Credicorp : 1Q24 Conference Call BAP

Earnings

Conference

Call

May 2024

Earnings Conference Call

Safe Harbor

This material includes "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. Forward-looking statements are not assurances of future performance. Instead, they are based only on our management's current views, 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.

Many forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "ambition", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "would", "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 losses in our credit portfolio, eciency ratio, provisions and non-performing loans, current or future market risk and future market conditions, expected macroeconomic events and conditions, our belief that we have sucient capital and liquidity to fund our business operations, expectations of the eect on our financial condition of claims, legal actions, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, strategy for customer retention, growth, governmental programs and regulatory initiatives, credit administration, product development, market position, financial results and reserves and strategy for risk management.

We caution readers that forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance or events to dier materially from those that we expect or that are expressed or implied in the forward-looking statements, depending on the outcome of certain factors, including, without limitation, adverse changes in:

The economies of Peru, Colombia, Chile 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;• The political or social situation in Peru, Colombia and Chile, 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;

• The political or social situation in Peru, Colombia and Chile, 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;
• The occurrence of natural disasters;
• The adequacy of the dividends that our subsidiaries are able to pay to us, which may aect our ability to pay dividends to shareholders and corporate expenses;
• Performance of, and volatility in, financial markets, including Latin-American and other markets;
• The frequency, severity and types of insured loss events;
• Fluctuations in interest rate levels;
• Foreign currency exchange rates, including the Sol/US Dollar exchange rate;
• Deterioration in the quality of our loan portfolio;
• Increasing levels of competition in Peru and other markets in which we operate;
• Developments and changes in laws and regulations aecting the financial sector and adoption of new international guidelines;
• Changes in the policies of central banks and/or foreign governments;
• Eectiveness of our risk management policies and of our operational and security systems;
• Losses associated with counterparty exposures;
• The scope of the coronavirus ("COVID-19") outbreak, actions taken to contain the COVID-19 and related economic eects from such actions and our ability to maintain adequate stang; and
• Changes in Bermuda laws and regulations applicable to so-callednon-resident entities.

See "Item 3. Key Information-3.D Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission for additional information and other such factors.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based only on information currently available to us. Therefore, you should not rely on any of these

forward-looking statements. We undertake no obligation to publicly update or revise these or any other forward-looking statements that may be made to reflect events or circumstances after the date hereof, whether as a result of changes in our business strategy or new information, to reflect the occurrence of unanticipated events or otherwise.

2

Earnings Conference Call

Strong Start to the Year Amid a Better Economic Environment

1	Strong Financial Results

Resilient Risk Adjusted Margins, Improved

2 by Lower Provisions and Supported by Leadership in Low-Cost Funding

3	Strong Solvency Permits an Increase
in Dividend Distribution

4	Disruption Investments Strengthen
Competitive Moats and Sustainability

5	Net Positive Impact from Macro Dynamics

ROE

18.2%

Risk Adj. NIM

4.85%

BCP - CET1 IFRS

11.86%

Eciency Ratio

43.6%

GDP E243

3.0%

Core Income + Insurance

+8.2%

vs 1T23

MS of Low-Cost Deposits

39.4%

Dividend / Share

S/35

Financially Included

4.2 million people

Ref. Rate - May 24

5.75%

1. Includes BCP Stand-alone and Mibanco. Data as of March 2024. (2) Stock of financially included clients through BCP since 2020. New clients with BCP savings accounts or new Yape aliates that: (i)Do not have debt in the financial system nor other BCP products in the 12 months prior to their inclusion,

and (ii) Have performed at least 3 monthly transactions on average through any BCP channel in the last three months. (3) BCP Estimate.	3

Earnings Conference Call

Developing Dierentiated Business Models to Further Penetrate Peru's Microlending Market

~1MM microlending clients, mainly microbusinesses,

63% of which are outside of Lima and transact in cash

Values in person interaction, reliable advice, and financial education

Avg. Loan

Risk models based on cash flows estimated with data from Relationship Managers visits

Collections process leverages physical relationship

Lending

150K lending clients, engage in digital transactions, primarily for consumer purposes

Value simplicity, user-friendly application and speed Avg. Loan ~S/250

Consumer risk-based models enhanced with Yape transactional data

Collections process 100% digital

4

Earnings Conference Call

1Q24 Key Financial Highlights

1

Loan Mix Shift and Funding Advantage Drove NIM Growth

Total Loans1

-3.1%

YoY

Low Cost Deposits2

53.7%

of Funding Base

NIM

6.30%

+46bps YoY

2

Diversified Income Streams

NII

+9.4%

YoY

Other Core Income

+8.7%

YoY

Ins. Underwriting Results

-5.8%

YoY

3

Controlled Risk

CoR3

2.3%

+30bps YoY

NPL Ratio

6.2% of loans

+77bps YoY

NPL Coverage Ratio

93.5%

-659bps YoY

4

Diversified Portfolio

and Solid Capital Base

1Q24 Earnings Contribution4

77.5% Universal Banking

15.2% Insurance & Pensions

4.5% Microfinance

2.8% Investment

Management & Advisory

CET1 - IFRS

11.86% 16.06%

1. Figures in Average Daily Balances. (2) Includes demand deposits and saving deposits. (3) Annualized provision for loan losses, net of recoveries / Average Total Loans. (4) % Earnings Contribution based on the total of our 8 main subsidiaries: BCP, BCP Bolivia, Mibanco, Mibanco Colombia, Pacifico Seguros, Prima AFP, Credicorp Capital and ASB Bank Corp.

5

Earnings Conference Call

Economy Shows Signs of Gradual Recovery; Expectations Improve Despite Political Noise and Recent Downgrade

GDP and Payment Transactions

(y/y % change, as of Apr 30)1

5.0					GDP			Value of transactions with credit		45
								and debit BCP card (RHS)
4.0														40
														35
3.0												2.8		30
2.0														25
1.0														20
														15
0
													10
-1.0														5
-2.0														0
	1T22	2T22	3T22	4T22	1T23	2T23	3T23	4T23	Jan24	Feb24	Mar24	Apr24

Copper and Gold prices

(as of May 8)2

4.50			Copper (USD/pound)		Gold (USD/oz., RHS)		2500
				2400
4.30													2300
4.10													2200
												2100
3.90
												2000
3.70
												1900
3.50													1800
Apr-23	May-23	Jun-23	Jul-23	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24

3-month Expectations

(points, pessimistic < 50 < optimistic)3

60	Economy	Investment
55		51
50
	50
45

40

35

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

1Q23

2Q23

3Q23

4Q23

Jan24

Feb24

Mar24

Apr24

(1) Source: INEI. (2) Source: Bloomberg. (3) Source: BCRP.

6

Earnings Conference Call

Latam Central Banks' Policy Rates Moved Lower in 1Q24 as Inflation Slowdown Continued

Expected Economic Growth

(YoY % change)1

2.5% 2.7%

2023

2024

U.S.

										3.0%					2.5%
			1.1%
0.6%	-0.6%				0.2%
2023		2024		2023		2024		2023		2024
	Colombia			Peru			Chile

Inflation CPI Rates

(% YoY as of May 8)2

							7.2
							3.5
							3.5
							2.4
Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Apr24

Central Bank Policy Rates

(%, as of May 9)2, 3
							11.75	Peru
								Colombia
							6.50	Chile
							5.75
							5.50	U.S.
Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	May24

(1) Source: BCP and Credicorp Capital for PE, CO, CL; and IMF for U.S. (2) Source: Bloomberg. (3) Source: Reference Rates for PE, CO and CL; Fed Funds Upper Bound Rate for the U.S. Peru.

7

Earnings Conference Call

Universal Banking: Positive Results Driven by Core Income; Further Boosted by Reversal of "El Niño" Provisions

Earnings Contribution	BCP Stand-alone	76.3%
BCP Bolivia	1.2%

ROE1

(%, Annualized)

23.5%	25.2%	24.7%

10.1%

9.7%

9.1%

1Q22

3Q22

1Q23

3Q23

1Q24

BCP's drivers

(% change) QoQ YoY

Total	-1.4%	-3.6%
Loans2

NII

+1.5%

+9.3%

Loan	-30.7%	+24.2%
Provisions

Experience & Eciency

Increased	64%	Sales through digital channels4
Digital
92%
Adoption3	Digital monetary transactions5

1. Earnings contribution / Equity contribution. (2) Measured in average daily balances. (3) Figures for March 2024. (4) Digital sales measured in units / Total sales measured in units. (5) # Digital monetary transactions / # Total monetary transactions.

8

Earnings Conference Call

Yape: Nears Break-Even Point with Growth in Active Users and Engagement

Over 11.5MM MAU Conducted an Average of 36 Transactions per Month

(User in Millions)

							35	36
	MAU	Monthly Transactions/MAU
						29
					25
			20	21
							11.5
		17					10.7
	15
					9.8
14				9.0
			8.1	8.4
		6.9
5.1	5.9
1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24

Fee-generating

MAU19% 24% 35% 43% 48% 58% 66% 73% 75%

NPS

62

69

70

71

73

78

76

80

78

Revenue/MAU Nearing Cash Cost/MAU

5.2		Expenses/MAU		Revenue/MAU	Cash-cost/MAU
				5.1

4.3	4.3	4.7
4.2			4.2
		3.9
	3.8	3.8	3.7
3.6

2.9

2.3

1.9

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

QoQ

Fee Income 1Q24

S/55.3MM

+24.1%

(1) Last month of the quarter / active users at the end of the quarter.

9

Earnings Conference Call

Yape Revenue Growth Fueled by Diversification Across its Three Lines of Business

Marketplace

Yape Promos: Discount

on Restaurants and Movies

+3.1x GMV vs 1Q23

Yape Tienda: Sale of Electronics

and Household Appliances

Launched in the second semester

of 2023

-

Lending

Payments

Lending	Top-ups and Bills Payment
Single Installment	+82.5% Top-ups Tx vs 1Q23
Multi Installment	+51x Bill Payment TPV vs 1Q23
+2.2x Disbursements vs 1Q23

Insurance	POS QR and Checkout
Statutory Car Accident Insurance	+2.9x POS TPV vs 1Q23
+21x Sales vs 1Q23	+4.3x Checkout TPV vs 1Q23

Maturity

+

10