net income and diversification of revenue sources across various segments [16][45] - Net interest income increased by 4.2%, driven by loan portfolio growth and a contraction in interest expenses, resulting in a NIM of 6.6% [20][43] - The NPL ratio stood at 4.5%, indicating improved asset quality, while the cost of risk was 1.8% [19][42] Business Line Data and Key Metrics Changes - In Universal Banking, BCP reinforced its leadership in Peru, serving over 3.2 million loan clients and achieving a full-year ROE of 24.7% [9][25] - Microfinance, through Mibanco, delivered double-digit loan growth and improved profitability, with a NIM of 15.2% [10][34] - The insurance and pensions business, Grupo Pacífico, achieved a solid ROE of 21.4%, with net income rising 13% [36][37] Market Data and Key Metrics Changes - Peru's GDP grew around 3.5% in 2025, supported by strong domestic demand and high commodity prices [6][22] - In Colombia, GDP growth was around 2.7%, while inflation accelerated to 4.51% [8][24] - Chile's GDP also expanded around 2.7%, driven by investment, with inflation slightly above target [8] Company Strategy and Development Direction - The company aims to expand financial inclusion, deepen risk and capital discipline, scale AI and digital platforms, and build trust through operational excellence [13] - A strategic acquisition of Helm Bank for $180 million aims to enhance cross-border capabilities and strengthen the U.S. offering [14][15] - The company plans to continue investing in data transformation and disruptive initiatives to bolster long-term competitive positioning [47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Peru's economic stability and growth potential, expecting GDP growth around 3.5% in 2026 [22][46] - The company anticipates total loan growth of approximately 8.5% in 2026, driven primarily by retail banking [46] - Despite local political uncertainties, management believes the fundamentals are in place to support profitability levels [49] Other Important Information - Yape, the company's digital wallet, closed the year with nearly 16 million monthly active users, significantly contributing to revenue growth [12][31] - The company expects non-interest income growth to pick up in the low double digits in 2026, driven by increased activity and diversification efforts [47] Q&A Session Summary Question: Update on political outlook and upcoming elections - Management noted that López Aliaga is leading the polls with 12%, while Keiko Fujimori follows at 8%, with a significant portion of undecided voters [51][53] - The elections for Congress members will occur on April 12, 2026, which is expected to provide more political stability [56][57] Question: Expectations for operating expenses growth - Management indicated that operating expenses are expected to moderate compared to 2025, with a focus on achieving operational leverage from ongoing investments [60][62] Question: Yape's revenue contribution and cost of risk - Yape's lending now represents over 20% of revenue, with a shift towards multi-installment loans expected to maintain controlled provisioning levels [69][71]

Credicorp (NYSE:BAP) Q4 2025 Earnings call February 13, 2026 09:30 AM ET Company ParticipantsAlejandro Pérez-Reyes - CFOAndres Soto - Executive Director of LatAm Equity ResearchBrian Flores - VP of Equity ResearchCarlos Gomez - Head of LatAm Financial InstitutionsCésar Ríos - Chief Risk OfficerEduardo Montero - Head of Insurance and PensionsErnesto Gabilondo - Director of LatAm FinancialsGianfranco Ferrari - CEOMilagros Cigüeñas - Investor Relations OfficerTito Labarta - VPConference Call ParticipantsDaniel ...

Credicorp (NYSE:BAP) Q4 2025 Earnings call February 13, 2026 09:30 AM ET Speaker9Good morning, everyone. I would like to welcome you to the Credicorp Ltd. Fourth Quarter 2025 conference call. A slide presentation will accompany today's webcast, which is available in the Investors section of Credicorp's website. Today's conference call is being recorded. As a reminder, all participants will be in listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation. If yo ...

Safe Harbor 4Q25 Earnings Conference Call February 2026 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 ...

Achieved record net income of 1,900,000,000.0 in 2025, driven by a 49% year-over-year increase and a recovering core banking business. Performance was bolstered by a favorable Peruvian macro environment, including 3.3% GDP growth, a 10% appreciation of the sol, and stable inflation. Interbank's record results were supported by a disciplined decrease in cost of risk and an optimized funding structure, despite liquidity headwinds from pension fund withdrawals. The insurance segment, Interseguro, lever ...

Core Insights - Bybit Pay has reached an agreement to enable crypto payments through Yape and Plin, which are the most widely used digital wallets in Peru, serving approximately 28 million users and handling nearly 90% of in-person digital wallet transactions in the country in 2024 [1] Group 1: Bybit's Expansion in Latin America - The partnership with Yape and Plin is part of Bybit's broader strategy to expand its presence in Latin America, following previous collaborations in Brazil and Argentina [2] - Bybit's payment services already support Brazil's instant payment system, PIX, and other major exchanges like Binance and Opera's MiniPay are also targeting the region [2] Group 2: Payment Integration and Functionality - Bybit Pay's integration allows users to spend stablecoins such as USDT and USDC, as well as major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), with transactions settling in Peruvian soles for the recipient [3] - Other platforms facilitating similar payments include KuCoin Pay, Bitget Wallet, and Ramp, indicating a growing trend of crypto neobanks gaining adoption due to local payment mechanisms and crypto-backed debit and credit cards [4] Group 3: Future Developments - Bybit's other payment product, Bybit Card, is set to launch in Peru in the first half of the year, with plans for expansion to other countries in the region later on [5]

Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 19.6%, reflecting strong performance across core businesses and contributions from the innovation portfolio [11][15][35] - Net interest income increased by 2.7%, supported by a contraction in interest expenses and an increase in low-cost deposits, leading to a net interest margin (NIM) of 6.6% [16][31] - The cost of risk fell to 1.7%, indicating improved asset quality and risk management [15][16][32] Business Line Data and Key Metrics Changes - Universal Banking and Insurance and Pensions delivered strong results, while Microfinance progressed towards its profitability target [11][15] - Fee-based and transactional income grew, with Yape contributing significantly to the overall revenue [11][24] - Mibanco's profitability rose to 18.8%, supported by increased loan disbursements and improved credit risk management [26] Market Data and Key Metrics Changes - Peru's GDP growth for 2025 is projected at 3.4%, driven by higher export prices and increased domestic consumption [9][18] - Inflation in Peru remains low, forecasted at 1.8% for 2025, which is within the central bank's target range [10][19] - The macroeconomic environment in the region shows signs of recovery, with positive indicators in Chile and Colombia [10][19] Company Strategy and Development Direction - The company is focused on three key pillars: scaling its digital ecosystem, unlocking growth through business synergies, and maintaining discipline in profitability and capital allocation [5][6][7] - The medium-term targets include an ROE of 19.5% and an efficiency ratio around 42% over the next three to four years [7][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the economic resilience of Peru despite political changes, emphasizing the company's diversified strategy and strong capital position [8][9] - The outlook for 2026 anticipates continued GDP growth, supported by favorable terms of trade and increased private consumption [9][18] Other Important Information - The company aims to expand its digital engagement strategy, with Yape targeting 18 million users by 2028 [24] - The insurance underwriting results showed a year-over-year increase of 23%, driven by improved performance in the life business [29] Q&A Session Summary Question: Regarding asset quality and cost of risk - Analyst inquired about the better-than-expected performance in asset quality and whether the guidance for cost of risk is too conservative [41][42] - Management acknowledged the positive results and indicated that the cost of risk is expected to be around the lower end of the guidance [45][46] Question: On operating expenses growth - Analyst asked about the growth of operating expenses and its breakdown between core business and innovation initiatives [47] - Management confirmed that operating expenses growth is within guidance and will likely slow in the core business while remaining stable in innovation [48] Question: Impact of political uncertainty on growth - Analyst questioned the potential deceleration in growth due to upcoming elections [53] - Management noted historical trends of minimal impact on long-term growth but acknowledged a possible slowdown in the first quarter [55][56] Question: Loan growth guidance - Analyst sought clarification on the loan growth guidance and whether it considers FX adjustments [70] - Management confirmed that the guidance is nominal and includes adjustments for Bolivia's restatement [72] Question: Future contributions from Yape - Analyst inquired about the potential for Yape's contribution to reach double digits by 2026 [64] - Management expressed confidence in achieving this target [65] Question: Outlook for Bolivia post-political shift - Analyst asked about the potential positive impacts of the new government in Bolivia [80] - Management indicated optimism regarding the new government's pro-market stance and its potential benefits for operations in Bolivia [82]

Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 19.6%, reflecting strong performance across core businesses and contributions from the innovation portfolio [11][15] - Net interest income increased by 2.7%, supported by a contraction in interest expenses and an increase in low-cost deposits, leading to a net interest margin (NIM) of 6.6% [16][34] - The non-performing loan (NPL) ratio improved to 4.8%, with a cost of risk falling to 1.7% due to enhanced risk management [15][16] Business Line Data and Key Metrics Changes - Universal banking and insurance and pensions delivered strong results, while microfinance progressed towards profitability targets [11][15] - In retail banking, loans grew by 3% year-over-year, with NPL volumes declining, particularly among individuals and SMEs [20][22] - Mibanco's profitability rose to 18.8%, supported by increased loan disbursements and improved credit risk management [26] Market Data and Key Metrics Changes - Peru's GDP growth for 2025 is projected at 3.4%, driven by higher export prices and increased domestic consumption [9][18] - Inflation in Peru remains low, forecasted at 1.8% for 2025, allowing for a stable economic environment [10][19] - The macroeconomic environment in the region shows signs of recovery, with Colombia's GDP expected to grow by 2.3% in 2025 [10] Company Strategy and Development Direction - The company is focused on three strategic pillars: scaling its digital ecosystem, unlocking growth through business synergies, and executing with discipline to enhance profitability [5][6][7] - The medium-term targets include an ROE of 19.5% and an efficiency ratio around 42% over the next three to four years [7] - The company aims to deepen financial inclusion and expand monetization through platforms like Yape, Tempo, and Guarda [6][25] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the economic outlook despite political uncertainties, citing strong private investment and consumption [17][18] - The company expects to navigate the dynamic external environment with a focus on long-term value creation [8][11] - Future loan growth is anticipated to be robust, supported by favorable economic conditions and strategic initiatives [37] Other Important Information - The company aims to expand its user base for Yape to 18 million by 2028, with significant room for monetization [24] - The insurance underwriting results showed a year-over-year increase of 23%, driven by improved performance in the life business [29][30] - The efficiency ratio for the first nine months of the year stood at 45.7%, reflecting disciplined cost management [35] Q&A Session Summary Question: Regarding asset quality and cost of risk - Analyst inquired about the better-than-expected NPLs and cost of risk, questioning if the guidance was too conservative [41][42] - Management acknowledged the positive results due to improved risk management and a dynamic economic backdrop, expecting cost of risk to be around 1.8% [45][46] Question: On operating expenses growth - Analyst asked about the growth of operating expenses and its breakdown between core business and innovation initiatives [47] - Management indicated that operating expenses growth was planned and expected to be lower in the core business while remaining stable in innovation [48] Question: On growth expectations for the first quarter of the next year - Analyst expressed concerns about potential deceleration due to political uncertainty and asked about ROE levels [53] - Management noted that while there may be a slowdown in the first quarter, the overall economic indicators remain strong [56][58] Question: Regarding loan growth guidance - Analyst sought clarification on whether the loan growth guidance was nominal and if it would be achieved [69][72] - Management confirmed that the guidance is nominal and considers the adjustment from Bolivia's restatement, expressing confidence in achieving the target [72] Question: On Bolivia's political changes and their impact - Analyst asked about the potential positive effects of Bolivia's new government on the company's operations [80] - Management expressed optimism about the new government's pro-market stance and its potential benefits for BCP Bolivia [82] Question: On capital returns and dividends - Analyst inquired about future capital returns and dividend expectations [85] - Management indicated an expectation for higher payout ratios in the coming years, with a focus on increasing ordinary dividends [87]

Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 19.6%, reflecting strong performance across core businesses and contributions from the innovation portfolio [10][13] - Total assets contracted by 2.1% year-over-year due to the revaluation of Bolivia's balance sheet [13] - Net interest income increased by 2.7%, supported by a contraction in interest expenses and an increase in low-cost deposits [15][31] Business Line Data and Key Metrics Changes - Universal banking and insurance and pensions delivered strong results, while microfinance progressed towards its profitability target [10] - Fee-based and transactional income grew, with gains on foreign exchange transactions rising by 23.4% [15][33] - Yape contributed 6.6% of Credicorp's risk-adjusted revenue, with plans to expand its user base and revenue streams significantly by 2028 [24][25] Market Data and Key Metrics Changes - Peru's GDP growth for 2025 is projected at 3.4%, driven by higher export prices and increased domestic consumption [8][17] - Inflation in Peru is forecasted to remain below 2%, with the central bank's policy rate cut to 4.25% [9][18] - Economic conditions in Chile and Colombia are improving, with GDP growth expected to rise in both countries [9][18] Company Strategy and Development Direction - The company is focused on three key pillars: scaling its digital ecosystem, unlocking growth through business synergies, and executing with discipline on profitability and capital allocation [4][5] - The medium-term targets include an ROE of 19.5% and an efficiency ratio around 42% over the next three to four years [5] - The company aims to deepen financial inclusion and scale monetization through its digital platforms [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the economic resilience of Peru despite political changes, emphasizing a strong capital and liquidity position [6][7] - The macroeconomic environment is stable, with expectations for continued growth supported by favorable terms of trade and domestic demand [8][9] - The company anticipates a gradual increase in the cost of risk as it shifts towards higher-yield segments in its loan portfolio [41] Other Important Information - The efficiency ratio for the first nine months of the year stood at 45.7%, with operating expenses growing primarily due to investments in innovation [34][36] - The company expects to maintain its full-year ROE guidance at around 19%, reflecting solid core performance and disciplined risk management [38] Q&A Session Summary Question: Regarding asset quality and cost of risk - The company noted that asset quality has improved, with NPLs and cost of risk performing better than expected, and guidance for cost of risk is around 1.8% [40][41] Question: On operating expenses growth - Management indicated that operating expenses growth is planned and will likely be lower in the core business while remaining stable in innovation initiatives [42] Question: About growth expectations in the first quarter of the upcoming year - Management expects some slowdown in the first quarter due to elections but does not anticipate a significant reduction in long-term growth [43][45] Question: Impact of the eighth pension fund withdrawal - The withdrawal is expected to have a positive impact on local funding but may reduce loan growth by about half a percentage point next year [57] Question: Update on Yape's unit economics - The company is scaling multi-installment loans in Yape, which are showing positive business metrics [59]

Financial Performance Highlights - Credicorp achieved a Return on Equity (ROE) of 19.6%[14] - Risk-Adjusted Net Interest Margin (NIM) increased by 9 basis points compared to 2Q25, reaching 5.5%[14] - The efficiency ratio for 3Q25 was 46.4%[14] - BCP's CET1 ratio stood at 13.17% in September 2025[14] - The coverage ratio was 110.1%[14] Loan Portfolio and Asset Quality - Total loans increased by 1.5% year-over-year[17] - FX Neutral Loan Growth was 7.0% year-over-year[17] - The NPL (Non-Performing Loan) ratio decreased by 105 basis points year-over-year to 4.8%[17] - The Cost of Risk (CoR) decreased by 71 basis points year-over-year to 1.7%[17] Income and Funding - Net Interest Income (NII) increased by 2.7% year-over-year[17] - Low-cost deposits constituted 58.1% of the funding base, an increase of 185 basis points year-over-year[17] - Fee income increased by 8.2% year-over-year[17] - Gains on FX transactions increased by 23.4% year-over-year[17] - Insurance underwriting results increased by 33.1% year-over-year[17] Yape Digital Platform - Yape's lending revenue share increased from 7% in 3Q24 to 20% in 3Q25[44] - Yape disbursed loans to 3.4 million clients in 3Q25[44]