Credicorp
NYSE:BAP
$
272,30
$
$-5,35 (-1,93%)
272,30
$
$-5,35 (-1,93%)
End-of-day quote: 12/05/2025
Credicorp Stock Value
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Credicorp Company Info
EPS Growth 5Y
3,13%
Market Cap
$22,04 B
Long-Term Debt
$6,00 B
Annual earnings
02/12/2026
Dividend
$10,81
Dividend Yield
3,97%
Founded
1889
Industry
Country
Website
ISIN Number
Website
Analyst Price Target
$300,00
10.17%
Last Update: 12/06/2025
Analysts: 14
Highest Price Target $360,00
Average Price Target $300,00
Lowest Price Target $219,00
In the last five quarters, Credicorp’s Price Target has risen from $130,75 to $207,05 - a 58,36% increase. Eight analysts predict that Credicorp’s share price will increase in the coming year, reaching $300,00. This would represent an increase of 10,17%.
Top growth stocks in the financials sector (5Y.)
What does Credicorp do?
Credicorp Ltd. (Credicorp) provides various financial, insurance, and health services and products primarily in Peru and internationally.
The company is organized into four LoBs: Universal Banking, Insurance and Pensions, which mainly serves the overall Peruvian market, Microfinance, and Investment Management and Advisory, which has a strong presence in Latin America; and its Corporate Venture Capital, Krealo.
The company’s principal activity is to coordinate and manage the business plans of i...
Credicorp Ltd. (Credicorp) provides various financial, insurance, and health services and products primarily in Peru and internationally.
The company is organized into four LoBs: Universal Banking, Insurance and Pensions, which mainly serves the overall Peruvian market, Microfinance, and Investment Management and Advisory, which has a strong presence in Latin America; and its Corporate Venture Capital, Krealo.
The company’s principal activity is to coordinate and manage the business plans of its subsidiaries to develop the company’s Universal Banking, Microfinance, Insurance and Pension, and Investment Management and Advisory businesses at Perú, Colombia, Chile, Bolivia, Panama and the United States. Though the company primarily focuses on the countries, it also makes limited investments in other countries in the same region.
The Group’s principal activity consists of receiving deposits from customers, mainly at fixed rates and for different periods, and investing these funds in high-quality assets, using financial instruments (such as derivatives) to cover potential risk factors and to take advantage of market movements on securities, bonds, currencies and interest rates. Additionally, the Group places these deposits with legal entities and individuals.
The company refers to BCP Stand-alone, BCP Bolivia, Mibanco, Mibanco Colombia, Grupo Pacífico, Prima AFP S.A., Credicorp Capital Ltd. and ASB Bank Corp. as its main operating subsidiaries.
Some of the company’s subsidiaries, namely Atlantic Security Holding Corporation and five of its subsidiaries (Atlantic Security International Financial Services Inc (ASIF), ASB Bank Corp., Atlantic Private Equity Investment Advisor, Atlantic Security Private Equity General Partner and Credicorp Capital Cayman GP), Credicorp Capital USA Inc. (with its subsidiaries Credicorp Capital Advisors LLC., and Credicorp Capital LLC.) and Credicorp Capital Asset Management Administradora General de Fondos maintain their operation.
Universal Banking
On April 18, 2018, Credicorp Ltd., through its subsidiaries Grupo Credito S.A. and BCP Stand-alone, acquired 3.23% and 0.06%, respectively, of the share capital of Mibanco from minority shareholders for approximately S/129.0 million and S/2.4 million, respectively. Additionally, on May 22 and 23, 2018, BCP Stand-alone acquired 1.22% and 0.05%. These acquisitions of non-controlling interest were recorded as equity transactions. Through these acquisitions, Credicorp Ltd. increased its interest in the share capital of Mibanco from 93.18% to 97.74%.
On May 7, 2018, Credicorp Ltd. sold to its subsidiary Grupo Credito S.A. 220,113,636 shares of BCP Stand-alone owned by Credicorp Ltd., which represented 2.77% of BCP Stand-alone’s share capital. The amount paid per share was S/6.61. Following this sale, Credicorp, in conjunction with its subsidiary Grupo Credito, continued to own 97.74% of the shares of BCP Stand-alone.
In July 2022, Grupo Credito S.A. established Yape Market S.A.C, a company focused on the promotion and management of sales and placement of products and services through electronic means. Grupo Credito S.A. owns a 99.99% stake in Yape Market S.A.C.
Joinnus was acquired in March 2023. It is a subsidiary of Yape Market S.A.C, owns a 99.93% stake. The company is a digital platform for selling tickets to online events and shows.
Microfinance
On June 28, 2019, Credicorp Ltd., through its subsidiary Credicorp Holding Colombia S.A.S., reached an agreement with the majority shareholders of Banco Compartir S.A. (Bancompartir) to acquire a majority stake in Bancompartir, which provides microfinance and SME financing solutions to micro entrepreneurs and was one of the top four microfinance banks in Colombia. On December 2, 2019, Credicorp Ltd. announced that after obtaining the necessary regulatory approvals, it completed the acquisition of 77.46% of the capital stock of Bancompartir as part of Credicorp Ltd.’s strategy of expanding its microfinance business in Latin America.
On October 30, 2020, Credicorp Ltd. confirmed the merger of Bancompartir and Edyficar S.A.S. (Encumbra), to be integrated under the name Mibanco – Banco de la Microempresa de Colombia S.A. (Mibanco Colombia). Its operating model focuses on achieving financial inclusion and social development serving and accompanying small and micro entrepreneurs in line with the business strategy proposed by Credicorp.
Insurance and Pensions
In 2015, Grupo Pacífico signed an agreement with Banmedica to participate as equal partners in the health insurance and medical services business. Grupo Pacífico transferred the majority control of the Pacífico Seguros corporate health insurance business and medical services to Banmedica. Consequently, the Pacífico Seguros corporate health insurance business and medical services are no longer consolidated with Grupo Pacífico for accounting purposes and are reported as an investment in associates. In 2018, UnitedHealth Group, one of the world's largest healthcare companies, acquired Banmedica, becoming Pacífico’s new partner in Peru.
Investment Management and Advisory
During 2012, Credicorp initiated the creation of a regional investment banking platform. During the same year, the firm acquired a 51.0% stake in Correval S.A. Comisionista de Bolsa in Colombia and 60.6% of IM Trust & Co. Holding S.A. in Chile. In 2013, Credicorp Capital Peru was created and included Credicorp Capital Bolsa, Credicorp Capital Titulizadora, Credicorp Capital Fondos and BCP Stand-alone’s investment banking activities. On September 30, 2016, Credicorp Capital Peru concluded the acquisition of the remaining stake in Correval S.A. Comisionista de Bolsa in Colombia and IM Trust S.A. Corredores de Bolsa in Chile. As a result of these acquisitions, Credicorp Capital became the owner of 100% of both companies. During these years Credicorp wanted to consolidate the brand name of Credicorp Capital on the whole region, so the group decided to name Correval S.A. Comisionista de Bolsa in Colombia as Credicorp Capital Colombia and IM Trust S.A. Corredores de Bolsa in Chile as Credicorp Capital Chile.
On February 12, 2019, Credicorp Ltd., through its subsidiary Credicorp Holding Colombia S.A.S., reached an agreement with the shareholders of Ultraserfinco S.A. Comisionista de Bolsa, a financial services company in Colombia, to acquire a 100% stake in Ultraserfinco S.A. Comisionista de Bolsa and its subsidiaries, which include 100% of Ultra Holding Group Inc., which in turn holds 100% of Ultralat Group Inc. (including 100% of Ultralat Investment Advisor and 100% of Ultralat Capital Market, LLC. (UCM)). On November 1, 2019, after obtaining the necessary regulatory approvals, the acquisition of 100% of the capital stock of Ultraserfinco S.A. Comisionista de Bolsa was completed through Credicorp Holding Colombia S.A.S. and Credicorp Capital Fiduciaria S.A. Ultraserfinco S.A. Comisionista de Bolsa had several subsidiaries including Ultralat, a company regulated by the SEC. On February 1, 2021, the company finalized a merger between CCSI and UCM, which resulted in Credicorp Capital LLC.
On August 2, 2021, the company finalized the merger by absorption between Atlantic Security Bank (Cayman Islands) and ASB Bank Corp. (Panama), with the latter being the surviving entity. ASB Bank Corp. is a financial institution incorporated under the laws of Panama, with an International Banking License and a securities brokerage license, issued by the SBP and the Panama SMV.
On March 15, 2022, Credicorp incorporated CC Asset Management Mexico S.A. de C.V., an unregulated legal entity (specifically, a variable capital corporation) in Mexico. This entity will distribute mutual funds and investment funds through private offerings. The company was constituted as a subsidiary of Credicorp Capital Ltd.
In December 2024, Credicorp Capital SAF notified its clients that it has offered to purchase 100% of the value of investments in the Credicorp Capital Factoring Dólares FMIV and Credicorp Capital Factoring Soles FMIV funds. These funds, which had exposure to assets managed by Sartor Administradora General de Fondos S.A. (‘Sartor’) in Chile, a third-party fund manager, were impacted by recent regulatory actions and alleged misconduct at Sartor and on December 20, 2024, the Chilean Financial Market Commission revoked Sartor’s authorization to operate and ordered the liquidation of all funds under Sartor’s management. To facilitate the purchase process, Credicorp Capital SAF will execute participation transfer agreements through its affiliate Atlantic Security Holding Corporation (ASHC).
Corporate Venture Capital – Krealo
Krealo, Credicorp’s initiative that evolved from an open innovation arm to a Corporate Venture Capital, identifies and invests in opportunities that complement Credicorp's business lines.
In January 2019, Grupo Credito S.A. incorporated Tenpo S.P.A. in Chile with the purpose of constituting investments in companies, real estate and movable capital. Tenpo S.P.A. acquired 100% of Tenpo Technologies S.P.A., a company dedicated to the commercialization of services, digital products, information technology and telecommunications, and 100% of Tenpo Prepago S.A. a company dedicated to the issuance and operation of prepaid cards. Tenpo S.P.A. has evolved into Credicorp’s digital wallet in Chile and is in the process of becoming a digital bank.
In January 2019, Grupo Credito S.A. acquired 91.36% of Compañia Incubadora de Soluciones Moviles S.A. (Culqi). Grupo Credito S.A. directly and indirectly owns 100% of Culqi. Culqi was created in December 2013 and is mainly engaged in the development and operation of an online payment technology platform for digital businesses.
In March 2019, Credicorp Capital Negocios Digitales S.A.S. (Tyba) was chartered in Colombia to engage in information system development; computer consulting; and administration of information installations. Credicorp Holding Colombia S.A.S. holds 100% of the shares of this entity. Tyba has evolved into Credicorp’s digital investment platform with presence in Colombia, Chile, and Peru.
The company acquired Wally POS S.A.C. in January 2022 with the purpose of facilitating the management of client businesses through electronic tools and software that allows for the control of key aspects such as electronic invoicing, inventory control, and reports.
The company acquired Sami Shop S.A.C in June 2022, which is a company that offers e-commerce platforms to small, medium and large companies.
Both companies, Wally and Sami Shop, were initially acquired by Grupo Credito S.A. In December 2022, the two companies were transferred to Krealo Management S.A.
Krealo Management S.A. was incorporated in September 2022 with the purpose of being a Peruvian holding company. Krealo Management S.A. owns 99.99% of Wally POS S.A.C., 99.99% of Sami Shop S.A.C. and 60.71% of Monokera S.A.S.
In November 2022, Krealo Ltd. was created in Bermuda as a wholly owned subsidiary of Credicorp. Krealo Ltd.’s purpose is to be a holding company, which encompasses the disruptive initiatives that complement Credicorp’s lines of businesses.
In December 2022, Krealo Management S.A. acquired a 60.71% stake in Monokera S.A.S, a company that offers e-commerce platforms for selling insurance products through a commission-based business model.
Universal Banking
The company’s Universal Banking LoB, which focuses on lending and transactional business, is organized into retail banking activities, including its Individuals, SME-Business, SME-Pyme (small and micro firm) segments, which are carried out by BCP Stand-alone’s Retail Banking Group (RBG) and Yape; wholesale banking activities, including the company’s corporate and middle-market banking business segments, which are carried out by BCP Stand-alone’s Wholesale Banking Group (WBG); treasury activities, including asset and liabilities management (ALM); sales and trading; and foreign exchange and derivatives distribution, which are carried out by BCP Stand-alone’s Treasury function; and wholesale and retail banking activities in Bolivia, which are carried out by BCP Bolivia.
The company’s banking business is carried out through BCP Stand-alone, the leading bank in Peru by loans and deposits with close to 29% market share in loans and 32% market share in deposits according to the SBS. The company conducts banking activities in Bolivia through BCP Bolivia, a full-service commercial bank.
BCP Stand-alone
BCP Stand-alone has one agency in Miami and one branch in Panama. BCP Stand-alone operations are supervised and regulated by the SBS, SMV and the BCRP in Peru, by the Office of Financial Regulation of the State of Florida Department of Financial Services and the Fed in the United States, and by the SBP in Panama. As of and for the year ending on December 31, 2024, BCP Stand-alone represented 76.1% of the company’s total assets, and 66.6% of its equity attributable to Credicorp’s equity holders.
BCP Stand-alone Strategy
The company’s strategy is geared towards delivering an extraordinary and efficient experience to remain competitive while investing in long-term sustainable growth.
Experience
The company is focusing heavily on digital coverage and high transactionality, facilitating banking needs anytime, anywhere.
Efficiency
The company is focusing on solid income from margins and other income, expanding market share, launching new products, digitizing services, and generating new transactional income.
This strategy is delivered to the market through the company’s business units, each having a distinct strategic approach. For Individuals, the company developed a different strategy for each subsegment: from the Affluent where the company has a value proposition based on personalized digital and physical comprehensive service, to a more digital cost-efficient and transactional value proposition for the mass market.
The company works to develop key internal capabilities, known as its enablers, that will helps the company to stay on course towards its ambitions. The company enablers are:
IT: The company seeks to add value to the market by increasing the amount, quality and speed in its tech releases.
Data and Analytics: The company supports its strategy by three fundamental pillars, democratize the use of data in all business areas, enhance the company’s decisions with new sources of information, and build a robust ecosystem that protects its clients' information.
Cybersecurity: The company is focusing its efforts on the most effective strategies to reduce the company’s exposure to cybersecurity risk.
IT
To excel in Customer Experience, the company needs to have outstanding channel uptime and deliver new functionalities to market in record time; and to do this efficiently, it needs modern technologies and a re-utilization of components.
As of the December 2024, 100% of the company’s customer-facing apps/websites are cloud-based and it has developed 700 reusable APIs. The results has been impressive across all 3 target dimensions: the company has 80% fewer service incidents with 99.5% uptime, it releases 9x the amount of features and it has reduced the unit transaction cost by 80%.
Cybersecurity
For Credicorp and its subsidiaries, technological progress imposes significant challenges in terms of data privacy, security and other information-related risks. With the increasing use of AI, cybersecurity risks to companies also rise, including threats such as denial-of-service attacks, malicious use of deepfakes and more advanced social engineering attacks. Cybercriminals can employ machine learning techniques to automate malware campaigns. Sophisticated and financially motivated cyberattacks, including with the use of ransomware, are constant threats across many industries, including financial services; and the company expects they will become more common. With the rapid development and dissemination of AI tools, increasingly sophisticated and effective cybersecurity threats continue to emerge, creating a challenging environment for developing new digital solutions for its clients.
The company relies on a highly skilled and talented team (one that has been recruited, trained, upskilled) that operates on a well-established Agile delivery model. To continue satisfactory development of the company’s enablers, it relies on its talent and an agile culture mindset.
The company is attracting, upskilling, and retaining diverse tech talent. The company recruits and hires specialized data, analytics and IT professionals from Credicorp’s international hubs in different countries on various continents. The company offers its tech talent the opportunity to develop leading edge capabilities in an environment.
CP Stand-alone’s Business Segments
Retail Banking Group (RBG)
As of December 31, 2024, Retail Banking-related loans represented 53% of BCP Stand-alone’s total loans, while retail banking-related deposits represented 65% of BCP Stand-alone’s total deposits.
Individuals’ business segments within RBG are:
Enalta
Enalta services include investment advisory, securities-based lending, financial planning, and day-to-day banking services such as loans and cash accounts. In addition to regular branches, Enalta clients has access to nine exclusive branches; seven of them are in Lima, one is in Arequipa, and in 2024, the ninth branch was opened in Trujillo. These spaces enable customers to make financial transactions in a secure, private space, as well as experience personalized advice of investment, insurance and loan experts who offer exclusive, invitation-only products. Enalta services are available not only to the client itself but also to their household, allowing for additional financial relationships. The Enalta segment has close to 56,300 clients.
Affluent
Customers in RBG’s Affluent segment receive a differentiated value proposition based on dedicated remote customer service, including specialized account managers, an exclusive call center number, and investment advisory for mutual funds. They also receive preferential services from tellers at branches and unique products, such as credit cards with exclusive benefits and preferential interest rates on loans. Almost all these clients are serviced through specialized remote account managers responsible for improving per-client profitability and achieving long-term relationships through personalized service, cross-selling, and share-of-wallet strategies. The Affluent segment has approximately 323,300 clients, who are served by 335 relationship managers.
Consumer Banking
The company’s Consumer Banking segment is in charge of developing strategies for the retail customers who are not included in affluent banking or small business banking. Its customer base consists of approximately 12.3 million (only considers clients with at least one product) medium-to-low-income individuals. Consumer Banking focuses on customers who receive their payroll through BCP Stand-alone (which represents around 1.4 million clients). Its strategies vary from basic acquisition of new accounts for wage-earners with special terms regarding fees and interest rates, to more sophisticated, aggressive cross-sell and retention programs that may include non-banking benefits (such as access to discounts on non-banking products) and access to payroll advances.
The main products offered to individuals are:
Mortgage
According to the SBS and the Association of Banks of Peru (Asociación de Bancos del Peru or ASBANC by its Spanish initials), as of December 31, 2024, BCP Stand-alone was the largest mortgage lender in Peru, with a market share of 31.8%.
One of the product lines in BCP Stand-alone’s mortgage lending to low-income customer is loans funded by the credit program of the Peruvian Housing Development Bank (Fondo MiVivienda). The Fondo MiVivienda credit program provides government-funded loans with down payment aid for the purchase of properties valued up to S/355,100. This program seeks to cover the deficit in housing for lower-income population segments.
According to the Fondo MiVivienda, during the year 2024, BCP Stand-alone made over 3,183 MiVivienda loans, representing the largest number of MiVivienda loans in the financial system. In addition, as of December 31, 2024, BCP Stand-alone had a MiVivienda market share of 39.4% according to SBS and ASBANC.
Mortgage loans are associated with low losses because of their low LTV, as they are backed by the home equity guarantee. These loans have the added benefit of generating opportunities for cross selling other banking products.
Credit Card & Consumer Loans
The company’s focus in 2024 is on strengthen its cardholder benefits of exclusive experiences and concert ticket pre-sales, in addition to increasing the reach and offer of interest-free installment purchases and launching two new credit cards in the company’s portfolio. The company has also encouraged the use of digital channels such as mobile wallets and e-commerce purchases.
The SME segments within RBG are:
SME-Pyme
The SME-Pyme segment served approximately 2.1 million clients as of December 31, 2024. In 2024, the company continued to serve its clients while digitizing its processes and systems.
SME-Business
The SME-Business segment served approximately 13,765 clients as of December 31, 2024.
Distribution Channels
Digital channels
Mobile Banking: In 2024, more than 811.8 million monetary transactions were channeled through mobile banking at BCP Stand-alone.
Internet Banking: Transactions through Internet banking at BCP were at a total of 39 million monetary transactions in 2024.
Yape: Yape registered higher growth in monetary transactions than any of the company’s other channels from 2023 to 2024, reporting an expansion of 124.9% in monetary transactions from 3,167.2 million in 2023 to 7,091.3 million in 2024.
Self-service channels
ATMs: In 2024, BCP Stand-alone’s ATM monetary transactions decreased 0.66% from 2023 levels. BCP Stand-alone increased its ATM pool by 49 from the end of 2023 to close 2024 at 2,473 units.
Kioskos BCP: Kioskos BCP are digital self-service platforms at which customers can open savings accounts and/or pick up debit cards. Approximately 7.2 million transactions were conducted through Kioskos BCP in 2024.
Physical channels
BCP Agentes: BCP Agentes are legally separated points of contact at allied SMEs with which the company contracts to enable its clients to carry out certain transactions. BCP Agentes continue to constitute a highly effective channel for providing services to the company’s clients given their wide availability in Peru. At the end of 2024, BCP Stand-alone had 10,669 BCP Agentes. BCP Agentes conducted 434.7 million monetary transactions in 2024.
Yape
In Peru, the company offers Yape, an app that can be used to make money transfers and payments through a smartphone. Yape users can send or receive money transfers to bank accounts linked to a cell phone number and/or a unique QR code (peer-to-peer or peer-to-business transactions), make cell phone credit recharges (Mobile Top-Ups), pay for services, request credit and view promotions, among other functions.
Yape serves as Credicorp’s primary tool for advancing financial inclusion in Peru.
The company’s strategy is built around three core lines of business: Payments, Financials, and E-commerce.
To complement this success, the company’s expanded its portfolio with Yape Tienda in June 2023, enabling users to purchase products directly through the app. While Yape Tienda is still in its early stages, it holds significant potential as the company’s continuing to refine its offering and expand its reach. Over the last two years, the company has introduced additional features, including Gaming (September 2023), Ticketing (January 2024), Gas cylinder sales (January 2024), Bus ticket sales (June 2024), and Delivery convenience (July 2024).
The combination of Yape's user-friendly interface, the widespread adoption of smartphones, and Credicorp's unwavering commitment to fostering financial inclusion has positioned Yape as the flagship vehicle for advancing financial inclusion in Peru. Yape's growth as a payment ecosystem, supported by the success of its three business lines, has solidified its role as a cornerstone of Credicorp's strategy. Through its innovative offerings, Yape has enabled nearly two-thirds of Peruvians who previously lacked access to traditional banking services to access a variety of financial services digitally. Additionally, financial education campaigns have been conducted during 2024, while the integration of educational tools within the app continues.
Wholesale Banking Group (WBG)
As of December 31, 2024, wholesale banking loans represented 45.0% of BCP Stand-alone’s total loans, while wholesale banking deposits represented 30.6% of BCP Stand-alone’s total deposits. WBG competes with local and foreign banks in Peru. It also maintained its leadership in the Peruvian Wholesale Banking market with a 37.0% in loans, according to the SBS and ASBANC. It has also established longstanding client relationships with major industrial and commercial groups in Peru. The WBG provides its customers with cash management solutions, short- and medium-term loans in local and foreign currencies, foreign trade-related financing, and lease and project financing.
WBG is divided into the following divisions and support areas:
Corporate and International Division (CID)
The CID served 2,900 clients as of December 31, 2024. The CID provides financing for capital expenditures and investments, sales, international trade, and inventories. It offers medium- and long-term financing, financial leases, and project financing.
The CID’s corporate banking subdivision provides loans and other credit and financial services. This subdivision focuses on serving large companies in Peru, which the company considers to be those with annual sales of, corporate governance, audited financial statements, and dominant market positions in their brands or product areas.
Through the CID, BCP Stand-alone assists its corporate clients with financial services, cash management solutions, and short- and medium-term financing. BCP Stand-alone has a leading position in the Peruvian banking system with 37.3% for corporate banking loans, according to the SBS and ASBANC.
International Banking
International banking and Trade Finance subdivision, which manages relationships with financial institutions (locally and abroad) and provides trade products and international operational services.
BCP Stand-alone’s Correspondent Banking Unit focuses on obtaining and providing short-term funding for international trade, as well as medium-term lines of credit funded by international commercial banks and other countries’ governmental institutions. This unit also earns fees by confirming letters of credit and guarantees issued by international banks and by providing other international payment and trade finance services. The unit also provides funding to some other Latin American banks which send their international trade and guarantee flows to Peru through BCP Stand-alone. BCP Stand-alone’s Correspondent Banking Unit also promotes international trade activities with its local clients by structuring trade products and services, organizing and sponsoring conferences, and advising customers through a wide range of trade products.
Middle-Market Banking Division (MMD)
The MMD served 7,148 clients as of December 31, 2024. Regarding MMD, the company notes the following:
The MMD serves mid-sized companies, organizations, and institutions. The MMD clients' annual revenues are serviced nationwide by 12 BCP Stand-alone regional managers and multiple industry-focused service teams.
MMD focuses principally on serving for-profit and non-profit organizations, state-owned companies, and other significant institutions.
Furthermore, the Institutional Banking Unit, which operates within the MMD, serves 1,245 clients throughout Peru. In Lima, a specialized MMD team serves governmental entities, educational institutions, religious organizations, international bodies, non-governmental organizations, civil associations, and regulated entities, such as microfinance institutions, insurance companies, pension funds, and other private funds. BCP Stand-alone has also deployed specialized MMD teams in the largest provinces in Peru. In the smaller provinces in Peru, MMD is supported by the Retail Banking Division team in attending to the company's customers' needs.
Additionally, the company also has BCP Xplore, the first exclusive banking for startups and fintech companies in Peru. It was created this year to serve this segment of clients, offering them specialized advice on their needs, specific products and services and help to scale up through strategic alliances and synergies with companies of the Credicorp Group such as Krealo, Yape, among others. As of December 2024, the company has 471 clients in the segment and the loan portfolio was S/207 million soles.
The cash management and transactional services subdivision, which operates within the MMD, develops products and services to support clients' daily cash management activities, collections payments, and investments, among others.
The products offered to middle-market clients are similar to those offered to corporate banking clients. The major types of products are revolving credit lines to finance working capital needs and international trade financing; standby letters of credit and bond guarantees; structured long-term and medium-term financing, through loans or financial leasing; and cash management, transactional products, and electronic banking.
WBG Transformation
As part of WBG's transformation process, the company created Tribes that, using the agile methodology, allows it to better understand customer pain points and create new products that help the company solve them. These Tribes are:
Tribe of Business Credit Products: Giving their business clients efficient financial solutions through an outstanding and unique experience that satisfies their main needs.
Tribe of Transactional Products for Businesses: Giving their business clients integral solutions that simplify their cash management processes and generate customer loyalty.
Tribe of Digital Platforms for Businesses: Giving their business clients an outstanding and unique digital experience to become their 'top of mind' choice.
The company's talent, with the support of enablers, has allowed it to develop initiatives to improve the customer experience through more efficient processes and services. The company's strategy has been focused on the following points:
Collections Process Enhancement: Due to greater competition in the non-lending business, the company has implemented projects focused on digitalizing its clients' collections journey, providing them with an improved customer experience and maintaining the company's leadership position in the Peruvian collection market. During 2023, the company deployed campaigns to attract new users and worked closely with Yape to enable its application as an additional channel for its Wholesale Banking clients to collect payments from their customers.
A Unique and Powerful Digital Platform Offering: Update of the company's online banking platform for companies named Office Banking, aiming to deliver the best digital platform in the local financial market that allows the company to accompany its clients in all their journeys, offering a digital end to end solution with 24/7 accessibility to the company's product and services portfolio.
Operational Stability Improvement: The company intends to ensure the security and availability of its platforms.
Financial Ecosystems and Open API Development: The company focuses on creating an interconnected services network that allows users to satisfy multiple needs through a single integrated digital experience.
Profitability Management
The company elaborated on the pricing advisory analysis for lending and non-lending products offered to the company's clients. In addition, the company established monthly management Pricing Committees to help sales teams to implement these pricing recommendations, and to monitor revenues resulting from these actions.
The company also focused on pricing digitalization to improve customer experience and convenience. Thus, the company worked together with Wholesale Tribes to implement a pricing feature on its digital platform for one of the company's financing products, allowing some of its clients to self-disburse loans at a predefined price, without requiring further manual intervention by relationship managers.
Sustainable Finance
In 2024, WBG offered Sustainable Financing instruments to clients, such as green, social and sustainability-linked loans. Most of the loans were given through short- and medium-term facilities. Green loans were granted with a use of proceeds approach, according to relevant international criteria, boosting the company’s clients to finance projects and activities aligned to categories included in the Green Taxonomy of BCP, such as renewable energy, clean transportation, green buildings, sustainable agriculture, and sustainable water resource management).
Treasury
BCP Stand-alone’s Treasury function is divided into six primary units: the ALM Group, the Sales and Trading Unit, the Foreign Exchange and Derivatives Distribution Unit, the Structuring and Client Derivative Solutions Unit, the Foreign Exchange Ecosystem, and the Treasury Tribe.
ALM Group
The ALM Group is responsible for managing BCP Stand-alone’s statement of financial position and for taking reasonable interest rate and liquidity risks under the oversight of the company’s Asset and Liabilities Committee (ALCO). The ALM Group is also responsible for managing the investment portfolio, Liquidity Coverage Ratio (LCR) and Capital requirements. In addition, the ALM Group participates in money and debt capital markets, oversees reserve requirements, and manages BCP Stand-alone’s liquidity. The ALM Group has been active in auctions held by the BCRP for certificates of deposit as well as in financing its funding needs, interbank transactions, guaranteed negotiable notes, and other instruments.
ALM Group also maintains corporate responsibilities in Credicorp, aiming to optimize liquidity from a global Credicorp perspective, use corporate capabilities to support subsidiaries in their debt management, manage Credicorp’s foreign exchange risk, as well as its exposures and credit lines with a holistic approach, and ensure optimal capital levels.
Sales and Trading Unit
BCP Stand-alone Sales and Trading Unit manages both foreign exchange and interest rate risk exposure and investments for market making and market timing purposes. The managed risk originates mainly from client liquidity transactions and from open market timing positions. Market risk exposures and limits are independently defined by the Market Risk Unit and closely monitored by the Treasury Risk Unit. Additionally, an Investor Sales team within the Sales and Trading Unit actively reaches out to institutional investors, providing direct access to market maker prices and liquidity. The Sales and Trading Unit includes both a Foreign Exchange Desk and an Interest Rates Desk that manages risk as follows:
Foreign Exchange: The Foreign Exchange Desk provides liquidity for spot and forward transactions for its clients and other market makers in US Dollar-Peruvian Soles (USDPEN), other Latin-American currencies, and G-10 currencies. The Foreign Exchange Trading Desk also manages the foreign exchange volatility book for USDPEN. Additionally, the desk participates in foreign exchange transactions related to different instruments designed by the BCRP to smooth out any currency volatility.
Interest Rates (IR): The Interest Rates Desk manages the investments and risk originating from both fixed-income and swap transactions from clients and market timing strategies. BCP Stand-alone’s fixed-income portfolio consists mainly of government bonds (both in local and hard currency) from Latin-American countries and US Treasuries. The Interest Rates Desk is one of the main liquidity providers in the Peruvian government bond market, where it is a leading participant of the Market Maker Program of the Ministry of Economy and Finance of Peru (MEF).
Foreign Exchange and Derivatives Distribution Unit
BCP Stand-alone’s Foreign Exchange and Derivatives Distribution Unit helps companies with their foreign exchange needs (spot and hedging) through its Distribution Desk. The broad portfolio of foreign exchange products provided to its client base has allowed the Foreign Exchange and Derivatives Distribution Unit to position itself as a benchmark in the foreign exchange business in the Peruvian market.
Structuring and Client Derivative Solutions Unit
BCP’s Structuring and Client Derivative Solutions Unit is formed by two teams:
The Structuring Team is in charge of developing solutions for clients, often involving derivatives, and providing insight and better comprehension of these products to BCP’s commercial teams.
The Client Derivative Solutions Team plays a role similar to the Foreign Exchange and Derivatives Distribution Unit but focuses more specifically on derivatives. It interacts with the company’s customers to provide what they demand via a better understanding of their needs and transmitting these to the Structuring Team if the solution is not already available.
Foreign Exchange Ecosystem Unit
The Foreign Exchange Ecosystem Unit is responsible for the strategy of the FX product across the different customer segments and sales channels. It is responsible for the P&L of the Product and the bank’s value proposal for customers as well as for the Innovation and disruption projects that enable the product’s growth and enablement in new channels. It is responsible for the Pricing strategy from an omnichannel perspective as well as for the advertising related to the product.
Treasury Tribe
The Treasury Tribe is responsible for providing technological support to the different units that make up the Treasury function through the enabling of platforms and technological tools; as well as, through the implementation of different initiatives that allow business scalability. The Tribe is made up of six squads — five for the development of initiatives related to products (Exchange, Foreign Exchange & Derivatives, Investments & Funding, Liquidity and ALM) and one for shared requirements across those products.
BCP Stand-alone’s lending policies and procedures
BCP Stand-alone’s uniform credit policies and approval and review procedures are based upon conservative criteria. These policies are administered in accordance with guidelines established by the Peruvian financial sector laws and SBS regulations.
BCP Stand-alone’s credit approval process is based primarily on an evaluation of each borrower’s repayment capacity and commercial and historical credit behavior. BCP Stand-alone determines a corporate borrower’s repayment capacity by analyzing the historical and projected financial condition of the company and of the industry in which it operates. Other factors that BCP Stand-alone analyzes include the company’s management and the quality of any collateral to be provided. In addition, BCP Stand-alone’s credit officers analyze the corporate client’s ability to repay obligations, estimate the probability of default of the client using an internal risk rating model, and define the maximum credit exposure that BCP Stand-alone wants to hold with the client.
The company’s performance in the small business and personal lending areas depend largely on BCP Stand-alone’s ability to obtain reliable credit and client information about prospective borrowers. BCP Stand-alone has a large body of transactional information that is used in credit risk models. Also, the SBS has an extensive credit bureau, which has expanded its credit exposure database service to cover businesses and individuals that has borrowed any amounts from Peruvian financial institutions.
BCP Stand-alone periodically reviews the payment behavior of its diverse portfolios and segments with a deep level of granularity as part of its monitoring process. These assessments allow for the early identification, evaluation, and management of changes in credit quality, which leads to a timely evaluation and calibration of the expected loss models. To ensure the appropriate levels of accuracy and performance of the company’s admission and behavior models, it keeps developing methodological improvements, that include the expansion of the company’s universe of data and variables, as well as the introduction of adjustments for economic trends or volatility (e.g., inflation).
BCP Stand-alone has a strictly enforced policy that limits the lending authority of its loan officers. It also has procedures to ensure that these limits are adhered to before a loan is disbursed. Under BCP Stand-alone’s credit approval process, the lending authority for WBG is centralized into a specialized credit risk analysis division. This division is operated by officers and committees that has specific lending limits set by clients and economic groups.
BCP Stand-alone requires loan officers to has degrees in economics, accounting, business administration or related fields from competitive local or foreign universities. In addition, training for new loan officers begins with a three-month program that covers all aspects of banking and finance. Subsequently, loan officers receive training in specific matters throughout their careers at BCP Stand-alone.
BCP Stand-alone operates in substantial part as a secured lender. As of December 31, 2024, approximately S/59.2 billion of its loan portfolio and off-balance-sheet exposure was secured by collateral, which represents 42.1% of its total loan portfolio excluding overseas branch office BCP Panama and overseas agency BCP Miami.
Liquid collateral is a small portion of BCP Stand-alone’s total collateral. BCP Stand-alone requires collateral for the extension of credit depending on the risk profile and the business segment of the client, among other factors. When BCP Stand-alone requires collateral, it is usually valued at between 110% and 150% of the principal amount of the credit facility granted. The appraisal of illiquid collateral, in particular real estate assets, machinery and equipment, is performed by independent experts. BCP Stand-alone’s internal audit division conducts selected revisions and analyses on borrowers’ financial statements, consistent with the local banking regulations of the jurisdictions in which it operates.
In BCP Stand-alone’s credit monitoring unit, the company continues to improve the anticipation of credit deterioration for Wholesale Banking and Business Banking customers. In addition to reactive alerts, it has anticipatory alerts to the company’s process, which notifies it about the possible deterioration of clients that could occur in the next six to nine months.
Additionally, the company has a sector taxonomy for risk management in case of unexpected events.
BCP Bolivia
BCP Bolivia’s activities include wholesale banking and retail banking. As of December 31, 2024, BCP Bolivia’s loans represented approximately 8.8% and its deposits account for 8.8% of total loans and total deposits in the Bolivian banking system, respectively, according to ASFI.
BCP Bolivia Strategy
To become the main payment network in Bolivia. Yape is the company’s mobile wallet, with which it seeks to develop digital ecosystems, promote digital transformation, and lead the world of payments in Bolivia. The company wants to eradicate cash and become an integral part of Bolivians’ daily life with a tool that provides in its opinion the best payment experience; easy, fast, and free.
Distribution Channels
Digital channels
Yape: As part of the company’s commitment to increasing access to banking products and services, BCP Bolivia fosters the development of an ecosystem for digital payments with the mobile app Yape (formerly branded as Soli), launched in 2016, which at the end of 2024 had 2.6 million users. In 2024, transactions via Yape represented 66% of BCP Bolivia’s total monetary transactions.
Mobile banking: Monetary transactions processed through mobile banking represented 16% of BCP Bolivia’s total monetary transactions in 2024.
Self-service channels
ATMs: BCP Bolivia had 314 units on December 31, 2024, which accounted for 6% of its total monetary transaction volume in 2024.
Physical channels
BCP Agentes: BCP Bolivia had 484 more BCP Agentes at the end of 2024 than at the end of 2023, bringing its total number of BCP Agentes to 1,834 as of December 31, 2024. Monetary transactions through BCP Agentes represented 8% of BCP Bolivia’s total monetary transactions in 2024.
Branches: BCP Bolivia reported a total of 46 branches at the end of 2024. Monetary transactions in BCP Bolivia’s branches continued to decline in 2024 and represented only 1% of BCP Bolivia’s total monetary transactions in 2024.
Microfinance
The Microfinance LoB is focused on offering commercial banking activities and specialized financial services to small and micro business clients in Peru and Colombia through Mibanco. Mibanco Colombia was created in October 2020 after a reverse merger between Edyficar S.A.S. (whose commercial name was Encumbra) and Bancompartir (the surviving entity). The Mibanco franchise has a loan portfolio of S/14,033.7 million and approximately 2.6 million clients, representing around 7.5% of Credicorp’s total assets and 8.9% of the equity attributable to Credicorp’s equity holders. As of December 31, 2024, Mibanco Peru represented around 87.2% of the total loans of the Microfinance LoB.
Transformation Strategy
Mibanco’s transformation strategy has focused on migrating its traditional business model, which is intensive in people and offices, to a multichannel hybrid model supported by data and analytics. The hybrid model, implemented without compromising Mibanco’s differentiated focus on the customer, has resulted in increased efficiencies, allowing Mibanco to strengthen relationships with its clients, while also expanding its potential reach.
The company is evolving the hybrid model to offer a comprehensive and differential value proposition where AI plays a role not only in the offer of loans but also in savings products and transactional services.
This model is anchored by the high-touch relationship that Mibanco strives to retain with its clients and is based on three main capabilities: centralized intelligence for risk assessment, alternative distribution channels, and commercial execution by the company's relationship managers.
The company is deploying Mibanco’s transformation strategy, which has enabled it to consolidate the company’s hybrid model. The company is migrating to a more profitable credit operation by increasing the share of small ticket loans (< 20 thousand of soles) and improving the spread for loans with larger tickets (from 20 to 150 thousand of soles). These efforts are aligned with the company’s aspiration to provide clients a comprehensive value proposition, where centralized intelligence plays a role in generating offers for loans, liability products and transactional services. The company’s centralized intelligence allowed it to adjust commercial guidelines and mitigate the impact of portfolio deterioration.
Mibanco Peru
As of December 31, 2024, Mibanco had 834,814 registered clients.
Mibanco’s SME – medium segment focuses on financing production, trade, or service activities. This segment represents 0.03% of Mibanco’s total loans and 31 of its clients.
Mibanco’s SME – small segment focuses on financing production, trade, or service activities. This segment represents 71.4% of Mibanco’s total loans and 218,428 of its clients.
Mibanco’s microbusiness segment focuses on financing production, trade, or service activities. Microbusiness loans represent 22.2% of Mibanco’s total loans and 522,496 of its clients.
Mibanco’s consumer segment focuses on financing individuals to cover payments of goods and services or expenses unrelated to business. Consumer loans represent 3.0% of Mibanco’s total loans and 91,430 of its clients.
Mibanco’s mortgage segment focuses on financing individuals’ acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of homes. Mortgage loans represent 3.4% of Mibanco’s total loans and 4,592 of its clients. Mibanco’s mortgage segment has a policy of limiting LTV to up to 90%.
Distribution Channels
Digital channels
Mibanco Mobile App: In 2024, 17.2 million transactions were processed through Mibanco’s Mobile App. Additionally, 255,988 loans were requested through the app in 2024.
Mibanco Web: Mibanco’s website processed 0.7 million transactions in 2024. Additionally, 14,314 loans were requested through the web in 2024.
Yape: Since June 2020, Mibanco’s clients has been able to open a Yape account linked to their bank account. As of 2024, 215,563 Yape users has a Mibanco bank account linked to their Yape account.
Physical channels
Agentes Kasnet: As part of the services offered to its clients, Mibanco has an agreement with Agentes Kasnet, a network of Multibank correspondents in Peru.
Mibanco Colombia
As of December 31, 2024, Mibanco had 140,467 registered clients.
Mibanco’s commercial segment focuses on all credits other than Micro, Consumer and Mortgage. Commercial loans represent 24.8% of Mibanco’s total loans and 6,520 of its clients.
Mibanco’s microbusiness segment focuses on financing production, trade, or service activities for companies that has total debt up to 120 statutory minimum wages (approximately S/144 thousand) and workers up to 10. Microbusiness loans represent 73.1% of Mibanco’s total loans and 132,747 of its clients.
Mibanco’s consumer segment focuses on financing individuals to cover payments of goods and services or expenses unrelated to business. Consumer loans represent 0.1% of Mibanco’s total loans and 356 of its clients.
Mibanco’s mortgage segment focuses on financing individuals’ acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of homes. Mortgage loans represent 2.1% of Mibanco’s total loans and 844 of its clients.
Insurance & Pensions
Grupo Pacífico
The company conducts its insurance business exclusively through Grupo Pacífico, which operates in Peru and Bolivia and is the second-largest Peruvian insurance company by written premiums in 2024, according to the SBS and Peru’s National Health Superintendence (Superintendencia Nacional de Salud or SUSALUD by its Spanish Initials). Grupo Pacífico provides a broad range of insurance products focusing on three business areas: P&C insurance business, life insurance business and corporate health insurance and medical services. Grupo Pacífico, like other major Peruvian insurance companies, sells its products both directly (through its own sales force) and through independent brokers, bancassurance and sponsors.
North Stars
Growth: The company’s strategy focuses on premium growth exceeding the local market in personal insurance lines.
Customer Experience: To achieve the highest NPS in the market by delighting the company’s customers with an extraordinary journey and placing them at the heart of everything it does.
Efficiency: To maintain market leadership in efficiency, allowing the company to provide the best protection to its customers and deliver value to all the company’s stakeholders.
Strategic axes
Innovation and Embedded Insurance 2.0
The company seeks to be the best embedded insurance partner for ecosystems in Latin America by creating embedded products and services in its partners' journeys, offering a 100% digital experience.
The company already has four strategic alliances with Tucambista, Ticketmaster, Redbus, and Globokas, through which it offers embedded products seamlessly integrated into the company’s partners' workflows. In 2024, the company has issued a total of 152,000 policies
Happy Customers
The company seeks to offer a personalized ‘ASU’ experience for the high-value segment, 100% digital experiences for retail customers, and an exceptional claims journey powered by technology and AI.
Distribution Channels
Digital channels
Mi Espacio Pacífico App: In 2024, 620 thousand clients used Grupo Pacífico’s app.
Pacífico Web: In 2024, over 13.9 million visits were made to Grupo Pacífico’s website.
Prima AFP
Credicorp conducts its pension business through Prima AFP, the second largest player in the private pension system in Peru based on the amount of assets under management according to the SBS. Prima AFP manages individual capitalization accounts and provides its affiliates with retirement, disability, survival and burial benefits. For this purpose, Prima AFP collects mandatory and voluntary contributions from its affiliates and invests the funds in local and global markets. The funds that Prima AFP holds in custody for its affiliates are non-attachable and are autonomous assets, which are not affected by Prima AFP’s financial results. Prima AFP offers four types of funds, which differ by the level of risk. The investment and risk management policies are defined by internal committees and supervised by the SBS and the SMV.
In 2024, Prima AFP pursued the following strategic projects:
Transformation of several units to optimize customer experience.
Redesign of the investment process and team structure to maximize returns.
Cloud migration to optimize costs, provide flexibility and scalability and improve time to market.
Continue the implementation of the company’s cybersecurity plan.
Distribution Channels
Digital channels
Prima AFP’s App: In 2024, more than 7.8 million sessions were logged in Prima AFP’s mobile app.
Prima AFP’s Web: In 2024, more than 1.9 million sessions were initiated through Prima AFP’s web page.
Investment Management and Advisory
Credicorp Capital carries out its Investment Management and Advisory operations through Credicorp Capital Peru, Credicorp Capital Colombia, Credicorp Capital Chile, Credicorp Capital US, CC Asset Management Mexico, and ASB Bank Corp. With operations in 6 countries, the company is consolidating its leadership position through four main business units: Asset Management, Wealth Management, Capital Markets, and Trust Services.
Strategy
The company’s strategy is focused on restructuring its business portfolio focusing on less volatile and scalable businesses such as Wealth and Asset Management, complemented by transactional capabilities in Capital Markets.
Business Units
Asset Management
Through the company’s regional platform, Credicorp Capital Asset Management offers a wide array investment product for retail, high-net-worth and corporate and institutional clients including mutual funds or collective investment funds, funds and investment trusts, portfolios or mandates, and structured products that invest in fixed income, listed equity, mixed income and alternative assets.
Additionally, the company acts as exclusive distributor for traditional and alternative third-party funds in Latin America, representing global asset managers under exclusivity agreements. Also, the company provides advisory services in the selection and monitoring of Third-Party Funds for Wealth Management clients. Most of the company’s clients are in Latin America, mainly in Peru, Chile and Colombia, and it also serves international customers with interest in Latin American markets. Finally, the company provides specialized advisory and outsourcing services for the different stages and/or components of the investment management process.
The company’s Asset Management business is divided into 4 teams: Investments, Alternative Investments, Institutional Distribution, and Investment Products. Management builds on a matrix, with regional team leaders and country leaders in Chile, Colombia, and Peru, where its teams are based. The local presence of the company’s team, coupled with an extensive network of local and regional contacts, enables it to have a profound understanding of the dynamics of the Latin American market.
Investments: The company manages mutual funds and mandates in fixed income, equity and fixed income assets in Chile, Colombia, and Peru, as well as offshore funds based in Cayman and Luxembourg for interntional clients.
Alternative investments: The company offers alternative investments in real estate assets, private debt and infrastructure.
Institutional Distribution: The company’s Institutional Distribution team is responsible for doing business and engaging with institutional and wholesale investors in Chile, Colombia, Peru, Panama, and Mexico through global public and private market solutions.
Investment Products: The company’s investment products team provides services in the selection of Third-Party Funds, design of structured products and support for funds based abroad. The regional coverage reaches Wealth Management clients and institutional and retail investors.
Wealth Management
Capital Markets
Trust Services
Through the company’s subsidiaries in Colombia and Peru, it offers products and services focused on the management and future planning of the company’s retail, corporate and institutional client’s cash flows. The company’s manage family, corporate, and real estate trusts led by an advisory and structuring expert commercial team, complemented by legal support with specialized knowledge in this business.
Distribution Channels
Digital channels
Credicorp Capital Digital: This digital platform, developed by the company’s innovation lab, aims to enhance the digital experience for its clients. It enables Wealth Management clients in Peru and Chile to view all on-shore and off-shore investments in one consolidated location. In Colombia, it facilitates operations for Cash Management products for corporate clients and provides comprehensive information on trusts for fiduciary business clients.
Tyba by Credicorp Capital: The company’s online application that operates as a digital broker in Colombia, Peru, and Chile, allowing clients to manage their personal finances, making investments according to their own risk profile and tailored to their own investment plans. It provides a simple and secure means for clients to access investment products in a digital platform, allowing investments with a minimum amount.
CC Invest: Online web and mobile app investment platform that allows the company’s clients in Peru, Colombia and Chile to invest in globally diversified portfolios in the most simple and efficient way. By opening an investment account online, clients can start investing with a minimum amount, supported by a specialized digital advisor.
Credicorp Capital E-Trading WEB: Platform through which the client can trade stocks in a more transparent and straightforward manner than the traditional method, operating independently and directly in the Order Books of the Stock Market, capturing the best opportunities. With the E-Trading Portal, clients gain a more comprehensive view of the stock market and can identify the best available prices.
Physical channels and Telephone: Offices and Call center.
Loan Portfolio
The company’s loan portfolio includes
Commercial loans, which generally finance the production and sale of goods and services, including commercial leases, as well as credit card debt on cards held by business entities.
Microbusiness loans, which are exclusively targeted for the production and sale of goods and services, are made to individuals or companies with no more than S/300,000 in total loans received from the financial system (excluding mortgage loans).
Consumer loans, which are generally granted to individuals, including credit card transactions, overdrafts on personal demand deposit accounts, leases, and financing goods or services that are not related to a business activity.
Residential mortgage loans, which are all the loans granted to individuals for the purchase, construction, remodeling, subdivision or improvement of the individual’s home, in each case backed by a mortgage. Mortgage loans made to directors and employees of a company are also considered residential mortgage loans. Mortgage-backed loans generally are considered commercial loans.
Deposits
As of December 31, 2024, the company’s deposits include non-interest-bearing demand deposits, interest-bearing demand deposits, savings deposits, time deposits, severance indemnity deposits, and bank certificates.
Supervision and Regulation
The company’s Financial Stability Program supports its compliance with the applicable regulations derived from the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the European Market Infrastructure Regulation (EMIR) and the European Bank Recovery and Resolution Directive (BRRD).
The Corporate Tax Transparency Program at Credicorp ensures compliance with two key international regulations: FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard).
The company is respectful of the regulations towards strengthening prevention and investigation mechanisms that contribute to fight corruption, such as Law 30424 in Peru with its regulations and amendments, and the U.S. Foreign Corrupt Practices Act (FCPA). At Credicorp, there is no tolerance for corruption.
As part of the efforts of the Corporate Anti-Corruption Program, which is a Credicorp unit, BCP Stand-alone, Mibanco Peru and Pacífico Seguros has obtained the ISO 37001 - Anti-Bribery Management System certification.
Credicorp's Corporate Policy to Prevent Corruption and Bribery provides guidelines to all Credicorp subsidiaries to engage in transparent relationships with their stakeholders, minimize related risks and comply with local and international regulations.
History
Credicorp Ltd. was founded in 1889. The company was incorporated in 1995.
Credicorp Questions and Answers
Which sectors generate sales and which are the top 3 markets?
Banking: approx. 70%
Insurance: approx. 15%
Asset Management: approx. 10%
Other Financial Services: approx. 5%
Peru: approx. 65%
Colombia: approx. 15%
Chile: approx. 10%
Credicorp Ltd. generates the majority of its revenue from banking, accounting for about 70% of total income. This includes bot...
Banking: approx. 70%
Insurance: approx. 15%
Asset Management: approx. 10%
Other Financial Services: approx. 5%
Peru: approx. 65%
Colombia: approx. 15%
Chile: approx. 10%
Credicorp Ltd. generates the majority of its revenue from banking, accounting for about 70% of total income. This includes both retail and corporate clients. The insurance sector contributes around 15% to revenue, followed by asset management at approximately 10%. Other financial services make up the remaining 5%.
Geographically, Peru is the largest market for Credicorp, representing about 65% of revenues. Colombia and Chile follow with 15% and 10%, respectively. This distribution reflects the strong market presence and brand trust in these countries.
At which locations are the company’s products manufactured?
Headquarters: Lima, Peru
Credicorp Ltd. is a leading financial services company in Latin America, especially in Peru. The company does not produce physical products, but mainly offers financial services including banking services, insurance, and pension funds.
The services are mainly provided in Per...
Headquarters: Lima, Peru
Credicorp Ltd. is a leading financial services company in Latin America, especially in Peru. The company does not produce physical products, but mainly offers financial services including banking services, insurance, and pension funds.
The services are mainly provided in Peru, with the company also operating in other Latin American countries. Credicorp operates through its subsidiaries, including Banco de Crédito del Perú, the largest bank in Peru.
What strategy does Credicorp pursue for future growth?
Revenue Growth: 8.5% (2024)
Profit Growth: 10.2% (2024)
Credicorp Ltd. pursues a strategy focused on digitization and expansion into new markets. The company is heavily investing in digital platforms to enhance customer experience and increase efficiency. This includes the introduction of new mobile...
Revenue Growth: 8.5% (2024)
Profit Growth: 10.2% (2024)
Credicorp Ltd. pursues a strategy focused on digitization and expansion into new markets. The company is heavily investing in digital platforms to enhance customer experience and increase efficiency. This includes the introduction of new mobile banking solutions and the optimization of existing digital services.
Additionally, Credicorp plans to expand its presence in underserved markets in Latin America. This is being done through strategic partnerships and acquisitions aimed at increasing market share in these regions. The company is also focusing on sustainable financing projects to align with the global trend towards ESG investments.
Through these initiatives, Credicorp expects to strengthen its market position and ensure long-term growth.
Which raw materials are imported and from which countries?
Main Imported Raw Materials: Financial services do not require physical raw materials.
Credicorp Ltd. is a leading financial services company in Latin America, especially in Peru. As such, it does not import physical raw materials or materials, as its main business focus is in the field of financial...
Main Imported Raw Materials: Financial services do not require physical raw materials.
Credicorp Ltd. is a leading financial services company in Latin America, especially in Peru. As such, it does not import physical raw materials or materials, as its main business focus is in the field of financial services, including banking, insurance, and asset management.
However, the company could indirectly benefit from the economic development in countries that export raw materials, as these influence the economic stability and growth in the markets where Credicorp operates.
How strong is the company’s competitive advantage?
Market share in Peru: Over 30% (estimated for 2025)
Return on equity (ROE): 18% (2024)
Credit growth: 10% (2024)
Credicorp Ltd. is the leading financial services provider in Peru and has a significant competitive advantage due to its dominant market position. With an estimated market share of over 3...
Market share in Peru: Over 30% (estimated for 2025)
Return on equity (ROE): 18% (2024)
Credit growth: 10% (2024)
Credicorp Ltd. is the leading financial services provider in Peru and has a significant competitive advantage due to its dominant market position. With an estimated market share of over 30% in Peru, the company benefits from economies of scale and strong brand awareness.
The return on equity of 18% in 2024 demonstrates efficient capital utilization and indicates high profitability. This is an indicator of the company's ability to generate above-average profits, further enhancing its competitive advantage.
The credit growth of 10% in 2024 reflects robust demand for financial services and highlights Credicorp's ability to expand in a growing market environment. These factors together strengthen Credicorp's position as a market leader and secure a sustainable competitive advantage in the region.
What is the share of institutional investors and insider buying/selling?
Institutional Investor Share: 75% (estimated, 2025)
Insider Trades: No significant transactions in the last year (estimated, 2025)
The institutional investor share at Credicorp Ltd. is traditionally high, indicating the trust of large investment firms in the company. This reflects the stability and...
Institutional Investor Share: 75% (estimated, 2025)
Insider Trades: No significant transactions in the last year (estimated, 2025)
The institutional investor share at Credicorp Ltd. is traditionally high, indicating the trust of large investment firms in the company. This reflects the stability and attractiveness of Credicorp as an investment.
In 2025, there were no significant insider buys or sells, suggesting that the management and other insiders are satisfied with the current company strategy and valuation. This can be seen as a positive signal for market participants.
What percentage market share does Credicorp have?
Market share of Credicorp Ltd.: Estimated around 25% (2025)
Main competitors and their market shares:
Banco de Crédito del Perú (BCP): 20%
Interbank: 15%
BBVA Perú: 13%
Scotiabank Perú: 12%
Banco Pichincha: 10%
Credicorp Ltd. is one of the leading financial services companies in Peru and holds a s...
Market share of Credicorp Ltd.: Estimated around 25% (2025)
Main competitors and their market shares:
- Banco de Crédito del Perú (BCP): 20%
- Interbank: 15%
- BBVA Perú: 13%
- Scotiabank Perú: 12%
- Banco Pichincha: 10%
Credicorp Ltd. is one of the leading financial services companies in Peru and holds a significant market share of approximately 25%. The largest competitor, Banco de Crédito del Perú, is also part of Credicorp, highlighting the company's dominance in the Peruvian market.
Credicorp Ltd.'s economic moat stems from its strong market position, wide range of products, and deep roots in the Peruvian financial sector. Vertical integration and a strong brand provide a significant competitive advantage.
Compared to other companies, Credicorp has a significant advantage due to its size and market presence. Competitors like Interbank and BBVA Perú also hold strong positions, but do not have the same market penetration and diversification as Credicorp. This gives Credicorp a sustainable competitive edge in the Peruvian market.
Is Credicorp stock currently a good investment?
Revenue Growth: 8.5% (2024)
Profit Growth: 10.2% (2024)
Return on Equity: 14.8% (2024)
Credicorp Ltd. achieved solid revenue growth of 8.5% in 2024, indicating a strong market position and effective business strategies. The profit growth of 10.2% shows that the company is able to manage its costs ef...
Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024) Return on Equity: 14.8% (2024)
Credicorp Ltd. achieved solid revenue growth of 8.5% in 2024, indicating a strong market position and effective business strategies. The profit growth of 10.2% shows that the company is able to manage its costs efficiently and increase its profitability.
The return on equity of 14.8% is an indicator of effective use of equity, suggesting that the company is good at generating profits from its investments. This metric is above the industry average and indicates an attractive investment opportunity.
Overall, Credicorp Ltd. demonstrates strong financial performance with positive growth prospects, making it a potentially good investment. However, investors should also consider macroeconomic factors and specific risks of the Peruvian market before making a final decision.
Does Credicorp pay a dividend – and how reliable is the payout?
Dividend Yield: 3.5% (estimated for 2025)
Dividend History: Regular payouts in recent years
Credicorp Ltd. has regularly distributed dividends in recent years. The dividend yield is estimated to be around 3.5% for the year 2025, based on current market conditions and the company's dividend policy.
T...
Dividend Yield: 3.5% (estimated for 2025)
Dividend History: Regular payouts in recent years
Credicorp Ltd. has regularly distributed dividends in recent years. The dividend yield is estimated to be around 3.5% for the year 2025, based on current market conditions and the company's dividend policy.
The reliability of the payout can be considered high, as Credicorp demonstrates stable financial performance and a consistent dividend policy. Historically, the company has also paid dividends in economically challenging times, indicating a solid financial foundation and a strong commitment to shareholder returns.
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