Credicorp Ltd. (BAP): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of one of Latin America's biggest financial players, and honestly, mapping out the business model for Credicorp Ltd. is like charting a complex, multi-country operation. This conglomerate isn't just a bank; it's a diversified machine generating an impressive $6.14 Billion USD in TTM revenue as of late 2025, built on pillars spanning universal banking, microfinance, insurance, and a massive digital push with platforms like Yape. If you want to see precisely how they convert their $78.4 billion in assets into returns across Peru and Bolivia, you need to see the full nine-block breakdown below-it shows the strategic trade-offs they're making right now.

Credicorp Ltd. (BAP) - Canvas Business Model: Key Partnerships

You're looking at how Credicorp Ltd. builds out its ecosystem through external relationships, which is key to hitting those aggressive growth targets we saw discussed in October 2025. It's not just about the core bank anymore; it's about the network effect.

Fintech and startup investments via Krealo, their innovation arm.

Krealo SpA is definitely central to Credicorp Ltd.'s external innovation play. You know, they are the ones actively seeding and scaling new ventures. For instance, Tenpo (Krealo SpA) has been working on securing a banking license in Chile. The overall innovation strategy is structured to deliver significant returns; management has it on track to contribute 10% of risk-adjusted revenue by 2026. That's a clear, measurable goal for an external-facing unit.

Here's a quick look at the internal guardrails set for these investments:

Also, remember that Pacifico Seguros, which falls under the Insurance & Pension Funds line, reported a net income of S/ 770 million for 2024. That entity is now fully owned after the March 2025 acquisition, which solidifies that partnership channel.

Global correspondent banks for international trade and remittances.

Credicorp Ltd. maintains a necessary network for cross-border operations, given its presence in the United States, Chile, Colombia, and Panama, alongside its Peruvian base. While specific transaction volumes with correspondent banks aren't always broken out in the latest filings, the rating agencies note the importance of strong liquidity management, which inherently relies on these external banking relationships. Credicorp's Foreign-Currency Long-Term IDR of \'BBB\' reflects this stability.

Reinsurance companies to underwrite large insurance risks (Grupo Pacífico).

Grupo Pacífico is the vehicle for insurance and pensions, and managing large risks requires deep reinsurance partnerships. Pacifico Seguros, a key part of this, had a net income of S/ 770 million in 2024. Furthermore, the entity Pacifico EPS, which manages corporate health insurance and was part of a joint venture until the full acquisition in March 2025, posted a 2024 net income of S/ 207 million. These figures show the scale of the operations that require robust risk-sharing agreements.

Strategic technology alliances for AI and data analytics implementation.

Credicorp Ltd. is explicitly naming fintech alliances like Datamart and Shinkansen as part of its plan to digitize risk management. The goal here is aggressive growth in that digitized risk portfolio, with a stated expectation to grow it sixfold in five years. This is a direct partnership strategy to enhance core capabilities, moving beyond just internal development.

The scale of the digital push is evident across the ecosystem:

• - Digital Policies issued through Grupo Pacifico channels grew 36% YoY as of the 2Q25 conference call.
• - Platforms like Yape are expanding inclusion and deepening client relationships.
• - The overall strategy emphasizes accelerating digital transformation as a top priority.

Finance: draft 13-week cash view by Friday.

Credicorp Ltd. (BAP) - Canvas Business Model: Key Activities

You're looking at the core engine room of Credicorp Ltd. (BAP) as of late 2025. These are the specific actions management focuses on to generate revenue and maintain that competitive edge across their diverse footprint in Peru, Chile, Colombia, and Bolivia.

Universal banking operations, primarily through Banco de Crédito del Perú (BCP), remain central. This involves the fundamental activities of taking deposits and making loans. The focus is clearly on efficiency and quality in this segment.

• BCP registered a Return on Equity (ROE) of 25.6% in the third quarter of 2025.
• Total loans at quarter end grew 1.7% quarter-over-quarter in 3Q25, or 2.4% in FX-neutral terms.
• Net Interest Margin (NIM) for BCP stood at 6.1% in 3Q25.
• Low-cost deposits accounted for 58.1% of the total funding base as of 3Q25.
• Non-Performing Loan (NPL) volumes at BCP fell by 0.9% in 3Q25.

Microfinance lending, driven by Mibanco, focuses on small businesses and entrepreneurs. This segment is showing strong profitability.

• Mibanco's profitability reached 18.8% in the third quarter of 2025.
• Mibanco contributed to loan disbursement growth in 3Q25.

The development and scaling of the Yape digital payments ecosystem is a major activity for revenue diversification. It's about driving high-frequency transactions and monetizing the massive user base.

• Yape reached 15.5 million Monthly Active Users (MAU) in 3Q25, equivalent to 82% of the economically active population.
• Users conducted an average of 58.5 transactions per month in 3Q25.
• Revenue per MAU in 3Q25 was PEN 7.4, with expenses per MAU at PEN 5.
• Yape contributed 6.6% of Credicorp's risk-adjusted revenue in 3Q25.
• In 2Q25, Yape served 15 million MAU, with 40 transactions per user monthly.

Managing private pension funds and insurance policies through Prima AFP and Grupo Pacífico is another core pillar, with insurance showing strong underwriting performance.

• Grupo Pacífico posted an ROE of 20.9% in 3Q25.
• The insurance underwriting result grew 33.1% in 3Q25.
• Pacífico Seguros had issued over 3.6 million inclusive insurance policies as of early 2025.
• Prima AFP manages individual capitalization accounts, focusing on investment and benefit provision.

Investment banking and wealth management advisory services, under Credicorp Capital and BCP Wealth Management, are scaling up assets under management.

• The investment management and advisory business delivered an ROE of 17.4% in 3Q25.
• In 3Q25, USD-denominated AUMs for Wealth Management were up 6% quarter-over-quarter, and Asset Management AUMs were up 14%.
• Credicorp Capital Asset Management has over US$1,300 millions actively managed in Latin American Fixed Income.

Here's a quick look at how the key segments are performing against management's expectations for the medium term, which is a key activity in itself-setting and hitting targets.

Credicorp's trailing twelve months revenue as of late 2025 was reported at $6.14 Billion USD. Management is targeting a sustainable ROE of 19.5% and a Cost-to-Income (C/I) ratio near 42% in the next three to four years.

Credicorp Ltd. (BAP) - Canvas Business Model: Key Resources

You're analyzing the core assets that power Credicorp Ltd.'s regional financial ecosystem as of late 2025. These aren't just balance sheet items; they are the engines of their multi-country strategy and digital push.

The foundation of Credicorp Ltd.'s strength is its deeply entrenched, multi-country subsidiary network. This structure allows for specialized focus across different financial needs and geographies. You see this in the key operating units:

• - Multi-country subsidiary network, including the core universal banking arm, Banco de Crédito del Perú (BCP), and its international operations like BCP Bolivia.
• - The Microfinance segment, driven by Mibanco in Peru and Colombia, focusing on financial inclusion for micro-entrepreneurs.
• - The Investment Banking and Wealth Management arm, Credicorp Capital, which offers advisory, asset management, and capital markets services.
• - The Insurance and Pensions line, anchored by Grupo Pacífico and Prima AFP.

Financially, the scale of the operation is substantial, though the total asset base has seen some revaluation adjustments recently. As of June 2025, the reported total assets stood at approximately $70.32 billion USD. This massive base supports the entire regional operation.

The digital assets are perhaps the most dynamic resource. The proprietary platform, Yape, is a clear differentiator, showing massive user adoption across the region. As of the third quarter of 2025, Yape boasts 15.5 million monthly active users. Honestly, that kind of scale gives them a powerful platform for future monetization, even if only 12% of current transactions are revenue-generating.

While the digital push is strong, the physical footprint remains a critical resource for trust and reach, especially outside major urban centers. Although the last reported group-wide branch count was from 2023 at over 1,544 bank branches, this physical presence, primarily through BCP, still underpins the entire structure.

Finally, the human capital is significant, reflecting the complexity of operating across multiple regulated markets. As of June 2025, the workforce across the region totaled 38,676 employees. That's a lot of specialized talent managing everything from complex capital markets to microfinance advisories.

Here is a quick summary of these key quantifiable resources as of mid-to-late 2025:

Finance: draft the Q4 2025 resource utilization report by January 15th.

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:

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.

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.

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:

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:

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.

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:

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.