Credicorp Ltd 6-K, filed Feb 14, 2023

Credicorp Ltd (BAP)

6-K 2023-02-14 For: 2023-02-09

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Added on April 07, 2026

About this 6-K

Credicorp Ltd filed this 6-K on February 14, 2023.

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Date: February 9^th, 2023

	CREDICORP LTD. (Registrant)

	By:	/s/ Guillermo Morales
		Guillermo Morales
		Authorized Representative

Table of Contents

	Operating and Financial Highlights		03

	Senior Management Quotes		04

	Fourth Quarter 2022 Earnings Conference Call		05

	Summary of Financial Performance and Outlook		06

	Financial Overview		11

	Credicorp’s Strategy Update		12

	Analysis of 4Q22 Consolidated Results

	01	Loans and Portfolio Quality	15

	02	Deposits	21

	03	Interest Earning Assets and Funding	24

	04	Net Interest Income	25

	05	Provisions	28

	06	Other Income	31

	07	Insurance Underwriting Results	33

	08	Operating Expenses	36

	09	Operating Efficiency	38

	10	Regulatory Capital	39

	11	Economic Outlook	41

	12	Appendix	46

Universal Banking		Microfinance

In 2022, BCP experienced higher profitability, driven by Core Income, in particular NII, which was propelled by strong structural loan origination and higher interest rates. These tailwinds were partially offset by a normalization of provisions.		Mibanco experienced a substantial recovery in profitability in 2022 driven mainly by favorable NII dynamics, associated with effective practices of pricing and commercial execution. For its part, the hybrid model allowed to optimize efficiency and scale the credit evaluation, resulting in record levels of billing.

Insurance and Pensions		Investment Banking and Wealth Management

In 2022, the bottom line for Pacifico Seguros returned to positive territory, as a result of lower levels of claims in Life as the health situation improved and a growth in net earned premiums earned.		The Investment Banking and Wealth Management business continued to be challenged and found a drop in profitability mainly due to lower levels of assets under management.

Credicorp Ltd.	Quarter			% change		As of		% change
S/ 000	4Q21	3Q22	4Q22	QoQ	YoY	2021	2022	2022 / 2021
Net interest, similar income and expenses	2,477,234	3,001,459	3,243,018	8.0%	30.9%	9,359,604	11,518,095	23.1%

Provision for credit losses on loan portfolio, net of recoveries	(126,782)	(459,976)	(730,681)	58.9%	476.3%	(1,212,223)	(1,811,538)	49.4%

Net interest, similar income and expenses, after provision for credit losses on loan portfolio	2,350,452	2,541,483	2,512,337	-1.1%	6.9%	8,147,381	9,706,557	19.1%

Total other income	1,304,163	1,310,186	1,350,661	3.1%	3.6%	4,929,717	5,108,349	3.6%
Insurance underwriting result	127,657	198,842	184,168	-7.4%	44.3%	(3,721)	661,598	n.a
Total other expenses	(2,223,165)	(2,141,153)	(2,474,609)	15.6%	11.3%	(7,740,561)	(8,620,615)	11.4%
Profit (loss) before income tax	1,559,107	1,909,358	1,572,557	-17.6%	0.9%	5,332,816	6,855,889	28.6%
Income tax	(471,860)	(575,083)	(476,236)	-17.2%	0.9%	(1,660,987)	(2,110,501)	27.1%
Net profit (loss)	1,087,247	1,334,275	1,096,321	-17.8%	0.8%	3,671,829	4,745,388	29.2%
Non-controlling interest	26,631	31,855	24,231	-23.9%	-9.0%	87,247	112,292	28.7%
Net profit (loss) attributable to Credicorp	1,060,616	1,302,420	1,072,090	-17.7%	1.1%	3,584,582	4,633,096	29.3%
Net profit (loss) / share (S/)	13.30	16.33	13.44	-17.7%	1.1%	44.94	58.09	29.3%
Loans	147,597,412	151,392,202	148,626,374	-1.8%	0.7%	147,597,412	148,626,374	0.7%
Deposits and obligations	149,596,545	151,958,000	147,020,787	-3.2%	-1.7%	149,596,545	147,020,787	-1.7%
Net equity	26,496,767	27,109,054	28,988,140	6.9%	9.4%	26,496,767	28,988,140	9.4%
Profitability
Net interest margin	4.25%	5.31%	5.73%	42 pbs	148 pbs	4.10%	5.07%	97 pbs
Risk-adjusted Net interest margin	4.03%	4.50%	4.44%	-6 pbs	41 pbs	3.57%	4.27%	70 pbs
Funding cost	1.24%	2.07%	2.36%	29 pbs	112 pbs	1.29%	1.83%	54 pbs
ROAE	16.4%	19.6%	15.3%	-430 pbs	-110 pbs	13.9%	16.7%	280 pbs
ROAA	1.7%	2.2%	1.8%	-40 pbs	10 pbs	1.5%	1.9%	40 pbs
Loan portfolio quality
Internal overdue ratio ⁽¹⁾	3.76%	4.13%	4.00%	-13 pbs	24 pbs	3.76%	4.00%	24 pbs
Internal overdue ratio over 90 days	2.85%	3.08%	3.11%	3 pbs	26 pbs	2.85%	3.11%	26 pbs
NPL ratio ⁽²⁾	4.98%	5.32%	5.41%	9 pbs	43 pbs	4.98%	5.41%	43 pbs
Cost of risk ⁽³⁾	0.34%	1.22%	1.97%	75 pbs	163 pbs	0.82%	1.22%	40 pbs
Coverage ratio of IOLs	152.7%	128.5%	132.5%	400 pbs	-2020 pbs	152.7%	132.5%	-2020 pbs
Coverage ratio of NPLs	115.3%	99.6%	97.9%	-170 pbs	-1740 pbs	115.3%	97.9%	-1740 pbs
Operating efficiency
Efficiency ratio ⁽⁴⁾	49.4%	42.8%	46.0%	320 pbs	-340 pbs	45.9%	44.4%	-150 pbs
Operating expenses / Total average assets	3.56%	3.57%	4.00%	43 pbs	44 pbs	3.19%	3.56%	40 pbs
Insurance ratios
Combined ratio of P&C ^{(5) (6)}	87.0%	91.2%	93.1%	190 pbs	610 pbs	87.0%	93.1%	610 pbs
Loss ratio	1.5%	63.6%	65.4%	180 pbs	-610 pbs	87.7%	67.2%	-2050 pbs
Capital adequacy - BCP Stand-alone
Global Capital ratio ⁽⁷⁾	14.94%	14.93%	14.43%	-50 pbs	-51 pbs	15.16%	14.93%	-23 pbs
Tier 1 ratio ⁽⁸⁾	9.94%	9.94%	10.02%	8 pbs	8 pbs	9.94%	10.02%	8 pbs
Common equity tier 1 ratio ^{(9) (11)}	11.91%	11.83%	12.59%	76 pbs	68 pbs	11.91%	12.59%	68 pbs
Capital adequacy - Mibanco
Global Capital ratio ⁽⁷⁾	16.40%	14.61%	14.69%	8 pbs	-171 pbs	16.40%	14.69%	-171 pbs
Tier 1 ratio ⁽⁸⁾	13.96%	12.36%	12.38%	2 pbs	-158 pbs	13.96%	12.38%	-158 pbs
Common equity tier 1 ratio ^{(9) (11)}	15.24%	16.00%	16.46%	46 pbs	122 pbs	15.24%	16.46%	122 pbs
Employees	36,358	35,692	36,968	3.6%	1.7%	36,358	36,968	1.7%
Share Information
Issued Shares	94,382	94,382	94,382	0.0%	0.0%	94,382	94,382	0.0%
Treasury Shares ⁽¹⁰⁾	14,850	14,849	14,849	0.0%	0.0%	14,850	14,849	0.0%
Outstanding Shares	79,532	79,533	79,533	0.0%	0.0%	79,532	79,533	0.0%

Experience	Efficiency	Growth
*Traditional Business Transformation ⁽¹⁾*		*Subsidiary*	*4Q20*	*4Q21*	*4Q22*
*Day to Day*
Digital clients ⁽²⁾		BCP	40%	54%	67%
Digital monetary transactions ⁽³⁾		BCP	44%	51%	66%
Transactional cost by unit		BCP	0.29	0.19	0.08
Disbursements through leads ⁽⁴⁾		Mibanco	46%	73%	76%
Disbursements through alternative channels ⁽⁵⁾		Mibanco	16%	44%	45%
Mibanco Productivity ⁽⁶⁾		Mibanco	13.1	24.4	25.9
*Cashless*
Cashless transactions ⁽⁷⁾		BCP	36%	41%	48%
Mobile Banking rating Apple		BCP	3.1	2.8	3.7
*Digital Acquisition*
Digital sales ⁽⁸⁾		BCP	47%	50%	61%

Disruptive Initiatives: Yape ⁽¹⁾	4Q20	4Q21	4Q22
Day to Day
% Microbusiness users ⁽²⁾	12%	17%	19%
Mobile phone top-ups (thousands)	-	-	9,887
Cashless
Users (thousands)	5.1	8.4	11,9
% User’s clients of BCP ⁽³⁾	100%	79%	72%
% of Yapecard Users ⁽⁴⁾	-	20%	24%
Active users (thousands) ⁽⁵⁾	2.4	4.5	8.3
% Active users on a monthly basis ⁽⁶⁾	47%	54%	70%
No. of monthly Transactions (thousands)	20.0	57.6	162.6
Monthly transaction amount (millions, S/)	1,512	3,728	8,764
Number of monthly transactions by Active Yapero ⁽⁷⁾	4.4	12.8	19.5


	Earnings Release 4Q / 2022	Analysis of 4Q22 Consolidated Results


	The structural loan balance at BCP Stand-alone registered growth in average daily balances QoQ. This increase was driven primarily by Retail Banking, and SME-Pyme and Mortgage in particular. The uptick in SME-Pyme reflected successful efforts to penetrate new segments while growth in Mortgage was fueled by a drop in prepayments in a context of stable growth. Mibanco also posted growth, bolstered by disbursements through alternative channels. YoY, growth in structural loans was driven by BCP and Mibanco. The increase registered in average daily balances for retail loans- which also offer higher margins- led this loan type’s share of total loans to stand at 41% at quarter-end. FY, growth of 11.3% in structural loans was driven by fishing and agricultural campaigns in Wholesale; an uptick in growth in Consumer; and an improvement in loan growth through the hybrid model at Mibanco, which registered a 9.4% share of Credicorp loan portfolio.

	The structural NPL portfolio grew QoQ and YoY, which was driven by an uptick in refinanced loans in Wholesale Banking and overdue loans in SME-Pyme. The aforementioned was partially offset by the improvement on Mibanco and Consumer segment NPL Portfolio as write-offs were registered this quarter.

Structural Loans (S/ millions)	As of			Volume change		% change		% Part. in total structural loans
	As of			Volume change		% change		% Part. in total structural loans
	Dec 21	Sep 22	Dec 22	QoQ	YoY	QoQ	YoY	Dec 21	Sep 22	Dec 22
BCP Stand-alone	101,729	112,276	113,050	774	11,322	0.7%	11.1%	81.2%	81.8%	81.7%
Wholesale Banking	52,289	56,969	56,246	-723	3,956	-1.3%	7.6%	41.7%	41.5%	40.6%
Corporate	31,426	34,686	33,868	-818	2,443	-2.4%	7.8%	25.1%	25.3%	24.5%
Middle - Market	20,864	22,282	22,377	95	1,514	0.4%	7.3%	16.6%	16.2%	16.2%
Retail Banking	49,439	55,308	56,805	1,497	7,365	2.7%	14.9%	39.4%	40.3%	41.0%
SME - Business	5,302	5,714	5,862	148	561	2.6%	10.6%	4.2%	4.2%	4.2%
SME - Pyme	11,597	12,637	13,029	393	1,432	3.1%	12.4%	9.3%	9.2%	9.4%
Mortgage	18,432	19,739	20,074	335	1,642	1.7%	8.9%	14.7%	14.4%	14.5%
Consumer	10,296	12,444	12,736	292	2,441	2.3%	23.7%	8.2%	9.1%	9.2%
Credit Card	3,813	4,774	5,103	330	1,290	6.9%	33.8%	3.0%	3.5%	3.7%
Mibanco	10,991	12,782	13,121	339	2,130	2.7%	19.4%	8.8%	9.3%	9.5%
Mibanco Colombia	1,064	1,163	1,174	12	111	1.0%	10.4%	0.8%	0.8%	0.8%
Bolivia	9,230	8,992	9,034	41	-197	0.5%	-2.1%	7.4%	6.6%	6.5%
ASB Bank Corp.	2,311	2,053	2,039	-14	-272	-0.7%	-11.8%	1.8%	1.5%	1.5%
BAP’s total loans	125,325	137,267	138,419	1,152	13,094	0.8%	10.4%	100.0%	100.0%	100.0%


	Earnings Release 4Q / 2022	Analysis of 4Q22 Consolidated Results

Total Loans (S/ millions)	As of			Volume change		% change		% Part. in total loans
	As of			Volume change		% change		% Part. in total loans
	Dec 21	Sep 22	Dec 22	QoQ	YoY	QoQ	YoY	Dec 21	Sep 22	Dec 22
BCP Stand-alone	119,100	124,101	122,671	-1,429	3,571	-1.2%	3.0%	82.1%	82.4%	82.2%
Wholesale Banking	56,359	59,387	58,121	-1,266	1,762	-2.1%	3.1%	38.9%	39.4%	39.0%
Corporate	31,851	34,961	34,086	-875	2,235	-2.5%	7.0%	22.0%	23.2%	22.8%
Middle - Market	24,508	24,426	24,036	-390	-472	-1.6%	-1.9%	16.9%	16.2%	16.1%
Retail Banking	62,741	64,713	64,550	-163	1,809	-0.3%	2.9%	43.3%	43.0%	43.3%
SME - Business	10,484	9,219	8,695	-525	-1,790	-5.7%	-17.1%	7.2%	6.1%	5.8%
SME - Pyme	19,717	18,537	17,943	-595	-1,774	-3.2%	-9.0%	13.6%	12.3%	12.0%
Mortgage	18,432	19,739	20,074	335	1,642	1.7%	8.9%	12.7%	13.1%	13.5%
Consumer	10,296	12,444	12,736	292	2,441	2.3%	23.7%	7.1%	8.3%	8.5%
Credit Card	3,813	4,774	5,103	330	1,290	6.9%	33.8%	2.6%	3.2%	3.4%
Mibanco	13,352	14,286	14,261	-25	909	-0.2%	6.8%	9.2%	9.5%	9.6%
Mibanco Colombia	1,064	1,163	1,174	12	111	1.0%	10.4%	0.7%	0.8%	0.8%
Bolivia	9,230	8,992	9,034	41	-197	0.5%	-2.1%	6.4%	6.0%	6.1%
ASB Bank Corp.	2,311	2,084	2,068	-16	-243	-0.8%	-10.5%	1.6%	1.4%	1.4%
BAP’s total loans	145,057	150,626	149,209	-1,417	4,151	-0.9%	2.9%	100.0%	100.0%	100.0%


For consolidation purposes, Loans generated in Foreign Currency (FC) are converted to Local Currency (LC).		Higher volume contracted

(1) Includes Work out unit, and other banking. For Quarter-end Balances figures, please refer to “12. Annexes – 12.2 Loan Portfolio Quality”.		Higher volume expansion
(2) Internal Management Figures

Total Loans	Local Currency (LC) - S/ millions						% change		% Structural change		Foreign Currency (FC) - US$ millions			% change		% part. by currency
	Total			Structural			% change		% Structural change		Total			% change		Dec 22
	Dec 21	Sep 22	Dec 22	Dec 21	Sep 22	Dec 22	QoQ	YoY	QoQ	YoY	Dec 21	Sep 22	Dec 22	QoQ	YoY	LC	FC
BCP Stand-alone	84,592	85,871	85,076	67,221	74,047	75,455	-0.9%	0.6%	1.9%	12.2%	8,600	9,765	9,679	-0.9%	12.5%	69.4%	30.6%
Wholesale Banking	28,967	28,943	28,350	24,898	26,524	26,474	-2.0%	-2.1%	-0.2%	6.3%	6,827	7,777	7,665	-1.4%	12.3%	48.8%	51.2%
Corporate	15,077	16,303	16,044	14,652	16,029	15,827	-1.6%	6.4%	-1.3%	8.0%	4,181	4,767	4,645	-2.5%	11.1%	47.1%	52.9%
Middle - Market	13,890	12,639	12,306	10,246	10,495	10,647	-2.6%	-11.4%	1.4%	3.9%	2,646	3,011	3,020	0.3%	14.1%	51.2%	48.8%
Retail Banking	55,625	56,929	56,726	42,323	47,523	48,981	-0.4%	2.0%	3.1%	15.7%	1,774	1,988	2,014	1.3%	13.6%	87.9%	12.1%
SME - Business	7,780	6,100	5,535	2,597	2,595	2,703	-9.3%	-28.8%	4.2%	4.1%	674	797	813	2.1%	20.7%	63.7%	36.3%
SME - Pyme	19,517	18,368	17,767	11,398	12,467	12,854	-3.3%	-9.0%	3.1%	12.8%	50	43	45	4.1%	-9.1%	99.0%	1.0%
Mortgage	16,391	17,684	18,006	16,391	17,684	18,006	1.8%	9.9%	1.8%	9.9%	509	525	532	1.4%	4.6%	89.7%	10.3%
Consumer	8,898	10,850	11,190	8,898	10,850	11,190	3.1%	25.8%	3.1%	25.8%	348	407	398	-2.3%	14.3%	87.9%	12.1%
Credit Card	3,039	3,927	4,227	3,039	3,927	4,227	7.6%	39.1%	7.6%	39.1%	193	216	226	4.4%	16.9%	82.8%	17.2%
Mibanco	12,880	13,812	13,784	10,519	12,309	12,644	-0.2%	7.0%	2.7%	20.2%	118	121	123	1.6%	4.5%	96.7%	3.3%
Mibanco Colombia	-	-	-	-	-	-	-	-	-	-	265	297	303	1.8%	14.1%	-	100.0%
Bolivia	-	-	-	-	-	-	-	-	-	-	2,300	2,297	2,326	1.3%	1.1%	-	100.0%
ASB Bank Corp.	-	-	-	-	-	-	-	-	-	-	576	525	525	0.0%	-7.6%	-	100.0%
Total loans	97,472	99,684	98,860	77,740	86,356	88,099	-0.8%	1.4%	2.0%	13.3%	11,859	13,005	12,955	-0.4%	9.3%	66.3%	33.7%


(1) Includes Work out unit, and other banking.		Higher volume contracted

(2) Internal Management Figures.		Higher volume expansion

Structural Portfolio quality and Delinquency ratios (1)	As of			% change
S/ 000	Dec 21	Sep 22	Dec 22	QoQ	YoY
Structural loans (Quarter-end balance)⁽²⁾	128,956,585	139,190,832	139,115,242	-0.1%	7.9%
Structural Allowance for loan losses⁽²⁾	8,280,467	7,875,552	7,733,575	-1.8%	-6.6%
Structural Write-offs	683,181	837,924	754,326	-10.0%	10.4%
Structural IOLs	4,471,348	5,037,163	4,791,245	-4.9%	7.2%
Structural Refinanced loans	1,799,541	1,808,982	2,098,748	16.0%	16.6%
Structural NPLs	6,270,889	6,846,145	6,889,993	0.6%	9.9%
Structural IOL ratio	3.47%	3.62%	3.44%	-18 bps	-3 bps
Structural NPL ratio	4.86%	4.92%	4.95%	3 bps	9 bps
Structural Allowance for loan losses over Structural loans	6.4%	5.7%	5.6%	-10 bps	-86 bps
Structural Coverage ratio of NPLs	132.0%	115.0%	112.2%	-280 bps	-1981 bps

Loan Portfolio Quality and Delinquency Ratios	As of			% change

S/ 000	Dec 21	Sep 22	Dec 22	QoQ	YoY
Total loans (Quarter-end balance)	147,597,412	151,392,202	148,626,374	-1.8%	0.7%
Allowance for loan losses	8,477,308	8,030,104	7,872,402	-2.0%	-7.1%
Write-offs	683,181	837,924	754,326	-10.0%	10.4%
Internal overdue loans (IOLs) ⁽¹⁾⁽²⁾	5,551,258	6,250,131	5,939,744	-5.0%	7.0%
Internal overdue loans over 90-days ⁽¹⁾	4,203,671	4,667,608	4,620,461	-1.0%	9.9%
Refinanced loans ⁽²⁾	1,799,541	1,808,982	2,098,748	16.0%	16.6%
Non-performing loans (NPLs) ⁽³⁾	7,350,799	8,059,113	8,038,492	-0.3%	9.4%
IOL ratio	3.76%	4.13%	4.00%	-13 bps	24 bps
IOL over 90-days ratio	2.85%	3.08%	3.11%	3 bps	26 bps
NPL ratio	4.98%	5.32%	5.41%	9 bps	43 bps
Allowance for loan losses over Total loans	5.74%	5.30%	5.30%	0 bps	-44 bps
Coverage ratio of IOLs	152.7%	128.5%	132.5%	406 bps	-2017 bps
Coverage ratio of IOL 90-days	201.7%	172.0%	170.4%	-166 bps	-3128 bps
Coverage ratio of NPLs	115.3%	99.6%	97.9%	-171 bps	-1739 bps

Deposits	As of			change %		Currency
S/ 000	Dec 21	Sep 22	Dec 22	QoQ	YoY	LC	FC
Demand deposits	58,629,661	53,512,524	48,467,247	-9.4%	-17.3%	44.9%	55.1%
Saving deposits	56,945,262	55,154,337	54,769,045	-0.7%	-3.8%	55.4%	44.6%
Time deposits	29,251,493	38,538,033	38,897,010	0.9%	33.0%	48.4%	51.6%
Severance indemnity deposits	4,017,065	3,745,597	3,824,629	2.1%	-4.8%	69.8%	30.2%
Interest payable	753,064	1,007,509	1,062,856	5.5%	41.1%	50.2%	49.8%
Total Deposits	149,596,545	151,958,000	147,020,787	-3.2%	-1.7%	50.2%	49.8%


	At the end of 4Q22, IEA registered a drop of 3.1% QoQ due to a decrease in balances for Available Funds, Investments and Loans after clients drew down accounts to amortize GP loans. Structural loans grew 1.6% (FX neutral), driven by Retail Banking and Mibanco. YoY, IEA dropped 3.8%. This evolution was spurred by a decrease in the balances of Available Funds and Investments, and reflected the same drop in liquidity levels seen across the system. Over the same period, structural loans grew 9.7% (FX neutral), spurred, to a large extent, by an upturn in results in Retail Banking and Microfinance post-pandemic.

	Funding fell 4.7% and 5.3% QoQ and YoY respectively, which reflects a drop in balances of BCRP instruments and deposits, reflecting fund drawdowns to amortize GP loans.

Interest Earning Assets	As of			% change
S/000	Dec 21	Sep 22	Dec 22	QoQ	YoY
Cash and due from banks	32,395,408	29,330,082	26,897,216	-8.3%	-17.0%
Total investments	48,952,540	46,843,270	45,431,224	-3.0%	-7.2%
Cash collateral, reverse repurchase agreements and securities borrowing	1,766,948	1,586,967	1,101,856	-30.6%	-37.6%
Financial assets designated at fair value through profit or loss	987,082	767,425	768,801	0.2%	-22.1%
Loans	147,597,412	151,392,202	148,626,374	-1.8%	0.7%
Total interest earning assets	231,699,390	229,919,946	222,825,471	-3.1%	-3.8%

Funding	As of			% change
S/ 000	Dec 21	Sep 22	Dec 22	QoQ	YoY
Deposits and obligations	149,596,545	151,958,000	147,020,787	-3.2%	-1.7%
Due to banks and correspondents	7,212,946	9,002,035	8,937,411	-0.7%	23.9%
BCRP instruments	19,692,474	14,449,597	11,297,659	-21.8%	-42.6%
Repurchase agreements	1,296,277	1,182,946	976,020	-17.5%	-24.7%
Bonds and notes issued	17,823,146	17,853,708	17,007,194	-4.7%	-4.6%
Total funding	195,621,388	194,446,286	185,239,071	-4.7%	-5.3%

Net Interest Income / Margin	Quarter			% change		As of		% change
S/ 000	4Q21	3Q22	4Q22	QoQ	YoY	Dec 21	Dec 22	Dec 22 / Dec 21
Interest Income	3,091,754	3,988,681	4,362,142	9.4%	41.1%	11,850,406	15,011,282	26.7%
Interest Expense	614,520	987,222	1,119,124	13.4%	82.1%	2,490,802	3,493,187	40.2%
Net Interest Income	2,477,234	3,001,459	3,243,018	8.0%	30.9%	9,359,604	11,518,095	23.1%

Balances
Average Interest Earning Assets (IEA)	233,022,571	226,137,887	226,372,709	0.1%	-2.9%	228,163,486	227,262,431	-0.4%
Average Funding	197,645,370	191,147,468	189,842,678	-0.7%	-3.9%	193,546,219	190,430,229	-1.6%

Yields
Yield on IEAs	5.31%	7.06%	7.71%	65pbs	240pbs	5.19%	6.61%	142pbs
Cost of Funds	1.24%	2.07%	2.36%	29pbs	112pbs	1.29%	1.83%	54pbs
Net Interest Margin (NIM)	4.25%	5.31%	5.73%	42pbs	148pbs	4.10%	5.07%	97pbs
Risk-Adjusted Net Interest Margin	4.03%	4.50%	4.44%	-6pbs	41pbs	3.57%	4.27%	70pbs
Peru's Reference Rate	2.50%	6.75%	7.50%	75pbs	500pbs	2.50%	7.50%	500pbs
FED funds rate	0.25%	3.25%	4.50%	125pbs	425pbs	0.25%	4.50%	425pbs

Interest Income / IEA	4Q21			3Q22			4Q22			Dec 21			Dec 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	34,271	23	0.3%	26,581	139	2.1%	28,114	236	3.4%	30,486	50	0.2%	29,646	459	1.5%
Other IEA	3,145	12	1.5%	2,583	10	1.5%	2,113	48	9.1%	2,986	63	2.1%	2,312	91	3.9%
Investments	48,531	402	3.3%	46,093	551	4.8%	46,137	563	4.9%	52,063	1,567	3.0%	47,192	2,043	4.3%
Loans	147,074	2,654	7.2%	150,881	3,289	8.7%	150,009	3,515	9.4%	142,629	10,171	7.1%	148,112	12,419	8.4%
Structural	127,228	2,582	8.1%	137,457	3,235	9.4%	139,153	3,459	9.9%	120,973	9,847	8.1%	134,021	12,184	9.1%
Government Programs	19,846	72	1.5%	13,425	54	1.6%	10,856	56	2.1%	21,656	323	1.5%	14,090	235	1.7%
Total IEA	233,023	3,092	5.3%	226,138	3,989	7.1%	226,373	4,362	7.7%	228,163	11,850	5.2%	227,262	15,011	6.6%
IEA (LC)	56.2%	76.5%	7.2%	57.0%	75.0%	9.3%	56.4%	73.1%	10.0%	59.2%	75.8%	6.7%	56.6%	76.0%	8.9%
IEA (FC)	43.8%	23.5%	2.8%	43.0%	25.0%	4.1%	43.6%	26.9%	4.8%	40.8%	24.2%	3.1%	43.4%	24.0%	3.7%

Interest Expense / Funding	4Q21			3Q22			4Q22			Dec 21			Dec 22
S/ millions	Average			Average			Average			Average			Average
	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields
Deposits	151,072	223	0.6%	149,699	510	1.4%	149,489	582	1.6%	145,981	865	0.6%	148,309	1,688	1.1%
BCRP + Due to Banks	27,559	112	1.6%	22,970	186	3.2%	21,843	240	4.4%	29,309	435	1.5%	23,570	683	2.9%
Bonds and Notes	17,700	185	4.2%	17,217	189	4.4%	17,430	189	4.3%	17,071	837	4.9%	17,415	728	4.2%
Others	1,314	95	29.0%	1,262	103	32.6%	1,079	108	40.1%	1,185	353	29.8%	1,136	394	34.6%
Total Funding	197,645	615	1.2%	191,147	987	2.1%	189,843	1,119	2.4%	193,546	2,491	1.3%	190,430	3,493	1.8%
Funding (LC)	51.5%	49.5%	1.2%	51.1%	57.9%	2.3%	51.0%	59.0%	2.7%	54.2%	46.4%	1.1%	50.8%	57.6%	2.1%
Funding (FC)	48.5%	50.5%	1.3%	48.9%	42.1%	1.8%	49.0%	41.0%	2.0%	45.8%	53.6%	1.5%	49.2%	42.4%	1.6%

NIM	233,023	2,477	4.3%	226,138	3,001	5.3%	226,373	3,243	5.7%	228,163	9,360	8.2%	227,262	11,518	10.1%
NIM (LC)	56.2%	83.2%	6.3%	57.0%	80.7%	7.5%	56.4%	78.0%	7.9%	59.2%	83.7%	5.8%	56.6%	81.6%	7.3%
NIM (FC)	43.8%	16.8%	1.6%	43.0%	19.3%	2.4%	43.6%	22.0%	2.9%	40.8%	16.3%	1.6%	43.4%	18.4%	2.1%

Structural Loan Portfolio Provisions	Quarter			% change		Year		% change
S/ 000	4Q21	3Q22	4Q22	QoQ	YoY	2021	2022	2022 / 2021
Gross provision for credit losses on loan portfolio	(284,126)	(505,657)	(799,864)	58.2%	181.5%	(1,620,262)	(2,100,541)	29.6%
Recoveries of written-off loans	103,022	85,273	84,908	-0.4%	-17.6%	346,728	347,017	0.1%
Provision for credit losses on loan portfolio, net of recoveries	(181,104)	(420,384)	(714,956)	70.1%	294.8%	(1,273,534)	(1,753,524)	37.7%
Structural Cost of risk ⁽¹⁾	0.56%	1.21%	2.06%	85 bps	150 bps	0.99%	1.26%	27 bps

GP Loan Portfolio Provisions	Quarter			% change		Year		% change
S/ 000	4Q21	3Q22	4Q22	QoQ	YoY	2021	2022	2022 / 2021
Gross provision for credit losses on loan portfolio	54,322	(39,592)	(15,725)	-60.3%	-172.9%	61,311	(58,014)	-194.6%
Recoveries of written-off loans	-	-	-	-	-	-	-	-
Provision for credit losses on loan portfolio, net of recoveries	54,322	(39,592)	(15,725)	-60.3%	-128.9%	61,311	(58,014)	-194.6%
GP Cost of risk ⁽¹⁾	-1.17%	1.30%	0.66%	-64 bps	183 bps	-0.33%	0.61%	94 bps

Loan Portfolio Provisions	Quarter			% change		Year		% change
S/ 000	4Q21	3Q22	4Q22	QoQ	YoY	2021	2022	2022 / 2021
Gross provision for credit losses on loan portfolio	(229,804)	(545,249)	(815,589)	49.6%	254.9%	(1,558,951)	(2,158,555)	38.5%
Recoveries of written-off loans	103,022	85,273	84,908	-0.4%	-17.6%	346,728	347,017	0.1%
Provision for credit losses on loan portfolio, net of recoveries	(126,782)	(459,976)	(730,681)	58.9%	476.3%	(1,212,223)	(1,811,538)	49.4%
Cost of risk ⁽¹⁾	0.34%	1.22%	1.97%	75 bps	163 bps	0.82%	1.22%	40 bps

QoQ Evolution of the Cost of Risk	YoY Evolution of the Cost of Risk



(1) Others include BCP Bolivia, Mibanco Colombia, ASB Bank Corp and eliminations.	(1) Others include BCP Bolivia, Mibanco Colombia, ASB Bank Corp and eliminations.

Core Other Income	Quarter			% Change				As of		% Change
(S/ 000)	4Q21	3Q22	4Q22	QoQ		YoY		Dec 21	Dec 22	Dec 22/ Dec 21
Fee income	924,161	934,244	894,552	-4.2	%	-3.2	%	3,493,734	3,640,319	4.2	%
Net gain on foreign exchange transactions	263,017	262,167	293,215	11.8	%	11.5	%	922,917	1,084,151	17.5	%
Total other income Core	1,187,178	1,196,411	1,187,767	-0.7	%	0.0	%	4,416,651	4,724,470	7.0	%

Banking Business Fees	Quarter			% Change		As of		% Change
S/ 000	4Q21	3Q22	4Q22	QaQ	YoY	Dec 21	Dec 22	Dec 22 / Dec 21
Payments and transactionals ⁽¹⁾	293,356	328,202	333,779	1.70%	13.78%	1,012,151	1,258,273	24.32%
Liability accounts ⁽²⁾	223,859	237,873	226,496	-4.78%	1.18%	1,310,947	1,427,262	8.87%
Loan Disbursement ⁽³⁾	89,067	100,721	97,336	-3.36%	9.28%	1,181,798	1,296,936	9.74%
Off-balance sheet	62,521	60,283	63,247	4.92%	1.16%	571,232	623,777	9.20%
Mibanco (Peru and Colombia)	37,818	32,258	34,164	5.91%	-9.66%	352,556	378,092	7.24%
Insurances	28,551	31,382	28,617	-8.81%	0.23%	215,010	254,014	18.14%
BCP Bolivia	26,852	26,296	24,479	-6.91%	-8.84%	233,787	222,771	-4.71%
Wealth Management and Corporate Finance	27,643	15,593	12,880	-17.40%	-53.41%	180,429	156,149	-13.46%
ASB	9,810	10,422	11,040	5.93%	12.54%	99,523	95,729	-3.81%
Others ⁽⁴⁾	12,318	-4,922	-16,494	n.a	-233.90%	87,209	25,261	-71.03%
Total	811,795	838,108	815,544	-2.69%	0.46%	5,244,642	5,738,263	9.41%

Non-core Other income	Quarter					% Change		As of				% Change
(S/ 000)	4Q21		3Q22		4Q22	QoQ	YoY	Dec 21		Dec 22		Dec 22/ Dec 21
Net gain on securities	2,550		(25,459	)	77,512	n.a	2939.7%	(45,371	)	(98,993	)	n.a.
Net gain from associates ⁽¹⁾	13,224		25,806		25,422	-1.5%	92.2%	74,021		104,461		41.1%
Net gain on derivatives held for trading	46,546		53,008		5,857	-89.0%	-87.4%	221,064		65,187		-70.5%
Net gain from exchange differences	(22,083	)	(4,071	)	22,039	n.a	n.a	(3,215	)	(16,158	)	402.6%
Other non-financial income	76,748		64,491		32,064	-50.3%	-58.2%	266,567		329,382		23.6%
Total other income Non-Core	116,985		113,775		162,894	43.2%	39.2%	513,066		383,879		-25.2%

Insurance underwriting result ⁽¹⁾		Quarter			% change		As of		% change
S/ 000		4Q21	3Q22	4Q22	QoQ	YoY	Dec 21	Dec 22	2022 / 2021
	Net earned premiums	712,087	751,936	735,276	-2.2%	3.3%	2,671,530	2,873,295	7.6%
	Net claims	(509,278)	(478,039)	(481,087)	0.6%	-5.5%	(2,341,917)	(1,929,890)	-17.6%
Total	Acquisition cost ⁽²⁾	(75,152)	(75,055)	(70,021)	-6.7%	-6.8%	(333,334)	(281,807)	-15.5%
	Total insurance underwriting result	127,657	198,842	184,168	-7.4%	44.3%	(3,721)	661,598	n.a.
	Loss Ratio	71.5%	63.6%	65.4%	180 pbs	-610 pbs	87.7%	67.2%	-2050 pbs
	Net earned premiums	375,454	411,042	385,805	-6.1%	2.8%	1,397,423	1,527,790	9.3%
Life	Net claims	(350,672)	(315,334)	(309,769)	-1.8%	-11.7%	(1,742,093)	(1,276,025)	-26.8%
	Loss Ratio	93.4%	76.7%	80.3%	360 pbs	-1310 pbs	124.7%	83.5%	-4120 pbs
	Net earned premiums	318,949	324,127	329,815	1.8%	3.4%	1,205,197	1,276,351	5.9%
P&C	Net claims	(149,749)	(158,037)	(165,963)	5.0%	10.8%	(564,232)	(633,897)	12.3%
	Loss Ratio	47.0%	48.8%	50.3%	150 pbs	330 pbs	46.8%	49.7%	290 pbs

Net earned premiums in Life ⁽¹⁾	Net Earned Premiums in P& C ⁽¹⁾
(S/ millions)	(S/ millions)

Acquisition cost	Quarter			% change		Year		% change
S/000	4Q21	3Q22	4Q22	QoQ	YoY	Dec 2021	Dec 2022	2022 / 2021
Net fees	(56,359)	(43,738)	(38,840)	-11.2%	-31.1%	(217,389)	(161,805)	-25.6%
Underwriting expenses	(22,526)	(32,619)	(32,788)	0.5%	45.6%	(119,468)	(124,636)	4.3%
Underwriting income	3,734	1,302	1,607	23.4%	-57.0%	3,524	4,634	31.5%
Acquisition cost	(75,152)	(75,055)	(70,021)	-6.7%	-6.8%	(333,334)	(281,807)	-15.5%

Administrative and general expenses	Quarter			% Change		As of		% change
S/ 000	4Q21	3Q22	4Q22	QoQ	YoY	2021	2022	2022 / 2021
IT expenses and IT third-party services	240,939	238,753	262,252	9.8%	8.8%	741,429	938,014	26.5%
Advertising and customer loyalty programs	185,896	173,728	212,920	22.6%	14.5%	486,885	653,430	34.2%
Taxes and contributions	62,644	51,963	100,950	94.3%	61.1%	289,484	305,486	5.5%
Audit Services, Consulting and professional fees	96,684	74,804	140,293	87.5%	45.1%	312,978	338,269	8.1%
Transport and communications	66,209	75,269	63,906	-15.1%	-3.5%	208,244	229,110	10.0%
Repair and maintenance	33,109	21,955	45,220	106.0%	36.6%	123,232	137,946	11.9%
Agents' Fees	27,960	25,574	27,673	8.2%	-1.0%	104,700	106,356	1.6%
Services by third-party	28,917	29,929	36,647	22.4%	26.7%	99,440	118,778	19.4%
Leases of low value and short-term	23,805	22,142	25,997	17.4%	9.2%	86,417	91,680	6.1%
Miscellaneous supplies	15,035	25,266	22,848	-9.6%	52.0%	57,093	87,848	53.9%
Security and protection	16,381	16,841	16,365	-2.8%	-0.1%	63,500	64,480	1.5%
Subscriptions and quotes	14,883	14,013	14,833	5.9%	-0.3%	55,331	58,251	5.3%
Electricity and water	14,384	11,867	15,006	26.5%	4.3%	48,886	51,117	4.6%
Electronic processing	7,574	7,770	12,225	57.3%	61.4%	39,528	35,896	-9.2%
Insurance	13,344	40,561	8,629	-78.7%	-35.3%	62,142	62,994	1.4%
Cleaning	4,987	5,358	5,368	0.2%	7.6%	20,105	20,435	1.6%
Others ⁽¹⁾	45,926	33,012	52,479	59.0%	14.3%	154,323	205,011	32.8%
Total	898,677	868,805	1,063,611	22.4%	18.4%	2,953,717	3,505,101	18.7%

	BCP Stand-alone	BCP Bolivia	Mibanco Peru	Mibanco Colombia	Pacifico	Prima AFP	Credicorp
4Q21	47.4%	70.0%	55.6%	67.1%	35.2%	61.2%	49.4%
3Q22	38.8%	61.3%	49.6%	80.6%	33.8%	50.2%	42.8%
4Q22	41.9%	64.5%	52.3%	93.3%	36.7%	46.1%	46.0%
Var. QoQ	310 bps	320 bps	270 bps	1270 bps	290 bps	-410 bps	320 bps
Var. YoY	-550 bps	-550 bps	-330 bps	2620 bps	150 bps	-1510 bps	-340 bps

2021	43.4%	60.3%	55.4%	76.2%	35.4%	50.7%	45.9%
2022	40.7%	60.9%	51.3%	81.8%	35.3%	51.0%	44.4%
% change 2022 / 2021	-270 bps	60 bps	-410 bps	560 bps	-10 bps	30 bps	-150 bps

Peru	2018	2019	2020	2021	2022 ⁽³⁾	2023 ⁽⁴⁾

GDP (US$ Millions)	226,856	232,447	205,553	225,861	241,146	256,369
Real GDP (% change)	4.0	2.2	-11.0	13.6	2.6	2.0
GDP per capita (US$)	7,045	7,152	6,300	6,837	7,221	7,587
Domestic demand (% change)	4.1	2.2	-9.9	14.7	2.4	1.3
Gross fixed investment (as % GDP)	22.2	22.5	21.1	25.2	24.7	23.6
Financial system loan without Reactiva (% change) ⁽¹⁾	10.3	6.4	-4.3	12.6	10.1	7.0
Inflation, end of period⁽²⁾	2.2	1.9	2.0	6.4	8.5	4.5
Reference Rate, end of period	2.75	2.25	0.25	2.50	7.50	6.75
Exchange rate, end of period	3.37	3.31	3.62	3.99	3.81	3.85
Exchange rate, (% change)	4.0%	-1.8%	9.3%	10.3%	-4.5%	1.0%
Fiscal balance (% GDP)	-2.3	-1.6	-8.9	-2.5	-1.6	-1.5
Public Debt (as % GDP)	25.6	26.6	34.6	35.9	34.0	33.7
Trade balance (US$ Millions)	7,201	6,879	8,196	14,833	9,500	9,500
(As % GDP)	3.2%	3.0%	4.0%	6.6%	3.9%	3.7%
Exports	49,066	47,980	42,905	63,151	65,730	63,460
Imports	41,866	41,101	34,709	48,317	56,230	53,960
Current account balance (US$ Millions)	-3,915	-2,397	2,398	-5,273	-12,169	-10,200
Current account balance (As % GDP)	-1.3%	-0.7%	1.2%	-2.3%	-5.0%	-4.0%
Net international reserves (US$ Millions)	60,121	68,316	74,707	78,495	71,883	72,000
(As % GDP)	26.5%	29.4%	36.3%	34.8%	29.8%	28.1%
(As months of imports)	17	20	26	19	15	16