Credicorp Ltd. · NYSE:BAP
Credicorp — Investor Day (2025)
55 slides from Credicorp's investor day presentation, 2025
Slide 1: Greater than the sum of its parts
Greater than the sum of its parts
Slide 2: Agenda
Agenda Welcome and Opening Remarks Mr. Luis Romero | Executive Chairman, Credicorp Three Decades of Growth, Mr. Gianfranco Ferrari | CEO, Credicorp One Playbook for the Future Mrs. Francesca Raffo | CINO, Credicorp Mr. Raimundo Morales | CEO, Yape Panel Discussion Mrs. Mónica Rivas | Division Manage
Slide 3: Safe Harbor
Safe Harbor Cautionary Note – Forward Looking Statements The following presentation includes, and our officers and representatives may make, certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Sec-
Slide 4: Three Decades of Growth, One Playbook for the Future
Three Decades of Growth, One Playbook for the Future
Slide 5: Peru's Macro Strength: Outperforming LatAm and the US Since 2004
Peruʼs Macro Strength: Outperforming LatAm and the US Since 2004 GDP Growth Inflation (%) Public Debt Foreign Reserves 2004 - 2024 2004 – 2024 2004 – 2024 2004 – 2024 (CAGR) (average EoP % change) (as % GDP) (as % GDP) 4.2 2.5 44.7 32.1 19.1 26.8 3.6 3.1 10.3 42.0 7.9 15.2 3.1 3.8 41.5 61.3 11.6 14.
Slide 6: From Growth to Prosperity: Peru's Leading 30-Year Transformation
From Growth to Prosperity: Peruʼs Leading 30-Year Transformation Per Capita GDP (PPP Current Prices, Index 1994=100) 453 413 359 310 308 1994 2024 Source: IMF Investor Day 2025 | Three Decades of Growth, One Playbook for the Future 4
Slide 7: Less Poverty and Informality, More Employment and Financial Inclusion
Less Poverty and Informality, More Employment and Financial Inclusion, with Room for Further Growth Social Indicators 2004-20241 Financial Inclusion 0.5x 2.1x Poverty Financial System Loans2 (% of Population) 2004 – 2024 (% of GDP) Economic Active Population (Million people) 1.4x Adult Population wi
Slide 8: Economic Prosperity Accelerated Access to Services and Infrastructure
Economic Prosperity Accelerated Access to Services and Infrastructure, as Well as the Pace of Financial Activity 2014-2024 Credicorp (BCP)1 Banking Industry2 # of Lending Clients 2.0x 1.4x # of Transactions 24.5x 14.6x Transaction Volume 4.2x 3.0x (1) Source: Management Figures. (2) Source: SBS, ASB
Slide 9: Credicorp Captured and Multiplied the Value of Peru's Transformation
Credicorp Captured and Multiplied the Value of Peruʼs Transformation Delivering Strong Total Shareholder Returns (TSR) Market Capitalization 30-Year (USD in Millions) Average TSR: B 14.1%1 Annual A P Innovation Governance 1 Million 2.0 Users 1995 1999 2005 2009 2012 2014 2017 2018 2019 2020 2021 202
Slide 10: From Corporate Bank to Universal Bank with a Powerful Retail Business Model
We Evolved from a Primarily Corporate Bank to a Universal Bank with a Powerful Retail Business Model BCP Loan Portfolio Structure 2004 2024 30% 44% 70% 56% Retail Wholesale Source: Management Figures Investor Day 2025 | Three Decades of Growth, One Playbook for the Future 8
Slide 11: Digital Payments Evolved Favorably with Substantial Opportunity
Digital Payments Evolved Favorably in the Past 5 Years with Substantial Opportunity for Future Growth 5.1 Digital Payments in Peru1 (Amount / GDP) 2019 1.2x 6.2 2024 24% BCP Cashless Transactions2,3 (% of Total Monetary 2019 3.5x 84% Transactions) 2024 30% BCP Digital Clients2,4 (%) 2019 2.5x 74% 20
Slide 12: Beyond a Transactional Relationship to a Long-Lasting Partnership With Clients
Beyond a Transactional Relationship to a Long-Lasting Partnership With Clients, Capturing Lifetime Value 2004 2025 Savings Acquiring Accounts Business 2024 vs 2021 SME Health -19% Loan Insurance BCP Cost-to-Serve1 (S/ per client) Credit Card and Yape Consumer Loans BCP Consumer NPS (points) +17 pts
Slide 13: Strategic Priorities as Anchors
Strategic Priorities as Anchors Accelerating Digital Ensuring Integrating Transformation the Best Talent Sustainability, and Innovation at Credicorp Through a Compelling at the Core of and Its Subsidiaries Value Proposition Our Business Investor Day 2025 | Three Decades of Growth, One Playbook for t
Slide 14: Disciplined Innovation Portfolio Management
Disciplined Innovation Portfolio Management Ensures it is Well-diversified, Aligned with Our Strategic Goals, and within Our Financial Limits Activity Strategic Performance Financial Performance Confidence Right initiative volume Proper diversification Return and progress towards Measures the overal
Slide 15: Ensuring the Best Talent Through a Compelling Value Proposition
Ensuring the Best Talent Through a Compelling Value Proposition Developing Our Leaders Specialized Digital Capabilities Learning Chapters: Upskilling Data & Analytics 2023: 88% of participants +5,000 +350% + significantly enhanced their knowledge Cybersecurity Digital Talent1 Increase 2024: 66% of p
Slide 16: Embedding Sustainability at the Core of Our Business Strategy
Embedding Sustainability at the Core of Our Business Strategy Financial Inclusion Financial Education course attendees Financially Included People People who received financial education1 (Millions) (Thousands) Not exhaustive 614 6.1 423 521 5.7 413 404 3.8 296 2.5 310 1.5 251 0.5 138 115 2022 61 48
Slide 17: Three Strategic Pillars with an Overarching Country Vision
Our Vision is to Continue Generating Impact Through Three Strategic Pillars with an Overarching “Country Vision” Approach Financial Inclusion Health insurance Inclusion and Education & quality healthcare Impact Plan Finance Trust in Credicorp Trust in the Support Sustainable Trust for the to MSMEs1
Slide 18: Investing in Corporate Capabilities to Operate as an Open Ecosystem
Our Transformation Includes Investing in Corporate Capabilities to Operate as an Increasingly Open Ecosystem 1995 2025 B A P Customer Knowledge Leveraging BAP ecosystem Attracting Adoption of Robust and Retaining Best-in-class Processes Top-notch Talent Digital Capabilities and Control Investor Day
Slide 19: One Playbook: Self-Disruption and Adaptability to Lead into the Future
One Playbook: Self-Disruption and Adaptability to Lead into the Future 1. Financially Include More People to Expand the Formal, Cashless Economy. 2. One-Stop-Shop Experience. Provide a Customer-Driven, 3. Interoperability and Open Ecosystems. Collaborate with 4. Leadership Mindset. Evolve our Skills
Slide 20: Towards the 10X Opportunity
Towards the 10X Opportunity 9
Slide 21: The Virtuous Financial Inclusion Cycle
Strengthening our Ecosystem Through the Virtuous Financial Inclusion Cycle MORE ACCESS & USAGE More clients, higher usage Financially Included Peruvians1 DIGITAL MORE SERVICE ENGAGEMENT Increases use MODEL 6.1M as of June 2025 Virtuous Cycle of Financial Inclusion HIGHER VALUE LOWER 8.0M EXPERIENCE
Slide 22: Bancassurance: Leveraging Credicorp's Ecosystem to Capture Growth
Bancassurance: Leveraging Credicorp's Ecosystem to Capture Growth Opportunities Opportunity Ambitions Potential to Access 2030 Mass Distribution +18M Clients leveraging the Credicorp ecosystem Most Protected Country in Latam Product Factory Insurance Penetration1 2x Tailored # Clients Design 2.2% 20
Slide 23: Yape: Building Long-Term Value Across the Ecosystem
Yape: Building Long-Term Value Across the Ecosystem to Unlock Further Growth Opportunities Opportunity Ambition Providing Access to 2028: Multiply Revenues 3x Credicorpʼs Ecosystem… Payments: Lending: Monthly Revenue-Generating Disbursed Clients Transactions per MAU (million) (#) 10%-60% +6 Million
Slide 24: Yape: Anticipated Most 2026 Ambitions and Raised the Bar for 2028
Yape: Anticipated Most 2026 Ambitions and Raised the Bar for 2028 2026 Ambitions New June 2025 2028 Ambitions Set in 2024 MAU (Millions) +16.5 ~15 +18 Main payments network in Peru Trx/Year (S/ Billions) S/600 S/3651 S/700 Solve the Disbursed financial needs Clients 5 ~3 8 of Yaperos (Millions) Be p
Slide 25: Supply Chain Finance: Capitalizing Our Parenting Advantage
Supply Chain Finance: Capitalizing Our Parenting Advantage to Capture Business Opportunities Across Segments Opportunity Ambition Supply Chain Finance: 2030 Factoring Penetration, 20241 (% of GDP) One-Stop-Shop Seamless solution digital platform 17% 14% +6x Loan Portfolio Data Confirming capabilitie
Slide 26: Bancassurance: Leveraging Tech and Distribution Enablers
Bancassurance: Leveraging the Ecosystemʼs Tech and Distribution Enablers to Capture Growth Opportunities Mass Distribution Leveraging the Credicorp Ecosystem Product Factory Tailored Design Experimentation APIs as Tech Enablers Mindset New Core Technologies Investor Day 2025 | Towards the 10x Opport
Slide 27: Startup Technologies Fueling Supply Chain Finance Growth
Startup Technologies Fueling Supply Chain Finance Growth Tech Partners Corporate Customer ERP Consolidated Balances Supply Chain APIs APIs Embedded Finance Payments (Suppliers, Salaries) Products Purchase Order Financing Regulator Reconciliation Payments/Collections Investor Day 2025 | Towards the 1
Slide 28: Where We Are So Far
Where We Are So Far Bancassurance Yape + BCP Supply Chain Finance Payments and Transactional Services Pacifico Premiums Fee Income Loan Portfolio1 (S/ millions) (S/ millions) (S/ millions) 1.6x 1.2x 1.5x 2030 1,567 1,738 5,440 2028 6x 1,453 332 1,433 2028 90 3x 817 3,520 956 3x 306 378 1,363 1,406 4
Slide 29: Mibanco is Leveraging Credicorp's Ecosystem to Accelerate Revenue Diversification
Mibanco is Leveraging Credicorpʼs Ecosystem to Accelerate Revenue Diversification and Increase Resilience Ambition Savings Deposits 13% Low Fee Income 5% High 2028 (% of Total Funding) in 2024 Twenties (% of Total Income) in 2024 Single Digits Customer Data Distribution Transactional Selling Shared
Slide 30: Unlocking the Potential for SMEs Through Collaboration
Unlocking the Potential for SMEs Through Collaboration SMEs in Peru represent1 GDP 20% Formal Employment 89% Informal Employment 82% Unbanked Micro Entrepreneurs 7M (1) Figures for 2024. Source: Ministry of Production, INEI Investor Day 2025 | Towards the 10x Opportunity
Slide 31: The Virtuous Financial Inclusion Cycle
Strengthening our Ecosystem Through the Virtuous Financial Inclusion Cycle MORE ACCESS & USAGE More clients, higher usage Financially Included Peruvians1 DIGITAL MORE SERVICE ENGAGEMENT Increases use MODEL 6.1M as of June 2025 Virtuous Cycle of Financial Inclusion HIGHER VALUE LOWER 8.0M EXPERIENCE
Slide 32: Scaling with Confidence: Tech-Enabled Data, AI and Risk as Growth Drivers
Scaling with Confidence: Tech-Enabled Data, AI and Risk as Growth Drivers
Slide 33: Lending Represents a Significant Growth Opportunity for Credicorp
Lending Represents a Significant Growth Opportunity for Credicorp BCP Clients (millions, August 2025) 18.8 New Opportunity 15.3 -3.5 Extending credit at the base of the pyramid powered by transactional data, innovative technologies, robust 2.7 distribution, and strong risk 1.9 -12.6 management. -0.8
Slide 34: Further Opportunity Tied to Engagement and Transaction Growth Potential
Further Opportunity Tied to Engagement and Transaction Growth Potential Change BCP: #Transactions and % Digital since 2019 96% 97% 92% +45 pp 87% 57,867 77% 72% 41,674 +22x 52% BCP: 22,102 % Digital Trx 42% 36% 12,037 BCP: 3,905 6,164 Million Trx 1,454 1,857 2,626 2017 2018 2019 2020 2021 2022 2023
Slide 35: Technology Investments Enabled Us to Handle Exponential Transactions
Technology Investments Enabled Us to Handle Exponential Transactions and Boost Operating Income Operating Income and IT Opex (As % of Operating Income)1 Change since 2019 21.7 21.0 19.1 +1.4x 16.7 16.8 15.6 Operating 13.7 14.5 14.7 8.1% 8.4% Income 7.6% 7.8% (S/ Billions)4 6.2% +4.4 pp 5.7% IT OPEX
Slide 36: Strengthening Parenting Advantage Tech Capabilities to Accelerate Growth
Strengthening Parenting Advantage Tech Capabilities to Accelerate Growth Reducing platforms and outdated systems. Simplify and Migrating core systems to cloud-native solutions Modernize for standardized operations. One Way Standardizing tools, processes, and architectures, of Working replicating pro
Slide 37: More Data and Shared Data Models are Powering Growth
More Data and Shared Data Models are Powering Growth and Enhancing the Client Experience Data volume accelerates as more 3.1 3.8 2.9 data powers our businesses 1.4 1.7 1.8 Petabytes (PB) 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E In 2025, we deployed Credicorpʼs Data Marketplace — a single spa
Slide 38: AI Automates Customer Service, Improves Sales and Productivity
AI Automates Customer Service, Improves Sales and Productivity Across all Our Businesses and Functions Customer Engagement Content Synthesis Content Generation Coding & Software Contact Center BCP: Voicebot GenIA®: Deployed at +3,400 Content Generation®: 10% Github Copilot: implemented for and Chatb
Slide 39: Tech-Enabled Risk Management as a Strategic Tool for Growth
Tech-Enabled Risk Management as a Strategic Tool for Growth Standardized data and AI tools enhance model accuracy, monitoring, and scalability. This Accuracy alignment with modernization efforts allows risk and Speed practices to evolve efficiently, cutting model development time in half. These impr
Slide 40: The Risk Function Empowers Credicorp Across Multiple Dimensions
The Risk Function Empowers Credicorp Across Multiple Dimensions 1. 2. 3. Protect Steer Grow Risk Management as Credicorpʼs Risk Management as the “steward” of Risk Management as the “enabler” of “nerve center”. Credicorpʼs risk-adjusted profitability. Credicorpʼs expansion. 4. Organizational Structu
Slide 41: Improvement in Risk Capabilities Had Significant Positive Impact on Credit Decisions
Improvement in Risk Capabilities Had Significant Positive Impact on Credit Decisions BCP consumer loan model Origination volumes for SME BCP provisions down 46% TTM1 cut by 43% digital products up 80% in one year (weeks) (S/ millions) (S/ millions) 28 356 1,381 -43% +80% -46% 16 198 742 dec-24 aug-2
Slide 42: Next Step: Expanding Risk Management Across Credicorp
Next Step: Expanding Risk Management Across Credicorp End-to-end integration between risk and business teams has already delivered financial value. New portfolio management capabilities will help mitigate unexpected credit losses, supporting expansion. Embedded risk practices across financial and no
Slide 43: Delivering Strong and Sustainable Value
Delivering Strong and Sustainable Value
Slide 44: 30 Years of Innovation, 30 Years of Strong Total Shareholder Return
30 Years of Innovation, 30 Years of Strong Total Shareholder Return Indexed Total Shareholder Return (100=Oct95 PE CO; Jan97 CH; Jun97 BR; Jun09 MX) 5,103% 1,839% 1,149% 774% 554% Oct-95 Jul-07 Apr-99 Oct-02 Jul-04 Apr-06 Jan-08 Oct-09 Jul-11 Apr-13 Jan-15 Oct-16 Jul-18 Apr-20 Jan-22 Oct-23 Sep-25 C
Slide 45: Credicorp's Outperforming TSR is the Result of Tech-Driven Growth
Credicorpʼs Outperforming TSR is the Result of Tech-Driven Growth and Engagement Million Trx End of Period +18 Customers End of Period Low-Cost Deposits / +15 Total Funding 57,867 +57% 41,673 +13pp since 20154 +7 +4 22,101 Clients 12,036 (Millions) ~1 6,164 2,625 3,904 +750 1,857 +150 +290 2000 2006
Slide 46: Strengthening our Risk-Adjusted Revenue Through Diversification
Strengthening our Risk-Adjusted Revenue Through Diversification Revenue Streams Evolution Risk-Adjusted Revenue (S/ Millions) (S/ Billions) FX Income 17x 14x 19.4 17.5 9% 83 1,400 7% 2000 20251 7% 8% 13.0 21% Fees 7x 22% 16% 6% 7.5 24% 547 4,000 Others2 2000 20251 25% 6% 61% 62% Insurance 3.3 26% 54
Slide 47: With Peru's Growth Moderating, We Turned Our Focus to Decoupling from the Macro
With Peruʼs Growth Moderating, We Turned Our Focus to Decoupling from the Macro 7,200 21.7% 5,501 4,866 4,648 4,092 4,265 3,984 3,515 3,585 3,092 2,388 3.9% 5.4% 1,950 2,080 1,614 1,538 Net Income (S/ Millions) 347 Nominal GDP Growth 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 48: Capital Returns Exceeding Cost of Equity in all Our Business Lines
Capital Returns Exceeding Cost of Equity in all Our Business Lines ROAE Evolution by Line of Business CoE 2025 29.1% 26.9% 24.3% 21.9% 19.5% 18.8% 18.5% 17.0% 15.8% 14.1% 12.1% 12.3% 6.0% 6.3% 5.5% 0.5% 2019 2021 2023 Up to 2019 2021 2023 Up to 2019 2021 2023 Up to 2019 2021 2023 Up to June 2025 Jun
Slide 49: Yape's Strong Performance Positions Credicorp in the Underbanked Segment
Yapeʼs Strong Performance Positions Credicorp to Continue Excelling in the Underbanked Segment 54.5 56.8 Lending 51.0 40.2 35.3 14.9 15.3 14.9 24.6 Disbursements Disbursements for 12.3 18.6 10.7 for tickets < S/ 2,000 S/ 2,000 - S/ 10,000 tickets Trx per MAU (#) 9.0 8.0 1.39 Million 2% Monthly Disbu
Slide 50: Clear Revenue Streams Leading to Sustainable Growth
Clear Revenue Streams Leading to Sustainable Growth Risk-Adjusted Revenue2 Growth Avenues S/ 19.4 Bn Innovation Loans Portfolio S/ 15.0 Bn Fees Other Income 2022 2023 2024 20251 2026 2027 2028 (1) 1H25 annualized. (2) Risk-Adjusted Revenue consist of: Risk-Adjusted NII, Fee Income, Net Gain from Ass
Slide 51: Innovation Portfolio as a Key Growth Avenue
Innovation Portfolio as a Key Growth Avenue Innovation Portfolio Investment Appetite Other Yape reaches relevant maturity and exits the initiatives exit the innovation ROE ≤ -150 innovation portfolio portfolio bps ~81% of portfolio And other mid-stage Emerging net revenue by 2026 initiatives and new
Slide 52: Expanding Our Credit Portfolio While Reinforcing Fees and Other Income Growth
Expanding Our Credit Portfolio While Reinforcing Fees and Other Income Growth Growth Opportunity Loans Fees and Other Income Consumer Loans1 SME Loans1 Payments Revenue Insurance1 Remittances2 /MAU (S/)2 BCP Mass 16 Million SME S/ 26 Billion BCP +18 Million Anual ~1,400 Million Consumers (<S/ 60K Lo
Slide 53: Sustainable ROE Driven by Capability Building and Innovation
Sustainable ROE Driven by Capability Building and Innovation Early Investments Capability Building Scaling Adoption Long-term & Capability Building & Scaling Adoption & Monetizing Ambitions 2017 - 20191 2021-20221 2023-2024 Avg ROE: ~18% ~15% ~16% ~19.5% Avg C/I: ~44% (~47.5% under IFRS17) ~45% (~48
Slide 54: Key Financial Takeaways
Key Financial Takeaways We delivered Our future We have built value through growth is based the key innovation on clear capabilities opportunities needed Investor Day 2025 | Delivering Strong and Sustainable Value 12
Slide 55: Greater than the Sum of its Parts
Greater than the Sum of its Parts