- The financial holding indicated that the Peruvian economy is expected to have grown 4.0%; this is the second positive print after four consecutive quarters of decline and constitutes the best level reported in almost three years.
- ROE at Credicorp stood at 16.2% in 2Q24 and 17.6% in 1H24; the organization is on track to fulfilling guidance for an ROE close to 17% for 2024, which will depend on a rebound in loans in a context of macroeconomic improvement.
- Yape topped the breakeven point earlier than expected, driven by significant growth in income and diversification. At the end of second quarter, Yape accumulated more than 12.3 million active users.
Lima, August 9, 2024.- During its quarterly presentation to investors, Credicorp, the leading financial group in Peru with a presence in Colombia, Chile, Bolivia, Panama and the United States, reported its advances in digital transformation and sustainability, which are pillars of its long-term strategy.
Credicorp Group, which is comprised of BCP, BCP Bolivia, Mibanco, Mibanco Colombia, Grupo Pacífico, Prima AFP, Credicorp Capital and Krealo, presented its results for the second quarter in 2024 and reported net income attributable to Credicorp of S/1,339.1 million. ROE this quarter stood at 16.2% and 17.6% in 1H24. The organization is on track to fulfilling guidance for an ROE around 17% for 2024, which will depend on a rebound in loans in a context of macroeconomic improvements.
Alejandro Pérez-Reyes, CFO of Credicorp, spoke of the Group’s resilience and capacity to adapt to challenging circumstances to obtain results in the second quarter. “Resource allotment continues to be a priority as we strategically invest in areas that drive profitable growth. Our solid business and sustained focus on innovation and disruption are key to ensuring our leadership in the market today and in the future,” he said.
In terms of its outlook for economic growth in Peru, the holding maintains its forecast at 3% for 2024. Perez-Reyes indicated that in the first half of the year, the economy is expected to have grown around 4.0%.
Digital Transformation and Yape
During the presentation, Credicorp reiterated its intention to continue investing in technology in its core businesses and disruptive initiatives to maintain a competitive advantage and ensure sustainability. Gianfranco Ferrari, CEO of Credicorp, shared that Yape had hit breakeven earlier than expected, driven by significant growth in income and diversification.
Yape had 12.3 million monthly active users in the second quarter. At the end of June, monthly income per active yapero was S/4.1 while expenses per active yapero stood at S/4.0. This quarter, 1400 million transactions were conducted, which represents 40 transactions a month on average and an average use of 2.27 functionalities a month per monthly active user.
Yape monetizes through its three main business lines: payments, finance and marketplace. Thanks to these venues, the application reported total income of nearly S/ 143 million in 2Q24.
Sustainable Impact
Among the milestones hit in the second quarter of 2024, Credicorp reported progress in the framework of its Sustainability Program:
In line with its commitment to financial inclusion, Yape continued to affiliate microbusinesses in different regions of Peru, focusing primarily on Puno, Arequipa, La Libertad, Loreto and Ucayali. Additionally, by the end of 2Q24, 176.7 thousand people had obtained their first loan in the financial system through Yape; notably, 41% of recipients were women.
The “Agente Móvil” at BCP has covered 19.4 thousand kilometers and conducted more than 28.1 thousand transactions since 2023. At Mibanco, the Crediagua program, which contributes to improving our clients’ quality of life by financing sanitary improvements, had disbursed 26.8 thousand loans by the end of 2Q24.
The holding also reported advances in financial education. BCP, for example, continued to drive improvements in financial behavior and had reached 106.6 thousand clients by the end of 2Q24. At Mibanco, more than 192.9 thousand clients had been trained by the end of 2Q24 through the Basic Program for Digital Advisory Services. Prima AFP’s “Ahorrando a Fondo,” a web series that educates users about basic retirement concepts, generated 21.8 thousand views organically this past quarter. Pacifico Seguros’ Protege 365 platform, whose objective is to strengthen risk management in companies through education, currently has more than 6 thousand client companies and has certified more than 25 thousand collaborators.
On the environmental front, BCP obtained its first green financing from a foreign bank, CaixaBank, for US$ 37 million. BCP Bolivia, in turn, had disbursed US$ 25 million in green loans by the end of 2Q24.
