Credicorp Ltd. · NYSE:BAP
Credicorp — Investor Day (October 2025)
55 slides from Credicorp's investor day presentation, Oct 9, 2025
Slide 1: Greater than the sum of its parts
Greater than the sum of its parts
Slide 2: Agenda
Agenda Mr. Gianfranco Ferrari | CEO, Credicorp Mrs. Francesca Raffo | CINO, Credicorp Investor Day 2025 | Greater than the Sum of its Parts Panel Discussion Towards the 10x Opportunity Mr. Gianfranco Ferrari | CEO, Credicorp Welcome and Opening Remarks Three Decades of Growth, One Playbook for the F
Slide 3: Safe Harbor
Safe Harbor Investor Day 2025 | Greater than the Sum of its Parts 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 S
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
Source: IMF GDP Growth 2004 - 2024 (CAGR) Inflation (%) 2004 – 2024 (average EoP % change) Public Debt 2004 – 2024 (as % GDP) Foreign Reserves 2004 – 2024 (as % GDP) Investor Day 2025 | Three Decades of Growth, One Playbook for the Future 3 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
Slide 6: From Growth to Prosperity: Peru's Leading 30-Year Transformation
Source: IMF Per Capita GDP (PPP Current Prices, Index 1994=100) 1994 2024 453 413 359 310 308 From Growth to Prosperity: Peruʼs Leading 30-Year Transformation 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 Financial Inclusion Social Indicators 2004-20241 Poverty (% of Population) Economic Active Population (Million people) 0.5x 1.4x 0.8x Informality (% of employed labor force) Financial System Loans2 20
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 (1) Source: Management Figures. (2) Source: SBS, ASBANC Banking Industry2 Credicorp (BCP)1 2.0x 24.5x 4.2x Investor Day 2025 | Three Decades of Growth, One Playbook for the Future 6 1.4x
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) Source: Bloomberg (1) As of September 30 30-Year Average TSR: 14.1%1 Annual Market Capitalization (USD in Millions) B A P 1995 Investor Day 2025 | Three Decades of Growth, One Playb
Slide 10: From Corporate Bank to Universal Bank with Retail Model
We Evolved from a Primarily Corporate Bank to a Universal Bank with a Powerful Retail Business Model Source: Management Figures BCP Loan Portfolio Structure Retail Wholesale 2004 Investor Day 2025 | Three Decades of Growth, One Playbook for the Future 8 2024 30% 70% 44% 56%
Slide 11: Digital Payments Evolved Favorably with Substantial Growth Opportunity
Digital Payments Evolved Favorably in the Past 5 Years with Substantial Opportunity for Future Growth 24% 84% 3.5x BCP Cashless Transactions2,3 (% of Total Monetary Transactions) 5.1 6.2 1.2x Digital Payments in Peru1 (Amount / GDP) BCP Digital Clients2,4 (%) 30% 74% 2.5x Investor Day 2025 | Three D
Slide 12: Beyond a Transactional Relationship to Long-Lasting Partnership
Beyond a Transactional Relationship to a Long-Lasting Partnership With Clients, Capturing Lifetime Value Source: Management Figures. (1) Includes the direct expense of physical, alternative and digital service channels, annualized and allocated to consumers in the Consumer segment BCP Cost-to-Serve1
Slide 13: Strategic Priorities as Anchors
Strategic Priorities as Anchors Accelerating Digital Transformation and Innovation at Credicorp and Its Subsidiaries Integrating Sustainability, at the Core of Our Business Ensuring the Best Talent Through a Compelling Value Proposition 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 (1) 1Q25 YoY Growth. (2) As of 1Q25. Includes initiatives in the Acceleration and Escalation stages. (3) LTM as of March 2025. (4) As of 1Q25. Includes most a
Slide 15: Ensuring the Best Talent Through a Compelling Value Proposition
Ensuring the Best Talent Through a Compelling Value Proposition (1) Employees in IT, D&A, Cybersecurity, Agility, Digital Marketing, CRM, Pricing, Innovation and Strategic Design Upskilling + Reskilling Developing Our Leaders Specialized Digital Capabilities +350% Increase in digital talent at BCP (
Slide 16: Embedding Sustainability at the Core of Our Business Strategy
Embedding Sustainability at the Core of Our Business Strategy Financial Education course attendees Sustainable finance Financial Inclusion Financially Included People (Millions) 2.9 People protected through inclusive insurance (Millions) 2.4 2.0 1.8 2023 2022 2024 2022 2023 2020 2021 0.5 1.5 2.5 3.8
Slide 17: Three Strategic Pillars with a Country Vision Approach
Our Vision is to Continue Generating Impact Through Three Strategic Pillars with an Overarching “Country Vision” Approach (1) MSMEs: Micro, Small and Medium Enterprises Financial Inclusion and Education Health insurance & quality healthcare Trust in Credicorp and its Subsidiaries Trust in the Privat
Slide 18: Investing in Corporate Capabilities to Operate as Open Ecosystem
Our Transformation Includes Investing in Corporate Capabilities to Operate as an Increasingly Open Ecosystem 1995 2025 Leveraging BAP ecosystem Attracting and Retaining Top-notch Talent Adoption of Best-in-class Digital Capabilities Investor Day 2025 | Three Decades of Growth, One Playbook for the F
Slide 19: One Playbook: Self-Disruption and Adaptability
One Playbook: Self-Disruption and Adaptability to Lead into the Future Financially Include More People to Expand the Formal, Cashless Economy. Provide a Customer-Driven, One-Stop-Shop Experience. Collaborate with Interoperability and Open Ecosystems. Evolve our Skillset and Foster Leadership Mindset
Slide 20: Towards the 10x Opportunity
Towards the 10x Opportunity Investor Day
Slide 21: Virtuous Financial Inclusion Cycle
Strengthening our Ecosystem Through the Virtuous Financial Inclusion Cycle (1) Number of financially included clients through BCP since 2020: (i) New clients with savings accounts or affiliated to Yape. (ii) New clients without debt in the financial system or BCP products in the last twelve months.
Slide 22: Bancassurance: Leveraging Credicorp's Ecosystem
Bancassurance: Leveraging Credicorp’s Ecosystem to Capture Growth Opportunities (1) As of Dec-24. Source: LatinoInsurance Opportunity Potential to Access +18M Clients Insurance Penetration1 2.2% 3.4% 4.9% Ambitions 2027 Bancassurance 10% of Credicorpʼs Net Income Mass Distribution leveraging the Cre
Slide 23: Yape: Building Long-Term Value Across the Ecosystem
Yape: Building Long-Term Value Across the Ecosystem to Unlock Further Growth Opportunities Source: Management Figures Opportunity Ambition Providing Access to Credicorpʼs Ecosystem… To +18M Clients Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Aug-25 2028: Multiply Revenues 3x Payments: Monthly Revenue-Generat
Slide 24: Yape: Anticipated 2026 Ambitions and Raised the Bar for 2028
(1) Gross Payment Volume of the LTM up to June 2025. (2) Measure based on the number of transactions. (3) Gross Merchant Volume, includes the following functionalities: Yape Promos, Yape MarketPlace, Ticketing, Gaming, Gas, Bus Travel, Delivery and Insurances. Measure based on the number of transact
Slide 25: Supply Chain Finance: Capitalizing Our Parenting Advantage
Supply Chain Finance: Capitalizing Our Parenting Advantage to Capture Business Opportunities Across Segments (1) Sources: CAVALI, ACHEF, Asociación Española de Factoring. Source: Management Figures Opportunity Ambition 2030 4% 14% Supply Chain Finance: Factoring Penetration, 20241 (% of GDP) 17% +6x
Slide 26: Bancassurance: Tech and Distribution Enablers
Bancassurance: Leveraging the Ecosystemʼs Tech and Distribution Enablers to Capture Growth Opportunities Product Factory Tailored Design Experimentation Mindset New Core Technologies Mass Distribution Leveraging the Credicorp Ecosystem APIs as Tech Enablers Investor Day 2025 | Towards the 10x Opport
Slide 27: Startup Technologies Fueling Supply Chain Finance Growth
Startup Technologies Fueling Supply Chain Finance Growth Supply Chain Finance Products Tech Partners Regulator Corporate Customer ERP Consolidated Balances Purchase Order Financing Payments (Suppliers, Salaries) Reconciliation Payments/Collections Embedded APIs APIs Investor Day 2025 | Towards the 1
Slide 28: Where We Are So Far
Where We Are So Far (1) Loan Portfolio measured in average daily balances. | Source: Management Figures Bancassurance Pacifico Premiums (S/ millions) 578 378 2021 750 817 2024 3x 2028 956 1,567 Mandatory Optional 1.6x Supply Chain Finance Loan Portfolio1 (S/ millions) 2021 2024 3,215 4,006 1,433 306
Slide 29: Mibanco Leveraging Credicorp's Ecosystem for Revenue Diversification
Mibanco is Leveraging Credicorpʼs Ecosystem to Accelerate Revenue Diversification and Increase Resilience Source: Management Figures. Ambition 2028 Savings Deposits (% of Total Funding) 13% in 2024 Low Twenties Fee Income (% of Total Income) 5% in 2024 High Single Digits Customer Data Sharing with D
Slide 30: Unlocking the Potential for SMEs Through Collaboration
GDP 20% Formal Employment 89% Informal Employment 82% Unbanked Micro Entrepreneurs 7M SMEs in Peru represent1 Unlocking the Potential for SMEs Through Collaboration (1) Figures for 2024. Source: Ministry of Production, INEI Investor Day 2025 | Towards the 10x Opportunity
Slide 31: Virtuous Cycle of Financial Inclusion
Strengthening our Ecosystem Through the Virtuous Financial Inclusion Cycle Virtuous Cycle of Financial Inclusion MORE ACCESS & USAGE More clients, higher usage DIGITAL SERVICE MODEL MORE ENGAGEMENT Increases use HIGHER VALUE EXPERIENCE Deepens relationship LOWER COST-TO-SERVE Expand distribution wit
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
New Opportunity Extending credit at the base of the pyramid powered by transactional data, innovative technologies, robust distribution, and strong risk management. BCP Clients (millions, August 2025) BCP Clients Yape Active Users BCP Loan Clients BCP Loan Clients (ex-Yape Disbursed Clients) 18.8 -3
Slide 34: Further Opportunity Tied to Engagement and Transaction Growth
0.42 94.6 0.12 99.6 0.03 99.9 BCP: Cost per transaction (in S/) BCP: Big 8 Uptime (%) 2017 1,454 2018 1,857 2019 2,626 3,905 2020 6,164 2021 12,037 2022 22,102 2023 41,674 2024 57,867 20251 36% 42% 52% 77% 72% 87% 92% 96% 97% BCP: % Digital Trx BCP: Million Trx -93% +22x -5.3 pp Change since 2019 BC
Slide 35: Technology Investments Enabled Exponential Transactions and Operating Income
(1) Starting in 2022, figures are expressed in IFRS17. (2) Annualized figures. (3) Jul-25 vs Jul-23. (4) Operating Income = Net interest, similar income and expenses + Fee Income+ Net gain on foreign exchange transactions + Net Gain From associates + Net gain on derivati- ves held for trading + Resu
Slide 36: Tech Capabilities to Accelerate Growth
Reducing platforms and outdated systems. Migrating core systems to cloud-native solutions for standardized operations. Simplify and Modernize Standardizing tools, processes, and architectures, replicating proven solutions across the group. One Way of Working To accelerate regional expansion reusing
Slide 37: More Data and Shared Data Models Powering Growth
Data volume accelerates as more data powers our businesses Petabytes (PB) 2020 2021 2022 2023 2024 2025E 1.4 1.7 1.8 2.9 3.1 3.8 2026E 2027E 2028E In 2025, we deployed Credicorpʼs Data Marketplace — a single space where over 2,000 users from all of our businesses can share and consume data products.
Slide 38: Generative AI Customer Engagement and Content Use Cases
Customer Engagement Contact Center BCP: Voicebot and Chatbot automate 40% of customer inquiries. Pacífico Seguros E-Commerce: conversational AI increases auto insurance quote conversion by 3%. Mi Espacio Pacífico: Chatbot covers 32% of queries, mainly on policies and payments. Yape Chatbot: handles
Slide 39: Tech-Enabled Risk Management as a Strategic Tool for Growth
New data inputs like Yape transactions and utility payments enrich credit targeting, discrimination, and pricing strategies. Standardized data and AI tools enhance model accuracy, monitoring, and scalability. This alignment with modernization efforts allows risk practices to evolve efficiently, cutt
Slide 40: The Risk Function Empowers Credicorp Across Multiple Dimensions
Talent Distinctive talent, a “leadership academy” for Credicorp Culture Risk mindset, rapid execution and stature embedded in the organization Data & AI Superior data from various sources and AI use cases Tech Stack Designed for flexibility, speed, and accuracy 4. Organizational Structure and Govern
Slide 41: Risk Capabilities Improvement Had Positive Impact on Credit Decisions
198 dec-24 356 jun-25 +80% Origination volumes for SME digital products up 80% (S/ millions) 1,381 1H24 742 1H25 -46% BCP provisions down 46% in one year (S/ millions) BCP consumer loan model TTM1 cut by 43% (weeks) 28 dec-24 16 aug-25 -43% (1) Time to Market. Improvement in Risk Capabilities Had Si
Slide 42: 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 non-financial domains, including: Cybersecurity ✓ Pricin
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
Source: Bloomberg. Colombian Peers includes Bancolombia & Grupo Aval, Chilean Peers includes Banco de Chile & Santander Chile, Mexican Peers includes Banorte & Gentera, Brazilian Peers includes Itau Unibanco & Bradesco Indexed Total Shareholder Return (100=Oct95 PE CO; Jan97 CH; Jun97 BR; Jun09 MX)
Slide 45: Outperforming TSR from Tech-Driven Growth and Engagement
Credicorpʼs Outperforming TSR is the Result of Tech-Driven Growth and Engagement Data from 2022 onwards under IFRS 17 | (1) 2025 annualized. (2) Operating Income = Net interest, similar income and expenses + Fee Income+ Net gain on foreign exchange transactions + Net Gain From associates + Net gain
Slide 46: Strengthening Risk-Adjusted Revenue Through Diversification
Data from 2022 onwards under IFRS 17 | (1) 2025 annualized. (2) Others include: Net Gain from Associates, Net Gain of Derivatives Held for Trading and Net Gain from Exchange Differences. In 2025 we add MedicalServices result Revenue Streams Evolution (S/ Millions) FX Income 17x 83 1,400 2000 20251 F
Slide 47: Decoupling from the Macro
With Peruʼs Growth Moderating, We Turned Our Focus to Decoupling from the Macro Net Income (S/ Millions) Nominal GDP Growth 1,614 1,950 2,080 1,538 3,092 3,515 4,092 3,984 4,265 4,648 4,866 5,501 2010 2011 2012 2013 2014 2016 2017 347 2,388 2024 1H25 Anualized 2023 2022 2021 3,585 2015 2020 2019 201
Slide 48: Capital Returns Exceeding Cost of Equity in All Business Lines
Capital Returns Exceeding Cost of Equity in all Our Business Lines ROAE Evolution by Line of Business Universal Banking Microfinance 18.5% 12.1% 5.5% 14.1% 2021 2023 Up to June 2025 2019 Insurance and Pensions 17.0% 0.5% 29.1% 21.9% 2021 2023 Up to June 2025 2019 19.5% 18.8% 26.9% 24.3% 2021 2023 Up
Slide 49: Yape's Strong Performance in the Underbanked Segment
Yapeʼs Strong Performance Positions Credicorp to Continue Excelling in the Underbanked Segment Lending 4.2 2.5 7.4 4.3 Disbursements for tickets < S/ 2,000 Disbursements for S/ 2,000 - S/ 10,000 tickets +2.9x Growth in the LTM 1.39 Million Monthly Disbursements August 2025 Yape Market Share Potentia
Slide 50: Clear Revenue Streams Leading to Sustainable Growth
Clear Revenue Streams Leading to Sustainable Growth Growth Avenues Risk-Adjusted Revenue2 (1) 1H25 annualized. (2) Risk-Adjusted Revenue consist of: Risk-Adjusted NII, Fee Income, Net Gain from Associates, Net Gain of Derivatives Held for Trading and Net Gain from Exchange Differences, and Total Ins
Slide 51: Innovation Portfolio as a Key Growth Avenue
Innovation Portfolio as a Key Growth Avenue ~2026 Yape reaches maturity and exits the innovation portfolio Other relevant initiatives exit the innovation portfolio ~81% of portfolio net revenue by 2026 Emerging and new initiatives And other mid-stage initiatives Investment Appetite ROE ≤ -150 bps C/
Slide 52: Expanding Credit Portfolio While Reinforcing Fees and Other Income
Expanding Our Credit Portfolio While Reinforcing Fees and Other Income Growth Building Capabilities Risk Management Data Marketplace Artificial Intelligence AI Tech (1) Data as of June 2025. (2) Data as of December 2024 Payments Revenue /MAU (S/)2 Insurance1 Remittances2 SME Loans1 BCP Mass Consumer
Slide 53: Sustainable ROE Driven by Capability Building and Innovation
Sustainable ROE Driven by Capability Building and Innovation (1) Under IFRS4 COVID-19 Crisis Avg ROE: Avg C/I: Early Investments & Capability Building 2017 - 20191 ~18% ~44% (~47.5% under IFRS17) Capability Building & Scaling Adoption 2021-20221 ~15% ~45% (~48.5% under IFRS17) Scaling Adoption & Mon
Slide 54: Key Financial Takeaways
Key Financial Takeaways We delivered value through innovation We have built the key capabilities needed Investor Day 2025 | Delivering Strong and Sustainable Value Our future growth is based on clear opportunities
Slide 55: Greater than the Sum of its Parts
Greater than the Sum of its Parts