Slide 1: Earnings Conference Call February 2023
Earnings Conference Call February 2023
Slide 2: Safe Harbor
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 m
Slide 3: Strong FY 2022 Financial Performance Reflects Progress in Strategy Execution
Earnings Conference Call Strong FY 2022 Financial Performance Reflects Progress in Strategy Execution Despite a Challenging Context Net Income ROE 1 Strong Full Year Financial Results +29.3% 16.7% vs 2021 Structural NPL Prudent Risk Management amid Less CoR 2 Favorable Macroeconomic Perspectives Cov
Slide 4: Key Financial Highlights 4Q22
Earnings Conference Call Key Financial Highlights 4Q22 1 2 3 4 Solid Loan Dynamics and Strong Core Income: Prudent Risk Management and Diversified Portfolio Competitive Funding NII + Fees + FX Improvement in the Loss Ratio and Solid Capital Base Structural Loans1 NII Structural CoR Earnings Contribu
Slide 5: Conditions in the Emerging Markets Show Improvement at the Beginning of 2023
Earnings Conference Call Conditions in the Emerging Markets Show Improvement at the Beginning of 2023 US Consumer Inflation Copper Price Capital Flows to EM (var. % AaA) (USD/lb, As of 8-Feb) (USD billions accumulated in the last 30 days As of 30-Ene) CPI Total CPI Core 10.0 60 5.00 31-mar 4.70 9.0
Slide 6: Growth Slowdowns are Expected and Central Banks React to Fight Inflation
Earnings Conference Call Growth Slowdowns are Expected and Central Banks React with Different Strategies to fight Inflation Expected Economic Growth in 2023 U.S. 1.4 Colombia 1.3 Peru 2.0 Chile -0.5 (YoY % change)1 Inflation Rates Central Bank Policy Rates (% YoY as of Jan 31)2 (%, as of Jan 31)2, 3
Slide 7: In Universal Banking, BCP's Profitability is Driven By Core Income
Earnings Conference Call In Universal Banking, BCP’s Profitability is Driven By Core Income, While Loan Provisions Continue to Normalize Earnings Contribution BCP Stand-alone 79.7% BCP’s drivers BCP Bolivia 1.3% (% change) QoQ FY ROE1 Structural (%, Annualized) +0.7% +12.2% Loans2 FY2022 +12.2% +28.
Slide 8: Yape, with Over 11 Million Users, is on the Road to Monetization
Earnings Conference Call Yape, with Over 11 million Users, is on the Road to Monetization by Focusing on its Three Main Ambitions Be the Main Payment Network Be present in Yaperos’ Daily Lives Solve Yaperos’ Financial Needs in Peru Annual Volume Transacted (S/, billions) 66.2 Aspirations SMEs 150 bi
Slide 9: Mibanco Peru's 4Q22 Results Impacted by High Provisions
Earnings Conference Call Mibanco Peru’s 4Q22 Results are Impacted by High Levels of Provisions, While FY Results Reflect a Clear Recovery Earnings Contribution Mibanco 3.7% Mibanco Peru Drivers Mibanco Colombia -0.6% (% change) QoQ FY ROE1 Structural (%, Annualized) +1.9% +17.5% Loans2 FY2022 -1.9%
Slide 10: Grupo Pacifico Achieved Higher Profitability in 2022
Earnings Conference Call Grupo Pacifico Achieved Higher Levels of Profitability in 2022 After COVID-19 Related Claims Dropped Earnings Contribution Grupo Pacifico 9.4% Grupo Pacifico's drivers (% change) QoQ FY ROE1 & COVID-19 Life Claims COVID-19 related Claims ROE Net Earned (%, Annualized; S/ mil
Slide 11: IB & WM Delivered an Uptick in Quarterly Earnings
Earnings Conference Call IB & WM Delivered an Uptick in Quarterly Earnings but Continues to Face Challenges in the Current Environment Earnings Contribution ASB & 2.3% IB & WM drivers Credicorp Capital (in US$ millions) Dic 21 Dic 22 Variation ROE1 and Income by Business2 (%, S/ millions) WM 16,185
Slide 12: Structural Loan Growth and Asset Repricing Continued to Boost NII
Earnings Conference Call Structural Loan Growth and Asset Repricing Continued to Boost NII Assets: Higher Yields Due to Growth in Structural Loans Liabilities: Transactional Funding Base Mitigates and Effective Pricing Strategies the Impact of an Increase in Funding Costs Interest Earning Asset (IEA
Slide 13: Core Income Growth Driven Mainly by Net Interest Income
Earnings Conference Call Core Income Growth Driven Mainly by Net Interest Income Core Income QoQ Growth Driven by NII and FX Transactions, Annual Margins Materially Rose Reflecting Volumes Dynamics, while Fees Dropped Mainly Due to the Elimination Repricing and Competitive Funding Structure of Inter
Slide 14: Structural NPL Portfolio Slightly Increased QoQ while Provisions Remain Adequate
Earnings Conference Call Structural NPL Portfolio Slightly Increased QoQ while Provision Levels Remain Adequate QoQ NPL Volumes Dynamics: Uptick in Wholesale and SME-Pyme Structural NPL Ratio Remained Relatively Flat as the Increase was Partially Offset by a Drop at Mibanco and Consumer in NPL Volum
Slide 15: Structural Cost of Risk Moving Toward Normalized Levels
Earnings Conference Call On a Full Year Basis Structural Cost of Risk is Moving Toward Normalized Levels Structural Cost of Risk Increased QoQ Mainly Driven by Key Drivers of Loan Loss Provisions QoQ Dynamics Individuals and Mibanco Retail Banking: Structural Portfolio1,2: Updates to macroeconomic p
Slide 16: Efficiency Improved Driven by Higher Core Income in BCP and Mibanco
Earnings Conference Call Efficiency Improved Driven by Higher Core Income in BCP and Mibanco Operating Expenses Increased YoY Driven by IT Expenses, BCP and Mibanco registered positive operating leverage in 2022 Disruption and Personnel expenses Operating Expenses Income and Expenses Annual Growth (
Slide 17: Credicorp Consolidates its Profitability Driven by BCP, Mibanco and Pacifico
Earnings Conference Call Credicorp Consolidates its Profitability Driven by BCP, Mibanco and Pacifico Net income and ROAE (S/ millions, %) Net Income 15.9% 17.3% ROE 17.2% 17.2% 10.9% FY 2019 ROE 17.0% 6.3% FY 2020 1.4% FY 2021 13.9% FY 2022 -3.3% 16.7% 2H19 1H20 2H20 1H21 2H21 1H22 2H22 17
Slide 18: Our 2023 Guidance
Earnings Conference Call Our 2023 Guidance Guidance 2022 FY22 Results Guidance 2023 Real GDP Growth1 +2.5% +2.6% 1.8% - 2.2% Structural Loan Portfolio Growth2 9% - 11.0% +11.3% 6% - 10.0% Net Interest Margin 4.6.% - 4.9% 5.1% 5.8% - 6.2% Cost of Risk 0.8% - 1.1% 1.2% 1.5 - 2.0% Efficiency Ratio 44.0
Slide 19: 4Q22 Key Takeaways
Earnings Conference Call 1 Despite continued 3 uncertainty, we are executing Given what we know on our strategy and delivering today, we expect to maintain strong results guided ROE in the high teens, driven by our purpose by moderate loan growth, increased NIM, 2 and normalized CoR 4 We have a stro
Slide 20: Earnings Conference Call February 2023
Earnings Conference Call February 2023