Credicorp Ltd. (BAP): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de Credicorp Ltd. (BAP), une puissance financière qui a magistralement tissé des services bancaires innovants, des plateformes numériques de pointe et des solutions financières complètes dans le paysage dynamique du Pérou. En fabriquant méticuleusement un modèle commercial qui intègre de manière transparente la banque de détail, la gestion de la patrimoine et l'innovation technologique, Credicorp s'est positionné comme une force transformatrice dans le secteur financier, offrant des expériences personnalisées qui s'adressent à divers segments de clientèle, des consommateurs individuels à de grandes entités d'entreprise.

Credicorp Ltd. (BAP) - Modèle commercial: partenariats clés

Alliance stratégique avec Scotia Bank

Credicorp Ltd. maintient une alliance stratégique avec Scotia Bank pour les services bancaires internationaux. En 2024, le partenariat permet des opérations financières transfrontalières sur plusieurs marchés en Amérique latine.

Détails du partenariat	Portée de la collaboration
Couverture géographique	Pérou, Chili, Colombie
Volume de transaction annuel	2,3 milliards de dollars USD
Durée du partenariat	En cours depuis 2018

Partenariats technologiques financières

Credicorp collabore avec plusieurs fournisseurs de fintech régionaux pour améliorer les capacités bancaires numériques.

• CULQI - Intégration de la plate-forme de paiement numérique
• Niubiz - Solutions de traitement des paiements
• Interbank - Infrastructure bancaire numérique

Partenariats institutionnels en microfinance

Credicorp soutient activement les institutions de microfinance à travers le Pérou grâce à des collaborations financières ciblées.

Partenaire de microfinance	Portefeuille de prêts	Focus géographique
Mibanco	587 millions USD	Pérou rural
Financiera confianza	342 millions USD	Communautés mal desservies

Partenariats d'assurance

Grâce à Pacific Seguros, Credicorp maintient des réseaux de collaboration d'assurance complets.

• Rimac Seguros - Développement de produits d'assurance commune
• La Positiva Seguros - Solutions de gestion des risques
• Interseguro - Partenariats d'assurance-vie et de retraite

Collaborations de plate-forme de paiement numérique

CredicorP s'intègre à plusieurs plateformes fintech pour étendre les capacités de paiement numérique.

Partenaire fintech	Volume de transaction (2024)	Type de service
Yape	1,2 milliard de dollars USD	Paiements mobiles
Pagoefectivo	876 millions USD	Transferts numériques

Credicorp Ltd. (BAP) - Modèle d'entreprise: Activités clés

Services de vente au détail et commerciaux

Credicorp fonctionne via Banco de Credico del Pérou (BCP), qui en 2023 a géré:

• Portfolio de prêts totaux: 40,8 milliards de dollars
• Dépôts totaux: 47,2 milliards de dollars
• Part de marché au Pérou: 30,5% dans la banque de détail

Segment bancaire	Total des actifs (2023)	Revenu
Banque de détail	52,6 milliards de dollars	3,1 milliards de dollars
Banque commerciale	38,4 milliards de dollars	2,7 milliards de dollars

Advisory de gestion de la patrimoine et d'investissement

La division de gestion de la patrimoine de Credicorp, par le biais de la gestion de patrimoine et d'interfin, gérée:

• Total des actifs sous gestion: 12,3 milliards de dollars
• Nombre de clients à haute noue: 45 000
• Valeur moyenne du portefeuille: 273 000 $

Développement de la plate-forme bancaire numérique

Métriques bancaires numériques pour 2023:

• Utilisateurs des banques mobiles: 3,2 millions
• Volume de transaction numérique: 24,6 milliards de dollars
• Pénétration des services bancaires numériques: 68% du total de la clientèle

Gestion des risques et analyse financière

Métrique à risque	Valeur 2023
Ratio de prêts non performants	2.4%
Dispositions de perte de prêt	685 millions de dollars
Ratio d'adéquation des capitaux	14.2%

Innovation de produit de crédit et de prêt

Développement de nouveaux produits en 2023:

• Plate de prêt numérique PME: 1,2 milliard de dollars de nouveaux prêts
• Expansion des produits de microfinance: 78 000 nouveaux clients
• Modèles de notation du crédit numérique: réduction du temps d'approbation de 40%

Credicorp Ltd. (BAP) - Modèle d'entreprise: Ressources clés

Réseau de succursale étendue à travers le Pérou

En 2024, Credicorp Ltd. exploite 1 438 branches physiques à travers le Pérou par le biais de sa filiale Banco de Crédito del Perú (BCP). Le réseau de succursales couvre 134 provinces et 24 régions du pays.

Type de succursale	Nombre de branches
Branches urbaines	1,102
Branches rurales	336

Infrastructure bancaire numérique

Les plates-formes numériques de Credicorp servent 6,2 millions d'utilisateurs de banque numérique actifs en décembre 2023.

• Téléchargements d'applications bancaires mobiles: 3,8 millions
• Volume de transaction en ligne: 245 millions de transactions par an
• Disponibilité de la plate-forme numérique: 99,97% de disponibilité

Professionnels financiers qualifiés

Credicorp emploie 36 542 professionnels à temps plein de son écosystème de services financiers.

Catégorie professionnelle	Nombre d'employés
Professionnels bancaires	22,345
Spécialistes de l'assurance	6,789
Experts en technologie	4,567

Capacités de technologie et d'analyse des données

Investissement technologique en 2023: 187,5 millions de dollars

• Systèmes d'évaluation des risques alimentés par l'IA
• Plates-formes de notation du crédit d'apprentissage automatique
• Suivi des transactions compatibles avec la blockchain

Capital financier et réserves

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	75,3 milliards de dollars
Capitaux propres des actionnaires	12,6 milliards de dollars
Ratio de capital de niveau 1	14.2%

Credicorp Ltd. (BAP) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour les particuliers et les entreprises

Credicorp Ltd. a déclaré un actif total de 73,5 milliards de dollars au troisième trimestre 2023. La banque fournit des solutions financières sur plusieurs segments avec la rupture suivante:

Segment	Valeur totale du portefeuille	Part de marché
Banque commerciale	24,3 milliards de dollars	37.5%
Banque de détail	18,7 milliards de dollars	29.2%
Banque des petites entreprises	12,5 milliards de dollars	19.4%

Expérience bancaire numérique avancée

Métriques bancaires numériques pour Credicorp en 2023:

• Utilisateurs des banques mobiles: 2,8 millions
• Volume de transaction numérique: 156 millions de transactions
• Pénétration des services bancaires en ligne: 68% du total de la clientèle

Services de conseil financier personnalisés

Performance de gestion de la gestion de la patrimoine et de conseil:

Catégorie de service	Total des actifs sous gestion	Portefeuille de clients moyens
Avis de valeur nette élevée	12,6 milliards de dollars	3,2 millions de dollars
Planification de la retraite	8,4 milliards de dollars	$620,000

Taux d'intérêt concurrentiels et produits de prêt flexibles

Taux d'intérêt et volumes du produit de prêt:

• Taux d'intérêt moyen du prêt personnel: 12,5%
• Taux d'intérêt moyen du prêt hypothécaire: 7,8%
• Portefeuille de prêts totaux: 45,2 milliards de dollars
• Ratio de prêt non performant: 2,3%

Offres de banque intégrée et d'assurance

Performance du segment d'assurance et de bancassurance:

Produit d'assurance	Primes totales	Pénétration du marché
Assurance-vie	876 millions de dollars	22%
Assurance immobilière	542 millions de dollars	15.6%

Credicorp Ltd. (BAP) - Modèle d'entreprise: relations avec les clients

Service client personnalisé

Credicorp Ltd. maintient 2 500 représentants du service à la clientèle à travers le Pérou à 2024. La banque exploite 461 succursales physiques à l'échelle nationale, fournissant des canaux d'interaction personnels directs.

Canal de service	Temps de réponse moyen	Taux de satisfaction client
Support en branche	15 minutes	87.3%
Support téléphonique	7,5 minutes	82.6%
Chat en ligne	5 minutes	89.1%

Plates-formes de libre-service numériques

Les plates-formes numériques de Credicorp servent 3,2 millions d'utilisateurs de banque numérique actifs en 2024.

• Téléchargements d'applications bancaires mobiles: 1,8 million
• Banque en ligne utilisateurs actifs: 1,4 million
• Volume des transactions numériques: 72% du total des transactions

Gestionnaires de relations dédiées aux entreprises clientes

Credicorp gère 12 500 clients d'entreprise et institutionnels avec des équipes de gestion des relations spécialisées.

Segment client	Nombre de gestionnaires dédiés	Valeur de portefeuille moyenne
Grandes entreprises	350	150 millions de dollars
Entreprises moyennes	750	35 millions de dollars
Petites entreprises	1,200	5 millions de dollars

Assistance bancaire mobile et en ligne

Credicorp fournit un support bancaire numérique 24/7 via plusieurs canaux.

• Prise en charge de l'application mobile: disponible 24/7
• Helpdesk bancaire en ligne: 99,7% de disponibilité
• Temps de résolution du problème numérique moyen: 3,2 heures

Programmes de fidélité et de récompenses de la clientèle

Le programme de fidélité de Credicorp comprend 2,6 millions de participants actifs dans les segments de cartes de crédit et de débit.

Tier du programme de fidélité	Nombre de membres	Valeur annuelle des récompenses
Niveau de base	1,6 million	12 millions de dollars
Niveau supérieur	650,000	28 millions de dollars
Niveau d'élite	350,000	45 millions de dollars

Credicorp Ltd. (BAP) - Modèle d'entreprise: canaux

Succursales bancaires physiques

En 2023, Credicorp exploite 1 544 succursales bancaires physiques à travers le Pérou. Le réseau bancaire couvre 532 districts à l'échelle nationale, avec une concentration dans les zones urbaines.

Type de succursale	Nombre de branches	Couverture géographique
Succursales bancaires au détail	1,214	Centres urbains
Branches de la banque d'entreprise	330	Principales zones métropolitaines

Site Web de banque en ligne

La plate-forme bancaire en ligne de Credicorp, Banca Por Internet, dessert 3,2 millions d'utilisateurs numériques actifs en décembre 2023.

• Trafic de site Web: 2,1 millions de visiteurs uniques mensuels
• Volume de transaction: 47,6 millions de transactions numériques par trimestre
• Durée moyenne de la session: 12,4 minutes

Application bancaire mobile

L'application mobile de Credicorp, lancée en 2015, compte 2,8 millions d'utilisateurs mensuels actifs en 2023.

Métriques d'application mobile	2023 statistiques
Téléchargements totaux	4,6 millions
Utilisateurs actifs mensuels	2,8 millions
Valeur de transaction mobile	1,2 milliard de dollars trimestriel

Réseau ATM

Credicorp maintient 2 187 distributeurs automatiques de billets à travers le Pérou en 2023.

• Couverture du réseau: 98% des principaux centres urbains
• Transactions ATM mensuelles: 22,3 millions
• Valeur totale de la transaction: 680 millions de dollars par trimestre

Plates-formes de support client numérique

Les canaux de support numériques de Credicorp incluent plusieurs méthodes de communication.

Canal de support	Interactions mensuelles	Temps de réponse moyen
Support WhatsApp	415,000	12 minutes
Chat Web	287,000	15 minutes
Prise en charge de l'application mobile	203,000	10 minutes

Credicorp Ltd. (BAP) - Modèle d'entreprise: segments de clientèle

Clients bancaires de détail individuels

En 2024, Credicorp dessert environ 6,5 millions de clients de banque de détail individuels à travers le Pérou. La clientèle comprend:

• Propriétaires de compte bancaire personnel: 3,8 millions
• Utilisateurs de la carte de crédit: 2,1 millions
• Clients de prêts personnels: 1,4 million

Segment de clientèle	Nombre total	Solde moyen du compte
Jeunes adultes (18-35)	1,9 million	$3,200
Professionnels d'âge moyen (36-55)	2,6 millions	$7,500
Seniors (55+)	1 million	$5,800

Petites et moyennes entreprises

Credicorp prend en charge 215 000 petites et moyennes entreprises (PME) avec des services financiers spécialisés.

• Fabricant PME: 62 000
• PME du secteur des services: 89 000
• PME de vente au détail: 64 000

Segment PME	Total des prêts déboursés	Taille moyenne du prêt
Micro-entreprises	580 millions de dollars	$22,000
Petites entreprises	1,2 milliard de dollars	$85,000
Entreprises moyennes	2,3 milliards de dollars	$320,000

Clients d'entreprise et institutionnels

Credicorp dessert 1 850 clients d'entreprise et institutionnels avec un actif total de la banque d'entreprise de 12,4 milliards de dollars.

• Grandes entreprises: 450 clients
• Institutions gouvernementales: 210 clients
• Multinational Companies: 380 clients

Individus à haute nette

La banque gère la richesse de 38 500 personnes à haute teneur en naissance avec un actif total sous gestion de 6,8 milliards de dollars.

Segment de richesse	Nombre de clients	Valeur de portefeuille moyenne
Valeur nette ultra élevée (> 10 millions de dollars)	2,500	18 millions de dollars
Valeur nette élevée (1 M $ à 10 millions de dollars)	36,000	2,5 millions de dollars

Clients du secteur des microenternes et agricoles

Credicorp fournit des services financiers à 345 000 clients de microenterraires et d'agriculture avec des prêts totaux de 890 millions de dollars.

• Microenterpés ruraux: 210 000 clients
• Producteurs agricoles: 135 000 clients

Credicorp Ltd. (BAP) - Modèle d'entreprise: Structure des coûts

Investissements technologiques et infrastructures numériques

En 2023, Credicorp Ltd. a investi 127,3 millions de dollars dans la technologie et les infrastructures numériques. La répartition des dépenses technologiques est la suivante:

Catégorie	Montant de dépenses ($)
Systèmes bancaires de base	42,6 millions
Infrastructure de cybersécurité	31,5 millions
Plateformes bancaires numériques	35,2 millions
Cloud computing	18,0 millions

Salaires et formation des employés

Les dépenses totales de personnel pour Credicorp Ltd. en 2023 étaient de 456,7 millions de dollars, avec l'allocation suivante:

• Salaires de base: 312,4 millions de dollars
• Formation et développement: 23,6 millions de dollars
• Bonus de performance: 87,3 millions de dollars
• Avantages sociaux: 33,4 millions de dollars

Maintenance du réseau de succursales

Les coûts d'exploitation du réseau de succursales en 2023 ont totalisé 84,2 millions de dollars, avec la distribution suivante:

Type de dépenses	Montant ($)
Loyer et installations	42,1 millions
Services publics	16,3 millions
Entretien	25,8 millions

Frais de conformité réglementaire

Les frais liés à la conformité pour Credicorp Ltd. en 2023 se sont élevés à 67,5 millions de dollars:

• Représentation juridique et réglementaire: 28,6 millions de dollars
• Infrastructure de conformité: 22,9 millions de dollars
• Frais d'audit externe: 16,0 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 étaient de 42,3 millions de dollars, allouées comme suit:

Canal de marketing	Dépenses ($)
Marketing numérique	18,7 millions
Médias traditionnels	12,4 millions
Campagnes d'acquisition de clients	11,2 millions

Credicorp Ltd. (BAP) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts et des produits de crédit

Pour l'exercice 2023, Credicorp Ltd. a déclaré un revenu net d'intérêts de 2,314 milliards de dollars. La répartition du portefeuille de prêts comprend:

Catégorie de prêt	Valeur totale du portefeuille
Prêts d'entreprise	8,7 milliards de dollars
Prêts au détail	6,3 milliards de dollars
Prêts aux petites entreprises	2,1 milliards de dollars

Frais et commissions bancaires

En 2023, Credicorp a généré 712 millions de dollars à partir des frais et commissions bancaires, avec la distribution suivante:

• Frais de maintenance du compte: 189 millions de dollars
• Frais de transaction: 276 millions de dollars
• Frais de carte de crédit: 247 millions de dollars

Services d'investissement et de gestion de la patrimoine

Les revenus de gestion de la patrimoine pour 2023 ont atteint 345 millions de dollars, avec des segments clés:

Catégorie de service	Revenu
Gestion des actifs	189 millions de dollars
Banque privée	156 millions de dollars

Ventes de produits d'assurance

Le segment d'assurance de Credicorp généré 523 millions de dollars en 2023, segmenté comme suit:

• Assurance-vie: 276 millions de dollars
• Assurance des biens et des victimes: 247 millions de dollars

Frais de transaction bancaire numérique

Les revenus bancaires numériques ont totalisé 187 millions de dollars en 2023, avec panne:

• Transactions bancaires mobiles: 89 millions de dollars
• Traitement des paiements en ligne: 98 millions de dollars

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.