Credicorp Ltd. Q4 FY2025 earnings call

• Exposure to Ruta del Lima: Less than 1% of portfolio, provisioned at 80%, with arbitration processes in US.
• Pension plan withdrawals: BCP captured over 11 billion PEN of 25 billion PEN withdrawals, payments until March, positive short-term impact on deposits, negative on credit.
• Loan growth: BCP and Mibanco expect double-digit loan growth in 2026, with Bolivia book impacting Credicorp's overall guidance.
• Yape: Within BCP, growing fast with potential to triple in coming years, but still a small proportion of group's book.
• Cost to income: Expecting reduction in 2026, with investment in ongoing business and disruptive initiatives.
• Capital: Core equity Tier one at 14% for Credicorp, 17% for Mibanco, with plan to distribute excess capital to holding company for dividends.

The exposure to Ruta del Lima represents less than 1% of the portfolio, with the position currently provisioned at 80% and no interest accruing. There are arbitration processes in the US. Regarding pension plan withdrawals, BCP captured over 11 billion PEN of the 25 billion PEN withdrawals, with payments continuing until March. The impact on GDP could be around 0.4% if all goes to consumption, with positive short-term impact on deposits (0.5% impact in 2026) and negative impact on credit (0.4% impact in 2026).

• Loan growth guidance: Around 8.5% for Credicorp, with BCP and Mibanco expecting double-digit growth at constant exchange rates.
• Bolivia book impact: Potential devaluation of currency affecting the Bolivia book, factored into 8.5% guidance.
• Yape growth: Yape's book expected to triple in coming years, contributing to growth but still small proportion of group's book.
• Cost to income: Targeting reduction, with acceleration in income from initiatives.
• Capital distribution: Excess capital sent to holding company, with intention to increase ordinary dividend annually and possibly give extraordinary dividend depending on year.

• Bolivia currency devaluation: Potential impact on the Bolivia book, which is factored into the 8.5% loan growth guidance for Credicorp.

Q: About exposure to Ruta del Lima and impact of pension fund withdrawals on economy.

A: Exposure is less than 1% of portfolio, provisioned at 80%; pension withdrawals of 25 billion PEN, BCP captured over 11 billion, impact on GDP could be 0.4% if all to consumption, positive short-term impact on deposits, negative on credit in 2026.

Q: Loan growth comparison and Yape P&L separation.

A: BCP and Mibanco expect double-digit loan growth, Yape is within BCP, hard to separate financially but working on providing more info.

Q: Loan growth guidance, Yape contribution, expense growth, capital.

A: Guidance includes Yape, Yape's book expected to triple, cost to income to reduce, core equity Tier one at 14%/17%, excess capital sent to holding company for dividends.