Credicorp Ltd

Strong Q1 performance (beat expectations) - ROE: 21.1% (record/very strong), supported by broad-based operating momentum and improving credit metrics. - Net income: record high; efficiency ratio: 45.8% (within guidance). - Innovation monetization: 9% of risk-adjusted revenues from the innovation portfolio in Q1, progressing toward the 10% target by end-2026.

Loan growth + funding mix improved; NIM strengthened despite lower rates - Loans (quarter-end): +8.2% QoQ; driven mainly by BCP and Mibanco (retail/wholesale contributions). - NIM: 6.6% (supported by low-cost deposits gaining share). - Low-cost funding share: reached 41.2% of deposits at quarter end (BCP funding base cited at 63.9% low-cost deposits). - Core income growth: +13.3% YoY; net interest income +10.9% YoY, fees +15.6% YoY, FX gains +30.6% YoY (transactional/digital volume drivers).

Asset quality improved; cost of risk below expectations (with caution on normalization) - NPL ratio: 4.3% (improved; management notes it’s below pre-2023 recession levels). - Coverage ratio: 113.8%; provisions down over the last 12 months (repayment strength + tighter risk management). - Cost of risk: 1.3% for the quarter (Q1 below expectations). - Outlook: cost of risk expected to increase modestly as retail/micro segments scale up and as newer/smaller customers are incorporated—expected to remain within risk appetite.