CREDICORP LTD.
(Registrant)
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By:
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/s/ Guillermo Morales
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Guillermo Morales
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Authorized Representative
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| | Earnings Release 3Q / 2023 | |
Operating and Financial Highlights
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03
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Senior Management Quotes
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05
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Third Quarter 2023 Earnings Conference Call
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06
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||
Summary of Financial Performance and Outlook
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07
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||
Financial Overview
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12
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Credicorp’s Strategy Update
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13
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Analysis of 3Q23 Consolidated Results
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01
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Loans and Portfolio Quality
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16
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02
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Deposits
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23
|
|
03
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Interest Earning Assets and Funding
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26
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|
04
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Net Interest Income (NII)
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27
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05
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Provisions
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30
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06
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Other Income
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32
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|
07
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Insurance Underwriting Results
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34
|
|
08
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Operating Expenses
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36
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09
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Operating Efficiency
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38
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10
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Regulatory Capital
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39
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11
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Economic Outlook
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41
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12
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Appendix
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45
|
| | Earnings Release 3Q / 2023 | |
Operating and Financial Highlights
|
• |
Net Income attributable to Credicorp declined 6.4% YoY to S/1,238 million while navigating a prolonged recessive and high-inflationary environment that resulted in higher
provisions at Mibanco and BCP, while Pacifico continues to report overall strong performance. This resulted in ROE of 16.2% compared to 19.8% in 3Q22. YTD ROE was 17.8% compared to 18.0% in 9M22.
|
• |
Structural Loans measured in average daily balances increased 1.0% QoQ and 1.2% YoY, driven mainly by Retail Banking at BCP and primarily through SMEs and partly offset by
a drop in activity in Wholesale Banking in a context marked by lower private investment and an active “El Niño Costero”. Mibanco saw a QoQ contraction in average daily balances but contributed to structural loan growth YoY.
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• |
Total Deposits at quarter-end increased 3.5% QoQ, mainly led by Time and Demand Deposits and partially offset by a decline in Savings Deposits. YoY, deposits declined 2.8%
as continued migration to Time Deposits in a high-interest rate environment led to a system-wide drop in Demand and Savings deposits. Low-cost deposits accounted for 63.7% of total deposits mix, positioning Credicorp as the market leader
with a 40.3% market share.
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• |
The Structural NPL ratio increased 29 bps QoQ and 64 bps YoY to 5.6%, as client payment performance remains impacted by
contraction in GDP and internal demand, together with high inflation and interest rates. At BCP, the key drivers behind the increase in structural non-performing loans were wholesale banking customers as well as consumer & credit card
clients in vulnerable segments facing lower payment capacity due to over-indebtedness and unstable employment. SME-Pyme and Mibanco clients in lower-ticket, higher-risk segments also reported an uptick in delinquency.
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• |
Provisions increased 13.8% QoQ and 85.0% YoY. Provisions from Individuals at BCP and at Mibanco remained at elevates
after a recessive, high-inflation environment affected client payment capacity, while provisions at SME- Pyme at BCP increased driven by higher-risk - low-ticket customers. Cost of Risk increased 28 bps sequentially to 2.5%. The
Structural Cost of Risk increased 23 bps sequentially to 2.6%, while Structural NPL Coverage ratio stood at 101.4%.
|
| | Earnings Release 3Q / 2023 | |
Operating and Financial Highlights
|
• |
Core Income increased 1.4% QoQ driven mainly by: i) a higher yielding interest-earnings asset mix and adept interest rate
management, which drove a 1.6% increase in Net Interest Income (NII) and ii) a 1.6% uptick in fee income, which reflects higher transactional levels relative to debit cards, collection services and bill payments. YoY, Core Income increased
8.8%, supported by NII.
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• |
Net Interest Margin (NIM) increased 9 bps QoQ and 78 bps YoY to 6.11% as growth in the yield of IEA outpaced the expansion
in the funding cost. Risk-Adjusted NIM stood at 4.45%.
|
• |
Insurance Underwriting Results remained unusually high, up 8.9% YoY driven primarily by positive pricing and volume
dynamics in the Life Business.
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• |
Efficiency Ratio improved 160 bps in 9M23 to 45.1% as Operating Income growth at BCP and Pacífico more than offset higher
expenses for core business at BCP and disruptive initiatives at Credicorp to support long-term market leadership.
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• |
Yape continues to move towards cashflow break-even in 2024 as new features are added. Revenue per monthly active user (MAU) increased 26%
QoQ to s/2.9 in the quarter, moving closer to cash-costs per MAU of S/4.3. Yape, which has become the primary payment network in Peru and boasts the highest awareness level of any digital brand in the country, is firmly advancing in its
quest to drive financial inclusion.
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• |
Credicorp maintains a solid capital base, with a CET1 Ratio for BCP of 13.1%, up 25
bps QoQ. At Mibanco, CET1 Ratio reached 17.6%, up 96 bps QoQ.
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• |
At BCP stand-alone, 30-day local currency Liquidity Coverage Ratio (LCR) currency
stood at 150.6% under regulatory standards and 124.7% based on more stringent internal standards, while USD 30-day LCR stood at 191.8% and 110.8% under regulatory and more stringent internal standards, respectively.
|
| | Earnings Release 3Q / 2023 | |
Senior Management Quotes
|
| | Earnings Release 3Q / 2023 |
Analysis of 3Q23 Consolidated Results
|
|
Third Quarter 2023 Earnings Conference Call
|
| | Earnings Release 3Q / 2023 | |
Summary of Financial Performance and Outlook
|
|
| | Earnings Release 3Q / 2023 | |
Summary of Financial Performance and Outlook
|
|
| | Earnings Release 3Q / 2023 | |
Summary of Financial Performance and Outlook
|
|
| | Earnings Release 3Q / 2023 | |
Summary of Financial Performance and Outlook
|
|
*
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Contributions to Credicorp reflect eliminations for consolidation purposes (eliminations for transactions among Credicorp’s subsidiaries or between Credicorp and its subsidiaries.
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-
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At BCP Stand Alone, the figure is lower than net income because it does not include gains on investments in other Credicorp subsidiaries (Mibanco).
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-
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At Mibanco, the figure is lower than net income because Credicorp owns 99.921% of Mibanco (directly and indirectly).
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-
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The Contribution of Grupo Pacífico presented here is higher than the earnings reported for Pacifico Seguros because it includes 100% of Crediseguros (including 48% under Grupo Credito)
|
| | Earnings Release 3Q / 2023 | |
Summary of Financial Performance and Outlook
|
| | Earnings Release 3Q / 2023 | |
Financial Overview
|
Credicorp Ltd.
|
Quarter
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% change
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As of
|
% change
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||||
S/000
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||||||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Net interest, similar income and expenses
|
2,882,401
|
3,204,156
|
3,254,043
|
1.6%
|
12.9%
|
7,951,214
|
9,590,288
|
20.6%
|
Provision for credit losses on loan portfolio, net of recoveries
|
(459,976)
|
(804,251)
|
(917,642)
|
14.1%
|
99.5%
|
(1,080,857)
|
(2,448,891)
|
126.6%
|
Net interest, similar income and expenses, after provision for credit losses on loan portfolio
|
2,422,425
|
2,399,905
|
2,336,401
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-2.6%
|
-3.6%
|
6,870,357
|
7,141,397
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3.9%
|
Total other income
|
1,301,252
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1,433,124
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1,402,603
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-2.1%
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7.8%
|
3,738,234
|
4,169,002
|
11.5%
|
Insurance underwriting result
|
303,760
|
296,564
|
330,900
|
11.6%
|
8.9%
|
704,624
|
923,805
|
31.1%
|
Total other expenses
|
(2,097,590)
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(2,195,304)
|
(2,350,469)
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7.1%
|
12.1%
|
(5,953,226)
|
(6,672,681)
|
12.1%
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Profit before income tax
|
1,929,847
|
1,934,289
|
1,719,435
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-11.1%
|
-10.9%
|
5,359,989
|
5,561,523
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3.8%
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Income tax
|
(575,083)
|
(504,472)
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(455,865)
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-9.6%
|
-20.7%
|
(1,634,265)
|
(1,453,803)
|
-11.0%
|
Net profit
|
1,354,764
|
1,429,817
|
1,263,570
|
-11.6%
|
-6.7%
|
3,725,724
|
4,107,720
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10.3%
|
Non-controlling interest
|
31,855
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28,550
|
25,397
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-11.0%
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-20.3%
|
88,061
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84,007
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-4.6%
|
Net profit attributable to Credicorp
|
1,322,909
|
1,401,267
|
1,238,173
|
-11.6%
|
-6.4%
|
3,637,663
|
4,023,713
|
10.6%
|
Net income / share (S/)
|
16.6
|
17.6
|
15.5
|
-11.6%
|
-6.4%
|
45.6
|
50.4
|
10.6%
|
Loans
|
151,392,202
|
142,845,549
|
145,129,260
|
1.6%
|
-4.1%
|
151,392,202
|
145,129,260
|
-4.1%
|
Deposits and obligations
|
152,792,014
|
143,387,717
|
148,471,535
|
3.5%
|
-2.8%
|
152,792,014
|
148,471,535
|
-2.8%
|
Net equity
|
27,292,658
|
30,027,036
|
31,267,592
|
4.1%
|
14.6%
|
27,292,658
|
31,267,592
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14.6%
|
Profitability
|
|
|
|
|
|
|
|
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Net interest margin
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5.33%
|
6.02%
|
6.11%
|
9 bps
|
78 bps
|
4.80%
|
5.96%
|
116 bps
|
Risk-adjusted Net interest margin
|
4.51%
|
4.56%
|
4.45%
|
-11 bps
|
-6 bps
|
4.17%
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4.49%
|
32 bps
|
Funding cost
|
2.06%
|
2.91%
|
3.15%
|
24 bps
|
109 bps
|
1.61%
|
2.86%
|
125 bps
|
ROAE
|
19.8%
|
18.6%
|
16.2%
|
-240 bps
|
-360 bps
|
18.0%
|
17.8%
|
-20 bps
|
ROAA
|
2.2%
|
2.4%
|
2.1%
|
-30 bps
|
-10 bps
|
2.0%
|
2.2%
|
20 bps
|
Loan portfolio quality
|
|
|
|
|
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||
Internal overdue ratio (1)
|
4.1%
|
4.2%
|
4.4%
|
22 bps
|
28 bps
|
4.1%
|
4.4%
|
28 bps
|
Internal overdue ratio over 90 days
|
3.1%
|
3.4%
|
3.5%
|
14 bps
|
46 bps
|
3.1%
|
3.5%
|
46 bps
|
NPL ratio (2)
|
5.3%
|
5.6%
|
6.0%
|
33 bps
|
65 bps
|
5.3%
|
6.0%
|
65 bps
|
Cost of risk (3)
|
1.2%
|
2.3%
|
2.5%
|
28 bps
|
131 bps
|
1.0%
|
2.2%
|
130 bps
|
Coverage ratio of IOLs
|
128.5%
|
133.1%
|
125.8%
|
-730 bps
|
-270 bps
|
128.5%
|
125.8%
|
-270 bps
|
Coverage ratio of NPLs
|
99.6%
|
98.7%
|
93.0%
|
-570 bps
|
-660 bps
|
99.6%
|
93.0%
|
-660 bps
|
Operating efficiency
|
|
|
|
|
|
|
|
|
Efficiency ratio (4)
|
45.5%
|
44.6%
|
46.3%
|
170 bps
|
80 bps
|
46.7%
|
45.1%
|
-160 bps
|
Operating expenses / Total average assets
|
3.4%
|
3.6%
|
3.8%
|
23 bps
|
42 bps
|
3.1%
|
3.6%
|
50 bps
|
Capital adequacy - BCP Stand-alone (7)
|
|
|
|
|
|
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Global Capital ratio (8)
|
n.a
|
17.2%
|
17.5%
|
31 bps
|
n.a
|
n.a
|
17.5%
|
n.a
|
Tier 1 ratio (9)
|
n.a
|
12.8%
|
13.0%
|
26 bps
|
n.a
|
n.a
|
13.0%
|
n.a
|
Common equity tier 1 ratio (10)
|
11.8%
|
12.8%
|
13.0%
|
25 bps
|
121 bps
|
11.8%
|
13.0%
|
121 bps
|
Capital adequacy - Mibanco (7)
|
|
|
|
|
|
|
|
|
Global Capital ratio (8)
|
n.a
|
18.8%
|
19.8%
|
97 bps
|
n.a
|
n.a
|
19.8%
|
n.a
|
Tier 1 ratio (9)
|
n.a
|
16.5%
|
17.4%
|
94 bps
|
n.a
|
n.a
|
17.4%
|
n.a
|
Common equity tier 1 ratio (10)(12)
|
16.0%
|
16.6%
|
17.6%
|
96 bps
|
156 bps
|
16.0%
|
17.6%
|
156 bps
|
Employees
|
35,679
|
37,366
|
37,161
|
-0.5%
|
4.2%
|
35,679
|
37,161
|
4.2%
|
Share Information
|
|
|
|
|
|
|
|
|
Issued Shares
|
94,382
|
94,382
|
94,382
|
0.0%
|
0.0%
|
94,382
|
94,382
|
0.0%
|
Treasury Shares (11)
|
14,849
|
14,829
|
14,847
|
0.1%
|
0.0%
|
14,849
|
14,847
|
0.0%
|
Outstanding Shares
|
79,533
|
79,553
|
79,535
|
0.0%
|
0.0%
|
79,533
|
79,535
|
0.0%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
Credicorp’s Strategy Update
|
Traditional Business Transformation (1)
|
Subsidiary
|
3Q22
|
2Q23
|
3Q23
|
Day to Day
|
||||
Digital monetary transactions (2)
|
BCP
|
60%
|
73%
|
76%
|
Transactional cost by unit
|
BCP
|
0.09
|
0.08
|
0.07
|
Disbursements through leads (3)
|
Mibanco
|
74%
|
75%
|
70%
|
Disbursements through alternative channels (4)
|
Mibanco
|
43%
|
44%
|
44%
|
Mibanco Productivity (5)
|
Mibanco
|
24.5
|
26.7
|
22.1
|
Cashless
|
||||
Cashless transactions (6)
|
BCP
|
45%
|
50%
|
51%
|
Mobile Banking rating iOS
|
BCP
|
4.7
|
4.7
|
4.7
|
Mobile Banking rating Android
|
BCP
|
3.9
|
4.5
|
4.2
|
Digital Acquisition
|
||||
Digital sales (7)
|
BCP
|
53%
|
53%
|
58%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
Credicorp’s Strategy Update
|
• |
Mobile Top-Ups: In 3Q23, 3.8 million Yape users made more than 42.0 million top-ups, which represents growth of 22.0% and 132.3% with regard to 2Q23 and 3Q22 respectively.
|
• |
Service Payments: In the third quarter, Yaperos paid 10.6 million service payments through the Yape app, which represents a 16-fold increase in the transaction volume
registered in 1Q23 and a 2-fold growth with regard to 2Q23.
|
• |
Exchange rate: In September 2023, Yape launched its new exchange rate functionality and by quarter-end, more than 12 thousand transactions had been made.
|
• |
In 3Q23, 2.3 million transactions were conducted through Yape Promos; this translated into S/40 million in transactions at establishments.
|
• |
In 3Q23, 228 thousand microloans for S/63.8 million were placed, which represents a 37.6% increase in disbursements in QoQ terms.
|
Disruptive Initiatives: Yape
|
3Q22
|
2Q23
|
3Q23
|
Users
|
|||
Users (millions)
|
11.2
|
12.6
|
13.4
|
Monthly Active Users (MAU) (millions) (1)
|
6.9
|
9
|
9.8
|
Fee Income Generating MAU (millions)
|
2.4
|
5.2
|
6.5
|
Engagement
|
|||
# Monthly Transactions (millions)
|
120.2
|
178
|
220.7
|
TPV (3) (S/, millions)
|
42.9
|
53.5
|
90.7
|
Experience
|
|||
NPS (2)
|
70
|
78
|
76
|
Metric per Monthly Active User (MAU)
|
|||
Monthly Transactions / MAU
|
17
|
25
|
29
|
Monthly Revenues / MAU
|
1.4
|
2.3
|
2.9
|
Monthly Cash Cost / MAU
|
5.3
|
4.3
|
4.3
|
Monetization Drivers
|
|||
Payments
|
|||
# Mobile Top-Ups transactions (millions)
|
18.1
|
34.4
|
42
|
# Bill Payments transactions (millions)
|
-
|
5.1
|
10.6
|
Yape Promos
|
|||
GMV (4) (S/, millions)
|
-
|
25
|
41
|
Microloans
|
|||
# Disbursements (thousands)
|
-
|
165.8
|
228
|
| | Earnings Release 3Q / 2023 | |
Credicorp’s Strategy Update
|
• |
In Q3, we continued to roll out an environmental strategy at the corporate level:
|
o |
Footprint measurement: Prima and Pacifico completed the process to measure the financial footprint of the assets prioritized under the PCAF
methodology. Both entities are reviewing results and broadening the scope of their measurements. At BCP, we continue to build internal capacities to measure prioritized sectors in Wholesale Banking (mining, hydrocarbons, energy,
construction, fishing, agriculture and others).
|
o |
Business Opportunities: In August of this year, an ESG unit was created in Wholesale Banking to drive the bank’s green financing strategy and educate
the bank’s clients, encouraging them to transition to sustainability. At the end of September 2023, 32 green operations were rolled out for US$ 309.9MM and S/25MM were placed in green mortgage loans.
|
o |
Risks: A process was developed to validate exclusions for corporate conduct relative to investments and financing. The BCP Environmental Taxonomy Tool
was updated to determine eligibility for green loans, and we continued to roll out ESG risk questionnaires at BCP and Pacifico to analyze the risk management level of prioritized portfolios.
|
• |
Financial Inclusion: We released our third edition of the Financial Inclusion Index (2023 version) after completing in-depth information analysis in
2Q23.
|
• |
Financial Education: BCP continued to drive improvements in financial behavior (avoiding overindebtedness/overdrawn credit cards/Late Payments and
encouraging savings) among 136 thousand clients thanks to its Education initiatives from the Business Front. Additionally, the bank has trained, in partnership with the Ministry of Social Development and Inclusion (MIDIS), leaders of more
than 5 thousand Community Pots and Community Kitchens. Under its “Powerful Women” program, Mibanco Peru has trained more than 8 thousand representatives of 645 organizations. Through its ABC of Pension Savings Culture, Prima AFP presented
learning capsules for “Ahorrando a Fondo” this quarter. These installments obtained 29 thousand views within the first week of launch. Pacifico Seguros, via its Insurance Education program, trained +800 individuals and +200 businesses about
prevention in the context of the El Niño phenomenon in 3Q23.
|
Progress on Initiatives
|
Company
|
1Q23
|
2Q23
|
3Q23
|
Financial Inclusion
|
||||
Financially included through BCP(1)(2) – cumulative since 2020
|
BCP
|
2.6 million
|
3.1 million
|
3.6 million
|
Stock of inclusive insurance policies – YTD
|
Pacifico Seguros
|
2.8 million
|
2.9 million
|
3.1 million
|
Financial Education
|
||||
Trained through online courses via ABC at BCP (ABC del BCP) – YTD 2023
|
BCP
|
117.5 thousand
|
230.3 thousand
|
397.9 thousand
|
Individuals trained in risk prevention via Safe Community (Comunidad Segura) – YTD
2023
|
Pacifico Seguros
|
0.3 thousand
|
24.6 thousand
|
33.2 thousand
|
Young people trained through the ABC of the Pension Culture (ABC de la Cultura
Previsional) – YTD 2023
|
Prima AFP
|
5.6 thousand
|
24.6 thousand
|
59.9 thousand
|
Clients trained through the Basic Program for Digital Guidance (Programa Básica de
Asesoría Digital) – YTD 2023
|
Mibanco Perú
|
108 thousand
|
184 thousand
|
227 thousand
|
Opportunities and Products for Women
|
||||
Number of disbursements through Loans for Women
|
Mibanco Perú
|
12.9 thousand
|
17 thousand
|
17 thousand
|
Helping small businesses grow
|
||||
Trained through Accompanying Entrepreneurs (Contigo Emprendedor) – YTD 2023
|
BCP
|
13.1 thousand
|
44 thousand
|
80.7 thousand
|
SME-Pymes financially included through loans (working capital and invoice
discounting) – YTD 2023
|
BCP
|
7.7 thousand
|
14.5 thousand
|
22.7 thousand (3)
|
Microbusiness affiliated to Yape – YTD 2023
|
BCP
|
1.6 thousand
|
3.9 thousand
|
13 thousand
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01
|
Loan Portfolio
|
QoQ, structural loans in average daily balances (ADB) ADBs increased 1.0% and excluding the exchange rate effect rose 0.3%. The increase was driven primarily by
the SME-Pyme segment, which has experienced a considerable upswing in balances quarter-over-quarter after clients with better risk profiles were targeted for financing. This growth was partially offset by a drop in wholesale banking
balances, which reflects a decline in private investment and the fact that the first fishing campaign this year was canceled due to the El Niño Costero. Mibanco also reported a reduction in structural loan ADBs due to changes in credit
guidelines in a context that suggests a greater focus on origination quality, which has temporarily affected origination levels. YoY, structural loan balances rose due to growth in balances in all Retail segments and at Mibanco. YTD,
loans in ADBs grew 5.5% driven by the growth of loans in all Retail banking segments.
QoQ, growth in NPLs was driven by (i) Wholesale, whose NPL balance rose after some clients in the hotel and commercial real estate sectors fell delinquent; (ii)
Individuals, where NPLs remain higher among vulnerable sub-segments, which presents higher levels of over-indebtedness and greater job instability, and due to reclassification of mortgage loans as refinanced; (iii) SME- Pyme, where
low-ticket subsegments with higher risk continued to demonstrate poor payment performance; and (iv) Mibanco, where delinquency is concentrated in clients who are highly leveraged and among those who are affected by social conflicts or
climate anomalies. YoY, growth in NPLs was driven mainly by the refinancing of debt in Wholesale Banking for clients in the real estate (offices) and tourism sectors in 2022 and 1Q23, and secondarily by growth in the overdue portfolio in
Wholesale Banking, Individuals, SME-Pyme, and Mibanco due to the same factors as those described for the QoQ evolution. The aforementioned dynamics led the Structural NPL ratio to rise QoQ and YoY to stand at 5.6%.
|
||
Structural Loans
|
As of
|
Volume change
|
% change
|
% Part. in total structural loans
|
||||||
(S/ millions)
|
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
QoQ
|
YoY
|
Sep 22
|
Jun 23
|
Sep 23
|
BCP Stand-alone
|
111,162
|
110,702
|
111,857
|
1,154
|
694
|
1.0%
|
0.6%
|
81.6%
|
81.1%
|
81.2%
|
Wholesale Banking
|
55,899
|
52,025
|
52,090
|
65
|
-3,810
|
0.1%
|
-6.8%
|
41.1%
|
38.1%
|
37.8%
|
Corporate
|
33,905
|
31,966
|
31,036
|
-931
|
-2,870
|
-2.9%
|
-8.5%
|
24.9%
|
23.4%
|
22.5%
|
Middle - Market
|
21,994
|
20,059
|
21,054
|
996
|
-940
|
5.0%
|
-4.3%
|
16.2%
|
14.7%
|
15.3%
|
Retail Banking
|
55,263
|
58,677
|
59,767
|
1,089
|
4,504
|
1.9%
|
8.1%
|
40.6%
|
43.0%
|
43.4%
|
SME - Business
|
5,651
|
5,921
|
6,173
|
251
|
522
|
4.2%
|
9.2%
|
4.2%
|
4.3%
|
4.5%
|
SME - Pyme
|
12,638
|
13,845
|
14,380
|
535
|
1,742
|
3.9%
|
13.8%
|
9.3%
|
10.1%
|
10.4%
|
Mortgage
|
19,736
|
20,448
|
20,712
|
264
|
976
|
1.3%
|
4.9%
|
14.5%
|
15.0%
|
15.0%
|
Consumer
|
12,446
|
12,771
|
12,654
|
-117
|
208
|
-0.9%
|
1.7%
|
9.1%
|
9.4%
|
9.2%
|
Credit Card
|
4,792
|
5,692
|
5,848
|
156
|
1,056
|
2.7%
|
22.0%
|
3.5%
|
4.2%
|
4.2%
|
Mibanco
|
12,782
|
13,728
|
13,642
|
-86
|
860
|
-0.6%
|
6.7%
|
9.4%
|
10.1%
|
9.9%
|
Mibanco Colombia
|
1,163
|
1,340
|
1,557
|
217
|
394
|
16.2%
|
33.9%
|
0.9%
|
1.0%
|
1.1%
|
Bolivia
|
8,992
|
8,834
|
8,957
|
123
|
-35
|
1.4%
|
-0.4%
|
6.6%
|
6.5%
|
6.5%
|
ASB
|
2,053
|
1,831
|
1,733
|
-99
|
-321
|
-5.4%
|
-15.6%
|
1.5%
|
1.3%
|
1.3%
|
BAP’s total loans
|
136,152
|
136,435
|
137,746
|
1,311
|
1,594
|
1.0%
|
1.2%
|
100.0%
|
100.0%
|
100.0%
|
For consolidation purposes. Loans generated in Foreign Currency (FC) are converted into Local Currency (LC).
(1) Includes Workout unit and other banking. For Quarter-end balance figures, please refer to “12. Annexes – 12.2 Loan Portfolio Quality”
(2) Structural Portfolio excludes the Loan offered through Reactiva Peru, FAE Mype, and Impulso MyPeru Government Programs (GP).
(3) Internal Management Figures.
|
|
•
|
SME-Pyme, after clients with better risk profiles were successfully targeted for financing. Growth was driven by an uptick in both short-term loans (working
capital) for year-end campaigns and in long-term loans (to purchase fixed assets).
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01. Loan Portfolio
|
• |
Corporate loans, which reflected: i) a decrease in the demand for long-term financing in this segment in a context marked by low private investment and weak
macroeconomic performance, and ii) a drop in short-term financing for the fishing sector after the first fishing campaign was canceled due to the El Niño Costero, and
|
• |
Mibanco, where the loan balance fell due to changes in the loan origination guidelines, which reflects a focus on improving quality.
|
• |
Retail banking, where all segments have evolved positively in comparison to 3Q22. This evolution
|
• |
Mibanco, where growth in balances reflects disbursements to clients with better risk profiles.
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01. Loan Portfolio
|
Total Loans
(S/ millions)
|
As of
|
Volume change
|
% change
|
% Part. in total loans
|
||||||
Back to index
|
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
QoQ
|
YoY
|
Sep 22
|
Jun 23
|
Sep 23
|
BCP Stand-alone
|
122,986
|
115,772
|
115,851
|
79
|
-7,135
|
0.1%
|
-5.8%
|
82.3%
|
81.5%
|
81.5%
|
Wholesale Banking
|
58,318
|
52,944
|
52,796
|
-148
|
-5,522
|
-0.3%
|
-9.5%
|
39.0%
|
37.3%
|
37.1%
|
Corporate
|
34,180
|
32,093
|
31,134
|
-959
|
-3,046
|
-3.0%
|
-8.9%
|
22.9%
|
22.6%
|
21.9%
|
Middle - Market
|
24,138
|
20,851
|
21,662
|
811
|
-2,476
|
3.9%
|
-10.3%
|
16.1%
|
14.7%
|
15.2%
|
Retail Banking
|
64,668
|
62,828
|
63,055
|
227
|
-1,613
|
0.4%
|
-2.5%
|
43.3%
|
44.2%
|
44.3%
|
SME - Business
|
9,156
|
7,420
|
7,292
|
-129
|
-1,864
|
-1.7%
|
-20.4%
|
6.1%
|
5.2%
|
5.1%
|
SME - Pyme
|
18,538
|
16,497
|
16,549
|
52
|
-1,990
|
0.3%
|
-10.7%
|
12.4%
|
11.6%
|
11.6%
|
Mortgage
|
19,736
|
20,448
|
20,712
|
264
|
976
|
1.3%
|
4.9%
|
13.2%
|
14.4%
|
14.6%
|
Consumer
|
12,446
|
12,771
|
12,654
|
-117
|
208
|
-0.9%
|
1.7%
|
8.3%
|
9.0%
|
8.9%
|
Credit Card
|
4,792
|
5,692
|
5,848
|
156
|
1,056
|
2.7%
|
22.0%
|
3.2%
|
4.0%
|
4.1%
|
Mibanco
|
14,286
|
14,232
|
14,121
|
-111
|
-165
|
-0.8%
|
-1.2%
|
9.6%
|
10.0%
|
9.9%
|
Mibanco Colombia
|
1,163
|
1,340
|
1,557
|
217
|
394
|
16.2%
|
33.9%
|
0.8%
|
0.9%
|
1.1%
|
Bolivia
|
8,992
|
8,834
|
8,957
|
123
|
-35
|
1.4%
|
-0.4%
|
6.0%
|
6.2%
|
6.3%
|
ASB
|
2,053
|
1,831
|
1,733
|
-99
|
-321
|
-5.4%
|
-15.6%
|
1.4%
|
1.3%
|
1.2%
|
BAP’s total loans
|
149,480
|
142,009
|
142,219
|
210
|
-7,261
|
0.1%
|
-4.9%
|
100.0%
|
100.0%
|
100.0%
|
For consolidation purposes. Loans generated in Foreign Currency (FC) are converted into Local Currency (LC).
(1) Includes Workout unit and other banking. For Quarter-end balance figures, please refer to “12. Annexes – 12.2 Loan Portfolio Quality”.
(2) Internal Management Figures
|
|
Local Currency (LC)
|
% change
|
% change Structural
|
Foreign Currency (FC)
|
% change
|
% part. by currency
|
||||||||||||
Total Loans
|
Total
|
Structural
|
Total
|
Sep 23
|
|||||||||||||
(S/ millions)
|
Sep 22
|
Jun 23
|
Sep 23
|
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
QoQ
|
YoY
|
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
LC
|
FC
|
BCP Stand-alone
|
85,883
|
80,560
|
79,896
|
71,253
|
75,201
|
75,489
|
-0.8%
|
-7.0%
|
0.4%
|
5.9%
|
9,478
|
9,585
|
9,722
|
1.4%
|
2.6%
|
69.6%
|
30.4%
|
Wholesale Banking
|
28,929
|
25,062
|
24,341
|
25,416
|
24,616
|
24,143
|
-2.9%
|
-15.9%
|
-1.9%
|
-5.0%
|
7,507
|
7,589
|
7,694
|
1.4%
|
2.5%
|
47.3%
|
52.7%
|
Corporate
|
16,303
|
15,267
|
14,592
|
15,040
|
14,890
|
15,140
|
-4.4%
|
-10.5%
|
1.7%
|
0.7%
|
4,567
|
4,580
|
4,475
|
-2.3%
|
-2.0%
|
47.6%
|
52.4%
|
Middle-Market
|
12,626
|
9,795
|
9,748
|
10,377
|
9,725
|
9,003
|
-0.5%
|
-22.8%
|
-7.4%
|
-13.2%
|
2,940
|
3,009
|
3,220
|
7.0%
|
9.5%
|
47.0%
|
53.0%
|
Retail Banking
|
56,954
|
55,498
|
55,555
|
45,837
|
50,586
|
51,346
|
0.1%
|
-2.5%
|
1.5%
|
12.0%
|
1,970
|
1,996
|
2,028
|
1.6%
|
2.9%
|
88.3%
|
11.7%
|
SME - Business
|
6,099
|
4,486
|
4,302
|
2,399
|
2,836
|
2,987
|
-4.1%
|
-29.5%
|
5.3%
|
24.5%
|
781
|
799
|
809
|
1.2%
|
3.6%
|
60.5%
|
39.5%
|
SME - Pyme
|
18,376
|
16,332
|
16,378
|
12,046
|
13,417
|
13,680
|
0.3%
|
-10.9%
|
2.0%
|
13.6%
|
41
|
45
|
46
|
3.0%
|
11.5%
|
99.0%
|
1.0%
|
Mortgage
|
17,682
|
18,495
|
18,768
|
17,351
|
18,264
|
18,495
|
1.5%
|
6.1%
|
1.3%
|
6.6%
|
525
|
532
|
526
|
-1.1%
|
0.2%
|
90.4%
|
9.6%
|
Consumer
|
10,851
|
11,388
|
11,210
|
10,367
|
11,514
|
11,388
|
-1.6%
|
3.3%
|
-1.1%
|
9.8%
|
407
|
376
|
390
|
3.7%
|
-4.1%
|
89.2%
|
10.8%
|
Credit Card
|
3,946
|
4,796
|
4,898
|
3,674
|
4,555
|
4,796
|
2.1%
|
24.1%
|
5.3%
|
30.5%
|
216
|
244
|
257
|
5.3%
|
18.8%
|
84.3%
|
15.7%
|
Mibanco
|
13,812
|
13,746
|
13,633
|
11,837
|
12,856
|
13,268
|
-0.8%
|
-1.3%
|
3.2%
|
12.1%
|
121
|
132
|
132
|
-0.2%
|
9.2%
|
96.6%
|
3.4%
|
Mibanco Colombia
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
297
|
365
|
421
|
15.3%
|
41.7%
|
-
|
100.0%
|
Bolivia
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,297
|
2,405
|
2,422
|
0.7%
|
5.4%
|
-
|
100.0%
|
ASB
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
525
|
498
|
469
|
-6.0%
|
-10.7%
|
-
|
100.0%
|
Total loans
|
99,696
|
94,306
|
93,529
|
83,091
|
88,058
|
88,757
|
-0.8%
|
-6.2%
|
0.8%
|
6.8%
|
12,717
|
12,985
|
13,166
|
1.4%
|
3.5%
|
66.4%
|
33.6%
|
For consolidation purposes. Loans generated in Foreign Currency (FC) are converted into Local Currency (LC).
(1) Includes Workout unit and other banking. For Quarter-end balance figures, please refer to “12. Annexes – 12.2 Loan Portfolio Quality”.
(2) Internal Management Figures
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01. Loan Portfolio
|
Structural Portfolio quality and Delinquency ratios
|
As of
|
% change
|
|||
S/000
|
|||||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
|
Structural loans (Quarter-end balance)
|
139,190,832
|
137,905,144
|
140,949,490
|
2.2%
|
1.3%
|
Structural Allowance for loan losses
|
7,875,552
|
7,824,302
|
7,942,818
|
1.5%
|
0.9%
|
Structural Write-offs
|
837,924
|
682,154
|
1,018,084
|
49.2%
|
21.5%
|
Structural IOLs
|
5,037,163
|
5,182,725
|
5,578,985
|
7.6%
|
10.8%
|
Structural Refinanced loans
|
1,808,982
|
2,084,124
|
2,253,098
|
8.1%
|
24.6%
|
Structural NPLs
|
6,846,145
|
7,266,849
|
7,832,083
|
7.8%
|
14.4%
|
Structural IOL ratio
|
3.62%
|
3.76%
|
3.96%
|
20 bps
|
34 bps
|
Structural NPL ratio
|
4.92%
|
5.27%
|
5.56%
|
29 bps
|
64 bps
|
Structural Allowance for loan losses over Structural loans
|
5.7%
|
5.7%
|
5.6%
|
-3 bps
|
-2 bps
|
Structural Coverage ratio of NPLs
|
115.0%
|
107.7%
|
101.4%
|
-626 bps
|
-1363 bps
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01. Loan Portfolio
|
• |
Wholesale Banking, where specific clients in the hotel and commercial real estate sectors, whose operations have suffered from ongoing challenges since the pandemic, fell
delinquent this quarter. It is important to note that these loans are backed by commercial guarantees that exceed 100% of each client’s total debt.
|
• |
Individuals:
|
o |
Consumer and Credit Cards, where NPL loans were concentrated in more vulnerable sub-segments where clients are highly leveraged at the systemic level and impacted by job
instability, both of which reflect the recessive environment in play throughout 2023.
|
o |
Mortgage, given an uptick in refinanced loans of some clients who had benefitted from loan reprogramming during the pandemic.
|
• |
SME-Pyme, which experienced growth in NPL that was concentrated in lower-ticket loans (< S/90 thousand) that are also higher risk; holders of these loans have been
impacted by the lack of economic reactivation, elevated inflation, and high- interest rates.
|
• |
Mibanco, where overdue loans are concentrated within a sub-set of clients that are highly leveraged and those who have been impacted by social conflicts or climate
anomalies.
|
• |
Wholesale Banking, due to the same dynamics in play QoQ and to the fact that during the second half of 2022 and the beginning of 2023, loans were refinanced for clients in
the commercial real estate and tourism sectors, both of which were hit hard by the pandemic and have yet to recover due to a challenging macro backdrop. It is important to note that loans to these clients are backed by extensive collateral
and covered by provisions set aside prior to this reporting period.
|
• |
Individuals:
|
o |
Consumer and Credit Cards, where the overdue loan portfolio has been impacted by delinquency that has accumulated throughout the year. The uptick reported in delinquency
this quarter was concentrated in the vulnerable clients subsegments (clients that are highly leveraged at the systemic level and are affected by job instability).
|
o |
Mortgage, where the uptick in NPLs was driven by the same dynamics as those seen QoQ.
|
• |
SME-Pyme, given that the overdue portfolio has been impacted by delinquency accumulated over the year, which has been concentrated in lower-ticket clients (< a S/90 mil)
who are also high-risk.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01. Loan Portfolio
|
• |
Mibanco, where the recessive environment has impacted client payment capacity throughout the year, specifically among clients who are highly indebted and those affected by
social conflicts or climate anomalies.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
01. Loan Portfolio
|
Loan Portfolio quality and Delinquency ratios
|
As of
|
% change
|
|||
S/000 |
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
Total loans (Quarter-end balance)
|
151,392,202
|
142,845,549
|
145,129,260
|
1.6%
|
-4.1%
|
Allowance for loan losses
|
8,030,104
|
7,956,184
|
8,056,216
|
1.3%
|
0.3%
|
Write-offs
|
837,924
|
682,154
|
1,018,084
|
49.2%
|
21.5%
|
Internal overdue loans (IOLs) (1)(2)
|
6,250,131
|
5,979,395
|
6,406,345
|
7.1%
|
2.5%
|
Internal overdue loans over 90-days (1)
|
4,667,608
|
4,862,669
|
5,133,832
|
5.6%
|
10.0%
|
Refinanced Loans (2)
|
1,808,982
|
2,084,124
|
2,253,098
|
8.1%
|
24.6%
|
Non-performing loans (NPLs) (3)
|
8,059,113
|
8,063,519
|
8,659,443
|
7.4%
|
7.4%
|
IOL ratio
|
4.13%
|
4.19%
|
4.41%
|
22 bps
|
28 bps
|
IOL over 90-days ratio
|
3.08%
|
3.40%
|
3.54%
|
14 bps
|
46 bps
|
NPL ratio
|
5.32%
|
5.64%
|
5.97%
|
33 bps
|
65 bps
|
Allowance for loan losses over Total loans
|
5.30%
|
5.57%
|
5.55%
|
-2 bps
|
25 bps
|
Coverage ratio of IOLs
|
128.5%
|
133.1%
|
125.8%
|
-731 bps
|
-270 bps
|
Coverage ratio of IOL 90-days
|
172.0%
|
163.6%
|
156.9%
|
-670 bps
|
-1512 bps
|
Coverage ratio of NPLs
|
99.6%
|
98.7%
|
93.0%
|
-570 bps
|
-660 bps
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
02
|
Deposits
|
At the end of 3Q23, 63.7% of deposits were low-cost (Demand + Savings), which represents a competitive advantage in a context of high
interest rates.
QoQ, our deposit base expanded 3.5% (+1.3%, FX neutral). This evolution was driven by an increase of 9.1% (6.7%, FX neutral) in Time
Deposits and 2.7% (0.3%, FX neutral) in Demand Deposits balances, associated with clients seeking for accounts offering higher yield and campaigns to capture more deposits via digital products, respectively. Additionally, the
migration of funding in soles from low-cost to time deposits decelerated in recent months.
YoY, the balance associated with low-cost deposits dropped 13.0% following the same downward trend as that seen systemwide. This evolution
was fueled by a decline in balances for Savings Deposits and Demand Deposits at BCP and Mibanco, which reflected a normalization in liquidity levels post-pandemic and fund migration toward higher-yield deposits. Nonetheless, Credicorp
continues to lead the market for low-cost deposits with a market share of 40.3% at the end of August 2023. Growth in Time Deposits YoY at BCP was attributable to the same drivers as those seen QoQ.
|
||
Deposits
|
As of
|
% change
|
Currency
|
||||
S/000 |
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
LC
|
FC
|
Demand deposits
|
53,512,524
|
43,930,450
|
45,120,127
|
2.7%
|
-15.7%
|
46.7%
|
53.3%
|
Saving deposits
|
55,154,337
|
49,456,054
|
49,395,543
|
-0.1%
|
-10.4%
|
56.3%
|
43.7%
|
Time deposits
|
39,372,047
|
45,107,429
|
49,213,763
|
9.1%
|
25.0%
|
49.0%
|
51.0%
|
Severance indemnity deposits
|
3,745,597
|
3,545,001
|
3,245,358
|
-8.5%
|
-13.4%
|
70.9%
|
29.1%
|
Interest payable
|
1,007,509
|
1,348,783
|
1,496,744
|
11.0%
|
48.6%
|
51.1%
|
48.9%
|
Total Deposits
|
152,792,014
|
143,387,717
|
148,471,535
|
3.5%
|
-2.8%
|
51.1%
|
48.9%
|
• |
9.1% growth in the balance of Time Deposits (+6.7%, neutral exchange rate), which was driven primarily by wholesale and retail clients at BCP, who migrated toward
higher-yield deposits in both FC and LC. This scenario was replicated at BCP Bolivia and Mibanco as clients moved to secure higher rates. It is worth noting that at BCP, the pace of growth of Time Deposits in both currencies
consistently decelerated in recent months.
|
• |
2.7% growth in the balance Demand Deposits (+0.33%, neutral exchange rate). This uptick was fueled by growth in LC deposits held by corporate and retail clients at
BCP, which received funding generated by campaigns to capture more deposits through digital products and disbursements for Christmas campaigns.
|
• |
A reduction of 0.1% in the balance for Savings Deposits (-2.0%, neutral exchange rate). This drop was primarily driven by a reduction in volumes of FC deposits at
BCP and Mibanco after funds migrated to higher-yield deposits. LC deposits, in contrast, rose over the same period due to payments of statutory bonuses and a decline in the use of available funds.
|
• |
A 10.4% reduction in the balance of Savings Deposits (-8.5%, exchange rate neutral) in both currencies. This drop was due to two factors: (i) a reduction in the
liquidity levels of clients, who experienced a drop in buying power due to inflation, and (ii) an internal migration toward higher-yield deposits. It is important to note that BCP’s Savings Deposit level fell less than the level
reported by the system.
|
• |
A 15.7% reduction in Demand Deposits (-13.5%, with a neutral exchange rate), which was triggered by fund outflows seeking higher-yield deposits in both LC and FC.
|
•
|
An uptick of 25.0% (+28.2% neutral exchange rate) in the balance of Time Deposits, which was driven by the same dynamics as those seen in the QoQ analysis.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
02. Deposits
|
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
02. Deposits
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
03
|
Interest-earning Assets (“IEAs”) and Funding
|
At the end of 3Q23, IEAs registered an uptick of 1.8% QoQ. This evolution was driven primarily by growth in
balances for Investments and Loans and partially offset by a drop in Cash and due from banks. The increase registered in investment balances reflects efforts to capitalize on surplus liquidity and to take
advantage of high interest rates. YoY, IEAs fell 2.8% due to a drop in loans and in Cash and due from banks, which was partially offset by an uptick in Investment balances.
Funding rose 2.0% QoQ, driven by growth in deposits. This evolution
was partially offset by a reduction in BCRP instruments following repo expirations. Funding fell 5.0% YoY, which reflected a drop in deposits and repo expirations over the year.
|
||
Interest Earning Assets
|
As of
|
% change
|
|||
S/000 |
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
Cash and due from banks
|
29,330,082
|
26,036,894
|
24,907,836
|
-4.3%
|
-15.1%
|
Total investments
|
46,843,270
|
48,035,351
|
51,116,913
|
6.4%
|
9.1%
|
Cash collateral, reverse repurchase agreements and securities borrowing
|
1,586,967
|
1,863,243
|
1,513,622
|
-18.8%
|
-4.6%
|
Total loans
|
151,392,202
|
142,845,549
|
145,129,260
|
1.6%
|
-4.1%
|
Total interest earning assets
|
229,152,521
|
218,781,037
|
222,667,631
|
1.8%
|
-2.8%
|
Funding
|
As of
|
% change
|
|||
S/000 |
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
Deposits and obligations
|
152,792,014
|
143,387,717
|
148,471,535
|
3.5%
|
-2.8%
|
Due to banks and correspondents
|
9,002,035
|
10,062,290
|
10,493,411
|
4.3%
|
16.6%
|
BCRP instruments
|
14,449,597
|
11,772,772
|
9,616,150
|
-18.3%
|
-33.5%
|
Repurchase agreements with clients and third parties
|
2,125,983
|
2,534,108
|
2,121,870
|
-16.3%
|
-0.2%
|
Bonds and notes issued
|
17,019,694
|
14,235,697
|
14,914,632
|
4.8%
|
-12.4%
|
Total funding
|
195,389,323
|
181,992,584
|
185,617,598
|
2.0%
|
-5.0%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
04
|
Net Interest Income (NII)
|
Net interest income (NII) increased 1.6% QoQ in 3Q23. This evolution was driven primarily by a positive mix for structural
loans, which registered higher growth in Retail banking segments, particularly in SME-Pyme. Secondarily, growth in investment balances to capitalize on surplus liquidity, taking advantage of high interest
rates, also contributed to an uptick in NII this quarter. These dynamics offset the uptick registered in the funding cost.
NII rose 12.9% YoY due to a positive mix in IEAs, which was partially offset by the increase registered in
the funding cost, attributable to growth in Time Deposits. YTD, IEAs registered similar mix dynamics as YoY, which fueled an increase in NII. NIM continued to follow an upward trend YoY, albeit at a
slower pace, and rose 9 bps QoQ and 78 bps YoY to stand at 6.11%. Risk- adjusted NIM, in turn, dropped 11 bps QoQ and 6 bps YoY, to stand at 6.45%.
|
||
Net Interest Income / Margin
|
Quarter
|
% change
|
As of
|
% change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Interest Income
|
3,988,684
|
4,653,246
|
4,819,101
|
3.6%
|
20.8%
|
10,649,143
|
13,928,453
|
30.8%
|
Interest Expense
|
(1,106,283)
|
(1,449,090)
|
(1,565,058)
|
8.0%
|
41.5%
|
(2,697,929)
|
(4,338,165)
|
60.8%
|
Interest Expense (excluding Net Insurance Financial Expenses)
|
(988,293)
|
(1,333,924)
|
(1,448,593)
|
8.6%
|
46.6%
|
(2,374,221)
|
(3,990,784)
|
68.1%
|
Net Insurance Financial Expenses
|
(117,990)
|
(115,166)
|
(116,465)
|
1.1%
|
-1.3%
|
(323,708)
|
(347,381)
|
7.3%
|
Net Interest Income
|
2,882,401
|
3,204,156
|
3,254,043
|
1.6%
|
12.9%
|
7,951,214
|
9,590,288
|
20.6%
|
|
||||||||
Balances
|
||||||||
Average Interest Earning Assets (IEA)
|
225,371,577
|
220,651,688
|
220,724,334
|
0.0%
|
-2.1%
|
229,932,415
|
222,362,151
|
-3.3%
|
Average Funding
|
192,002,398
|
183,407,530
|
183,805,091
|
0.2%
|
-4.3%
|
196,017,913
|
185,774,857
|
-5.2%
|
|
||||||||
Yields
|
||||||||
Yield on IEAs
|
7.08%
|
8.44%
|
8.73%
|
29bps
|
165bps
|
6.18%
|
8.35%
|
217bps
|
Cost of Funds
|
2.06%
|
2.91%
|
3.15%
|
24bps
|
109bps
|
1.61%
|
2.86%
|
125bps
|
Net Interest Margin (NIM)(1)
|
5.33%
|
6.02%
|
6.11%
|
9bps
|
78bps
|
4.80%
|
5.96%
|
116bps
|
Risk-Adjusted Net Interest Margin
|
4.51%
|
4.56%
|
4.45%
|
-11bps
|
-6bps
|
4.17%
|
4.49%
|
32bps
|
Peru’s Reference Rate
|
6.75%
|
7.75%
|
7.50%
|
-25bps
|
75bps
|
6.75%
|
7.50%
|
75bps
|
FED funds rate
|
3.25%
|
5.25%
|
5.50%
|
25bps
|
225bps
|
3.25%
|
5.50%
|
225bps
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
04. Net Interest Income (NII)
|
|
3Q22
|
2Q23
|
3Q23
|
Sep 22
|
Sep 23
|
|||||||||||
Interest Income / IEA |
Average
|
Income
|
|
Average
|
Income
|
|
Average
|
Income
|
|
Average
|
Income
|
|
Average
|
Income
|
|
|
S/ millions |
Balance
|
Yields
|
Balance
|
Yields
|
Balance
|
Yields
|
Balance
|
Yields
|
Balance
|
Yields
|
||||||
Cash and equivalents
|
26,581
|
142
|
2.1%
|
27,098
|
286
|
4.2%
|
25,472
|
290
|
4.6%
|
30,863
|
225
|
0.7%
|
25,903
|
854
|
3.3%
|
|
Other IEA
|
1,817
|
16
|
3.6%
|
1,666
|
17
|
4.2%
|
1,688
|
24
|
5.7%
|
1,677
|
49
|
2.9%
|
1,308
|
58
|
4.4%
|
|
Investments
|
46,093
|
541
|
4.7%
|
47,882
|
636
|
5.3%
|
49,576
|
652
|
5.3%
|
47,898
|
1,471
|
3.1%
|
48,274
|
1,880
|
3.9%
|
|
Loans
|
150,881
|
3,289
|
8.7%
|
144,006
|
3,713
|
10.3%
|
143,987
|
3,853
|
10.7%
|
149,495
|
8,904
|
6.0%
|
146,878
|
11,137
|
7.6%
|
|
Structural
|
137,457
|
3,235
|
9.4%
|
138,260
|
3,678
|
10.6%
|
139,427
|
3,822
|
11.0%
|
134,059
|
8,725
|
6.5%
|
140,032
|
11,029
|
7.9%
|
|
Government Programs
|
13,425
|
54
|
1.6%
|
5,745
|
34
|
2.4%
|
4,560
|
31
|
2.7%
|
15,436
|
179
|
1.2%
|
6,845
|
109
|
1.6%
|
|
Total IEA
|
225,372
|
3,989
|
7.1%
|
220,652
|
4,653
|
8.4%
|
220,724
|
4,819
|
8.7%
|
229,932
|
10,649
|
4.6%
|
222,362
|
13,928
|
6.3%
|
|
IEA (LC)
|
57.1%
|
75.0%
|
9.3%
|
57.3%
|
71.4%
|
10.5%
|
57.7%
|
71.3%
|
10.8%
|
56.4%
|
77.2%
|
6.3%
|
57.2%
|
71.3%
|
7.8%
|
|
IEA (FC)
|
42.9%
|
25.0%
|
4.1%
|
42.7%
|
28.6%
|
5.7%
|
42.3%
|
28.7%
|
5.9%
|
43.6%
|
22.8%
|
2.4%
|
42.8%
|
28.7%
|
4.2%
|
3Q22
|
2Q23
|
3Q23
|
Sep 22
|
Sep 23
|
||||||||||||
Interest Expense / Funding |
Average
|
Expense
|
|
Average
|
Expense
|
|
Average
|
Expense
|
|
Average
|
Expense
|
|
Average
|
Expense
|
|
|
S/ millions |
Balance
|
Yields
|
Balance
|
Yields
|
Balance
|
Yields
|
Balance
|
Yields
|
Balance
|
Yields
|
||||||
Deposits
|
150,116
|
510
|
1.4%
|
146,006
|
777
|
2.1%
|
145,930
|
860
|
2.4%
|
151,194
|
1,106
|
0.7%
|
147,746
|
2,314
|
1.6%
|
|
BCRP + Due to Banks
|
22,970
|
186
|
3.2%
|
20,908
|
297
|
5.7%
|
20,972
|
326
|
6.2%
|
25,179
|
444
|
1.8%
|
20,172
|
861
|
4.3%
|
|
Bonds and Notes
|
16,800
|
212
|
5.0%
|
14,274
|
149
|
4.2%
|
14,575
|
149
|
4.1%
|
17,421
|
552
|
3.2%
|
15,961
|
481
|
3.0%
|
|
Others
|
1,262
|
199
|
25.5%
|
1,242
|
226
|
35.6%
|
1,272
|
230
|
35.8%
|
2,224
|
597
|
12.3%
|
1,895
|
681
|
17.6%
|
|
Total Funding
|
192,002
|
1,106
|
2.1%
|
183,408
|
1,449
|
2.9%
|
183,805
|
1,565
|
3.2%
|
196,018
|
2,698
|
1.2%
|
185,775
|
4,338
|
2.1%
|
|
Funding (LC)
|
50.9%
|
60.3%
|
2.4%
|
50.8%
|
60.3%
|
3.4%
|
50.9%
|
59.8%
|
3.7%
|
50.9%
|
58.4%
|
1.4%
|
50.6%
|
59.0%
|
2.5%
|
|
Funding (FC)
|
49.1%
|
39.7%
|
1.7%
|
49.2%
|
39.7%
|
2.4%
|
49.1%
|
40.2%
|
2.6%
|
49.1%
|
41.6%
|
1.0%
|
49.4%
|
41.0%
|
1.8%
|
|
NIM | 225,372 |
2,882 |
5.1% |
220,652 |
3,204 |
5.8% |
220,724 |
3,254 |
5.9% |
229,932 |
7,951 |
4.6% |
222,362 |
9,590 |
5.8% |
|
NIM (LC) | 57.1% |
80.7% |
7.2% |
57.3% |
76.4% |
7.7% |
57.7% |
76.8% |
7.9% |
56.4% |
83.6% |
5.1% |
57.2% |
76.9% |
5.8% |
|
NIM (FC) | 42.9% |
19.3% |
2.3% |
42.7% |
23.6% |
3.2% |
42.3% |
23.2% |
3.2% |
34.6% |
16.4% |
1.3% |
42.8% |
23.1% |
2.3% |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
04. Net Interest Income (NII) |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
05 | Provisions |
Structural provisions remain at historical highs (without considering the pandemic) for Consumer Loans, Credit
Cards and SME- Pyme at BCP and for Mibanco loans due to a recessive environment impacted by high inflation, low internal demand and high interest rates. Growth in provisions at BCP was spurred by i) vulnerable sub-segments in
Individuals, customers who are overindebted at the system level and have less job stability; ii) higher-risk subsegments with lower tickets in SME-Pyme; and iii) Mortgage, after recognizing higher expected losses for certain
clients who have become delinquent in consumer products or at other financial institutions. At Mibanco, the uptick in provisions was driven by a downturn in payment of customers who are overindebted, affected by social
conflicts, or impacted by climatic anomalies.
In the aforementioned context, the Structural Cost of Risk (CofR) rose 23 bps QoQ and 134 bps YoY to stand at 2.6%. YTD, the
Structural CofR rose 130 bps to stand at 2.3%.
The CofR rose 28 bps QoQ and 131 bps YoY to stand at 2.5%. YTD, the CofR rose 130 bps to stand at 2.2%.
|
Structural Loan Portfolio Provisions
|
Quarter
|
% change
|
Up to
|
% change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Gross provision for credit losses on loan portfolio
|
(505,657)
|
(882,156)
|
(990,266)
|
12.3%
|
95.8%
|
(1,300,677)
|
(2,671,551)
|
105.4%
|
Recoveries of written-off loans
|
85,273
|
81,872
|
91,108
|
11.3%
|
6.8%
|
262,109
|
248,089
|
-5.3%
|
Provision for credit losses on loan portfolio, net of recoveries
|
(420,384)
|
(800,284)
|
(899,158)
|
12.4%
|
113.9%
|
(1,038,568)
|
(2,423,462)
|
133.3%
|
Structural Cost of risk (1)
|
1.2%
|
2.3%
|
2.6%
|
23 bps
|
134 bps
|
1.0%
|
2.3%
|
130 bps
|
(1)
|
Provision for credit losses on loan portfolio, net of annualized recoveries / Total loans.
|
(2)
|
The Cost of structural risk excludes Provisions for credit losses for the loan portfolio, net of recoveries and Placements of the government programs (PG) Reactiva Perú and FAE.
|
•
|
Consumer loans, Credit Cards, and SME-Pyme, where deterioration in payment behavior in the most vulnerable sub-segments is more evident
YoY than QoQ.
|
•
|
Mortgage, due to an uptick in expected losses and to the aforementioned reclassification of a portfolio.
|
•
|
Mibanco, where provisions remain high given the payment capacity of those clients that are overindebted and those who were affected by
social conflicts or climate anomalies continued to be poor.
|
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
05. Provisions |
GP Loan Portfolio Provisions
|
Quarter
|
% change
|
Up to
|
% change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Gross provision for credit losses on loan portfolio
|
(39,592)
|
(3,967)
|
(18,484)
|
366.0%
|
-53.3%
|
(42,289)
|
(25,429)
|
-39.9%
|
Recoveries of written-off loans
|
-
|
-
|
-
|
-
|
-
|
0
|
0
|
-
|
Provision for credit losses on loan portfolio, net of recoveries
|
(39,592)
|
(3,967)
|
(18,484)
|
366.0%
|
-53.3%
|
(42,289)
|
(25,429)
|
-39.9%
|
GP Cost of risk (1)
|
1.3%
|
0.3%
|
1.8%
|
145 bps
|
47 bps
|
0.5%
|
0.7%
|
23 bps
|
Loan Portfolio Provisions
|
Quarter
|
% change
|
Up to
|
% change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Gross provision for credit losses on loan portfolio
|
(545,249)
|
(886,123)
|
(1,008,750)
|
13.8%
|
85.0%
|
(1,342,966)
|
(2,696,980)
|
100.8%
|
Recoveries of written-off loans
|
85,273
|
81,872
|
91,108
|
11.3%
|
6.8%
|
262,109
|
248,089
|
-5.3%
|
Provision for credit losses on loan portfolio, net of recoveries
|
(459,976)
|
(804,251)
|
(917,642)
|
14.1%
|
99.5%
|
(1,080,857)
|
(2,448,891)
|
126.6%
|
Cost of risk (1)
|
1.2%
|
2.3%
|
2.5%
|
28 bps
|
131 bps
|
1.0%
|
2.2%
|
130 bps
|
QoQ Cost of Risk Evolution | YoY Cost of Risk Evolution | |
|
||
(1) Others include BCP Bolivia, Mibanco Colombia, ASB y eliminations.
|
(1) Others include BCP Bolivia, Mibanco Colombia, ASB y eliminations
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
06 | Other Income |
Other Core Income rose 1.1% QoQ and decreased -1.1% YoY. On accumulated basis, Other Core Income decreased
1.3%. If we excluded BCP Bolivia from the QoQ analysis, this line rose 1.7% driven by growth in banking fees via positive dynamics in fee income from credit cards, collection services and billing payments at BCP. These
dynamics were partially offset by a reduction in the Gain on FX transactions, in context of lower client transactions. YoY, if we isolate the impact of BCP Bolivia, Other Core Income fell -1.2%, driven primarily by a decrease
in fee income from Prima AFP, Credicorp Capital and BCP. This was partially offset by a 1.4% increase in the Gain on FX Transactions, which was fueled by Credicorp Capital. For the first nine months, excluding BCP Bolivia,
Other Core Income fell 1.9%, driven by the same dynamics that drove the YoY evolution.
|
Other Core Income
|
Quarter
|
% Change
|
As of
|
% Change
|
||||
(S/ 000)
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23/ Sep 22
|
Fee income
|
934,984
|
960,550
|
975,955
|
1.6%
|
4.4%
|
2,747,562
|
2,818,286
|
2.6%
|
Net gain on foreign exchange transactions
|
262,167
|
210,944
|
208,620
|
-1.1%
|
-20.4%
|
790,936
|
668,079
|
-15.5%
|
Total other income Core
|
1,197,151
|
1,171,494
|
1,184,575
|
1.1%
|
-1.1%
|
3,538,498
|
3,486,365
|
-1.5%
|
•
|
The increase in Fee income (+2.9%), was driven primarily by BCP Peru. This dynamic will be discussed in the banking fees section.
|
•
|
The aforementioned was partially offset by the Net gain on FX transactions, which decreased -2.6%
|
•
|
A drop in Fee Income (-1.9%), associated with the dynamics in: (i) Prima AFP, due to an adjustment in the fee framework applicable to a significant share of affiliates (ii) Credicorp Capital
primarily due to lower AUMs in the third-party fund distribution business. (within Asset Management); and (3) BCP, where the inter-city fee was eliminated in 1Q23.
|
•
|
The above was partially offset by Net Gain on FX Transactions, which increased 1.4%, driven by Credicorp Capital.
|
Banking Business Fees
|
Quarter
|
% Change
|
As of
|
% Change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23/ Sep 23
|
Payments and transactionals (1)
|
328,202
|
344,632
|
366,111
|
6.2%
|
11.6%
|
923,349
|
1,085,140
|
17.5%
|
Liability accounts (2)
|
237,873
|
182,018
|
178,224
|
-2.1%
|
-25.1%
|
689,866
|
538,214
|
-22.0%
|
Loan Disbursement (3)
|
100,721
|
91,599
|
89,916
|
-1.8%
|
-10.7%
|
283,255
|
276,716
|
-2.3%
|
Off-balance sheet
|
60,283
|
57,154
|
55,659
|
-2.6%
|
-7.7%
|
179,956
|
174,468
|
-3.0%
|
Mibanco (Peru and Colombia)
|
32,258
|
41,708
|
39,220
|
-6.0%
|
21.6%
|
110,534
|
127,767
|
15.6%
|
Insurances
|
31,382
|
30,540
|
32,960
|
7.9%
|
5.0%
|
90,508
|
94,602
|
4.5%
|
BCP Bolivia
|
26,296
|
95,027
|
84,941
|
-10.6%
|
223.0%
|
79,164
|
230,102
|
190.7%
|
Wealth Management and Corporate Finance
|
15,593
|
16,878
|
16,428
|
-2.7%
|
5.4%
|
52,504
|
48,560
|
-7.5%
|
ASB
|
10,422
|
10,560
|
10,153
|
-3.9%
|
-2.6%
|
30,248
|
30,500
|
0.8%
|
Others (4)
|
13,850
|
15,318
|
16,803
|
n.a
|
n.a
|
31,104
|
45,020
|
44.7%
|
Total
|
840,189
|
878,592
|
898,278
|
2.2%
|
6.9%
|
2,434,488
|
2,635,689
|
8.3%
|
(1)
|
Corresponds to fees from: credit and debit cards; payments and collections.
|
(2)
|
Corresponds to fees from: Account maintenance, interbank transfers, national money orders y international transfers.
|
(3)
|
Corresponds to fees from retail and wholesale loan disbursements.
|
(4)
|
Use of third-party network, other services to third parties and Commissions in foreign branches.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
06. Other Income |
•
|
The positive evolution of Payments and Transactional at BCP, which experienced an uptick in income through credit cards, collection services and service payments.
|
•
|
The reduction in the Liability Accounts and Transactional after inter-city fees were eliminated.
|
•
|
The contraction in Loan Disbursement fees driven by lower income from foreign trade products.
|
Other Non-Core Income
|
Quarter
|
% change
|
As of
|
% change
|
||||
(S/ 000)
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Net gain on securities
|
(25,460)
|
68,603
|
53,591
|
-21.9%
|
-310.5%
|
(176,507)
|
192,230
|
-208.9%
|
Net gain from associates (1)
|
25,806
|
23,689
|
32,056
|
35.3%
|
24.2%
|
79,039
|
82,957
|
5.0%
|
Net gain on derivatives held for trading
|
53,008
|
16,671
|
38,545
|
131.2%
|
-27.3%
|
59,330
|
48,646
|
-18.0%
|
Net gain from exchange differences
|
(5,917)
|
2,996
|
4,564
|
52.3%
|
-177.1%
|
(32,721)
|
30,523
|
-193.3%
|
Other non-financial income
|
56,664
|
149,671
|
89,272
|
-40.4%
|
57.5%
|
270,594
|
328,281
|
21.3%
|
Total other Non-Core Income
|
104,101
|
261,630
|
218,028
|
-16.7%
|
109.4%
|
199,735
|
682,637
|
241.8%
|
QoQ Other Non-Core Income Evolution (Thousands of soles) |
YoY Other Non-Core Income Evolution (Thousands of soles) |
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
07 | Insurance Underwriting Results |
The insurance underwriting result increased 11.6% QoQ due to uptick in the underwriting results in Life and Crediseguros. This evolution was driven
primarily by a drop in total expenses for the Credit Life and Individual Life insurance products after IBNR-COVIDE reserves were released.
The insurance underwriting result rose 0.1% QoQ due to an improvement in the results for P&C. This evolution was mitigated by lower results in
Life. P&C’s result rose due to the favorable evolution of P&C Risks and Medical
|
Insurance Underwriting Result
|
Quarter
|
Change %
|
As of
|
Change %
|
|||||
S/ millions
|
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep23 / Sep22
|
Total
|
Income from Insurance Services
|
885.5
|
945.9
|
923.7
|
-2.3%
|
4.3%
|
2,558.7
|
2,823.5
|
10.3%
|
Expenses for Insurance Services
|
(496.4)
|
(550.4)
|
(505.4)
|
-8.2%
|
1.8%
|
(1,540.8)
|
(1,601.0)
|
3.9%
|
|
Reinsurance Results
|
(85.3)
|
(98.9)
|
(87.4)
|
-11.7%
|
2.4%
|
(313.2)
|
(298.7)
|
-4.6%
|
|
Insurance Undewrwriting Result
|
303.8
|
296.6
|
330.9
|
11.6%
|
8.9%
|
704.6
|
923.8
|
31.1%
|
|
P&C
|
Income from Insurance Services
|
397.4
|
427.0
|
404.6
|
-5.2%
|
1.8%
|
1,232.1
|
1,244.9
|
1.0%
|
Expenses for Insurance Services
|
(241.2)
|
(274.1)
|
(256.2)
|
-6.6%
|
6.2%
|
(698.5)
|
(816.4)
|
16.9%
|
|
Reinsurance Results
|
(76.9)
|
(69.2)
|
(64.3)
|
-7.1%
|
-16.4%
|
(306.2)
|
(214.8)
|
-29.8%
|
|
Insurance Undewrwriting Result
|
79.3
|
83.6
|
84.2
|
0.7%
|
6.1%
|
227.4
|
213.8
|
-6.0%
|
|
Life
|
Income from Insurance Services
|
480.1
|
491.4
|
487.1
|
-0.9%
|
1.5%
|
1,285.0
|
1,498.3
|
16.6%
|
Expenses for Insurance Services
|
(254.3)
|
(270.7)
|
(243.3)
|
-10.1%
|
-4.4%
|
(839.8)
|
(771.2)
|
-8.2%
|
|
Reinsurance Results
|
(14.0)
|
(24.0)
|
(17.3)
|
-27.9%
|
23.1%
|
(6.9)
|
(68.4)
|
890.9%
|
|
Insurance Undewrwriting Result
|
211.8
|
196.8
|
226.6
|
15.1%
|
7.0%
|
438.2
|
658.7
|
50.3%
|
|
Crediseguros
|
Income from Insurance Services
|
18.9
|
29.6
|
33.9
|
14.6%
|
79.5%
|
54.7
|
86.5
|
58.2%
|
Expenses for Insurance Services
|
(4.6)
|
(10.2)
|
(11.3)
|
10.1%
|
142.5%
|
(14.6)
|
(27.7)
|
90.4%
|
|
Reinsurance Results
|
(5.0)
|
(7.6)
|
(7.6)
|
0.6%
|
52.8%
|
(13.3)
|
(20.9)
|
57.6%
|
|
Insurance Undewrwriting Result
|
9.2
|
11.8
|
15.0
|
27.6%
|
62.3%
|
26.8
|
37.9
|
41.1%
|
Income for Insurance Services | Expenses for Insurance Services | |
|
||
•
|
Insurance income fell 5.2%, which was primarily attributable to a reduction in the premium level in P & C.
|
•
|
Insurance service expenses fell 6.6% due to a drop in claims in P & C.
|
•
|
The reinsurance result dropped 7.1%, driven by a reduction in ceded premiums.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
07. Insurance Underwriting Results |
•
|
Income from insurance services rose 1.8% YoY, fueled mainly by growth in premiums in P & C, Cars and Medical Assistance.
|
•
|
Expenses for life insurance services increased 6.2% YoY, which was primarily driven by (i) Cars, due to an increase in claims frequency; and (ii) P & C, where the credit card protection
line was impacted by an uptick in unrecognized internet purchases.
|
•
|
The reinsurance result dropped 16.4% in P & C after more reinsurance claims related to Cyclone Yaku were recovered.
|
Income for Insurance Services | Expenses for Insurance Services | |
|
•
|
Income from insurance services dropped 0.9% due to (i) Individual Life, which reported a reduction in sales, (ii) Pensions, due to a decrease in the premium level in SISCO V. This was
partially offset by an uptick in income in Group Life.
|
•
|
Expenses for insurance services fell 10.1%, which was driven primarily by Credit Life and Individual Life via releases of IBNR COVID.
|
•
|
The loss recovered for the insurance result fell 27.9%, which reflects an uptick in recoveries on reinsurance claims and a drop in ceded premiums through Pensions.
|
•
|
Income from insurance services rose 1.5%. This growth was driven primarily by Pensions and reflects positive movements in both prices and the size of the tranche awarded under SISCO VI in
comparison to the conditions obtained under SISCO V.
|
•
|
Insurance expenses fell 4.4% YoY and 8.2% YTD, which was fueled mainly by the evolution in Pensions, Credit Life and Group Life, which reported a reduction in claims in comparison to periods
affected by COVID-19.
|
•
|
The loss on reinsurance increased 23.1%.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
08 | Operating Expenses |
Operating expenses rose YTD, driven primarily by core businesses at BCP and disruptive initiatives at the Credicorp level. At
BCP, core businesses fueled growth in expenses through an uptick in IT expenses related to: (i) increased use of the Cloud as clients become more digital; (ii) investments to enhance digital capacities and improve
cybersecurity; and (iii) moves to attract more specialized Digital talent. Expenses for disruptive initiatives at the Credicorp level increased 64.3% as some of these initiatives have scaled up. If we exclude expenses for
disruption, YTD growth in Operating Expenses stands at 7.5%.
|
Operating expenses
|
Quarter
|
% change
|
As of
|
% change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Salaries and employees benefits
|
984,336
|
1,054,735
|
1,061,402
|
0.6%
|
7.8%
|
2,866,013
|
3,145,695
|
9.8%
|
Administrative, general and tax expenses
|
869,873
|
871,046
|
1,007,894
|
15.7%
|
15.9%
|
2,385,038
|
2,714,000
|
13.8%
|
Depreciation and amortization
|
162,009
|
160,549
|
159,761
|
-0.5%
|
-1.4%
|
470,795
|
481,389
|
2.3%
|
Association in participation
|
9,999
|
16,742
|
14,634
|
-12.6%
|
46.4%
|
28,019
|
43,988
|
57.0%
|
Operating expenses
|
2,026,217
|
2,103,072
|
2,243,691
|
6.7%
|
10.7%
|
5,749,865
|
6,385,072
|
11.0%
|
•
|
Growth in Administrative and general expenses and taxes, which was driven mainly by BCP via an uptick in IT expenses associated with the transformation strategy; disruption expenses; and
advertising and marketing.
|
•
|
An increase in Employee salaries and benefits, which was driven primarily by an increase in the head count in core businesses and growth in the number of hires and the salary level of IT
specialists, both at BCP.
|
Administrative general, and tax expenses
|
Quarter
|
% change
|
As of
|
% change
|
||||
S/000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
IT expenses and IT third-party services
|
240,603
|
256,348
|
271,304
|
5.8%
|
12.8%
|
645,517
|
768,584
|
19.1%
|
Advertising and customer loyalty programs
|
173,517
|
174,021
|
171,902
|
-1.2%
|
-0.9%
|
439,880
|
481,690
|
9.5%
|
Taxes and contributions
|
45,461
|
20,557
|
65,606
|
219.1%
|
44.3%
|
186,100
|
171,236
|
-8.0%
|
Audit Services, Consulting and professional fees
|
73,297
|
67,017
|
112,480
|
67.8%
|
53.5%
|
194,229
|
231,375
|
19.1%
|
Transport and communications
|
73,494
|
57,437
|
57,518
|
0.1%
|
-21.7%
|
161,510
|
165,991
|
2.8%
|
Repair and maintenance
|
30,940
|
37,555
|
44,084
|
17.4%
|
42.5%
|
100,026
|
107,429
|
7.4%
|
Agents’ Fees
|
25,574
|
27,747
|
29,310
|
5.6%
|
14.6%
|
78,683
|
83,209
|
5.8%
|
Services by third-party
|
36,327
|
27,661
|
45,426
|
64.2%
|
25.0%
|
77,873
|
100,598
|
29.2%
|
Leases of low value and short-term
|
24,171
|
25,282
|
27,754
|
9.8%
|
14.8%
|
67,712
|
78,152
|
15.4%
|
Miscellaneous supplies
|
25,266
|
27,837
|
27,091
|
-2.7%
|
7.2%
|
64,999
|
87,921
|
35.3%
|
Security and protection
|
16,841
|
16,004
|
16,064
|
0.4%
|
-4.6%
|
48,115
|
47,857
|
-0.5%
|
Subscriptions and quotes
|
13,703
|
16,024
|
14,391
|
-10.2%
|
5.0%
|
41,592
|
43,501
|
4.6%
|
Electricity and water
|
11,742
|
14,954
|
13,592
|
-9.1%
|
15.8%
|
35,718
|
40,043
|
12.1%
|
Electronic processing
|
7,770
|
9,791
|
9,959
|
1.7%
|
28.2%
|
23,671
|
28,480
|
20.3%
|
Insurance
|
39,524
|
5,022
|
38,034
|
657.3%
|
-3.8%
|
54,365
|
51,806
|
-4.7%
|
Cleaning
|
5,358
|
5,463
|
5,930
|
8.5%
|
10.7%
|
15,067
|
16,555
|
9.9%
|
Others (1)
|
26,285
|
82,326
|
57,449
|
-30.2%
|
118.6%
|
149,981
|
209,573
|
39.7%
|
Total
|
869,873
|
871,046
|
1,007,894
|
15.7%
|
15.9%
|
2,385,038
|
2,714,000
|
13.8%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
08. Operating Expenses |
Operating Expenses
S/ (000) |
Quarter
|
% change
|
As of
|
% change
|
||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Core Business BCP
|
1,172,951
|
1,195,522
|
1,245,767
|
4.2%
|
6.2%
|
3,337,154
|
3,591,792
|
7.6%
|
Core Business Mibanco
|
287,215
|
300,220
|
302,729
|
0.8%
|
5.4%
|
854,115
|
900,728
|
5.5%
|
Core Business Pacifico
|
59,968
|
72,708
|
79,355
|
9.1%
|
32.3%
|
180,682
|
216,331
|
19.7%
|
Disruption (3)
|
142,322
|
186,994
|
222,207
|
18.8%
|
56.1%
|
361,813
|
594,396
|
64.3%
|
Others (2)
|
363,760
|
347,627
|
393,633
|
13.2%
|
8.2%
|
1,016,100
|
1,081,825
|
6.5%
|
Total
|
2,026,217
|
2,103,072
|
2,243,691
|
6.7%
|
10.7%
|
5,749,864
|
6,385,072
|
11.0%
|
(1)
|
Management figures.
|
(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.
|
•
|
Technology Expenses (IT)
|
•
|
In line with the upward trend in volumes of monetary and non-monetary transactions among increasingly digitalized clients, expenses for the use of cloud servers have grown.
|
•
|
Additionally, the bank has made significant investments in new capabilities.
|
•
|
More digital experts have been hired and their average salaries have also risen.
|
•
|
Core business expenses excluding IT
|
•
|
Expenses for marketing and advertising rose to attract more deposits and drive sales of digital products.
|
•
|
More specialized personnel were hired for strategic projects.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
09 | Operating Efficiency |
The efficiency ratio improved 160 bps YTD. This evolution was driven by an uptick in core income, which
was fueled by growth in net interest income at BCP, via all of Retail Banking’s segments and loan growth at Mibanco. If we exclude disruptive expenses, the efficiency ratio stands at 40.9%.
|
Operating efficiency
|
Quarter
|
% change
|
As of
|
% change
|
||||
S/000
|
||||||||
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Operating expenses (1)
|
2,026,217
|
2,103,072
|
2,243,691
|
6.7%
|
10.7%
|
5,749,865
|
6,385,072
|
11.0%
|
Operating income (2)
|
4,456,209
|
4,715,570
|
4,844,683
|
2.7%
|
8.7%
|
12,299,984
|
14,162,584
|
15.1%
|
Efficiency ratio (3)
|
45.5%
|
44.6%
|
46.3%
|
170 pbs
|
80 bps
|
46.7%
|
45.1%
|
-160 pbs
|
Efficiency Ratio
|
Quarter
|
% change
|
As of
|
% change
|
||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
BCP
|
38.8%
|
37.3%
|
39.2%
|
190 pbs
|
40 pbs
|
40.3%
|
37.8%
|
-250 pbs
|
BCP Bolivia
|
61.3%
|
60.7%
|
65.3%
|
460 pbs
|
400 pbs
|
59.7%
|
62.1%
|
240 pbs
|
Mibanco Perú
|
49.6%
|
52.4%
|
51.4%
|
-100 pbs
|
180 pbs
|
50.9%
|
52.6%
|
170 pbs
|
Mibanco Colombia
|
80.3%
|
88.8%
|
86.0%
|
-280 pbs
|
570 pbs
|
78.3%
|
89.1%
|
1080 pbs
|
Pacífico
|
24.2%
|
26.3%
|
24.7%
|
-160 pbs
|
50 pbs
|
29.4%
|
24.2%
|
-520 pbs
|
Prima AFP
|
50.2%
|
49.8%
|
51.6%
|
180 pbs
|
140 pbs
|
52.4%
|
50.3%
|
-210 pbs
|
Credicorp
|
45.5%
|
44.6%
|
46.3%
|
170 pbs
|
80 pbs
|
46.7%
|
45.1%
|
-160 pbs
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
10 | Regulatory Capital |
Regulatory Capital at Credicorp was 1.44 times than the minimum requirement for Regulatory Capital.
The IFRS CET1 ratio at BCP Stand-alone increased 121 bps YoY to stand at 13.0%, which reflected the uptick
reported in the YTD and Year-end Results (+21.9%) as well as a reduction in Unrealized Losses (-70.6%).
The IRFS CET1 Ratio at Mibanco rose 157 bps YoY to stand at 17.56%. A drop in RWAs (-1.6%) and
an increase in YTD and Year- end results (+133.8%) drove this dynamic.
|
Credicorp’s Regulatory Capital level stood at 1.44 at the end of 3Q23. In the QoQ analysis, the ratio dropped 2 bps. This evolution was
driven by an increase in the regulatory capital requirement, which was partially offset by an uptick the Subordinated Debt balance. Both lines were affected by a higher exchange rate.
In the YoY analysis, the Regulatory Capital Ratio dropped 1bps due to an increase in the regulatory capital volume for portfolios at BCP Stand-alone and
Mibanco. This growth was partially offset by an uptick in Discretinary and Restricted Reserves.
|
Figures in millions S/.
|
At the end of 3Q23, BCP IFRS CET 1 ratio reported growth of 25 bps QoQ to stand at 13.04% at the end of 3Q23. This evolution was driven by an uptick in YTD and Year-end Results and was partially offset by growth in balance for Unrealized Losses. RWA levels increased 2.7%, fueled by growth in BCP’s loan portfolio. YoY, BCP IFRS CET 1 ratio increased 121 bps, driven by (i) higher YTD and Year-end results and (ii) a drop in balance for Unrealized Losses. |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
10. Regulatory Capital |
|
At the end of 3Q23, Mibanco IFRS CET 1 ratio rose 96 bps to stand at 17.56%. This rise was primarily driven by a drop in RWAs associated with credit risk and operating risk. Growth in YTD and Year-end results also contributed to the uptick in IFRS CET 1. This was partially offset by an uptick in balance for Unrealized Losses. YoY, this ratio rose 157 bps to stand at 19.75%, due to a drop in the RWA level; growth in YTD and Year-end Results; and a reduction in Unrealized Losses. Under the new regulation, the Global Capital Ratio at Mibanco stood at 19.75% (+97 bps QoQ). This variation was driven by the same dynamics
as those that drove the evolution of the CET 1 Ratio.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
11 | Economic Outlook |
In 3Q23, the Peruvian economy is expected to have
contracted around 0.9% YoY (-0.5% YoY in 2Q23), accumulating its third consecutive quarter of YoY decline. Non-primary sectors fell 1.6%, due to lower domestic demand, where the fall in the construction (-9.0% YoY), non-primary
manufacturing (-8.5% YoY) and services sectors (-0.4% YoY) stands out. While primary sectors grew 3.0% due to the favorable performance of the mining sector (+11.1% YoY). This offset the decline in the agricultural (-3.1% YoY),
fishing (-28.9% YoY) and primary manufacturing (-2.3% YoY) sectors due to the El Niño Costero, which reached a strong intensity this quarter.
The annual inflation rate continued to decelerate, closing the quarter at
5.0% YoY (6.5% YoY in 2Q23). Real GDP, in turn, is expected to register no or slightly negative growth this year.
According to BCRP, the exchange rate closed at USDPEN 3.792 in 3Q23, which
represents an appreciation of 4.6% compared to the print at the end of 2Q23 and 4.8% compared to the figure registered one year ago.
|
Peru
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023 (3)
|
GDP (US$ Millions)
|
226,919
|
232,519
|
205,755
|
225,803
|
244,789
|
267,500
|
Real GDP (% change)
|
4.0
|
2.2
|
-11.0
|
13.3
|
2.7
|
0.0
|
GDP per capita (US$)
|
7,190
|
7,237
|
6,306
|
6,835
|
7,330
|
7,894
|
Domestic demand (% change)
|
4.1
|
2.2
|
-9.8
|
14.5
|
2.3
|
-2.0
|
Gross fixed investment (as % GDP)
|
22.2
|
22.5
|
21.0
|
25.1
|
25.3
|
23.9
|
Financial system loan without Reactiva (% change) (1)
|
10.3
|
6.4
|
-4.3
|
12.6
|
9.7
|
2.6
|
Inflation, end of period(2)
|
2.2
|
1.9
|
2.0
|
6.4
|
8.5
|
4.0
|
Reference Rate, end of period
|
2.75
|
2.25
|
0.25
|
2.50
|
7.50
|
6.75
|
Exchange rate, end of period
|
3.37
|
3.31
|
3.62
|
3.99
|
3.81
|
3.80
|
Exchange rate, (% change)
|
4.0%
|
-1.8%
|
9.3%
|
10.3%
|
-4.5%
|
-0.3%
|
Fiscal balance (% GDP)
|
(2.3)
|
(1.6)
|
(8.9)
|
(2.5)
|
(1.7)
|
(3.0)
|
Public Debt (as % GDP)
|
25.6
|
26.6
|
34.6
|
35.9
|
33.8
|
34.0
|
Trade balance (US$ Millions)
|
7,201
|
6,879
|
8,102
|
14,977
|
10,333
|
15,400
|
(As % GDP)
|
3.2%
|
3.0%
|
3.9%
|
6.6%
|
4.2%
|
5.8%
|
Exports
|
49,066
|
47,980
|
42,826
|
62,967
|
66,235
|
65,000
|
Imports
|
41,866
|
41,101
|
34,724
|
47,990
|
55,902
|
49,600
|
Current account balance (As % GDP)
|
-1.2%
|
-0.6%
|
1.1%
|
-2.2%
|
-4.0%
|
-1.0%
|
Net international reserves (US$ Millions)
|
60,121
|
68,316
|
74,707
|
78,495
|
71,883
|
74,000
|
(As % GDP)
|
26.5%
|
29.4%
|
36.3%
|
34.8%
|
29.4%
|
27.7%
|
(As months of imports)
|
17
|
20
|
26
|
20
|
15
|
18
|
Sources: INEI, BCRP y SBS.
(1) Financial System, Current Exchange Rate
(2) Inflation target: 1% - 3%
(3) Grey area indicate estimates by BCP Economic Research as of october 2023
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
11. Economic Outlook |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
11. Economic Outlook |
|
The annualized fiscal deficit in the last 12 months to September 2023 rose to 2.8% of GDP. In 3Q23 tax revenues fell 10.5% YoY (revenues from income tax and
sales tax fell 7.0% and 10.6%, respectively) while non-financial spending dropped 3.0% over the same period, dragged down by a 12.6% contraction in capital spending, which was driven primarily by local governments (current
spending: +0.4% YoY).
In 3Q23, there were no changes to Peru’s sovereign debt credit rating (Moody’s: Baa1, Fitch and Standard & Poor´s: BBB, all of them
with negative outlook).
Regarding external accounts, the current account deficit fell from 2.9% of GDP in 1Q23 to 1.9% of GDP in 2Q23 (in cumulative terms for the last 4 quarters).
|
According to BCRP, the exchange rate closed 3Q23 at USDPEN 3.79,
depreciation of 4.6% compared to the end of 2Q23 and an appreciation of 4.8% compared to a year ago. In July, the exchange rate appreciated to USDPEN 3.56, the lowest level since September 2020. Towards the end of 3Q23, with
the exchange rate around USDPEN 3.80, the BCRP intervened, for the second time in the year, in the spot market selling USD 13 million.In the same period, Latam main currencies also depreciated compared to the previous quarter due to the strengthening of the global dollar. The Chilean peso weakened 11.3%, the Brazilian real 5.1% and the Mexican peso
1.7%. On the other hand, the Colombian peso, slightly appreciated 2.3%.
Net international reserves closed 3Q23 at USD 71.2 billion, below
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
Safe Harbor for Forward-Looking Statements
|
•
|
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.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12 | Appendix |
12.1. Implementation of IFRS 17 – Restatement of figures and ratios for 2022 | 46 |
12.1.1. Introduction to the new standards IFRS 17 | 46 |
12.1.2. Conceptual Framework | 46 |
12.1.3. Recognition of Profit and Loss | 46 |
12.1.4. Valuation Methods | 46 |
12.1.5. Impact on Equity Under IFRS 17 | 47 |
12.1.6. Reformulation of Profit and Loss Statement at Pacífico Grupo Asegurador for year 2022 | 47 |
12.1.7. Reformulation of Credicorp’s Profit and Loss Statement for year 2022 | 48 |
12.1.8. Changes in the Methodology to Calculate Financial Indicators and their Reformulation for the year 2022 | 48 |
12.1.9. Glossary of Terms Under IFRS 17 | 51 |
12.2. Physical Point of contact | 51 |
12.3. Loan Portfolio Quality | 51 |
12.4 Net Interest Income (NII) | 56 |
12.5. Regulatory Capital | 57 |
12.6. Financial Statements and Ratios by Business | 61 |
12.6.1. Credicorp Consolidated | 61 |
12.6.2. Credicorp Stand-alone | 63 |
12.6.4. BCP Stand-alone | 64 |
12.6.5. BCP Bolivia | 66 |
12.6.6. Mibanco | 67 |
12.6.7. Prima AFP | 68 |
12.6.8. Grupo Pacifico | 69 |
12.7. Table of calculations | 72 |
12.8. Glossary of terms | 73 |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.1.
|
Implementation of IFRS 17 – Restatement of figures and ratios for 2022
|
12.1.1.
|
Introduction to the new standards IFRS 17
|
(i)
|
Improving comparability between insurers at the global level. IFRS 4 allowed entities to use a wide variety of accounting practices with regard to insurance contracts.
|
(ii)
|
Adequately reflecting the economic value of insurance contracts. Some previous accounting practices allowed under IFRS failed to adequately reflect real underlying financial situations or the
financial yields on insurance contracts.
|
(iii)
|
Providing more useful information to users of financial statements.
|
12.1.2.
|
Conceptual Framework
|
12.1.3.
|
Recognition of Profit and Loss
|
12.1.4.
|
Valuation Methods
|
•
|
General Method (GM) or Building Block Approach (BBA): general default model valuation of insurance contracts.
|
•
|
Variable Fee Approach (VFA): model for contract valuation in which cash flows depend on the value of the underlying assets that back said contracts
|
•
|
Premium Allocation Approach (PAA): simplification of the general model.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.1.5.
|
Impact on Equity Under IFRS 17
|
12.1.6.
|
Reformulation of Profit and Loss Statement at Pacífico Grupo Asegurador for year 2022
|
I. |
A new sub-account, “Financial Expenses associated with insurance and reinsurance activities, net” is included in the account for Interest Expenses at Pacifico Seguros. This concept corresponds to
interest accredited to reserves. This interest is attributable to an update of the present value of said reserves to the date of the close of the period. This concept was previously presented as part of reserves adjustment
included in the underwriting result under IFRS4. IFRS17 separates the financial component from the underwriting component.
|
II. |
An impact is registered in the “Gain on exchange rate difference” line because the structure of the assets and liabilities related to insurance activities has been modified. The monetary position of
these assets and liabilities changes due to the way that assets and liabilities are recognized under IFRS17.
|
III. |
Some concepts of income that were previously registered (under IFRS 4) as “Non-Operating Income” are now (under IFRS 17) reclassified and included in the cash flows associated with insurance contracts.
As such, these concepts are now part of the Insurance Underwriting Result.
|
IV. |
Recognition of insurance underwriting income is completely different under IFRS 17. IFRS 17 recognizes that insurance contracts combine financial and service characteristics, and in many cases generate
variable cash flows in the long-term. To adequately reflect these characteristics, IFRS combines measurements of future cash flows with recognition of the results of the insurance contract throughout the period in which the
service is provided. IFRS 17 requires present value measurements of insurance obligations where estimates are recalculated in each reporting period. Contracts are measured using the components of: (i) Fulfilment Cash Flows, (ii)
An explicit adjustment for risk or uncertainty of flows, or “Risk Adjustment” and (iii) a Contractual Service Margin, which represents unaccrued underwriting income associated with the contract. This Contractual Service Margin is
recognized as income during the coverage term. Insurance contracts combine
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
V. |
One of the changes generated by the application of IFRS 17 is that it sets forth a new concept for costs that are directly associated with obtaining and fulfilling insurance contracts. Said costs are
denominated “Attributable Costs” and are included in the expected flows for the disbursements associated with these contracts. Under IFRS 4, some of these expenses were included in Total Expenses.
|
VI. |
The aggregate impact of implementing IFRS 17 in the Net Earnings of Pacifico Grupo Asegurador is not material and stands at S/15 million for the year 2022.
|
12.1.7. |
Reformulation of Credicorp’s Profit and Loss Statement for year 2022
|
12.1.8. |
Changes in the Methodology to Calculate Financial Indicators and their Reformulation for the year 2022
|
I. |
Net Interest Margin
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
II. |
Funding Cost
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
III. |
Efficiency Ratio
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.1.9. |
Glossary of Terms Under IFRS 17
|
Reserve for BEL (Best Estimate Liability) o Fulfillment Cashflows.
|
Represents the best estimate of the difference between payments for obligations (claims, income and expenses) and premiums, flowed and brought to present value at
the time of valuation.
|
|
Reserve for RA (risk Adjustment).
|
Represents the margin of prudence that will be used to cover deviations in the underwriting parameters beyond changes in the interest rate.
|
|
Reserve for CSM (Contractual Service Margin).
|
Represents the present value of future underwriting income (non- financial). Income accrues over the life of the policy.
|
|
Attributable Expenses
|
Corresponds to necessary expenses to place a policy or maintain the same throughout its term. It is part of insurance flows.
|
|
Financial Expense associated with the insurance and reinsurance activity, net
|
Represents interest accredited to reserves in the period after updating their present value. This concept was previously included in reserves under IFRS 4. IFRS 17
separates the financial component from the underwriting component.
|
|
Onerous Contracts
|
The contracts that the company estimates will generate underwriting losses (not including financial income) during the policy term.
|
12.2. |
Physical Point of contact
|
Physical Point of Contact (1)
(Units)
|
Sep 22
|
As of
Jun 23
|
Sep 23
|
change (units)
|
||
QoQ | YoY | |||||
Branches
|
681
|
665
|
661
|
(4)
|
(20) | |
ATMs
|
2,598
|
2,663
|
2,677
|
14
|
79 | |
Agents (2)
|
10,525
|
11,570
|
11,452
|
(118)
|
927 | |
Total
|
13,804
|
14,898
|
14,790
|
(108)
|
986 | |
(1) Includes Physical Point of Contact of BCP Stand-Alone, Mibanco and BCP Bolivia | ||||||
(2) Figures differ from previously reported due to changes in BCP Bolivia agents |
12.3. |
Loan Portfolio Quality
|
GP Portfolio quality and Delinquency ratios (1)
S/ 000
|
Sep 22
|
As of
Jun 23
|
Sep 23
|
% change
|
||
QoQ | YoY | |||||
GP Total loans (Quarter-end balance)
|
12,201,370
|
4,940,405
|
4,179,770
|
-15.4%
|
-65.7%
|
|
GP Allowance for loan losses
|
154,552
|
131,882
|
113,398
|
-14.0%
|
-26.6%
|
|
GP IOLs
|
1,212,968
|
796,670
|
827,360
|
3.9%
|
-31.8%
|
|
GP IOL ratio
|
9.94%
|
16.13%
|
19.79%
|
366 bps
|
985 bps
|
|
GP Allowance for loan losses over GP Total loans
|
1.3%
|
2.7%
|
2.7%
|
4 bps
|
144 bps
|
|
GP Coverage ratio of IOLs
|
12.7%
|
16.6%
|
13.7%
|
-284 bps
|
97 bps
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.4
|
Net Interest Income (NII)
|
Net interest income
S/ 000
|
3Q22
|
Quarter
2Q23
|
3Q23
|
% change
|
As of
|
change %
Sep 23 / Sep 22
|
||
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
|||||
Interest income
|
3,988,684
|
4,653,246
|
4,819,101
|
3.6%
|
20.8%
|
10,649,143
|
13,928,453
|
30.8%
|
Interest on loans
|
3,288,864
|
3,712,845
|
3,853,361
|
3.8%
|
17.2%
|
8,904,198
|
11,137,158
|
25.1%
|
Dividends on investments
|
7,499
|
17,492
|
10,464
|
-40.2%
|
39.5%
|
25,501
|
34,433
|
35.0%
|
Interest on deposits with banks
|
141,896
|
286,459
|
289,934
|
1.2%
|
104.3%
|
229,256
|
853,764
|
272.4%
|
Interest on securities
|
533,971
|
618,952
|
641,370
|
3.6%
|
20.1%
|
1,455,930
|
1,845,590
|
26.8%
|
Other interest income
|
16,454
|
17,498
|
23,972
|
37.0%
|
45.7%
|
34,258
|
57,508
|
67.9%
|
Interest expense
|
(1,106,283)
|
(1,449,090)
|
(1,565,058)
|
8.0%
|
41.5%
|
(2,697,929)
|
(4,338,165)
|
60.8%
|
Interest expense (excluding Net Insurance Financial Expenses)
|
(988,293)
|
(1,333,924)
|
(1,448,593)
|
8.6%
|
46.6%
|
(2,374,221)
|
(3,990,784)
|
68.1%
|
Interest on deposits
|
510,116
|
777,436
|
859,659
|
10.6%
|
68.5%
|
1,106,008
|
2,314,183
|
109.2%
|
Interest on borrowed funds
|
185,891
|
296,854
|
325,619
|
9.7%
|
75.2%
|
443,653
|
861,406
|
94.2%
|
Interest on bonds and subordinated notes
|
211,719
|
148,992
|
149,449
|
0.3%
|
-29.4%
|
557,446
|
481,339
|
-13.7%
|
Other interest expense
|
80,567
|
110,642
|
113,866
|
2.9%
|
41.3%
|
267,114
|
333,856
|
25.0%
|
Net Insurance Financial Expenses
|
(117,990)
|
(115,166)
|
(116,465)
|
1.1%
|
-1.3%
|
(323,708)
|
(347,381)
|
7.3%
|
Net interest income
|
2,882,401
|
3,204,156
|
3,254,043
|
1.6%
|
12.9%
|
7,951,214
|
9,590,288
|
20.6%
|
Risk-adjusted Net interest income
|
2,422,425
|
2,399,905
|
2,336,401
|
-2.6%
|
-3.6%
|
6,870,357
|
7,141,397
|
3.9%
|
Average interest earning assets
|
225,371,577
|
220,651,688
|
220,719,735
|
0.0%
|
-2.1%
|
229,932,415
|
222,357,551
|
-3.3%
|
Net interest margin (1)
|
5.33%
|
6.02%
|
6.11%
|
9pbs
|
78pbs
|
4.80%
|
5.96%
|
116pbs
|
Risk-adjusted Net interest margin (1)
|
4.51%
|
4.56%
|
4.45%
|
-11pbs
|
-6pbs
|
4.17%
|
4.49%
|
32pbs
|
Net provisions for loan losses / Net interest income
|
15.96%
|
25.10%
|
28.20%
|
310 pbs
|
1224 pbs
|
13.59%
|
25.54%
|
1195pbs
|
NIM Breakdown
|
BCP Stand-alone
|
Mibanco
|
BCP Bolivia
|
Credicorp
|
3Q22
|
4.83%
|
12.99%
|
2.81%
|
5.33%
|
2Q23
|
5.67%
|
13.09%
|
2.85%
|
6.02%
|
3Q23
|
5.77%
|
13.64%
|
2.87%
|
6.11%
|
Risk Adjusted NIM Breakdown
|
BCP Stand-alone
|
Mibanco
|
BCP Bolivia
|
Credicorp
|
3Q22
|
4.00%
|
10.99%
|
2.50%
|
4.51%
|
2Q23
|
4.25%
|
8.64%
|
3.00%
|
4.56%
|
3Q23
|
4.18%
|
8.73%
|
2.47%
|
4.45%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.5. |
Regulatory Capital
|
Capital Stock
S/000
|
Sep 22
|
As of
Jun 23
|
Sep 23
|
% change
|
||
QoQ | YoY | |||||
Capital Stock
|
1,318,993
|
1,318,993
|
1,318,993
|
0.0%
|
0.0%
|
|
Treasury Stocks
|
(207,518)
|
(208,035)
|
(208,033)
|
0.0%
|
0.2%
|
|
Capital Surplus
|
225,832
|
231,019
|
225,338
|
-2.5%
|
-0.2%
|
|
Legal and Other capital reserves (1)
|
23,687,946
|
26,221,577
|
26,239,162
|
0.1%
|
10.8%
|
|
Minority interest (2)
|
488,486
|
207,919
|
210,283
|
1.1%
|
-57.0%
|
|
Loan loss reserves (3)
|
2,139,971
|
1,903,625
|
1,946,059
|
2.2%
|
-9.1%
|
|
Perpetual subordinated debt
|
-
|
-
|
-
|
-
|
-
|
|
Subordinated Debt
|
6,015,765
|
5,595,446
|
5,844,106
|
4.4%
|
-2.9%
|
|
Investments in equity and subordinated debt of financial and insurance companies
|
(868,747)
|
(1,265,052)
|
(1,259,626)
|
-0.4%
|
45.0%
|
|
Goodwill
|
(788,179)
|
(830,725)
|
(842,678)
|
1.4%
|
6.9%
|
|
Current year Net Loss
|
-
|
-
|
-
|
-
|
-
|
|
Deduction for subordinated debt limit (50% of Tier I excluding deductions) (4)
|
-
|
-
|
-
|
-
|
-
|
|
Deduction for Tier I Limit (50% of Regulatory capital) (4)
|
-
|
-
|
-
|
-
|
-
|
|
Total Regulatory Capital (A)
|
32,012,549
|
33,174,767
|
33,473,604
|
0.9%
|
4.6%
|
Tier 1 (5)
|
16,961,210
|
17,834,543
|
17,821,987
|
-0.1%
|
5.1%
|
|
Tier 2 (6) + Tier 3 (7)
|
15,051,339
|
15,340,224
|
15,651,617
|
2.0%
|
4.0%
|
Financial Consolidated Group (FCG) Regulatory Capital Requirements (8)
|
20,973,716
|
21,863,219
|
22,387,961
|
2.4%
|
6.7%
|
|
Insurance Consolidated Group (ICG) Capital Requirements (9)
|
1,558,334
|
1,532,425
|
1,550,765
|
1.2%
|
-0.5%
|
|
FCG Capital Requirements related to operations with ICG
|
(465,143)
|
(625,441)
|
(680,628)
|
8.8%
|
46.3%
|
|
ICG Capital Requirements related to operations with FCG
|
-
|
-
|
-
|
-
|
-
|
|
Total Regulatory Capital Requirements (B)
|
22,066,907
|
22,770,203
|
23,258,098
|
2.1%
|
5.4%
|
|
Regulatory Capital Ratio (A) / (B)
|
1.45
|
1.46
|
1.44
|
|||
Required Regulatory Capital Ratio (10)
|
1.00
|
1.00
|
1.00
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
Regulatory Capital
(S/ thousand)
|
Jun 23
|
Sep 23
|
Change %
QoQ
|
|
Capital Stock
|
12,973,175
|
12,973,175
|
n.a
|
|
Reserves
|
7,039,359
|
7,039,793
|
n.a
|
|
Accumulated earnings
|
3,346,790
|
4,474,351
|
33.7%
|
|
Loan loss reserves (1)
|
1,625,735
|
1,667,750
|
2.6%
|
|
Perpetual subordinated debt
|
-
|
-
|
n.a
|
|
Subordinated Debt
|
4,897,800
|
5,120,550
|
4.5%
|
|
Unrealized Profit or Losses
|
(834,411)
|
(916,337)
|
9.8%
|
|
Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries
|
(2,667,540)
|
(2,714,749)
|
1.8%
|
|
Intangibles
|
(1,036,167)
|
(1,124,983)
|
8.6%
|
|
Goodwill
|
(122,083)
|
(122,083)
|
n.a
|
|
Total Regulatory Capital
|
25,222,659
|
26,397,466
|
4.7%
|
|
Tier 1 Common Equity (2)
|
18,699,124
|
19,609,166
|
4.9%
|
|
Regulatory Tier 1 Capital (3)
|
18,699,124
|
19,609,166
|
4.9%
|
|
Regulatory Tier 2 Capital (4)
|
6,523,535
|
6,788,300
|
4.1%
|
Total risk-weighted assets
(S/ thousand)
|
Jun 23
|
Sep 23
|
Change %
QoQ
|
|
Market risk-weighted assets (5)
|
2,307,252
|
2,576,734
|
11.7%
|
|
Credit risk-weighted assets
|
128,912,504
|
132,297,592
|
2.6%
|
|
Operational risk-weighted assets
|
15,407,799
|
15,862,960
|
3.0%
|
|
Total
|
146,627,555
|
150,737,286
|
2.8%
|
Capital requirement
(S/ thousand)
|
Jun 23
|
Sep 23
|
Change %
QoQ
|
|
Market risk capital requirement (5)
|
230,725
|
257,673
|
11.7%
|
|
Credit risk capital requirement
|
11,602,125
|
11,906,783
|
2.6%
|
|
Operational risk capital requirement
|
1,540,780
|
1,586,296
|
3.0%
|
|
Additional capital requirements
|
3,494,025
|
3,595,810
|
2.9%
|
|
Total
|
16,867,655
|
17,346,562
|
2.8%
|
Capital ratios under Local Regulation
|
Jun 23
|
Sep 23
|
Change
QoQ
|
|
Common Equity Tier 1 ratio
|
12.75%
|
13.01%
|
26 bps
|
|
Tier 1 Capital ratio
|
12.75%
|
13.01%
|
26 bps
|
|
Regulatory Global Capital ratio
|
17.20%
|
17.51%
|
31 bps
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
Regulatory Capital
(S/ thousand)
|
Jun 23
|
Sep 23
|
% Change QoQ
|
|
Capital Stock
|
1,840,606
|
1,840,606
|
0.0%
|
|
Reserves
|
308,056
|
308,056
|
0.0%
|
|
Accumulated earnings
|
611,151
|
669,894
|
9.6%
|
|
Loan loss reserves
|
170,901
|
163,158
|
-4.5%
|
|
Perpetual subordinated debt
|
-
|
-
|
n.a.
|
|
Subordinated debt
|
173,000
|
173,000
|
0.0%
|
|
Unrealized Profit or Losses
|
(4,727)
|
(13,584)
|
187.3%
|
|
Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries
|
(275)
|
(276)
|
0.4%
|
|
Intangibles
|
(138,239)
|
(140,573)
|
1.7%
|
|
Goodwill
|
(139,180)
|
(139,180)
|
0.0%
|
|
Total Regulatory Capital
|
2,821,292
|
2,861,101
|
1.4%
|
|
Tier Common Equity (2)
|
2,477,391
|
2,524,943
|
1.9%
|
|
Regulatory Tier 1 Capital (3)
|
2,477,391
|
2,524,943
|
1.9%
|
|
Regulatory Tier 2 Capital (4)
|
343,901
|
336,158
|
-2.3%
|
Total risk-weighted assets
(S/ thousand)
|
Jun 23
|
Sep 23
|
% Change
QoQ
|
|
Market risk-weighted assets
|
181,227
|
163,853
|
-9.6%
|
|
Credit risk-weighted assets
|
13,372,354
|
12,799,766
|
-4.3%
|
|
Operational risk-weighted assets
|
1,470,726
|
1,522,681
|
3.5%
|
|
Total
|
15,024,307
|
14,486,300
|
-3.6%
|
Capital requirement
(S/ thousand)
|
Jun 23
|
Sep 23
|
% Change
QoQ
|
|
Market risk capital requirement (5)
|
18,123
|
16,385
|
-9.6%
|
|
Credit risk capital requirement
|
1,203,512
|
1,215,978
|
1.0%
|
|
Operational risk capital requirement
|
147,073
|
152,268
|
3.5%
|
|
Additional capital requirements
|
405,891
|
399,691
|
-1.5%
|
|
Total
|
1,774,599
|
1,784,322
|
0.5%
|
Capital Ratios under Local Regulation
|
||||
Jun 23
|
Sep 23
|
Change
QoQ
|
||
Common Equity Tier 1 Ratio
|
16.49%
|
17.43%
|
94 pbs
|
|
Tier 1 Capital ratio
|
16.49%
|
17.43%
|
94 pbs
|
|
Regulatory Global Capital Ratio
|
18.78%
|
19.75%
|
97 pbs
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
Common Equity Tier 1 IFRS
(S/. thousand)
|
Sep 22
|
Jun 23
|
Sep 23
|
% Change
QoQ
|
% Change
YoY
|
|
Capital and reserves
|
19,181,019
|
19,500,292
|
19,500,725
|
0.0%
|
1.7%
|
|
Retained earnings
|
4,187,468
|
4,000,489
|
5,104,881
|
27.6%
|
21.9%
|
|
Unrealized gains (losses)
|
(1,274,918)
|
(274,021)
|
(375,086)
|
36.9%
|
-70.6%
|
|
Goodwill and intangibles
|
(1,355,924)
|
(1,516,702)
|
(1,573,072)
|
3.7%
|
16.0%
|
|
Investments in subsidiaries
|
(2,653,531)
|
(2,800,043)
|
(2,851,285)
|
1.8%
|
7.5%
|
|
Total
|
18,084,114
|
18,910,015
|
19,806,164
|
4.7%
|
9.5%
|
|
Adjusted RWAs IFRS
|
152,849,186
|
147,805,770
|
151,843,249
|
2.7%
|
-0.7%
|
|
Adjusted Credit RWAs IFRS
|
136,220,546
|
130,090,719
|
133,403,554
|
2.5%
|
-2.1%
|
|
Others
|
16,628,640
|
17,715,052
|
18,439,695
|
4.1%
|
10.9%
|
|
CET1 ratio IFRS
|
11.83%
|
12.79%
|
13.04%
|
25 pbs
|
121 pbs
|
Common Equity Tier 1 IFRS
(S/. thousand)
|
Sep 22
|
Jun 23
|
Sep 23
|
% Change
QoQ
|
% Change
YoY
|
|
Capital and reserves
|
2,632,956
|
2,676,791
|
2,676,791
|
0.0%
|
1.7%
|
|
Retained earnings
|
114,341
|
206,920
|
267,299
|
29.2%
|
133.8%
|
|
Unrealized gains (losses)
|
(16,074)
|
(5,399)
|
(13,268)
|
145.8%
|
-17.5%
|
|
Goodwill and intangibles
|
(338,330)
|
(344,323)
|
(345,258)
|
0.3%
|
2.0%
|
|
Investments in subsidiaries
|
(259)
|
(275)
|
(276)
|
0.4%
|
6.5%
|
|
Total
|
2,392,634
|
2,533,715
|
2,585,288
|
2.0%
|
8.1%
|
|
Adjusted RWAs IFRS
|
14,956,200
|
15,261,939
|
14,719,637
|
-3.6%
|
-1.6%
|
|
Adjusted Credit RWAs IFRS
|
12,871,826
|
13,602,081
|
13,028,635
|
-4.2%
|
1.2%
|
|
Others
|
2,084,374
|
1,659,857
|
1,691,001
|
1.9%
|
-18.9%
|
|
CET1 ratio IFRS
|
16.00%
|
16.60%
|
17.56%
|
96 pbs
|
157 pbs
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6. |
Financial Statements and Ratios by Business
|
12.6.1. |
Credicorp Consolidated
|
Sep 22
|
As of
Jun 23
|
Set 23
|
% change
QoQ YoY
|
||
ASSETS
|
|||||
Cash and due from banks
|
|||||
Non-interest bearing
|
6,919,212
|
7,154,236
|
8,047,624
|
12.5%
|
16.3%
|
Interest bearing
|
29,330,082
|
26,036,894
|
24,907,836
|
-4.3%
|
-15.1%
|
Total cash and due from banks
|
36,249,294
|
33,191,130
|
32,955,460
|
-0.7%
|
-9.1%
|
Cash collateral, reverse repurchase agreements and securities borrowing
|
1,586,967
|
1,863,243
|
1,513,622
|
-18.8%
|
-4.6%
|
Fair value through profit or loss investments
|
4,550,783
|
4,508,563
|
5,558,973
|
23.3%
|
22.2%
|
Fair value through other comprehensive income investments
|
34,263,930
|
33,344,169
|
35,475,821
|
6.4%
|
3.5%
|
Amortized cost investments
|
8,028,557
|
10,182,619
|
10,082,119
|
-1.0%
|
25.6%
|
Loans
|
151,392,202
|
142,845,549
|
145,129,260
|
1.6%
|
-4.1%
|
Current
|
145,142,071
|
136,866,154
|
138,722,915
|
1.4%
|
-4.4%
|
Internal overdue loans
|
6,250,131
|
5,979,395
|
6,406,345
|
7.1%
|
2.5%
|
Less - allowance for loan losses
|
(8,030,104)
|
(7,956,184)
|
(8,056,216)
|
1.3%
|
0.3%
|
Loans, net
|
143,362,098
|
134,889,365
|
137,073,044
|
1.6%
|
-4.4%
|
Financial assets designated at fair value through profit or loss
|
767,425
|
789,845
|
797,545
|
1.0%
|
3.9%
|
Property, plant and equipment, net
|
1,786,136
|
1,749,132
|
1,752,950
|
0.2%
|
-1.9%
|
Due from customers on acceptances
|
697,119
|
226,161
|
325,771
|
44.0%
|
-53.3%
|
Investments in associantes
|
660,849
|
675,623
|
707,457
|
4.7%
|
7.1%
|
Intangible assets and goodwill, net
|
2,767,341
|
3,046,846
|
3,118,496
|
2.4%
|
12.7%
|
Reinsurance contract assets
|
760,116
|
780,587
|
803,868
|
3.0%
|
5.8%
|
Other assets (1)
|
7,268,200
|
8,063,007
|
8,293,532
|
2.9%
|
14.1%
|
Total Assets
|
242,748,815
|
233,310,290
|
238,458,658
|
2.2%
|
-1.8%
|
LIABILITIES AND EQUITY
|
|||||
Deposits and obligations
|
|||||
Non-interest bearing
|
46,625,814
|
39,475,762
|
40,363,636
|
2.2%
|
-13.4%
|
Interest bearing
|
106,166,200
|
103,911,955
|
108,107,899
|
4.0%
|
1.8%
|
Total deposits and obligations
|
152,792,014
|
143,387,717
|
148,471,535
|
3.5%
|
-2.8%
|
Payables from repurchase agreements and securities lending
|
16,575,580
|
14,306,880
|
11,738,020
|
-18.0%
|
-29.2%
|
BCRP instruments
|
14,449,597
|
11,772,772
|
9,616,150
|
-18.3%
|
-33.5%
|
Repurchase agreements with third parties
|
1,182,946
|
1,276,709
|
1,266,852
|
-0.8%
|
7.1%
|
Repurchase agreements with customers
|
943,037
|
1,257,399
|
855,018
|
-32.0%
|
-9.3%
|
Due to banks and correspondents
|
9,002,035
|
10,062,290
|
10,493,411
|
4.3%
|
16.6%
|
Bonds and notes issued
|
17,019,694
|
14,235,697
|
14,914,632
|
4.8%
|
-12.4%
|
Banker’s acceptances outstanding
|
697,119
|
226,161
|
325,771
|
44.0%
|
-53.3%
|
Liabilities by insurance contracts
|
10,773,031
|
11,567,408
|
11,653,015
|
0.7%
|
8.2%
|
Financial liabilities at fair value through profit or loss
|
333,453
|
413,665
|
455,350
|
10.1%
|
36.6%
|
Other liabilities
|
7,694,342
|
8,471,819
|
8,499,868
|
0.3%
|
10.5%
|
Total Liabilities
|
214,887,268
|
202,671,637
|
206,551,602
|
1.9%
|
-3.9%
|
Net equity
|
27,292,658
|
30,027,036
|
31,267,592
|
4.1%
|
14.6%
|
Capital stock
|
1,318,993
|
1,318,993
|
1,318,993
|
0.0%
|
0.0%
|
Treasury stock
|
(207,518)
|
(208,035)
|
(208,033)
|
0.0%
|
0.2%
|
Capital surplus
|
225,832
|
231,019
|
225,338
|
-2.5%
|
-0.2%
|
Reserves
|
23,687,946
|
26,221,577
|
26,239,162
|
0.1%
|
10.8%
|
Other reserves
|
(996,001)
|
(13,015)
|
(29,526)
|
126.9%
|
-97.0%
|
Retained earnings
|
3,263,406
|
2,476,497
|
3,721,658
|
50.3%
|
14.0%
|
Non-controlling interest
|
568,889
|
611,617
|
639,464
|
4.6%
|
12.4%
|
Total Net Equity
|
27,861,547
|
30,638,653
|
31,907,056
|
4.1%
|
14.5%
|
Total liabilities and equity
|
242,748,815
|
233,310,290
|
238,458,658
|
2.2%
|
-1.8%
|
Off-balance sheet
|
151,545,926
|
144,709,112
|
151,484,019
|
4.7%
|
0.0%
|
Total performance bonds, stand-by and L/Cs.
|
21,399,132
|
18,654,864
|
18,945,883
|
1.6%
|
-11.5%
|
Undrawn credit lines, advised but not committed
|
87,600,569
|
85,762,478
|
88,183,227
|
2.8%
|
0.7%
|
Total derivatives (notional) and others
|
42,546,225
|
40,291,770
|
44,354,909
|
10.1%
|
4.3%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
Quarter
|
% change
|
Up to
|
% change
|
|||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23/ Sep 22
|
|
Interest income and expense
|
||||||||
Interest and similar income
|
3,988,684
|
4,653,246
|
4,819,101
|
3.6%
|
20.8%
|
10,649,143
|
13,928,453
|
30.8%
|
Interest and similar expenses
|
(1,106,283)
|
(1,449,090)
|
(1,565,058)
|
8.0%
|
41.5%
|
(2,697,929)
|
(4,338,165)
|
60.8%
|
Net interest, similar income and expenses
|
2,882,401
|
3,204,156
|
3,254,043
|
1.6%
|
12.9%
|
7,951,214
|
9,590,288
|
20.6%
|
Gross provision for credit losses on loan portfolio
|
(545,249)
|
(886,123)
|
(1,008,750)
|
13.8%
|
85.0%
|
(1,342,966)
|
(2,696,980)
|
100.8%
|
Recoveries of written-off loans
|
85,273
|
81,872
|
91,108
|
11.3%
|
6.8%
|
262,109
|
248,089
|
-5.3%
|
Provision for credit losses on loan portfolio, net of recoveries
|
(459,976)
|
(804,251)
|
(917,642)
|
14.1%
|
99.5%
|
(1,080,857)
|
(2,448,891)
|
126.6%
|
-
|
-
|
-
|
||||||
Net interest, similar income and expenses, after provision for credit losses on loan portfolio
|
2,422,425
|
2,399,905
|
2,336,401
|
-2.6%
|
-3.6%
|
6,870,357
|
7,141,397
|
3.9%
|
Other income
|
||||||||
Fee income
|
934,984
|
960,550
|
975,955
|
1.6%
|
4.4%
|
2,747,562
|
2,818,286
|
2.6%
|
Net gain on foreign exchange transactions
|
262,167
|
210,944
|
208,620
|
-1.1%
|
-20.4%
|
790,936
|
668,079
|
-15.5%
|
Net loss on securities
|
(25,460)
|
68,603
|
53,591
|
-21.9%
|
-310.5%
|
(176,506)
|
192,230
|
-208.9%
|
Net gain from associates
|
25,806
|
23,689
|
32,056
|
35.3%
|
24.2%
|
79,039
|
82,957
|
5.0%
|
Net gain (loss) on derivatives held for trading
|
53,008
|
16,671
|
38,545
|
131.2%
|
-27.3%
|
59,330
|
48,646
|
-18.0%
|
Net gain (loss) from exchange differences
|
(5,917)
|
2,996
|
4,564
|
52.3%
|
-177.1%
|
(32,721)
|
30,523
|
-193.3%
|
Others
|
56,664
|
149,671
|
89,272
|
-40.4%
|
57.5%
|
270,594
|
328,281
|
21.3%
|
Total non-financial income
|
1,301,252
|
1,433,124
|
1,402,603
|
-2.1%
|
7.8%
|
3,738,234
|
4,169,002
|
11.5%
|
Insurance underwriting result
|
||||||||
Insurance Service Result
|
422,963
|
393,487
|
417,014
|
6.0%
|
-1.4%
|
1,052,511
|
1,217,378
|
15.7%
|
Reinsurance Result
|
(119,203)
|
(96,923)
|
(86,114)
|
-11.2%
|
-27.8%
|
(347,887)
|
(293,573)
|
-15.6%
|
Total insurance underwriting result
|
303,760
|
296,564
|
330,900
|
11.6%
|
8.9%
|
704,624
|
923,805
|
31.1%
|
Total expenses
|
||||||||
Salaries and employee benefits
|
(984,336)
|
(1,054,735)
|
(1,061,402)
|
0.6%
|
7.8%
|
(2,866,013)
|
(3,145,695)
|
9.8%
|
Administrative, general and tax expenses
|
(869,873)
|
(871,046)
|
(1,007,894)
|
15.7%
|
15.9%
|
(2,385,038)
|
(2,714,000)
|
13.8%
|
Depreciation and amortization
|
(162,009)
|
(160,549)
|
(159,761)
|
-0.5%
|
-1.4%
|
(470,795)
|
(481,389)
|
2.3%
|
Association in participation
|
(9,999)
|
(16,742)
|
(14,634)
|
-12.6%
|
46.4%
|
(28,019)
|
(43,988)
|
57.0%
|
Other expenses
|
(71,373)
|
(92,232)
|
(106,778)
|
15.8%
|
49.6%
|
(203,361)
|
(287,609)
|
41.4%
|
Total expenses
|
(2,097,590)
|
(2,195,304)
|
(2,350,469)
|
7.1%
|
12.1%
|
(5,953,226)
|
(6,672,681)
|
12.1%
|
Profit before income tax
|
1,929,847
|
1,934,289
|
1,719,435
|
-11.1%
|
-10.9%
|
5,359,989
|
5,561,523
|
3.8%
|
-
|
||||||||
Income tax
|
(575,083)
|
(504,472)
|
(455,865)
|
-9.6%
|
-20.7%
|
(1,634,265)
|
(1,453,803)
|
-11.0%
|
Net profit
|
1,354,764
|
1,429,817
|
1,263,570
|
-11.6%
|
-6.7%
|
3,725,724
|
4,107,720
|
10.3%
|
Non-controlling interest
|
31,855
|
28,550
|
25,397
|
-11.0%
|
-20.3%
|
88,061
|
84,007
|
-4.6%
|
Net profit attributable to Credicorp
|
1,322,909
|
1,401,267
|
1,238,173
|
-11.6%
|
-6.4%
|
3,637,663
|
4,023,713
|
10.6%
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.2. |
Credicorp Stand-alone
|
As of
|
% change
|
|||||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
||
ASSETS
|
||||||
Cash and cash equivalents
|
125,092
|
122,665
|
79,883
|
-34.9%
|
-36.1%
|
|
At fair value through profit or loss
|
967,331
|
937,921
|
937,279
|
-0.1%
|
-3.1%
|
|
Fair value through other comprehensive income investments
|
313,739
|
317,479
|
303,303
|
-4.5%
|
-3.3%
|
|
In subsidiaries and associates investments
|
32,308,088
|
34,755,621
|
36,167,571
|
4.1%
|
11.9%
|
|
Other assets
|
12,115
|
197
|
324
|
64.5%
|
-97.3%
|
|
Total Assets
|
33,726,365
|
36,133,883
|
37,488,360 |
3.7%
|
11.2%
|
|
LIABILITIES AND NET SHAREHOLDERS’ EQUITY
|
||||||
Due to banks, correspondents and other entities
|
256,528
|
-
|
30,165
|
n.a
|
-88.2%
|
|
Bonds and notes issued
|
1,993,778
|
1,803,725
|
1,851,185
|
2.6%
|
-7.2%
|
|
Other liabilities
|
218,687
|
161,170
|
206,963
|
28.4%
|
-5.4%
|
|
Total Liabilities
|
2,468,993
|
1,964,895
|
2,088,313 |
6.3%
|
-15.4%
|
|
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
|
23,300,350
|
25,905,604
|
25,905,576
|
0.0%
|
11.2%
|
|
Unrealized results
|
(1,661,404)
|
(362,199)
|
(215,370)
|
-40.5%
|
-87.0%
|
|
Retained earnings
|
7,914,891
|
6,922,048
|
8,006,306
|
15.7%
|
1.2%
|
|
Total net equity
|
31,257,372
|
34,168,988
|
35,400,047 |
3.6%
|
13.3%
|
|
Total Liabilities And Equity
|
33,726,365
|
36,133,883
|
37,488,360
|
3.7%
|
11.2%
|
Quarter
|
% change
|
Up to
|
% Change
|
|||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Interest income
|
||||||||
Net share of the income from investments in subsidiaries and associates
|
1,379,036
|
3,244,084
|
1,288,466
|
-60.3%
|
-6.6%
|
4,040,880
|
4,532,550
|
12.2%
|
Interest and similar income
|
307
|
9,296
|
429
|
-95.4%
|
39.7%
|
7,661
|
9,725
|
26.9%
|
Net gain on financial assets at fair value through profit or loss
|
(10,214)
|
26,377
|
8,845
|
-66.5%
|
-186.6%
|
(78,428)
|
35,222
|
n.a
|
Total income
|
1,369,129
|
3,279,757
|
1,297,740
|
-60.4%
|
-5.2%
|
3,970,113
|
4,577,497
|
15.3%
|
Interest and similar expense
|
(19,155)
|
(27,952)
|
(13,880)
|
-50.3%
|
-27.5%
|
(47,584)
|
(41,832)
|
-12.1%
|
Administrative and general expenses
|
(5,908)
|
(11,991)
|
(4,097)
|
-65.8%
|
-30.7%
|
(13,933)
|
(16,088)
|
15.5%
|
Total expenses
|
(25,063)
|
(39,943)
|
(17,977)
|
-55.0%
|
-28.3%
|
(61,517)
|
(57,920)
|
-5.8%
|
Operating income
|
1,344,066
|
3,267,766
|
1,293,643
|
-60.4%
|
-3.8%
|
3,908,596
|
4,533,457
|
16.0%
|
Net gain (losses) from exchange differences
|
31
|
(3,442)
|
1,383
|
-140.2%
|
4361.3%
|
(866)
|
(2,059)
|
137.8%
|
Other, net
|
231
|
201
|
2,665
|
n.a
|
n.a
|
450
|
2,866
|
536.9%
|
Profit before income tax
|
1,344,328
|
3,236,573
|
1,283,811
|
-60.3%
|
-4.5%
|
3,908,180
|
4,520,384
|
15.7%
|
Income tax
|
(42,000)
|
(93,888)
|
(46,850)
|
-50.1%
|
11.5%
|
(126,290)
|
(140,738)
|
11.4%
|
Net income
|
1,302,328
|
3,142,685
|
1,236,961
|
-60.6%
|
-5.0%
|
3,781,890
|
4,379,646
|
15.8%
|
Double Leverage Ratio
|
103.36%
|
101.72%
|
102.17%
|
45bps
|
-119bps
|
103.36%
|
102.17%
|
-119bps
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.4. |
BCP Stand-alone
|
|
As of
|
% change
|
|||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
|
ASSETS
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
Non-interest bearing
|
4,880,450
|
4,634,064
|
5,281,567
|
14.0%
|
8.2%
|
Interest bearing
|
27,042,976
|
24,308,715
|
23,133,255
|
-4.8%
|
-14.5%
|
Total cash and due from banks
|
31,923,426
|
28,942,779
|
28,414,822
|
-1.8%
|
-11.0%
|
|
|
|
|
||
Cash collateral, reverse repurchase agreements and securities borrowing
|
308,959
|
537,814
|
207,284
|
-61.5%
|
-32.9%
|
|
|
|
|
||
Fair value through profit or loss investments
|
307,513
|
221,253
|
1,229,265
|
455.6%
|
299.7%
|
Fair value through other comprehensive income investments
|
16,799,789
|
15,738,281
|
18,068,208
|
14.8%
|
7.6%
|
Amortized cost investments
|
7,206,315
|
9,467,981
|
9,310,033
|
-1.7%
|
29.2%
|
-
|
-
|
-
|
|||
Loans
|
126,176,601
|
117,611,694
|
119,635,051
|
1.7%
|
-5.2%
|
Current
|
121,124,754
|
112,818,171
|
114,403,780
|
1.4%
|
-5.5%
|
Internal overdue loans
|
5,051,847
|
4,793,523
|
5,231,271
|
9.1%
|
3.6%
|
Less - allowance for loan losses
|
(6,450,828)
|
(6,410,732)
|
(6,534,389)
|
1.9%
|
1.3%
|
Loans, net
|
119,725,773
|
111,200,962
|
113,100,662
|
1.7%
|
-5.5%
|
|
|
|
|
||
Property, furniture and equipment, net (1)
|
1,241,975
|
1,217,932
|
1,213,395
|
-0.4%
|
-2.3%
|
Due from customers on acceptances
|
697,119
|
226,161
|
325,771
|
44.0%
|
-53.3%
|
Investments in associates
|
2,683,038
|
2,800,043
|
2,851,285
|
1.8%
|
6.3%
|
Other assets (2)
|
6,044,500
|
7,015,286
|
7,119,911
|
1.5%
|
17.8%
|
|
-
|
-
|
-
|
|
|
Total Assets
|
186,938,407
|
177,368,492
|
181,840,636
|
2.5%
|
-2.7%
|
|
|
|
|||
Liabilities and Equity
|
|
|
|
||
Deposits and obligations
|
|
|
|||
Non-interest bearing
|
42,188,122
|
36,465,910
|
36,740,398
|
0.8%
|
-12.9%
|
Interest bearing
|
82,294,328
|
81,295,129
|
85,638,878
|
5.3%
|
4.1%
|
Total deposits and obligations
|
124,482,450
|
117,761,039
|
122,379,276
|
3.9%
|
-1.7%
|
|
|
|
|
||
Payables from repurchase agreements and securities lending
|
13,608,037
|
11,759,891
|
9,926,108
|
-15.6%
|
-27.1%
|
BCRP instruments
|
13,056,240
|
11,222,266
|
9,386,448
|
-16.4%
|
-28.1%
|
Repurchase agreements with third parties
|
551,797
|
537,625
|
539,660
|
0.4%
|
-2.2%
|
Due to banks and correspondents
|
7,270,985
|
8,670,982
|
9,030,671
|
4.1%
|
24.2%
|
Bonds and notes issued
|
14,066,770
|
10,152,890
|
10,549,221
|
3.9%
|
-25.0%
|
Banker’s acceptances outstanding
|
697,119
|
226,161
|
325,771
|
44.0%
|
-53.3%
|
Financial liabilities at fair value through profit or loss
|
140,146
|
138,339
|
42,768
|
-69.1%
|
-69.5%
|
Other liabilities (3)
|
4,579,331
|
5,432,431
|
5,356,302
|
-1.4%
|
17.0%
|
Total Liabilities
|
164,844,838
|
154,141,733
|
157,610,117
|
2.3%
|
-4.4%
|
|
|
|
|
||
Net equity
|
22,093,569
|
23,226,759
|
24,230,519
|
4.3%
|
9.7%
|
Capital stock
|
11,882,984
|
12,679,794
|
12,679,794
|
0.0%
|
6.7%
|
Reserves
|
7,298,035
|
6,820,497
|
6,820,930
|
0.0%
|
-6.5%
|
Unrealized gains and losses
|
(1,274,918)
|
(274,021)
|
(375,086)
|
36.9%
|
-70.6%
|
Retained earnings
|
4,187,468
|
4,000,489
|
5,104,881
|
27.6%
|
21.9%
|
|
|
|
|||
Total Net Equity
|
22,093,569
|
23,226,759
|
24,230,519
|
4.3%
|
9.7%
|
|
|
|
|
||
Total liabilities and equity
|
186,938,407
|
177,368,492
|
181,840,636
|
2.5%
|
-2.7%
|
|
|
|
|||
Off-balance sheet
|
135,853,514
|
129,969,150
|
138,269,632
|
6.4%
|
1.8%
|
Total performance bonds, stand-by and L/Cs.
|
20,443,858
|
17,955,670
|
18,226,992
|
1.5%
|
-10.8%
|
Undrawn credit lines, advised but not committed
|
73,712,295
|
73,510,275
|
76,290,046
|
3.8%
|
3.5%
|
Total derivatives (notional) and others
|
41,697,361
|
38,503,205
|
43,752,594
|
13.6%
|
4.9%
|
(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.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
Quarter
|
% change
|
Up to
|
% change
|
|||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Interest income and expense
|
||||||||
Interest and dividend income
|
2,772,379
|
3,323,237
|
3,450,119
|
3.8%
|
24.4%
|
7,233,399
|
9,978,865
|
38.0%
|
Interest expense
|
(661,526)
|
(912,744)
|
(1,002,366)
|
9.8%
|
51.5%
|
(1,557,528)
|
(2,732,166)
|
75.4%
|
Net interest income
|
2,110,853
|
2,410,493
|
2,447,753
|
1.5%
|
16.0%
|
5,675,871
|
7,246,699
|
27.7%
|
Provision for credit losses on loan portfolio
|
(412,876)
|
(657,546)
|
(733,594)
|
11.6%
|
77.7%
|
(884,083)
|
(1,923,332)
|
117.6%
|
Recoveries of written-off loans
|
53,547
|
53,892
|
59,331
|
10.1%
|
10.8%
|
160,827
|
160,640
|
-0.1%
|
Provision for credit losses on loan portfolio, net of recoveries
|
(359,329)
|
(603,654)
|
(674,263)
|
11.7%
|
87.6%
|
(723,256)
|
(1,762,692)
|
143.7%
|
Risk-adjusted net interest income
|
1,751,524
|
1,806,839
|
1,773,490
|
-1.8%
|
1.3%
|
4,952,615
|
5,484,007
|
10.7%
|
Other income
|
||||||||
Fee income
|
761,968
|
723,231
|
757,688
|
4.8%
|
-0.6%
|
2,196,473
|
2,179,126
|
-0.8%
|
Net gain on foreign exchange transactions
|
242,395
|
244,314
|
238,376
|
-2.4%
|
-1.7%
|
721,520
|
722,237
|
0.1%
|
Net gain (losses) on securities
|
132,170
|
36,377
|
54,382
|
49.5%
|
-58.9%
|
335,394
|
117,757
|
-64.9%
|
Net gain from associates
|
2,958
|
(1,355)
|
817
|
n.a
|
-72.4%
|
16,080
|
(7,807)
|
-148.6%
|
Net gain (losses) on derivatives held for trading
|
15,290
|
36,271
|
3,288
|
-90.9%
|
-78.5%
|
(11,254)
|
60,112
|
n.a
|
Net gain (losses) from exchange differences
|
10,109
|
7,961
|
5,587
|
-29.8%
|
-44.7%
|
7,341
|
18,239
|
148.5%
|
Others
|
36,792
|
113,963
|
55,726
|
-51.1%
|
51.5%
|
192,818
|
237,943
|
23.4%
|
Total other income
|
1,201,682
|
1,160,762
|
1,115,864
|
-3.9%
|
-7.1%
|
3,458,372
|
3,327,607
|
-3.8%
|
Total expenses
|
||||||||
Salaries and employee benefits
|
(536,526)
|
(563,407)
|
(552,835)
|
-1.9%
|
3.0%
|
(1,525,437)
|
(1,662,290)
|
9.0%
|
Administrative expenses
|
(571,621)
|
(599,803)
|
(690,092)
|
15.1%
|
20.7%
|
(1,610,619)
|
(1,861,675)
|
15.6%
|
Depreciation and amortization
|
(113,129)
|
(112,661)
|
(111,147)
|
-1.3%
|
-1.8%
|
(328,812)
|
(336,680)
|
2.4%
|
Other expenses
|
(43,590)
|
(44,011)
|
(68,474)
|
55.6%
|
57.1%
|
(133,657)
|
(152,048)
|
13.8%
|
Total expenses
|
(1,264,866)
|
(1,319,882)
|
(1,422,548)
|
7.8%
|
12.5%
|
(3,598,525)
|
(4,012,693)
|
11.5%
|
Profit before income tax
|
1,688,340
|
1,647,719
|
1,466,806
|
-11.0%
|
-13.1%
|
4,812,462
|
4,798,921
|
-0.3%
|
Income tax
|
(398,244)
|
(393,752)
|
(362,413)
|
-8.0%
|
-9.0%
|
(1,209,863)
|
(1,176,960)
|
-2.7%
|
Net profit attributable to BCP Stand-alone
|
1,290,096
|
1,253,967
|
1,104,393
|
-11.9%
|
-14.4%
|
3,602,599
|
3,621,961
|
0.5%
|
Quarter
|
Up to
|
||||
2Q22
|
2Q23
|
3Q23
|
Sep 22
|
Sep 23
|
|
Profitability
|
|||||
ROAA (1)(2)
|
2.8%
|
2.8%
|
2.5%
|
2.6%
|
2.7%
|
ROAE (1)(2)
|
24.0%
|
22.3%
|
18.6%
|
22.3%
|
20.4%
|
Net interest margin (1)(2)
|
4.8%
|
5.7%
|
5.8%
|
4.3%
|
5.7%
|
Risk adjusted NIM (1)(2)
|
4.0%
|
4.3%
|
4.2%
|
3.8%
|
4.3%
|
Funding Cost (1)(2)(3)
|
1.7%
|
2.4%
|
2.7%
|
1.3%
|
2.4%
|
Quality of loan portfolio
|
|||||
IOL ratio
|
4.0%
|
4.1%
|
4.4%
|
4.0%
|
4.4%
|
NPL ratio
|
5.3%
|
5.7%
|
6.1%
|
5.3%
|
6.1%
|
Coverage of IOLs
|
127.7%
|
133.7%
|
124.9%
|
127.7%
|
124.9%
|
Coverage of NPLs
|
95.7%
|
95.1%
|
89.3%
|
95.7%
|
89.3%
|
Cost of risk (4)
|
1.1%
|
2.1%
|
2.3%
|
0.8%
|
2.0%
|
Operating efficiency
|
|||||
Oper. expenses as a percent. of total income - reported (5)
|
38.9%
|
37.3%
|
39.2%
|
40.3%
|
37.8%
|
Oper. expenses as a percent. of av. tot. assets (1)(2)(5)
|
2.7%
|
2.8%
|
3.0%
|
2.51%
|
2.87%
|
(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.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.5. |
BCP Bolivia
|
As of
|
% change
|
||||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
|
ASSETS
|
|||||
Cash and due from banks
|
1,984,367
|
2,220,058
|
2,514,710
|
13.3%
|
26.7%
|
Investments
|
1,548,424
|
1,459,846
|
1,530,566
|
4.8%
|
-1.2%
|
Total loans
|
9,642,982
|
9,087,400
|
9,598,393
|
5.6%
|
-0.5%
|
Current
|
9,411,840
|
8,815,936
|
9,299,719
|
5.5%
|
-1.2%
|
Internal overdue loans
|
203,915
|
242,399
|
251,779
|
3.9%
|
23.5%
|
Refinanced
|
27,227
|
29,064
|
46,895
|
61.3%
|
72.2%
|
Allowance for loan losses
|
(414,697)
|
(362,495)
|
(377,842)
|
4.2%
|
-8.9%
|
Net loans
|
9,228,285
|
8,724,904
|
9,220,551
|
5.7%
|
-0.1%
|
Property, plant and equipment, net
|
66,016
|
60,510
|
65,194
|
7.7%
|
-1.2%
|
Other assets
|
316,286
|
262,197
|
270,614
|
3.2%
|
-14.4%
|
Total assets
|
13,143,378
|
12,727,516
|
13,601,635
|
6.9%
|
3.5%
|
LIABILITIES AND NET SHAREHOLDERS’ EQUITY
|
|||||
Deposits and obligations
|
11,173,682
|
10,637,386
|
11,422,221
|
7.4%
|
2.2%
|
Due to banks and correspondents
|
86,986
|
81,339
|
91,033
|
11.9%
|
4.7%
|
Bonds and subordinated debt
|
101,757
|
154,264
|
162,809
|
5.5%
|
60.0%
|
Other liabilities
|
909,268
|
999,370
|
1,035,891
|
3.7%
|
13.9%
|
Total liabilities
|
12,271,692
|
11,872,360
|
12,711,954
|
7.1%
|
3.6%
|
Net equity
|
871,686
|
855,157
|
889,682
|
4.0%
|
2.1%
|
TOTAL LIABILITIES AND NET SHAREHOLDERS’ EQUITY
|
13,143,378
|
12,727,516
|
13,601,635
|
6.9%
|
3.5%
|
Quarter
|
% change
|
Up to
|
% change
|
|||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Net interest income
|
82,407
|
82,279
|
83,227
|
1.2%
|
1.0%
|
245,649
|
248,177
|
1.0%
|
Provision for loan losses, net of recoveries
|
(9,200)
|
4,337
|
(11,497)
|
-365.1%
|
25.0%
|
(37,851)
|
(10,510)
|
-72.2%
|
Net interest income after provisions
|
73,207
|
86,616
|
71,730
|
-17.2%
|
-2.0%
|
207,798
|
237,667
|
14.4%
|
Non-financial income
|
47,041
|
57,444
|
59,541
|
3.7%
|
26.6%
|
130,668
|
162,290
|
24.2%
|
Total expenses
|
(65,850)
|
(92,555)
|
(91,978)
|
-0.6%
|
39.7%
|
(182,709)
|
(277,082)
|
51.7%
|
Translation result
|
(69)
|
(59)
|
(31)
|
-47.6%
|
-55.6%
|
(94)
|
(140)
|
49.9%
|
Income taxes
|
(40,406)
|
(29,844)
|
(18,203)
|
-39.0%
|
-54.9%
|
(104,410)
|
(59,337)
|
-43.2%
|
Net income
|
13,921
|
21,603
|
21,059
|
-2.5%
|
51.3%
|
51,254
|
63,399
|
23.7%
|
Efficiency ratio
|
60.4%
|
60.6%
|
65.1%
|
448 pbs
|
473 pbs
|
58.6%
|
61.7%
|
309 pbs
|
ROAE
|
6.6%
|
10.1%
|
9.7%
|
-47 pbs
|
308 pbs
|
18.0%
|
19.8%
|
171 pbs
|
L/D ratio
|
86.3%
|
85.4%
|
84.0%
|
-140 pbs
|
-227 pbs
|
|||
IOL ratio
|
2.11%
|
2.67%
|
2.62%
|
-5 pbs
|
51 pbs
|
|||
NPL ratio
|
2.40%
|
2.99%
|
3.11%
|
12 pbs
|
71 pbs
|
|||
Coverage of IOLs
|
203.4%
|
149.5%
|
150.1%
|
53 pbs
|
-5330 pbs
|
|||
Coverage of NPLs
|
179.4%
|
133.5%
|
126.5%
|
-702 pbs
|
-5290 pbs
|
|||
Branches
|
45
|
46
|
46
|
0
|
1
|
|||
Agentes
|
1177
|
1355
|
1351
|
-4
|
174
|
|||
ATMs
|
311
|
314
|
314
|
0
|
3
|
|||
Employees
|
1,622
|
1,729
|
1,732
|
3
|
110
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.6. |
Mibanco
|
As of
|
% change
|
||||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
|
ASSETS
|
|||||
Cash and due from banks
|
1,869,624
|
1,605,462
|
1,618,194
|
0.8%
|
-13.4%
|
Investments
|
1,771,298
|
1,574,763
|
1,789,628
|
13.6%
|
1.0%
|
Total loans
|
14,228,231
|
14,198,690
|
13,562,314
|
-4.5%
|
-4.7%
|
Current
|
13,213,979
|
13,220,657
|
12,622,778
|
-4.5%
|
-4.5%
|
Internal overdue loans
|
933,425
|
887,987
|
845,479
|
-4.8%
|
-9.4%
|
Refinanced
|
80,827
|
90,046
|
94,057
|
4.5%
|
16.4%
|
Allowance for loan losses
|
(1,083,337)
|
(1,090,404)
|
(1,031,937)
|
-5.4%
|
-4.7%
|
Net loans
|
13,144,894
|
13,108,286
|
12,530,377
|
-4.4%
|
-4.7%
|
Property, plant and equipment, net
|
132,815
|
130,977
|
131,899
|
0.7%
|
-0.7%
|
Other assets
|
689,100
|
724,569
|
709,082
|
-2.1%
|
2.9%
|
Total assets
|
17,607,731
|
17,144,058
|
16,779,181
|
-2.1%
|
-4.7%
|
LIABILITIES AND NET SHAREHOLDERS’ EQUITY
|
|||||
Deposits and obligations
|
9,185,353
|
9,858,344
|
10,036,767
|
1.8%
|
9.3%
|
Due to banks and correspondents
|
3,315,936
|
2,696,599
|
2,466,913
|
-8.5%
|
-25.6%
|
Bonds and subordinated debt
|
452,100
|
651,641
|
701,233
|
7.6%
|
55.1%
|
Other liabilities
|
1,923,119
|
1,059,119
|
643,403
|
-39.3%
|
-66.5%
|
Total liabilities
|
14,876,508
|
14,265,703
|
13,848,316
|
-2.9%
|
-6.9%
|
Net equity
|
2,731,223
|
2,878,354
|
2,930,865
|
1.8%
|
7.3%
|
TOTAL LIABILITIES AND NET SHAREHOLDERS’ EQUITY
|
17,607,731
|
17,144,058
|
16,779,181
|
-2.1%
|
-4.7%
|
Quarter
|
% change
|
Up to
|
% change
|
|||||
2Q22
|
1Q23
|
2Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Net interest income
|
550,121
|
542,880
|
560,302
|
3.2%
|
1.9%
|
1,599,606
|
1,621,945
|
1.4%
|
Provision for loan losses, net of recoveries
|
(84,932)
|
(184,516)
|
(201,898)
|
9.4%
|
137.7%
|
(295,791)
|
(613,783)
|
107.5%
|
Net interest income after provisions
|
465,189
|
358,365
|
358,403
|
0.0%
|
-23.0%
|
1,303,815
|
1,008,162
|
-22.7%
|
Non-financial income
|
30,844
|
37,606
|
31,726
|
-15.6%
|
2.9%
|
91,172
|
105,670
|
15.9%
|
Total expenses
|
(291,817)
|
(306,677)
|
(314,070)
|
2.4%
|
7.6%
|
(870,139)
|
(923,728)
|
6.2%
|
Translation result
|
-
|
-
|
-
|
0.0%
|
0.0%
|
-
|
-
|
0.0%
|
Income taxes
|
(57,174)
|
(22,934)
|
(15,680)
|
-31.6%
|
-72.6%
|
(146,888)
|
(40,222)
|
-72.6%
|
Net income
|
147,042
|
66,360
|
60,380
|
-9.0%
|
-58.9%
|
377,960
|
149,882
|
-60.3%
|
Efficiency ratio
|
50.0%
|
52.7%
|
51.7%
|
-99 bps
|
172 bps
|
51.3%
|
52.9%
|
162
|
ROAE
|
22.1%
|
9.3%
|
8.3%
|
-104 bps
|
-1381 bps
|
19.9%
|
7.0%
|
-1288
|
ROAE incl. Goowdill
|
21.0%
|
8.9%
|
7.9%
|
-98 bps
|
-1308 bps
|
18.8%
|
6.7%
|
-1216
|
L/D ratio
|
154.9%
|
144.0%
|
135.1%
|
-890 bps
|
-1977 bps
|
|||
IOL ratio
|
6.6%
|
6.3%
|
6.2%
|
-2 bps
|
-33 bps
|
|||
NPL ratio
|
7.1%
|
6.9%
|
6.9%
|
4 bps
|
-20 bps
|
|||
Coverage of IOLs
|
116.1%
|
122.8%
|
122.1%
|
-74 bps
|
599 bps
|
|||
Coverage of NPLs
|
106.8%
|
111.5%
|
109.8%
|
-165 bps
|
302 bps
|
|||
Branches (1)
|
297
|
292
|
292
|
-
|
-5
|
|||
Employees
|
9,596
|
10,094
|
9,940
|
-154
|
344
|
(1)
|
Includes Banco de la Nación branches.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.7. |
Prima AFP
|
As of
|
% change
|
||||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
|
Total assets
|
734,766
|
633,654
|
684,835
|
8.1%
|
-6.8%
|
Total liabilities
|
278,345
|
205,962
|
225,257
|
9.4%
|
-19.1%
|
Net shareholders’ equity (1)
|
456,421
|
427,692
|
459,578
|
7.5%
|
0.7%
|
Quarter
|
% change
|
As of
|
% change
|
|||||
Back to index
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
Income from commissions
|
93,922
|
88,459
|
85,495
|
-3.4%
|
-9.0%
|
285,863
|
263,485
|
-7.8%
|
Administrative and sale expenses
|
(40,561)
|
(38,279)
|
(37,756)
|
-1.4%
|
-6.9%
|
(130,147)
|
(115,021)
|
-11.6%
|
Depreciation and amortization
|
(6,449)
|
(6,262)
|
(6,429)
|
2.7%
|
-0.3%
|
(18,910)
|
(18,884)
|
-0.1%
|
Operating income
|
46,913
|
43,918
|
41,310
|
-5.9%
|
-11.9%
|
136,807
|
129,580
|
-5.3%
|
Other income and expenses, net (profitability of lace)*
|
(1,469)
|
6,685
|
4,315
|
-35.5%
|
-393.6%
|
(23,255)
|
19,741
|
-184.9%
|
Income tax
|
(14,762)
|
(13,499)
|
(13,031)
|
-3.5%
|
-11.7%
|
(43,457)
|
(39,825)
|
-8.4%
|
Net income before translation results
|
30,681
|
37,104
|
32,593
|
-12.2%
|
6.2%
|
70,095
|
109,496
|
56.2%
|
Translations results
|
49
|
310
|
(596)
|
-292.2%
|
-1308.2%
|
(838)
|
(327)
|
-61.0%
|
Net income
|
30,730
|
37,414
|
31,998
|
-14.5%
|
4.1%
|
69,257
|
109,169
|
57.6%
|
ROAE (1)
|
27.9%
|
36.6%
|
28.9%
|
-775 pbs
|
98 pbs
|
17.9%
|
30.4%
|
1253 pbs
|
(*)
|
The net profitability of lace and mutual funds is being presented net of taxes, for which the retroactive change was made (it was presented gross before)
|
(1)
|
Net shareholders’ equity includes unrealized gains from Prima’s investment portfolio.
|
Funds under management
|
Jun 23
|
% share
|
Sep 23
|
% share
|
Fund 0
|
1,440
|
4.2%
|
1,483
|
4.3%
|
Fund 1
|
5,848
|
17.3%
|
5,899
|
17.0%
|
Fund 2
|
23,007
|
67.9%
|
23,644
|
68.2%
|
Fund 3
|
3,598
|
10.6%
|
3,629
|
10.5%
|
Total S/ Millions
|
33,893
|
100.00%
|
34,655
|
100.00%
|
Jun 23 / Jun 22(1)
|
Sep 23 / Sep 22(1)
|
|
Fund 0
|
7.2%
|
7.8%
|
Fund 1
|
12.5%
|
14.3%
|
Fund 2
|
7.8%
|
10.2%
|
Fund 3
|
0.1%
|
3.0%
|
(1) |
Information available until August.
|
Fee based on flow
|
1.60%
|
Applied to the affiliates’ monthly remuneration.
|
Mixed fee
|
||
Flow
|
0.18%
|
Applied to the affiliates’ monthly remuneration since June 2017. Feb 17- may 17 =0.87%.
|
Balance
|
1.25%
|
Applies annualy to the new balance since February 2013 for new affiliates to the system and beginning on June 2013 for old affiliates who have chosen this
commission scheme.
|
Main indicators and market share
|
Prima
2Q23
|
System
2Q23
|
% share
2Q23
|
Prima
3Q23
|
System
3Q23
|
% share
3Q23
|
Affiliates
|
2,341,661
|
9,063,654
|
25.8%
|
2,342,210
|
9,183,319
|
25.5%
|
New affiliations (1)
|
-
|
118,899
|
0.0%
|
-
|
123,295
|
0.0%
|
Funds under management (S/ Millions)
|
33,893
|
112,828
|
30.0%
|
34,655
|
115,565
|
30.0%
|
Collections (S/ Millions)
|
995
|
3,708
|
26.8%
|
997
|
3,690
|
27.0%
|
Voluntary contributions (S/ Millions) (2)
|
794
|
1,984
|
40.0%
|
814
|
2,009
|
40.5%
|
RAM Flow (S/ Millions) (3)
|
1,463
|
4,818
|
30.4%
|
1,383
|
4,571
|
30.3%
|
(1) |
As of June 2019, another AFP has the exclusivity of affiliations.
|
(2) |
Information available until Feb 2023.
|
(3) |
Prima AFP estimate: Average of aggregated income for flow during the last 4 months.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.8. |
Grupo Pacifico
|
As of
|
% Change
|
|||||
Sep 22
|
Jun 23
|
Sep 23
|
QoQ
|
YoY
|
||
Total Assets
|
14,134,050
|
15,402,511
|
15,796,121
|
2.6%
|
11.8%
|
|
Investment on Securities (1)
|
11,776,123
|
13,020,928
|
13,429,862
|
3.1%
|
14.0%
|
|
Total Liabilities
|
11,829,292
|
12,693,382
|
12,822,135
|
1.0%
|
8.4%
|
|
Net Equity
|
2,304,758
|
2,709,129
|
2,973,986
|
9.8%
|
29.0%
|
Quarter
|
% Change
|
As of
|
|||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
|
Insurance Service Result
|
280,438
|
275,201
|
324,995
|
18.1%
|
15.9%
|
705,966
|
896,586
|
Reinsurance Result
|
-119,203
|
-96,697
|
-118,588
|
22.6%
|
-0.5%
|
-347,887
|
-329,294
|
Insurance underwriting result
|
161,235
|
178,504
|
206,407
|
15.6%
|
28.0%
|
358,079
|
567,292
|
Interest income
|
197,607
|
209,171
|
195,214
|
-6.7%
|
-1.2%
|
558,457
|
594,348
|
Interest Expenses
|
-125,706
|
-121,294
|
-123,388
|
1.7%
|
-1.8%
|
-345,942
|
-366,860
|
Net Interest Income
|
71,901
|
87,877
|
71,826
|
-18.3%
|
-0.1%
|
212,515
|
227,488
|
Fee Income and Gain in FX
|
-2,556
|
-3,462
|
-2,561
|
-26.0%
|
0.2%
|
-7,757
|
-9,207
|
Other Income No Core:
|
-
|
-
|
-
|
0.0%
|
0.0%
|
-
|
-
|
Net gain (loss) from exchange differences
|
-206
|
-4,334
|
20,672
|
-577.0%
|
-10135.0%
|
1,454
|
14,995
|
Net loss on securities and associates
|
5,448
|
21,536
|
27,460
|
27.5%
|
404.0%
|
2,808
|
79,086
|
Other Income not operational
|
14,248
|
23,682
|
25,779
|
8.9%
|
80.9%
|
43,590
|
61,962
|
Other Income
|
16,934
|
37,422
|
71,350
|
90.7%
|
321.3%
|
40,095
|
146,836
|
Operating expenses
|
-59,968
|
-72,708
|
-79,355
|
9.1%
|
32.3%
|
-180,682
|
-216,331
|
Other expenses
|
-7,182
|
-21,292
|
-19,594
|
-8.0%
|
172.8%
|
-11,369
|
-40,232
|
Total Expenses
|
-67,150
|
-94,000
|
-98,949
|
5.3%
|
47.4%
|
-192,051
|
-256,563
|
Income tax
|
-3,028
|
-3,116
|
-4,307
|
38.2%
|
42.3%
|
-9,222
|
-10,623
|
Net income
|
179,892
|
206,687
|
246,327
|
19.2%
|
36.9%
|
409,416
|
674,430
|
*
|
Financial statements without consolidation adjustments.
|
(1)
|
Excluding investments in real estate.
|
• |
private health insurance managed by Grupo Pacifico and included in its Financial Statements in each of the accounting lines;
|
• |
corporate health insurance (dependent workers); and
|
• |
medical services.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
Quarterly
|
% change
|
YTD
|
% change
|
|||||
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Sep 23 / Sep 22
|
|
Results
|
||||||||
Net earned premiums
|
331,323
|
325,488
|
343,092
|
5.4%
|
3.6%
|
961,277
|
1,009,485
|
5.0%
|
Net claims
|
(276,094)
|
(277,753)
|
(273,212)
|
-1.6%
|
-1.0%
|
-818,435
|
-810,004
|
-1.0%
|
Net fees
|
(14,323)
|
(14,344)
|
(14,754)
|
2.9%
|
3.0%
|
-41,389
|
-43,725
|
5.6%
|
Net underwriting expenses
|
(2,652)
|
(2,903)
|
(2,890)
|
-0.5%
|
9.0%
|
-8,420
|
-8,788
|
4.4%
|
Underwriting result
|
38,253
|
30,488
|
52,237
|
71.3%
|
36.6%
|
93,033
|
146,968
|
58.0%
|
Net financial income
|
2,749
|
3,653
|
3,741
|
2.4%
|
36.1%
|
6,390
|
11,527
|
80.4%
|
Total expenses
|
(20,826)
|
(20,237)
|
(23,152)
|
14.4%
|
11.2%
|
-59,948
|
-65,857
|
9.9%
|
Other income
|
(2,854)
|
(5,791)
|
(1,639)
|
-71.7%
|
-42.6%
|
-1,588
|
-4,722
|
197.3%
|
Traslations results
|
2,046
|
(2,417)
|
2,769
|
-214.6%
|
35.3%
|
-567
|
-828
|
46.0%
|
Income tax
|
(12,191)
|
(4,295)
|
(11,778)
|
174.3%
|
-3.4%
|
-18,729
|
-31,322
|
67.2%
|
Net income before Medical services
|
7,176
|
1,401
|
22,178
|
1483.5%
|
209.0%
|
18,592
|
55,765
|
199.9%
|
Net income of Medical services
|
27,598
|
33,467
|
26,436
|
-21.0%
|
-4.2%
|
81,134
|
88,366
|
8.9%
|
Net income
|
34,775
|
34,868
|
48,614
|
39.4%
|
39.8%
|
99,725
|
144,130
|
44.5%
|
(1)
|
Reported under IFRS 4 standards.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.6.9. |
Investment Banking & Wealth Management
|
Investment Banking and Wealth Management
S/000
|
Quarter
|
% change
|
As of
|
% change
|
||||
S/ 000
|
3Q22
|
2Q23
|
3Q23
|
QoQ
|
YoY
|
Sep 22
|
Sep 23
|
Set 23 / Set 22
|
Net interest income
|
19,025
|
21,206
|
20,100
|
-5.2%
|
6%
|
57,295
|
63,348
|
11%
|
Non-financial income
|
177,191
|
207,535
|
182,989
|
-11.8%
|
3.3%
|
503,834
|
583,309
|
15.8%
|
Fee income
|
133,374
|
133,448
|
127,085
|
-4.8%
|
-4.7%
|
409,428
|
383,394
|
-6.4%
|
Net gain on foreign exchange transactions
|
2,503
|
12,836
|
11,709
|
-8.8%
|
367.8%
|
23,001
|
40,629
|
76.6%
|
Net gain on sales of securities
|
12,745
|
64,116
|
28,120
|
-56.1%
|
120.6%
|
8,035
|
144,138
|
N/A
|
Derivative Result
|
35,975
|
(21,679)
|
21,771
|
-200.4%
|
-39.5%
|
72,317
|
(28,766)
|
-139.8%
|
Result from exposure to the exchange rate
|
(15,651)
|
8,513
|
(7,650)
|
-189.9%
|
-51.1%
|
(33,319)
|
23,860
|
-171.6%
|
Other income
|
8,245
|
10,301
|
1,954
|
-81.0%
|
-76.3%
|
24,372
|
20,054
|
-17.7%
|
Operating expenses (1)
|
(159,294)
|
(167,982)
|
(175,514)
|
4.5%
|
10.2%
|
(482,429)
|
(506,605)
|
5.0%
|
Operating income
|
36,922
|
60,759
|
27,575
|
-54.6%
|
-25.3%
|
78,700
|
140,052
|
78.0%
|
Income taxes
|
(7,929)
|
(8,840)
|
(4,937)
|
-44.2%
|
-37.7%
|
(9,204)
|
(21,388)
|
132.4%
|
Non-controlling interest
|
763
|
(1,681)
|
(3,281)
|
95.2%
|
-530.0%
|
1,979
|
(5,137)
|
-359.6%
|
Net income
|
28,230
|
53,600
|
25,919
|
-51.6%
|
-8.2%
|
67,517
|
123,801
|
83.4%
|
(1)
|
Includes: Salaries and employee’s benefits + Administrative expenses + Assigned expenses + Depreciation and amortization + Tax and contributions + Other expenses.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.7. |
Table of calculations
|
Table of calculations (1)
|
||
Profitability
|
Net Interest Margin (NIM)
|
For further details on the new NIM calculation due to IFRS17, please refer to Annex 12.1 |
Risk-adjusted Net Interest
Margin (Risk-adjusted NIM)
|
For further details on the new NIM calculation due to IFRS17, please refer to Annex 12.1 |
|
Funding cost
|
For further details on the new Funding cost calculation due to IFRS17, please refer to Annex 12.1 |
|
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 Total loans |
|
Operating
performance
|
Efficiency ratio
|
For further details on the new Efficiency ratio calculation due to IFRS17, please refer to Annex 12.1 |
Capital Adequacy
|
BIS ratio
|
Regulatory Capital Risk-weighted assets |
Tier 1 ratio
|
Tier 1 Risk-weighted assets |
|
Common Equity Tier 1 ratio
|
Capital + Reserves -100% of applicable deductions (2) + 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.
|
| | Earnings Release 3Q / 2023 | Analysis of 3Q23 Consolidated Results | |
12. Appendix |
12.8. |
Glossary of terms
|
Term
|
Definition
|
Government Program Loans (“GP” or “GP Loans”)
|
Loan Portfolio related to Reactiva Peru and FAE-Mype and Impulso Myperu programs to respond quickly and effectively to liquidity needs and maintain the payment chain.
|
Structural Loans
|
Loan Portfolio excluding GP Loans.
|
Structural Cost of Risk
|
Cost of Risk related to the Structural Loans. It excludes, in the numerator, provisions for credit losses on GP loans, and in the denominator, the total amount of GP Loans.
|
Structural NPL ratio
|
NPL Ratio, excluding the impact of GP Loans.
|
Structural NIM
|
NIM related to Structural Loans and Other Interest Earning Assets. It deducts the impact of GP Loans
|
Structural Funding Cost
|
Funding Cost deducting the impact in expenses and funding related to GP Loans
|