Credicorp Ltd 6-K, filed Aug 15, 2023

Credicorp Ltd (BAP)

6-K 2023-08-15 For: 2023-08-14

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Added on April 07, 2026

About this 6-K

Credicorp Ltd filed this 6-K on August 15, 2023.

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	CREDICORP LTD. (Registrant)

	By:	/s/ Guillermo Morales
		Guillermo Morales
		Authorized Representative

Operating and Financial Highlights		03

Senior Management Quotes		05

Second Quarter 2023 Earnings Conference Call		06

Summary of Financial Performance and Outlook		07

Financial Overview		12

Credicorp’s Strategy Update		13

Analysis of 2Q23 Consolidated Results

01	Loans and Portfolio Quality	16

02	Deposits	22

03	Interest Earning Assets and Funding	25

04	Net Interest Income	26

05	Provisions	29

06	Other Income	31

07	Insurance Underwriting Results	34

08	Operating Expenses	37

09	Operating Efficiency	39

10	Regulatory Capital	40

11	Economic Outlook	42

12	Appendix	46

Credicorp Ltd.	Quarter			% change		As of		% change
S/000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23 / 1H22
Net interest, similar income and expenses	2,637,106	3,132,089	3,204,156	2.3%	21.5%	5,274,531	6,567,161	24.5%
Provision for credit losses on loan portfolio, net of recoveries	(363,291)	(726,998)	(804,251)	10.6%	121.4%	(620,881)	(1,531,249)	146.6%
Net interest, similar income and expenses, after provision for credit losses on loan portfolio	2,273,815	2,405,091	2,399,905	-0.2%	5.5%	4,653,650	5,035,912	8.2%
Total other income	1,197,592	1,333,275	1,433,786	7.5%	19.7%	2,436,990	2,767,061	13.5%
Insurance underwriting result	194,197	296,341	296,564	0.1%	52.7%	400,864	592,905	47.9%
Total other expenses	(1,981,125)	(2,126,908)	(2,195,966)	3.2%	10.8%	(3,855,644)	(4,322,874)	12.1%
Profit before income tax	1,684,479	1,907,799	1,934,289	1.4%	14.8%	3,430,142	3,842,088	12.0%
Income tax	(513,182)	(493,466)	(504,472)	2.2%	-1.7%	(1,059,182)	(997,938)	-5.8%
Net profit	1,171,297	1,414,333	1,429,817	1.1%	22.1%	2,370,960	2,844,150	20.0%
Non-controlling interest	28,420	30,060	28,550	-5.0%	0.5%	56,206	58,610	4.3%
Net profit attributable to Credicorp	1,142,877	1,384,273	1,401,267	1.2%	22.6%	2,314,754	2,785,540	20.3%
Net income / share (S/)	14.33	17.36	17.57	1.2%	22.6%	29.02	34.92	20.3%
Loans	150,370,184	145,165,713	142,845,549	-1.6%	-5.0%	150,370,184	142,845,549	0.7%
Deposits and obligations	147,440,576	148,623,300	143,387,717	-3.5%	-2.7%	147,440,576	143,387,717	-1.7%
Net equity	26,167,811	30,359,898	30,027,036	-1.1%	14.7%	26,167,811	30,027,036	9.4%
Profitability
Net interest margin	4.92%	5.84%	6.02%	18 bps	110 bps	4.66%	5.96%	130 bps
Risk-adjusted Net interest margin	4.27%	4.54%	4.56%	2 bps	29 bps	4.12%	4.57%	45 bps
Funding cost	1.58%	2.61%	2.91%	30 bps	133 bps	1.44%	2.76%	132 bps
ROAE	17.3%	18.7%	18.6%	-10 bps	130 bps	17.6%	18.9%	130 bps
ROAA	1.9%	2.3%	2.4%	10 bps	50 bps	2.0%	2.3%	30 bps
Loan portfolio quality
Internal overdue ratio ⁽¹⁾	4.06%	3.99%	4.19%	20 bps	13 bps	4.06%	4.19%	13 bps
Internal overdue ratio over 90 days	3.06%	3.02%	3.40%	38 bps	34 bps	3.06%	3.40%	34 bps
NPL ratio ⁽²⁾	5.18%	5.45%	5.64%	19 bps	46 bps	5.18%	5.64%	46 bps
Cost of risk ⁽³⁾	0.97%	2.00%	2.25%	25 bps	128 bps	0.83%	2.14%	131 bps
Coverage ratio of IOLs	136.1%	136.7%	133.1%	-360 bps	-300 bps	136.1%	133.1%	-300 bps
Coverage ratio of NPLs	106.6%	100.1%	98.7%	-140 bps	-790 bps	106.6%	98.7%	-790 bps
Operating efficiency
Efficiency ratio ⁽⁴⁾	47.7%	44.3%	44.6%	30 bps	-310 bps	47.5%	44.4%	-310 bps
Operating expenses / Total average assets	3.25%	3.43%	3.56%	13 bps	31 bps	3.09%	3.51%	40 bps
Capital adequacy - BCP Stand-alone ⁽⁷⁾
Global Capital ratio ⁽⁸⁾	n.a	16.45%	17.20%	75 pbs	n.a	n.a	17.20%	n.a
Tier 1 ratio ⁽⁹⁾	n.a	11.86%	12.75%	89 pbs	n.a	n.a	12.75%	n.a
Common equity tier 1 ratio ⁽¹⁰⁾	11.56%	11.93%	12.79%	86 pbs	123 pbs	11.56%	12.79%	123 pbs
Capital adequacy - Mibanco ⁽⁷⁾
Global Capital ratio ⁽⁸⁾	n.a	18.76%	18.78%	2 pbs	n.a	n.a	18.78%	n.a
Tier 1 ratio ⁽⁹⁾	n.a	16.40%	16.49%	9 pbs	n.a	n.a	16.49%	n.a
Common equity tier 1 ratio ^(10)(12)	15.02%	16.38%	16.59%	21 pbs	157 pbs	15.02%	16.59%	157 pbs
Employees	36,087	37,184	37,380	0.5%	3.6%	36,087	37,380	3.6%
Share Information
Issued Shares	94,382	94,382	94,382	0.0%	0.0%	94,382	94,382	0.0%
Treasury Shares ⁽¹¹⁾	14,849	14,887	14,829	-0.4%	-0.1%	14,849	14,829	-0.1%
Outstanding Shares	79,533	79,495	79,553	0.1%	0.0%	79,533	79,553	0.0%

*Disruptive Initiatives: Yape*	*2Q22*	*1Q23*	*2Q23*
*Users*
Users (millions)	10.0	12.3	12.6
Monthly Active Users (MAU) (millions) ⁽¹⁾	5.9	8.4	9.0
Fee Income Generating MAU (millions)	1.4	4.0	5.2
Engagement
# Monthly Transactions (millions)	88.9	178.0	220.7
TPV ⁽³⁾(S/, millions)	24.6	24.0	53.5
*Experience*
NPS ⁽²⁾	58	73	78
*Metric per Monthly Active User (MAU)*
Monthly Transactions / MAU	15	21	25
Monthly Revenues / MAU	1.0	1.9	2.5
Monthly Cash Cost / MAU	6.0	5.1	4.4
Monetization Drivers
Payments
# Mobile Top-Ups transactions (millions)	11.2	30.4	34.4
# Utilities Payments transactions (thousands)	-	646.8	5,099.4
Yape Promos
GMV ⁽⁴⁾(S/, millions)	-	10	25
Microloans
# Disbursements (thousands)	-	166.7	165.8

*Progress on initiatives*	*Company*	*1Q23*	*2Q23*
Financial Inclusion
Financially included through Yape ⁽¹⁾	BCP	93 thousand	150 thousand
SME-Pymes financially included through loans (working capital and invoice discounting) – YTD 2023	BCP	7.7 thousand	12.3 thousand ⁽²⁾
Stock of inclusive insurance policies	Pacifico Seguros	2.7 million	2.9 million
Financial Education
Trained through online courses via ABC at BCP (ABC del BCP) – YTD 2023	BCP	77 thousand	202 thousand
Individuals trained in risk prevention via Safe Community (Comunidad Segura) – YTD 2023	Pacifico Seguros	0.4 thousand	24.3 thousand
Young people trained through the ABC of the Pension Culture (ABC de la Cultura Previsional) – YTD 2023	Prima AFP	5.6 thousand	24.5 thousand
Clients trained through the Basic Program for Digital Guidance (Programa Básica de Asesoría Digital) – YTD 2023	Mibanco Perú	108 thousand	184 thousand
Opportunities and Products for Women
Number of disbursements through Loans for Women	Mibanco Perú	12.8 thousand	16.9 thousand
Helping small businesses grow
Trained through Accompanying Entrepreneurs (Contigo Emprendedor) – YTD 2023	BCP	13.1 thousand	44 thousand
Microbusiness affiliated to Yape – YTD 2023	BCP	1.6 thousand	3.9 thousand


\|	Earnings Release 2Q / 2023	Analysis of 2Q23 Consolidated Results

Structural Loans	As of			Volume change		% change		% Part. in total structural loans
(S/ millions)	Jun 22	Mar 23	Jun 23	QoQ	YoY	QoQ	YoY	Jun 22	Mar 23	Jun 23
BCP Stand-alone	105,248	111,792	110,692	-1,099	5,444	-1.0%	5.2%	81.4%	81.4%	81.1%
Wholesale Banking	52,356	53,773	52,022	-1,751	-334	-3.3%	-0.6%	40.5%	39.2%	38.1%
Corporate	31,404	32,543	31,964	-579	560	-1.8%	1.8%	24.3%	23.7%	23.4%
Middle - Market	20,952	21,230	20,058	-1,172	-894	-5.5%	-4.3%	16.2%	15.5%	14.7%
Retail Banking	52,892	58,018	58,670	652	5,778	1.1%	10.9%	40.9%	42.3%	43.0%
SME - Business	5,105	5,749	5,921	172	816	3.0%	16.0%	3.9%	4.2%	4.3%
SME - Pyme	12,202	13,583	13,838	254	1,635	1.9%	13.4%	9.4%	9.9%	10.1%
Mortgage	19,298	20,282	20,448	167	1,150	0.8%	6.0%	14.9%	14.8%	15.0%
Consumer	11,842	12,984	12,771	-214	929	-1.6%	7.8%	9.2%	9.5%	9.4%
Credit Card	4,445	5,420	5,692	273	1,247	5.0%	28.1%	3.4%	3.9%	4.2%
Mibanco	12,313	13,335	13,728	393	1,415	2.9%	11.5%	9.5%	9.7%	10.1%
Mibanco Colombia	1,152	1,250	1,340	90	188	7.2%	16.4%	0.9%	0.9%	1.0%
Bolivia	8,622	8,951	8,834	-117	212	-1.3%	2.5%	6.7%	6.5%	6.5%
ASB	2,030	1,958	1,831	-127	-199	-6.5%	-9.8%	1.6%	1.4%	1.3%
BAP’s total loans	129,365	137,287	136,426	-861	7,061	-0.6%	5.5%	100.0%	100.0%	100.0%

Total Loans	As of			Volume change		% change		% Part. in total loans
(S/ millions)	Jun 22	Mar 23	Jun 23	QoQ	YoY	QoQ	YoY	Jun 22	Mar 23	Jun 23
BCP Stand-alone	119,157	118,707	115,763	-2,944	-3,394	-2.5%	-2.8%	82.1%	81.9%	81.5%
Wholesale Banking	55,343	55,141	52,941	-2,200	-2,402	-4.0%	-4.3%	38.1%	38.0%	37.3%
Corporate	31,741	32,717	32,091	-626	350	-1.9%	1.1%	21.9%	22.6%	22.6%
Middle - Market	23,602	22,424	20,850	-1,574	-2,752	-7.0%	-11.7%	16.3%	15.5%	14.7%
Retail Banking	63,814	63,566	62,822	-744	-992	-1.2%	-1.6%	44.0%	43.8%	44.2%
SME - Business	9,292	7,884	7,420	-463	-1,871	-5.9%	-20.1%	6.4%	5.4%	5.2%
SME - Pyme	18,937	16,996	16,490	-506	-2,447	-3.0%	-12.9%	13.0%	11.7%	11.6%
Mortgage	19,298	20,282	20,448	167	1,150	0.8%	6.0%	13.3%	14.0%	14.4%
Consumer	11,842	12,984	12,771	-214	929	-1.6%	7.8%	8.2%	9.0%	9.0%
Credit Card	4,445	5,420	5,692	273	1,247	5.0%	28.1%	3.1%	3.7%	4.0%
Mibanco	14,172	14,098	14,232	134	61	1.0%	0.4%	9.8%	9.7%	10.0%
Mibanco Colombia	1,152	1,250	1,340	90	188	7.2%	16.4%	0.8%	0.9%	0.9%
Bolivia	8,622	8,951	8,834	-117	212	-1.3%	2.5%	5.9%	6.2%	6.2%
ASB	2,030	1,958	1,831	-127	-199	-6.5%	-9.8%	1.4%	1.4%	1.3%
BAP’s total loans	145,132	144,964	142,001	-2,964	-3,131	-2.0%	-2.2%	100.0%	100.0%	100.0%

Total Loans	Local Currency (LC)						% change		% change Structural		Foreign Currency (FC)			% change		% part. by currency
Total Loans	Total			Structural			% change		% change Structural		Total			% change		Jun 23
(S/ millions)	Jun 22	Mar 23	Jun 23	Jun 22	Mar 23	Jun 23	QoQ	YoY	QoQ	YoY	Jun 22	Mar 23	Jun 23	Mar 23	QoQ	YoY	LC
BCP Stand-alone	85,162	82,117	80,559	71,253	75,201	75,489	-1.9%	-5.4%	0.4%	5.9%	8,977	9,615	9,582	-0.3%	6.7%	69.6%	30.4%
Wholesale Banking	28,403	25,984	25,062	25,416	24,616	24,143	-3.5%	-11.8%	-1.9%	-5.0%	7,113	7,662	7,589	-1.0%	6.7%	47.3%	52.7%
Corporate	15,376	15,065	15,267	15,040	14,890	15,140	1.3%	-0.7%	1.7%	0.7%	4,321	4,639	4,579	-1.3%	6.0%	47.6%	52.4%
Middle-Market	13,027	10,919	9,795	10,377	9,725	9,003	-10.3%	-24.8%	-7.4%	-13.2%	2,793	3,023	3,009	-0.5%	7.8%	47.0%	53.0%
Retail Banking	56,759	56,133	55,498	45,837	50,586	51,346	-1.1%	-2.2%	1.5%	12.0%	1,863	1,953	1,994	2.1%	7.0%	88.3%	11.7%
SME - Business	6,586	4,970	4,486	2,399	2,836	2,987	-9.7%	-31.9%	5.3%	24.5%	715	766	799	4.3%	11.8%	60.5%	39.5%
SME - Pyme	18,781	16,830	16,332	12,046	13,417	13,680	-3.0%	-13.0%	2.0%	13.6%	41	44	43	-1.7%	3.6%	99.0%	1.0%
Mortgage	17,351	18,264	18,495	17,351	18,264	18,495	1.3%	6.6%	1.3%	6.6%	514	530	532	0.2%	3.4%	90.4%	9.6%
Consumer	10,367	11,514	11,388	10,367	11,514	11,388	-1.1%	9.8%	-1.1%	9.8%	390	386	376	-2.5%	-3.4%	89.2%	10.8%
Credit Card	3,674	4,555	4,796	3,674	4,555	4,796	5.3%	30.5%	5.3%	30.5%	204	227	244	7.3%	19.9%	84.3%	15.7%
Mibanco	13,696	13,619	13,746	11,837	12,856	13,242	0.9%	0.4%	3.0%	11.9%	126	126	132	5.1%	5.3%	96.6%	3.4%
Mibanco Colombia	-	-	-	-	-	-	-	-	-	-	304	329	365	11.1%	19.9%	-	100.0%
Bolivia	-	-	-	-	-	-	-	-	-	-	2,277	2,352	2,405	2.2%	5.6%	-	100.0%
ASB	-	-	-	-	-	-	-	-	-	-	536	515	498	-3.1%	-7.0%	-	100.0%
Total loans	98,857	95,735	94,305	83,091	88,058	88,730	-1.5%	-4.6%	0.8%	6.8%	12,220	12,936	12,982	0.4%	6.2%	66.4%	33.6%

	As of			% change
Structural Portfolio quality and Delinquency ratios	As of			% change
S/000	Jun 22	Mar 23	Jun 23	QoQ	YoY
Structural loans (Quarter-end balance)	135,722,381	138,615,801	137,905,144	-0.5%	1.6%
Structural Allowance for loan losses	8,112,356	7,779,501	7,824,302	0.6%	-3.6%
Structural Write-offs	413,501	677,148	682,154	0.7%	65.0%
Structural IOLs	5,163,525	4,952,108	5,182,725	4.7%	0.4%
Structural Refinanced loans	1,686,186	2,121,068	2,084,124	-1.7%	23.6%
Structural NPLs	6,849,711	7,073,176	7,266,849	2.7%	6.1%
Structural IOL ratio	3.80%	3.57%	3.76%	19 bps	-4 bps
Structural NPL ratio	5.05%	5.10%	5.27%	17 bps	22 bps
Structural Allowance for loan losses over Structural loans	6.0%	5.6%	5.7%	6 bps	-31 bps
Structural Coverage ratio of NPLs	118.4%	110.0%	107.7%	-232 bps	-1076 bps

NPL loans in the Government Loan Portfolio (in quarter-end balances– S/ thousands)

Loan Portfolio quality and Delinquency ratios	As of			% change
	As of			% change
S/000	Jun 22	Mar 23	Jun 23	QoQ	YoY
Total loans (Quarter-end balance)	150,370,184	145,165,713	142,845,549	-1.6%	-5.0%
Allowance for loan losses	8,306,500	7,915,350	7,956,184	0.5%	-4.2%
Write-offs	413,501	677,148	682,154	0.7%	65.0%
Internal overdue loans (IOLs) ⁽¹⁾⁽²⁾	6,105,256	5,789,497	5,979,395	3.3%	-2.1%
Internal overdue loans over 90-days ⁽¹⁾	4,596,259	4,386,959	4,862,669	10.8%	5.8%
Refinanced Loans ⁽²⁾	1,686,186	2,121,068	2,084,124	-1.7%	23.6%
Non-performing loans (NPLs) ⁽³⁾	7,791,442	7,910,565	8,063,519	1.9%	3.5%
IOL ratio	4.1%	4.0%	4.2%	20bps	13bps
IOL over 90-days ratio	3.1%	3.0%	3.4%	38bps	34bps
NPL ratio	5.2%	5.4%	5.6%	19bps	46bps
Allowance for loan losses over Total loans	5.5%	5.5%	5.6%	12bps	5bps
Coverage ratio of IOLs	136.1%	136.7%	133.1%	-366bps	-300bps
Coverage ratio of IOL 90-days	180.7%	180.4%	163.6%	-1681bps	-1710bps
Coverage ratio of NPLs	106.6%	100.1%	98.7%	-100bps	-790bps

Deposits	As of			% change		Currency
	As of			% change		Currency
S/000	Jun 22	Mar 23	Jun 23	QoQ	YoY	LC	FC
Demand deposits	51,554,195	47,483,662	43,930,450	-7.5%	-14.8%	45.4%	54.6%
Saving deposits	54,936,107	53,418,288	49,456,054	-7.4%	-10.0%	55.6%	44.4%
Time deposits	35,923,266	43,194,573	45,107,429	4.4%	25.6%	49.7%	50.3%
Severance indemnity deposits	4,155,932	3,322,691	3,545,001	6.7%	-14.7%	72.2%	27.8%
Interest payable	871,075	1,204,086	1,348,783	12.0%	54.8%	50.8%	49.2%
Deposits and obligations	147,440,575	148,623,300	143,387,717	-3.5%	-2.7%	50.8%	49.2%

		The L/D ratio increased 210bps and fell 220bps QoQ at BCP Stand-alone and Mibanco, respectively. The uptick at BCP Stand-alone was associated with a drop in total deposits, which was led by a reduction in Savings Deposits and Demand Deposits in a context of high interest rates and a system-wide drop in deposits. The reduction at Mibanco was driven by growth in total deposits, which was mainly fueled by an uptick in Time Deposits in LC. In this context, BAP’s L/D ratio stood at 99.6%.

L/D Ratio in Local Currency		L/D Ratio in Foreign Currency

Interest Earning Assets	As of			% change
	As of			% change
S/000	Jun 22	Mar 23	Jun 23	QoQ	YoY
Cash and due from banks	23,831,465	28,158,941	26,036,894	-7.5%	9.3%
Total investments	45,342,775	47,729,504	48,035,351	0.6%	5.9%
Cash collateral, reverse repurchase agreements and securities borrowing	2,046,209	1,468,180	1,863,243	26.9%	-8.9%
Total loans	150,370,184	145,165,713	142,845,549	-1.6%	-5.0%
Total interest earning assets	221,590,633	222,522,338	218,781,037	-1.7%	-1.3%

Funding	As of			% change
	As of			% change
S/000	Jun 22	Mar 23	Jun 23	QoQ	YoY
Deposits and obligations	147,440,576	148,623,300	143,387,717	-3.5%	-2.7%
Due to banks and correspondents	6,456,360	10,199,650	10,062,290	-1.3%	55.9%
BCRP instruments	16,031,618	9,780,540	11,772,772	20.4%	-26.6%
Repurchase agreements with clients and third parties	2,107,245	1,905,955	2,534,108	33.0%	20.3%
Bonds and notes issued	16,579,674	14,326,930	14,235,697	-0.6%	-14.1%
Total funding	188,615,473	184,836,375	181,992,584	-1.5%	-3.5%

Net Interest Income / Margin	Quarter			% change		As of		% change
S/ 000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23 / 1H22
Interest Income	3,488,113	4,456,106	4,653,246	4.4%	33.4%	6,660,459	9,109,352	36.8%
Interest Expense	(851,007)	(1,324,017)	(1,449,090)	9.4%	70.3%	(1,591,646)	(2,773,107)	74.2%
Interest Expense (excluding Net Insurance Financial Expenses)	(747,047)	(1,208,267)	(1,333,924)	10.4%	78.6%	(1,385,928)	(2,542,191)	83.4%
Net Insurance Financial Expenses	(103,960)	(115,750)	(115,166)	-0.5%	10.8%	(205,718)	(230,916)	12.2%
Net Interest Income	2,637,106	3,132,089	3,204,156	2.3%	21.5%	5,068,813	6,336,245	25.0%

Balances
Average Interest Earning Assets (IEA)	222,718,971	222,289,504	220,651,688	-0.7%	-0.9%	226,151,471	220,418,854	-2.5%
Average Funding	189,164,046	185,377,296	183,407,530	-1.1%	-3.0%	192,630,988	183,962,350	-4.5%

Yields
Yield on IEAs	6.26%	8.02%	8.44%	42bps	218bps	5.89%	8.27%	238pbs
Cost of Funds	1.55%	2.53%	2.88%	35bps	133bps	1.44%	2.76%	132pbs
Net Interest Margin (NIM)⁽¹⁾	4.92%	5.84%	6.02%	18bps	110bps	4.66%	5.96%	130pbs
Risk-Adjusted Net Interest Margin	4.27%	4.54%	4.56%	2pbs	29pbs	4.12%	4.57%	45pbs
Peru’s Reference Rate	5.50%	7.75%	7.75%	0pbs	225pbs	5.50%	7.75%	225pbs
FED funds rate	1.75%	5.00%	5.25%	25pbs	350pbs	1.75%	5.25%	350pbs

Structural Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23 / 1H22
Gross provision for credit losses on loan portfolio	(440,467)	(799,129)	(882,156)	10.4%	100.3%	(795,020)	(1,681,285)	111.5%
Recoveries of written-off loans	83,745	75,109	81,872	9.0%	-2.2%	176,836	156,981	-11.2%
Provision for credit losses on loan portfolio, net of recoveries	(356,722)	(724,020)	(800,284)	10.5%	124.3%	(618,184)	(1,524,304)	146.6%
Structural Cost of risk ⁽²⁾	1.05%	2.09%	2.32%	23 bps	127 bps	0.91%	2.21%	130 bps

GP Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23/ 1H22
Gross provision for credit losses on loan portfolio	(6,569)	(2,978)	(3,967)	33.2%	n.a.	(2,697)	(6,945)	157.5%
Recoveries of written-off loans	-	-	-	-	-	-	-	-
Provision for credit losses on loan portfolio, net of recoveries	(6,569)	(2,978)	(3,967)	33.2%	n.a.	(2,697)	(6,945)	157.5%
GP Cost of risk (1)	0.18%	0.18%	0.32%	14 bps	14 bps	0.02%	0.14%	12 bps

Loan Portfolio Provisions	Quarter			% change		As of		% change
S/ 000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23 / 1H22
Gross provision for credit losses on loan portfolio	(447,036)	(802,107)	(886,123)	10.5%	98.2%	(797,717)	(1,688,230)	111.6%
Recoveries of written-off loans	83,745	75,109	81,872	9.0%	-2.2%	176,836	156,981	-11.2%
Provision for credit losses on loan portfolio, net of recoveries	(363,291)	(726,998)	(804,251)	10.6%	121.4%	(620,881)	(1,531,249)	146.6%
Cost of risk ⁽¹⁾	0.97%	2.00%	2.25%	25 bps	128 bps	0.83%	2.14%	131 bps

Other Core Income	Quarter			% Change		As of		% Change
(S/ 000)	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23/ 1H22
Fee income	920,950	881,781	960,550	8.9%	4.3%	1,812,578	1,842,331	1.6%
Net gain on foreign exchange transactions	269,059	248,515	210,944	-15.1%	-21.6%	528,769	459,459	-13.1%
Total other income Core	1,190,009	1,130,296	1,171,494	3.6%	-1.6%	2,341,347	2,301,790	-1.7%

Banking Business Fees	Quarter			% Change		As of		% Change
S/ 000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23/ 1H23
Payments and transactionals ⁽²⁾	304,950	325,973	344,632	5.72%	13.01%	595,147	670,605	12.68%
Liability accounts ⁽³⁾	234,038	177,971	182,018	2.27%	-22.23%	451,994	359,989	-20.36%
Loan Disbursement ⁽⁴⁾	91,957	95,201	91,599	-3.78%	-0.39%	182,533	186,800	2.34%
Off-balance sheet	59,304	61,654	57,154	-7.30%	-3.63%	119,674	118,808	-0.72%
Mibanco (Peru and Colombia)	45,000	46,839	52,432	11.94%	16.52%	78,276	99,271	26.82%
Insurances	28,823	31,102	30,540	-1.81%	5.96%	59,126	61,642	4.26%
BCP Bolivia	25,468	50,134	95,027	89.55%	273.13%	52,868	145,161	174.57%
Wealth Management and Corporate Finance	18,126	15,254	16,878	10.65%	-6.89%	36,911	32,132	-12.95%
ASB	7,546	9,786	8,531	-12.83%	13.06%	19,826	18,318	-7.61%
Others ⁽⁵⁾	-42	-3,501	8,524	n.a	n.a	4,554	5,023	10.30%
Total	815,170	810,414	887,335	9.49%	8.85%	1,600,909	1,697,749	6.05%

Non-core Other income	Quarter			% change		As of		% change
(S/ 000)	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	1H23 / 1H22
Net gain on securities	(94,179)	70,036	68,603	-2.0%	n.a	(151,045)	138,639	n.a
Net gain from associates ⁽¹⁾	29,219	27,212	23,689	-12.9%	-18.9%	41,787	50,901	21.8%
Net gain on derivatives held for trading	12,304	(6,570)	16,671	n.a	35.5%	6,322	10,101	59.8%
Net gain from exchange differences	(18,441)	22,963	2,996	-87.0%	n.a	(26,804)	25,959	n.a
Other non-financial income	78,681	89,338	150,333	68.3%	91.1%	225,384	239,671	6.3%
Total other income Non-Core	7,584	202,979	262,292	29.2%	3358.5%	95,644	465,271	386.5%

Insurance Underwriting Result		Quarter			Change %		As of		Change %
S/ 000		2Q22	1Q23	2Q23	QoQ	YoY	Jun 22	Jun 23	Jun23 / Jun22
Total	Income from Insurance Services	844.2	956.6	957.7	0.1%	13.4%	1689.3	1914.3	13.3%
	Expenses for Insurance Services	(513.6)	(545.2)	(550.4)	1.0%	7.2%	(1044.4)	(1095.6)	4.9%
	Reinsurance Results	(136.4)	(115.1)	(110.7)	-3.8%	-18.8%	(244.0)	(225.8)	-7.4%
	Insurance Undewrwriting Result	194.2	296.3	296.6	0.1%	52.7%	400.9	592.9	47.9%
P&C	Income from Insurance Services	420.2	413.9	430.1	3.9%	2.3%	825.7	844.0	2.2%
	Expenses for Insurance Services	(212.6)	(286.1)	(274.1)	-4.2%	28.9%	(457.1)	(560.2)	22.6%
	Reinsurance Results	(133.5)	(83.9)	(81.1)	-3.4%	-39.3%	(245.3)	(165.0)	-32.7%
	Insurance Undewrwriting Result	74.1	43.9	74.9	70.5%	1.0%	123.3	118.8	-3.6%
Life	Income from Insurance Services	411.5	521.9	500.1	-4.2%	21.5%	830.3	1022.0	23.1%
	Expenses for Insurance Services	(306.0)	(257.3)	(270.7)	5.2%	-11.5%	(584.4)	(527.9)	-9.7%
	Reinsurance Results	0.2	(27.2)	(24.0)	-11.8%	n.a	7.1	(51.1)	-819.2%
	Insurance Undewrwriting Result	105.7	237.4	205.5	-13.5%	94.5%	253.0	442.9	75.1%
Crediseguros	Income from Insurance Services	16.9	20.9	27.5	31.9%	63.1%	33.2	48.4	45.6%
	Expenses for Insurance Services	0.6	(1.9)	(5.6)	203.6%	-1000.2%	(2.9)	(7.5)	156.8%
	Reinsurance Results	(3.1)	(4.0)	(5.7)	42.0%	83.9%	(5.7)	(9.2)	60.3%
	Insurance Undewrwriting Result	14.4	15.0	16.2	8.0%	12.5%	24.6	31.7	29.0%

Operating expenses	Quarter			% change		As of		% change
S/ 000	2Q22	1Q23	2Q23	QoQ	YoY	Jun 22	Jun 23	Jun 23 / Jun 22
Salaries and employees benefits	942,159	1,029,558	1,054,735	2.4%	11.9%	1,881,677	2,084,293	10.8%
Administrative, general and tax expenses	819,100	835,060	871,047	4.3%	6.3%	1,515,165	1,706,107	12.6%
Depreciation and amortization	156,891	161,079	160,548	-0.3%	2.3%	308,785	321,627	4.2%
Association in participation	10,329	12,612	16,742	32.7%	62.1%	18,020	29,354	62.9%
Operating expenses	1,928,479	2,038,309	2,103,072	3.2%	9.1%	3,723,647	4,141,381	11.2%

Administrative general, and tax expenses	Quarter			% change		As of		% change
S/000	2Q22	1Q23	2Q23	QoQ	YoY	Jun 22	Jun 23	Jun 23 / Jun 22
IT expenses and IT third-party services	207,929	240,932	256,348	6.4%	23.3%	437,009	497,280	13.8%
Advertising and customer loyalty programs	156,049	135,767	174,021	28.2%	11.5%	266,782	309,788	16.1%
Taxes and contributions	72,982	85,073	20,557	-75.8%	-71.8%	152,573	105,630	-30.8%
Audit Services, Consulting and professional fees	69,239	51,878	67,017	29.2%	-3.2%	123,172	118,895	-3.5%
Transport and communications	48,899	51,036	57,437	12.5%	17.5%	89,935	108,473	20.6%
Repair and maintenance	39,173	25,790	37,555	45.6%	-4.1%	70,771	63,345	-10.5%
Agents’ Fees	26,091	26,152	27,747	6.1%	6.3%	53,109	53,899	1.5%
Services by third-party	18,621	27,511	27,661	0.5%	48.5%	52,202	55,172	5.7%
Leases of low value and short-term	22,610	25,116	25,282	0.7%	11.8%	43,541	50,398	15.7%
Miscellaneous supplies	20,656	32,993	27,837	-15.6%	34.8%	39,734	60,830	53.1%
Security and protection	15,798	15,789	16,004	1.4%	1.3%	31,274	31,793	1.7%
Subscriptions and quotes	14,877	13,086	16,024	22.5%	7.7%	29,405	29,110	-1.0%
Electricity and water	13,426	11,497	14,954	30.1%	11.4%	24,244	26,451	9.1%
Electronic processing	8,208	8,730	9,791	12.2%	19.3%	15,901	18,521	16.5%
Insurance	6,550	8,750	5,022	-42.6%	-23.3%	13,804	13,772	-0.2%
Cleaning	5,203	5,162	5,463	5.8%	5.0%	9,709	10,625	9.4%
Others ⁽¹⁾	72,789	69,798	82,326	17.9%	13.1%	122,309	152,124	24.4%
Total	819,100	835,060	871,046	4.3%	6.3%	1,515,165	1,706,106	12.6%

Operating Expenses S/ (000)	Quarter			% change		As of		% change
Operating Expenses S/ (000)	2Q22	1Q23	2Q23	QoQ	YoY	Jun 22	Jun 23	Jun 23 / Jun 22
Core Business BCP	1,124,617	1,150,502	1,195,522	3.9%	6.3%	2,164,203	2,346,024	8.4%
Core Business Mibanco	284,647	297,780	300,220	0.8%	5.5%	566,900	598,000	5.5%
Core Business Pacifico	61,945	64,268	72,708	13.1%	17.4%	120,714	136,976	13.5%
Disruption (3)	130,807	185,195	186,994	1.0%	43.0%	219,490	372,189	69.6%
Others (2)	326,465	340,564	347,627	2.1%	6.5%	652,339	688,192	5.5%
Total	1,928,480	2,038,309	2,103,072	3.2%	9.1%	3,723,647	4,141,381	11.2%

Operating efficiency	Quarter			% change		As of		% change
	Quarter			% change		As of		% change
S/000	2Q22	1Q23	2Q23	QoQ	YoY	1H22	1H23	Jun 23 / Jun 22
Operating expenses ⁽¹⁾	1,928,479	2,038,309	2,103,072	3.2%	9.1%	3,723,648	4,141,381	11.2%
Operating income ⁽²⁾	4,044,394	4,602,331	4,715,570	2.5%	16.6%	7,843,775	9,317,901	18.8%
Efficiency ratio ⁽³⁾	47.7%	44.3%	44.6%	30 pbs	-310 pbs	47.5%	44.4%⁽⁴⁾	-310 pbs

IFRS 17	BCP Stand-alone	BCP Bolivia	Mibanco Peru	Mibanco Colombia	ASB	Credicorp Capital	Pacifico	Prima AFP	Credicorp
2Q22	41.5%	58.0%	50.4%	75.8%	42.3%	102.7%	33.9%	52.6%	47.7%
1Q23	36.8%	60.2%	54.1%	93.2%	34.8%	131.4%	21.7%	49.6%	44.3%
2Q23	37.3%	60.7%	52.4%	88.8%	34.5%	137.6%	28.4%	49.8%	44.6%
Var. QoQ	50 bps	50 bps	-170 bps	-440 bps	-30 bps	620 bps	670 bps	20 bps	30 bps
Var. YoY	-420 bps	270 bps	200 bps	1300 bps	-780 bps	3490 bps	-550 bps	-280 bps	-310 bps

Jun 22	41.1%	58.9%	51.6%	77.3%	39.0%	102.3%	32.9%	53.5%	47.5%
Jun 23	37.1%	60.5%	53.2%	91.0%	34.7%	134.5%	24.8%	49.7%	44.4%
% change Jun 23 / Jun 22	-400 bps	160 bps	160 bps	1370 bps	-430 bps	3220 bps	-810 bps	-380 bps	-310 bps

Peru	2018	2019	2020	2021	2022	2023 ⁽³⁾
GDP (US$ Millions)	226,919	232,519	205,755	225,803	244,789	268,043
Real GDP (% change)	4.0	2.2	-11.0	13.3	2.7	1.0
GDP per capita (US$)	7,190	7,237	6,306	6,835	7,330	7,933
Domestic demand (% change)	4.1	2.2	-9.8	14.5	2.3	-0.2
Gross fixed investment (as % GDP)	22.4	21.8	19.9	21.6	22.0	20.8
Financial system loan without Reactiva (% change) (1)	10.3	6.4	-4.3	12.6	9.7	2.9
Inflation, end of period(2)	2.2	1.9	2.0	6.4	8.5	4.0
Reference Rate, end of period	2.8	2.3	0.3	2.5	7.5	6.8
Exchange rate, end of period	3.37	3.31	3.62	3.99	3.81	3.65
Exchange rate, (% change)	4.0%	-1.8%	9.3%	10.3%	-4.5%	-4.2%
Fiscal balance (% GDP)	-2.3	-1.6	-8.9	-2.5	-1.6	-2.5
Public Debt (as % GDP)	25.6	26.6	34.6	35.9	34.0	33.7
Trade balance (US$ Millions)	7,201	6,879	8,196	14,927	9,565	13,500
(As % GDP)	3.2%	3.0%	4.0%	6.6%	3.9%	5.0%
Exports	49,066	47,980	42,905	63,151	65,834	65,600
Imports	41,866	41,101	34,709	48,223	56,269	52,100
Current account balance (US$ Millions)	-2,895	-1,680	2,398	-5,179	-10,644	-5,300
Current account balance (As % GDP)	-1.3%	-0.7%	1.2%	-2.3%	-4.3%	-2.0%
Net international reserves (US$ Millions)	60,121	68,316	74,707	78,495	71,883	74,000
(As % GDP)	26.5%	29.4%	36.3%	34.8%	29.4%	27.6%
(As months of imports)	17	20	26	20	15	17

12.1. Implementation of IFRS 17 – Restatement of figures and ratios for 2022	47
12.1.1. Introduction to the new standards IFRS 17	47
12.1.2. Conceptual Framework	47
12.1.3. Recognition of Profit and Loss	47
12.1.4. Valuation Methods	47
12.1.5. Impact on Equity Under IFRS 17	48
12.1.6. Reformulation of Profit and Loss Statement at Pacífico Grupo Asegurador for year 2022	48
12.1.7. Reformulation Credicorp’s Profit and Loss Statement for year 2022	49
12.1.8. Changes in the Methodology to Calculate Financial Indicators and their Reformulation for the year 2022	49
12.1.9. Glossary of Terms Under IFRS 17	52
12.2. Physical Point of contact	52
12.3. Loan Portfolio Quality	53
12.4 Net Interest Income (NII)	58
12.5. Regulatory Capital	59
12.6. Financial Statements and Ratios by Business	63
12.6.1. Credicorp Consolidated	63
12.6.2. Credicorp Stand-alone	65
12.6.3. BCP Consolidated	66
12.6.4. BCP Stand-alone	68
12.6.5. BCP Bolivia	70
12.6.6. Mibanco	71
12.6.7. Prima AFP	72
12.6.8. Grupo Pacifico	74
12.7. Table of calculations	77
12.8. Glossary of terms	78

Reserve for BEL (Best Estimate Liability) o Fulfillment Cashflows.	Represents the best estimate of the difference between payments for obligations (claims, income and expenses) and premiums, flowed and brought to present value at the time of valuation.
Reserve for RA (risk Adjustment).	Represents the margin of prudence that will be used to cover deviations in the underwriting parameters beyond changes in the interest rate.
Reserve for CSM (Contractual Service Margin).	Represents the present value of future underwriting income (non-financial). Income accrues over the life of the policy.
Attributable Expenses	Corresponds to necessary expenses to place a policy or maintain the same throughout its term. It is part of insurance flows.
Financial Expense associated with the insurance and reinsurance activity, net	Represents interest accredited to reserves in the period after updating their present value. This concept was previously included in reserves under IFRS 4. IFRS 17 separates the financial component from the underwriting component.
Onerous Contracts	The contracts that the company estimates will generate underwriting losses (not including financial income) during the policy term.

Physical Point of Contact ⁽¹⁾	As of			change (units)
(Units)	Jun 22	Mar 23	Jun 23	QoQ	YoY
Branches	1046	675	669	(6)	(377)
ATMs	1,852	2,626	2,663	37	811
Agents ⁽²⁾	8,986	11,254	11,570	316	2,584
Total	11,884	14,555	14,902	347	3,018

	As of			% change
GP Portfolio quality and Delinquency ratios ⁽¹⁾	As of			% change
S/000	Jun 22	Mar 23	Jun 23	QoQ	YoY
Total loans (Quarter-end balance)	14,647,803	6,549,912	4,940,405	-24.6%	-66.3%
Allowance for loan losses	194,144	135,849	131,882	-2.9%	-32.1%
IOLs	941,731	837,389	796,670	-4.9%	-0.15
IOL ratio	6.43%	12.78%	16.13%	335 bps	970 bps
Allowance for loan losses over Total loans	1.3%	2.1%	2.7%	60 bps	134 bps
Coverage ratio of NPLs	20.6%	16.2%	16.6%	33 bps	-407 bps

NIM Breakdown	BCP Stand-alone	Mibanco	BCP Bolivia	Credicorp
2Q22	4.29%	12.95%	2.88%	4.91%
1Q23	5.55%	12.52%	2.86%	5.84%
2Q23	5.67%	13.09%	2.85%	6.02%