Credicorp Ltd 6-K, filed Nov 7, 2022

Credicorp Ltd (BAP)

6-K 2022-11-07 For: 2022-11-04

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Added on April 07, 2026

About this 6-K

Credicorp Ltd filed this 6-K on November 7, 2022.

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Date: November 4^th, 2022

	CREDICORP LTD. (Registrant)


	By:	/s/ Guillermo Morales
		Guillermo Morales
		Authorized Representative

	Operating and Financial Highlights	03

	Senior Management Quotes	04

	Third Quarter 2022 Earnings Conference Call	05

	Summary of Financial Performance and Outlook	06

	Financial Overview	11

	Credicorp’s Strategy Update	12

	Analysis of 3Q22 Consolidated Results

01	Loan Portfolio	15
02	Deposits	21
03	Interest Earning Assets and Funding	24
04	Net Interest Income	25
05	Provisions	28
06	Other Income	30
07	Insurance Technical Results	32
08	Operating Expenses	35
09	Operating Efficiency	37
10	Regulatory Capital	38
11	Economic Outlook	40
12	Appendix	44

Credicorp Ltd.	Quarter			% change		As of		% change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Net interest, similar income and expenses	2,451,099	2,740,440	3,001,426	9.5%	22.5%	6,882,370	8,274,919	20.2%
Provision for credit losses on loan portfolio, net of recoveries	(164,414)	(363,291)	(459,976)	26.6%	179.8%	(1,085,441)	(1,080,857)	-0.4%
Net interest, similar income and expenses, after provision for credit losses on loan portfolio	2,286,685	2,377,149	2,541,450	6.9%	11.1%	5,796,929	7,194,062	24.1%
Total other income	1,238,683	1,203,980	1,310,585	8.9%	5.8%	3,624,907	3,757,314	3.7%
Insurance underwriting result	70,204	137,042	198,842	45.1%	183.2%	(131,378)	477,430	-463.4%
Total other expenses	(1,977,185)	(2,054,810)	(2,141,519)	4.2%	8.3%	(5,516,749)	(6,145,474)	11.4%
Profit (loss) before income tax	1,618,387	1,663,361	1,909,358	14.8%	18.0%	3,773,709	5,283,332	40.0%
Income tax	(428,037)	(513,181)	(575,083)	12.1%	34.4%	(1,189,127)	(1,634,265)	37.4%
Net profit (loss)	1,190,350	1,150,180	1,334,275	16.0%	12.1%	2,584,582	3,649,067	41.2%
Non-controlling interest	26,651	28,420	31,855	12.1%	19.5%	60,616	88,061	45.3%
Net profit (loss) attributable to Credicorp	1,163,699	1,121,760	1,302,420	16.1%	11.9%	2,523,966	3,561,006	41.1%
Net profit (loss) / share (S/)	14.59	14.06	16.33	16.1%	11.9%	31.64	44.65	41.1%
Loans	146,551,226	150,370,184	151,392,202	0.7%	3.3%	146,551,226	151,392,202	3.3%
Deposits and obligations	152,548,368	147,440,575	152,792,014	3.6%	0.2%	152,548,368	152,792,014	0.2%
Net equity	25,192,569	26,175,222	27,109,054	3.6%	7.6%	25,192,569	27,109,054	7.6%
Profitability
Net interest margin	4.23%	4.90%	5.31%	41 bps	108 bps	4.00%	4.78%	78 bps
Risk-adjusted Net interest margin	3.94%	4.25%	4.50%	25 bps	56 bps	3.37%	4.16%	79 bps
Funding cost	1.21%	1.59%	0.87%	48 bps	86 bps	1.28%	1.62%	34 bps
ROAE	18.5%	16.9%	19.6%	270 bps	110 bps	13.4%	17.7%	430 bps
ROAA	1.9%	1.9%	2.2%	30 bps	30 bps	1.4%	1.9%	50 bps
Loan portfolio quality
Internal overdue ratio ⁽¹⁾	3.73%	4.06%	4.13%	7 bps	40 bps	3.73%	4.13%	40 bps
Internal overdue ratio over 90 days	2.76%	3.06%	3.08%	2 bps	32 bps	2.76%	3.08%	32 bps
NPL ratio ⁽²⁾	4.96%	5.18%	5.32%	14 bps	36 bps	4.96%	5.32%	36 bps
Cost of risk ⁽³⁾	0.45%	0.97%	1.22%	25 bps	77 bps	0.45%	1.22%	77 bps
Coverage ratio of IOLs	165.8%	136.1%	128.5%	-760 bps	-3730 bps	165.8%	128.7%	-3710 bps
Coverage ratio of NPLs	124.8%	106.6%	99.6%	-700 bps	-2500 bps	124.8%	99.8%	-2500 bps
Operating efficiency
Efficiency ratio ⁽⁴⁾	46.1%	44.6%	42.8%	-180 bps	-330 bps	44.7%	43.9%	-80 bps
Operating expenses / Total average assets	3.20%	3.49%	3.58%	9 bps	38 bps	3.00%	3.37%	40 bps
Insurance ratios
Combined ratio of P&C ^{(5) (6)}	94.1%	89.9%	91.2%	130 bps	-290 bps	94.1%	91.2%	-290 bps
Loss ratio ⁽⁶⁾	76.5%	70.5%	63.5%	-700 bps	-1300 bps	93.1%	67.6%	-2550 bps
Capital adequacy - BCP Stand-alone ⁽⁷⁾
Global Capital ratio ⁽⁸⁾	15.16%	15.23%	14.93%	-30 bps	-23 bps	15.16%	14.93%	-23 bps
Tier 1 ratio ⁽⁹⁾	10.00%	10.25%	9.94%	-31 bps	-6 bps	10.00%	9.94%	-6 bps
Common equity tier 1 ratio^{(10) (12)}	11.20%	11.57%	11.83%	26 bps	63 bps	11.20%	11.83%	63 bps
Capital adequacy - Mibanco ⁽⁷⁾
Global Capital ratio ⁽⁸⁾	16.74%	14.83%	14.61%	-22 bps	-213 bps	16.74%	14.61%	-213 bps
Tier 1 ratio ⁽⁹⁾	14.25%	12.55%	12.36%	-19 bps	-189 bps	14.25%	12.36%	-189 bps
Common equity tier 1 ratio^{(10) (12)}	15.10%	15.25%	16.00%	75 bps	90 bps	15.10%	16.00%	90 bps
Employees	35,733	34,398	35,692	3.8%	-0.1%	35,733	35,692	-0.1%
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	14,849	14,849	0.0%	-0.1%	14,866	14,849	-0.1%
Outstanding Shares	79,516	79,533	79,533	0.0%	0.0%	79,516	79,533	0.0%

Traditional Business Transformation ⁽¹⁾	Subsidiary	3Q19	3Q21	3Q22
Day to Day
Digital clients ⁽²⁾	BCP	38%	56%	63%
Digital monetary transactions^(3)z	BCP	25%	49%	62%
Transactional cost by unit	BCP	0.40	0.22	0.09
Disbursements through leads ⁽⁴⁾	Mibanco	ND.	70%	74%
Disbursements through alternative channels ⁽⁵⁾	Mibanco	16%	39%	43%
Mibanco Productivity ⁽⁶⁾	Mibanco	23.31	21.91	23.07
Cashless
Cashless transactions ⁽⁷⁾	BCP	21%	36%	45%
Mobile Banking rating Apple	BCP	ND.	2.1	4.7
Mobile Banking rating Android	BCP	3.3	2.0	3.9
Digital Acquisition
Digital sales ⁽⁸⁾	BCP	15%	34%	44%
Digital loans ⁽⁹⁾	BCP	24%	57%	58%

Disruptive Initiatives: Yape ⁽¹⁾	3Q19	3Q21	3Q22
Day to Day
% Microbusiness users ⁽²⁾	9%	17%	19%
Mobile phone top-ups (thousands)	-	-	6,793
Cashless
Users (thousands)	1,485	7,205	10,878
% User’s clients of BCP ⁽³⁾	100%	69%	56%
% of Yapecard Users⁽⁴⁾	-	28%	39%
Active users (thousands) ⁽⁵⁾	429	3,543	6,937
% Active users on a monthly basis ⁽⁶⁾	29%	49%	64%
No. of monthly Transactions (thousands)	1,744	37,728	120,217
Monthly transaction amount (millions, S/)	87	2,406	6,367
Number of monthly transactions by Active Yapero ⁽⁷⁾	4	11	17


	Earnings Release 3Q / 2022	Analysis of 3Q22 Consolidated Results


	Structural loans increased QoQ, led by the evolution in Corporate Banking, Consumer and Mortgages at BCP Stand-alone, which rolled out campaigns for Working Capital; made product improvements; and experienced a decrease in prepayments, respectively. Mibanco continues to grow but at a slower pace due to a more prudent approach to lending. YoY, growth in structural loans was concentrated in Retail Banking and Mibanco in a context of economic reactivation. The Structural NPL ratio decreased QoQ as a result of the increase in structural loans and the drop in the IOL portfolio due to an increase in write-offs 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
	Sep 21	Jun 22	Sep 22	QoQ	YoY	QoQ	YoY	Sep 21	Jun 22	Sep 22
BCP Stand-alone	101,483	106,391	112,276	5,885	10,794	5.5%	10.6%	81.5%	81.5%	81.8%
Wholesale Banking	53,048	53,460	56,969	3,508	3,920	6.6%	7.4%	42.6%	41.0%	41.5%
Corporate	32,115	32,099	34,686	2,587	2,571	8.1%	8.0%	25.8%	24.6%	25.3%
Middle - Market	20,933	21,361	22,282	921	1,349	4.3%	6.4%	16.8%	16.4%	16.2%
Retail Banking	48,434	52,931	55,308	2,377	6,874	4.5%	14.2%	38.9%	40.6%	40.3%
SME - Business	5,524	5,143	5,714	571	191	11.1%	3.5%	4.4%	3.9%	4.2%
SME - Pyme	11,046	12,204	12,637	432	1,590	3.5%	14.4%	8.9%	9.4%	9.2%
Mortgage	18,133	19,301	19,739	438	1,606	2.3%	8.9%	14.6%	14.8%	14.4%
Consumer	10,000	11,848	12,444	597	2,444	5.0%	24.4%	8.0%	9.1%	9.1%
Credit Card	3,731	4,435	4,774	339	1,042	7.6%	27.9%	3.0%	3.4%	3.5%
Mibanco	10,429	12,313	12,782	469	2,354	3.8%	22.6%	8.4%	9.4%	9.3%
Mibanco Colombia	1,047	1,152	1,163	11	116	1.0%	11.1%	0.8%	0.9%	0.8%
Bolivia	9,408	8,622	8,992	370	-416	4.3%	-4.4%	7.6%	6.6%	6.5%
ASB	2,123	2,030	2,084	54	-39	2.7%	-1.8%	1.7%	1.6%	1.5%
BAP's total loans	124,488	130,508	137,298	6,790	12,809	5.2%	10.3%	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
	As of			Volume change		% change		% Part. in total loans
	Sep 21	Jun 22	Sep 22	QoQ	YoY	QoQ	YoY	Jun 21	Mar 22	Jun 22
BCP Stand-alone	120,722	120,299	124,101	3,801	3,379	3.2%	2.8%	82.5%	82.2%	82.4%
Wholesale Banking	57,831	56,447	59,387	2,940	1,556	5.2%	2.7%	39.5%	38.6%	39.4%
Corporate	32,610	32,435	34,961	2,526	2,351	7.8%	7.2%	22.3%	22.2%	23.2%
Middle - Market	25,221	24,012	24,426	414	-795	1.7%	-3.2%	17.2%	16.4%	16.2%
Retail Banking	62,891	63,852	64,713	861	1,823	1.3%	2.9%	43.0%	43.7%	43.0%
SME - Business	11,400	9,330	9,219	-110	-2,181	-1.2%	-19.1%	7.8%	6.4%	6.1%
SME - Pyme	19,626	18,939	18,537	-402	-1,089	-2.1%	-5.5%	13.4%	12.9%	12.3%
Mortgage	18,133	19,301	19,739	438	1,606	2.3%	8.9%	12.4%	13.2%	13.1%
Consumer	10,000	11,848	12,444	597	2,444	5.0%	24.4%	6.8%	8.1%	8.3%
Credit Card	3,731	4,435	4,774	339	1,042	7.6%	27.9%	2.5%	3.0%	3.2%
Mibanco	13,083	14,172	14,286	114	1,203	0.8%	9.2%	8.9%	9.7%	9.5%
Mibanco Colombia	1,047	1,152	1,163	11	116	1.0%	11.1%	0.7%	0.8%	0.8%
Bolivia	9,408	8,622	8,992	370	-416	4.3%	-4.4%	6.4%	5.9%	6.0%
ASB	2,123	2,030	2,084	54	-39	2.7%	-1.8%	1.5%	1.4%	1.4%
BAP's total loans	146,382	146,275	150,626	4,351	4,244	3.0%	2.9%	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) 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		Sep 22
	Sep 21	Jun-22	Sep 22	Sep 21	Jun-22	Sep 22	QoQ	YoY	QoQ	YoY	Sep 21	Jun-22	Sep 22	QoQ	YoY	LC	FC
BCP Stand-alone	83,442	85,162	85,871	64,202	71,254	74,047	0.8%	2.9%	3.9%	15.3%	9,127	9,278	9,765	5.2%	7.0%	69.2%	30.8%
Wholesale Banking	28,562	28,411	28,943	23,779	25,424	26,524	1.9%	1.3%	4.3%	11.5%	7,165	7,403	7,777	5.1%	8.5%	48.7%	51.3%
Corporate	14,771	15,375	16,303	14,276	15,039	16,029	6.0%	10.4%	6.6%	12.3%	4,367	4,505	4,767	5.8%	9.1%	46.6%	53.4%
Middle-Market	13,791	13,036	12,639	9,503	10,385	10,495	-3.0%	-8.4%	1.1%	10.4%	2,798	2,899	3,011	3.9%	7.6%	51.7%	48.3%
Retail Banking	54,880	56,751	56,929	40,423	45,830	47,523	0.3%	3.7%	3.7%	17.6%	1,962	1,875	1,988	6.0%	1.3%	88.0%	12.0%
SME - Business	8,076	6,586	6,100	2,199	2,400	2,595	-7.4%	-24.5%	8.2%	18.0%	815	724	797	10.0%	-2.3%	66.2%	33.8%
SME - Pyme	19,441	18,775	18,368	10,861	12,040	12,467	-2.2%	-5.5%	3.5%	14.8%	45	43	43	-0.3%	-4.4%	99.1%	0.9%
Mortgage	15,960	17,353	17,684	15,960	17,353	17,684	1.9%	10.8%	1.9%	10.8%	532	514	525	2.1%	-1.3%	89.6%	10.4%
Consumer	8,469	10,373	10,850	8,469	10,373	10,850	4.6%	28.1%	4.6%	28.1%	375	390	407	4.6%	8.7%	87.2%	12.8%
Credit Card	2,933	3,664	3,927	2,933	3,664	3,927	7.2%	33.9%	7.2%	33.9%	195	203	216	6.3%	10.7%	82.3%	17.7%
Mibanco	12,614	13,696	13,812	9,960	11,837	12,309	0.9%	9.5%	4.0%	23.6%	115	126	121	-3.8%	5.6%	96.7%	3.3%
Mibanco Colombia	-	-	-	-	-	-	-	-	-	-	256	304	297	-2.4%	16.0%	-	100.0%
Bolivia	-	-	-	-	-	-	-	-	-	-	2,302	2,277	2,297	0.9%	-0.2%	-	100.0%
ASB Bank Corp.	-	-	-	-	-	-	-	-	-	-	520	536	532	-0.7%	2.5%	-	100.0%
Total loans	96,056	98,858	99,684	74,162	83,091	86,356	0.8%	3.8%	3.9%	16.4%	12,320	12,521	13,012	3.9%	5.6%	66.2%	33.8%

(1) Includes Work out unit, and other banking.
(2) Internal Management Figures.

Structural Portfolio quality and Delinquency ratios	As of			% change
S/ 000	Sep 21	Jun 22	Sep 22	QoQ	YoY
Structural loans (Quarter-end balance)	125,528,623	135,722,381	139,092,027	2.5%	10.8%
Structural Allowance for loan losses	8,934,930	8,112,356	7,755,432	-4.4%	-13.2%
Structural Write-offs	670,273	413,501	837,924	102.6%	25.0%
Structural IOLs	4,747,553	5,163,525	5,037,163	-2.4%	6.1%
Structural Refinanced loans	1,798,965	1,686,186	1,808,982	7.3%	0.6%
Structural NPLs	6,546,518	6,849,711	6,846,145	-0.1%	4.6%
Structural IOL ratio	3.78%	3.80%	3.62%	-18 bps	-16 bps
Structural NPL ratio	5.22%	5.05%	4.92%	-13 bps	-30 bps
Structural Allowance for loan losses over Structural loans	7.1%	6.0%	5.6%	-40 bps	-154 bps
Structural Coverage ratio of NPLs	136.5%	118.4%	113.3%	-515 bps	-2320 bps

Loan Portfolio Quality and Delinquency Ratios	As of			% change
S/ 000	Sep 21	Jun 22	Sep 22	QoQ	YoY
Total loans (Quarter-end balance)	146,551,226	150,370,184	151,392,202	0.7%	3.3%
Allowance for loan losses	9,077,449	8,306,500	8,030,104	-3.3%	-11.5%
Write-offs	670,273	413,501	837,924	102.6%	25.0%
Internal overdue loans (IOLs) ⁽¹⁾⁽²⁾	5,473,685	6,105,256	6,250,131	2.4%	14.2%
Internal overdue loans over 90-days ⁽¹⁾	4,051,717	4,596,259	4,667,608	1.6%	15.2%
Refinanced loans ⁽²⁾	1,798,965	1,686,186	1,808,982	7.3%	0.6%
Non-performing loans (NPLs)⁽³⁾	7,272,650	7,791,442	8,059,113	3.4%	10.8%
IOL ratio	3.73%	4.06%	4.13%	7 bps	40 bps
IOL over 90-days ratio	2.76%	3.06%	3.08%	2 bps	32 bps
NPL ratio	4.96%	5.18%	5.32%	14 bps	36 bps
Allowance for loan losses over Total loans	6.2%	5.5%	5.3%	-22 bps	-89 bps
Coverage ratio of IOLs	165.8%	136.1%	128.5%	-757 bps	-3736 bps
Coverage ratio of IOL 90-days	224.0%	180.7%	172.0%	-868 bps	-5200 bps
Coverage ratio of NPLs	124.8%	106.6%	99.6%	-697 bps	-2518 bps


	At the end of 3Q22, 71.1% of total deposits were low-cost, which represents a competitive advantage in a context of rising interest rates. In YoY terms, low-cost deposits decreased 4.1% (at a constant exchange rate). This drop was driven mainly by a reduction in demand deposits held by companies that amortized GP loans. Severance Indemnity Deposits dropped 19.0% (at a constant exchange rate) after restrictions on fund withdrawals were lifted. Time Deposits, which received an inflow of funds from low-cost deposits as clients moved to take advantage of higher interest rates, registered an upward trend. At the end of August 2022, BCP Stand-alone + Mibanco’s market share stood at 35.7% (+44bps with regard to Sept 21). This improvement was spurred mainly by growth in the MS of Time Deposits in a context of higher rates.


	At the end of 3Q22, IEA rose 3.4% QoQ. This growth was driven primarily by an increase in Cash and Due from Banks and Investments and secondarily, by an uptick in Loans. Higher balances for liquid assets reflect growth of 3.5% in the funding base, which was led by growth in captures of deposits and bank financing. YoY, IEAs fell 1.9%, which was attributable to a decrease in balances of Cash and Due from Banks and Investments after the drop in system-wide liquidity and the use of funds to finance loan growth. Funding decreased 2.6%, which reflected a decrease in BCRP instruments due to amortizations of Government Loan programs (GP). If we isolate the exchange rate effect, structural loans rise 1.0% QoQ, driven primarily by wholesale loans at BCP. YoY, the increase stands at 12.4%, which reflects economic recovery post-pandemic.

Interest Earning Assets	As of			% change
S/000	Sep 21	Jun 22	Sep 22	QoQ	YoY
Cash and due from banks	36,147,225	23,831,465	29,330,082	23.1%	-18.9%
Total investments	48,110,456	45,342,775	46,843,270	3.3%	-2.6%
Cash collateral, reverse repurchase agreements and securities borrowing	2,555,337	2,046,209	1,586,967	-22.4%	-37.9%
Financial assets designated at fair value through profit or loss	981,508	765,195	767,425	0.3%	-21.8%
Total loans	146,551,226	150,370,184	151,392,202	0.7%	3.3%
Total interest earning assets	234,345,752	222,355,828	229,919,946	3.4%	-1.9%

Funding	As of			% change
S/ 000	Sep 21	Jun 22	Sep 22	QoQ	YoY
Deposits and obligations	152,548,368	147,440,575	152,792,014	3.6%	0.2%
Due to banks and correspondents	7,466,434	6,456,360	9,002,035	39.4%	20.6%
BCRP instruments	20,746,109	16,031,618	14,449,597	-9.9%	-30.4%
Repurchase agreements	1,330,811	1,340,423	1,182,946	-11.7%	-11.1%
Bonds and notes issued	17,577,630	16,579,674	17,019,694	2.7%	-3.2%
Total funding	199,669,352	187,848,650	194,446,286	3.5%	-2.6%


	In 3Q22, Net Interest Income continued to recover. This evolution was primarily driven by the increase in market rates and disciplined pricing management. It is important to note that the volume dynamics described in the section on IEAs generated a higher-yield mix where liquid assets with lower rates continue to fall and structural loans are on the rise. These factors offset the negative effect generated by an increase in the cost of funds in a context marked by growth in passive interest rates and expansion in expensive funding sources. Notwithstanding, at the end of 3Q22, low-cost deposits constituted 55.9% of the funding structure. In this context, in the 3Q22, the Net interest margin rose 41bps QoQ and 108bps YoY to stand at 5.31% while the Structural Net Interest Margin stood at 5.58% (+40bps QoQ, +105bps YoY).

Net Interest Income / Margin	Quarter			% change		As of		% change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Interest Income	3,051,000	3,488,113	3,988,681	14.4%	30.7%	8,758,652	10,649,140	21.6%
Interest Expense	599,901	748,085	987,255	32.0%	64.6%	1,876,282	2,374,221	26.5%
Net Interest Income	2,451,099	2,740,028	3,001,426	9.5%	22.5%	6,882,370	8,274,919	20.2%

Balances
Average Interest Earning Assets (IEA)	231,912,064	223,529,737	226,137,887	1.2%	-2.5%	229,486,667	230,803,439	0.6%
Average Funding	198,314,233	188,461,327	191,164,166	1.4%	-3.6%	195,570,200	195,050,534	-0.3%

Yields
Yield on IEAs	5.26%	6.24%	7.06%	82bps	180bps	5.09%	6.15%	106bps
Cost of Funds	1.21%	1.59%	2.07%	48bps	86bps	1.28%	1.62%	34bps
Net Interest Margin (NIM)	4.23%	4.90%	5.31%	41bps	108bps	4.00%	4.78%	78bps
Risk-Adjusted Net Interest Margin	3.94%	4.25%	4.50%	25bps	56bps	3.37%	4.16%	79bps
Peru's Reference Rate	1.00%	5.50%	6.75%	125bps	575bps	1.00%	6.75%	575bps
FED funds rate	0.25%	1.75%	3.25%	150bps	300bps	0.25%	3.25%	300bps

Interest Income / IEA	3Q21			2Q22			3Q22			Sep 21			Sep 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	32,611	12	0.1%	26,697	48	0.7%	26,581	139	2.1%	32,362	26	0.1%	30,863	222	1.0%
Other IEA	3,038	26	3.4%	2,592	14	2.2%	2,523	10	1.6%	3,377	51	2.0%	2,488	43	2.3%
Investments	51,442	406	3.2%	46,744	497	4.2%	46,093	551	4.8%	51,642	1,165	3.0%	47,898	1,480	4.1%
Loans	144,821	2,607	7.2%	147,496	2,930	7.9%	150,881	3,289	8.7%	142,106	7,516	7.1%	149,495	8,904	7.9%
Structural	122,812	2,521	8.2%	132,651	2,871	8.7%	138,335	3,235	9.4%	119,273	7,265	8.1%	134,281	8,725	8.7%
Government Programs	22,009	86	1.6%	14,845	59	1.6%	12,546	54	1.7%	22,832	251	1.5%	15,214	180	1.6%
Total IEA	231,912	3,051	5.3%	223,530	3,488	6.2%	226,078	3,989	7.1%	229,487	8,759	5.1%	230,743	10,649	6.2%
IEA (LC)	57.5%	75.1%	6.9%	58.6%	78.2%	8.3%	56.9%	75.0%	9.3%	58.9%	75.6%	6.5%	56.2%	77.2%	8.5%
IEA (FC)	42.5%	24.9%	3.1%	41.4%	21.8%	3.3%	43.1%	25.0%	4.1%	41.1%	24.4%	3.0%	43.8%	22.8%	3.2%

Interest Expense / Funding	3Q21			2Q22			3Q22			Sep 21			Sep 22
S/ millions	Average			Average			Average			Average			Average
	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields	Balance	Expense	Yields
Deposits	150,855	210	0.6%	147,678	337	0.9%	150,116	510	1.4%	147,457	642	0.6%	151,566	1,106	1.0%
BCRP + Due to Banks	28,891	110	1.5%	23,192	142	2.4%	22,970	186	3.2%	29,963	324	1.4%	25,179	444	2.3%
Bonds and Notes	17,265	179	4.2%	16,312	168	4.1%	16,800	180	4.3%	16,949	625	4.9%	17,049	514	4.0%
Others	1,304	99	30.3%	1,279	101	31.7%	1,278	111	34.8%	1,202	282	31.3%	1,256	310	32.9%
Total Funding	198,314	598	1.2%	188,461	748	1.6%	191,164	987	2.1%	195,570	1,873	1.3%	195,051	2,374	1.6%
Funding (LC)	52.8%	45.3%	1.0%	51.4%	58.4%	1.8%	51.1%	57.8%	2.3%	54.6%	45.4%	1.1%	51.2%	56.9%	1.8%
Funding (FC)	47.2%	54.7%	1.4%	48.6%	41.6%	1.4%	48.9%	42.2%	1.8%	45.4%	54.6%	1.5%	48.8%	43.1%	1.4%

NIM	231,912	2,453	4.2%	223,530	2,740	4.9%	226,078	3,001	5.3%	229,487	6,885	6.0%	230,743	8,276	7.2%
NIM (LC)	57.5%	82.3%	6.1%	58.6%	83.7%	7.0%	56.9%	80.7%	7.5%	58.9%	83.8%	4.3%	56.2%	83.0%	5.3%
NIM (FC)	42.5%	17.7%	1.8%	41.4%	16.3%	1.9%	43.1%	19.3%	2.4%	41.1%	16.2%	1.2%	43.8%	17.0%	1.4%


	QoQ, the provisions expense increased due to an uptick in SME provisions which reflects efforts to penetrate higher yield and riskier segments; and a base effect that impacted the SME segment in particular. This was partially offset by methodological improvements in the risk models at Mibanco. YoY, higher provisions correspond to a base effect, given that, in 3Q21, extraordinarily low provisions were recorded after uncertainty surrounding the pandemic waned significantly. In the aforementioned context, the structural Cost of Risk (CofR) stood at 1.44% at the end of 3Q22 and 1.04% YTD.

Structural Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Gross provision for credit losses on loan portfolio	(268,650)	(453,605)	(584,841)	28.9%	117.7%	(1,318,666)	(1,345,663)	2.0%
Recoveries of written-off loans	100,744	83,745	85,273	1.8%	-15.4%	243,706	262,109	7.6%
Provision for credit losses on loan portfolio, net of recoveries	(167,906)	(369,860)	(499,568)	35.1%	197.5%	(1,074,960)	(1,083,554)	0.8%
Structural Cost of risk ⁽¹⁾	0.54%	1.09%	1.44%	35 bps	90 bps	1.14%	1.04%	-10 bps

GP Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Gross provision for credit losses on loan portfolio	3,492	6,569	39,592	n.a	88.1%	(10,480)	2,697	-125.7%
Recoveries of written-off loans	-	-	-	-	-	-	-	-
Provision for credit losses on loan portfolio, net of recoveries	3,492	6,569	39,592	n.a	n.a	(10,481)	2,697	-125.7%
GP Cost of risk ⁽¹⁾	-0.07%	-0.18%	-1.29%	-111 bps	-122 bps	0.07%	-0.03%	-10 bps

Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Gross provision for credit losses on loan portfolio	(265,158)	(447,036)	(545,249)	22.0%	105.6%	(1,329,147)	(1,342,966)	1.0%
Recoveries of written-off loans	100,744	83,745	85,273	1.8%	-15.4%	243,706	262,109	7.6%
Provision for credit losses on loan portfolio, net of recoveries	(164,414)	(363,291)	(459,976)	26.6%	179.8%	(1,085,440)	(1,080,857)	-0.4%
Cost of risk ⁽¹⁾	0.45%	0.97%	1.22%	25 bps	77 bps	0.99%	0.95%	-4 bps


	Other core income continues to follow an upward trend. This improvement was fueled by growth in fee income, which was driven by an uptick in transactions and improvements in FX products and channels. Other non-core income grew QoQ, mainly due to gains in the fixed income portfolio at Credicorp Capital Colombia. YoY and YTD, non-core other income decreased due to Net Losses on Securities which was driven by stock market volatility, and its consequents impacts on investments at Credicorp Individual, Prima, ASB and Pacifico.

Core Other Income	Quarter			% Change		As of		% Change
(S/ 000)	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22/ Sep 21
Fee income	876,391	920,492	934,244	1.5%	6.6%	2,569,573	2,745,767	6.9%
Net gain on foreign exchange transactions	246,649	269,059	262,167	-2.6%	6.3%	659,900	790,936	19.9%
Total other income Core	1,123,040	1,189,551	1,196,411	0.6%	6.5%	3,229,473	3,536,703	9.5%

Banking Business Fees	Quarter			% Change		As of		% Change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Payments and transactionals ⁽¹⁾	258,756	306,095	328,202	7.22%	26.84%	718,794	924,494	28.62%
Liability accounts ⁽²⁾	226,051	234,038	237,873	1.64%	5.23%	967,842	1,061,962	9.72%
Loan Disbursement ⁽³⁾	67,644	91,940	100,721	9.55%	48.90%	868,872	973,104	12.00%
Off-balance sheet	65,919	59,304	60,283	1.65%	-8.55%	419,644	463,194	10.38%
Mibanco (Peru and Colombia)	26,046	35,190	32,258	-8.33%	23.85%	252,217	280,681	11.29%
Insurances	28,713	28,823	31,382	8.88%	9.29%	148,641	191,232	28.65%
BCP Bolivia	30,494	25,470	26,296	3.24%	-13.77%	178,383	169,674	-4.88%
Wealth Management and Corporate Finance	24,545	18,126	15,593	-13.97%	-36.47%	153,577	131,670	-14.26%
ASB	7,385	9,483	10,422	9.90%	41.13%	89,713	84,689	-5.60%
Others ⁽⁴⁾	15,131	-1,145	-4,922	329.84%	-132.53%	65,082	30,714	-52.81%
Total	750,683	807,324	838,108	3.81%	11.65%	3,862,766	4,311,414	11.61%

Non-core Other income	Quarter			% Change		As of		% Change
(S/ 000)	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22/ Sep 21
Net gain on securities	5,739	(94,180)	(25,459)	n.a.	n.a.	(47,921)	(176,505)	n.a.
Net gain from associates ⁽¹⁾	19,090	29,219	25,806	-11.7%	35.2%	60,797	79,039	30.0%
Net gain on derivatives held for trading	43,365	12,304	53,008	n.a.	22.2%	174,518	59,330	-66.0%
Net gain from exchange differences	(4,809)	(17,066)	(4,071)	-76.1%	-15.3%	18,868	(38,197)	-302.4%
Other non-financial income	52,258	84,152	64,890	-22.9%	24.2%	189,172	296,944	57.0%
Total other income Non-Core	115,643	14,429	114,174	691.3%	-1.3%	395,434	220,611	-44.2%


	The insurance underwriting result rose 45.1% QoQ in the last quarter to reach the highest level this year. The aforementioned was driven primarily by the Life Business, which registered growth in premiums across all lines (mainly in Credit Life and Group Life products) and a decrease in claims associated with an improvement in sanitary conditions. In the YoY and YTD analysis, the insurance underwriting result rose due to a drop in claims in the Life business and growth in net earned premiums in both business lines, which reflects the impact of economic reactivation. The aforementioned was partially attenuated by increase in claims in P&C in the accumulated.

Insurance underwriting result⁽¹⁾		Quarter			% change		As of		% change
S/ 000		3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep 22	Sep 22 / Sep 21
Total	Net earned premiums	675,571	695,547	751,936	8.1%	11.3%	1,959,443	2,138,019	9.1%
	Net claims	(517,951)	(492,258)	(478,039)	-2.9%	-7.7%	(1,832,639)	(1,448,803)	-20.9%
	Acquisition cost ⁽²⁾	(87,416)	(66,247)	(75,055)	13.3%	-14.1%	(258,182)	(211,786)	-18.0%
	Total insurance underwriting result	70,204	137,042	198,842	45.1%	183.2%	(131,378)	477,430	n.a.
	Loss Ratio	76.7%	70.8%	63.6%	-720 bps	-1310 bps	93.5%	67.8%	-2570 bps
Life	Net earned premiums	346,986	365,452	411,042	12.5%	18.5%	1,021,969	1,141,986	11.7%
	Net claims	(343,269)	(335,204)	(315,334)	-5.9%	-8.1%	(1,391,421)	(966,256)	-30.6%
	Loss Ratio	98.9%	91.7%	76.7%	-1500 bps	-2220 bps	136.2%	84.6%	-5160 bps
P&C	Net earned premiums	310,653	313,518	324,127	3.4%	4.3%	886,248	946,536	6.8%
	Net claims	(164,369)	(153,046)	(158,037)	3.3%	-3.9%	(414,483)	(467,935)	12.9%
	Loss Ratio	52.9%	48.8%	48.8%	0 bps	-410 bps	46.8%	49.4%	260 bps

Acquisition cost	Quarter			% change		As of		% change
S/ 000	3Q21	2Q22	3Q22	QoQ	YoY	Sep 21	Sep22	Sep 22 / Sep 21
Net fees	(51,617)	(39,352)	(43,738)	11.1%	-15.3%	(161,030)	(122,965)	-23.6%
Underwriting expenses	(33,542)	(27,943)	(32,619)	16.7%	-2.8%	(96,942)	(91,848)	-5.3%
Underwriting income	(2,257)	1,047	1,302	24.4%	n.a.	(210)	3,027	n.a.
Acquisition cost	(87,416)	(66,248)	(75,055)	13.3%	-14.1%	(258,182)	(211,786)	-18.0%