Credicorp Ltd. · NYSE:BAP
Credicorp — Q1 2026 Earnings Presentation
19 slides from Credicorp's earnings presentation, May 15, 2026
Slide 1: 1Q26 Earnings Conference Call
1Q26 Earnings Conference Call May 2026
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: Executing Our Decoupling Strategy Through Differentiated Growth Levers
Executing Our Decoupling Strategy Through Differentiated Growth Levers 1 Strengthening Our Leading Position in Underpenetrated Markets with Clear Growth Avenues 2 Scaling an Integrated Digital Ecosystem Unlocking Synergies by Leveraging Shared 3 Capabilities Across Our Ecosystem Delivering Strong, R
Slide 4: 1Q26 Results Underscore Strong Execution, Record Profitability and Favorable Operating Momentum
1Q26 Results Underscore Strong Execution, Record Profitability and Favorable Operating Momentum Innovation Portfolio 1 Solid Operating Performance Reinforced by Diversified Income Sources ROE 21.1% Risk-adj. Revenue Share1 9.0% 2 Higher Margins, Supported by Low-Cost Funding and Lower than Expected
Slide 5: 1Q26 Key Financial Highlights
1Q26 Key Financial Highlights 1 2 3 4 Loan Portfolio Expanded Higher NIM on Funding Growing Diversified Diversified Business While Asset Quality Improved Tailwinds Recurring Sources of Income and Solid Capital Base Total Loans1 NII Fee Income Earnings Contributions3 +8.2% +10.9% +15.6% 79.9% Univers
Slide 6: 1Q26: Domestic Demand Growth Above 5% For Sixth Consecutive Quarter
1Q26: Domestic Demand Growth Above 5% For Sixth Consecutive Quarter High-Frequency Economic Indicators 1Q26 (YoY % change)2 GDP and Domestic Demand Growth 36 37 37 (% change)1 23 18 Domestic Demand GDP 14 9 6.0 6.2 6.1 5.7 5.4 Buying and selling Domestic cement Capital goods Transactions with Heavy-
Slide 7: Higher Oil Prices Reinforce Caution Among Central Banks
Higher Oil Prices Reinforce Caution Among Central Banks 3.5 3.4 2.8 2.6 2.4 2.6 2.5 3.2 GDP 2.1 2.3 1.9 2024 (YoY % change)1 1.5 2025 2026E US Chile Colombia Peru Inflation CPI Rates Central Bank Policy Rates (YoY % change)2 (%)3 11.25 Peru Colombia Chile 5.7 4.50 4.0 4.25 U.S. 4.0 3.75 3.8 Apr-21 O
Slide 8: Universal Banking: Strong Profitability Supported by Loan Growth
Universal Banking: Strong Profitability Supported by Loan Growth, a Disciplined Approach to Risk and Diversified Revenues 1Q25 4Q25 1Q26 Risk-Adjusted NIM and Cost of Risk (%) ROE 1 27.1% 23.0% 30.5% 5.0% 5.2% 5.2% 5.2% 5.5% Risk-adjusted NIM 1.3% 1.2% 1.3% 1.4% BCPʼs Drivers 0.8% Cost of Risk 1Q25
Slide 9: Yape: Monetization and Operating Leverage
Yape1: Monetization and Operating Leverage Reinforce its Long-Term Earnings Potential Active Users and Engagement Financial Results (S/) MAU (millions) Monthly Revenues/MAU2 # Monthly Monthly Expenditures/MAU2 Transactions/MAU 10.3 9.6 66 67 52 7.4 6.5 15.9 16.4 6.2 14.3 6.1 5.9 4.7 5.0 4.4 Mar25 Ju
Slide 10: Mibanco Peru: Stronger Profitability Reflects Disciplined Growth
Mibanco Peru: Stronger Profitability Reflects Disciplined Growth, Solid Margins and a More Dynamic Economic Backdrop 1Q25 4Q25 1Q26 Historical NPL Ratio (%) ROE 1 14.7% 20.0% 21.7% NPL Ratio 6.4% 6.1% 5.3% Mibancoʼs Drivers 4.9% 4Q22 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 5.5% 5.1% 4.8% 4.8% Cost of Risk Loa
Slide 11: Grupo Pacifico: Delivered Strong 1Q26 Profitability
Grupo Pacifico: Delivered Strong 1Q26 Profitability, On The Back Of Sound Commercial Dynamics in the Life Business 1Q25 4Q25 1Q26 Grupo Pacifico's Drivers ROE 1 19.3% 18.6% 18.9% (% change) QoQ YoY Insurance Underwriting -26.0% -15.7% Results Grupo Pacificoʼs Insurance Service Results (S/ millions,
Slide 12: IM & Advisory: Strong Capital Markets, Wealth and Asset Management Activity
IM & Advisory: Strong Capital Markets, Wealth and Asset Management Activity Drove Sound Results 1Q25 4Q25 1Q26 IM & Advisory Drivers ROE 1 16.4% 14.3% 15.7% (in US$ millions) Mar 25 Mar 26 Variation WM AUMs2 19,766 25,332 +28.2% Income by Business2 (%, S/ millions) 308 290 265 AM AUMs2 26,767 35,864
Slide 13: Balance Sheet Dynamics Driven by a More Favorable Funding Mix
Balance Sheet Dynamics Driven by a More Favorable Funding Mix and Loan Growth Acceleration Assets Dynamics: Excess Liquidity Deployed into Attractive Liabilities: Low-cost Deposits reach 64%; Investments as Loan Growth Resumes Funding Cost Declines Interest-Earning Asset (IEA) Structure Funding Stru
Slide 14: Asset Quality Improved Further, Supported by Better Payment Performance
Asset Quality Improved Further, Supported by Better Payment Performance and Fortified Risk Management NPLs Contraction Across Segments, Provisioning Decline Reflects Wholesale with Lowest NPL Ratio Since 2023 Impacts and Lower-Risk Retail Vintages Total NPLs1 Total Provisions4 (S/ millions) (S/ mill
Slide 15: Resilient Revenue Growth Supported Core Income Performance
Resilient Revenue Growth Supported Core Income Performance, with Efficiency Trending as Expected Core Income Reached a Record High on Operating Expenses Increased YoY Driven by Core Business Margin Expansion and Transactional Growth at BCP and Innovation Portfolio Initiatives Core Income Operating E
Slide 16: Delivered Record 1Q26 Profitability, Supported by Broad-Based Business Strength
Delivered Record 1Q26 Profitability, Supported by Broad-Based Business Strength Net Income and ROE First Quarter Results (S/ millions, %) 20.3% 21.1% Annual Results¹ 19.0% 17.0% 16.8% 16.5% 6,925 15.8% 13.9% 5,501 4,866 4,648 4,265 2,063 3,585 1,778 1.4% 347 2019 2020 2021 2022 2023 2024 2025 1Q25 1
Slide 17: 2026 Guidance Reaffirmed
2026 Guidance Reaffirmed 1Q26 Results 2026 Guidance Real GDP Growth +3.0% around 3.5% Loan Portfolio Growth1 +8.2% around 8.5% Net Interest Margin (NIM) 6.6% 6.4% – 6.7% Cost of Risk 1.3% 1.7% - 2.1% Risk-Adjusted NIM 5.8% 5.3% - 5.6% Efficiency Ratio 45.8% 45.0% - 46.5% ROE 21.1% around 19.5% (1) M
Slide 18: 1Q26 Closing Remarks
1 2 A proven franchise with Record 1Q26 results deep roots, resilient underscore the strength fundamentals, and a of our execution and long track record of the power of our 1Q26 navigating volatility operating model Closing Remarks 3 4 Attractive regional Clear growth anchors, opportunities ahead, w
Slide 19: 1Q26 Earnings Conference Call
1Q26 Earnings Conference Call May 2026