Slide 1: 3Q24 Earnings Conference Call
3Q24 Earnings Conference Call November 2024
Slide 2: Safe Harbor
3Q24 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
Slide 3: Solid 3Q24 Amid an Economic Reactivation
3Q24 Earnings Conference Call Solid 3Q24 Amid an Economic Reactivation Core Income + Insurance Solid Results Driven by Strong ROE 1 and Diversified Revenue Streams 18.5% +7.8% vs 3Q23 Sound Margins, Supported Risk Adj. NIM MS of Low-Cost Deposits1 2 by Low-Cost Funding 4.9% 41.0% Strong Solvency Uph
Slide 4: Key Financial Highlights
3Q24 Earnings Conference Call 3Q24 Key Financial Highlights 1 2 3 4 Loan Portfolio Contracted Strengthened Margin on Other Income Impacted Diversified Business While Asset Quality Improved Funding Tailwinds By Regulation in Bolivia and Solid Capital Base Total Loans1 NII Fee Income Earnings Contribu
Slide 5: Economic Recovery Gained Momentum in 3Q24
3Q24 Earnings Conference Call Economic Recovery Gained Momentum in 3Q24 GDP and Non-primary GDP Commodity prices (y/y % change, as of October 22)1 (YTD % change, as of October 22)2 60 50 47 40 33 30 7.0 GDP (RHS) 20 17 11 Non-primary GDP (RHS) 10 0 5.0 4.2 4.0 -10 -1 -8 -12 -20 -30 -24 3.0 Silver Go
Slide 6: FED Joins Global Monetary Policy Easing Cycle; Latam Central Banks Maintain Gradual Pace
3Q24 Earnings Conference Call FED Joins Global Monetary Policy Easing Cycle; Latam Central Banks (excl. Brazil) Maintain a Gradual Pace of Rate Cuts 2.8% 3.0% 2.8% 2.2% 2.5% 2.8% 1.8% 2.1% Expected Economic Growth 2024 2025 2024 2025 2024 2025 2024 2025 (YoY % change) 1 U.S. Colombia Peru Chile Infl
Slide 7: Universal Banking: BCP's 3Q24 Profitability Boosted by Lower Provisions
3Q24 Earnings Conference Call Universal Banking: BCP’s 3Q24 Profitability Boosted by Lower Provisions, Stronger NII and Higher Transactional Levels 2Q24 3Q24 9M24 Operating Leverage (%) 19% Operating ROE1 18% 23.7% 24.5% 22.9% Income Growth Operating 14% Expenses Growth 13% 11% 12% 11% 10% BCP’s Dri
Slide 8: Yape: 13MM+ Active Users, Revenues Accelerate while Expenses Remain Under Control
3Q24 Earnings Conference Call Yape: 13MM+ Active Users Averaging 44 Transactions Per Month, Revenues Accelerate while Expenses Remain Under Control Yape Revenues by Business 1 Vs. 3Q23 Yape Expenses1 (S/ million) (S/ million) Total Monthly Expenditures/MAU 4.9 Payments 4.1 1.7X 5.7 Financial2 3.8 3.
Slide 9: Microfinance: Mibanco's 3Q24 Profitability Boosted by Lower Provisions
3Q24 Earnings Conference Call Microfinance: Mibanco's 3Q24 Profitability Boosted by Lower Provisions and Resilient NIM Amid Strengthened Risk Management and Prudent Origination 2Q24 3Q24 9M24 Operating Leverage (%) 19% 19% Operating ROE1 5.4% 9.4% 8.9% Income Growth Operating Expenses Growth 6% 9% 1
Slide 10: Grupo Pacifico's Profitability Remained Strong Supported by Investment Performance
3Q24 Earnings Conference Call Despite Lower Underwriting Results, Pacifico’s Profitability Remained Strong Supported by Investment Performance and Corporate Health Insurance & Medical Services 2Q24 3Q24 9M24 Grupo Pacifico's Drivers ROE1 26.4% 24.3% 25.2% (% change) QoQ YoY Insurance Underwriting -1
Slide 11: Agreement to Acquire Banmedica's 50% Stake in JV with Pacifico
3Q24 Earnings Conference Call Agreement to Acquire Banmedica’s 50% Stake in JV with Pacifico: a Unique Value Creation Opportunity Transaction Structure Aligned with Strategy of Further Developing the Insurance 1 and Healthcare Sectors in Peru 100% 50% 50% Access to High-Quality Growing Demand for Pr
Slide 12: IM & A: Consolidating Its Recovery on Improving Performance
3Q24 Earnings Conference Call IM & A: Consolidating Its Recovery on the Back of Improving Performance From the Less-Volatile Businesses ROE1 and Income by Business2 IM & Advisory Drivers (%, S/ millions) (in US$ millions) Sep 23 Sep 24 Variation WM 15,690 19,768 +26.0% 16.3% 15.9% AUMs2,4 10.2% 14.8
Slide 13: Liquidity from Pension Funds Drove Loan Repayment and Growth in Low-Cost Deposits
3Q24 Earnings Conference Call Liquidity Attracted from Pension Funds in 3Q24 Drove Loan Repayment and Growth in Low-Cost Deposits Assets: Increased QoQ through Higher Liquidity After Corporate Liabilities: Liquidity from Pension Funds Withdrawals Attracted Client Amortization and Mibanco Portfolio C
Slide 14: Strengthened Asset Quality in 3Q24: Improved Payment Performance and Reduced Provisions
3Q24 Earnings Conference Call Strengthened Asset Quality in 3Q24: Improved Payment Performance and Reduced Provisions Lower NPLs after Loan Repayments from Excess Liquidity; Provisions Expense Decreased as Payment Performance and Measures Taken in Origination, Monitoring, Collections of Retail Clien
Slide 15: Strong NII and Fees Drove Core Income Growth and Improved Efficiency Ratio
3Q24 Earnings Conference Call Strong NII and Fees Drove Core Income Growth and Led to an Improvement in the Efficiency Ratio Strong Core Income QoQ Growth Driven Mainly by NII and Fees Operating Expenses Increased YTD Driven by Personnel Expenses, IT Expenses, Transactional Costs, and Disruption Cor
Slide 16: Net Income and ROE
3Q24 Earnings Conference Call Maintained Solid Profitability, Mainly Supported by BCP and Pacifico Net Income and ROE (S/ millions, %) Annual Results1 Accumulated Results 17.0% 16.8% 15.8% 17.8% 17.7% 13.9% 1.4% ROE Net Income 2019 2020 2021 2022 2023 9M23 9M24 (1) 2022 and 2023 figures are expresse
Slide 17: Our 2024 Guidance
3Q24 Earnings Conference Call Our 2024 Guidance 2024 Guidance 9M24 Results Updated 2024 Guidance (Updated 2Q24) Real GDP Growth around 3.0% +2.9% around 3.0% Total Loan Portfolio Growth1 1.0% - 3.0% -1.4% around 0.0% Revised Net Interest Margin 6.0% – 6.4% 6.3% 6.0% – 6.4% Cost of Risk 2.0% - 2.5% 2
Slide 18: 3Q24 Closing Remarks
3Q24 Earnings Conference Call 1 3 9M24 ROE at 17.7% fueled by Low inflation, favorable a resilient risk adjusted NIM commodity prices, public and diversified non-interest investments, and infrastructure revenue streams amid robust projects support favorable transactional economic outlook activity in
Slide 19: 3Q24 Earnings Conference Call
3Q24 Earnings Conference Call November 2024
Slide 20: Appendix
3Q24 Earnings Conference Call Appendix 1. Analyzing Coverage Ratio Evolution: Example Wholesale vs. Consumer Segments 20
Slide 21: Analyzing Coverage Ratio Evolution: Wholesale vs. Consumer Segments
3Q24 Earnings Conference Call 1. Analyzing Coverage Ratio Evolution: Example Wholesale vs. Consumer Segments Wholesale Portfolio Stage 3 is 77%1 Collateralized and Explains the Low Level of The NPL Coverage Ratio in that Business Structural NPL Composition by Product: High level of Wholesale NPL vol