Credicorp Ltd. (BAP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Credicorp Ltd. (BAP), una potencia financiera que ha entrelazado magistralmente los servicios bancarios innovadores, las plataformas digitales de vanguardia y las soluciones financieras integrales en el panorama dinámico del mercado de Perú. Al crear meticulosamente un modelo de negocio que integra perfectamente la banca minorista, la gestión de patrimonio y la innovación tecnológica, Credicorp se ha posicionado como una fuerza transformadora en el sector financiero, ofreciendo experiencias personalizadas que atienden a diversos segmentos de clientes de consumidores individuales a grandes entidades corporativas.

Credicorp Ltd. (BAP) - Modelo de negocio: asociaciones clave

Alianza estratégica con Scotiabank

Credicorp Ltd. mantiene una alianza estratégica con Scotiabank para servicios bancarios internacionales. A partir de 2024, la asociación permite operaciones financieras transfronterizas en múltiples mercados en América Latina.

Detalles de la asociación	Alcance de la colaboración
Cobertura geográfica	Perú, Chile, Colombia
Volumen de transacción anual	$ 2.3 mil millones de USD
Duración de la asociación	En curso desde 2018

Asociaciones de tecnología financiera

Credicorp colabora con múltiples proveedores regionales de FinTech para mejorar las capacidades de banca digital.

• CULQI - Integración de plataforma de pago digital
• Niubiz - Soluciones de procesamiento de pagos
• Interbank - Infraestructura bancaria digital

Asociaciones institucionales de microfinanzas

Credicorp apoya activamente las instituciones de microfinanzas en todo el Perú a través de colaboraciones financieras específicas.

Socio de microfinanzas	Cartera de préstamos	Enfoque geográfico
Mibanco	$ 587 millones USD	Perú rural
Financierra Confianza	$ 342 millones USD	Comunidades desatendidas

Asociación de seguro

A través de Pacific Seguros, Credicorp mantiene redes integrales de colaboración de seguros.

• RIMAC SEGUROS - Desarrollo de productos de seguro conjunto
• La Positiva Seguros - Soluciones de gestión de riesgos
• Interseguro - Asociaciones de seguros de vida y vida

Colaboraciones de plataforma de pago digital

Credicorp se integra con múltiples plataformas fintech para expandir las capacidades de pago digital.

Socio de fintech	Volumen de transacción (2024)	Tipo de servicio
Sí	$ 1.2 mil millones de USD	Pagos móviles
Pagoefectivo	$ 876 millones USD	Transferencias digitales

Credicorp Ltd. (BAP) - Modelo de negocio: actividades clave

Servicios de banca minorista y comercial

Credicorp opera a través de Banco de Credo del Perú (BCP), que a partir de 2023 gestionó:

• Portafolio de préstamos totales: $ 40.8 mil millones
• Depósitos totales: $ 47.2 mil millones
• Cuota de mercado en Perú: 30.5% en banca minorista

Segmento bancario	Activos totales (2023)	Ganancia
Banca minorista	$ 52.6 mil millones	$ 3.1 mil millones
Banca comercial	$ 38.4 mil millones	$ 2.7 mil millones

Aviso de gestión de patrimonio e inversiones

La división de gestión de patrimonio de Credicorp, a través de la gestión de patrimonio e interfin, administrada:

• Activos totales bajo administración: $ 12.3 mil millones
• Número de clientes de alto nivel de red: 45,000
• Valor promedio de la cartera: $ 273,000

Desarrollo de la plataforma de banca digital

Métricas de banca digital para 2023:

• Usuarios de banca móvil: 3.2 millones
• Volumen de transacción digital: $ 24.6 mil millones
• Penetración bancaria digital: 68% de la base total de clientes

Gestión de riesgos y análisis financiero

Métrico de riesgo	Valor 2023
Ratio de préstamo sin rendimiento	2.4%
Disposiciones de pérdida de préstamo	$ 685 millones
Relación de adecuación de capital	14.2%

Innovación de productos de crédito y préstamo

Desarrollo de nuevos productos en 2023:

• Plataforma de préstamos digitales de PYME: $ 1.2 mil millones en nuevos préstamos
• Expansión del producto de microfinanzas: 78,000 nuevos clientes
• Modelos de puntuación de crédito digital: tiempo reducido de aprobación en un 40%

Credicorp Ltd. (BAP) - Modelo de negocio: recursos clave

Extensa red de sucursales en el Perú

A partir de 2024, Credicorp Ltd. opera 1.438 ramas físicas a través de Perú a través de su subsidiaria Banco de Crédito del Perú (BCP). La red de sucursales cubre 134 provincias y 24 regiones del país.

Tipo de rama	Número de ramas
Ramas urbanas	1,102
Ramas rurales	336

Infraestructura bancaria digital

Las plataformas digitales de Credicorp sirven a 6.2 millones de usuarios de banca digital activa a diciembre de 2023.

• Descargas de aplicaciones de banca móvil: 3.8 millones
• Volumen de transacciones en línea: 245 millones de transacciones anualmente
• Disponibilidad de la plataforma digital: 99.97% de tiempo de actividad

Profesionales financieros calificados

Credicorp emplea 36,542 profesionales a tiempo completo en su ecosistema de servicios financieros.

Categoría profesional	Número de empleados
Profesionales bancarios	22,345
Especialistas en seguros	6,789
Expertos en tecnología	4,567

Capacidades de tecnología y análisis de datos

Inversión tecnológica en 2023: $ 187.5 millones

• Sistemas de evaluación de riesgos con IA
• Plataformas de puntuación de crédito de aprendizaje automático
• Seguimiento de transacciones habilitadas para blockchain

Capital financiero y reservas

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 75.3 mil millones
Patrimonio de los accionistas	$ 12.6 mil millones
Relación de capital de nivel 1	14.2%

Credicorp Ltd. (BAP) - Modelo de negocio: propuestas de valor

Soluciones financieras integrales para individuos y empresas

Credicorp Ltd. reportó activos totales de $ 73.5 mil millones al tercer trimestre de 2023. El banco proporciona soluciones financieras en múltiples segmentos con el siguiente desglose:

Segmento	Valor total de la cartera	Cuota de mercado
Banca corporativa	$ 24.3 mil millones	37.5%
Banca minorista	$ 18.7 mil millones	29.2%
Banca de pequeñas empresas	$ 12.5 mil millones	19.4%

Experiencia bancaria digital avanzada

Métricas de banca digital para Credicorp en 2023:

• Usuarios de banca móvil: 2.8 millones
• Volumen de transacciones digitales: 156 millones de transacciones
• Penetración bancaria en línea: 68% de la base total de clientes

Servicios de asesoramiento financiero personalizado

Gestión de patrimonio y rendimiento de los servicios de asesoramiento:

Categoría de servicio	Activos totales bajo administración	Cartera promedio de clientes
Asesoramiento de alto patrimonio	$ 12.6 mil millones	$ 3.2 millones
Planificación de jubilación	$ 8.4 mil millones	$620,000

Tasas de interés competitivas y productos de préstamos flexibles

Tasas de interés del producto de préstamo y volúmenes:

• Tasa de interés promedio de préstamo personal: 12.5%
• Tasa de interés promedio del préstamo hipotecario: 7.8%
• Cartera de préstamos totales: $ 45.2 mil millones
• Ratio de préstamo sin rendimiento: 2.3%

Ofertas bancarias y de seguros integradas

Rendimiento del segmento de seguro y bancassurance:

Producto de seguro	Primas totales	Penetración del mercado
Seguro de vida	$ 876 millones	22%
Seguro de propiedad	$ 542 millones	15.6%

Credicorp Ltd. (BAP) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

Credicorp Ltd. mantiene 2.500 representantes de servicio al cliente en Perú a partir de 2024. El banco opera 461 sucursales físicas en todo el país, proporcionando canales directos de interacción personal.

Canal de servicio	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte en la rama	15 minutos	87.3%
Soporte telefónico	7.5 minutos	82.6%
Chat en línea	5 minutos	89.1%

Plataformas de autoservicio digital

Las plataformas digitales de Credicorp sirven a 3.2 millones de usuarios de banca digital activa en 2024.

• Descargas de aplicaciones de banca móvil: 1.8 millones
• Usuarios activos de banca en línea: 1.4 millones
• Volumen de transacciones digitales: 72% de las transacciones totales

Gerentes de relaciones dedicadas para clientes corporativos

Credicorp gestiona 12.500 clientes corporativos e institucionales con equipos especializados de gestión de relaciones.

Segmento de clientes	Número de gerentes dedicados	Valor de cartera promedio
Grandes corporaciones	350	$ 150 millones
Empresas medianas	750	$ 35 millones
Pequeñas empresas	1,200	$ 5 millones

Soporte bancario móvil y en línea

Credicorp proporciona soporte de banca digital 24/7 a través de múltiples canales.

• Soporte de la aplicación móvil: disponible las 24 horas, los 7 días de la semana
• Desk de ayuda bancaria en línea: 99.7% de tiempo de actividad
• Tiempo de resolución de problema digital promedio: 3.2 horas

Programas de lealtad y recompensas del cliente

El programa de fidelización de Credicorp abarca 2.6 millones de participantes activos en segmentos de tarjetas de crédito y débito.

Nivel de programa de fidelización	Número de miembros	Valor de recompensas anuales
Nivel básico	1.6 millones	$ 12 millones
Nivel premium	650,000	$ 28 millones
Nivel de élite	350,000	$ 45 millones

Credicorp Ltd. (BAP) - Modelo de negocio: canales

Sucursales bancarias físicas

A partir de 2023, Credicorp opera 1.544 sucursales bancarios físicos en Perú. La red bancaria cubre 532 distritos en todo el país, con una concentración en áreas urbanas.

Tipo de rama	Número de ramas	Cobertura geográfica
Ramas de banca minorista	1,214	Centros urbanos
Ramas bancarias corporativas	330	Principales áreas metropolitanas

Sitio web de banca en línea

La plataforma de banca en línea de Credicorp, Banca Por Internet, atiende a 3.2 millones de usuarios digitales activos a diciembre de 2023.

• Tráfico del sitio web: 2.1 millones de visitantes únicos mensuales
• Volumen de transacción: 47.6 millones de transacciones digitales por trimestre
• Duración promedio de la sesión: 12.4 minutos

Aplicación de banca móvil

La aplicación móvil de Credicorp, lanzada en 2015, tiene 2.8 millones de usuarios mensuales activos en 2023.

Métricas de aplicaciones móviles	2023 estadísticas
Descargas totales	4.6 millones
Usuarios activos mensuales	2.8 millones
Valor de transacción móvil	$ 1.2 mil millones trimestralmente

Red de cajeros automáticos

Credicorp mantiene 2.187 cajeros automáticos en Perú a partir de 2023.

• Cobertura de red: 98% de los principales centros urbanos
• Transacciones mensuales de cajeros automáticos: 22.3 millones
• Valor de transacción total: $ 680 millones por trimestre

Plataformas de atención al cliente digital

Los canales de soporte digital de Credicorp incluyen múltiples métodos de comunicación.

Canal de soporte	Interacciones mensuales	Tiempo de respuesta promedio
Soporte de WhatsApp	415,000	12 minutos
Chat web	287,000	15 minutos
Soporte de aplicaciones móviles	203,000	10 minutos

Credicorp Ltd. (BAP) - Modelo de negocio: segmentos de clientes

Clientes de banca minorista individual

A partir de 2024, Credicorp atiende a aproximadamente 6.5 millones de clientes de banca minorista individual en Perú. La base de clientes incluye:

• Titulares de cuentas bancarias personales: 3.8 millones
• Usuarios de la tarjeta de crédito: 2.1 millones
• Clientes de préstamos personales: 1.4 millones

Segmento de clientes	Número total	Saldo de cuenta promedio
Adultos jóvenes (18-35)	1.9 millones	$3,200
Profesionales de mediana edad (36-55)	2.6 millones	$7,500
Personas mayores (más de 55 años)	1 millón	$5,800

Empresas pequeñas y medianas

Credicorp admite 215,000 pequeñas y medianas empresas (PYME) con servicios financieros especializados.

• PYME de fabricación: 62,000
• PYME del sector de servicio: 89,000
• PYME minoristas: 64,000

Segmento de PYME	Total de préstamos desembolsados	Tamaño promedio del préstamo
Micro empresas	$ 580 millones	$22,000
Pequeñas empresas	$ 1.2 mil millones	$85,000
Empresas medianas	$ 2.3 mil millones	$320,000

Clientes corporativos e institucionales

Credicorp sirve a 1.850 clientes corporativos e institucionales con activos de banca corporativa total de $ 12.4 mil millones.

• Grandes corporaciones: 450 clientes
• Instituciones gubernamentales: 210 clientes
• Empresas multinacionales: 380 clientes

Individuos de alto nivel de red

El banco administra la riqueza para 38,500 personas de alto valor de la red con activos totales bajo una administración de $ 6.8 mil millones.

Segmento de riqueza	Número de clientes	Valor de cartera promedio
Ultra alto patrimonio neto (> $ 10M)	2,500	$ 18 millones
Alto patrimonio neto ($ 1M- $ 10M)	36,000	$ 2.5 millones

MicroeRprise y clientes del sector agrícola

Credicorp brinda servicios financieros a 345,000 clientes de microempresas y agrícolas con préstamos totales de $ 890 millones.

• MicroEnerprisas rurales: 210,000 clientes
• Productores agrícolas: 135,000 clientes

Credicorp Ltd. (BAP) - Modelo de negocio: Estructura de costos

Tecnología e inversiones en infraestructura digital

En 2023, Credicorp Ltd. invirtió $ 127.3 millones en tecnología e infraestructura digital. El desglose de los gastos de tecnología es el siguiente:

Categoría	Monto de gasto ($)
Sistemas bancarios centrales	42.6 millones
Infraestructura de ciberseguridad	31.5 millones
Plataformas de banca digital	35.2 millones
Computación en la nube	18.0 millones

Salarios y capacitación de los empleados

Los gastos totales de personal para Credicorp Ltd. en 2023 fueron de $ 456.7 millones, con la siguiente asignación:

• Salarios base: $ 312.4 millones
• Capacitación y desarrollo: $ 23.6 millones
• Bonos de rendimiento: $ 87.3 millones
• Beneficios para empleados: $ 33.4 millones

Mantenimiento de la red de sucursales

Los costos operativos de la red de sucursales en 2023 totalizaron $ 84.2 millones, con la siguiente distribución:

Tipo de gasto	Monto ($)
Alquiler e instalaciones	42.1 millones
Utilidades	16.3 millones
Mantenimiento	25.8 millones

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para Credicorp Ltd. en 2023 ascendieron a $ 67.5 millones:

• Informes legales y regulatorios: $ 28.6 millones
• Infraestructura de cumplimiento: $ 22.9 millones
• Tarifas de auditoría externa: $ 16.0 millones

Costos de marketing y adquisición de clientes

El gasto de marketing para 2023 fue de $ 42.3 millones, asignado de la siguiente manera:

Canal de marketing	Gasto ($)
Marketing digital	18.7 millones
Medios tradicionales	12.4 millones
Campañas de adquisición de clientes	11.2 millones

Credicorp Ltd. (BAP) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos y productos de crédito

Para el año fiscal 2023, Credicorp Ltd. informó ingresos por intereses netos de $ 2.314 mil millones. El desglose de la cartera de préstamos incluye:

Categoría de préstamo	Valor total de la cartera
Préstamos corporativos	$ 8.7 mil millones
Préstamos minoristas	$ 6.3 mil millones
Préstamos para pequeñas empresas	$ 2.1 mil millones

Tarifas y comisiones bancarias

En 2023, Credicorp generó $ 712 millones a partir de tarifas y comisiones bancarias, con la siguiente distribución:

• Tarifas de mantenimiento de la cuenta: $ 189 millones
• Tarifas de transacción: $ 276 millones
• Tarifas de la tarjeta de crédito: $ 247 millones

Servicios de inversión y gestión de patrimonio

Los ingresos de gestión de patrimonio para 2023 alcanzaron $ 345 millones, con segmentos clave:

Categoría de servicio	Ganancia
Gestión de activos	$ 189 millones
Banca privada	$ 156 millones

Venta de productos de seguro

Segmento de seguro de CredicORP generado $ 523 millones En 2023, segmentado de la siguiente manera:

• Seguro de vida: $ 276 millones
• Seguro de propiedad y víctimas: $ 247 millones

Tarifas de transacción bancaria digital

Los ingresos bancarios digitales totalizaron $ 187 millones En 2023, con un desglose:

• Transacciones bancarias móviles: $ 89 millones
• Procesamiento de pagos en línea: $ 98 millones

Credicorp Ltd. (BAP) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Credicorp Ltd. (BAP) over the competition, and honestly, the data shows it's about scale, diversification, and digital dominance, especially with Yape.

Financial inclusion for underserved micro-entrepreneurs

Credicorp Ltd. (BAP) directly addresses the underserved market through its microfinance arm, Mibanco, and the reach of Yape. This isn't just a mission statement; it shows up in the numbers. Between 2020 and 2024, the group financially included a total of 5.7 million people across Peru using Yape and BCP services. Specifically for micro-entrepreneurs, Mibanco Peru banked over 58,000 people in 2024, with a strong focus on gender, as 62% of those banked were women. Furthermore, Yape itself served as a gateway, granting first-time loans to 541,000 people in 2024, officially bringing them into the formal financial system. This effort is moving the needle regionally, where Credicorp's Financial Inclusion Index shows that in Peru, 28% of the adult population now operates at an advanced level of financial inclusion, nearly doubling the 15% seen in 2021.

Comprehensive, diversified financial ecosystem under one roof

The value here is the sheer breadth of services available to its client base, which totals around 20 million clients internationally. This ecosystem spans four core lines of business, which helps insulate performance from single-market volatility, as evidenced by the strong Return on Equity (ROE) of 19.6% in the third quarter of 2025. The total assets managed by the holding company stood at $68.110 billion as of June 2025. You get universal banking via BCP, microfinance via Mibanco, insurance and pensions through Grupo Pacífico and Prima AFP, and investment services through Credicorp Capital.

Here's a quick look at the scale of the overall group:

Metric	Value (as of late 2025/latest report)
Total Assets (June 2025)	$68.110 billion
Projected Total Revenue (FY 2025)	Approx. $6.47 billion
Q3 2025 Return on Equity (ROE)	19.6%
Risk-Adjusted NIM (Q3 2025)	5.53%

Regional stability and scale across multiple Latin American markets

Credicorp Ltd. (BAP) is not just a Peruvian entity; its presence across key South American economies provides a layer of regional stability. The group operates in Chile, Colombia, and Bolivia, in addition to its home market of Peru, and has a presence in Panama and the United States. This geographic diversification is a key proposition when regional economic conditions shift. For instance, in the broader Latin American context, the average financial inclusion score rose from 38 points in 2021 to 47.6 in 2024 across the eight countries studied. Credicorp's operations span markets where scores vary, showing its ability to navigate different regulatory and economic landscapes:

• Chile: 58.3 (FII Score, 2024)
• Colombia: 48.3 (FII Score, 2024)
• Bolivia: 43.7 (FII Score, 2024)
• Perú: 46.1 (FII Score, 2024)

Seamless, low-cost digital payments via the Yape platform

Yape is the engine for high-frequency, low-cost engagement. As of the third quarter of 2025, the platform boasted 15.5 million monthly active users (MAU), representing 82% of Peru's economically active population. Users are highly engaged, conducting an average of 58.5 transactions per month. The value proposition here is clear: low cost and high utility. In Q3 2025, revenue per MAU was PEN 7.4, while expenses per MAU were only PEN 5, showing a positive and growing margin on high volume. This digital scale is now a material contributor, accounting for 6.6% of Credicorp's total risk-adjusted revenue in Q3 2025. The platform achieved profitability, reaching break-even in May 2024.

Specialized wealth management for affluent and institutional clients

For high-net-worth individuals and institutions, Credicorp Capital offers specialized management, aiming to capture capital flows from the region. The US Wealth Management unit has seen significant growth, increasing its Assets Under Management (AUM) from $700 million in 2019 to nearly $3.000 billion recently. The firm has a stated ambition to double that US AUM again by 2028, or ideally by 2027. Regionally, Credicorp Capital managed USD 10.6 BN across fixed income, equities, and balanced portfolios at the close of 2024. Overall, the firm reports managing USD 41.58 Billion in assets under management. This segment provides tailored solutions, including wealth planning and a structural portfolio approach based on client risk profiles.

Finance: draft 13-week cash view by Friday.

Credicorp Ltd. (BAP) - Canvas Business Model: Customer Relationships

You're looking at how Credicorp Ltd. (BAP) builds and maintains connections with its diverse client base as of late 2025. It's a mix of high-touch service for big players and massive digital scale for the retail segment.

Dedicated relationship managers for corporate and institutional clients.

For your largest clients, Credicorp Ltd. assigns specialized teams. They manage a total of 12,500 corporate and institutional clients using this dedicated approach. This structure is tiered based on client size and portfolio value, which helps you see where the high-value focus lies.

Client Segment	Number of Dedicated Managers	Average Portfolio Value
Large Corporations	350	$150 million
Medium Enterprises	750	$35 million
Small Businesses	1,200	$5 million

To put that in perspective, the Universal Banking segment serves 1,850 corporate and institutional clients with total corporate banking assets of $12.4 billion.

Digital self-service and 24/7 support through mobile applications.

The digital relationship is dominated by the Yape platform. As of the third quarter of 2025, Yape has 15.5 million monthly active users, which is equivalent to 82% of the economically active population in Peru. This scale allows for massive transactional engagement, with fee income growth accelerating, supported by this activity. For general digital support across their platforms, you see metrics like Available 24/7 mobile app support and an online banking helpdesk maintaining 99.7% uptime.

• Yape Monthly Active Users (Q3 2025): 15.5 million
• Yape 2026 Target Users: 16.5 million
• Fee Income Growth (YTD Q3 2025): Increased 8.2% year-over-year

Automated, data-driven credit scoring for microfinance lending.

In the microfinance space, through Mibanco, Credicorp Ltd. is clearly leaning into data to manage risk and scale lending. While the exact percentage of loans scored by an automated system isn't public, the focus on analytics and risk management is clear. Mibanco itself posted a strong profitability, achieving a 18.8% Return on Equity for the quarter in Q3 2025. Management expects the cost of risk for 2025 to be in the range of 2% to 2.4%, reflecting these proactive, data-driven origination and risk repricing measures.

Customer loyalty and rewards programs for cardholders.

Credicorp Ltd. runs a structured loyalty program that captures a significant portion of its cardholders. The program has 2.6 million active participants across credit and debit card segments. Generally, customers engaged in a brand's loyalty program will spend 12-18% more each year than non-members, and Credicorp's structure aims to capture that incremental spend.

Loyalty Program Tier	Number of Members	Annual Rewards Value
Basic Tier	1.6 million	$12 million
Premium Tier	650,000	$28 million
Elite Tier	350,000	$45 million

The total annual rewards value distributed across these tiers is $85 million.

Credicorp Ltd. (BAP) - Canvas Business Model: Channels

You're looking at how Credicorp Ltd. (BAP) gets its value propositions to its customers across its footprint in Peru, Bolivia, and beyond. It's a mix of old-school presence and aggressive digital scaling, which is key to their strategy.

Physical bank branches and ATM networks across Peru and Bolivia.

The Universal Banking segment, primarily through Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCPB), still relies on physical infrastructure. While the focus is digital, the physical footprint remains essential for trust and certain transactions, especially outside major urban centers. BCP Bolivia, for instance, has been pushing its digital wallet, SOLI, but the branches support that network. The overall group has a presence in Peru, Chile, Colombia, Bolivia, and Panama.

Mobile banking applications (BCP App, Yape App).

This is where the action is. Yape is a massive channel, evolving from a payment method into a digital ecosystem. As of the second quarter of 2025, Yape surpassed 15 million monthly active users (MAU). That represents about 75% of Peru's economically active population. To give you a sense of the engagement, users were completing an average of 40 transactions monthly on Yape in Q2 2025. The BCP App and Yape together have been the main drivers of financial inclusion, helping to include 5.7 million people in the formal system between 2020 and 2024.

The monetization through this channel is accelerating; Yape's lending arm served 3 million users as of Q2 2025, and its average revenue per user (ARPU) hit PEN 6.5. This digital push is structural; Credicorp aims for innovation, largely driven by platforms like Yape, to contribute 10% of its risk-adjusted revenue by 2026.

Here's a quick look at the scale of the digital reach as of mid-2025:

Channel Metric	Value/Amount	Period/Context
Yape Monthly Active Users (MAU)	15 million+	Q2 2025
Yape MAU as % of Peru's EAP	75%	Q2 2025
Total People Included (Yape & BCP)	5.7 million	Since 2020 (as of May 2025)
Yape Inclusive Loans Granted	541,000	In 2024
Yape Average Revenue Per User (ARPU)	PEN 6.5	Q2 2025

Online banking websites for retail and corporate transactions.

The online banking websites for BCP and BCP Bolivia support the full range of retail and corporate services, complementing the mobile apps. Transactional activity on these digital platforms, alongside Yape, boosted fee income by 8.2% year-over-year in the first half of 2025. The overall efficiency ratio for Credicorp Ltd. stood at 44.9% in the first half of 2025, reflecting upfront investments to scale these digital capabilities.

Specialized sales forces for insurance and pension products.

Grupo Pacífico and Prima AFP utilize specialized sales channels, including Bancassurance, which embeds protection products into the banking relationship. Pacifico's ambition is to make Peru the most protected country in Latin America, targeting a doubling of its client base to 15 million by 2030. They aim to raise Bancassurance's share from 8% to 10% of Credicorp's net income by 2027. In 2024, Pacífico issued over 3.6 million inclusive insurance policies. Prima AFP is noted as the second largest player in the Pensions business in Peru.

The Insurance underwriting results grew 11.2% in Q2 2025, reflecting stronger Life business results.

Credicorp Ltd. (BAP) - Canvas Business Model: Customer Segments

Credicorp Ltd. (BAP) serves a highly diversified client base across the Andean region, with a strong focus on Peru. The customer segments are clearly delineated across its Universal Banking, Insurance and Pensions, Microfinance, and Investment Management and Advisory operations.

Mass market retail banking clients (deposits, consumer loans).

This segment is the largest by volume, heavily supported by the digital ecosystem, particularly Yape. As of late 2024, Credicorp Ltd. served approximately 6.5 million individual retail banking customers across Peru. Within this base, the composition included:

• - Personal banking account holders: 3.8 million.
• - Credit card users: 2.1 million.
• - Personal loan customers: 1.4 million.

Digital engagement is critical here; as of Q1 2025, Credicorp had 3.2 million active digital banking users. Yape, a key part of the digital ecosystem, reached 15.5 million monthly active users by Q3 2025, which is the equivalent of 82% of the economically active population. Lending within this digital sphere is growing, with Yape's lending segment serving 3 million users as of Q2 2025. The strength of the core retail operation is reflected in BCP's ROE, which stood at 25.6% in Q3 2025. Furthermore, low-cost deposits, a key funding source from this segment, accounted for 58.1% of the total funding base in Q3 2025.

Here are some key retail banking metrics from recent periods:

Metric	Value	Period/Context
Retail Banking Loan Growth (FX-neutral)	3%	Q3 2025 (Quarter-over-quarter)
Yape Lending Users	3 million	Q2 2025
BCP ROE	25.6%	Q3 2025
Share of Demand/Saving Accounts in Funding	40.6%	Q2 2025

Small and medium-sized enterprises (SMEs) and micro-entrepreneurs (Mibanco).

Mibanco specifically targets the microfinance sector. As of 2024, Credicorp's Mibanco held a loan portfolio valued at $587 million USD. The segment is progressing steadily toward profitability targets. Mibanco's year-to-date contribution to ROE was 16% at the end of Q3 2025, with its profitability standing at 12.3% at that quarter end. Loan origination pipelines remain healthy for Microfinance.

Large corporations and institutional clients (Wholesale Banking).

Credicorp manages approximately 12,500 corporate and institutional clients with specialized relationship management teams. Wholesale Banking showed loan portfolio growth of 1.8% on a quarter-over-quarter basis in Q3 2025. Loan growth was noted as particularly robust in wholesale banking short-term loans in Q1 2025.

Affluent and High-Net-Worth individuals (Wealth Management).

The Wealth Management division, including Interfin, managed a total of $12.3 billion USD in assets under management (AUM) as of 2024. This segment served 45,000 high-net-worth clients, with an average portfolio value of $273,000 USD. In Q3 2025, AUM in US dollars increased by 6% quarter-over-quarter.

Pension fund members and insurance policyholders.

The Insurance and Pensions segment demonstrated strong financial contribution, supporting the overall group ROE in Q3 2025. Specifically, the insurance underwriting result grew by 33.1% year-over-year in Q3 2025, reflecting strong service results in the Life business.

Credicorp Ltd. (BAP) - Canvas Business Model: Cost Structure

You're looking at the major drains on Credicorp Ltd.'s bottom line as of late 2025. The cost structure is heavily weighted toward human capital and the ongoing, necessary overhaul of its technology backbone. These are the fixed and variable costs that management must keep a tight rein on to meet those efficiency targets they've been talking about.

Personnel expenses remain a significant line item. Credicorp Ltd. supports a large workforce across its regional footprint, which includes operations in Peru, Chile, Colombia, Bolivia, and Panama. As of the end of 2024, the total employee count was reported at 38,000 people, definitely a substantial fixed cost base to manage. [cite: 2 from first search]

The push for digital transformation is directly reflected in operating expenses. Credicorp Ltd. is treating technology as a growth engine, which means spending on infrastructure, cloud migration, standardized architecture, and Artificial Intelligence. [cite: 2 from second search] This investment focus is clear when you look at the top-line expense movement.

Cost Component Indicator	Latest Reported Period/Figure	Value/Context
Operating Expense Growth	Nine Months Ended September 30, 2025 (9M 2025)	Grew 12.8% [cite: 11 from second search]
Cost of Risk (Indicator)	First Quarter of 2025 (1Q 2025)	Fell to a low of 1.6% [cite: 1 from second search]
Provision for Credit Losses (2023 Baseline)	Year Ended December 31, 2023	S/3,622,345 thousand (net of recoveries) [cite: 7 from first search]
Innovation Portfolio Contribution to Expenses	9M 2025	Fueled operating expense growth alongside core BCP businesses [cite: 11 from second search]

Managing the cost of risk, or loan loss provisions, is a constant variable cost tied to the quality of the lending portfolios across Universal Banking and Microfinance. While the cost of risk showed material improvement in early 2025, falling to 1.6% in Q1, this line item requires constant monitoring against the backdrop of economic shifts in the region. [cite: 1 from second search] The full-year 2024 provision for credit losses was S/3,519,447 thousand, illustrating the scale of this cost category. [cite: 7 from first search]

Beyond personnel and tech, the traditional overhead remains a factor. This includes maintaining the physical footprint, even as digital adoption accelerates. You have to factor in the administrative overhead required to run a multi-country financial group.

The expense structure is clearly evolving, with innovation investments being a key driver of the 12.8% operating expense growth for the first nine months of 2025. [cite: 11 from second search] This signals a strategic shift where technology spend is now embedded in the recurring cost base, not just a separate project budget.

• Significant personnel expenses supporting over 38,000 employees as of 2024. [cite: 2 from first search]
• High, ongoing investment costs for IT modernization, cloud migration, and AI capabilities. [cite: 2 from second search]
• Variable cost of risk tied to loan portfolio performance, with recent indicators showing improvement to 1.6% in 1Q2025. [cite: 1 from second search]
• Administrative and branch network maintenance costs forming the necessary overhead for regional operations.

Finance: draft 13-week cash view by Friday.

Credicorp Ltd. (BAP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Credicorp Ltd. (BAP) brings in money as of late 2025. It's a mix of traditional banking income and newer digital monetization, which is what you'd expect from a major financial holding company in the region.

The largest component, as always, is the spread between what they pay for deposits and what they earn on loans. This is the engine room of the business. Following that, you see a deliberate push into non-lending revenue, which helps smooth out earnings when the credit cycle shifts.

Here's a quick look at the key revenue drivers based on the Q3 2025 figures:

Revenue Stream Component	Latest Reported Metric/Value (Q3 2025)	Year-over-Year Change
Net Interest Income (NII)	S/3,687.83 million	Increased 2.7% YoY
Fee Income Growth	8.2% increase	Boosted by Yape and BCP transactional activity
Insurance Underwriting Results (Grupo Pacífico)	Not specified in Soles	Rose 33.1% YoY
Gains on FX Transactions	Not specified in Soles	Rose 23.4%
Innovation Portfolio Contribution (Yape)	7.4% of total risk-adjusted revenue	Yape lending revenue up 13x YoY

The Net Interest Income (NII) from lending activities was reported at S/3,687.83 million for the third quarter of 2025, showing a 2.7% year-over-year increase. This was supported by a strengthened funding mix and a loan portfolio that is yielding more, even as the Net Interest Margin (NIM) settled at 6.57%.

Fee-based income from transactional services and asset management is definitely picking up steam. You see this in a few places:

• Fee income itself saw an 8.2% increase in Q3 2025.
• The digital ecosystem, primarily Yape, now contributes 7.4% of total risk-adjusted revenue.
• The lending revenue specifically within Yape surged 13x year-over-year, now representing 20% of Yape's total revenue.

For the insurance business, Grupo Pacífico is delivering strong underwriting performance. The insurance underwriting results jumped by 33.1% year-over-year, which is a significant driver within the overall group results. The insurance and pensions segment posted an ROE of 20.9% in the quarter.

Gains from proprietary trading and investment activities are also a notable, albeit more volatile, stream. For instance, gains on Foreign Exchange (FX) transactions specifically saw a large jump, rising 23.4% due to higher volumes through BCP.

Finally, the returns flowing from subsidiaries and equity investments are reflected in the overall profitability metrics that shareholders see. The Return on Equity (ROE) for Credicorp stood strong at 19.6% in Q3 2025, underpinned by the net income attributable to the company reaching S/1,738.7 million for the quarter.