Credicorp Ltd. (BAP): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la banque latino-américaine, Credicorp Ltd. (BAP) apparaît comme une puissance financière pivot, naviguant sur les défis du marché complexes avec une précision stratégique. Cette analyse complète du pilon dévoile les dimensions multiples qui façonnent l'écosystème opérationnel de la banque, révélant comment la stabilité politique, l'innovation technologique et les transformations socioéconomiques se recoupent pour définir son avantage concurrentiel dans le secteur financier rapide du Pérou. De la conformité réglementaire aux percées bancaires numériques, le parcours de Credicorp reflète une approche nuancée de la croissance durable et de l'adaptation du marché qui le distingue dans un paysage financier mondial de plus en plus interconnecté.

Credicorp Ltd. (BAP) - Analyse du pilon: facteurs politiques

Environnement politique au Pérou

Le paysage politique du Pérou à 2024 démontre un cadre démocratique avec une stabilité économique continue. Le pays maintient un système démocratique constitutionnel avec des élections présidentielles et une structure parlementaire multipartite.

Indicateur politique	État actuel
Indice de stabilité politique	-0,45 (Banque mondiale, 2023)
Type de gouvernement	Représentant présidentiel République démocratique
Président actuel	Dina Boluarte

Cadre bancaire réglementaire

Credicorp Ltd. opère dans un environnement financier réglementé supervisé par plusieurs entités gouvernementales:

• Surintendance of Banking and Insurance (SBS)
• Banque centrale de réserve du Pérou
• Ministère de l'économie et des finances

Influences de la politique monétaire

La politique monétaire de la Banque centrale de réserve du Pérou a un impact directement sur les stratégies opérationnelles de Credicorp:

Paramètre de politique monétaire	Valeur actuelle
Taux d'intérêt de référence	6,75% (à partir de janvier 2024)
Plage cible d'inflation	1% - 3%

Paysage de conformité réglementaire

Credicorp doit naviguer dans des réglementations financières complexes dans plusieurs juridictions:

• Bâle III Exigences d'adéquation du capital
• Règlement anti-blanchiment
• Lois financières de protection des consommateurs

Évaluation des risques politiques

Les indicateurs de risque politiques pour le secteur financier du Pérou font preuve d'une volatilité modérée:

Catégorie de risque	Score (0-100)
Évaluation des risques politiques	55.4
Risque de conformité réglementaire	62.7

Credicorp Ltd. (BAP) - Analyse du pilon: facteurs économiques

Exposition importante aux fluctuations économiques du Pérou et au marché axé sur les produits

Le PIB du Pérou en 2023 était de 235,7 milliards de dollars, avec un taux de croissance de 2,7%. La performance financière de Credicorp est directement liée aux indicateurs économiques du pays.

Indicateur économique	Valeur 2023	Impact sur Credicorp
Taux de croissance du PIB	2.7%	Corrélation directe avec la performance du secteur bancaire
Taux d'inflation	3.5%	Influence les prêts et les taux de dépôt
Prix ​​du cuivre (par tonne)	$8,225	Critique pour l'exposition économique axée sur les produits de base

Bénéficier d'une croissance régulière du PIB et d'une inclusion financière croissante au Pérou

L'inclusion financière au Pérou a atteint 48.5% en 2023, avec Credicorp Capturant 35.6% de la part de marché bancaire.

Métrique d'inclusion financière	Valeur 2023
Pénétration du compte bancaire	48.5%
Credicorp Market Shart	35.6%
Utilisateurs de la banque numérique	2,3 millions

Tirer parti des services bancaires numériques pour étendre les services pendant la transformation économique

Les transactions bancaires numériques ont augmenté de 42.3% en 2023, Credicorp investissant 87,5 millions de dollars dans l'infrastructure numérique.

• Utilisateurs des banques mobiles: 1,9 million
• Volume de transaction en ligne: 4,6 milliards de dollars
• Investissement numérique: 87,5 millions de dollars

Gère les risques grâce à un portefeuille de produits financiers diversifié dans différents segments économiques

Diversification du portefeuille de prêts de Credicorp en 2023:

Segment de prêt	Pourcentage de portefeuille	Valeur totale
Prêts aux entreprises	38.5%	6,2 milliards de dollars
Prêts aux petites entreprises	27.3%	4,4 milliards de dollars
Prêts à la consommation	22.7%	3,6 milliards de dollars
Prêts hypothécaires	11.5%	1,8 milliard de dollars

Credicorp Ltd. (BAP) - Analyse du pilon: facteurs sociaux

Cibler la croissance démographique de la classe moyenne au Pérou et les marchés lestin américains émergents

En 2024, la classe moyenne du Pérou représente 38,7% de la population totale, avec un taux de croissance estimé de 2,5% par an. Le marché cible de Credicorp au Pérou comprend environ 13,2 millions de personnes ayant une augmentation du pouvoir d'achat.

Segment de marché	Taille de la population	Gamme de revenus annuelle
Classe moyenne supérieure	4,6 millions	$20,000 - $50,000
Classe moyenne moyenne	8,6 millions	$10,000 - $20,000

Adapter les services bancaires numériques pour répondre aux attentes technologiques de la jeune génération

L'adoption des services bancaires numériques au Pérou a atteint 72% parmi les utilisateurs âgés de 18 à 35 ans en 2024. La plate-forme bancaire mobile de Credicorp a enregistré 2,3 millions d'utilisateurs actifs, représentant une croissance de 35% en glissement annuel.

Service numérique	Pénétration de l'utilisateur	Transactions mensuelles
Application bancaire mobile	68%	4,7 millions
Banque en ligne	62%	3,2 millions

Répondre à une demande accrue de transparence financière et de services centrés sur le client

Les cotes de satisfaction des clients pour Credicorp sont passées à 86,4% en 2024, les initiatives de transparence numérique contribuant de manière significative à l'amélioration de la confiance des clients.

• Suivi des transactions en temps réel: disponible pour 95% des produits bancaires
• Rapports financiers numériques complets: mis en œuvre dans tous les segments de clientèle
• Temps de réponse moyen pour les demandes des clients: 2,3 heures

Aborder la diversité socioéconomique à travers des stratégies bancaires inclusives

Les programmes d'inclusion financière de Credicorp ont ciblé 1,6 million de personnes auparavant non bancarisées au Pérou et sur les marchés d'Amérique latine en 2024.

Initiative bancaire inclusive	Population cible	Taux de pénétration
Prêts de microfinance	680 000 personnes	42%
Comptes bancaires à faible coût	920 000 personnes	58%

Credicorp Ltd. (BAP) - Analyse du pilon: facteurs technologiques

Investir massivement dans la transformation numérique et l'innovation fintech

En 2023, Credicorp a investi 127,5 millions de dollars dans les initiatives de transformation numérique. La société a alloué 18,3% de son budget technologique total aux projets d'innovation fintech.

Catégorie d'investissement technologique	Montant d'investissement (USD)	Pourcentage de budget
Transformation numérique	$127,500,000	18.3%
Innovation fintech	$93,450,000	13.4%

Implémentation de mesures avancées de cybersécurité pour protéger les données des clients

Credicorp a investi 42,3 millions de dollars dans les infrastructures de cybersécurité en 2023. La société a déclaré un taux de protection de 99,7% contre les menaces numériques potentielles.

Métrique de la cybersécurité	Valeur
Investissement en cybersécurité	$42,300,000
Taux de protection des menaces numériques	99.7%

Développer des plateformes de banque mobile et en ligne pour une expérience client améliorée

Statistiques de la plate-forme bancaire mobile:

• Utilisateurs mensuels de banque mobile active: 1,2 million
• Volume de transactions mobiles: 8,7 millions de transactions par mois
• Plateforme en ligne Taux de croissance des utilisateurs: 22,5% d'une année à l'autre

Explorer l'intelligence artificielle et l'apprentissage automatique pour l'amélioration des services financiers

Credicorp a alloué 37,6 millions de dollars à la recherche et à la mise en œuvre de l'IA et de l'apprentissage automatique en 2023.

Investissement technologique AI	Montant (USD)
Investissement total d'IA / ml	$37,600,000
Précision d'évaluation des risques de crédit alimentée par l'IA	94.3%

Credicorp Ltd. (BAP) - Analyse du pilon: facteurs juridiques

Se conformer aux réglementations bancaires strictes dans le secteur financier péruvien

Credicorp Ltd. opère sous la supervision de la surintendance des administrateurs bancaires, d'assurance et de retraite privés (SBS) au Pérou. En 2024, la banque maintient un ratio d'adéquation du capital de 14,2%, dépassant l'exigence de réglementation minimale de 10%.

Métrique réglementaire	Niveau de conformité	Norme de réglementation
Ratio d'adéquation des capitaux	14.2%	Minimum 10%
Ratio de couverture de liquidité	135%	Minimum 100%
Ratio de prêts non performants	2.8%	En dessous de 5%

Maintenir des pratiques de gouvernance d'entreprise transparentes

Credicorp Ltd. adhère aux normes strictes de gouvernance d'entreprise, avec 6 administrateurs indépendants sur son conseil d'administration de 9 membres. La société a alloué 3,2 millions de dollars pour les infrastructures de conformité et de gouvernance en 2024.

Métrique de la gouvernance	État actuel
Membres indépendants du conseil d'administration	6 sur 9
Budget de conformité	3,2 millions de dollars
Fréquence d'audit annuelle	4 fois par an

Navigation des exigences complexes de conformité bancaire internationale

Métriques de la conformité internationale pour Credicorp Ltd.:

• Budget de conformité anti-blanchiment (AML): 5,7 millions de dollars
• Connaissez le taux de vérification de votre client (KYC): 99,6%
• Systèmes de surveillance des transactions transfrontalières: suivi en temps réel

Relever les défis juridiques potentiels dans les opérations financières transfrontalières

Credicorp Ltd. maintient des réserves légales de 42,3 millions de dollars pour relever les défis potentiels des litiges et réglementaires transfrontaliers. La banque opère dans 6 pays avec des stratégies complètes de gestion des risques juridiques.

Gestion des risques juridiques	Métrique
Réserves légales	42,3 millions de dollars
Pays d'opération	6
Conseil de conseiller juridique externe	1,9 million de dollars par an

Credicorp Ltd. (BAP) - Analyse du pilon: facteurs environnementaux

Mettre en œuvre des pratiques bancaires durables et des initiatives financières vertes

Credicorp Ltd. a engagé 200 millions de dollars à des initiatives de financement durable en 2023. L'émission d'obligations vertes de la banque a atteint 150 millions de dollars, avec un rendement annuel de 3,5% ciblant les projets environnementaux.

Métrique de finance verte	Valeur 2023
Portefeuille de finances durables	750 millions de dollars
Émission d'obligations vertes	150 millions de dollars
Allocation des investissements environnementaux	12,5% du portefeuille d'investissement total

Élaboration de stratégies d'évaluation des risques environnementaux pour le prêt

Couverture d'évaluation des risques environnementaux Élargi à 87% du portefeuille de prêts aux entreprises en 2023. L'exposition aux risques de prêts liés au carbone a été calculée à 4,2% du livre de prêts total.

Métrique du risque environnemental	Pourcentage
Portefeuille de prêts d'entreprise évalué	87%
Risque de prêt lié au carbone	4.2%
Prêts environnementaux rejetés à haut risque	16 prêts (45 millions de dollars)

Soutenir les projets d'énergie renouvelable et de développement durable

Le financement du projet d'énergie renouvelable a atteint 275 millions de dollars en 2023, avec domaines d'intervention clés:

• Énergie solaire: 125 millions de dollars
• Énergie éolienne: 85 millions de dollars
• Projets hydroélectriques: 65 millions de dollars

Secteur des énergies renouvelables	Investissement 2023	Réduction de CO2 projetée
Énergie solaire	125 millions de dollars	72 500 tonnes métriques
Énergie éolienne	85 millions de dollars	55 300 tonnes métriques
Hydro-électrique	65 millions de dollars	41 200 tonnes métriques

Réduire l'empreinte carbone grâce à la transformation bancaire numérique

Les initiatives bancaires numériques ont réduit la consommation de papier de 62% en 2023. Les émissions de carbone des opérations bancaires ont diminué de 28% par rapport à la ligne de base de 2022.

Métrique de réduction du carbone	Performance de 2023
Réduction de la consommation de papier	62%
Réduction des émissions de carbone opérationnel	28%
Pourcentage de transaction numérique	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.