Credicorp Ltd 6-K, filed Aug 12, 2022

Credicorp Ltd (BAP)

6-K 2022-08-12 For: 2022-08-11

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Added on April 07, 2026

About this 6-K

Credicorp Ltd filed this 6-K on August 12, 2022.

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	CREDICORP LTD. (Registrant)


	By:	/s/ Guillermo Morales
		Guillermo Morales
		Authorized Representative

	Operating and Financial Highlights	03

	Senior Management Quotes	04

	First Quarter 2022 Earnings Conference Call	05

	Second Quarter 2022 Earnings Conference Call	06

	Financial Overview	10

	Credicorp’s Strategy Update	11

	Analysis of 2Q22 Consolidated Results

01	Loans and Portfolio Quality	14
02	Deposits	20
03	Interest Earning Assets and Funding	23
04	Net Interest Income	24
05	Provisions	27
06	Other Income	29
07	Insurance Underwriting Results	31
08	Operating Expenses	33
09	Operating Efficiency	35
10	Regulatory Capital	36
11	Economic Outlook	38
12	Appendix	43

Credicorp Ltd.	Quarter			% change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22 / Jun 21
Net interest, similar income and expenses	2,309,042	2,534,090	2,740,440	8.1%	18.7%	4,432,425	5,274,530	19.0%

Provision for credit losses on loan portfolio, net of recoveries	(363,380)	(257,590)	(363,291)	41.0%	0.0%	(921,027)	(620,881)	-32.6%

Net interest, similar income and expenses, after provision for credit losses on loan portfolio	1,945,662	2,276,500	2,377,149	4.4%	22.2%	3,511,398	4,653,649	32.5%
Total other income	1,191,694	1,242,749	1,203,980	-3.1%	1.0%	2,386,224	2,446,729	2.5%
Insurance underwriting result	(136,335)	141,546	137,042	-3.2%	-200.5%	(201,582)	278,588	n.a
Total other expenses	(1,860,447)	(1,950,182)	(2,054,810)	5.4%	10.4%	(3,540,718)	(4,004,992)	13.1%
Profit (loss) before income tax	1,140,574	1,710,613	1,663,361	-2.8%	45.8%	2,155,322	3,373,974	56.5%
Income tax	(423,491)	(546,001)	(513,181)	-6.0%	21.2%	(761,090)	(1,059,182)	n.a
Net profit (loss)	717,083	1,164,612	1,150,180	-1.2%	60.4%	1,394,232	2,314,792	66.0%
Non-controlling interest	17,614	27,786	28,420	2.3%	61.3%	33,965	56,206	n.a
Net profit (loss) attributable to Credicorp	699,469	1,136,826	1,121,760	-1.3%	60.4%	1,360,267	2,258,586	66.0%
Net profit (loss) / share (S/)	8.77	14.25	14.06	-1.3%	60.4%	17.05	28.32	66.0%
Loans	143,091,752	144,621,513	150,370,184	4.0%	5.1%	143,091,752	150,370,184	5.1%
Deposits and obligations	149,161,803	147,915,964	147,440,575	-0.3%	-1.2%	149,161,803	147,440,575	-1.2%
Net equity	25,073,706	26,872,626	26,175,222	-2.6%	4.4%	25,073,706	26,175,222	4.4%
Profitability
Net interest margin	4.01%	4.44%	4.90%	46 bps	89 bps	3.90%	4.65%	75 bps
Risk-adjusted Net interest margin	3.38%	3.99%	4.25%	26 bps	87 bps	3.09%	4.10%	101 bps
Funding cost	1.18%	1.33%	1.59%	26 bps	41 bps	1.31%	1.45%	14 bps
ROAE	11.3%	17.0%	16.9%	-10 bps	560 bps	10.9%	17.2%	630 bps
ROAA	1.1%	1.9%	1.9%	0 bps	80 bps	1.1%	1.9%	80 bps
Loan portfolio quality
Internal overdue ratio ⁽¹⁾	3.53%	4.06%	4.06%	0 bps	53 bps	3.53%	4.06%	53 bps
Internal overdue ratio over 90 days	3.53%	4.06%	4.06%	0 bps	53 bps	3.53%	4.06%	53 bps
NPL ratio ⁽²⁾	4.79%	5.25%	5.18%	-7 bps	39 bps	4.79%	5.18%	39 bps
Cost of risk ⁽³⁾	1.02%	0.71%	0.97%	26 bps	-5 bps	1.29%	0.83%	-46 bps
Coverage ratio of IOLs	185.8%	140.7%	136.1%	-460 bps	-4970 bps	185.8%	136.1%	-4970 bps
Coverage ratio of NPLs	137.0%	108.9%	106.6%	-230 bps	-3040 bps	137.0%	106.6%	-3040 bps
Operating efficiency
Efficiency ratio ⁽⁴⁾	43.7%	44.5%	44.6%	10 bps	90 bps	43.9%	44.5%	60 bps
Operating expenses / Total average assets	2.96%	3.23%	3.49%	26 bps	53 bps	2.92%	3.34%	40 bps
Insurance ratios
Combined ratio of P&C ^{(5) (6)}	88.9%	94.4%	89.9%	-450 bps	100 bps	88.9%	89.9%	100 bps
Loss ratio ⁽⁶⁾	107.4%	69.1%	70.5%	140 bps	-3690 bps	68.5%	93.1%	2460 bps
Capital adequacy - BCP Stand-alone ⁽⁷⁾
Global Capital ratio ⁽⁸⁾	15.34%	15.79%	15.23%	-56 bps	-11 bps	15.34%	15.23%	-11 bps
Tier 1 ratio ⁽⁹⁾	10.31%	10.74%	10.25%	-49 bps	-6 bps	10.31%	10.25%	-6 bps
Common equity tier 1 ratio^{(10) (12)}	11.21%	11.63%	11.57%	-6 bps	36 bps	11.21%	11.57%	36 bps
Capital adequacy - Mibanco ⁽⁷⁾
Global Capital ratio ⁽⁸⁾	17.25%	15.61%	14.81%	-80 bps	-244 bps	17.25%	14.81%	-244 bps
Tier 1 ratio ⁽⁹⁾	14.69%	13.24%	12.55%	-69 bps	-214 bps	14.69%	12.55%	-214 bps
Common equity tier 1 ratio^{(10) (12)}	15.16%	15.21%	15.25%	4 bps	9 bps	15.16%	15.25%	9 bps
Employees	35,776	36,198	34,398	-5.0%	-3.9%	36,806	36,358	-1.2%
Share Information
Issued Shares	94,382	94,382	94,382	0.0%	0.0%	94,382	94,382	0.0%
Treasury Shares ⁽¹¹⁾	14,866	14,862	14,849	-0.1%	-0.1%	14,915	14,866	-0.3%
Outstanding Shares	79,516	79,520	79,533	0.0%	0.0%	79,467	79,516	0.1%

Traditional Business Transformation ⁽¹⁾	Subsidiary	2Q19	2Q21	2Q22
Day to Day
Digital clients ⁽²⁾	BCP	34%	56%	58%
Digital monetary transactions⁽³⁾	BCP	23%	48%	57%
Transactional cost by unit	BCP	0.42	0.20	0.11
Disbursements through leads ⁽⁴⁾	Mibanco	ND.	68%	77%
Disbursements through alternative channels ⁽⁵⁾	Mibanco	13%	33%	49%
Mibanco Productivity ⁽⁶⁾	Mibanco	20.9	18.7	24.1
Cashless
Cashless transactions ⁽⁷⁾	BCP	20%	40%	43%
Mobile Banking rating Apple	BCP	ND.	2.2	4.7
Mobile Banking rating Android	BCP	3.7	3.3	4.2
Digital Acquisition
Digital sales ⁽⁸⁾	BCP	15%	34%	37%
Digital loans ⁽⁹⁾	BCP	26%	44%	58%

Disruptive Initiatives: Yape ⁽¹⁾	2Q19	2Q21	2Q22
Day to Day
% Microbusiness users ⁽²⁾	0.6%	20%	22%
Mobile phone top-ups (thousands)	-	2,769	4,185
Cashless
Users (thousands)	1,106	6,610	9,965
% User’s clients of BCP ⁽³⁾	100%	71%	59%
% of Yape Users⁽⁴⁾	-	26%	37%
Active users (thousands) ⁽⁵⁾	333	3,051	5,957
% Active users on a monthly basis ⁽⁶⁾	30%	46%	60%
No. of monthly Transactions (thousands)	1,262	27,222	88,950
Monthly transaction amount (millions, S/)	62	1,735	4,951
Number of monthly transactions by Active Yapero ⁽⁷⁾	4	9	15


	Structural loans increased QoQ and YoY. This evolution was mainly driven by an uptick in growth at the subsidiaries in Peru, spurred by higher demand for financing in a context of economic reactivation and boosted by sales through digital or alternative channels. Structural NPL portfolio grew QoQ and YoY mostly attributable to BCP Stand-alone, driven by an increase in early delinquency from clients who also hold Reactiva loans in SME-Pyme and to specific clients who were impacted by the pandemic in Wholesale Banking at BCP Stand-alone. Nevertheless, the structural NPL ratios improved QoQ and YoY, fueled by an increase in structural loans and a reduction in the refinanced portfolio.

Structural Loans (S/ millions)	As of			Volume change		% change		% Part. in total structural loans

	Jun 21	Mar 22	Jun 22	QoQ	YoY	QoQ	YoY	Jun 21	Mar 22	Jun 22
BCP Stand-alone	93,418	102,936	107,668	4,732	14,250	4.6%	15.3%	80.7%	81.6%	81.7%
Wholesale Banking	45,890	52,039	53,465	1,426	7,575	2.7%	16.5%	39.6%	41.3%	40.6%
Corporate	28,244	31,234	32,099	865	3,855	2.8%	13.6%	24.4%	24.8%	24.4%
Middle - Market	17,646	20,805	21,366	562	3,720	2.7%	21.1%	15.2%	16.5%	16.2%
Retail Banking	47,528	50,897	54,203	3,306	6,675	6.5%	14.0%	41.1%	40.4%	41.1%
SME - Business	4,866	4,858	5,430	572	564	11.8%	11.6%	4.2%	3.9%	4.1%
SME - Pyme	10,836	12,210	13,190	980	2,353	8.0%	21.7%	9.4%	9.7%	10.0%
Mortgage	17,884	18,833	19,301	468	1,417	2.5%	7.9%	15.4%	14.9%	14.6%
Consumer	10,076	10,974	11,848	874	1,772	8.0%	17.6%	8.7%	8.7%	9.0%
Credit Card	3,866	4,022	4,435	412	569	10.2%	14.7%	3.3%	3.2%	3.4%
Mibanco	10,232	11,411	12,313	902	2,081	7.9%	20.3%	8.8%	9.0%	9.3%
Mibanco Colombia	963	1,077	1,152	74	189	6.9%	19.7%	0.8%	0.9%	0.9%
Bolivia	8,747	8,602	8,622	20	-125	0.2%	-1.4%	7.6%	6.8%	6.5%
ASB	2,402	2,103	2,030	-73	-372	-3.5%	-15.5%	2.1%	1.7%	1.5%
BAP's total loans	115,761	126,129	131,785	5,655	16,024	4.5%	13.8%	100.0%	100.0%	100.0%

For consolidation purposes, Loans generated in Foreign Currency (FC) are converted to Local Currency (LC).
(1) Includes Work out unit, and other banking. For Quarter-end Balances figures, please refer to “12. Annexes – 12.2 Loan Portfolio Quality”. (2) Structural Portfolio excludes the Loans offered through Reactiva Peru and FAE-Mype Government Programs (GP).
(3) Internal Management Figures.

Total Loans (S/ millions)	As of			Volume change		% change		% Part. in total loans

	Jun 21	Mar 22	Jun 22	QoQ	YoY	QoQ	YoY	Jun 21	Mar 22	Jun 22
BCP Stand-alone	114,436	118,248	120,299	2,051	5,863	1.7%	5.1%	82.0%	82.3%	82.2%
Wholesale Banking	51,684	55,580	56,447	867	4,763	1.6%	9.2%	37.0%	38.7%	38.6%
Corporate	28,825	31,625	32,435	810	3,610	2.6%	12.5%	20.7%	22.0%	22.2%
Middle - Market	22,859	23,955	24,012	56	1,153	0.2%	5.0%	16.4%	16.7%	16.4%
Retail Banking	62,752	62,668	63,852	1,184	1,100	1.9%	1.8%	45.0%	43.6%	43.7%
SME - Business	11,279	9,435	9,330	-105	-1,950	-1.1%	-17.3%	8.1%	6.6%	6.4%
SME - Pyme	19,647	19,404	18,939	-465	-707	-2.4%	-3.6%	14.1%	13.5%	12.9%
Mortgage	17,884	18,833	19,301	468	1,417	2.5%	7.9%	12.8%	13.1%	13.2%
Consumer	10,076	10,974	11,848	874	1,772	8.0%	17.6%	7.2%	7.6%	8.1%
Credit Card	3,866	4,022	4,435	412	569	10.2%	14.7%	2.8%	2.8%	3.0%
Mibanco	13,023	13,582	14,172	589	1,149	4.3%	8.8%	9.3%	9.5%	9.7%
Mibanco Colombia	963	1,077	1,152	74	189	6.9%	19.7%	0.7%	0.8%	0.8%
Bolivia	8,747	8,602	8,622	20	-125	0.2%	-1.4%	6.3%	6.0%	5.9%
ASB	2,402	2,103	2,030	-73	-372	-3.5%	-15.5%	1.7%	1.5%	1.4%
BAP's total loans	139,570	143,613	146,275	2,662	6,704	1.9%	4.8%	100.0%	100.0%	100.0%

Total Loans	Local Currency (LC) - S/ millions						% change		% Structural change		Foreign Currency (FC) - US$ millions			% change		% part. by currency
	Total			Structural							Total					Jun 22
	Jun 21	Mar 22	Jun 22	Jun 21	Mar 22	Jun 22	QoQ	YoY	QoQ	YoY	Jun 21	Mar 22	Jun 22	QoQ	YoY	LC	FC
BCP Stand-alone	80,960	85,292	85,162	59,941	69,980	72,531	-0.2%	5.2%	3.6%	21.0%	8,758	8,751	9,278	6.0%	5.9%	70.8%	29.2%
Wholesale Banking	25,860	29,181	28,411	20,065	25,640	25,429	-2.6%	9.9%	-0.8%	26.7%	6,757	7,009	7,403	5.6%	9.6%	50.3%	49.7%
Corporate	12,572	15,548	15,375	11,990	15,157	15,039	-1.1%	22.3%	-0.8%	25.4%	4,252	4,268	4,505	5.5%	5.9%	47.4%	52.6%
Middle-Market	13,288	13,633	13,036	8,074	10,482	10,390	-4.4%	-1.9%	-0.9%	28.7%	2,504	2,741	2,899	5.7%	15.7%	54.3%	45.7%
Retail Banking	55,100	56,111	56,751	39,876	44,340	47,102	1.1%	3.0%	6.2%	18.1%	2,002	1,741	1,875	7.7%	-6.3%	88.9%	11.1%
SME - Business	8,284	7,016	6,586	1,871	2,440	2,687	-6.1%	-20.5%	10.1%	43.6%	783	642	724	12.8%	-7.5%	70.6%	29.4%
SME - Pyme	19,463	19,238	18,775	10,653	12,044	13,025	-2.4%	-3.5%	8.1%	22.3%	48	44	43	-1.5%	-9.4%	99.1%	0.9%
Mortgage	15,722	16,922	17,353	15,722	16,922	17,353	2.5%	10.4%	2.5%	10.4%	566	507	514	1.4%	-9.1%	89.9%	10.1%
Consumer	8,491	9,615	10,373	8,491	9,615	10,373	7.9%	22.2%	7.9%	22.2%	415	361	390	7.9%	-6.1%	87.6%	12.4%
Credit Card	3,139	3,320	3,664	3,139	3,320	3,664	10.4%	16.7%	10.4%	16.7%	190	187	203	9.0%	7.0%	82.6%	17.4%
Mibanco	12,551	13,109	13,696	9,760	10,938	11,837	4.5%	9.1%	8.2%	21.3%	124	126	126	0.0%	1.8%	96.6%	3.4%
Mibanco Colombia	-	-	-	-	-	-	-	-	-	-	252	286	304	6.3%	20.8%	-	100.0%
Bolivia	-	-	-	-	-	-	-	-	-	-	2,289	2,284	2,277	-0.3%	-0.5%	-	100.0%
ASB Bank Corp.	-	-	-	-	-	-	-	-	-	-	629	558	536	-4.0%	-14.7%	-	100.0%
Total loans	93,511	98,401	98,858	69,701	80,918	84,368	0.5%	5.7%	4.3%	21.0%	12,051	12,005	12,521	4.3%	3.9%	67.6%	32.4%

Structural Portfolio quality and Delinquency ratios	As of			% change
S/ 000	Jun 21	Mar 22	Jun 22	QoQ	YoY
Structural loans (Quarter-end balance)	120,095,401	128,265,640	137,036,175	6.8%	14.1%
Structural Allowance for loan losses	9,245,140	8,061,670	8,112,356	0.6%	-12.3%
Structural Write-offs	742,211	378,093	413,501	9.4%	-44.3%
Structural IOLs	4,913,569	4,841,329	5,077,879	4.9%	3.3%
Structural Refinanced loans	1,800,076	1,714,074	1,686,186	-1.6%	-6.3%
Structural NPLs	6,713,645	6,555,403	6,764,066	3.2%	0.8%
Structural IOL ratio	4.09%	3.77%	3.71%	-6 bps	-38 bps
Structural NPL ratio	5.59%	5.11%	4.94%	-17 bps	-65 bps
Structural Allowance for loan losses over Structural loans	7.7%	6.3%	5.9%	-37 bps	-178 bps
Structural Coverage ratio of NPLs	137.7%	123.0%	119.9%	-305 bps	-1778 bps

Loan Portfolio Quality and Delinquency Ratios	As of			% change
S/ 000	Jun 21	Mar 22	Jun 22	QoQ	YoY
Total loans (Quarter-end balance)	143,091,752	144,621,513	150,370,184	4.0%	5.1%
Allowance for loan losses	9,391,151	8,262,383	8,306,500	0.5%	-11.5%
Write-offs	742,211	378,093	413,501	9.4%	-44.3%
Internal overdue loans (IOLs) ⁽¹⁾⁽²⁾	5,054,353	5,872,999	6,105,256	4.0%	20.8%
Internal overdue loans over 90-days ⁽¹⁾	3,817,463	4,424,384	4,596,259	3.9%	20.4%
Refinanced loans ⁽²⁾	1,800,076	1,714,074	1,686,186	-1.6%	-6.3%
Non-performing loans (NPLs)⁽³⁾	6,854,429	7,587,073	7,791,442	2.7%	13.7%
IOL ratio	3.53%	4.06%	4.06%	0 bps	53 bps
IOL over 90-days ratio	2.67%	3.06%	3.06%	0 bps	39 bps
NPL ratio	4.79%	5.25%	5.18%	-7 bps	39 bps
Allowance for loan losses over Total loans	6.6%	5.7%	5.5%	-19 bps	-104 bps
Coverage ratio of IOLs	185.8%	140.7%	136.1%	-463 bps	-4975 bps
Coverage ratio of IOL 90-days	246.0%	186.7%	180.7%	-603 bps	-6529 bps
Coverage ratio of NPLs	137.0%	108.9%	106.6%	-229 bps	-3040 bps


	At the end of 2Q22, 72.2% of Credicorp’s deposit volume was low-cost, which represents a competitive advantage in a context of rising funding costs. In YoY terms, low-cost deposits (FX Neutral) fell 5.1%, driven by a decrease in demand deposits in LC clients moved to amortize GP loans. Likewise, Severance Indemnity deposits (CTS) dropped 23.6% (FX neutral) YoY after the government decreed that funds be released for withdrawal. Over the same period, Time Deposits registered an increase after a migration from low-cost deposits to this deposit type to take advantage of higher interest rates. At the end of May 2022, BCP Stand-alone’s share of total deposits stood at 32.4% (-100 bps with regard to June 2021). This evolution was triggered by drop in demand deposits related to the amortization of Reactiva loans. Mibanco reported an MS of 2.5% (+30bps with regard to June 2021) in a context marked by an uptick in time deposits after retail clients that had withdrawn funds last year due to unfavorable juncture migrated back.


	At the end of 2Q22 IEAs dropped 3.1% YoY, due to a decrease in cash and due from banks and investment’s balances, which was partially offset by growth in structural loans. The decrease in cash and due from banks reflects the drop in the liquidity level of the banking system, the use of liquid assets to fund loan growth and the fact that dividend payments were made this quarter. Investments fell 17.2% YoY, mainly due to the expiration of CDs, which were not renewed. The latter was aimed to maintain liquidity in a context of loan growth but with a reduced funding balance. Structural loans increased 14.1% YoY, driven by growth in economic activity and in client consumption. YoY, funding fell 4.6%, spurred by lower balances of BCRP instruments and the utilization of deposits balances by clients, which impacted our low-cost funding base (core deposits).

Interest Earning Assets	As of			% change
S/000	Jun 21	Mar 22	Jun 22	QoQ	YoY
Cash and due from banks	29,058,684	29,560,067	23,644,089	-20.0%	-18.6%
Interbank funds	16,790	3,445	187,376	5339.1%	1016.0%
Total investments	54,772,644	48,145,429	45,342,775	-5.8%	-17.2%
Cash collateral, reverse repurchase agreements and securities borrowing	1,616,654	1,516,855	2,046,209	34.9%	26.6%
Financial assets designated at fair value through profit or loss	921,851	856,337	765,195	-10.6%	-17.0%
Total loans	143,091,752	144,621,513	150,370,184	4.0%	5.1%
Total interest earning assets	229,478,375	224,703,646	222,355,828	-1.0%	-3.1%

Funding	As of			% change
S/ 000	Jun 21	Mar 22	Jun 22	QoQ	YoY
Deposits and obligations	149,161,803	147,915,964	147,440,575	-0.3%	-1.2%
Due to banks and correspondents	6,239,161	6,362,990	6,456,360	1.5%	3.5%
BCRP instruments	23,329,990	17,532,350	16,031,618	-8.6%	-31.3%
Repurchase agreements	1,276,678	1,218,028	1,340,423	10.0%	5.0%
Bonds and notes issued	16,951,481	16,044,671	16,579,674	3.3%	-2.2%
Total funding	196,959,113	189,074,003	187,848,650	-0.6%	-4.6%


	In 2Q22, Net Interest Income continued to recover. This evolution was attributable to the fact that loans ─our highest yielding asset─ reported strong growth, which was accompanied by our effective repricing strategies. It is worth mentioning that the volume dynamics explained in the IEAs section led to a higher yielding IEA mix. These factors offset the negative effect generated by an increase in the funding cost that was driven by higher interest rates and by a decrease in low-cost funding sources which negatively impacted the funding mix. At the end of 2Q22, 56% of the funding base was composed of low-cost deposits. In this context, the Net Interest Margin in 2Q22 rose 46bps QoQ and 89bps YoY to stand at 4.90% while the Structural Net Interest Margin stood at 5.18% (+46bps QoQ, +86pbs YoY).

Net Interest Income / Margin	Quarter			% change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22 / Jun 21
Interest Income	2,891,579	3,172,346	3,488,113	10.0%	20.6%	5,707,652	6,660,459	16.7%
Interest Expense	582,537	638,256	747,673	17.1%	28.3%	1,275,227	1,385,929	8.7%
Net Interest Income	2,309,042	2,534,090	2,740,440	8.1%	18.7%	4,432,425	5,274,530	19.0%

Balances
Average Interest Earning Assets (IEA)	230,237,853	228,195,289	223,529,737	-2.0%	-2.9%	227,052,978	227,021,380	0.0%
Average Funding	197,108,681	192,347,695	188,461,327	-2.0%	-4.4%	194,215,081	191,735,019	-1.3%

Yields
Yield on IEAs	5.02%	5.56%	6.24%	68bps	122bps	5.03%	5.87%	84bps
Cost of Funds	1.18%	1.33%	1.59%	26bps	41bps	1.31%	1.45%	14bps
Net Interest Margin (NIM)	4.01%	4.44%	4.90%	46bps	89bps	3.90%	4.65%	75bps
Risk-Adjusted Net Interest Margin	3.38%	3.99%	4.25%	26bps	87bps	3.09%	4.10%	101bps
Peru's Reference Rate	0.25%	4.00%	5.50%	150bps	525bps	0.25%	5.50%	525bps
FED funds rate	0.25%	0.50%	1.75%	125bps	150bps	0.25%	1.75%	150bps

Interest Income / IEA	2Q21			1Q22			2Q22			Jun 21			Jun 22
S/ millions	Average			Average			Average			Average			Average
	Balance	Income	Yields	Balance	Income	Yields	Balance	Income	Yields	Balance	Income	Yields	Balance	Income	Yields
Cash and equivalents	30,485	6	0.1%	30,979	35	0.5%	26,697	48	0.7%	28,826	14	0.1%	28,113	83	0.6%
Other IEA	2,598	16	2.4%	2,557	19	2.9%	2,592	14	2.2%	2,878	25	1.7%	2,777	33	2.4%
Investments	57,093	394	2.8%	48,549	433	3.6%	46,744	497	4.2%	54,973	760	2.8%	47,148	929	3.9%
Loans	140,061	2,476	7.1%	146,109	2,686	7.4%	147,496	2,930	7.9%	140,376	4,909	7.0%	148,984	5,615	7.5%
Structural	116,439	2,397	8.2%	128,597	2,619	8.1%	132,651	2,871	8.7%	116,557	4,744	8.1%	132,982	5,490	8.3%
Government Programs	23,622	79	1.3%	17,513	66	1.5%	14,845	59	1.6%	23,819	165	1.4%	16,002	125	1.6%
Total IEA	230,238	2,892	5.0%	228,195	3,172	5.6%	223,530	3,488	6.2%	227,053	5,708	5.0%	227,021	6,660	5.9%
IEA (LC)	59.9%	75.7%	6.4%	57.8%	78.8%	7.6%	58.6%	78.2%	8.3%	60.5%	75.9%	6.3%	57.2%	78.5%	8.1%
IEA (FC)	40.1%	24.3%	3.0%	42.2%	21.2%	2.8%	41.4%	21.8%	3.3%	39.5%	24.1%	3.1%	42.8%	21.5%	2.9%

Interest Expense / Funding	2Q21			1Q22			2Q22			Jun 21			Jun 22
S/ millions	Average			Average			Average			Average			Average
	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields
Deposits	148,894	210	0.6%	149,128	259	0.7%	147,678	337	0.9%	145,764	433	0.6%	148,891	596	0.8%
BCRP + Due to Banks	29,589	101	1.4%	25,400	116	1.8%	23,192	142	2.4%	30,641	213	1.4%	24,697	258	2.1%
Bonds and Notes	17,407	179	4.1%	16,562	165	4.0%	16,312	168	4.1%	16,635	446	5.4%	16,829	334	4.0%
Others	1,218	92	30.3%	1,257	98	31.1%	1,279	101	31.5%	1,175	183	31.2%	1,318	198	30.1%
Total Funding	197,109	583	1.2%	192,348	638	1.3%	188,461	748	1.6%	194,215	1,275	1.3%	191,735	1,386	1.4%
Funding (LC)	54.5%	48.6%	1.1%	51.4%	53.6%	1.4%	51.4%	58.4%	1.8%	55.5%	45.5%	1.1%	51.0%	56.2%	1.6%
Funding (FC)	45.5%	51.4%	1.3%	48.6%	46.4%	1.3%	48.6%	41.6%	1.4%	44.5%	54.5%	1.6%	49.0%	43.8%	1.3%

NIM	230,238	2,309	4.0%	228,195	2,534	4.4%	223,530	2,740	4.9%	227,053	4,432	3.9%	227,021	5,275	4.6%
NIM (LC)	59.9%	82.5%	5.5%	57.8%	85.1%	6.5%	58.6%	83.7%	7.0%	60.5%	84.6%	2.7%	57.2%	84.4%	3.4%
NIM (FC)	40.1%	17.5%	1.7%	42.2%	14.9%	1.6%	41.4%	16.3%	1.9%	39.5%	15.4%	0.8%	42.8%	15.6%	0.8%


	Structural provisions remain below pre-pandemic levels. Nonetheless, provisions increased QoQ due to the deterioration of economic projections. Growth in expenses was primarily driven by the Individuals segment at BCP Stand-alone and by BCP Bolivia and to a lesser extent by a reduction in recoveries of written-off loans. YoY, structural Provisions remained stable, given that higher expenses at BCP Bolivia were offset by a decrease at BCP Stand-alone and Mibanco. The Structural Cost of Risk (CoR) stood at 1.08% in 2Q22. This quarter, the increase in provisions was offset by Loan growth. YTD, the reduction in provisions was attributable to our prudent management during the pandemic. Currently, CoR is situated in the inferior range of our guidance.

Structural Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22 / Jun 21
Gross provision for credit losses on loan portfolio	(446,508)	(346,809)	(453,605)	30.8%	1.6%	(1,053,509)	(800,414)	-24.0%
Recoveries of written-off loans	77,627	93,091	83,745	-10.0%	7.9%	142,962	176,836	23.7%
Provision for credit losses on loan portfolio, net of recoveries	(368,881)	(253,718)	(369,860)	45.8%	0.3%	(910,547)	(623,578)	-31.5%
Structural Cost of risk ⁽¹⁾	1.23%	0.79%	1.08%	29 bps	-15 bps	1.52%	0.91%	-61 bps

GP Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22 / Jun 21
Gross provision for credit losses on loan portfolio	5,501	(3,872)	6,569	-269.6%	19.4%	(10,480)	2,697	-125.7%
Recoveries of written-off loans	-	-	-	-	-	-	-	-
Provision for credit losses on loan portfolio, net of recoveries	5,501	(3,872)	6,569	-269.6%	19.4%	(10,480)	2,697	-125.7%
GP Cost of risk ⁽¹⁾	-0.10%	0.09%	-0.20%	-29 bps	-10 bps	0.09%	-0.04%	-13 bps

Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22 / Jun 21
Gross provision for credit losses on loan portfolio	(441,007)	(350,681)	(447,036)	27.5%	1.4%	(1,063,989)	(797,717)	-25.0%
Recoveries of written-off loans	77,627	93,091	83,745	-10.0%	7.9%	142,962	176,836	23.7%
Provision for credit losses on loan portfolio, net of recoveries	(363,380)	(257,590)	(363,291)	41.0%	0.0%	(921,027)	(620,881)	-32.6%
Cost of risk ⁽¹⁾	1.02%	0.71%	0.97%	26 bps	-5 bps	1.29%	0.83%	-46 bps


	Other core income rose maintains a growing trend driven by growth in fees in a context marked by an uptick in transactions and higher on-going FX volatility. Non-core other income fell due to Net losses on securities. These losses were driven by higher volatility in the stock markets, which negatively affected investments at Credicorp Stand-alone, Prima, ASB and Pacífico.

Core Other Income	Quarter			% Change		As of		% Change
(S/ 000)	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22/ Jun 21
Fee income	862,411	891,031	920,492	3.3%	6.7%	1,693,182	1,811,523	7.0%
Net gain on foreign exchange transactions	238,440	259,710	269,059	3.6%	12.8%	413,251	528,769	28.0%
Total other income Core	1,100,851	1,150,741	1,189,551	3.4%	8.1%	2,106,433	2,340,292	11.1%

Banking Business Fees	Quarter			% Change		As of		% Change
S/ 000	2Q21	1Q22	2Q22	TaT	AaA	Jun 21	Jun 22	Jun 22 / Jun 21
Payments and transactionals ⁽¹⁾	234,282	290,197	306,095	5.48%	30.65%	460,039	596,292	29.62%
Liability accounts ⁽²⁾	207,005	217,956	234,038	7.38%	13.06%	624,606	692,623	10.89%
Loan Disbursement ⁽³⁾	88,473	90,576	91,940	1.51%	3.92%	575,178	634,510	10.32%
Off-balance sheet	60,592	60,370	59,304	-1.77%	-2.13%	286,081	302,190	5.63%
Mibanco (Peru and Colombia)	16,713	33,276	35,190	5.75%	110.56%	160,252	188,140	17.40%
Insurances	26,897	30,303	28,823	-4.88%	7.16%	93,882	127,592	35.91%
BCP Bolivia	30,558	27,400	25,470	-7.04%	-16.65%	119,176	111,996	-6.02%
Wealth Management and Corporate Finance	21,590	18,785	18,126	-3.51%	-16.04%	98,537	89,781	-8.89%
ASB	11,202	12,280	9,483	-22.78%	-15.34%	57,784	58,674	1.54%
Others ⁽⁴⁾	9,407	4,596	-1,145	-124.91%	-112.17%	42,566	25,214	-40.77%
Total	706,719	785,739	807,324	2.75%	14.24%	2,518,100	2,827,012	12.27%

Non-core Other income	Quarter			% Change		As of		% Change
(S/ 000)	2Q21	1Q22	2Q22	QoQ	YoY	Jun 21	Jun 22	Jun 22/ Jun 21
Net gain on securities	(69,947)	(56,866)	(94,180)	n.a.	n.a.	(53,660)	(151,046)	181.5%
Net gain from associates ⁽¹⁾	12,302	24,014	29,219	21.7%	137.5%	41,707	53,233	27.6%
Net gain on derivatives held for trading	52,606	(5,982)	12,304	n.a.	-76.6%	131,153	6,322	-95.2%
Net gain from exchange differences	32,959	(17,060)	(17,066)	0.0%	-151.8%	23,677	(34,126)	-244.1%
Other non-financial income	62,923	147,902	84,152	-43.1%	33.7%	136,914	232,054	69.5%
Total other income Non-Core	90,843	92,008	14,429	-84.3%	-84.1%	279,791	106,437	-62.0%


	The insurance underwriting result registered a decrease of 3.2% QoQ. This result was driven by growth in claims in the life business attributable to higher cases reported and the negative effect of inflation, partially mitigated by an improvement in the results of the P&C business. In the YoY and YTD analysis, the underwriting result increased due to a drop in claims in the Life business associated with the improvement in the sanitary context. Net earned premiums also rose YoY and YTD in both the Life and P&C lines, which reflected economic reactivation.

Insurance underwriting result⁽¹⁾		Quarter			% change		As of		% change
S/ 000		2Q21	1Q22	2Q22	QoQ	YoY	Jun 2021	Jun 2022	2022 / 2021
Total	Net earned premiums	639,944	690,536	695,547	0.7%	8.7%	1,283,872	1,386,083	8.0%
	Net claims	(691,335)	(478,506)	(492,258)	2.9%	-28.8%	(1,314,688)	(970,764)	-26.2%
	Acquisition cost ⁽²⁾	(84,944)	(70,484)	(66,247)	-6.0%	-22.0%	(170,766)	(136,731)	-19.9%
	Total insurance underwriting result	(136,335)	141,546	137,042	-3.2%	n.a.	(201,582)	278,588	n.a.
	Loss Ratio	108.0%	69.3%	70.8%	150 pbs	-3720 pbs	102.4%	70.0%	-3240 pbs
	Net earned premiums	331,825	365,492	365,452	0.0%	10.1%	674,983	730,944	8.3%
Life	Net claims	(546,439)	(315,718)	(335,204)	6.2%	-38.7%	(1,048,152)	(650,922)	-37.9%
	Loss Ratio	164.7%	86.4%	91.7%	530 pbs	-7300 pbs	155.3%	89.1%	-6620 pbs
	Net earned premiums	291,172	308,891	313,518	1.5%	7.7%	575,595	622,408	8.1%
P&C	Net claims	(135,982)	(156,851)	(153,046)	-2.4%	12.5%	(250,114)	(309,897)	23.9%
	Loss Ratio	46.7%	50.8%	48.8%	-200 pbs	210 pbs	43.5%	49.8%	630 pbs

Acquisition cost	Quarter			% change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun 2021	Jun 2022	2022 / 2021
Net fees	(53,808)	(39,875)	(39,352)	-1.3%	-26.9%	(109,413)	(79,227)	-27.6%
Underwriting expenses	(31,842)	(31,286)	(27,943)	-10.7%	-12.2%	(63,399)	(59,230)	-6.6%
Underwriting income	706	678	1,047	54.5%	48.5%	2,045	1,725	-15.6%
Acquisition cost	(84,944)	(70,484)	(66,248)	-6.0%	-22.0%	(170,767)	(136,732)	-19.9%


	Operating expenses increased in core businesses as due to an uptick in administrative expenses, which was primarily associated with IT development and secondarily to un uptick in expenses for customer loyalty program due to higher transactionality. Growth in variable compensation reflects the fact that commercial targets were exceed this quarter. Finally, expenses related to disruptive initiatives continue to grow.

Administrative and general expenses	Quarter			% Change		As of		% change
S/ 000	2Q21	1Q22	2Q22	QoQ	YoY	Jun - 21	Jun - 22	Jun - 22 / Jun - 21
IT expenses and IT third-party services	155,615	200,757	218,788	9.0%	40.6%	292,648	419,545	43.4%
Advertising and customer loyalty programs	105,060	110,497	156,285	41.4%	48.8%	177,386	266,782	50.4%
Taxes and contributions	77,406	74,063	78,510	6.0%	1.4%	146,214	152,573	4.3%
Audit Services, Consulting and professional fees	60,317	52,518	70,586	34.4%	17.0%	102,042	123,104	20.6%
Transport and communications	47,341	40,164	49,771	23.9%	5.1%	87,723	89,935	2.5%
Repair and maintenance	29,325	29,939	39,913	33.3%	36.1%	56,768	69,852	23.0%
Agents' Fees	25,218	27,018	26,091	-3.4%	3.5%	50,254	53,109	5.7%
Services by third-party	23,002	18,411	25,922	40.8%	12.7%	42,047	44,333	5.4%
Leases of low value and short-term	20,145	20,931	22,610	8.0%	12.2%	41,047	43,541	6.1%
Miscellaneous supplies	14,171	19,077	20,657	8.3%	45.8%	28,990	39,734	37.1%
Security and protection	15,692	15,476	15,798	2.1%	0.7%	31,651	31,274	-1.2%
Subscriptions and quotes	13,462	13,437	15,664	16.6%	16.4%	26,645	29,101	9.2%
Electricity and water	12,709	10,677	13,567	27.1%	6.8%	23,400	24,244	3.6%
Electronic processing	11,123	7,693	8,208	6.7%	-26.2%	21,091	15,901	-24.6%
Insurance	5,320	8,916	5,925	-33.5%	11.4%	13,594	14,841	9.2%
Cleaning	5,206	4,506	5,203	15.5%	-0.1%	10,488	9,709	-7.4%
Others⁽¹⁾	51,693	71,459	77,474	8.4%	49.9%	101,659	148,933	46.5%
Total	672,805	725,539	850,972	17.3%	26.5%	1,253,647	1,576,511	25.8%


	The efficiency ratio deteriorated 60bps YTD after growth in expenses outpaced the expansion in. If we exclude expenses related to disruptive initiatives (Yape + Krealo) from both 1S22 and 1S21, the efficiency ratio improves 34bps YTD. .