Slide 1: 4Q24 Earnings Conference Call
4Q24 Earnings Conference Call February 2025
Slide 2: Safe Harbor
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 may contain information ab
Slide 3: Remarkable 2024 Amid an Economic Recovery
Remarkable 2024 Amid an Economic Recovery Core Income + Insurance Solid Results Driven by Strong ROE 1 and Diversified Revenue Streams 16.5%1 +8.9% vs FY23 Risk Adj. NIM Sound Margins, Supported MS of Low-Cost Deposits2 2 by Low-Cost Funding 4.77% 41.0% +39 bps vs FY23 Strengthened Risk Management M
Slide 4: Significant Progress in Our Strategic Priorities
Significant Progress in Our Strategic Priorities Ensuring the Best Talent Accelerating Digital Transformation Integrating Sustainability, Through a Compelling and Innovation at Credicorp at the Core of Our Business Value Proposition and Its Subsidiaries 4Q24 Earnings Conference Call 4
Slide 5: Diversified Portfolio and Accelerated Digitalization Drive Resilient FY Performance
Diversified Portfolio and Accelerated Digitalization Allow to Decouple from the Macro and Drive Resilient FY Performance Universal Banking Microfinance Insurance Investment Management & Advisory Enhanced customer experience Continued to regain profitability Enhanced digital capabilities to optimize
Slide 6: 4Q24 Key Financial Highlights
4Q24 Key Financial Highlights 1 2 3 4 Loan Portfolio Expanded Resilient NIM on Diversified Income Diversified Business While Asset Quality Improved Funding Tailwinds Streams and Solid Capital Base Total Loans1 NII Fee Income Earnings Contributions4 +0.7% +1.1% -0.4% 76.8% Universal Banking QoQ QoQ Q
Slide 7: The Economy Keeps Gaining Momentum with GDP Growing Around 4% in 4Q24
The Economy Keeps Gaining Momentum with GDP Growing Around 4% in 4Q24 GDP and Non-Primary GDP High-Frequency Economic Indicators 4Q24 (YoY % change, as of February 10)1 (YoY % change, as of February 10)2 11 9 6 7.0 GDP 4 5 Non-primary GDP 1 5.0 Domestic Car sales Buying and Private Domestic sales Ca
Slide 8: FED Rate Cut Expectations Decline; Policy Rates in Peru and Chile Near Terminal
FED Rate Cut Expectations Decline; Monetary Policy Rates in Peru and Chile Near Terminal Levels 2025 Expected Economic Growth 2.7% 2.8% 2.4% 2.1% (YoY % change) 1 U.S. Peru Chile Colombia Inflation CPI Rates Central Bank Policy Rates (YoY % change, as of February 10)2 (%, as of February 10)2, 3 9.50
Slide 9: Universal Banking: BCP's Full Year Profitability Rises
Universal Banking: BCPʼs Full Year Profitability Rises Amid Resilient Margins and Diversified Income Streams 3Q24 4Q24 FY24 Operating Leverage (%) ROE 1 24.5% 20.1% 22.0% 21% Operating Income 17% Growth 15% 13% Operating 13% Expenses 11% 11% Growth BCPʼs Drivers 10% FY21 FY22 FY23 FY24 3Q24 4Q24 FY2
Slide 10: Yape: Revenue Growth Outpaces Expenses with Nearly 14 Million Active Users
Yape: Revenue Growth Outpaces Expenses with Nearly 14 Million Active Users Averaging 51 Monthly Transactions Yape Revenues by Business1 Yape Expenses1 (S/ million) Vs. 4Q23 (S/ million) Total Monthly Expenditures/MAU Payments 6.5 1.7X 5.7 Financial² 5.3 E-Commerce 4.9 4.7 Monthly Revenues/MAU 4.1 4.
Slide 11: Microfinance: Mibanco Peru's 4Q24 Profit Expands
Microfinance: Mibanco Peru's 4Q24 Profit Expands Amid Enhanced Risk Management and Stronger NIM 3Q24 4Q24 FY24 Operating Leverage (%) ROE 1 9.4% 17.3% 10.9% 19% 16% Operating Income Growth 7% Operating 5% 4% Expenses 2% Growth Mibanco Peru Drivers 2% 2% 2021 2022 2023 2024 3Q24 4Q24 FY24 Efficiency
Slide 12: Grupo Pacifico: Achieves Remarkable Profitability in 2024
Grupo Pacifico: Achieves Remarkable Profitability in 2024, Converging to the Sustainable ROE of Low 20s 3Q24 4Q24 FY24 Grupo Pacifico's Drivers ROE 1 24.3% 20.5% 23.7% (% change) QoQ FY Insurance Underwriting +21.7% -3.6% Results Grupo Pacificoʼs Insurance Service Results (S/ millions, %) Net Intere
Slide 13: IM & A: Strengthened Full-Year Profitability Excluding Sartor's Impact
IM & A: Strengthened Full-Year Profitability Amid Strong Operational Dynamics, Excluding Sartorʼs Impact; Shift Towards Less Volatile Businesses is Reinforced ROE1 and Income by Business2 (%, S/ millions) IM & Advisory Drivers (in US$ millions) Dec23 Dec24 Variation 15.8% 15.3% 13.7% ROE FY24 10.9%
Slide 14: Excess Liquidity Impacted Yield on IEAs; Lower Funding Costs
Excess Liquidity Negatively Impacted Yield on IEAs, While Lower Interest Rates and Increased Low-Cost Deposits Drove Funding Cost Reduction Assets: Shift Towards Cash and Equivalents and Corporate Loans Liabilities: Lower Interest Rates and Increasing Low-Cost Drove QoQ Decline in IEAs Average Yield
Slide 15: 4Q24 Asset Quality Strengthened as Provisions Declined
4Q24 Asset Quality Strengthened As Improved Payment Performance Drove Lower Provisions Lower NPLs after Measures Taken in Credit Risk Management Lower Provisions Driven by Improved Payment Performance in SMEs and Individuals Total NPLs1, 2 Total Provisions (S/ millions) (S/ millions) -8.3% QoQ -14.4
Slide 16: Strong NII and Diversified Fees Drove Core Income Growth
Strong NII and Diversified Fees in FY24 Drove Core Income Growth and Led to an Improvement in the Annual Efficiency Ratio FY24: Resilient NIM and Record-High Operating Expenses Increased on an Accumulated Basis Risk-Adjusted NIM1 Driven by Personnel, IT, and Disruption Core Income Accumulated Operat
Slide 17: Delivered Strong FY Profitability, Supported by BCP and Pacifico
Delivered Strong FY Profitability, Mainly Supported by BCP and Pacifico Net Income and ROE (S/ millions, %) Annual Results¹ 17.2% ROE Excluding One-Offs Charges 17.0% 16.8% 16.5% 15.8% 13.9% 5,501 4,866 4,648 4,265 3,585 1.4% ROE 347 Net Income 2019 2020 2021 2022 2023 2024 (1) 2022 and 2023 figures
Slide 18: Our 2025 Guidance
Our 2025 Guidance Guidance 2024 FY24 Results Guidance 2025 (Updated 3Q24) Real GDP Growth around 3.0% +3.2% around 3.0% Total Loan Portfolio Growth1 around 0.0% -1.1% around 3.5% Net Interest Margin (NIM) 6.0% – 6.4% 6.3% 6.2% – 6.5% Cost of Risk 2.0% - 2.5% 2.4% 2.0% – 2.4% Risk-Adjusted NIM 4.8% 4
Slide 19: 4Q24 Closing Remarks
1 2 Delivered record profitability & diversified revenue Peruʼs economic recovery streams in FY24. On track is amplifying the positive to reach 10% of impact of our strategic 4Q24 risk-adjusted revenues from initiatives. new businesses by 2026. Closing Remarks 3 4 Transforming risk Focusing on three
Slide 20: 4Q24 Earnings Conference Call
4Q24 Earnings Conference Call February 2025
Slide 21: Appendix: Analyzing Coverage Ratio Evolution
Appendix 1 Analyzing Coverage Ratio Evolution: Example Wholesale vs. Consumer Segments 4Q24 Earnings Conference Call 21
Slide 22: Analyzing Coverage Ratio Evolution: Wholesale vs. Consumer Segments
1. Analyzing Coverage Ratio Evolution: Example Wholesale vs. Consumer Segments Wholesale Portfolio Stage 3 is 91%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 volumes which represent 17% of Cre