| |
|
|
|
 |
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
07. Insurance Underwriting Result
|
| |
•
|
Insurance Service Expenses dropped 7.9%. This dynamic is attributable to P&C Risks, and particularly to the Aviation product,
where a base effect was recorded, as particularly high claims were recorded in 2Q24.
|
| |
•
|
The Reinsurance Result deteriorated, primarily due to the evolution in P & C Risks, which was impacted by a base effect given
that in 2Q24, the level of claims recovered from the reinsurer was particularly high in the Aviation product.
|
YoY, the Insurance Underwriting Result dropped 13.7%. The following dynamics were noteworthy:
| |
•
|
Insurance Service Income increased 16.4%, driven by an increase in premiums allocated to the period in P & C, which reflected
growth in premium turnover in Third-Party Liability and Card Protection.
|
| |
•
|
Insurance Service Expenses rose 8.6%, fueled primarily by Medical Assistance, which registered growth in expenses for claims in a
context marked by higher average costs and growth in the IBNR reserve.
|
| |
•
|
The Reinsurance Result deteriorated primarily in P & C, driven by growth in ceded premiums.
|
YTD, the Insurance Underwriting Result rose 1.2%, spurred by an increase in Insurance Service Income in P & C in particular
Insurance Service Income
|
|
Insurance Service Expenses |
| |
|
|
|
|
|
QoQ, the Insurance Underwriting Result dropped 10.2%. The following dynamics were noteworthy:
| |
•
|
Insurance Service Income dropped 0.7%, driven mainly by Credit Life and via a drop in premiums allocated to the period and
distributed primarily through bancassurance. This evolution was partially offset by an increase in income through Group Life and D & S.
|
| |
•
|
Insurance Service Expenses increased 14.2%, fueled primarily by Credit Life, which reported an increase in expenses for claims
in a context marked by growth in claims frequency.
|
| |
•
|
The Reinsurance Result improved, driven mainly by Credit Life, which reported an uptick in claims recovered from the reinsurer.
|
YoY, the Insurance Underwriting Result dropped 7.7%, fueled by the following dynamics:
| |
•
|
Insurance Service Income dropped 7.0%. This reduction was driven mainly by D & S and reflected a drop in the rate and tranche
awarded under SISCO VII compared to the terms secured under SISCO VI. This was partially offset by Credit Life, which reported growth in premiums allotted to the period and
distributed mainly through bancassurance.
|
| |
•
|
Insurance Service Expenses declined 3.6% mainly through D & S, in line with a decrease in the tranches obtained through the
new SISCO VII contract. This result was partially attenuated by the evolution at Credit Life, which reported an increase in expenses for claims.
|
| |
•
|
The Reinsurance Result improved, driven primarily by growth in claims recovered from the reinsurer in Individual Life and by a drop
in ceded premiums in D & S.
|
YTD, the Insurance Underwriting Result dropped 5.3%, driven by a decrease in Insurance Service Income,
particularly in the D & S line.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
08 Operating Expenses
| |
Operating expenses increased 8.2% YTD, driven primarily by core businesses at BCP Stand-alone and disruptive
initiatives at the Credicorp level. Core business expenses at BCP rose due to: (i) an increase in headcount in the traditional business and the hiring of new, more specialized digital
talent; and (ii) a rise in the administrative expense, led by expenses for cloud use, which rose alongside growth in transactions among increasingly digitalized clients. Expenses for
disruptive initiatives at Credicorp rose 28.1%, driven primarily by Yape, where IT expenses rose due to higher transactions and new product development
|
|
Total Operating Expenses
|
Operating expenses
|
Quarter
|
% change
|
Up to
|
% change
|
|
S/ 000
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Salaries and employees benefits
|
1,061,402
|
1,141,823
|
1,155,966
|
1.2%
|
8.9%
|
3,145,695
|
3,404,858
|
8.2%
|
|
Administrative, general and tax expenses
|
1,007,894
|
1,017,707
|
1,047,386
|
2.9%
|
3.9%
|
2,714,000
|
2,953,676
|
8.8%
|
|
Depreciation and amortization
|
159,761
|
172,204
|
179,495
|
4.2%
|
12.4%
|
481,389
|
526,845
|
9.4%
|
|
Association in participation
|
14,634
|
9,200
|
6,414
|
-30.3%
|
-56.2%
|
43,988
|
24,461
|
-44.4%
|
|
Operating expenses
|
2,243,691
|
2,340,934
|
2,389,261
|
2.1%
|
6.5%
|
6,385,072
|
6,909,840
|
8.2%
|
The analysis of expenses will focus on YTD movements to eliminate the impact of seasonality across quarters.
Operating expenses rose 8.2% YTD due to:
|
•
|
An increase in expenses for Salaries and Employee Benefits, which was driven primarily by growth in the headcount and hiring of
specialized IT personnel; followed by higher provisions for variable compensation.
|
|
•
|
Growth in administrative and general expenses over the period was fueled by higher transactions through digital channels, which generated
more expenses for cloud use and other IT-related activities.
|
Administrative and General Expenses
|
Administrative and general expenses
|
Quarter
|
% change
|
Up to
|
% change
|
|
S/ 000
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
IT expenses and IT third-party services
|
271,304
|
294,997
|
287,372
|
-2.6%
|
5.9%
|
768,584
|
865,274
|
12.6%
|
|
Advertising and customer loyalty programs
|
171,902
|
204,156
|
199,111
|
-2.5%
|
15.8%
|
481,690
|
527,836
|
9.6%
|
|
Taxes and contributions
|
65,606
|
94,448
|
90,080
|
-4.6%
|
37.3%
|
171,236
|
277,415
|
62.0%
|
|
Audit Services, Consulting and professional fees
|
112,480
|
75,845
|
101,570
|
33.9%
|
-9.7%
|
231,375
|
236,407
|
2.2%
|
|
Transport and communications
|
57,518
|
60,225
|
62,568
|
3.9%
|
8.8%
|
165,991
|
176,857
|
6.5%
|
|
Repair and maintenance
|
44,084
|
34,598
|
36,316
|
5.0%
|
-17.6%
|
107,429
|
103,552
|
-3.6%
|
|
Agents' Fees
|
29,310
|
29,375
|
29,957
|
2.0%
|
2.2%
|
83,209
|
86,720
|
4.2%
|
|
Services by third-party
|
45,426
|
35,950
|
36,689
|
2.1%
|
-19.2%
|
100,598
|
101,054
|
0.5%
|
|
Leases of low value and short-term
|
27,754
|
31,002
|
26,378
|
-14.9%
|
-5.0%
|
78,152
|
87,845
|
12.4%
|
|
Miscellaneous supplies
|
27,091
|
24,700
|
23,552
|
-4.6%
|
-13.1%
|
87,921
|
66,905
|
-23.9%
|
|
Security and protection
|
16,064
|
16,544
|
16,909
|
2.2%
|
5.3%
|
47,857
|
49,356
|
3.1%
|
|
Subscriptions and quotes
|
14,391
|
24,220
|
18,349
|
-24.2%
|
27.5%
|
43,501
|
59,741
|
37.3%
|
|
Electricity and water
|
13,592
|
13,614
|
11,857
|
-12.9%
|
-12.8%
|
40,043
|
37,207
|
-7.1%
|
|
Electronic processing
|
9,959
|
6,016
|
7,578
|
26.0%
|
-23.9%
|
28,480
|
21,342
|
-25.1%
|
|
Insurance
|
38,034
|
7,370
|
28,296
|
283.9%
|
-25.6%
|
51,806
|
40,838
|
-21.2%
|
|
Cleaning
|
5,930
|
5,629
|
5,761
|
2.3%
|
-2.8%
|
16,555
|
17,134
|
3.5%
|
|
Others
|
57,449
|
59,018
|
65,043
|
10.2%
|
13.2%
|
209,573
|
198,193
|
-5.4%
|
|
Total
|
1,007,894
|
1,017,707
|
1,047,386
|
2.9%
|
3.9%
|
2,714,000
|
2,953,677
|
8.8%
|
Administrative and general expenses rose 8.8% YTD. This growth was over a particularly low base in 2Q23. The increase registered
in the operating expense was driven by an increase in expenses for IT and system outsourcing at BCP as well as by disruptive initiatives at the Credicorp level.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
Operating Expenses for Core Businesses and Disruption (1)
|
Operating Expenses
|
Quarter
|
% change
|
Up to
|
% change
|
|
S/ 000
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Core Business BCP
|
1,232,663
|
1,302,494
|
1,316,399
|
1.1%
|
6.8%
|
3,622,682
|
3,821,327
|
5.5%
|
|
Core Business Mibanco
|
302,729
|
295,728
|
315,089
|
6.5%
|
4.1%
|
901,634
|
915,206
|
1.5%
|
|
Core Business Pacifico
|
79,355
|
75,397
|
64,306
|
-14.7%
|
-19.0%
|
216,331
|
215,877
|
-0.2%
|
|
Disruption (2)
|
235,311
|
283,966
|
295,848
|
4.2%
|
25.7%
|
644,925
|
826,431
|
28.1%
|
|
Others (3)
|
393,633
|
383,349
|
397,619
|
3.7%
|
1.0%
|
999,500
|
1,130,999
|
13.2%
|
|
Total
|
2,243,691
|
2,340,934
|
2,389,261
|
2.1%
|
6.5%
|
6,385,072
|
6,909,840
|
8.2%
|
|
(2)
|
Includes disruptive initiatives at the subsidiaries and Krealo.
|
|
(3)
|
Includes Credicorp Capital, ASB, Prima, BCP Bolivia, Mibanco Colombia, and other entities within the Group.
|
The 8.2% YTD increase in operating expenses was attributable to the Core business at BCP and our disruptive initiatives, which accounted for 37.9%
and 34.6% of YTD growth respectively.
The uptick in expenses for the core business at BCP was driven by:
| |
•
|
Expenses for the core business, excluding IT
|
| |
•
|
Growth in salaries and employee benefits, driven by an uptick in headcount and in provisions for variable compensation, which was
triggered by higher results.
|
| |
•
|
Technology Expenses (IT)
|
| |
•
|
Growth in expenses for server use, which reflected growth in the volume of transactions via an uptick in transactionality through
digital channels among increasingly digitalized clients. Total monetary transactions and transactions through digital channels increased 89.0% and 113.7%, respectively.
|
| |
•
|
More specialized personnel with digital capacities were hired with higher average salaries, in line with the execution of strategic
projects.
|
Disruptive expenses represented 12.0% of total expenses and rose 28.1% YTD. These expenses correspond primarily to
disruptive initiatives such as Yape, where higher transactionality and new product development generate IT-related expenses. YTD, Yape, Culqui and Tenpo were the main consumers of expenses,
representing 71% of total expenses for disruptive initiatives.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
09 Operating Efficiency
| |
The efficiency ratio improved 50 bps YTD, after income growth outpaced the expansion registered for
expenses. This evolution was attributable to an uptick in core income which was driven by (i) growth in net interest income, via a positive pricing effect on loans and by (ii) an
improvement in fee income, which was led by Yape and core transactional business.
|
|
Efficiency Ratio (1)
reported by subsidiary
|
Subsidiary
|
Quarter
|
|
|
% change
|
|
As of
|
|
% change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
BCP
|
39.2%
|
38.2%
|
37.6%
|
-60 bps
|
-160 bps
|
37.8%
|
37.4%
|
-40 bps
|
|
BCP Bolivia
|
65.3%
|
58.2%
|
80.3%
|
2210 bps
|
1500 bps
|
62.1%
|
64.3%
|
220 bps
|
|
Mibanco Perú
|
51.4%
|
51.0%
|
54.2%
|
320 bps
|
280 bps
|
52.6%
|
52.8%
|
20 bps
|
|
Mibanco Colombia
|
86.0%
|
78.9%
|
72.0%
|
-690 bps
|
-1390 bps
|
89.1%
|
78.6%
|
-1050 bps
|
|
Pacífico
|
24.7%
|
27.5%
|
25.5%
|
-200 bps
|
80 bps
|
24.2%
|
26.9%
|
270 bps
|
|
Prima AFP
|
51.6%
|
52.2%
|
50.7%
|
-140 bps
|
-90 bps
|
50.3%
|
51.1%
|
80 bps
|
|
Credicorp
|
46.3%
|
44.9%
|
45.2%
|
29 bps
|
-112 bps
|
45.1%
|
44.6%
|
-50 bps
|
(1) Operating expenses / Operating income (under IFRS 17). Operating expenses = Salaries and employee’s benefits + Administrative
expenses + Depreciation and amortization + Association in participation + Acquisition cost. Operating income = Net interest, similar income, and expenses + Fee income + Net gain on foreign
exchange transactions + Net gain from associates +Net gain on derivatives held for trading + Net gain from exchange differences + Net Insurance Underwriting Results
Our analysis will focus on YTD movements to eliminate the impact of seasonality between quarters.
The efficiency ratio improved 50 bps YTD. This evolution was driven mainly by growth in core income, which rose on the back of a higher net
interest income, and by an uptick in fee income, which reflects an increase in the use of digital channels and Yape in particular. Expansion in income was supported by controlled spending.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
10 Regulatory Capital
| |
Regulatory Capital Ratio stood 1.43 times above the regulatory limit.
The IFRS CET1 ratio at BCP Stand-alone increased 38bps YoY
to stand at 13.42%, driven by growth in the balance of Retained Earnings (+19.0%) and partially offset by an uptick in the RWA level (+3.4%)
The IFRS CET1 ratio at Mibanco rose 38 bps YoY, situating
at 17.94%. The drop in the RWA level (-9.7%), which was offset by a decrease in Retained Earnings (-86.2%), drove the dynamic.
|
|
|
10.1
|
Regulatory Capital at Credicorp
|
Capital analysis of Financial Group.
In 2022, the Superintendency of Banking, Insurance, and AFP (SBS) established the legal bases to align the country’s
regulatory framework with the capital standards set by Basel III. The entity issued resolutions that modified both the structure and composition of regulatory capital and capital requirements
for companies in the financial system. Most of these changes were implemented beginning of 2023. For more details, we suggest you refer to our 1Q23 Quarterly Report.
In 2024, with the objective to continue aligning local regulation with Basel III, the SBS modified the structure and composition of Total
Regulatory Capital for financial conglomerates. These changes included incorporating the following elements in the calculation of Total Regulatory Capital: (i) Retained Earnings1 and (ii) Unrealized Gains/Losses2,
as well as deductions of Net Intangible Assets & DTAs.
Additionally, two minimum capital requirements have been included: minimum required for Common Equity Tier 1 Capital (CET
1) and minimum Tier 1 Total Regulatory Capital (Tier 1).
|
•
|
Minimum required for CET 1: 45% of Credicorp’s capital requirement and 100% of the conservation, economic cycle and risk concentration
buffers.
|
|
•
|
Minimum required for Tier 1: 60% of Credicorp’s capital requirement and 100% of the conservation, economic cycle and risk concentration
buffers.
|
Regarding Credicorp, at the end of 3Q24, the Regulatory Capital Ratio stood 1.43 times above the minimum required,
which attests our financial strength and stability.The ratio increased 10 bps QoQ driven by an increase in Subordinated Debt, related to an issuance in BCP, and an increase in Retained
Earnings, particularly at BCP. This growth was partially offset by a drop in Discretionary Reserves related to the special dividend declared this quarter. It is important to note that BCP
and Mibanco have not yet declared their respective special dividend.
Regulatory Tier 1 rose to 1.79 times (+9 bps) while Common Equity Tier 1 stood at 2.20 (+11 bps), both ratios are above the minimum required. Growth in
both ratios was driven by the same dynamics that fueled an uptick in the Total Regulatory Capital Ratio.
1 Includes Accumulated Earnings solely from
Financial Entities Supervised by the SBS, according to the current regulation.
2 Includes Unrealized Losses attributable to Available-For-Sale
Investments in debt instruments issued by the Peruvian Government, other Governments with Investment Grade Ratings, the Peruvian Central Bank and other instruments, in accordance with current
regulation.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
|
10.2
|
Analysis of Capital at BCP Stand-alone
|
|
|
The IFRS CET 1 Ratio at BCP Stand-alone rose 137 bps QoQ and closed 3Q24 at 13.42%. This figure stands above our internal appetite
of 11%, and the increase was attributable to an uptick in the Retained Earnings balance. The drop in the RWA level, which was fueled by a loan contraction, also drove this dynamic.
YoY, the IFRS CET 1 ratio increased 38 bps, driven by growth in the balance for Retained Earnings. This evolution was offset by an uptick in the RWA level through growth in
operational RWAs, which was associated with an increase in the bank’s margin.
Finally, under the parameters of current regulations, the Global Capital Ratio situated at 18.96% (+272 bps QoQ). This ratio is
well above the minimum required by the regulator 13.12% to September 2024, which reflects our prudent approach to solvency management. The QoQ evolution of this ratio was driven by
an increase in Subordinated Debt via an issuance in September and to an uptick in the Retained Earnings balance. The YoY increase of this ratio was driven by the same dynamics as
those in play for IFRS CET 1.
|
The local CET 1 ratio stood at 13.25%, well above the minimum requirement of 6.90% to September 2024.
|
10.3
|
Analysis of Capital at Mibanco
|
|
|
At the end of 3Q24, the IFRS CET 1 Ratio at Mibanco stood at 17.94% (+122 bps QoQ), which is above our internal appetite of 15%. This
increase was attributable to a reduction in the RWA level, which was driven by a contraction in loans after stricter lending guidelines were enacted. The increase registered in
Retained Earnings also fueled the evolution of this quarter’s IFRS CET 1 result. YoY, this ratio increased 38 bps due to a drop in the RWA level, which was fueled by the same dynamics
in play in the QoQ analysis. This reduction was offset by a decrease in the Retained Earnings balance.
The Global Capital Ratio at Mibanco stood at 20.22% (127 bps QoQ), which is significantly above the regulatory entity’s minimum requirement of 13.85%.
The variation between periods was driven by the same dynamics as those seen for IFRS CET 1. The local CET 1 ratio stood at 17.85%, well above the 6.90% required by the regulatory
entity as of September 2024.
|
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
11 Economic Outlook
| |
In 3Q24, the Peruvian economy is expected to have grown around 3.5% YoY. Primary
sectors are estimated to have slowed down to 1.6% YoY, mainly affected by the decline in the fishing and agriculture sector, while non-primary sectors are projected to have expanded
approximately 4.1% YoY, driven by services and non-primary manufacturing.
The annual inflation rate continued to slow, closing the
quarter at 1.8% YoY (2.3% YoY in 2Q24). In October, the BCRP decided to hold its reference rate at 5.25%, after August and September cuts.
According to the BCRP, the exchange rate closed at USDPEN
3.71 in 3Q24, appreciating 3.3% compared to the end of 2Q24. It remained stable compared to the end of 2023.
|
|
Peru: Economic Forecast
|
Peru
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024 (4)
|
2025 (4)
|
|
GDP (US$ Millions)
|
232,447
|
205,689
|
225,433
|
244,465
|
267,346
|
281,380
|
296,368
|
|
Real GDP (% change)
|
2.2
|
(10.9)
|
13.4
|
2.7
|
(0.6)
|
3.0
|
2.8
|
|
GDP per capita (US$)
|
7,234
|
6,304
|
6,824
|
7,320
|
7,927
|
8,251
|
8,612
|
|
Domestic demand (% change)
|
2.2
|
(9.6)
|
14.5
|
2.4
|
(2.1)
|
3.5
|
2.7
|
|
Gross fixed investment (as % GDP)
|
22.5
|
21.0
|
25.1
|
25.2
|
22.9
|
23.0
|
23.0
|
|
Financial system loan without Reactiva (% change) (1)
|
6.4
|
(4.3)
|
12.6
|
9.7
|
2.8
|
2.0
|
5.5
|
|
Inflation, end of period(2)
|
1.9
|
2.0
|
6.4
|
8.5
|
3.2
|
2.4
|
2.5
|
|
Reference Rate, end of period
|
2.25
|
0.25
|
2.50
|
7.50
|
6.75
|
5.00
|
4.25
|
|
Exchange rate, end of period
|
3.31
|
3.62
|
3.99
|
3.81
|
3.71
|
3.75
|
3.75
|
|
Exchange rate, (% change) (3)
|
1.8%
|
-9.3%
|
-10.3%
|
4.5%
|
2.7%
|
-1.2%
|
0.0%
|
|
Fiscal balance (% GDP)
|
-1.6
|
-8.9
|
-2.5
|
-1.7
|
-2.8
|
-3.5
|
-2.4
|
|
Public Debt (as % GDP)
|
26.6
|
34.6
|
35.8
|
33.9
|
32.9
|
34.0
|
34.0
|
|
Trade balance (US$ Millions)
|
6,879
|
8,102
|
15,115
|
10,166
|
17,678
|
21,000
|
22,000
|
|
(As % GDP)
|
3.0%
|
3.9%
|
6.7%
|
4.2%
|
6.6%
|
7.5%
|
7.4%
|
|
Exports
|
47,980
|
42,826
|
63,114
|
66,167
|
67,518
|
72,000
|
74,500
|
|
Imports
|
41,101
|
34,724
|
47,999
|
56,001
|
49,840
|
51,000
|
52,500
|
|
Current account balance (As % GDP)
|
-0.6%
|
0.9%
|
-2.1%
|
-4.0%
|
0.8%
|
1.5%
|
1.0%
|
|
Net international reserves (US$ Millions)
|
68,316
|
74,707
|
78,495
|
71,883
|
71,033
|
78,000
|
76,000
|
|
(As % GDP)
|
29.4%
|
36.3%
|
34.8%
|
29.4%
|
26.6%
|
27.7%
|
25.6%
|
|
(As months of imports)
|
20
|
26
|
20
|
15
|
17
|
18
|
17
|
Sources: INEI, BCRP y SBS.
(1) Financial System, Current Exchange Rate
(2) Inflation target: 1% - 3%
(3) Negative % change indicates depreciation.
(4) Grey area indicate estimates by BCP Economic Research as of October 2024
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
Main Macroeconomic Variables
Gross Domestic Product
(Annual Real Variations, % YoY)
|
In 3Q24, the cyclical recovery of the economy, evident throughout the year, continued. GDP is estimated to have grown around 3.5% YoY,
similar to the print in 2Q24. The primary sectors are estimated to have slowed to 1.6% YoY, mainly affected by the decline in the fishing sector following the end of the first
anchovy fishing season in the north-central region of the country in July, and the contraction of the agricultural sector. Meanwhile, growth in the non-primary sectors is estimated
to have accelerated to 4.1%, its fastest growth rate in more than two years, with notable performance in the services and non-primary manufacturing sectors.
|
Annual Inflation and Central Bank Reference Rate
(%)
|
Inflation, measured using the Consumer Price Index of Metropolitan Lima, slowed from 2.3% YoY at the end of 2Q24 to 1.8% at the end
of 3Q24, the lowest level in nearly four years, mainly due to a decline in the food and beverage category. Since April, inflation has remained within the Central Reserve Bank of
Peru’s (BCRP) target range of 1% to 3%. Meanwhile, core inflation (excluding food and energy) stood at 2.6% YoY in September 2024 (3.1% YoY at the end of Q2 2024), the lowest since
September 2021.
At its October meeting, the BCRP decided to hold its reference rate at 5.25%, after cutting the rate by 25 basis points in August and
September. Since September 2023, the BCRP has reduced its reference rate by 250 basis points.
|
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
Fiscal Balance and Current Account Balance
(% of GDP, Quarter)
The annualized fiscal deficit as of September 2024 stood at 4.0% of GDP, marking the fifth consecutive month at this level, compared to 2.8%
of GDP in 4Q23. During the same period, in nominal terms, current revenues grew 2.0% YoY, driven by economic recovery and higher export prices, while non-financial expenditures rose by
9.2% YoY due to a 17.9% increase in capital expenditure (mainly public investment). As a percentage of GDP, as of September 2024, revenues stood at 19.1% (end 2023: 19.8%) and
non-financial expenditures at 21.7% of GDP (end 2023: 21.0%).
In September, Moody’s affirmed the foreign currency sovereign credit rating at Baa1 (three notches above investment grade) and upgraded the outlook from
negative to stable. This decision was based on the adoption of political reforms that alleviate medium-term concerns about institutional stability. S&P assigned a credit rating of
BBB-, the lowest investment grade, with a stable outlook, and Fitch rates it at BBB (two notches above investment grade) with a negative outlook.
In November, Fitch also affirmed the foreign currency sovereign credit rating at BBB (two notches above IG) and upgraded the outlook from
negative to stable noting that sound policymaking has supported economic recovery this year and preserved broad macro- financial stability.
In terms of external accounts, the 12-month cumulative trade surplus as of August 2024 reached US$ 20.7 billion, a new
historical high. During the same period, exports grew by 8.4% YoY to US$ 71.7 billion. Imports remained stable (0.2% YoY) at US$ 51.0 billion, where growth in capital goods imports was offset
by declines in consumer goods and industrial inputs.
Terms of trade grew by 11.8% YoY in August 2024, remaining close to their previous historical highs. Export prices rose by
9.2% YoY, driven by higher prices for copper, gold, and silver. The latter two metals have seen significant increases so far this year, with gold reaching an all-time high of US$ 2,749 per
ounce in October and silver recording its best price in 12 years (US$ 34.8 per ounce). Meanwhile, import prices fell 2.3% YoY due to lower prices for industrial inputs and food items such as
wheat, corn, and soybeans.
Exchange Rate
(PEN per USD)
According to the Central Reserve Bank of Peru (BCRP), the exchange rate closed 3Q24 at USDPEN 3.71, appreciating 3.3% compared to the end of 2Q24 (3.83) and
remaining stable compared to the end of 2023. During 3Q24, the BCRP did not intervene in the spot exchange market. It has accumulated sales of USD 318 million for the year, concentrated in
the first half.
The weakening of the global dollar, driven by expectations surrounding the start of the Fed’s rate-cutting cycle, led to the appreciation of Latin American
currencies in 3Q24, with the exception of the Mexican peso and Colombian peso, which were affected by idiosyncratic factors and the decline in oil prices. Compared to the end of 2Q24, the
Brazilian real appreciated 2.6% and the Chilean peso 4.5%, while the Mexican peso depreciated 7.5% and the Colombian peso 1.3%.
Net International Reserves (NIR) closed 3Q24 at US$ 80.4 billion, which topped the US$ 71.4 billion at the end of 2Q24 and
the US$ 71.0 billion at the end of 2023. In mid-September 2024, NIR reached a historical high of US$ 83.8 billion. Meanwhile, the BCRP’s foreign exchange position stood at US$ 54.5 billion,
which represented an increase of US$ 3.3 billion compared to the end of 2Q 2024.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
Safe Harbor for Forward-Looking Statements
|
This material includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and
Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking and may contain information about financial results, economic
conditions, trends and known uncertainties. Forward-looking statements are not assurances of future performance. Instead, they are based only on our management’s current views, beliefs,
expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
Many forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”,
“estimate”, “expect”, “strategy”, “future”, “likely”, “would”, “may”, “should”, “will”, “see” and similar references to future periods. Examples of forward-looking statements include, among
others, statements or estimates we make regarding guidance relating to losses in our credit portfolio, efficiency ratio, provisions and non-performing loans, current or future market risk and
future market conditions, expected macroeconomic events and conditions, our belief that we have sufficient capital and liquidity to fund our business operations, expectations of the effect on
our financial condition of claims, legal actions, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, strategy for customer retention,
growth, governmental programs and regulatory initiatives, credit administration, product development, market position, financial results and reserves and strategy for risk management.
We caution readers that forward-looking statements involve known and unknown risks and uncertainties that could cause actual results,
performance, or events to differ materially from those that we expect or that are expressed or implied in the forward-looking statements, depending on the outcome of certain factors, including,
without limitation, adverse changes in:
|
•
|
The occurrence of natural disasters or political or social instability in Peru;
|
|
•
|
The adequacy of the dividends that our subsidiaries are able to pay to us, which may affect our ability to pay dividends to shareholders
and corporate expenses;
|
|
•
|
Performance of, and volatility in, financial markets, including Latin-American and other markets;
|
|
•
|
The frequency, severity and types of insured loss events;
|
|
•
|
Fluctuations in interest rate levels;
|
|
•
|
Foreign currency exchange rates, including the Sol/US Dollar exchange rate;
|
|
•
|
Deterioration in the quality of our loan portfolio;
|
|
•
|
Increasing levels of competition in Peru and other markets in which we operate;
|
|
•
|
Developments and changes in laws and regulations affecting the financial sector and adoption of new international guidelines;
|
|
•
|
Changes in the policies of central banks and/or foreign governments;
|
|
•
|
Effectiveness of our risk management policies and of our operational and security systems;
|
|
•
|
Losses associated with counterparty exposures;
|
|
•
|
The scope of the coronavirus (“COVID-19”) outbreak, actions taken to contain the COVID-19 and related economic effects from such actions
and our ability to maintain adequate staffing; and
|
|
•
|
Changes in Bermuda laws and regulations applicable to so-called non-resident entities.
|
See “Item 3. Key Information—3. D Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Annual Report on
Form 20-F filed with the U.S. Securities and Exchange Commission for additional information and other such factors. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof and are based only on information currently available to us. Therefore, you should not rely on any of these forward-looking statements.
We undertake no obligation to publicly update or revise these or any other forward-looking statements that may be made to
reflect events or circumstances after the date hereof, whether as a result of changes in our business strategy or new information, to reflect the occurrence of unanticipated events or otherwise.
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
12 Appendix
|
12.1. |
Physical Point of Contact |
46 |
| |
|
|
|
|
12.2. |
Loan Portfolio Quality |
46 |
| |
|
|
|
|
12.3. |
Net Interest Income (NII) |
50 |
| |
|
|
|
| |
12.4. |
Net Interest Margin (NIM) and Risk Adjusted NIM
|
50
|
|
12.5. |
Regulatory Capital |
51 |
| |
|
|
|
|
12.6. |
Financial Statements and Ratios by Business |
55 |
|
12.6.1. |
Credicorp Consolidated |
55 |
| |
|
|
|
|
12.6.2. |
Credicorp Stand-alone |
57 |
| |
|
|
|
|
12.6.3. |
BCP Consolidated |
58 |
| |
|
|
|
|
12.6.4. |
BCP Stand-alone |
60 |
| |
|
|
|
|
12.6.5. |
BCP Bolivia |
62 |
| |
|
|
|
|
12.6.6. |
Mibanco |
63 |
| |
|
|
|
|
12.6.7. |
Prima AFP |
64 |
| |
|
|
|
|
12.6.8. |
Grupo Pacifico |
65 |
| |
|
|
|
|
12.6.9. |
Investment Management and Advisory |
67 |
|
12.7. |
Table of Calculations |
68 |
| |
|
|
|
|
12.8. |
Glossary of terms |
69 |
| |
|
|
|
|
| |
Earnings Release 3Q / 24
|
Analysis of 3Q24 Consolidated Results
|
| |
|
|
|
|
12.1.
|
Physical Point of contact
|
|
Physical Point of Contact (1)
(Units)
|
As of
|
Change (units)
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Branches
|
661
|
650
|
648
|
-2
|
-13
|
|
ATMs
|
2,677
|
2,745
|
2,766
|
21
|
89
|
|
Agents
|
11,830
|
11,835
|
11,857
|
22
|
27
|
|
Total
|
15,168
|
15,230
|
15,271
|
41
|
103
|
| |
(1)
|
Includes Banco de la Nacion branches, which in September 23 were 33, in June 23 were 36 and in September 24 were 36
|
|
12.2.
|
Loan Portfolio Quality
|
Portfolio Quality Ratios by Segment
Wholesale Banking
Consumer
Credit Card
Mibanco
BCP Bolivia
|
12.3.
|
Net Interest Income (NII)
|
NII Summary
|
Net interest income
|
Quarter
|
% change
|
Up to
|
% change
|
|
S/ 000
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Interest income
|
4,819,101
|
4,935,238
|
4,995,971
|
1.2%
|
3.7%
|
13,928,453
|
14,857,135
|
6.7%
|
|
Interest on loans
|
3,853,361
|
3,921,374
|
3,924,222
|
0.1%
|
1.8%
|
11,137,158
|
11,714,388
|
5.2%
|
|
Dividends on investments
|
10,464
|
10,136
|
13,187
|
30.1%
|
26.0%
|
34,433
|
34,184
|
-0.7%
|
|
Interest on deposits with banks
|
289,934
|
319,829
|
365,361
|
14.2%
|
26.0%
|
853,764
|
1,019,649
|
19.4%
|
|
Interest on securities
|
641,370
|
657,897
|
667,195
|
1.4%
|
4.0%
|
1,845,590
|
2,008,167
|
8.8%
|
|
Other interest income
|
23,972
|
26,002
|
26,006
|
0.0%
|
8.5%
|
57,508
|
80,747
|
40.4%
|
|
Interest expense
|
1,565,058
|
1,466,774
|
1,405,221
|
-4.2%
|
-10.2%
|
4,338,165
|
4,371,798
|
0.8%
|
|
Interest expense (excluding Net Insurance Financial Expenses)
|
1,448,593
|
1,342,088
|
1,276,643
|
-4.9%
|
-11.9%
|
3,990,784
|
3,996,530
|
0.1%
|
|
Interest on deposits
|
859,659
|
738,010
|
677,509
|
-8.2%
|
-21.2%
|
2,314,183
|
2,195,045
|
-5.1%
|
|
Interest on borrowed funds
|
325,619
|
267,285
|
262,319
|
-1.9%
|
-19.4%
|
861,406
|
794,488
|
-7.8%
|
|
Interest on bonds and subordinated notes
|
149,449
|
200,739
|
200,801
|
0.0%
|
34.4%
|
481,339
|
598,170
|
24.3%
|
|
Other interest expense
|
113,866
|
136,054
|
136,014
|
0.0%
|
19.5%
|
333,856
|
408,827
|
22.5%
|
|
Net Insurance Financial Expenses
|
116,465
|
124,686
|
128,578
|
3.1%
|
10.4%
|
347,381
|
375,268
|
8.0%
|
|
Net interest income
|
3,254,043
|
3,468,464
|
3,590,750
|
3.5%
|
10.3%
|
9,590,288
|
10,485,337
|
9.3%
|
|
Risk-adjusted Net interest income
|
2,336,401
|
2,375,093
|
2,722,669
|
14.6%
|
16.5%
|
7,141,397
|
7,709,186
|
8.0%
|
|
Average interest earning assets
|
220,724,334
|
227,161,179
|
231,316,507
|
1.8%
|
4.8%
|
222,362,151
|
229,452,866
|
3.2%
|
|
Net interest margin (1)
|
6.11%
|
6.33%
|
6.43%
|
10 bps
|
32 bps
|
5.96%
|
6.31%
|
35 bps
|
|
Risk-adjusted Net interest margin (1)
|
4.45%
|
4.40%
|
4.93%
|
53 bps
|
48 bps
|
4.49%
|
4.70%
|
21 bps
|
|
Net provisions for loan losses / Net interest income
|
28.20%
|
31.52%
|
24.18%
|
-734 bps
|
-402 bps
|
25.54%
|
26.48%
|
94 bps
|
(1) Annualized. For further detail on the new NIM calculation due to IFRS17, please refer to Annex 12.1.7
|
12.4.
|
Net Interest Margin (NIM) and Risk Adjusted NIM by Subsidiary
|
|
NIM Breakdown
|
BCP Stand-
alone
|
Mibanco
|
BCP Bolivia
|
Credicorp
|
|
3Q23
|
5.77%
|
13.64%
|
2.87%
|
6.11%
|
|
2Q24
|
6.08%
|
13.61%
|
3.03%
|
6.33%
|
|
3Q24
|
6.17%
|
13.86%
|
2.95%
|
6.43%
|
NIM: Annualized Net interest income (excluding Net Insurance Financial Expenses) / Average
period end and period beginning interest-earning assets.
|
Risk Adjusted NIM
Breakdown
|
BCP
Stand-alone
|
Mibanco
|
BCP
Bolivia
|
Credicorp
|
|
3Q23
|
4.18%
|
8.73%
|
2.47%
|
4.45%
|
|
2Q24
|
4.30%
|
7.67%
|
2.25%
|
4.40%
|
|
3Q24
|
4.75%
|
9.12%
|
2.59%
|
4.93%
|
Risk-Adjusted NIM: (Annualized Net interest income (excluding Net Insurance Financial
Expenses) - annualized provisions) / Average period end and period beginning interest-earning assets.
Regulatory Capital and Capital Adequacy Ratios
(IFRS)
|
Regulatory Capital and Capital Adequacy Ratios
|
As of
|
% Change
|
|
S/000
|
Jun 24
|
Sep 24
|
QoQ
|
|
Capital Stock
|
1,318,993
|
1,318,993
|
-
|
|
Treasury Stocks
|
(208,918)
|
(208,901)
|
0.0%
|
|
Capital Surplus
|
172,303
|
179,027
|
3.9%
|
|
Legal and Other Capital reserves
|
28,008,038
|
27,187,346
|
-2.9%
|
|
Minority interest
|
518,838
|
479,027
|
-7.7%
|
|
Current and Accumulated Earnings (1)
|
3,914,339
|
5,432,237
|
38.8%
|
|
Unrealized Gains or Losses (2)
|
(936,472)
|
(227,247)
|
-75.7%
|
|
Goodwill
|
(763,671)
|
(734,431)
|
-3.8%
|
|
Intangible Assets (3)
|
(2,151,581)
|
(2,050,646)
|
-4.7%
|
|
Deductions in Common Equity Tier 1 instruments (4)
|
(685,466)
|
(678,924)
|
-1.0%
|
|
Perpetual subordinated debt
|
-
|
-
|
-
|
|
Subordinated Debt
|
5,896,957
|
7,939,610
|
34.6%
|
|
Loan loss reserves (5)
|
2,041,564
|
1,967,574
|
-3.6%
|
|
Deductions in Tier 2 instruments (6)
|
(973,281)
|
(1,525,608)
|
56.7%
|
|
Total Regulatory Capital (A)
|
36,151,641
|
39,078,056
|
8.1%
|
|
Total Regulatory Common Equity Tier 1 Capital (B)
|
29,186,401
|
30,696,480
|
5.2%
|
|
Total Regulatory Tier 1 Capital (C)
|
29,186,145
|
30,696,480
|
5.2%
|
|
Total Regulatory Capital Requirement (D)
|
27,146,595
|
27,276,454
|
0.5%
|
|
Total Regulatory Common Equity Tier 1 Capital Requirement (E)
|
13,975,808
|
13,968,158
|
-0.1%
|
|
Total Regulatory Tier 1 Capital Requirement (F)
|
17,108,445
|
17,131,013
|
0.1%
|
|
Regulatory Capital Ratio (A) / (D)
|
1.33
|
1.43
|
10 bps
|
|
Regulatory Common Equity Tier 1 Capital Ratio (B) / (E)
|
2.09
|
2.20
|
11 bps
|
|
Regulatory Tier 1 Capital Ratio (C) / (F)
|
1.71
|
1.79
|
9 bps
|
(1) Earnings include Banco de Crédito del Perú and Mibanco Perú. Losses include all subsidiaries.
(2) Gains include Investment Grade Government Bonds and Peruvian Central Bank Certificates of Deposits. Losses include all bonds.
(3) Different to Goodwill. Includes Diferred Tax Assets.
(4) Investments in Equity.
(5) Up to 1.25% of total risk-weighted assets of Banco de Crédito del Perú, Solución Empresa Administradora Hipotecaria, Mibanco and Atlantic
Security Bank.
(6) Investments in Tier 2 Subordinated Debt.
Regulatory and Capital Adequacy Ratios at BCP Stand-alone
|
Regulatory Capital
|
Quarter
|
Change %
|
|
(S/ thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Capital Stock
|
12,973,175
|
12,973,175
|
12,973,175
|
0.0%
|
0.0%
|
|
Reserves
|
7,039,793
|
6,591,330
|
6,591,330
|
0.0%
|
-6.4%
|
|
Accumulated earnings
|
4,474,351
|
3,920,795
|
5,426,132
|
38.4%
|
21.3%
|
|
Loan loss reserves (1)
|
1,667,750
|
1,749,878
|
1,689,307
|
-3.5%
|
1.3%
|
|
Perpetual subordinated debt
|
-
|
-
|
-
|
n.a
|
n.a
|
|
Subordinated Debt
|
5,120,550
|
5,171,850
|
7,232,550
|
39.8%
|
41.2%
|
|
Unrealized Profit or Losses
|
(916,337)
|
(621,417)
|
(322,210)
|
-48.1%
|
-64.8%
|
|
Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries
|
(2,714,749)
|
(2,465,969)
|
(2,537,005)
|
2.9%
|
-6.5%
|
|
Intangibles
|
(1,124,983)
|
(1,303,792)
|
(1,330,135)
|
2.0%
|
18.2%
|
|
Goodwill
|
(122,083)
|
(122,083)
|
(122,083)
|
0.0%
|
0.0%
|
|
Total Regulatory Capital
|
26,397,466
|
25,893,766
|
29,601,060
|
14.3%
|
12.1%
|
|
Tier 1 Common Equity (2)
|
19,609,166
|
18,972,038
|
20,679,203
|
9.0%
|
5.5%
|
|
Regulatory Tier 1 Capital (3)
|
19,609,166
|
18,972,038
|
20,679,203
|
9.0%
|
5.5%
|
|
Regulatory Tier 2 Capital (4)
|
6,788,300
|
6,921,728
|
8,921,857
|
28.9%
|
31.4%
|
|
Total risk-weighted assets
|
Quarter
|
Change %
|
|
(S/ thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Market risk-weighted assets (5)
|
2,576,734
|
3,300,703
|
4,301,156
|
30.3%
|
66.9%
|
|
Credit risk-weighted assets
|
132,297,592
|
138,806,587
|
133,937,442
|
-3.5%
|
1.2%
|
|
Operational risk-weighted assets
|
15,862,960
|
17,335,423
|
17,871,737
|
3.1%
|
12.7%
|
|
Total
|
150,737,286
|
159,442,714
|
156,110,335
|
-2.1%
|
3.6%
|
|
Capital requirement
|
Quarter
|
Change %
|
|
(S/ thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Market risk capital requirement (5)
|
257,673
|
330,070
|
430,116
|
30.3%
|
66.9%
|
|
Credit risk capital requirement
|
11,906,783
|
12,492,593
|
12,724,057
|
1.9%
|
6.9%
|
|
Operational risk capital requirement
|
1,586,296
|
1,733,542
|
1,787,174
|
3.1%
|
12.7%
|
|
Additional capital requirements
|
3,595,810
|
5,709,468
|
5,647,686
|
-1.1%
|
57.1%
|
|
Total
|
17,346,562
|
20,265,673
|
20,589,033
|
1.6%
|
18.7%
|
Capital Ratios under Local Regulation
|
Capital ratios under Local Regulation
|
Quarter
|
Change %
|
|
(S/. thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Common Equity Tier 1 ratio
|
13.01%
|
11.90%
|
13.25%
|
135 bps
|
24 bps
|
|
Tier 1 Capital ratio
|
13.01%
|
11.90%
|
13.25%
|
135 bps
|
24 bps
|
|
Regulatory Global Capital ratio
|
17.51%
|
16.24%
|
18.96%
|
272 bps
|
145 bps
|
| |
[1]
|
Up to 1.25% of total risk-weighted assets.
|
| |
[2]
|
Common Equity Tier 1 = Capital Stock + Reserves + Accumulated earnings – Unrealized profits or losses - 100% deductions (investment in subsidiaries,
goodwill, intangible assets and deferred tax assets based on future returns).
|
| |
[3]
|
Regulatory Tier 1 Capital = Common Equity Tier 1 + Tier 1 Subordinated Debt (Perpetual).
|
| |
[4]
|
Regulatory Tier 2 Capital = Subordinated Debt + Loan loss reserves.
|
Regulatory Capital and Capital Adequacy Ratios at Mibanco
|
Regulatory Capital
|
Quarter
|
% Change
|
|
(S/ thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Capital Stock
|
1,840,606
|
1,840,606
|
1,840,606
|
0.0%
|
0.0%
|
|
Reserves
|
308,056
|
334,650
|
334,650
|
0.0%
|
8.6%
|
|
Accumulated earnings
|
669,894
|
356,449
|
424,627
|
19.1%
|
-36.6%
|
|
Loan loss reserves
|
163,158
|
150,127
|
143,193
|
-4.6%
|
-12.2%
|
|
Perpetual subordinated debt
|
-
|
-
|
-
|
n.a
|
n.a.
|
|
Subordinated debt
|
173,000
|
167,000
|
167,000
|
0.0%
|
-3.5%
|
|
Unrealized Profit or Losses
|
(13,584)
|
(600)
|
6,366
|
n.a
|
n.a.
|
|
Investment in subsidiaries and others, net of unrealized profit and net income in
subsidiaries
|
(276)
|
(288)
|
(293)
|
1.8%
|
6.1%
|
|
Intangibles
|
(140,573)
|
(123,177)
|
(128,688)
|
4.5%
|
-8.5%
|
|
Goodwill
|
(139,180)
|
(139,180)
|
(139,180)
|
0.0%
|
0.0%
|
|
Total Regulatory Capital
|
2,861,101
|
2,585,586
|
2,648,281
|
2.4%
|
-7.4%
|
|
Tier Common Equity (2)
|
2,524,943
|
2,268,460
|
2,338,088
|
3.1%
|
-7.4%
|
|
Regulatory Tier 1 Capital (3)
|
2,524,943
|
2,268,460
|
2,338,088
|
3.1%
|
-7.4%
|
|
Regulatory Tier 2 Capital (4)
|
336,158
|
317,127
|
310,193
|
-2.2%
|
-7.7%
|
|
Total risk-weighted assets
|
Quarter
|
% change
|
|
(S/ thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Market risk-weighted assets
|
163,853
|
249,120
|
238,117
|
-4.4%
|
45.3%
|
|
Credit risk-weighted assets
|
12,799,766
|
11,811,650
|
11,263,844
|
-4.6%
|
-12.0%
|
|
Operational risk-weighted assets
|
1,522,681
|
1,584,653
|
1,594,338
|
0.6%
|
4.7%
|
|
Total
|
14,486,300
|
13,645,422
|
13,096,299
|
-4.0%
|
-9.6%
|
|
Capital requirement
|
Quarter
|
% change
|
|
(S/ thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Market risk capital requirement (5)
|
16,385
|
24,912
|
23,812
|
-4.4%
|
45.3%
|
|
Credit risk capital requirement
|
1,215,978
|
1,063,048
|
1,070,065
|
0.7%
|
-12.0%
|
|
Operational risk capital requirement
|
152,268
|
158,465
|
159,434
|
0.6%
|
4.7%
|
|
Additional capital requirements
|
399,691
|
159,457
|
160,510
|
0.7%
|
-59.8%
|
|
Total
|
1,784,322
|
1,405,883
|
1,413,821
|
0.6%
|
-20.8%
|
Capital Ratios under Local Regulation
|
Capital ratios under Local Regulation
|
Quarter
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Common Equity Tier 1 Ratio
|
17.43%
|
16.62%
|
17.85%
|
123 bps
|
42 bps
|
|
Tier 1 Capital ratio
|
17.43%
|
16.62%
|
17.85%
|
123 bps
|
42 bps
|
|
Regulatory Global Capital Ratio
|
19.75%
|
18.95%
|
20.22%
|
127 bps
|
47 bps
|
| |
[1]
|
Up to 1.25% of total risk-weighted assets.
|
| |
[2]
|
Common Equity Tier 1 = Capital Stock + Reserves + Accumulated earnings – Unrealized profits or losses - 100% deductions (investment in subsidiaries,
goodwill, intangible assets and deferred tax assets based on future returns).
|
| |
[3]
|
Regulatory Tier 1 Capital = Common Equity Tier 1 + Tier 1 Subordinated Debt (Perpetual).
|
| |
[4]
|
Regulatory Tier 2 Capital = Subordinated Debt + Loan loss reserves.
|
Common Equity Tier 1 IFRS
BCP Stand-alone
|
Common Equity Tier 1 IFRS
|
Quarter
|
% Change
|
|
(S/. thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Capital and reserves
|
19,500,725
|
19,052,262
|
19,052,262
|
0.0%
|
-2.3%
|
|
Retained earnings
|
5,104,881
|
4,674,213
|
6,076,551
|
30.0%
|
19.0%
|
|
Unrealized gains (losses)
|
(375,086)
|
(97,152)
|
222,730
|
-329.3%
|
-159.4%
|
|
Goodwill and intangibles
|
(1,573,072)
|
(1,694,308)
|
(1,599,568)
|
-5.6%
|
1.7%
|
|
Investments in subsidiaries
|
(2,851,285)
|
(2,602,553)
|
(2,669,334)
|
2.6%
|
-6.4%
|
|
Total
|
19,806,164
|
19,332,463
|
21,082,641
|
9.1%
|
6.4%
|
| |
|
|
|
|
|
|
Adjusted RWAs IFRS
|
151,843,249
|
160,418,064
|
157,046,547
|
-2.1%
|
3.4%
|
|
Adjusted Credit RWAs IFRS
|
133,403,554
|
139,781,938
|
134,873,654
|
-3.5%
|
1.1%
|
|
Others
|
18,439,695
|
20,636,126
|
22,172,893
|
7.4%
|
20.2%
|
| |
|
|
|
|
|
|
CET1 ratio IFRS
|
13.04%
|
12.05%
|
13.42%
|
137 bps
|
38 bps
|
Mibanco
|
Common Equity Tier 1 IFRS
|
Quarter
|
% Change
|
|
(S/. thousand)
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Capital and reserves
|
2,676,791
|
2,703,385
|
2,703,385
|
0.0%
|
1.0%
|
|
Retained earnings
|
267,299
|
(26,918)
|
36,907
|
-237.1%
|
-86.2%
|
|
Unrealized gains (losses)
|
(13,268)
|
(3,821)
|
3,081
|
-180.6%
|
-123.2%
|
|
Goodwill and intangibles
|
(345,258)
|
(356,518)
|
(358,589)
|
0.6%
|
3.9%
|
|
Investments in subsidiaries
|
(276)
|
(281)
|
(296)
|
5.5%
|
7.2%
|
|
Total
|
2,585,288
|
2,315,848
|
2,384,488
|
3.0%
|
-7.8%
|
| |
|
|
|
|
|
|
Adjusted RWAs IFRS
|
14,719,637
|
13,852,449
|
13,291,063
|
-4.1%
|
-9.7%
|
|
Adjusted Credit RWAs IFRS
|
13,028,635
|
12,013,076
|
11,455,585
|
-4.6%
|
-12.1%
|
|
Others
|
1,691,001
|
1,839,373
|
1,835,478
|
-0.2%
|
8.5%
|
| |
|
|
|
|
|
|
CET1 ratio IFRS
|
17.56%
|
16.72%
|
17.94%
|
122 bps
|
38 bps
|
|
12.6.
|
Financial Statements and Ratios by Business
|
|
12.6.1.
|
Credicorp Consolidated
|
Consolidated Statement of Financial Position
(S/ Thousands, IFRS)
|
|
As of
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
Non-interest bearing
|
8,047,624
|
7,705,769
|
7,222,945
|
-6.3%
|
-10.2%
|
|
Interest bearing
|
24,907,836
|
27,157,901
|
37,007,966
|
36.3%
|
48.6%
|
|
Total cash and due from banks
|
32,955,460
|
34,863,670
|
44,230,911
|
26.9%
|
34.2%
|
|
|
|
|
|
|
|
|
Cash collateral, reverse repurchase agreements and securities borrowing
|
1,513,622
|
1,777,491
|
1,419,305
|
-20.2%
|
-6.2%
|
|
|
|
|
|
|
|
|
Fair value through profit or loss investments
|
5,558,973
|
4,282,606
|
4,642,905
|
8.4%
|
-16.5%
|
|
Fair value through other comprehensive income investments
|
35,475,821
|
39,156,806
|
39,832,274
|
1.7%
|
12.3%
|
|
Amortized cost investments
|
10,082,119
|
8,986,734
|
8,853,694
|
-1.5%
|
-12.2%
|
|
|
|
|
|
|
|
|
Loans
|
145,129,260
|
146,946,546
|
142,568,785
|
-3.0%
|
-1.8%
|
|
Current
|
138,722,915
|
140,715,785
|
136,542,444
|
-3.0%
|
-1.6%
|
|
Internal overdue loans
|
6,406,345
|
6,230,761
|
6,026,341
|
-3.3%
|
-5.9%
|
|
Less - allowance for loan losses
|
(8,056,216)
|
(8,350,024)
|
(8,250,023)
|
-1.2%
|
2.4%
|
|
Loans, net
|
137,073,044
|
138,596,522
|
134,318,762
|
-3.1%
|
-2.0%
|
|
|
|
|
|
|
|
|
Financial assets designated at fair value through profit or loss
|
797,545
|
891,335
|
900,107
|
1.0%
|
12.9%
|
|
Property, plant and equipment, net
|
1,752,950
|
1,792,615
|
1,836,732
|
2.5%
|
4.8%
|
|
Due from customers on acceptances
|
325,771
|
473,382
|
466,957
|
-1.4%
|
43.3%
|
|
Investments in associates
|
707,457
|
712,728
|
729,770
|
2.4%
|
3.2%
|
|
Intangible assets and goodwill, net
|
3,118,496
|
3,295,236
|
3,167,296
|
-3.9%
|
1.6%
|
|
Reinsurance contract assets
|
803,868
|
959,661
|
880,563
|
-8.2%
|
9.5%
|
|
Other assets (1)
|
8,293,532
|
12,278,373
|
8,480,514
|
-30.9%
|
2.3%
|
|
|
|
|
|
|
|
|
Total Assets
|
238,458,658
|
248,067,159
|
249,759,790
|
0.7%
|
4.7%
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Deposits and obligations
|
|
|
|
|
|
|
Non-interest bearing
|
40,363,636
|
43,190,989
|
47,436,563
|
9.8%
|
17.5%
|
|
Interest bearing
|
108,107,899
|
108,780,995
|
106,998,888
|
-1.6%
|
-1.0%
|
|
Total deposits and obligations
|
148,471,535
|
151,971,984
|
154,435,451
|
1.6%
|
4.0%
|
|
|
|
|
|
|
|
|
Payables from repurchase agreements and securities lending
|
11,738,020
|
7,689,689
|
7,383,104
|
-4.0%
|
-37.1%
|
|
BCRP instruments
|
9,616,150
|
5,542,892
|
4,788,939
|
-13.6%
|
-50.2%
|
|
Repurchase agreements with third parties
|
2,018,861
|
2,077,638
|
2,517,833
|
21.2%
|
24.7%
|
|
Repurchase agreements with customers
|
103,009
|
69,159
|
76,332
|
10.4%
|
-25.9%
|
|
|
|
|
|
|
|
|
Due to banks and correspondents
|
10,493,411
|
12,620,346
|
12,704,234
|
0.7%
|
21.1%
|
|
Bonds and notes issued
|
14,914,632
|
17,953,508
|
16,952,011
|
-5.6%
|
13.7%
|
|
Banker’s acceptances outstanding
|
325,771
|
473,382
|
466,957
|
-1.4%
|
43.3%
|
|
Insurance contract liability
|
11,653,015
|
12,814,831
|
13,289,394
|
3.7%
|
14.0%
|
|
Financial liabilities at fair value through profit or loss
|
455,350
|
811,015
|
698,747
|
-13.8%
|
53.5%
|
|
Other liabilities
|
8,499,868
|
10,707,332
|
9,752,701
|
-8.9%
|
14.7%
|
|
|
|
|
|
|
|
|
Total Liabilities
|
206,551,602
|
215,042,087
|
215,682,599
|
0.3%
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net equity
|
31,267,592
|
32,413,767
|
33,462,591
|
3.2%
|
7.0%
|
|
Capital stock
|
1,318,993
|
1,318,993
|
1,318,993
|
0.0%
|
0.0%
|
|
Treasury stock
|
(208,033)
|
(208,918)
|
(208,901)
|
0.0%
|
0.4%
|
|
Capital surplus
|
225,338
|
172,303
|
179,027
|
3.9%
|
-20.6%
|
|
Reserves
|
26,239,162
|
28,008,038
|
27,187,346
|
-2.9%
|
3.6%
|
|
Other reserves
|
(29,526)
|
267,987
|
470,550
|
75.6%
|
-1693.7%
|
|
Retained earnings
|
3,721,658
|
2,855,364
|
4,515,576
|
58.1%
|
21.3%
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
639,464
|
611,305
|
614,600
|
0.5%
|
-3.9%
|
|
|
|
|
|
|
|
|
Total Net Equity
|
30,638,653
|
34,436,210
|
33,025,072
|
-4.1%
|
7.8%
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
238,458,658
|
248,067,159
|
249,759,790
|
0.7%
|
4.7%
|
|
|
|
|
|
|
|
|
Off-balance sheet
|
151,484,019
|
164,970,468
|
155,876,986
|
-5.5%
|
2.9%
|
|
Total performance bonds, stand-by and L/Cs.
|
18,945,883
|
20,671,941
|
20,206,333
|
-2.3%
|
6.7%
|
|
Undrawn credit lines, advised but not committed
|
88,183,227
|
90,965,846
|
88,226,431
|
-3.0%
|
0.0%
|
|
Total derivatives (notional) and others
|
44,354,909
|
53,332,681
|
47,444,222
|
-11.0%
|
7.0%
|
|
(1)
|
Includes mainly accounts receivables from brokerage and others.
|
* Due to reclassifications, the Balance Sheet may differ from those reported in previous quarters.
Consolidated Statement of Income
(S/ Thousands, IFRS)
|
|
Quarter
|
% change
|
As of
|
% change
|
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Interest income and expense
|
|
|
|
|
|
|
|
|
|
Interest and similar income
|
4,819,101
|
4,935,238
|
4,995,971
|
1.2%
|
3.7%
|
13,928,453
|
14,857,135
|
6.7%
|
|
Interest and similar expenses
|
(1,565,058)
|
(1,466,774)
|
(1,405,221)
|
-4.2%
|
-10.2%
|
(4,338,165)
|
(4,371,798)
|
0.8%
|
|
Net interest, similar income and expenses
|
3,254,043
|
3,468,464
|
3,590,750
|
3.5%
|
10.3%
|
9,590,288
|
10,485,337
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
Gross provision for credit losses on loan portfolio
|
(1,008,750)
|
(1,193,548)
|
(981,870)
|
-17.7%
|
-2.7%
|
(2,696,980)
|
(3,085,607)
|
14.4%
|
|
Recoveries of written-off loans
|
91,108
|
100,177
|
113,789
|
13.6%
|
24.9%
|
248,089
|
309,456
|
24.7%
|
|
Provision for credit losses on loan portfolio, net of recoveries
|
(917,642)
|
(1,093,371)
|
(868,081)
|
-20.6%
|
-5.4%
|
(2,448,891)
|
(2,776,151)
|
13.4%
|
|
|
|
|
|
|
|
|
|
|
|
Net interest, similar income and expenses, after provision for credit losses on loan portfolio
|
2,336,401
|
2,375,093
|
2,722,669
|
14.6%
|
16.5%
|
7,141,397
|
7,709,186
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
Fee income
|
975,955
|
1,148,830
|
1,108,314
|
-3.5%
|
13.6%
|
2,818,286
|
3,319,645
|
17.8%
|
|
Net gain on foreign exchange transactions
|
208,620
|
217,896
|
172,998
|
-20.6%
|
-17.1%
|
668,079
|
557,163
|
-16.6%
|
|
Net loss on securities
|
53,591
|
92,711
|
120,033
|
29.5%
|
124.0%
|
192,230
|
274,489
|
42.8%
|
|
Net gain from associates
|
32,056
|
28,728
|
35,600
|
23.9%
|
11.1%
|
82,957
|
96,623
|
16.5%
|
|
Net gain (loss) on derivatives held for trading
|
38,545
|
41,748
|
93,801
|
124.7%
|
143.4%
|
48,646
|
175,533
|
260.8%
|
|
Net gain (loss) from exchange differences
|
38,545
|
41,748
|
93,801
|
124.7%
|
143.4%
|
48,646
|
175,533
|
260.8%
|
|
Others
|
89,272
|
139,499
|
96,675
|
-30.7%
|
8.3%
|
328,281
|
338,395
|
3.1%
|
|
Total other income
|
1,402,603
|
1,661,479
|
1,621,282
|
-2.4%
|
15.6%
|
4,169,002
|
4,742,155
|
13.7%
|
|
|
|
|
|
|
|
|
|
|
|
Insurance underwriting result
|
417,014
|
407,666
|
419,805
|
3.0%
|
0.7%
|
1,217,378
|
1,286,468
|
5.7%
|
|
Insurance Service Result
|
(86,114)
|
(92,166)
|
(128,030)
|
38.9%
|
48.7%
|
(293,573)
|
(400,130)
|
36.3%
|
|
Reinsurance Result
|
330,900
|
315,500
|
291,775
|
-7.5%
|
-11.8%
|
923,805
|
886,338
|
-4.1%
|
|
Total insurance underwriting result
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
(1,061,402)
|
(1,141,823)
|
(1,155,966)
|
1.2%
|
8.9%
|
(3,145,695)
|
(3,404,858)
|
8.2%
|
|
Salaries and employee benefits
|
(1,007,894)
|
(1,017,707)
|
(1,047,386)
|
2.9%
|
3.9%
|
(2,714,000)
|
(2,953,677)
|
8.8%
|
|
Administrative, general and tax expenses
|
(159,761)
|
(172,204)
|
(179,495)
|
4.2%
|
12.4%
|
(481,389)
|
(526,845)
|
9.4%
|
|
Depreciation and amortization
|
-
|
-
|
(23,046)
|
n.a
|
n.a
|
-
|
(23,046)
|
n.a
|
|
Association in participation
|
(14,634)
|
(9,200)
|
(6,414)
|
-30.3%
|
-56.2%
|
(43,988)
|
(24,461)
|
-44.4%
|
|
Other expenses
|
(106,778)
|
(124,420)
|
(111,859)
|
-10.1%
|
4.8%
|
(287,609)
|
(335,951)
|
16.8%
|
|
Total expenses
|
(2,350,469)
|
(2,465,354)
|
(2,524,166)
|
2.4%
|
7.4%
|
(6,672,681)
|
(7,268,838)
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax
|
1,719,435
|
1,886,718
|
2,111,560
|
11.9%
|
22.8%
|
5,561,523
|
5,182,503
|
-6.8%
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
(455,865)
|
(519,344)
|
(555,117)
|
6.9%
|
21.8%
|
(1,453,803)
|
(1,602,927)
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
1,263,570
|
1,367,374
|
1,556,443
|
13.8%
|
23.2%
|
4,107,720
|
4,465,914
|
8.7%
|
|
Non-controlling interest
|
25,397
|
28,278
|
32,655
|
15.5%
|
28.6%
|
84,007
|
91,373
|
8.8%
|
|
Net profit attributable to Credicorp
|
1,238,173
|
1,339,096
|
1,523,788
|
13.8%
|
23.1%
|
4,023,713
|
4,374,541
|
8.7%
|
|
12.6.2.
|
Credicorp Stand-alone
|
Statement of Financial Position
(S/ Thousands, IFRS)
|
|
As of
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash equivalents
|
79,883
|
265,981
|
594,754
|
123.6%
|
644.5%
|
|
At fair value through profit or loss
|
937,279
|
-
|
-
|
n.a.
|
-100.0%
|
|
Fair value through other comprehensive income investments
|
303,303
|
1,455,030
|
1,279,564
|
-12.1%
|
321.9%
|
|
In subsidiaries and associates investments
|
36,167,571
|
36,415,839
|
37,481,263
|
2.9%
|
3.6%
|
|
Investments at amortized cost
|
-
|
668,698
|
629,491
|
-5.9%
|
n.a.
|
|
Other assets
|
324
|
1,560
|
856,336
|
n.a.
|
n.a.
|
|
|
|
|
|
|
|
|
Total Assets
|
37,488,360
|
38,807,108
|
40,841,408
|
5.2%
|
8.9%
|
|
|
|
|
|
|
|
|
LIABILITIES AND NET SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds and notes issued
|
1,851,185
|
1,859,959
|
1,814,219
|
-2.5%
|
-2.0%
|
|
Other liabilities
|
206,963
|
214,061
|
1,294,018
|
504.5%
|
525.2%
|
|
|
|
|
|
|
|
|
Total Liabilities
|
2,088,313
|
2,074,020
|
3,108,237
|
49.9%
|
48.8%
|
|
|
|
|
|
|
|
|
NET EQUITY
|
|
|
|
|
|
|
Capital stock
|
1,318,993
|
1,318,993
|
1,318,993
|
0.0%
|
0.0%
|
|
Capital Surplus
|
384,542
|
384,542
|
384,542
|
0.0%
|
0.0%
|
|
Reserve
|
25,905,576
|
27,689,804
|
26,651,433
|
-3.8%
|
2.9%
|
|
Unrealized results
|
(215,370)
|
40,503
|
292,640
|
622.5%
|
-235.9%
|
|
Retained earnings
|
8,006,306
|
7,299,246
|
9,085,563
|
24.5%
|
13.5%
|
|
|
|
|
|
|
|
|
Total net equity
|
35,400,047
|
36,733,088
|
37,733,171
|
2.7%
|
6.6%
|
|
|
|
|
|
|
|
|
Total Liabilities And Equity
|
37,488,360
|
38,807,108
|
40,841,408
|
5.2%
|
8.9%
|
Statement of Income
(S/ Thousands, IFRS)
|
|
Quarter
|
% Change
|
Up to
|
% Change
|
|
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 23/Sep 24
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net share of the income from investments in subsidiaries and associates
|
1,288,466
|
1,899,078
|
1,735,379
|
-8.6%
|
34.7%
|
4,532,550
|
5,191,851
|
14.5%
|
|
Interest and similar income
|
429
|
28,052
|
22,290
|
-20.5%
|
n.a.
|
9,725
|
69,067
|
610.2%
|
|
Net gain on financial assets at fair value through profit or loss
|
8,845
|
-
|
-
|
n.a.
|
n.a.
|
35,222
|
1,234
|
-96.5%
|
|
Total income
|
1,297,740
|
1,927,130
|
1,757,669
|
-8.8%
|
35.4%
|
4,577,497
|
5,262,152
|
15.0%
|
|
|
|
|
|
|
|
|
|
|
|
Interest and similar expense
|
(13,880)
|
(13,508)
|
(13,527)
|
0.1%
|
-2.5%
|
(41,832)
|
(40,600)
|
-2.9%
|
|
Administrative and general expenses
|
(4,097)
|
(5,115)
|
(4,034)
|
-21.1%
|
-1.5%
|
(16,088)
|
(13,951)
|
-13.3%
|
|
Total expenses
|
(17,977)
|
(18,623)
|
(17,561)
|
-5.7%
|
-2.3%
|
(57,920)
|
(54,551)
|
-5.8%
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
1,279,763
|
1,908,507
|
1,740,108
|
-8.8%
|
36.0%
|
4,519,577
|
5,207,601
|
15.2%
|
|
|
|
|
|
|
|
|
|
|
|
Results from exchange differences
|
1,383
|
(2,830)
|
(119)
|
-95.8%
|
-108.6%
|
(2,059)
|
(2,856)
|
38.7%
|
|
Other, net
|
2,665
|
(29)
|
(367)
|
n.a.
|
-113.8%
|
2,866
|
(285)
|
n.a.
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax
|
1,283,811
|
1,905,648
|
1,739,622
|
-8.7%
|
35.5%
|
4,520,384
|
5,204,460
|
15.1%
|
|
Income tax
|
(46,850)
|
(51,879)
|
(43,118)
|
-16.9%
|
-8.0%
|
(140,738)
|
(138,101)
|
-1.9%
|
|
Net income
|
1,236,961
|
1,853,769
|
1,696,504
|
-8.5%
|
37.2%
|
4,379,646
|
5,066,359
|
15.7%
|
| |
|
|
|
|
|
|
|
|
|
Double Leverage Ratio
|
102.2%
|
99.1%
|
99.3%
|
20 bps
|
-284 bps
|
102.2%
|
99.3%
|
-284 bps
|
Consolidated Statement of Financial Position
(S/ Thousands, IFRS)
|
|
As of
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
Non-interest bearing
|
6,041,081
|
5,464,859
|
5,134,613
|
-6.0%
|
-15.0%
|
|
Interest bearing
|
23,912,271
|
26,093,132
|
36,092,693
|
38.3%
|
50.9%
|
|
Total cash and due from banks
|
29,953,352
|
31,557,991
|
41,227,306
|
30.6%
|
37.6%
|
|
|
|
|
|
|
|
|
Cash collateral, reverse repurchase agreements and securities borrowing
|
207,284
|
839,649
|
622,399
|
-25.9%
|
200.3%
|
|
|
|
|
|
|
|
|
Fair value through profit or loss investments
|
1,229,265
|
439,004
|
704,968
|
60.6%
|
-42.7%
|
|
Fair value through other comprehensive income investments
|
19,717,481
|
22,661,943
|
22,888,341
|
1.0%
|
16.1%
|
|
Amortized cost investments
|
9,450,388
|
8,321,181
|
8,178,619
|
-1.7%
|
-13.5%
|
|
|
|
|
|
|
|
|
Loans
|
131,843,710
|
132,958,919
|
129,063,925
|
-2.9%
|
-2.1%
|
|
Current
|
125,761,669
|
127,103,518
|
123,400,733
|
-2.9%
|
-1.9%
|
|
Internal overdue loans
|
6,082,041
|
5,855,401
|
5,663,192
|
-3.3%
|
-6.9%
|
|
Less - allowance for loan losses
|
(7,570,703)
|
(7,799,646)
|
(7,714,711)
|
-1.1%
|
1.9%
|
|
Loans, net
|
124,273,007
|
125,159,273
|
121,349,214
|
-3.0%
|
-2.4%
|
|
|
|
|
|
|
|
|
Property, furniture and equipment, net (1)
|
1,449,222
|
1,490,388
|
1,479,708
|
-0.7%
|
2.1%
|
|
Due from customers on acceptances
|
325,771
|
473,382
|
466,957
|
-1.4%
|
43.3%
|
|
Investments in associates
|
17,941
|
26,754
|
29,053
|
8.6%
|
61.9%
|
|
Other assets (2)
|
7,736,054
|
11,830,099
|
7,959,779
|
-32.7%
|
2.9%
|
|
|
|
|
|
|
|
|
Total Assets
|
194,359,765
|
202,799,664
|
204,906,344
|
1.0%
|
5.4%
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Deposits and obligations
|
|
|
|
|
|
|
Non-interest bearing (1)
|
36,743,810
|
41,187,095
|
45,310,064
|
10.0%
|
23.3%
|
|
Interest bearing (1)
|
95,597,397
|
96,391,919
|
95,985,178
|
-0.4%
|
0.4%
|
|
Total deposits and obligations
|
132,341,207
|
137,579,014
|
141,295,242
|
2.7%
|
6.8%
|
|
|
|
|
|
|
|
|
Payables from repurchase agreements and securities lending
|
10,155,810
|
6,095,858
|
5,621,745
|
-7.8%
|
-44.6%
|
|
BCRP instruments
|
9,616,150
|
5,542,892
|
4,788,939
|
-13.6%
|
-50.2%
|
|
Repurchase agreements with third parties
|
539,660
|
552,966
|
832,806
|
50.6%
|
54.3%
|
|
|
|
|
|
|
|
|
Due to banks and correspondents
|
10,116,035
|
12,141,299
|
12,210,085
|
0.6%
|
20.7%
|
|
Bonds and notes issued
|
11,250,454
|
14,284,148
|
13,351,992
|
-6.5%
|
18.7%
|
|
Banker’s acceptances outstanding
|
325,771
|
473,382
|
466,957
|
-1.4%
|
43.3%
|
|
Financial liabilities at fair value through profit or loss
|
42,768
|
468,746
|
354,562
|
-24.4%
|
729.0%
|
|
Other liabilities (3)
|
5,741,077
|
7,987,914
|
6,110,653
|
-23.5%
|
6.4%
|
|
Total Liabilities
|
169,973,122
|
179,030,361
|
179,411,236
|
0.2%
|
5.6%
|
|
|
|
|
|
|
|
|
Net equity
|
24,228,926
|
23,624,852
|
25,347,135
|
7.3%
|
4.6%
|
|
Capital stock
|
12,679,794
|
12,679,794
|
12,679,794
|
0.0%
|
0.0%
|
|
Reserves
|
6,820,930
|
6,372,468
|
6,372,468
|
0.0%
|
-6.6%
|
|
Unrealized gains and losses
|
(373,385)
|
(95,961)
|
223,921
|
n.a.
|
n.a.
|
|
Retained earnings
|
5,101,587
|
4,668,551
|
6,070,952
|
30.0%
|
19.0%
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
157,717
|
144,451
|
147,973
|
2.4%
|
-6.2%
|
|
|
|
|
|
|
|
|
Total Net Equity
|
24,386,643
|
23,769,303
|
25,495,108
|
7.3%
|
4.5%
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
194,359,765
|
202,799,664
|
204,906,344
|
1.0%
|
5.4%
|
|
|
|
|
|
|
|
|
Off-balance sheet
|
141,192,730
|
152,205,005
|
144,241,520
|
-5.2%
|
2.2%
|
|
Total performance bonds, stand-by and L/Cs.
|
18,226,797
|
20,008,285
|
19,593,247
|
-2.1%
|
7.5%
|
|
Undrawn credit lines, advised but not committed
|
79,083,109
|
79,567,802
|
77,964,739
|
-2.0%
|
-1.4%
|
|
Total derivatives (notional) and others
|
43,882,824
|
52,628,918
|
46,683,534
|
-11.3%
|
6.4%
|
| |
(1)
|
Right of use asset of lease contracts is included by application of IFRS 16.
|
| |
(2)
|
Mainly includes intangible assets, other receivable accounts, trading derivatives receivable accounts and tax credit.
|
| |
(3)
|
Mainly includes other payable accounts, trading derivatives payable accounts and taxes for payable.
|
Consolidated Statement of Income
(S/ Thousands, IFRS)
| |
3Q23
|
Quarter
2Q24
|
3Q24
|
% Change
QoQ YoY
|
Sep 23
|
Up to
Sep 24
|
% Change
Sep 24 / Sep 23
|
|
Interest income and expense
|
|
|
|
|
|
|
|
|
Interest and similar income
|
4,227,671
|
4,321,539
|
4,363,712
|
1.0%
|
3.2%
|
12,197,215
|
12,964,152
|
6.3%
|
|
Interest and similar expenses (1)
|
(1,216,744)
|
(1,101,415)
|
(1,040,332)
|
-5.5%
|
-14.5%
|
(3,324,203)
|
(3,261,405)
|
-1.9%
|
|
Interest income and expense
|
3,010,927
|
3,220,124
|
3,323,380
|
3.2%
|
10.4%
|
8,873,012
|
9,702,747
|
9.4%
|
|
Provision for credit losses on loan portfolio
|
(961,880)
|
(1,117,597)
|
(935,374)
|
-16.3%
|
-2.8%
|
(2,608,202)
|
(2,897,122)
|
11.1%
|
|
Recoveries of written-off loans
|
85,160
|
95,174
|
107,848
|
13.3%
|
26.6%
|
232,008
|
293,820
|
26.6%
|
|
Provision for credit losses on loan portfolio, net of recoveries
|
(876,720)
|
(1,022,423)
|
(827,526)
|
-19.1%
|
-5.6%
|
(2,376,194)
|
(2,603,302)
|
9.6%
|
|
Net interest, similar income and expenses, after provision for credit losses on loan portfolio
|
2,134,207
|
2,197,701
|
2,495,854
|
13.6%
|
16.9%
|
6,496,818
|
7,099,445
|
9.3%
|
|
Other income
|
|
|
|
|
|
|
|
|
Fee income
|
784,742
|
834,543
|
898,766
|
7.7%
|
14.5%
|
2,266,704
|
2,529,845
|
11.6%
|
|
Net gain on foreign exchange transactions
|
240,236
|
291,722
|
299,425
|
2.6%
|
24.6%
|
729,034
|
853,029
|
17.0%
|
|
Net gain (loss) on securities
|
(2,166)
|
33,920
|
24,114
|
-28.9%
|
n.a.
|
(33,861)
|
47,505
|
n.a.
|
|
Net gain on derivatives held for trading
|
16,774
|
21,197
|
13,639
|
-35.7%
|
-18.7%
|
77,406
|
52,792
|
-31.8%
|
|
Net loss (gain) from exchange differences
|
(9,335)
|
723
|
(10,714)
|
n.a.
|
14.8% |
636
|
(3,465)
|
n.a.
|
|
Others
|
54,370
|
74,705
|
19,336
|
-74.1%
|
-64.4%
|
243,859
|
150,977
|
-38.1%
|
|
Total other income
|
1,084,621
|
1,256,810
|
1,244,566
|
-1.0%
|
14.7%
|
3,283,778
|
3,630,683
|
10.6%
|
|
Total expenses
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
(757,403)
|
(821,206)
|
(850,918)
|
3.6%
|
12.3%
|
(2,282,300)
|
(2,467,693)
|
8.1%
|
|
Administrative expenses
|
(767,623)
|
(782,834)
|
(802,127)
|
2.5%
|
4.5%
|
(2,080,689)
|
(2,281,811)
|
9.7%
|
|
Depreciation and amortization (2)
|
(132,205)
|
(140,270)
|
(146,719)
|
4.6%
|
11.0%
|
(400,348)
|
(429,259)
|
7.2%
|
|
Other expenses
|
(78,749)
|
(63,530)
|
(62,292)
|
-1.9%
|
-20.9%
|
(171,960)
|
(178,795)
|
4.0%
|
|
Total expenses
|
(1,735,980)
|
(1,807,840)
|
(1,862,056)
|
3.0%
|
7.3%
|
(4,935,297)
|
(5,357,558)
|
8.6%
|
|
Profit before income tax
|
1,482,848
|
1,646,671
|
1,878,364
|
14.1%
|
26.7%
|
4,845,299
|
5,372,570
|
10.9%
|
|
Income tax
|
(378,054)
|
(399,971)
|
(472,791)
|
18.2%
|
25.1%
|
(1,217,298)
|
(1,335,340)
|
9.7%
|
|
Net profit
|
1,104,794
|
1,246,700
|
1,405,573
|
12.7%
|
27.2%
|
3,628,001
|
4,037,230
|
11.3%
|
|
Non-controlling interest
|
(2,998)
|
(1,749)
|
(3,172)
|
81.4%
|
5.8%
|
(7,411)
|
(9,551)
|
28.9%
|
|
Net profit attributable to BCP Consolidated
|
1,101,796
|
1,244,951
|
1,402,401
|
12.6%
|
27.3%
|
3,620,590
|
4,027,679
|
11.2%
|
| |
(1)
|
Financing expenses related to lease agreements are included according to the application of IFRS 16.
|
| |
(2)
|
The effect of the application of IFRS 16 is included, which corresponds to a greater depreciation for the asset for right-of-use".
|
Selected Financial Indicators
|
|
Quarter
|
Up to
|
|
|
3Q23
|
2Q24
|
3Q24
|
Sep 23
|
Sep 24
|
|
Profitability
|
|
|
|
|
|
|
ROAA (1)(2)
|
2.3%
|
2.5%
|
2.8%
|
2.5%
|
2.7%
|
|
ROAE (1)(2)
|
18.6%
|
21.7%
|
22.9%
|
20.4%
|
21.3%
|
|
Net interest margin (1)(2)
|
6.52%
|
6.77%
|
6.84%
|
6.34%
|
6.73%
|
|
Risk-adjusted Net interest margin (1)(2)
|
4.62%
|
4.62%
|
5.13%
|
4.64%
|
4.92%
|
|
Funding cost (1)(2)(3)
|
3.00%
|
2.63%
|
2.41%
|
2.70%
|
2.59%
|
| |
|
|
|
|
|
|
Loan portfolio quality
|
|
|
|
|
|
|
Internal overdue ratio
|
4.6%
|
4.4%
|
4.4%
|
4.6%
|
4.4%
|
|
NPL ratio
|
6.3%
|
6.3%
|
6.1%
|
6.3%
|
6.1%
|
|
Coverage ratio of IOLs
|
124.5%
|
133.2%
|
136.2%
|
124.5%
|
136.2%
|
|
Coverage ratio of NPLs
|
91.6%
|
93.6%
|
97.4%
|
91.6%
|
97.4%
|
|
Cost of risk (4)
|
2.7%
|
3.1%
|
2.5%
|
2.4%
|
2.7%
|
| |
|
|
|
|
|
|
Operating efficiency
|
|
|
|
|
|
|
Operating expenses / Total income (5)
|
41.0%
|
39.9%
|
39.8%
|
39.9%
|
39.4%
|
|
Operating expenses / Total average assets (1)(2)(5)
|
3.4%
|
3.5%
|
3.5%
|
3.3%
|
3.5%
|
|
(1)
|
Ratios are annualized.
|
|
(2)
|
Averages are determined as the average of period-beginning and period-ending balances.
|
|
(3)
|
The funding costs differs from previously reported due to a methodology change in the denominator, which no longer includes the following accounts:
acceptances outstanding, reserves for property and casualty claims, reserve for unearned premiums, reinsurance payable and other liabilities.
|
|
(4)
|
Cost of risk: Annualized provision for loan losses / Total loans.
|
|
(5)
|
Total income includes net interest income, fee income, net gain on foreign exchange transactions, result on exchange difference and net gain on
derivatives. Operating expenses includes Salaries and social benefits, administrative, general and tax expenses and depreciation and amortization.
|
Statement of Financial Position
(S/ Thousands, IFRS)
|
|
As of
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
Non-interest bearing
|
5,281,567
|
4,832,098
|
4,561,696
|
-5.6%
|
-13.6%
|
|
Interest bearing
|
23,133,255
|
25,834,580
|
35,307,925
|
36.7%
|
52.6%
|
|
Total cash and due from banks
|
28,414,822
|
30,666,678
|
39,869,621
|
30.0%
|
40.3%
|
|
|
|
|
|
|
|
|
Cash collateral, reverse repurchase agreements and securities borrowing
|
207,284
|
839,649
|
622,399
|
-25.9%
|
200.3%
|
|
|
|
|
|
|
|
|
Fair value through profit or loss investments
|
1,229,265
|
439,004
|
704,968
|
60.6%
|
-42.7%
|
|
Fair value through other comprehensive income investments
|
18,068,208
|
19,504,805
|
19,855,738
|
1.8%
|
9.9%
|
|
Amortized cost investments
|
9,310,033
|
8,258,140
|
8,116,588
|
-1.7%
|
-12.8%
|
|
|
|
|
|
|
|
|
Loans
|
119,635,051
|
121,055,851
|
117,687,023
|
-2.8%
|
-1.6%
|
|
Current
|
114,403,780
|
116,139,749
|
112,874,488
|
-2.8%
|
-1.3%
|
|
Internal overdue loans
|
5,231,271
|
4,916,102
|
4,812,535
|
-2.1%
|
-8.0%
|
|
Less - allowance for loan losses
|
(6,534,389)
|
(6,809,141)
|
(6,768,497)
|
-0.6%
|
3.6%
|
|
Loans, net
|
113,100,662
|
114,246,710
|
110,918,526
|
-2.9%
|
-1.9%
|
|
|
|
|
|
|
|
|
Property, furniture and equipment, net (1)
|
1,213,395
|
1,250,424
|
1,246,350
|
-0.3%
|
2.7%
|
|
Due from customers on acceptances
|
325,771
|
473,382
|
466,957
|
-1.4%
|
43.3%
|
|
Investments in associates
|
2,851,285
|
2,613,220
|
2,682,807
|
2.7%
|
-5.9%
|
|
Other assets (2)
|
7,119,911
|
10,988,528
|
7,227,029
|
-34.2%
|
1.5%
|
|
|
|
|
|
|
|
|
Total Assets
|
181,840,636
|
189,280,540
|
191,710,983
|
1.3%
|
5.4%
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Deposits and obligations
|
|
|
|
|
|
|
Non-interest bearing (1)
|
36,740,398
|
41,171,770
|
45,296,819
|
10.0%
|
23.3%
|
|
Interest bearing (1)
|
85,638,878
|
85,955,136
|
85,282,102
|
-0.8%
|
-0.4%
|
|
Total deposits and obligations
|
122,379,276
|
127,126,906
|
130,578,921
|
2.7%
|
6.7%
|
|
|
|
|
|
|
|
|
Payables from repurchase agreements and securities lending
|
9,926,108
|
5,526,879
|
5,122,666
|
-7.3%
|
-48.4%
|
|
BCRP instruments
|
9,386,448
|
4,973,913
|
4,289,860
|
-13.8%
|
-54.3%
|
|
Repurchase agreements with third parties
|
539,660
|
552,966
|
832,806
|
50.6%
|
54.3%
|
|
|
|
|
|
|
|
|
Due to banks and correspondents
|
9,030,671
|
10,892,721
|
11,160,491
|
2.5%
|
23.6%
|
|
Bonds and notes issued
|
10,549,221
|
13,711,522
|
13,045,879
|
-4.9%
|
23.7%
|
|
Due from customers on acceptances
|
325,771
|
473,382
|
466,957
|
-1.4%
|
43.3%
|
|
Financial liabilities at fair value through profit or loss
|
42,768
|
468,746
|
354,562
|
-24.4%
|
729.0%
|
|
Other liabilities (3)
|
5,356,302
|
7,451,061
|
5,629,964
|
-24.4%
|
5.1%
|
|
Total Liabilities
|
157,610,117
|
165,651,217
|
166,359,440
|
0.4%
|
5.6%
|
|
|
|
|
|
|
|
|
Net equity
|
24,230,519
|
23,629,323
|
25,351,543
|
7.3%
|
4.6%
|
|
Capital stock
|
12,679,794
|
12,679,794
|
12,679,794
|
0.0%
|
0.0%
|
|
Reserves
|
6,820,930
|
6,372,468
|
6,372,468
|
0.0%
|
-6.6%
|
|
Unrealized gains and losses
|
(375,086)
|
(97,152)
|
222,730
|
n.a.
|
n.a.
|
|
Retained earnings
|
5,104,881
|
4,674,213
|
6,076,551
|
30.0%
|
19.0%
|
|
|
|
|
|
|
|
|
Total Net Equity
|
24,230,519
|
23,629,323
|
25,351,543
|
7.3%
|
4.6%
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
181,840,636
|
189,280,540
|
191,710,983
|
1.3%
|
5.4%
|
|
|
|
|
|
|
|
|
Off-balance sheet
|
138,269,632
|
147,994,313
|
140,242,082
|
-5.2%
|
1.4%
|
|
Total performance bonds, stand-by and L/Cs.
|
18,226,992
|
20,008,285
|
19,593,247
|
-2.1%
|
7.5%
|
|
Undrawn credit lines, advised but not committed
|
76,290,046
|
77,032,694
|
75,257,883
|
-2.3%
|
-1.4%
|
|
Total derivatives (notional) and others
|
43,752,594
|
50,953,334
|
45,390,952
|
-10.9%
|
3.7%
|
| |
(1)
|
Right of use asset of lease contracts is included by application of IFRS 16.
|
| |
(2)
|
Mainly includes intangible assets, other receivable accounts, trading derivatives receivable accounts and tax credit.
|
| |
(3)
|
Mainly includes other payable accounts, trading derivatives payable accounts and taxes for payable.
|
Statement of Income
(S/ Thousands, IFRS
|
|
Quarter
|
% change
|
Up to
|
% change
|
|
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Interest income and expense
|
|
|
|
|
|
|
|
|
|
Interest and similar income
|
3,450,119
|
3,565,956
|
3,616,878
|
1.4%
|
4.8%
|
9,978,865
|
10,705,541
|
7.3%
|
|
Interest and similar expenses (1)
|
(1,002,366)
|
(904,173)
|
(856,286)
|
-5.3%
|
-14.6%
|
(2,732,166)
|
(2,672,158)
|
-2.2%
|
|
Net interest, similar income and expenses
|
2,447,753
|
2,661,783
|
2,760,592
|
3.7%
|
12.8%
|
7,246,699
|
8,033,383
|
10.9%
|
| |
|
|
|
|
|
|
|
|
|
Provision for credit losses on loan portfolio
|
(733,594)
|
(844,236)
|
(714,464)
|
-15.4%
|
-2.6%
|
(1,923,332)
|
(2,216,084)
|
15.2%
|
|
Recoveries of written-off loans
|
59,331
|
64,914
|
79,057
|
21.8%
|
33.2%
|
160,640
|
199,291
|
24.1%
|
|
Provision for credit losses on loan portfolio, net of recoveries
|
(674,263)
|
(779,322)
|
(635,407)
|
-18.5%
|
-5.8%
|
(1,762,692)
|
(2,016,793)
|
14.4%
|
| |
|
|
|
|
|
|
|
|
|
Net interest, similar income and expenses,
after provision for credit losses on loan portfolio
|
1,773,490
|
1,882,461
|
2,125,185
|
12.9%
|
19.8%
|
5,484,007
|
6,016,590
|
9.7%
|
| |
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
Fee income
|
757,688
|
812,503
|
879,996
|
8.3%
|
16.1%
|
2,179,126
|
2,463,962
|
13.1%
|
|
Net gain on foreign exchange transactions
|
238,376
|
289,381
|
297,478
|
2.8%
|
24.8%
|
722,237
|
845,918
|
17.1%
|
|
Net loss on securities
|
54,382
|
66,080
|
73,084
|
10.6%
|
34.4%
|
117,757
|
217,145
|
84.4%
|
|
Net gain (loss) from associates
|
817
|
2,647
|
3,078
|
16.3%
|
276.7%
|
(7,807)
|
5,190
|
n.a.
|
|
Net gain (loss) on derivatives held for trading
|
3,288
|
17,151
|
13,899
|
-19.0%
|
322.7%
|
60,112
|
49,776
|
-17.2%
|
|
Net gain (loss) from exchange differences
|
5,587
|
6,109
|
(10,324)
|
n.a.
|
n.a.
|
18,239
|
4,772
|
-73.8%
|
|
Others
|
52,781
|
72,302
|
18,406
|
-74.5%
|
-65.1%
|
233,183
|
135,045
|
-42.1%
|
|
Total other income
|
1,112,919
|
1,266,173
|
1,275,617
|
0.7%
|
14.6%
|
3,322,847
|
3,721,808
|
12.0%
|
| |
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
(552,835)
|
(623,526)
|
(640,392)
|
2.7%
|
15.8%
|
(1,662,290)
|
(1,852,662)
|
11.5%
|
|
Administrative expenses
|
(690,092)
|
(708,027)
|
(720,329)
|
1.7%
|
4.4%
|
(1,861,675)
|
(2,050,380)
|
10.1%
|
|
Depreciation and amortization (2)
|
(111,147)
|
(117,218)
|
(123,740)
|
5.6%
|
11.3%
|
(336,680)
|
(359,983)
|
6.9%
|
|
Other expenses
|
(65,529)
|
(57,643)
|
(57,047)
|
-1.0%
|
-12.9%
|
(147,288)
|
(160,643)
|
9.1%
|
|
Total expenses
|
(1,419,603)
|
(1,506,414)
|
(1,541,508)
|
2.3%
|
8.6%
|
(4,007,933)
|
(4,423,668)
|
10.4%
|
| |
|
|
|
|
|
|
|
|
|
Profit before income tax
|
1,466,806
|
1,642,220
|
1,859,294
|
13.2%
|
26.8%
|
4,798,921
|
5,314,730
|
10.7%
|
| |
|
|
|
|
|
|
|
|
|
Income tax
|
(362,413)
|
(397,170)
|
(456,956)
|
15.1%
|
26.1%
|
(1,176,960)
|
(1,285,796)
|
9.2%
|
| |
|
|
|
|
|
|
|
|
|
Net profit
|
1,104,393
|
1,245,050
|
1,402,338
|
12.6%
|
27.0%
|
3,621,961
|
4,028,934
|
11.2%
|
|
Non-controlling interest
|
-
|
-
|
-
|
n.a.
|
n.a.
|
-
|
-
|
n.a.
|
|
Net profit attributable to BCP
|
1,104,393
|
1,245,050
|
1,402,338
|
12.6%
|
27.0%
|
3,621,961
|
4,028,934
|
11.2%
|
| |
(1)
|
Financing expenses related to lease agreements are included according to the application of IFRS 16.
|
| |
(2)
|
The effect of the application of IFRS 16 is included, which corresponds to a greater depreciation for the asset for right-of-use".
|
Selected Financial Indicators
|
|
Quarter
|
Up tp
|
|
|
3Q23
|
2Q24
|
3Q24
|
Sep 23
|
Sep 24
|
|
Profitability
|
|
|
|
|
|
|
ROAA (1)(2)
|
2.5%
|
2.7%
|
2.9%
|
2.7%
|
2.9%
|
|
ROAE (1)(2)
|
18.6%
|
21.7%
|
22.9%
|
20.4%
|
21.3%
|
|
Net interest margin (1)(2)
|
5.77%
|
6.08%
|
6.17%
|
5.62%
|
6.0%
|
|
Risk-adjusted Net interest margin (1)(2)
|
4.18%
|
4.30%
|
4.75%
|
4.25%
|
4.5%
|
|
Funding cost (1)(2)(3)
|
2.7%
|
2.3%
|
2.2%
|
2.40%
|
2.3%
|
|
|
|
|
|
|
|
|
Loan portfolio quality
|
|
|
|
|
|
|
Internal overdue ratio
|
4.4%
|
4.1%
|
4.1%
|
4.4%
|
4.1%
|
|
NPL ratio
|
6.1%
|
6.0%
|
5.7%
|
6.1%
|
5.7%
|
|
Coverage ratio of IOLs
|
124.9%
|
138.5%
|
140.6%
|
124.9%
|
140.6%
|
|
Coverage ratio of NPLs
|
89.3%
|
93.3%
|
97.2%
|
89.3%
|
97.2%
|
|
Cost of risk (4)
|
2.3%
|
2.6%
|
2.1%
|
1.9%
|
2.3%
|
|
|
|
|
|
|
|
|
Operating efficiency
|
|
|
|
|
|
|
Operating expenses / Total income (5)
|
39.2%
|
38.2%
|
37.6%
|
37.8%
|
37.4%
|
|
Operating expenses / Total average assets (1)(2)(5)
|
3.0%
|
3.1%
|
3.1%
|
2.8%
|
3.1%
|
| |
(1)
|
Ratios are annualized.
|
| |
(2)
|
Averages are determined as the average of period-beginning and period-ending balances.
|
| |
(3)
|
The funding costs differs from previously reported due to a methodology change in the denominator, which no longer includes the following accounts:
acceptances outstanding, reserves for property and casualty claims, reserve for unearned premiums, reinsurance payable and other liabilities.
|
| |
(4)
|
Cost of risk: Annualized provision for loan losses / Total loans.
|
| |
(5)
|
Total income includes net interest income, fee income, net gain on foreign exchange transactions, result on exchange difference and net gain on derivatives.
Operating expenses includes Salaries and social benefits, administrative, general and tax expenses and depreciation and amortization.
|
Statement of Financial Position
(S/ Thousands, IFRS)
|
|
As of
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from banks
|
2,514,710
|
2,385,328
|
2,215,684
|
-7.1%
|
-11.9%
|
|
Investments
|
1,530,566
|
1,495,591
|
1,405,967
|
-6.0%
|
-8.1%
|
|
Loans
|
9,598,393
|
10,228,586
|
9,829,567
|
-3.9%
|
2.4%
|
|
Current
|
9,299,719
|
9,891,230
|
9,504,083
|
-3.9%
|
2.2%
|
|
Internal overdue loans
|
251,779
|
282,934
|
270,433
|
-4.4%
|
7.4%
|
|
Refinanced loans
|
46,895
|
54,422
|
55,051
|
1.2%
|
17.4%
|
|
Less - allowance for loan losses
|
(377,842)
|
(365,686)
|
(357,720)
|
-2.2%
|
-5.3%
|
|
Loans, net
|
9,220,551
|
9,862,900
|
9,471,846
|
-4.0%
|
2.7%
|
|
Property, furniture and equipment, net
|
65,194
|
67,289
|
130,797
|
94.4%
|
100.6%
|
|
Other assets
|
270,614
|
370,700
|
264,972
|
-28.5%
|
-2.1%
|
|
Total assets
|
13,601,635
|
14,181,808
|
13,489,266
|
-4.9%
|
-0.8%
|
|
|
|
|
|
|
|
|
LIABILITIES AND NET EQUITY
|
|
|
|
|
|
|
Deposits and obligations
|
11,422,221
|
12,327,706
|
11,704,551
|
-5.1%
|
2.5%
|
|
Due to banks and correspondents
|
91,033
|
-
|
2,032
|
n.a.
|
-97.8%
|
|
Bonds and subordinated debt
|
162,809
|
167,652
|
162,042
|
-3.3%
|
-0.5%
|
|
Other liabilities
|
1,035,890
|
703,718
|
651,779
|
-7.4%
|
-37.1%
|
|
Total liabilities
|
12,711,953
|
13,199,076
|
12,520,404
|
-5.1%
|
-1.5%
|
|
|
|
|
|
|
|
|
Net equity
|
889,682
|
982,732
|
968,862
|
-1.4%
|
8.9%
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND NET EQUITY
|
13,601,635
|
14,181,808
|
13,489,266
|
-4.9%
|
-0.8%
|
Statement of Income
(S/ Thousands, IFRS)
|
|
Quarter
|
% change
|
Up to
|
% Change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Net interest income
|
83,228
|
91,049
|
87,688
|
-3.7%
|
5.4%
|
248,178
|
265,584
|
7.0%
|
|
Provision for loan losses, net of recoveries
|
(11,497)
|
(23,466)
|
(10,542)
|
-55.1%
|
-8.3%
|
(10,510)
|
(48,661)
|
363.0%
|
|
Net interest income after provisions
|
71,731
|
67,583
|
77,146
|
14.2%
|
7.5%
|
237,668
|
216,923
|
-8.7%
|
|
Non-financial income
|
59,534
|
91,766
|
36,365
|
-60.4%
|
-38.9%
|
162,291
|
190,878
|
17.6%
|
|
Total expenses
|
(91,972)
|
(98,349)
|
(77,107)
|
-21.6%
|
-16.2%
|
(277,082)
|
(276,876)
|
-0.1%
|
|
Translation result
|
(30)
|
(236)
|
849
|
n.a.
|
n.a.
|
(140)
|
450
|
n.a.
|
|
Income taxes
|
(18,203)
|
(27,726)
|
(20,638)
|
-25.6%
|
13.4%
|
(59,337)
|
(61,365)
|
3.4%
|
|
Net income
|
21,060
|
33,038
|
16,615
|
-49.7%
|
-21.1%
|
63,400
|
70,010
|
10.4%
|
Selected Financial Indicators
|
|
Quarter
|
% change
|
Up to
|
% Change
|
|
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Efficiency ratio
|
65.3%
|
58.2%
|
80.3%
|
2209 bps
|
1496 bps
|
62.1%
|
64.3%
|
226 bps
|
|
ROAE
|
9.7%
|
14.0%
|
6.8%
|
-723 bps
|
-285 bps
|
9.7%
|
10.1%
|
39 bps
|
|
L/D ratio
|
84.0%
|
83.0%
|
84.0%
|
101 bps
|
-5 bps
|
|
|
|
|
IOL ratio
|
2.6%
|
2.8%
|
2.8%
|
-2 bps
|
13 bps
|
|
|
|
|
NPL ratio
|
3.1%
|
3.3%
|
3.3%
|
1 bps
|
20 bps
|
|
|
|
|
Coverage of IOLs
|
150.1%
|
129.2%
|
132.3%
|
303 bps
|
-1779 bps
|
|
|
|
|
Coverage of NPLs
|
126.5%
|
108.4%
|
109.9%
|
151 bps
|
-1660 bps
|
|
|
|
|
Branches
|
46
|
46
|
46
|
0.0%
|
0.0%
|
|
|
|
|
Agentes
|
1,351
|
1,350
|
1,541
|
14.1%
|
14.1%
|
|
|
|
|
ATMs
|
314
|
315
|
314
|
-0.3%
|
0.0%
|
|
|
|
|
Employees
|
1,732
|
1,745
|
1,791
|
2.6%
|
3.4%
|
|
|
|
Statement of Financial Position
(S/ Thousands, IFRS)
| |
As of
|
% change
|
| |
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from banks
|
1,618,194
|
1,017,485
|
1,590,356
|
56.3%
|
-1.7%
|
|
Investments
|
1,789,628
|
3,220,179
|
3,094,635
|
-3.9%
|
72.9%
|
|
Total loans
|
13,562,314
|
12,705,605
|
12,118,953
|
-4.6%
|
-10.6%
|
|
Current
|
12,622,778
|
11,672,954
|
11,168,560
|
-4.3%
|
-11.5%
|
|
Internal overdue loans
|
845,479
|
934,676
|
846,455
|
-9.4%
|
0.1%
|
|
Refinanced
|
94,057
|
97,975
|
103,938
|
6.1%
|
10.5%
|
|
Allowance for loan losses
|
(1,031,937)
|
(984,286)
|
(940,310)
|
-4.5%
|
-8.9%
|
|
Net loans
|
12,530,377
|
11,721,319
|
11,178,643
|
-4.6%
|
-10.8%
|
|
Property, plant and equipment, net
|
131,899
|
132,122
|
132,430
|
0.2%
|
0.4%
|
|
Other assets
|
709,774
|
890,770
|
795,856
|
-10.7%
|
12.1%
|
|
Total assets
|
16,779,872
|
16,981,875
|
16,791,920
|
-1.1%
|
0.1%
|
| |
|
|
|
|
|
|
LIABILITIES AND NET SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Deposits and obligations
|
10,036,767
|
10,531,506
|
10,800,163
|
2.6%
|
7.6%
|
|
Due to banks and correspondents
|
2,466,913
|
2,107,877
|
1,958,657
|
-7.1%
|
-20.6%
|
|
Bonds and subordinated debt
|
701,233
|
572,626
|
306,113
|
-46.5%
|
-56.3%
|
|
Other liabilities
|
644,094
|
1,097,220
|
983,614
|
-10.4%
|
52.7%
|
|
Total liabilities
|
13,849,007
|
14,309,229
|
14,048,547
|
-1.8%
|
1.4%
|
| |
|
|
|
|
|
|
Net equity
|
2,930,865
|
2,672,646
|
2,743,373
|
2.6%
|
-6.4%
|
| |
|
|
|
|
|
|
TOTAL LIABILITIES AND NET SHAREHOLDERS' EQUITY
|
16,779,872
|
16,981,875
|
16,791,920
|
-1.1%
|
0.1%
|
Statement of Income
(S/ Thousands, IFRS)
| |
Quarter
|
% change
|
Up to
|
% Change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Net interest income
|
560,302
|
556,858
|
562,421
|
1.0%
|
0.4%
|
1,621,945
|
1,665,550
|
2.7%
|
|
Provision for loan losses, net of recoveries
|
(201,899)
|
(242,774)
|
(192,435)
|
-20.7%
|
-4.7%
|
(613,783)
|
(585,934)
|
-4.5%
|
|
Net interest income after provisions
|
358,403
|
314,084
|
369,986
|
17.8%
|
3.2%
|
1,008,162
|
1,079,616
|
7.1%
|
|
Non-financial income
|
32,441
|
26,399
|
30,861
|
16.9%
|
-4.9%
|
109,028
|
97,947
|
-10.2%
|
|
Total expenses
|
(314,071)
|
(301,850)
|
(320,796)
|
6.3%
|
2.1%
|
(923,729)
|
(934,374)
|
1.2%
|
|
Translation result
|
(714)
|
(85)
|
(337)
|
296.5%
|
-52.8%
|
(3,359)
|
(1,394)
|
-58.5%
|
|
Income taxes
|
(15,680)
|
(2,834)
|
(15,890)
|
460.7%
|
1.3%
|
(40,222)
|
(49,684)
|
23.5%
|
|
Net income
|
60,379
|
35,714
|
63,824
|
78.7%
|
5.7%
|
149,880
|
192,111
|
28.2%
|
Selected Financial Indicators
| |
Quarter
|
% change
|
Up to
|
% Change
|
| |
3Q23
|
2Q24
|
3Q24 |
QoQ
|
YoY |
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Efficiency ratio
|
51.4%
|
51.0%
|
54.2%
|
319 bps
|
282 bps
|
52.6%
|
52.8%
|
23 bps
|
|
ROAE
|
8.3%
|
5.4%
|
9.4%
|
404 bps
|
111 bps
|
7.0%
|
8.9%
|
193 bps
|
|
ROAE incl. Goodwill
|
7.9%
|
5.1%
|
9.0%
|
385 bps
|
103 bps
|
6.7%
|
8.5%
|
184 bps
|
|
L/D ratio
|
135.1%
|
120.6%
|
112.2%
|
-843 bps
|
-2292 bps
|
|
|
|
|
IOL ratio
|
6.2%
|
7.4%
|
7.0%
|
-37 bps
|
75 bps
|
|
|
|
|
NPL ratio
|
6.9%
|
8.1%
|
7.8%
|
-29 bps
|
91 bps
|
|
|
|
|
Coverage of IOLs
|
122.1%
|
105.3%
|
111.1%
|
578 bps
|
-1097 bps
|
|
|
|
|
Coverage of NPLs
|
109.8%
|
95.3%
|
98.9%
|
362 bps
|
-1090 bps
|
|
|
|
|
Branches (1)
|
292
|
285
|
283
|
(2)
|
(9)
|
|
|
|
|
Employees
|
9,940
|
10,107
|
10,101
|
(6)
|
161
|
|
|
|
|
(1)
|
Includes Banco de la Nacion branches, which in September 23 were 36, in June 24 were 36 and in September 24 were 36.
|
Statement of Financial Position
(S/ Thousands, IFRS)
|
|
As of
|
% change
|
|
|
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Cash and due from banks
|
79,046
|
55,243
|
144,402
|
161.4%
|
82.7%
|
|
Non-interest bearing
|
4,691
|
8,333
|
4,555
|
-45.3%
|
-2.9%
|
|
Interest bearing
|
74,355
|
46,910
|
139,847
|
198.1%
|
88.1%
|
|
Fair value through profit or loss investments
|
318,904
|
374,810
|
317,682
|
-15.2%
|
-0.4%
|
|
Fair value through other comprehensive income investments
|
978
|
1,035
|
1,171
|
13.1%
|
19.7%
|
|
Property, plant and equipment, net
|
12,945
|
8,704
|
7,638
|
-12.2%
|
-41.0%
|
|
Other Assets
|
272,962
|
227,174
|
260,067
|
14.5%
|
-4.7%
|
|
Total Assets
|
684,835
|
666,966
|
730,960
|
9.6%
|
6.7%
|
|
Due to banks and correspondents
|
22
|
6
|
6
|
0.0%
|
-72.7%
|
|
Lease payable
|
8,823
|
5,172
|
4,203
|
-18.7%
|
-52.4%
|
|
Other liabilities
|
216,412
|
182,283
|
212,464
|
16.6%
|
-1.8%
|
|
Total Liabilities
|
225,257
|
187,461
|
216,673
|
15.6%
|
-3.8%
|
|
|
|
|
|
|
|
|
Capital stock
|
40,505
|
40,505
|
40,505
|
0.0%
|
0.0%
|
|
Reserves
|
20,243
|
20,243
|
20,243
|
0.0%
|
0.0%
|
|
Other reserves
|
64
|
330
|
425
|
28.8%
|
n.a.
|
|
|
|
|
|
|
|
|
Retained earnings
|
289,597
|
344,510
|
344,510
|
0.0%
|
19.0%
|
|
Net Income for the Period
|
109,169
|
73,917
|
108,604
|
46.9%
|
-0.5%
|
|
Total Liabilities and Equity
|
684,835
|
666,966
|
730,960
|
9.6%
|
6.7%
|
Statement of Income
(S/ Thousands, IFRS)
| |
Quarter
|
% change
|
Up to
|
% change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Financial income
|
1,271
|
816
|
1,429
|
75.1%
|
12.4%
|
5,134
|
3,892
|
-24.2%
|
|
Financial expenses
|
(507)
|
(779)
|
(1,055)
|
35.4%
|
108.1%
|
(1,935)
|
(2,301)
|
18.9%
|
|
Interest income, net
|
764
|
37
|
374
|
910.8%
|
-51.0%
|
3,199
|
1,591
|
-50.3%
|
|
Fee income
|
85,484
|
99,103
|
90,748
|
-8.4%
|
6.2%
|
263,389
|
284,378
|
8.0%
|
|
Net gain (loss) on securities
|
2,774
|
3,516
|
2,579
|
-26.6%
|
-7.0%
|
18,099
|
12,643
|
-30.1%
|
|
Net gain (loss) from exchange differences
|
(596)
|
(351)
|
110
|
-131.3%
|
-118.5%
|
(327)
|
(498)
|
52.3%
|
|
Other income
|
3,710
|
1,210
|
124
|
-89.8%
|
-96.7%
|
4,764
|
1,509
|
-68.3%
|
|
Salaries and employee benefits
|
(21,931)
|
(22,740)
|
(22,384)
|
-1.6%
|
2.1%
|
(61,376)
|
(68,086)
|
10.9%
|
|
Administrative expenses
|
(15,825)
|
(22,218)
|
(17,272)
|
-22.3%
|
9.1%
|
(53,645)
|
(58,025)
|
8.2%
|
|
Depreciation and amortization
|
(6,429)
|
(6,560)
|
(6,603)
|
0.7%
|
2.7%
|
(18,884)
|
(19,769)
|
4.7%
|
|
Other expenses
|
(2,253)
|
(601)
|
(243)
|
-59.6%
|
-89.2%
|
(4,338)
|
(1,177)
|
-72.9%
|
|
Profit before income tax
|
45,698
|
51,396
|
47,433
|
-7.7%
|
3.8%
|
150,881
|
152,566
|
1.1%
|
|
Income tax
|
(13,701)
|
(14,490)
|
(12,744)
|
-12.0%
|
-7.0%
|
(41,711)
|
(43,961)
|
5.4%
|
|
Net profit
|
31,997
|
36,906
|
34,689
|
-6.0%
|
8.4%
|
109,170
|
108,605
|
-0.5%
|
(1) Net shareholders' equity includes unrealized gains from Prima's investment portfolio.
Selected Financial Indicators
| |
Quarter
|
Change
|
Up to
|
Change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
ROE
|
28.8%
|
32.5%
|
29.5%
|
-308 bps
|
61 bps
|
30.4%
|
28.6%
|
-189 bps
|
|
Net Interest Margin
|
0.8%
|
0.0%
|
0.3%
|
31 bps
|
-48 bps
|
1.1%
|
0.5%
|
-58 bps
|
|
Efficiency Ratio
|
51.6%
|
52.2%
|
50.7%
|
-145 bps
|
-88 bps
|
50.3%
|
51.1%
|
81 bps
|
|
Operating Expenses / Total Average Assets
|
26.8%
|
28.4%
|
26.5%
|
-196 bps
|
-34 bps
|
25.2%
|
26.4%
|
128 bps
|
Main Indicators and Market Share
| |
Prima
|
System
|
Share %
|
Prima
|
System
|
Share %
|
| |
2Q24
|
2Q24
|
2Q24
|
3Q24
|
3Q24
|
3Q24
|
|
AUMs (S/ Millions)
|
36,623
|
122,496
|
30%
|
32,142
|
106,729
|
30%
|
|
Affiliates (S/ Millions)
|
2,342,823
|
9,556,177
|
25%
|
2,341,483
|
9,677,410
|
24%
|
|
Collections (S/ Millions)
|
1,105
|
4,129
|
27%
|
694
|
2,660
|
26%
|
Key Indicators of Financial Position
| |
As of
|
% Change
|
| |
Sep 23
|
Jun 24
|
Sep 24
|
QoQ
|
YoY
|
|
Total Assets
|
15,796,121
|
17,027,499
|
17,683,826
|
3.9%
|
12.0%
|
|
Investment on Securities (1)
|
11,974,672
|
12,823,140
|
13,550,847
|
5.7%
|
13.2%
|
|
Total Liabilities
|
12,822,135
|
14,044,909
|
14,442,027
|
2.8%
|
12.6%
|
|
Net Equity
|
2,956,944
|
2,967,599
|
3,226,717
|
8.7%
|
9.1%
|
Statement of Income
(S/ Thousands, IFRS)
| |
Quarter
|
% Change
|
Upto
|
% change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 23 / Sep 24
|
|
Insurance Service Result
|
324,995
|
286,987
|
308,072
|
7.3%
|
-5.2%
|
896,586
|
936,853
|
4.5%
|
|
Reinsurance Result
|
-118,588
|
-95,236
|
-151,920
|
59.5%
|
28.1%
|
-329,294
|
-427,209
|
29.7%
|
|
Insurance underwriting result
|
206,407
|
191,751
|
156,152
|
-18.6%
|
-24.3%
|
567,292
|
509,644
|
-10.2%
|
|
Interest income
|
195,214
|
197,175
|
209,425
|
6.2%
|
7.3%
|
594,348
|
626,145
|
5.3%
|
|
Interest Expenses
|
-123,388
|
-131,447
|
-135,554
|
3.1%
|
9.9%
|
-347,135
|
-396,115
|
14.1%
|
|
Net Interest Income
|
71,826
|
65,728
|
73,871
|
12.4%
|
2.8%
|
247,213
|
230,030
|
-7.0%
|
|
Fee Income and Gain in FX
|
-2,561
|
-2,262
|
-4,676
|
106.7%
|
82.6%
|
-9,207
|
-10,200
|
10.8%
|
|
Other Income No Core:
|
|
|
|
|
|
|
|
|
|
Net gain (loss) from exchange differences
|
20,672
|
-1,816
|
191
|
-110.5%
|
-99.1%
|
14,995
|
-1,807
|
-112.1%
|
|
Net loss on securities and associates
|
27,460
|
24,856
|
29,761
|
19.7%
|
8.4%
|
79,086
|
77,839
|
-1.6%
|
|
Other Income not operational
|
25,779
|
44,209
|
26,028
|
-41.1%
|
1.0%
|
61,962
|
99,988
|
61.4%
|
|
Other Income
|
71,350
|
64,987
|
51,305
|
-21.1%
|
-28.1%
|
146,836
|
165,821
|
12.9%
|
|
Operating expenses
|
-79,355
|
-75,398
|
-64,305
|
-14.7%
|
-19.0%
|
-216,331
|
-215,877
|
-0.2%
|
|
Other expenses
|
-19,594
|
-29,350
|
-24,099
|
-17.9%
|
23.0%
|
-40,232
|
-58,428
|
45.2%
|
|
Total Expenses
|
-98,949
|
-104,748
|
-88,404
|
-15.6%
|
-10.7%
|
-256,563
|
-274,305
|
6.9%
|
|
Income tax
|
-4,307
|
-23,597
|
-3,615
|
-84.7%
|
-16.1%
|
-10,623
|
-31,007
|
191.9%
|
|
Net income
|
246,327
|
194,120
|
189,308
|
-2.5%
|
-23.1%
|
674,426
|
600,181
|
-11.0%
|
*Financial statements without consolidation adjustments.
(1) Excluding investments in real estate.
From 1Q15 and on, Grupo Pacifico’s financial statements reflect the agreement with Banmedica (in equal parts) of the businesses of:
| |
(i)
|
private health insurance managed by Grupo Pacifico and included in its Financial Statements in each of the accounting lines;
|
| |
(ii)
|
corporate health insurance (dependent workers); and
|
The businesses described in ii) and iii) are managed by Banmedica, therefore they do not consolidate in Grupo Pacifico’s financial statements. The 50% of net
income generated by Banmedica is recorded in Grupo Pacifico’s Income Statement as a gain/loss on investments in subsidiaries.
As explained before, corporate health insurance and medical services businesses are consolidated by Banmedica. The following table reflects the consolidated
results from which Grupo Pacifico receives the 50% net income.
Corporate health insurance and Medical Services (1)
(S/ in thousands)
| |
Quarterly
|
% change
|
Up to
|
% change
|
| |
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Sep 23
|
Sep 24
|
Sep 24 / Sep 23
|
|
Results
|
|
|
|
|
|
|
|
|
|
Net earned premiums
|
343,092
|
357,033
|
374,166
|
4.8%
|
9.1%
|
1,009,485
|
1,089,198
|
7.9%
|
|
Net claims
|
(273,212)
|
(310,343)
|
(315,869)
|
1.8%
|
15.6%
|
-810,004
|
-916,478
|
13.1%
|
|
Net fees
|
(14,754)
|
(15,515)
|
(16,553)
|
6.7%
|
12.2%
|
-43,725
|
-47,726
|
9.1%
|
|
Net underwriting expenses
|
(2,890)
|
(3,482)
|
(4,433)
|
27.3%
|
53.4%
|
-8,788
|
-11,221
|
27.7%
|
|
Underwriting result
|
52,237
|
27,693
|
37,312
|
34.7%
|
-28.6%
|
146,968
|
113,774
|
-22.6%
|
| |
|
|
|
|
|
|
|
|
|
Net financial income
|
3,741
|
5,587
|
5,834
|
4.4%
|
55.9%
|
11,527
|
17,197
|
49.2%
|
|
Total expenses
|
(23,152)
|
(26,190)
|
(24,998)
|
-4.5%
|
8.0%
|
-65,857
|
-77,084
|
17.0%
|
|
Other income
|
(1,639)
|
2,244
|
1,945
|
-13.3%
|
-218.7%
|
-4,722
|
6,405
|
-235.6%
|
|
Traslations results
|
2,769
|
2,459
|
(2,780)
|
-213.0%
|
-200.4%
|
-828
|
-257
|
-68.9%
|
|
Income tax
|
(11,778)
|
(3,579)
|
(4,866)
|
36.0%
|
-58.7%
|
-31,322
|
-17,638
|
-43.7%
|
| |
|
|
|
|
|
|
|
|
|
Net income before Medical services
|
22,178
|
8,215
|
12,448
|
51.5%
|
-43.9%
|
55,765
|
42,397
|
-24.0%
|
| |
|
|
|
|
|
|
|
|
|
Net income of Medical services
|
26,436
|
32,694
|
40,519
|
23.9%
|
53.3%
|
88,366
|
104,320
|
18.1%
|
| |
|
|
|
|
|
|
|
|
|
Net income
|
48,614
|
40,909
|
52,967
|
29.5%
|
9.0%
|
144,130
|
146,717
|
1.8%
|
|
(1)
|
Reported under IFRS 4 standards.
|
|
12.6.9.
|
Investment Management & Advisory *
|
|
Investment Management & Advisory
|
Quarter
|
% change
|
Up to
|
% change
|
|
S/000
|
3Q23
|
2Q24
|
3Q24
|
QoQ
|
YoY
|
Set 23
|
Set 24
|
Sep 23 / Sep 24
|
|
Net interest income
|
20,100
|
5,277
|
9,934
|
88.3%
|
-51%
|
63,348
|
21,671
|
-65.8%
|
|
Non-financial income
|
182,989
|
255,814
|
241,628
|
-5.5%
|
32.0%
|
583,309
|
730,832
|
25.3%
|
|
Fee income
|
127,085
|
168,822
|
157,828
|
-6.5%
|
24.2%
|
383,394
|
471,749
|
23.0%
|
|
Net gain on foreign exchange transactions
|
11,709
|
19,082
|
19,448
|
1.9%
|
66.1%
|
40,629
|
51,168
|
25.9%
|
|
Net gain on sales of securities
|
28,120
|
45,643
|
72,105
|
58.0%
|
156.4%
|
144,138
|
172,317
|
19.6%
|
|
Derivative Result
|
21,771
|
20,551
|
(17,139)
|
-183.4%
|
-178.7%
|
(28,766)
|
25,440
|
-188.4%
|
|
Result from exposure to the exchange rate
|
(7,650)
|
(4,378)
|
6,061
|
-238.4%
|
-179.2%
|
23,860
|
(11,290)
|
-147.3%
|
|
Other income
|
1,954
|
6,094
|
3,325
|
-45.4%
|
70.2%
|
20,054
|
21,448
|
7.0%
|
|
Operating expenses (1)
|
(175,514)
|
(172,693)
|
(187,915)
|
8.8%
|
7.1%
|
(506,605)
|
(540,699)
|
6.7%
|
|
Operating income
|
27,575
|
88,398
|
63,647
|
-28.0%
|
130.8%
|
140,052
|
211,804
|
51.2%
|
|
Income taxes
|
(4,937)
|
(23,942)
|
(11,053)
|
-53.8%
|
123.9%
|
(21,388)
|
(45,938)
|
114.8%
|
|
Non-controlling interest
|
(3,281)
|
(2,426)
|
86
|
-103.5%
|
-102.6%
|
(5,137)
|
236
|
-104.6%
|
|
Net income
|
25,919
|
66,882
|
52,508
|
-21.5%
|
102.6%
|
123,801
|
165,630
|
33.8%
|
| |
*
|
Includes ASB and Credicorp Capital. Does not include Wealth Management at BCP.
|
| |
(1)
|
Includes: Salaries and employee’s benefits + Administrative expenses + Assigned expenses + Depreciation and amortization + Tax and contributions +
Other expenses.
|
|
12.7.
|
Table of calculations
|
| Table of calculations (1) |
| Profitability |
Interest earning assets |
Cash and due from banks + Total investments
+ Cash collateral, reverse repurchase agreements and securities borrowing + Loans |
| Funding |
Deposits and obligations + Due to banks and correspondents + BCRP instruments
+ Repurchase agreements with clients and third parties + Bonds and notes issued |
| Net
Interest Margin (NIM) |
Net Interest Income (excluding Net Insurance Financial Expenses)
Average Interest Earning Assets
|
| Risk-adjusted
Net Interest Margin (Risk-adjusted NIM) |
Annualized Net Interest Income (excluding Net Insurance Financial Expenses) —
Annualized Provisions
Average period end and period beginning interest earning assets
|
| Funding
cost |
Interest Expense (Does not Include Net Insurance Financial Expenses)
Average Funding
|
| Core
income |
Net Interest Margin + Fee Income + Net Gain on Foreign exchange transactions |
| Other
core income |
Fee Income + Net Gain on Foreign exchange transactions |
| Other
non-core income |
Net Gain Securities + Net Gain from associates + Net Gain of derivatives held for trading
+ Net Gain from exchange differences + Other non operative income |
| Return
on average assets (ROA) |
Annualized Net Income attributable to Credicorp
Average Assets
|
| Return
on average equity (ROE) |
Annualized Net Income attributable to Credicorp
Average Net Equity
|
| Portfolio quality |
Internal
overdue ratio |
Internal overdue loans
Total Loans
|
| Non –
performing loans ratio (NPL ratio) |
(Internal overdue loans + Refinanced loans)
Total Loans
|
| Coverage
ratio of internal overdue loans |
Allowance for loans losses
Internal overdue loans
|
| Coverage
ratio of non – performing loans |
Allowance for loans losses
Non – performing loans
|
| Cost
of risk |
Annualized provision for credit losses on loans portfolio, net of recoveries
Average Total Loans
|
| Operating performance |
Operating
expenses |
Salaries and employees benefits + Administrative expenses + Depreciation and
amortization
+ Association in participation + Acquisition cost
|
| Operating
Income |
Net interest, similar income, and expenses + Fee income + Net gain on foreign
exchange transactions
+ Net gain from associates + Net gain on derivatives held for trading + Net gain from
exchange differences
|
| Efficiency
ratio |
Salaries and employee benefits + Administrative expenses + Depreciation and
amortization
+ Association in participation
Net interest, similar income and expenses + Fee Income + Net gain on foreign
exchange transactions + Net gain from associates+Net gain on derivatives held for
trading
+ Result on exchange differences+Insurance Underwriting Result
|
| Capital Adequacy |
Liquidity
Coverage ratio |
Total High Quality Liquid Assets + Min( Total Inflow30 days ; 75% *
Total Outflow30 days)
Total Outflow 30 days
|
| Regulatory
Capital ratio |
Regulatory Capital
Risk — weighted assets
|
| Tier 1
ratio |
Tier 1(2)
Risk — weighted assets
|
| Common
Equity Tier 1 ratio (3) |
Capital + Reserves — 100% of applicable deductions (4) + Retained Earnings + Unrealized gains or losses
Risk — weighted assets
|
|
(1)
|
Averages are determined as the average of period-beginning and period-ending balances.
|
|
(2)
|
Includes investment in subsidiaries, goodwill, intangibles, and deferred tax that rely on future profitability.
|
|
(3)
|
Common Equity Tier 1 = Capital Stock + Reserves + Accumulated earnings – Unrealized profits or losses - 100% deductions (investment in subsidiaries,
goodwill, intangible assets, and deferred tax assets based on future returns).
|
|
(4)
|
Includes investment in subsidiaries, goodwill, intangible assets, and deferred taxes based on future returns.
|