Credicorp : 25 Years Presentation

1

9:30 am	Opening
	Ms. Milagros Cigueñas, Investor Relations Officer
	Welcome Remarks
	Mr. Luis Enrique Romero, Executive Chairman
9:40 am	Credicorp Story
	Mr. Walter Bayly, CEO
10 am	Universal Banking
	Mr. Gianfranco Ferrari, Deputy CEO and CEO of BCP
10:20 am	Microfinance
	Mr. Javier Ichazo, Head of Microfinance and CEO of Mibanco
10:35 am	Insurance and Pensions
	Mr. Alvaro Correa, Deputy CEO, Head of Insurance &
	Pensions, IB & WM
10:47 am	Inv. Banking & Wealth Management
	Mr. Eduardo Montero, Head of IB & WM,
	CEO of Credicorp Capital
11:00 am	Financial Strength & Dynamics
	Mr. Cesar Ríos, CFO
11:15 am	Five Minute Break
11:20 am	Q&A Session
11:55 am	Closing Remarks

Mr. Walter Bayly, CEO

Safe Harbor

The information we present today, both written and oral, includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical information are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. Forward looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.

Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", "see" and similar references to future periods. Examples of forward-looking statements include, among others, statements or estimates we make regarding guidance relating to Return on Average Equity, Sustainable Return on Average Equity, Cost of Risk, Loan growth, Efficiency ratio, BCP Stand-alone Common Equity Tier 1 Capital ratio, Net Interest Margin, Provisions and Non-Performing Loans, current or future volatility in the credit markets and future market conditions, expected macroeconomic conditions, our belief that we have sufficient liquidity to fund our business operations during the next year, expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, strategy for customer retention, growth, product development, market position, financial results and reserves and strategy for risk management.

We caution readers that actual results could differ materially from those we expect, depending on the outcome of certain factors, including, without limitation adverse changes in:

1. the economies of Peru and other countries in which we conduct business, with respect to rates of inflation, economic growth, currency devaluation, and other factors, including in the light of the COVID-19 outbreak and government laws, regulations and policies adopted to combat the pandemic;
2. the Peruvian political situation, including, without limitation, the reversal of market-oriented reforms and economic recovery measures, or the failure of such measures and reforms to achieve their goals; and
3. the markets in which we operate, including increased competition, decreased demand for financial services, and other factors.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made in this material is based only on information currently available to us and speak only as of the date on which it is made. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, including, without limitation, changes in our business strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

3

Luis Enrique Romero

Executive Chairman

Walter Bayly

CEO

Solid Track Record of Profitable Growth and Resilience to Business Cycles

Net income

Capitalizing the Growth Opportunity

(US$ Billion)

1995 2019

Market Cap

B

A

P	Peru GDP(2)

100%

1995

1997

1999

2005

2009 2010

2012 2014

2017 2018 2019 2020(1)

Loans

Deposits

Net Equity

Market Cap

Net income

Clients

(million)

Employees

(thousand)

2.1	33.6	16x
2.5	32.6	13x
0.4	7.8	20x
1.0	17.0	17x
0.1	1.3	13x
1.0	16.5	16x
7.0(3)	35.8	5x

1. As of June 2020.
2. Source: BCRP

(3) Data available for 1996.	6

Value Creation Through Four Key Growth Levers

Well Capitalized, Leading Player	Close to Our Customers and
1. in an Underpenetrated Region	2. Capturing Cross Selling Opportunities

Achieving Scale

Through Innovation and	Integrated, Actively Managed Group
4. Expansion of our Successful	3. with Independent Business Lines
Business Models

7

Well Capitalized Leading Player in an Underpenetrated Region

Operating in Markets with Attractive Growth Potential

Leading Market Positions in Core Segments

Private Sector Loans as a %GDP(1)

44%

47%

48%

98%

(1) Source: BCP. - Economic Research

Universal Banking

Microfinance

Insurance & Pensions

Investment Banking & Wealth Management

#1

#1 Latam

#1

#2

#2

#1

#1

#2

Loans

Deposits

Assets

Life

P&C

Pensions

Equity

Fixed Income Equity

Fixed Income

8

Close to Our Customers and Capturing

Cross Selling Opportunities

Customer Centricity

Generating customer centric synergies to offer a wide range of solutions to clients

	Cross Selling Opportunities
Bancassurance		Digital Payments
+		+
+		+
+
	Customer	Asset and
E- commerce	Wealth Management
Centricity
+	+
+

9

Integrated, Actively Managed Group with Independent Business Lines

Credicorp Way

Value creation leveraging

with differentiated business strategies and clear priorities for capital allocation

Best Practices

1

Universal Banking

2

Microfinance

Risk Management

Data & Analytics

3	Insurance &	Talent Management	4	Investment Banking
Pensions Funds		& Wealth Management
		Agile CoE
		Cybersecurity

10

Achieving Scale Through Innovation and Expansion

of Our Successful Business Models

Growth

Broader penetration, innovation and scaling our successful business models…

Universal Banking	Microfinance	Insurance &	Investment Banking
Pensions Funds	& Wealth Management
» Customer Experience	» Hybrid business model	» Customer centricity	» Customer centricity
» Efficiency	» Commercial efficiency	» Digitalization	» Local knowledge
» Connecting to society	» Risk Management	» Credicorp channels	» Best talent
	» Customer experience		» Operational transformation

…complemented by selective M&A opportunities and Open Innovation

11

Achieving Scale Through Innovation

Growth

Cultivating fintech innovation to target the unbanked population across Peru,

Chile and Colombia enhancing the customer experience

E - Commerce

…aims to reimagine	Digital Consumer
Banking
financial services

through sustainable

digital business

Credicorp

Channels

12

Building on Our Social Role To-Date…

E

S

G

13

…by Making Sustainability a Core Component of Our

Strategy to Ensure Long-term Competitiveness

Our North Stars for the New Cycle of Business Unit Strategic Planning

Create a more sustainable	Improve financial	Empower our
and inclusive economy	health of citizens	people to thrive
» Increase financial Inclusion	» Deliver best in class	» Champion diversity, inclusion
» Support transition to	experience efficiently	and gender equality
» Build long-term, trusted relationships	» Develop future workforce, enhancing
environmental sustainability
	through transparency and simplicity	skills, effectiveness and impact
» Contribute to formalizing	» Educate people to make better	» Enhance governance
the economy	financial decisions	structure and encourage people
» Enable SME growth	» Accelerate innovation to continue	to do the right thing
» Develop creative solutions
	anticipating customer needs
		and partnerships

14

Our Vision

Being a future oriented, stakeholder-focused, sustainable business leader in

Latin America…

…will be at the heart of our

strategic planning and business decisions, to ensure long-term value creation and performance.

15

Gianfranco Ferrari

Deputy CEO of Credicorp CEO of BCP

Transforming

Plans into Reality

"Always being with you, encouraging, and transforming your dreams and plans into reality,

while building Peru's story of development and

progress"

17

Well-positioned to achieve objectives

Historical competencies …

Scale & market

Leadership

Risk Relationship

CultureFocus

Distribution Payment

NetworkHub

…reinforced with the WOW Transformation

Strategy…

1. Our Purpose Transforming plans into reality

4. Key Objectives

	#1			Best
		efficiency
	In customer			ratio in
	experience			Latam
		5. Results
Cost/Income						Pre approve
ratio in		Duplicate
mid-			50%
	cross-sell for all
thirties		customers			of EAP
Be #1		70%			+++ profit
In employee		of sales served			growth
experience		digitally			Non disclosed

With a WOW Team

2. Our Values:

#Test&Learn #CustomerCentricity #Risk-Conscious&Righteous

#Collaboration #GiveYourBest #BoostYourSkills

• adding new differentiating capabilities

Customer

Centricity

Innovation	Cybersecurity
& Digital

Data &	Agile Organization
Analytics	& Culture

18

The WOW Culture and Digitalization Underscore Path to #1 Positioning

Boosted consumer satisfaction…

Satisfaction T2B%

(Annual average)		47%	51%
		45%		BCP
	36%	44%
	42%		Bank 2
39%	41%
38%
		Bank 3
		38%
34%	35%	34%
		Bank 4
28%	27%
23%
2017	2018	2019	2020(*)
(*) As of Jun-20

…by improving our customer journeys…

Satisfaction T2B%

55%	75% 82%	70% 76%
		44% 52%
29%
				Baseline
Make a	Visit a	Call the			Jun-2020
My first 100
complaint	Branch	Contact Center	days

* All baselines are as of 2017, except "Visit a Branch" and "My first 100 days" which are as of 2019

While our user-friendly digital offer…

… is driving increased customer digitalization

Monetary Transactions		83		82		Digital clients
(millions, monthly average to June)			(millions)
						50%
		81		79				30%	41%	% Digital clients
					23%		Digital
	66	8%					8.6
	5%				8.1
55	Branch			7.1	Traditional
11%					6.2
13%	76%	67%	Self-served
		Digital		1,4	2,1	3,3	4,3
	79%
78%
9%	10%	15%	28%			4,8	5,0	4,8	4,3
2017	2018	2019		2020			2017	2018	2019	2020(*)
Self-served: Kiosks, Automatic Debit, ATM, Banking Agent, POS, other			(*) As of Jun-20
Digital: Yape, Home banking and Mobile Banking				19

All sources: Company information

#1

in customer

satisfaction

in every segment

Source: Company information. Customer Satisfaction Internal survey.

20

Driving Profitable Growth Through Digitalization…

Sustained increases in digital sales and accelerated

adoption of digital channels…

Digital sales and digital channels users

Digital sales (units, %)

Mobile Banking Users (millions)*

YAPE Users (millions)

32.7%

		18.9%
			4,0
	8.4%		3,4
5.4%	2,6
	1,5	1,7
0,8	0,2
2017	2018	2019	2020

• +1 M new mobile banking users p.a. 2018-2020

** Digital sales as of Jul-20, Mobile banking users as of Ago-20, Yape users as of Sep-20

82 …has led to strong efficiency improvements

	2015	2019	var.
Volume per employee (M, PEN)	8.8	10.9	24.3%
Net Income per employee (M, PEN)	135	189	40.6%
# of branches	459	406	11.5%
Expenses and Investment in IT (M,	603	796	32.0%
PEN)
Unit Transactional Cost (PEN)**	0.66	0.43	35.0%

** Baseline 2017. monthly average to June

All sources: Company information.

21

• and Progressing on Our Goal of Achieving the Best Efficiency in LatAm

Cost-to-income (C/I) ratio (%)

Bank 1

Bank 2

BCP

Bank 3

Bank 4

Bank 5

Bank 6

Bank 7

Bank 8

39.1

40.0%

40.8%

45.3%

45.4%

45.5%

447.8%

49.0%

51.5%

Among the most

efficient FIGs in

Latin America

2019

Note: Peers include top 1 or 2 players in each relevant country in LatAm. Banks publicly traded

Source: Investor Presentations. C/I as reported.		22

Innovation Boosting Our Reach, Scale

and Efficiency

Yape	Cocos y
Lucas
Banking the	Expanding
unbanked	to new markets

23

Accelerating Investments to Continue to Capture Value

We have rapidly faced this global pandemic leveraging our agility and accelerating our digitalization in a low touch economy

Data	Innovation
Analytics	and Digital

Agile@Scale

Cultural Transformation

24

Transforming Plans into Reality

Remaining close to our clients and efficiently growing our income sources while benefiting from digital capabilities and scale

Deepening our connection to communities to generate value for all of our stakeholders and ensure long- term sustainability

25

Transforming Plans into Reality…

while Deepening Our Ties with Society

26

Javier Ichazo

Head of Microfinance

CEO of Mibanco

27

A Solid Track Record of Growth and Financial Inclusion

	Creation of	Bancompartir
Encumbra (Colombia)	Acquisition

2009	2014	Consolidates
		regional banking

	2013			2019	Portfolio	US$ 3,487 M
			# 1 Americas
							#2 Worldwide
Edyficar Acquisition				Mibanco Acquisition	Customers	2 MM
Portfolio							Net Income	US$ 120 M
US$MM	216	786	2,264	3,487
Customers MM	0.2	0.5	1	2

Employees 14,000

*Data as of December 2019

28

Helping an Unbanked Customer Base Prosper

Mainly uses cash

Values close, transparent and trustworthy advisory services and financial education

Does not maintain savings in the formal banking system

60% of our loans are for less than S/ 5,000 (US$1,428)

29

Mibanco: Microfinance Leader in Peru

1 in every 5 customers banked by Mibanco Over 100,000 new customers banked annually

25%	28%
MS loans	MS clients

21%

MS Bancarization

30

Operating in Countries with Substantial

Long-Term Growth Potential

Great Potential in Peru…

… and Even Greater in Colombia

Micro Business Owners

6.4 MM

Micro Business Owners

8.5 MM

2.7MM	5.7MM
Unbanked	Unbanked
42.2%	67.1%

*Data as of December 2019		31

Expanding Our Successful Model to Colombia

Productivity

Cost of Risk

Efficiency

17

16

6

3.99% 3.76% 4.50%

53%

67%

75%

*Data as of December 2019	32

Migrating to a Digital Hybrid Model

Traditional model		Digital Hybrid Model
» 100% on-site sales and assessment	» Multi-channel and digital sales
» Advisor-dependent	»	Centralized risk management
» High level of operating interaction in agencies	»	Relationship focus

33

Introducing Digital Innovation Without

Compromising Our Essence

Hybrid Digital Model

Prospecting

Salesperson

Digital

Evaluation

In person

Centralized

Maintenance

Salesperson

Multichannel

Payment

Salesperson

Multichannel

26% of loans assessed without

intervention of sales advisors

34

Driving Efficient & Profitable Growth through Innovation, Digital & Risk Management Capabilities

Mibanco Strategy

Effective and Efficient

Commercial Model

Excellence in Risk Management

Customer Experience

Enablers

Culture / Innovation	Cybersecurity and Fraud
Data and Technological	Construction of
Architecture	Digital Channels
Predictive Models

35

COVID - 19 Accelerated

Digitalization by

1 ½ Years

36

Developing Innovative Digital Ecosystems

Loan Officers	Clients	Clients'
		Businesses
+		+

Productivity per agent	APP	Yape
Remote processes	WEB
Culqui
Advanced analytics	Kasnet
in origination &	BCP
collections

Innovative

Partnerships

+

Uber

MO (Fintech)

Selectively

expanding

customer base

37

Synergizing Group Capabilities

• =
• =

Digital

Transformation

Bancassurance

38

We will keep writing progress stories alongside every Martina,

Yosselin, Edgar, Roberto…

Transforming lives

in Peru and the region.

39

Alvaro Correa

Deputy CEO of Credicorp Head of Insurance & Pensions,

IB & WM

Our Vision Insurance & Pensions

We accompany people throughout their entire

life, strengthening their protection and

generating well-being.

We protect	We guide and
people's	accompany their
happiness	progress

Together for their peace of mind

41

Market Context: Leadership in a Market with

Great Potential

		OPPORTUNITIES
#1	MARKET	» Digital adoption
» Low insurance and	» Young population
	» Sensitivity to protection
	pensions penetration	» Inclusion
In personal	» Unattended segments
insurance	» Informality
(33% MS)

*EAP with	Vehicle fleet	Houses with home	Population with private	EAP with Private
Vida Ley insurance	with insurance	insurance	health insurance	Pension System

18MM

11%

3MM

24%

10MM

3%

32MM

6%

18MM

19%

Vida Ley insurance	Vehicle insurance	Homes with private insurance	Private insurance	Affiliated to PPS
Uninsured	Uninsured	Uninsured	SIS + Other public insurance	Affiliated to NPS
			ESSALUD	Non affiliated

*EAP: Economically Active Population	42

Strategic Axes to Ensure Our

Future Success

Customer Centric

Digitalization

Credicorp

Channels

43

Strategic Axes

Customer Centric Innovation

We create solutions adapting to the current and

future needs of the population​

			183
Flexible annuities		3x		Oncological Indemnity	+20K
(MM S/ to July)	61		Insurance
					Number of insured clients
					since 2018
	2017		2020
Vehicle Insurance			2104	Targeted Voluntary
pay per use (units)
			Savings	Meta
		5x		(Newly Launched)
	407
					Avance
					25%
	2019		YTD 2020

44

Strategic Axes

CREDICORP Channels

Access to

CREDICORP clients

9MM

BCP/ MiBanco Clients

5MM

Pacifico Clients

We capitalize on our strengths by empowering our own channels

Tribu Banca Seguros

SQUAD	Digital Sales Force
	Transformation
	Productivity per consultant (# of policies)
	+30% vs December 2018
	Policy subscription speed
	7 days vs <3 hours

45

Strategic Axes

Digitalization

To reach the broader population and give our clients the best experience

E-commerce

(MM S/ to July)

	11
	14X
0.8
2018	2020

Transfer with facial verification

(Project)

Proceso de

verificación facial

APP Pacifico | Self-management

(% requests to July)

49%

9%	5.5X
2018	2020

	Virtual Attention
	(# requests to July)
			10MM
	0.5MM	20X
46	2018		2020

Essential Enablers for Our Strategy

47

Aspiration

In the next ten years, we will keep

growing and have an even more

protected population. Our citizens needs it. We have a key role in our society and will continue on our path to protect the peace of mind

and well-being of more people.

Eduardo Montero

Head of IB & WM,

CEO of Credicorp Capital

A Young Investment Bank Growing Since its

Inception 8 Years Ago

Credicorp Capital	Definition and Consolidation of our	Building a Shared
Creation	Regional Bussines Lines	Organizational Culture

Beginning of IT &

Operational

Transformation

2012 2013 2014 2015 2016 2017 2018 2019 2020

AUMs	Revenue
USD	USD

33 Bn

157 MM

7 Bn

274 MM

2013	20201	2013	2019
Employees	961		+1800

50

Consolidating Leadership in the Region Through Four Business Lines

Regional

Scope

Business Lines with Leading Market Positions

USA

Colombia

Peru

Chile

+ 20,000 Retail Clients

+ 4,900 Private Banking clients + 1,300 Corporate clients

+ 1,000 Institutional clients

Wealth Management

Asset

Management

Capital

Markets1

Corporate

Finance2

AUM > USD 16 BN

Peru: 31% Mkt Share

AUM > USD 21 BN

USD 1 BN Portfolio in LatAm Real Estate

Peru: 40% Mkt Share in Mutual Funds

Colombia: 32% Mkt Share among Broker Dealers

Fixed Income	Equity
2nd	21%	1st	31%
1st	22%	1st	23%
2nd	10%	4th	7%

USD 15.0 Bn in Bond Issuances & Liability Management

USD 4.4 Bn in Equity Transactions

USD 14.3 Bn in Structured Loans

USD 0.3 Bn in M&A and Advisory

1. Information as of 2019 / Peru: BVL information. Fixed income data also includes information from Datatec platform. Does not include repo operations. Colombia: Colombia Stock Exchange information. Fixed income data also includes Banco de la Republica's information. Does not include repo operations. Chile: Santiago Stock Exchange information. Fixed income data includes financial intermediation operations. Equity securities includes operations with investment fund shares and foreign stock. Does not include repo operations

(2) From 2017 to August 2020	51

A Business Model Based on Three Key Components

Client

Centricity

+			Leveraging Local
	Local		Knowledge, Best
		Practices & Regional
	Presence
	+	Reach

Talent

Client Centric Culture with a Wide

Offering of Experts, Products and Platforms

Including Direct Access to the US Market that Fosters Customer Loyalty

Comprehensive Customer Value Proposition

Recognition & Customer

Satisfaction

Broad Product

Offering

• Mutual Funds
• Alternative Investments
• (Real Estate, Infrastructure, Private Debt)
• Structured Products
• Brokerage

	Expert Advisory Model	Multi-Platform
	Access
		Private Banker
			Third Party Platforms1
Lending	Investment
		Advisory
Banking		Clients	US
Services

Wealth Planning

NPS2

65% 74%

20192020

PRIVATE BANKING

(1)	Exclusive for Vicctus Multi Family Office		53
(2)	Weighted average based on # of clients in each country.

Local Knowledge Supports Unmatched Customer Service and Advice

We know the markets and their companies…

… and are acknowledged for our service quality

35

WM: 7

Traders: 8

450

WM: 81

PMs: 11

IBs: 26

Traders: 14

260

% public companies covered	WM: 32
by In-house Research
PMs: 9
93% IPSA Chile	IBs: 14
Traders: 19

99.8% COLCAP Colombia

60%1 S&P BVL Perú

900

WM: 73

PMs: 8

IBs: 13

Traders: 38

Top 3

Position in both the Chilean and North Andean (NAC) surveys, for the first time since

CC creation, only 8

years ago.

Overall #1

Family Office	#1
UHNW	#1
>US$ 30 MM

HNW	#1
US$ 5-30 MM

Super Affluent

Clients#1

US$ 1-5 MM

Wealth Management (WM)

Portfolio Managers (PMs)

Investment Bankers (IBs)

(1) No coverage of CREDICORP (BAP)		54

Best in Class Talent in the Region Driving Product Innovation and Performance

Outstanding performance of our

LATAM strategy funds

Luxembourg Funds

AUMs		Performance1
USD
		Latam Equity Fund
		+800 bps vs. benchmark
	640 MM	Latam High Yield Fund
		1st quartile position
48 MM		Latam Investment Grade Fund
2014	2020	2nd in its peer group

Portfolio Managers rated AAA by Citywire

(1) Latam Equity Fund - Outperformed its benchmark by more than 800 bps net of fees since inception.
Latam High Yield Fund - Has maintained its 1st quartile position in 5 years.	55
Latam Investment Grade Fund - 2nd place in its peer group in 1 year.

Pioneer in structured transactions in the region

• 1st REIT IPO in the last two years in Peru
• JV Infrastructure Fund2 with almost USD 500 MM invested
• USD 600 MM and best risk adjusted return3 in our Colombian REIT. The largest commercial RE transaction of the Colombian Market
• 100% Bond Exchange transactions in Chile
• 1st Social Bond and Green Bond issuances in Peru
• Structured cross border transactions for clients with regional interest

1. Joint Venture with SURA Asset Management.
2. Since its creation 10 years ago.

Redefining Operational Model to Accelerate Growth and Enhance Stakeholders Value

Moving from Local Operations & IT Platforms…

Peru

Panama

Colombia

Chile

• To a Sustainable, Scalable & Efficient
  Regional Operation

Wealth Mgmt		Asset		Capital		Investment
	Management		Markets		Banking

ERP

CRM / Onboarding / Data Mgmt

IT IT IT IT

Ops Ops Ops Ops

Improve

Customer

Experience

Improve process quality and reduce operational risk

• Digital client Onboarding
• Data driven insights to better serve our clients
• Standardized, scalable and automated processes across all businesses
• Capture efficiencies while improving output and reducing risk

56

Improving customer experience,

underscored by our local knowledge and operational transformation, while

we…

…continue to develop and foster exceptional talent to drive sustainable performance, and…

• scale our business through organic and inorganic growth

57

Cesar Ríos

CFO

The Peruvian Market has Begun to Recover

While economic activity & labor trends(1)	… we are managing portfolios, restarting sales and
are pointing in the right direction…	balancing activities to emerge stronger and grow faster

GDP and Labor Trends

GDP (YoY % Change)

EAP (in millions)

	3.7
	4.0
1.5	2.0
	0.0
	-2.0
	-12%
	-18%
	-8.0

BCP Debit and Credit Card Tx(2)	On-time payment on Loans Due(3)
	(S/ Billions and Percentage)

		BCP Retail Banking
DC					Others(4)
CC	36.8	38.6	32.8	31.3	Payment
		72%	90%	92%
	41%
	101
	100
	May 20	Jun 20	Jul 20	Aug 20

Mibanco(5)

57		3.9	5.1	Others(4)
1.7	5.0	Payment

-50.0%	-40%	-10.0
Jan 20	Apr 20	Jul 20

20

Jan 20

Apr 20

Aug 20

	61%	83%	81%
34%
May 20	Jun 20	Jul 20	Aug 20

1. Economic Active Population. Sources: INEI.
2. Source: BCP. As of Aug-20

	(3)	Balances do not include GP loan portfolio, Special Accounts portfolio, portfolio with more than 120
		days past due or portfolio under legal collection..
59		(4)Includes loans that took a new reprogramming facility or went overdue
	(5)	Restated series replaces the one presented at 2Q20 Conference Call, which did not include those

reprogrammed operations where the conditions were not yet accepted by clients.

Great Potential to Increase Financial Inclusion in Peru with Long-Term Opportunities in the Region

Growth Potential in Peru Across the Board

Chile	Brazil	Colombia	Peru
98

Financial	48	47	44
Penetration(1)
(% of GDP)
	695
Insurance
Penetration(2)	351
(Written Premiums
per capital)		182	130

Selective Opportunities in Microfinance,

Wealth Management and Digital Banking in LatAm

1. Source: BCP - Economic Research
2. (US$) (P&C + Health + Life)

60

Building New Skills and Capabilities while Leveraging Strong Franchise to Seize the Growth Opportunities

Strong Brand

Scale and

Leadership

Building on

Leading Financial Services Platform and Payment Hub…

Full spectrum of financial services

RelationshipRisk

focusedDiscipline

More Customer

Centricity

…Adding More Client

Centric, Digital,

Data Driven

and Synergistic Focus

across Credicorp

ESG Integration

Synergies and cross selling opportunities

Data & Analytics

Risk & Pricing

Intelligence

Digital Capabilities

Cybersecurity

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Advancing in Innovation and Transformation, Adding Sources of Income and Adapting Operating Model to Drive Efficiency

Credicorp funded Transformation	… and rapidly controlled
without deteriorating C/I…	op. expenses this year

Credicorp Efficiency ratio

43.4%	43.8%	43.5%	42.7%	43.3%

2017

2018

2019

Jun 19

Jun 20*

* Adjusted by one-off impairment and Bancompartir acquisition

Current Initiatives

Optimizing current portfolio income

Developing new sources of income

Adapting operating model

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Disciplined Risk Management with a Diversified

Business Portfolio and a Clear Risk Appetite

Risk Appetite FrameworkEnhanced Credit Risk Management Tools

Aligned with Corporate Objectives

From…	To…
Sophisticated models that incorporate internal and
Traditional models
external transactional information across businesses

Balance Sheet	Solvency					S/ Billions
Structure		8%				140
Results	Liquidity	4%				70
Stability
	Profitability	0%				0
	and Growth
		2014	2017	2018	2019	2020
			Total Loans (right)		Cost of Risk (left)

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Healthy Balance Sheet with Low Cost Funding Base and

Outstanding Capital Generation

Diversified portfolio and liquid assets funded with	Strong income generation capacity to fund growth
low cost and stable funding sources	and create shareholder value

Balance Sheet Structure - 2Q20

Other		Other Liabilities	5%
4%
	Other Funding
		7%
Cash and Equiv.	18%	Insurance Reserves	5%
		Bonds	8%
		G. Programs	7%
Investments	8%
		CTS and Time	17%
		Deposits
G. Programs	7%
Loans	53%	Demand and	41%
	Savings Deposits
		Equity	11%
	Assets	Liabilities & Equity

		Dividend Outflow
		(S/ Millions)
				2,393
	2,232		2,233
			638
	1,25
	2
		1,130
492			1,595
	980
					Special
					Regular
2016	2017	2018	2019	2020*	BCP
11.1%	11.8%	11.5%	12.4%	11.2%	CET 1

64		* Ratio as of June 2020.

Expected Medium-Term Profitability Trends

Loan Portfolio

1.5x nominal GDP growth, Loan shift to reflect higher share of retail

Net Interest Margin

Driven by interest rate levels Gradually increasing weight of retail banking portfolio Gradual pricing improvement Investment portfolio

Fee Income & Premiums

Digitalization in banking

Bancassurance & Insurance own digital channels Wealth Management

Cost of Risk

Return to segment-specific prior levels

Efficiency

New sources of income and new normal on expenses Evolving to new operating models

ROAE

Return to high teens

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Key Takeaways

Leading businesses well positioned to foster a more sustainable and inclusive economy, capturing growth opportunities

Continued innovation and business transformation to optimize customer experience, consolidating new competitive advantages

Continued efficiency improvements, disciplined risk and capital management

Empowering and developing our talent, fostering diversity, equality and values

Ensuring long-termcompetitiveness and business resilience

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Write in questions via the online question window

or

Call [phone]

(From within the U.S.);

[phone]

(From outside of the U.S.)

Walter Bayly

CEO

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