Credicorp Ltd (NYSE: BAP)

Credicorp Ltd. is a financial services holding company that coordinates and manages the business plans of its subsidiaries to develop Universal Banking, Microfinance, Insurance and Pensions, and Investment Management and Advisory operations across Peru, Bolivia, Colombia, Chile, Panama, and the United States, while also overseeing its corporate venture capital initiative Krealo.

Credicorp Ltd. generates revenue primarily through net interest income from lending activities, fee-based income from banking and payment services, insurance premiums and related underwriting results, asset management and advisory fees, and trading revenues from capital markets operations. Its subsidiaries earn interest on loans, collect transaction and service fees, earn premiums from insurance products, receive commissions from investment and wealth management services, and generate gains from proprietary trading and brokerage activities.

The company operates through the following segments: Universal Banking, Insurance and Pensions, Microfinance, and Investment Management and Advisory.

• Universal Banking: Provides retail and wholesale banking services, including loans, deposits, payment processing, treasury operations, and digital platforms such as Yape, serving individuals, small and medium-sized enterprises, and corporate clients primarily in Peru and Bolivia, with BCP Stand-alone as the leading bank in Peru by loans and deposits.

• Insurance and Pensions: Offers property and casualty, life, and health insurance products through Grupo Pacífico, the second-largest insurer in Peru by written premiums, and manages individual pension funds and retirement benefits via Prima AFP, the second-largest pension fund manager by assets under management.

• Microfinance: Delivers microfinance and small and medium enterprise financing to microentrepreneurs and small businesses through Mibanco in Peru and Mibanco Colombia, with Mibanco Peru holding a leading share of the country's microfinance loan portfolio.

• Investment Management and Advisory: Provides asset management, wealth management, capital markets brokerage, and trust services through Credicorp Capital and ASB Bank Corp., catering to retail, high-net-worth, and institutional investors, with Credicorp Capital holding a leading share of the mutual funds market in Peru.

Credicorp Ltd. holds a leading position in Peru's financial sector, with BCP Stand-alone ranking first among Peruvian banks by loans and deposits, Grupo Pacífico as the second-largest insurer by written premiums, Prima AFP as the second-largest pension fund manager by assets under management, and Credicorp Capital as a leader in the mutual funds market. Key competitors include BBVA Banco Continental, Interbank, and Scotiabank Peru in the banking sector, Rimac and Mapfre in the insurance sector, and other local pension and asset management firms. Competitive advantages stem from its diversified business lines, strong brand recognition, extensive digital ecosystem, disciplined risk management, prudent capital allocation, and ability to capture synergies across its subsidiaries, enabling consistent growth and resilience through economic cycles.

Credicorp Ltd. serves a broad customer base that includes individual consumers, small and medium-sized enterprises, corporate clients, microentrepreneurs, pension fund affiliates, high-net-worth individuals, and retail and institutional investors across its operating countries in Peru, Bolivia, Colombia, Chile, Panama, and the United States.