• In the third quarter, the financial holding company indicated that the Peruvian economy grew by around 3.5% year-on-year.
• Tenpo Bank Chile received the provisional authorization certificate from the Chilean Financial Market Commission for its subsequent incorporation as a banking entity.
• Yape has reached more than 13 million monthly active users, on track to meet its goal of 16.5 million by 2026.

Lima, November 8, 2024. During its quarterly presentation to investors, Credicorp, a leading financial group in Peru with a presence in Colombia, Chile, Bolivia, Panama, and the United States, reported on its progress in digital transformation and sustainability, pillars of its long-term strategy.

The Credicorp Group, comprised of BCP, BCP Bolivia, Mibanco, Mibanco Colombia, Grupo Pacífico, Prima AFP, Credicorp Capital, and Krealo, presented its results for the third quarter of 2024, a period in which it recorded a record net income attributable to Credicorp of S/1,523.8 million. In this regard, the quarterly ROE reached 18.5%, compared to 16.2% in Q3 2023, and is on track to meet its ROE target of approximately 17% by 2024.

Alejandro Pérez-Reyes, CFO of Credicorp, highlighted the group’s ability to generate value through all cycles thanks to its diversified revenue sources, solid financing base, and investments in innovation and disruption. “The operating and financial results, including the record net income recorded this quarter, underscore the resilience and adaptability of our franchise in the face of challenges such as weak portfolio growth and a high cost of risk,” he noted.

Regarding Peru’s economic outlook for the third quarter of 2024, the economic recovery remained strong. GDP reportedly grew by around 3.5% YoY, similar to the second quarter of 2024.

Business milestones

In the presentation, Credicorp stated that it continues to advance the execution of its long-term strategy through investment in technology within its core businesses and disruptive initiatives to maintain a competitive advantage and ensure sustainability. In this regard, Gianfranco Ferrari, CEO of Credicorp, indicated that the positive momentum of the first half of the year continued into the third quarter, which led to unprecedented results and meeting the profitability guidance for 2024.

Yape, for example, registered 13 million monthly active users during this period, on track to meet the target of 16.5 million by 2026. At the end of September, monthly revenue per active user was S/4.9, while spending per active user was S/4.2. Furthermore, during these three months, 1,664.2 million transactions were made, representing an average of 44 monthly transactions and an average use of 2.4 features per month per active user.

Meanwhile, Tenpo Bank Chile, Credicorp’s fintech company, received a provisional authorization certificate from the Chilean Financial Market Commission (CMF) for its subsequent incorporation as a banking entity. “Obtaining this approval is another milestone on our path toward achieving the goal of obtaining 10% of Credicorp’s revenue after provisions from new business models by 2026,” Ferrari noted.

In addition, on November 1, the holding company signed an agreement to acquire a 50% stake in Empresas Banmédica in the joint venture established in 2014 between Pacífico Compañía de Seguros y Reaseguros S.A. and Empresas Banmédica. The acquisition included equal participation in three businesses: private health insurance, corporate health insurance for employees, and medical services.

Sustainable impact

Among the milestones achieved in the third quarter of 2024, Credicorp reported progress within the framework of its Sustainability Program:

In terms of financial inclusion, BCP and Yape have successfully included 5.3 million people in the formal system since 2020. Additionally, 331,000 people obtained their first loan in the financial system through Yape, 43% of whom were women. “We remain committed to promoting financial inclusion, while capturing new opportunities and generating sustainable value for all stakeholders,” said Ferrari.

On the other hand, Mibanco Perú has successfully banked more than 37,000 people so far this year, and more than 40,000 clients have received disbursements from Crediagua, a loan product that contributes to improving people’s quality of life by financing sanitation improvements.

On the environmental front, Credicorp formally joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative for the standardization and disclosure of financed emissions measurements. And, as part of its goal of supporting clients’ incorporation of better socio-environmental practices, BCP has disbursed US$1.1 billion in sustainable loans as of September 2024.