Credicorp Ltd. (BAP): Análisis PESTLE [Actualizado en enero de 2025]

En el panorama dinámico de la banca latinoamericana, Credicorp Ltd. (BAP) surge como una potencia financiera fundamental, navegando por los desafíos del mercado complejo con precisión estratégica. Este análisis integral de mano de mortero presenta las dimensiones multifacéticas que dan forma al ecosistema operativo del banco, revelando cómo la estabilidad política, la innovación tecnológica y las transformaciones socioeconómicas se cruzan para definir su ventaja competitiva en el sector financiero en rápida evolución de Perú. Desde el cumplimiento regulatorio hasta los avances bancarios digitales, el viaje de Credicorp refleja un enfoque matizado para el crecimiento sostenible y la adaptación del mercado que lo distingue en un panorama financiero global cada vez más interconectado.

Credicorp Ltd. (BAP) - Análisis de mortero: factores políticos

Ambiente político en Perú

El panorama político de Perú a partir de 2024 demuestra un marco democrático con estabilidad económica continua. El país mantiene un sistema democrático constitucional con elecciones presidenciales y una estructura parlamentaria multipartidista.

Indicador político	Estado actual
Índice de estabilidad política	-0.45 (Banco Mundial, 2023)
Tipo de gobierno	República Democrática Representante Presidencial
Presidente actual	Dina Boluarte

Marco bancario regulatorio

Credicorp Ltd. opera dentro de un entorno financiero regulado supervisado por múltiples entidades gubernamentales:

• Superintendencia de la banca y el seguro (SBS)
• Banco de la Reserva Central de Perú
• Ministerio de Economía y Finanzas

Influencias de la política monetaria

La política monetaria del Banco Central de la Reserva del Perú afecta directamente las estrategias operativas de Credicorp:

Parámetro de política monetaria	Valor actual
Tasa de interés de referencia	6.75% (a partir de enero de 2024)
Rango del objetivo de inflación	1% - 3%

Paisaje de cumplimiento regulatorio

Credicorp debe navegar regulaciones financieras complejas en múltiples jurisdicciones:

• Requisitos de adecuación de capital de Basilea III
• Regulaciones contra el lavado de dinero
• Leyes financieras de protección del consumidor

Evaluación de riesgos políticos

Los indicadores de riesgo político para el sector financiero de Perú muestran una volatilidad moderada:

Categoría de riesgo	Puntaje (0-100)
Calificación de riesgo político	55.4
Riesgo de cumplimiento regulatorio	62.7

Credicorp Ltd. (BAP) - Análisis de mortero: factores económicos

Exposición significativa a las fluctuaciones económicas de Perú y el mercado basado en productos básicos

El PIB de Perú en 2023 fue de $ 235.7 mil millones, con una tasa de crecimiento del 2.7%. El desempeño financiero de Credicorp está directamente vinculado a los indicadores económicos del país.

Indicador económico	Valor 2023	Impacto en Credicorp
Tasa de crecimiento del PIB	2.7%	Correlación directa con el rendimiento del sector bancario
Tasa de inflación	3.5%	Influye en las tasas de préstamos y depósitos
Precio de cobre (por tonelada)	$8,225	Crítico para la exposición económica impulsada por los productos básicos

Beneficiarse del crecimiento constante del PIB y aumentar la inclusión financiera en Perú

La inclusión financiera en Perú alcanzó 48.5% en 2023, con Credicorp capturando 35.6% de la cuota de mercado bancario.

Métrica de inclusión financiera	Valor 2023
Penetración de la cuenta bancaria	48.5%
Cuota de mercado de credicorp	35.6%
Usuarios bancarios digitales	2.3 millones

Aprovechar la banca digital para expandir los servicios durante la transformación económica

Las transacciones bancarias digitales aumentaron por 42.3% En 2023, con Credicorp invirtiendo $ 87.5 millones en infraestructura digital.

• Usuarios de banca móvil: 1.9 millones
• Volumen de transacciones en línea: $ 4.6 mil millones
• Inversión digital: $ 87.5 millones

Gestiona el riesgo a través de la cartera de productos financieros diversificados en diferentes segmentos económicos

Diversificación de cartera de préstamos de Credicorp en 2023:

Segmento de préstamo	Porcentaje de cartera	Valor total
Préstamo corporativo	38.5%	$ 6.2 mil millones
Préstamos para pequeñas empresas	27.3%	$ 4.4 mil millones
Préstamos al consumo	22.7%	$ 3.6 mil millones
Préstamos hipotecarios	11.5%	$ 1.8 mil millones

Credicorp Ltd. (BAP) - Análisis de mortero: factores sociales

Dirigirse al creciente grupo demográfico de clase media en Perú y los mercados latinoamericanos emergentes

A partir de 2024, la clase media de Perú representa el 38.7% de la población total, con una tasa de crecimiento estimada del 2.5% anual. El mercado objetivo de Credicorp en Perú abarca aproximadamente 13.2 millones de personas con un aumento de poder adquisitivo.

Segmento de mercado	Tamaño de la población	Rango de ingresos anuales
Clase media alta	4.6 millones	$20,000 - $50,000
Clase media	8.6 millones	$10,000 - $20,000

Adaptar los servicios de banca digital para cumplir con las expectativas tecnológicas de la generación más joven

La adopción de banca digital en Perú alcanzó el 72% entre los usuarios de entre 18 y 35 años en 2024. La plataforma de banca móvil de Credicorp registró 2.3 millones de usuarios activos, lo que representa un crecimiento interanual del 35%.

Servicio digital	Penetración de usuario	Transacciones mensuales
Aplicación de banca móvil	68%	4.7 millones
Banca en línea	62%	3.2 millones

Respondiendo a una mayor demanda de transparencia financiera y servicios centrados en el cliente

Las calificaciones de satisfacción del cliente para Credicorp aumentaron a 86.4% en 2024, con iniciativas de transparencia digital que contribuyen significativamente a mejorar la confianza del cliente.

• Seguimiento de transacciones en tiempo real: disponible para el 95% de los productos bancarios
• Información financiera digital integral: implementado en todos los segmentos de clientes
• Tiempo de respuesta promedio para consultas de clientes: 2.3 horas

Abordar la diversidad socioeconómica a través de estrategias bancarias inclusivas

Los programas de inclusión financiera de Credicorp se dirigieron a 1,6 millones de personas previamente no bancarizadas en los mercados de Perú y América Latina durante 2024.

Iniciativa bancaria inclusiva	Población objetivo	Tasa de penetración
Préstamos de microfinanzas	680,000 individuos	42%
Cuentas bancarias de bajo costo	920,000 individuos	58%

Credicorp Ltd. (BAP) - Análisis de mortero: factores tecnológicos

Invertir fuertemente en transformación digital e innovación de fintech

En 2023, Credicorp invirtió $ 127.5 millones en iniciativas de transformación digital. La compañía asignó el 18.3% de su presupuesto de tecnología total a los proyectos de innovación de FinTech.

Categoría de inversión tecnológica	Monto de inversión (USD)	Porcentaje de presupuesto
Transformación digital	$127,500,000	18.3%
Innovación de fintech	$93,450,000	13.4%

Implementación de medidas avanzadas de ciberseguridad para proteger los datos de los clientes

Credicorp invirtió $ 42.3 millones en infraestructura de ciberseguridad en 2023. La compañía informó una tasa de protección del 99,7% contra posibles amenazas digitales.

Métrica de ciberseguridad	Valor
Inversión de ciberseguridad	$42,300,000
Tasa de protección de amenazas digitales	99.7%

Desarrollo de plataformas de banca móvil y en línea para una experiencia mejorada del cliente

Estadísticas de plataforma de banca móvil:

• Usuarios de banca móvil activa mensual: 1.2 millones
• Volumen de transacciones móviles: 8.7 millones de transacciones por mes
• Tasa de crecimiento del usuario de la plataforma en línea: 22.5% año tras año

Explorando la inteligencia artificial y el aprendizaje automático para mejorar los servicios financieros

Credicorp asignó $ 37.6 millones a IA e Investigación e implementación de aprendizaje automático en 2023.

Inversión tecnológica de IA	Cantidad (USD)
Inversión total de IA/ML	$37,600,000
Precisión de evaluación del riesgo de crédito con IA	94.3%

Credicorp Ltd. (BAP) - Análisis de mortero: factores legales

Cumplir con estrictas regulaciones bancarias en el sector financiero peruano

Credicorp Ltd. opera bajo la supervisión de la superintendencia de los administradores de banca, seguros y pensiones privadas (SBS) en Perú. A partir de 2024, el banco mantiene una relación de adecuación de capital del 14,2%, excediendo el requisito regulatorio mínimo del 10%.

Métrico regulatorio	Nivel de cumplimiento	Reglamentario
Relación de adecuación de capital	14.2%	Mínimo 10%
Relación de cobertura de liquidez	135%	Mínimo 100%
Ratio de préstamo sin rendimiento	2.8%	Por debajo del 5%

Mantenimiento de prácticas transparentes de gobierno corporativo

Credicorp Ltd. se adhiere a estrictas normas de gobierno corporativo, con 6 directores independientes en su junta de 9 miembros. La compañía ha asignado $ 3.2 millones por infraestructura de cumplimiento y gobierno en 2024.

Métrico de gobierno	Estado actual
Miembros de la junta independientes	6 de 9
Presupuesto de cumplimiento	$ 3.2 millones
Frecuencia de auditoría anual	4 veces al año

Navegación de requisitos de cumplimiento de la banca internacional compleja

Métricas de cumplimiento internacional para Credicorp Ltd.:

• Presupuesto de cumplimiento contra el lavado de dinero (AML): $ 5.7 millones
• Conoce la tasa de verificación de su cliente (KYC): 99.6%
• Sistemas de monitoreo de transacciones transfronterizas: seguimiento en tiempo real

Abordar posibles desafíos legales en operaciones financieras transfronterizas

Credicorp Ltd. mantiene reservas legales de $ 42.3 millones para abordar posibles litigios transfronterizos y desafíos regulatorios. El banco opera en 6 países con estrategias integrales de gestión de riesgos legales.

Gestión de riesgos legales	Métrico
Reservas legales	$ 42.3 millones
Países de operación	6
Retenedor de asesor legal externo	$ 1.9 millones anuales

Credicorp Ltd. (BAP) - Análisis de mortero: factores ambientales

Implementación de prácticas bancarias sostenibles e iniciativas financieras verdes

Credicorp Ltd. comprometió $ 200 millones a iniciativas de finanzas sostenibles en 2023. La emisión de bonos verdes del banco alcanzó los $ 150 millones, con un rendimiento anual de 3.5% dirigido a proyectos ambientales.

Métrica de finanzas verdes	Valor 2023
Cartera de finanzas sostenibles	$ 750 millones
Emisión de bonos verdes	$ 150 millones
Asignación de inversión ambiental	12.5% ​​de la cartera de inversión total

Desarrollo de estrategias de evaluación de riesgos ambientales para préstamos

Cobertura de evaluación de riesgos ambientales Se expandió al 87% de la cartera de préstamos corporativos en 2023. La exposición al riesgo de préstamos relacionados con el carbono se calculó en el 4.2% del libro de préstamos totales.

Métrica de riesgo ambiental	Porcentaje
Cartera de préstamos corporativos evaluados	87%
Riesgo de préstamos relacionados con el carbono	4.2%
Rechazados préstamos ambientales de alto riesgo	16 préstamos ($ 45 millones)

Apoyo a los proyectos de energía renovable y de desarrollo sostenible

El financiamiento del proyecto de energía renovable alcanzó los $ 275 millones en 2023, con áreas de enfoque clave:

• Energía solar: $ 125 millones
• Energía eólica: $ 85 millones
• Proyectos hidroeléctricos: $ 65 millones

Sector de energía renovable	Inversión 2023	Reducción de CO2 proyectada
Energía solar	$ 125 millones	72,500 toneladas métricas
Energía eólica	$ 85 millones	55,300 toneladas métricas
Hidroeléctrico	$ 65 millones	41,200 toneladas métricas

Reducción de la huella de carbono a través de la transformación bancaria digital

Las iniciativas de banca digital redujeron el consumo de papel en un 62% en 2023. Las emisiones de carbono de las operaciones bancarias disminuyeron en un 28% en comparación con la línea de base de 2022.

Métrica de reducción de carbono	2023 rendimiento
Reducción del consumo de papel	62%
Reducción de emisiones de carbono operativo	28%
Porcentaje de transacción digital	89%

Credicorp Ltd. (BAP) - PESTLE Analysis: Social factors

You're looking at Credicorp Ltd. (BAP) and seeing a company deeply embedded in the social fabric of its core markets, particularly Peru. The biggest takeaway here is that massive demographic shifts and a rapid move to digital payments are creating a huge, profitable tailwind, but the underlying need for financial literacy remains a critical risk to manage. This isn't just about market share; it's about formalizing an entire economy.

Massive Financial Inclusion Opportunity

The drive to bring the unbanked into the formal financial system (financial inclusion) is a central social factor and a primary growth engine for Credicorp. Since 2020, the BCP and Yape platforms have successfully included more than 6.3 million people in the formal system. This is a staggering number that speaks to a massive, untapped market moving from cash to digital, and about half of those financially included during this period were women. This effort directly translates into a larger addressable market for all of Credicorp's products, from microloans to insurance policies.

Strong Growth in Domestic Demand

A resilient Peruvian economy, Credicorp's primary market, is fueling consumer confidence and spending. As of the third quarter of 2025, domestic demand continued its strong run, expanding at a robust rate of 6% for the fourth consecutive quarter. This sustained momentum is a key social indicator, signaling improving employment and a mid-cycle economic phase. This growth directly benefits Credicorp by increasing the volume of transactions, boosting loan origination, and supporting the quality of its retail and microfinance portfolios.

Metric	Value (Q3 2025)	Impact on Credicorp
Financial Inclusion (People since 2020)	>6.3 million	Expands addressable market for loans and services.
Domestic Demand Growth (YoY)	6%	Drives transaction volume and loan origination.
Yape Monthly Active Users (MAU)	15.5 million	Accelerates fee income and digital ecosystem monetization.

Rapid Adoption of Digital Payment Platforms like Yape

The rapid adoption of the Yape mobile payment platform is the clearest sign of social-digital transformation. As of Q3 2025, Yape reached 15.5 million monthly active users, which is an incredible 82% of the economically active population in Peru. This is not just a payments app; it's a social utility. Users are highly engaged, conducting an average of 58.5 transactions per month. This high-frequency usage is crucial because it allows Credicorp to diversify its revenue away from being solely loan-centric, with Yape contributing 6.6% of the Group's risk-adjusted revenue in Q3 2025.

That's a digital ecosystem that's truly scaled.

Need for Continued Financial Education

The flip side of rapid inclusion is the need for financial education (FinEd) to ensure sustainable credit quality. While the cost of risk for the Group fell to 1.7% in Q3 2025, maintaining this trend requires continuous education. The risk is simple: if newly included clients don't understand credit terms or payment discipline, the cost of risk will climb, eroding margins. Credicorp is actively addressing this: BCP's behavioral change programs helped more than 345,000 clients improve their financial behavior in 2024, focusing on overcoming debt and regularizing late payments. This proactive education is a defintely necessary investment that directly reduces future credit losses and improves overall payment performance, which is a key support for the current lower cost of risk.

• Improve payment performance to sustain lower cost of risk.
• Reduce credit losses by educating newly banked clients.
• Focus on behavioral change programs for debt management.

Credicorp Ltd. (BAP) - PESTLE Analysis: Technological factors

Digital platform Yape is a key growth engine and is already profitable.

You can't talk about Credicorp Ltd. (BAP) without starting with Yape. It's the engine driving their digital strategy, and it's already past the break-even point, which is a massive win for a platform of this scale. Yape reached profitability in May 2024, and its financial contribution continues to grow, moving beyond just being a strategic tool for financial inclusion. In the third quarter of 2025 (Q3 2025), Yape reported an average revenue per monthly active user (MAU) of PEN 7.4, while its expenses per MAU were lower at PEN 5.0, showing clear operational scalability. This is how you turn a digital bet into a value driver.

The platform is a dominant force in the region, with its user base expanding rapidly. As of Q3 2025, Yape boasts 15.5 million monthly active users, which represents approximately 82% of Peru's economically active population. This massive reach is why it contributed 6.6% of Credicorp's total risk-adjusted revenue in Q3 2025. The next step is to monetize the high-frequency usage, as only about 12% of the average 58.5 monthly transactions per user currently generate revenue.

Innovation portfolio is on track to contribute 10% of risk-adjusted revenue by 2026.

The company views its entire innovation portfolio, which includes Yape and other initiatives like Tenpo and Tyba, as a structural growth engine. This isn't just a side project; it's a core financial pillar. In Q3 2025, the innovation portfolio was responsible for 7.4% of Credicorp's risk-adjusted revenue. This figure keeps the business firmly on track to hit its strategic goal of having new business models contribute 10% of risk-adjusted revenue by the end of 2026. This growth is a direct countermeasure to the slower growth in traditional banking services.

Strategic investment in AI and digital capabilities to improve the efficiency ratio (Cost-to-Income), which stood at 46.4% in Q3 2025.

Credicorp is making significant, deliberate investments in technology, specifically in Artificial Intelligence (AI) and digital talent, to drive long-term efficiency. The near-term effect is a temporary rise in operating expenses, but the strategic play is to lower the cost-to-serve in the future. The efficiency ratio (Cost-to-Income) for the group stood at 46.4% in Q3 2025, which is within their expected range but reflects the current cost of transformation. For the first nine months of 2025, the year-to-date efficiency ratio was 45.7%, an increase of 187 basis points year-over-year, which shows the cost of scaling is real. This spending is primarily for hiring specialized digital talent and funding strategic projects. Here's the quick math on the trade-off:

• Year-to-Date Operating Expense Growth: +12.8%
• Year-to-Date Operating Income Growth: +8.2%
• Result: Near-term pressure on the efficiency ratio.

Intense competition from local and regional fintechs is defintely a factor.

The digital landscape in Latin America is defintely competitive, and Credicorp faces pressure from both local and regional fintechs that are unburdened by legacy systems. While Yape is the market leader in e-wallets, with an estimated 70% market share, the competition is fierce in specialized areas like lending, wealth management, and merchant payments. Competitors are using agile, cloud-native models to target specific high-margin segments. This intense competition is a key reason why Credicorp is so focused on leveraging its own digital platforms to deepen financial inclusion and scale monetization quickly, before the smaller, nimbler players can fully establish themselves.

Accelerating digital transformation to achieve a long-term efficiency ratio near 42%.

The ultimate goal of all this digital investment is to fundamentally change the operating model and achieve significant operating leverage. Credicorp has publicly reaffirmed its medium-term target to bring the efficiency ratio down to around 42% over the next three to four years. This is a crucial metric for investors, as it signals a commitment to disciplined cost management and the realization of efficiency gains from the new digital platforms. Hitting this target will mean that the current high expenses for digital talent and AI infrastructure have successfully translated into lower costs per transaction and a more streamlined core business.

Metric (as of Q3 2025)	Current Value	Strategic Target	Timeline
Efficiency Ratio (Cost-to-Income)	46.4%	Near 42%	3-4 years (Medium-term)
Innovation Portfolio Contribution to Risk-Adjusted Revenue	7.4%	10%	By 2026
Yape Monthly Active Users (MAU)	15.5 Million	18 Million	By 2028
Yape Revenue per MAU (PEN)	PEN 7.4	Higher Monetization	Ongoing

Credicorp Ltd. (BAP) - PESTLE Analysis: Legal factors

Facing a Major Tax Dispute with SUNAT

You need to understand the material financial risk that comes from regulatory uncertainty, and right now, the most pressing legal matter for Credicorp Ltd. is the tax dispute with the Peruvian Tax Administration (Superintendencia Nacional de Aduanas y de Administración Tributaria - SUNAT). The conflict centers on 2018-2019 share transactions that SUNAT initially assessed as requiring payment of income tax and accrued interest.

The total amount demanded by SUNAT's Tax Assessment Resolutions and Fine Resolutions, issued on June 27, 2025, was approximately S/ 1.6 billion soles. That's a huge number, and while Credicorp maintains that no expense provisions are necessary under International Accounting Standards, the sheer size of the claim demands attention.

Here's the quick math on the dispute's status:

• Initial SUNAT Claim (June 2025): Approximately S/ 1.6 billion soles.
• Transactions in Question: Purchase of Banco de Crédito del Perú (BCP) shares by Grupo Crédito S.A. from Credicorp Ltd. in 2018 and 2019.
• Current Status (August 2025): The Peruvian Tax Authority officially cancelled the S/ 1.6 billion assessment and fine resolutions.

Legal Action Citing Breach of Legal Predictability

The core issue here is the stability of the legal framework. Credicorp initiated legal action against SUNAT on June 30, 2025, arguing that the tax authority was ignoring its own previous rulings and the legal framework in effect at the time of the transactions. This is a serious charge, a 'breach of legal predictability,' which undermines legal certainty for any company operating in Peru.

Even with the S/ 1.6 billion assessment cancelled in August 2025, the company is still pursuing the legal challenge to contest the original resolutions and defend the rule of law. This isn't just about the money; it's about establishing a clear precedent for tax treatment of capital market transactions going forward. The company's legal strategy is to ensure that a case previously reviewed and cleared by SUNAT's own Review Committee cannot be arbitrarily reopened.

Strict Regulation by the Superintendencia de Banca, Seguros y AFP (SBS)

As the leading financial services holding company in Peru, Credicorp is under the constant, strict oversight of the Superintendencia de Banca, Seguros y AFP (SBS). The SBS's primary role is to ensure the financial stability of the institutions it oversees and protect the public interest. This means continuous compliance costs and a non-stop cycle of regulatory updates.

The SBS is actively integrating global standards like Basel III into the Peruvian banking framework, which means ongoing adjustments to capital adequacy, liquidity, and risk management practices. For example, the SBS updates the minimum social capital requirements for supervised entities quarterly. For the October-December 2025 quarter, the minimum social capital for a universal commercial bank like Banco de Crédito del Perú (BCP) is set at S/. 32,172,200 soles.

The table below shows the quarterly capital requirement updates for key entities, illustrating the dynamic regulatory environment:

Supervised Entity (Peru)	Minimum Social Capital (Soles) - Q1 2025	Minimum Social Capital (Soles) - Q4 2025
Empresas Bancarias (Commercial Banks)	S/ 33,091,100	S/ 32,172,200
Empresas Financieras (Financial Companies)	S/ 16,641,000	S/ 16,178,900
Empresas de Seguros y Reaseguros (Insurance & Reinsurance)	S/ 21,058,600	S/ 20,473,800

The slight quarter-to-quarter fluctuation in the minimum capital is based on the Wholesale Price Index, but the trend is toward greater regulatory scrutiny, especially around risk management and anti-money laundering (AML) protocols.

Risk of Increased Consumer Protection Laws

The pressure to protect consumers from high costs is a persistent legal risk across all of Credicorp's markets, impacting profitability in its core lending segments. Peru already has a Law Against Usury in Financial Services, enacted in 2021, which mandates the Central Reserve Bank of Peru (BCRP) to set maximum active interest rates for consumer loans, small consumer loans (defined as less than or equal to two UITs), and microenterprise loans.

This is a legal constraint on revenue, and the risk is that it gets worse.

• Existing Constraint: BCRP sets maximum active interest rates for consumer and microenterprise credit.
• Near-Term Risk: Active legislative proposals, such as Bill No 581/2024-CR, aim to further limit compensatory and late interest rates.
• Regulatory Opposition: Both the SBS and BCRP oppose these new limits, arguing they restrict formal credit access and push borrowers toward informal, high-rate lenders (the gota a gota or drop-by-drop model).

The global trend is defintely toward capping fees. In the US, for instance, the Consumer Financial Protection Bureau (CFPB) has a final rule effective October 1, 2025, that closes an overdraft loophole for large banks, effectively capping most overdraft fees at $5. While that's a US rule, the regulatory spirit of curbing 'junk fees' is highly contagious and will continue to fuel legislative efforts in Peru, Chile, and Colombia, threatening the fee-based revenue of Credicorp's universal banking segment.

Credicorp Ltd. (BAP) - PESTLE Analysis: Environmental factors

Launched the 2025-2030 Sustainability Strategy, focusing on environmental and social impact.

You need to see environmental strategy not as a cost center, but as a critical risk and growth driver. Credicorp Ltd. has embedded its 2025-2030 Sustainability Strategy directly into its core business model, which is the smart move. This isn't just about compliance; it's about future-proofing the balance sheet. The environmental component of this strategy is structured around five key fronts: Ambition, Growth Opportunities, Risks, Program, and Reporting, ensuring a holistic approach to climate-related issues.

This focus is defintely a response to the increasing physical risks of climate change in Latin America, like the El Niño Southern Oscillation (ENSO) in Peru, which drives significant financial volatility through floods and infrastructure damage. The strategy helps manage these transition risks by building internal capabilities to measure and manage environmental impacts early on.

Commitment to reduce net greenhouse gas emissions by 10% annually to reach carbon neutrality by 2032.

The firm has set a clear, quantifiable target for its own operations: an annual reduction of net Greenhouse Gas (GHG) emissions by 10%, using 2022 as the base year. This aggressive trajectory aims for carbon neutrality in its operations by 2032. This commitment covers Scope 1 (direct), Scope 2 (energy-related), and material Scope 3 emissions, excluding the largest category, financed emissions, which are handled separately.

To hit this 2032 goal, the company is working on three fronts: purchasing renewable energy through Power Purchase Agreements (PPAs) and Renewable Energy Certificates, implementing energy efficiency projects like solar panels and digitalization, and offsetting remaining emissions with high-quality carbon credits. This is a pragmatic, three-pronged attack.

Here's the quick math on the operational commitment:

• Target: Achieve operational carbon neutrality by 2032.
• Annual Reduction Rate: 10% net GHG emissions reduction (Base Year: 2022).
• Strategy: Renewable energy purchases, efficiency projects, and carbon offsetting.

Measuring financed emissions (Scope 3) in credit and investment portfolios using PCAF methodologies.

Financed emissions (Scope 3, Category 15) are the elephant in the room for any financial institution, and Credicorp is tackling this head-on by adhering to the Partnership for Carbon Accounting Financials (PCAF) methodology. This global standard is crucial for standardizing the measurement of emissions tied to loans and investments.

Measurement is still in its early stages but is progressing fast. Credicorp Capital Asset Management's pilot measurement for five investment portfolios in 2023 showed absolute financed emissions of 338,996 tCO2eq (tons of carbon dioxide equivalent). This pilot covered 7.3% of its total Assets Under Management (AUM) at the end of 2023. The data clearly points to where the transition risk lies: in the fixed income strategy, the Utilities sector alone accounted for 70% of the financed emissions.

This is a major step toward transparency, but what this estimate hides is the full scale of the group's lending portfolio. The measurement is being done separately by subsidiaries like Credicorp Capital, Prima AFP, and Pacífico Seguros to avoid double counting, which means a consolidated figure for the entire group's financed emissions is not yet publicly reported.

Subsidiary	Portfolio Coverage (Financed Emissions Scope 1+2)	Latest Measurement Status
BCP Wholesale Banking	29%	First measurement completed in 2024.
BCP Bolivia Wholesale Banking	59%	First measurement completed in 2024.
Prima AFP	77%	Updated measurement for 2023 footprint in 2024.
Pacífico Seguros	69%	Updated measurement for 2023 footprint in 2024.
Credicorp Capital Asset Management	7.3% of AUM (Pilot)	Pilot measurement for 5 portfolios showed 338,996 tCO2eq in 2023.

Growing pressure from international investors for comprehensive ESG (Environmental, Social, and Governance) reporting and green financing.

International capital markets are defintely demanding better ESG disclosure, and Credicorp is responding by integrating sustainability as one of its three core strategic priorities, as highlighted at its 2025 Investor Day. This isn't altruism; it's about maintaining a competitive cost of capital and attracting global institutional investors.

The firm's commitment to the UN Principles for Responsible Investment (PRI) and the Task Force on Climate-Related Financial Disclosure (TCFD) framework shows its alignment with global best practices. This is helping to mobilize capital towards sustainable activities, which is a significant opportunity for the firm.

Green financing is a clear growth engine. For example, Banco de Crédito del Perú (BCP) and BCP Bolivia have already disbursed more than USD 1500 million and USD 53 million in green financing, respectively. Credicorp is also utilizing innovative instruments, such as BCP issuing its first Sustainability Linked Loan (SLL) to a Peruvian mining company, which links favorable financial conditions to the borrower's achievement of sustainability Key Performance Indicators (KPIs). For a financial group that reported Net Income attributable to Credicorp of S/ 5,501 million in 2024, scaling these green products is a direct path to margin-accretive growth.

Finance: Track the Q2-Q4 2025 green financing disbursement figures against the USD 1500 million baseline to quantify the growth opportunity.