• At the end of 2024, the holding company reported that Peru’s GDP grew 3.2%, amid a gradual, cyclical recovery.
• Yape reached more than 13.7 million monthly active users, on track to meet the goal of 16.5 million by 2026.

Lima, February 11, 2025 – 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 fourth-quarter 2024 results. Net income for 2024 increased 13.1% year-over-year to a record S/5,501 million, with an ROE of 16.5%.

Alejandro Pérez-Reyes, CFO of Credicorp, highlighted the group’s ability to generate record revenue despite a challenging environment. For 2025, an ROE of around 17.5% is expected, driven by a favorable macroeconomic environment. He also commented that Credicorp’s strategy will continue to focus on innovation, efficiency, and risk management, with significant investments in risk transformation for long-term sustainable growth.

Regarding Peru’s economic outlook for 4Q24, the country’s economy is expected to have grown around 4% YoY. Primary sectors are expected to have accelerated to 4.7% YoY, driven by the agriculture and fishing sectors. Non-primary sectors are expected to have decelerated slightly to 4.0% YoY. Thus, at the end of 2024, GDP grew 3.2%, amid a gradual, cyclical recovery.

Business Milestones

In the presentation, Credicorp stated that it will remain focused on its long-term strategy through investment in technology within its core businesses and disruptive initiatives to maintain a competitive advantage. In this regard, Gianfranco Ferrari, CEO of Credicorp, indicated that the record profitability is due to the decoupling strategy, a diversified business model, and disciplined execution. The holding company has achieved solid financial performance and sustainable growth, highlighting innovation and digital disruption, especially with Yape. By 2026, the group’s revenues are expected to diversify, and 10% of net income from provisions is expected to come from disruptive initiatives. Yape, for example, registered 13.7 million monthly active users during this period, representing 69% of the economically active population, on track to meet the goal of 16.5 million by 2026. At the end of 2024, monthly revenue per active user was S/6.5, while spending per active user was S/5.3. Furthermore, during these three months, 1.953 billion transactions were made, representing an average of 51 transactions per user per month.

Sustainable Impact

Among the milestones achieved in the fourth quarter of 2024, Credicorp reported progress within the framework of its Sustainability Program. Regarding financial inclusion, BCP and Yape have successfully included 5.7 million people in the financial system since 2020. Mibanco Perú, meanwhile, achieved banking access for more than 58,000 people in 2024, 62% of whom are women. Additionally, more than 51,000 clients made disbursements from Crediagua, a loan product that contributes to improving people’s quality of life by financing sanitation improvements.

On the environmental front, the holding company signed the letter of commitment to become a signatory of the Partnership for Carbon Accounting Financials (PCAF), a global initiative to standardize the measurement and disclosure of greenhouse gas (GHG) emissions associated with loans and investments. And, as part of its goal of supporting clients’ adoption of improved socio-environmental practices, BCP disbursed more than US$1,500 million in sustainable financing by the end of 2024.