Credicorp Ltd. (BAP): Marketing Mix Analysis [Dec-2025 Updated]

You're looking to see if the big strategic pivot at Credicorp Ltd. actually paid off as we head into late 2025. Well, after digging through their Q3 results, I can tell you this: they've successfully merged old-school banking muscle with serious digital firepower. Their Yape ecosystem, now boasting 15.5 million Monthly Active Users, is the clear growth driver, helping them post a 19.6% Return on Equity in the third quarter. So, if you want to know the nuts and bolts-how their Product mix, Place distribution, Promotion messaging, and Price structure are all working together to generate that 8.2% fee income growth-keep reading below.

Credicorp Ltd. (BAP) - Marketing Mix: Product

You're looking at the core offerings of Credicorp Ltd. (BAP) as of late 2025. The product element here isn't just a single item; it's a diversified portfolio spanning traditional banking, specialized lending, insurance, and modern digital services. Credicorp structures its product delivery across four main lines of business.

The four primary product segments are:

• Universal Banking, delivered through Banco de Crédito del Peru (BCP) and Banco de Crédito de Bolivia.
• Microfinance, primarily via Mibanco in Peru and Colombia.
• Insurance & Pension Funds, managed by Grupo Pacifico and Prima AFP.
• Investment Management & Advisory, offered through Credicorp Capital, Wealth Management at BCP, and ASB Bank Corp.

The digital ecosystem, driven by Yape, is a key product layer integrating across these segments. As of the third quarter of 2025 (3Q25), Yape reached 15.5 million Monthly Active Users (MAUs), which represents 82% of the Economically Active Population (PEA). This platform is critical, contributing 6.6% of Credicorp's risk-adjusted revenue in 3Q25.

The product strategy heavily emphasizes financial inclusion, which is a direct output of the Yape and BCP platforms. Between 2020 and 3Q25, BCP and Yape included 200 thousand new people in the financial system during the quarter alone, bringing the cumulative total to 6.3 million since 2020.

For microfinance, Mibanco is actively expanding its loan book to SMEs. As of the close of 3T25, Mibanco disbursed loans to over 729 thousand SME clients, totaling S/11,812 million. Separately, BCP supported 1 million SME clients with S/14,309 million in financing. Mibanco's specialized product, Crediagua, which finances sanitary improvements, disbursed S/617 million year-to-date 3Q25, helping over 37 thousand people, showing a 46% growth Quarter-over-Quarter (TaT) in 3Q25.

Credicorp is actively expanding digital offerings into formal credit. While the prompt mentions an aspiration related to 1 million Yape clients, the latest reported concrete figure shows that in 2024, 541,000 people received their first loan through Yape, formally entering the financial system [cite: 1 (second search)]. This effort is part of a broader goal where management is halfway to its aspiration of having 5 million Yaperos with at least one loan disbursement by 2026, as noted in Q1 2025 [cite: 4 (second search)]. The innovation portfolio, which includes these digital products, contributed 7.4% of risk-adjusted revenue in 3Q25, keeping Credicorp on track for its 10% target for 2026.

The Investment Management and Advisory segment offers specialized products across various asset classes. You can see the scale of their managed assets below. This segment is crucial for high-net-worth clients and institutional investors.

The product suite in this area includes specialized strategies like Latin America High Yield, Pacific Alliance Equity, and various local credit and rates funds in Peru, Colombia, and Chile [cite: 6 (second search)]. ASB Bank Corp in Panama acts as a banking platform supporting the Wealth Management business and some Capital Markets trading strategies [cite: 11 (first search)].

Here's a quick look at the product contribution to the overall group performance in 3Q25:

• Universal Banking contributed 79.3% to Net Income [cite: 10 (first search)].
• Insurance and Pensions contributed 12.7% to Net Income [cite: 10 (first search)].
• Microfinance contributed 5.5% to Net Income [cite: 10 (first search)].
• Investment Management & Advisory contributed 2.5% to Net Income [cite: 10 (first search)].

The overall Net Income attributable to Credicorp in 3Q25 was S/1,738.7 million, with an ROE of 19.6% [cite: 1, 5 (second search)]. Finance: draft 13-week cash view by Friday.

Credicorp Ltd. (BAP) - Marketing Mix: Place

Credicorp Ltd. maintains its distribution strategy by anchoring itself as the leading financial services holding company in Peru, which remains its primary source of revenue generation. For the quarter ending September 30, 2025, Credicorp reported revenue of 5.29B PEN, contributing to a trailing twelve months (TTM) revenue of 20.44B PEN.

The physical distribution footprint is substantial, supporting the Universal Banking segment through Banco de Crédito del Peru (BCP) and other subsidiaries. This network is characterized by an extensive physical presence across its core markets.

Digital channels are increasingly driving transaction volume and customer interface, effectively complementing the physical network. The scenario suggests a 98% digital payment coverage, which is strongly supported by the reach of the ATM infrastructure and mobile platforms. You see this shift clearly in the engagement metrics for the flagship mobile application, Yape.

Mobile applications, particularly Yape, serve as the main customer interface, demonstrating deep penetration and high frequency of use across the Peruvian market. The platform's scale is a key component of Credicorp Ltd.'s strategy to deepen financial inclusion and drive fee-based income.

• Leading financial services holding company in Peru.
• Regional presence across Chile, Colombia, Bolivia, and Panama.
• Yape MAUs reached 15.5 million in Q3 2025.
• Yape users conducted an average of 58.5 transactions monthly in Q3 2025.
• Revenue per Yape MAU reached PEN 7.4 in Q3 2025.

The strategy clearly involves using the established physical network to support and onboard users onto the high-frequency digital platforms. For instance, in Q2 2025, Yape served 15 million MAUs, representing 75% of Peru's economically active population, showing the massive scale of the digital front door.

Credicorp Ltd. (BAP) - Marketing Mix: Promotion

You're looking at how Credicorp Ltd. (BAP) communicates its value proposition to the market, which is heavily centered on its purpose-driven digital transformation. The promotion strategy isn't just about ads; it's about demonstrating tangible impact and setting clear, ambitious targets for the future, which you see reflected in their investor communications.

Strategic pillar focused on 'Purpose' through financial inclusion and education.

Credicorp Ltd. (BAP) promotes its role as a catalyst for societal progress, using concrete metrics from its sustainability efforts. As of the end of 2024, the group communicated that it had brought over 5,700,000 people into the financial system since 2020 through BCP and Yape initiatives. Furthermore, Grupo Pacífico expanded access to insurance, issuing more than 3,600,000 inclusive policies by the end of 2024. The promotion of this purpose is quantified by their Financial Inclusion Index (FII), where Latin America's score rose from 38.2 points in 2021 to 47.6 in 2024. For Peru specifically, the FII score reached 46.1 in 2024. This narrative of inclusion is a core promotional message, showing that growth is tied to closing economic gaps.

Innovation mindset embodied by Yape's evolution from a pilot to a digital ecosystem.

The evolution of Yape is a major promotional success story, showcasing Credicorp Ltd. (BAP)'s innovation mindset. As of the second quarter of 2025, Yape served 15 million monthly active users, representing 75% of Peru's economically active population. This platform holds a 70% market share in e-wallets in Peru, accelerating the shift away from cash, which saw a 34% decline at the point of sale since 2019. Monetization efforts are highlighted by the fact that 18% of Yape's revenue in Q2 2025 came from non-loan sources like transaction fees. The platform's lending arm alone served 3 million users as of Q2 2025. This scale is used to promote the entire Credicorp ecosystem, which management stated serves over 18 million people overall.

Investor Day 2025 used to communicate a long-term roadmap and ROE target of 19.5%.

Credicorp Ltd. (BAP) used its 2025 Investor Day to anchor future expectations, which is a critical form of investor promotion. Management reaffirmed a target sustainable Return on Equity (ROE) of 19.5% to be achieved within three to four years. This is a step up from the 17.5% ROE guidance for 2025 mentioned earlier in the year. They also communicated a target Cost-to-Income (C/I) ratio near 42% in the same three-to-four-year timeframe. The promotion of stability and long-term value is supported by the historical average total shareholder return (TSR) since its NYSE listing, which stands at 14.1% annually.

Digital marketing to scale monetization and deepen transactional engagement on Yape.

The promotion of Yape's transactional depth is supported by metrics showing increased user engagement and revenue capture. The average revenue per Monthly Active User (ARPU) on Yape reached PEN 6.5 in Q2 2025, reflecting a 3x increase since the start of 2023. Users were completing an average of 40 transactions per user monthly in Q2 2024, and the platform's lending arm is a key focus for scaling monetization. The strategic goal is for disruptive initiatives, heavily reliant on digital platforms like Yape, to contribute 10% of Credicorp Ltd. (BAP)'s risk-adjusted revenues by 2026.

Bancassurance strategy to embed Grupo Pacifico's protection products across all platforms.

The integration of Grupo Pacífico's products is promoted as a significant cross-selling opportunity within the ecosystem. The current insurance penetration rate in Peru is only 2.2%. Credicorp Ltd. (BAP) has a bold ambition to double the client base to 15 million by 2030 through this embedded strategy. The financial target communicated is to raise Bancassurance's share from 8% to 10% of Credicorp Ltd. (BAP)'s net income by 2027. This focus on embedding protection is a key part of the overall ecosystem narrative.

Here is a summary of the key promotional data points:

The promotion of Credicorp Ltd. (BAP)'s strategy is clearly data-driven, using both historical performance, like the 14.1% annual TSR since listing, and forward-looking targets like the 19.5% ROE goal, to shape stakeholder perception.

Credicorp Ltd. (BAP) - Marketing Mix: Price

Price, for Credicorp Ltd. (BAP), involves setting the cost of financial services and leveraging financing terms to maintain competitive attractiveness across its diverse customer base. Effective pricing reflects the perceived value of its universal banking, insurance, and digital offerings, while navigating the economic conditions in its primary markets.

The company demonstrated strong profitability metrics in the third quarter of 2025, which underpins its pricing power and ability to offer competitive terms. Specifically, the Q3 2025 Return on Equity (ROE) stood at a strong 19.6%. This level of return suggests that the pricing structure across its portfolio is effectively covering costs and generating significant shareholder value.

Interest rate management is a key component of the pricing strategy, directly impacting Net Interest Income (NII). For the third quarter of 2025, the Net Interest Margin (NIM) was 6.6%, reflecting successful navigation of the interest rate environment. To be fair, the risk-adjusted NIM was reported at 5.5% for the same period.

Diversified revenue streams, particularly from transactional services, are crucial for offsetting potential margin compression. Fee income increased 8.2% in Q3 2025, boosted by Yape and BCP transactional activity. This growth in non-interest income supports a broader pricing strategy that is less reliant solely on lending spreads.

The digital ecosystem, especially Yape, has a distinct pricing approach focused on user monetization. The pricing strategy for Yape is focused on increasing revenue per MAU, which is up 3x since early 2023. This digital monetization effort is yielding results, as Yape's monthly active users reached 15.5 million, accounting for 82% of the economically active population.

Looking ahead, management has affirmed its expectations for the full year. The Full-year 2025 ROE guidance is approximately 19%, including extraordinary gains.

You can see how these core profitability indicators relate to other key financial disclosures from the quarter:

The pricing strategy is also supported by strong asset quality, which keeps the cost of risk low, a factor that allows for more competitive lending rates. Consider these operational highlights:

• Net non-performing loan (NPL) ratio stood at 4.8%.
• Cost of risk expected near 1.8% for the year.
• Total loans grew 7% year-over-year (FX-neutral).
• Stock price closed at $252.15 following the earnings release.

Management has a longer-term view for digital monetization, expecting Yape to represent approximately 15% of Credicorp's net result in about three years. Finance: draft 13-week cash view by Friday.