Credicorp Ltd. (BAP): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico do banco latino -americano, a Credicorp Ltd. (BAP) surge como uma potência financeira fundamental, navegando desafios complexos de mercado com precisão estratégica. Essa análise abrangente de pestles revela as dimensões multifacetadas que moldam o ecossistema operacional do banco, revelando como a estabilidade política, a inovação tecnológica e as transformações socioeconômicas se cruzam para definir sua vantagem competitiva no setor financeiro em rápida evolução do Peru. Desde a conformidade regulatória até os avanços bancários digitais, a jornada da Credicicorp reflete uma abordagem diferenciada para o crescimento sustentável e a adaptação do mercado que a diferencia em um cenário financeiro global cada vez mais interconectado.

Credicorp Ltd. (BAP) - Análise de Pestle: Fatores Políticos

Ambiente político no Peru

O cenário político do Peru em 2024 demonstra uma estrutura democrática com estabilidade econômica contínua. O país mantém um sistema democrático constitucional com eleições presidenciais e uma estrutura parlamentar multipartidária.

Indicador político	Status atual
Índice de Estabilidade Política	-0,45 (Banco Mundial, 2023)
Tipo de governo	República Democrática Representante Presidencial
Presidente atual	Dina Boluarte

Estrutura bancária regulatória

A Credicorp Ltd. opera dentro de um ambiente financeiro regulamentado supervisionado por várias entidades governamentais:

• Superintendente de Bancos e Seguros (SBS)
• Banco Central de Reserva do Peru
• Ministério da Economia e Finanças

Influências políticas monetárias

A política monetária do Banco Central da Reserva do Peru afeta diretamente as estratégias operacionais da Credicorp:

Parâmetro da política monetária	Valor atual
Taxa de juros de referência	6,75% (em janeiro de 2024)
Faixa de destino da inflação	1% - 3%

Cenário de conformidade regulatória

Credicorp deve navegar por regulamentos financeiros complexos em várias jurisdições:

• Requisitos de adequação de capital Basileia III
• Regulamentos de lavagem de dinheiro
• Leis financeiras de proteção ao consumidor

Avaliação de risco político

Indicadores de risco político para o setor financeiro do Peru mostram volatilidade moderada:

Categoria de risco	Pontuação (0-100)
Classificação de risco político	55.4
Risco de conformidade regulatória	62.7

Credicorp Ltd. (BAP) - Análise de Pestle: Fatores Econômicos

Exposição significativa às flutuações econômicas do Peru e ao mercado orientado a commodities

O PIB do Peru em 2023 foi de US $ 235,7 bilhões, com uma taxa de crescimento de 2,7%. O desempenho financeiro da Credicorp está diretamente ligado aos indicadores econômicos do país.

Indicador econômico	2023 valor	Impacto na Credicorp
Taxa de crescimento do PIB	2.7%	Correlação direta com o desempenho do setor bancário
Taxa de inflação	3.5%	Influencia as taxas de empréstimos e depósitos
Preço de cobre (por tonelada)	$8,225	Crítico para a exposição econômica orientada por commodities

Beneficiando -se do crescimento constante do PIB e do aumento da inclusão financeira no Peru

A inclusão financeira no Peru alcançou 48.5% em 2023, com a captura de Credicorp 35.6% da participação de mercado bancário.

Métrica de inclusão financeira	2023 valor
Penetração de conta bancária	48.5%
Participação de mercado da Credicorp	35.6%
Usuários bancários digitais	2,3 milhões

Aproveitando o banco digital para expandir os serviços durante a transformação econômica

Transações bancárias digitais aumentadas por 42.3% Em 2023, com a Credicorp investindo US $ 87,5 milhões em infraestrutura digital.

• Usuários bancários móveis: 1,9 milhão
• Volume de transação online: US $ 4,6 bilhões
• Investimento digital: US $ 87,5 milhões

Gerencia o risco por meio de portfólio diversificado de produtos financeiros em diferentes segmentos econômicos

Diversificação da carteira de empréstimos da Credicorp em 2023:

Segmento de empréstimos	Porcentagem de portfólio	Valor total
Empréstimos corporativos	38.5%	US $ 6,2 bilhões
Empréstimos para pequenas empresas	27.3%	US $ 4,4 bilhões
Empréstimos ao consumidor	22.7%	US $ 3,6 bilhões
Empréstimos hipotecários	11.5%	US $ 1,8 bilhão

Credicorp Ltd. (BAP) - Análise de Pestle: Fatores sociais

Direcionando o crescimento demográfico da classe média no Peru e emergentes mercados latino-americanos

Em 2024, a classe média do Peru representa 38,7% da população total, com uma taxa de crescimento estimada de 2,5% ao ano. O mercado -alvo da Credicorp no Peru abrange aproximadamente 13,2 milhões de indivíduos com crescente poder de compra.

Segmento de mercado	Tamanho da população	Faixa de renda anual
Classe média alta	4,6 milhões	$20,000 - $50,000
Classe média média	8,6 milhões	$10,000 - $20,000

Adaptando os serviços bancários digitais para atender às expectativas tecnológicas da geração mais jovem

A adoção bancária digital no Peru atingiu 72% entre os usuários de 18 a 35 anos em 2024. A plataforma bancária móvel da Credicorp registrou 2,3 ​​milhões de usuários ativos, representando um crescimento de 35% ano a ano.

Serviço digital	Penetração do usuário	Transações mensais
Aplicativo bancário móvel	68%	4,7 milhões
Bancos online	62%	3,2 milhões

Respondendo ao aumento da demanda por transparência financeira e serviços centrados no cliente

As classificações de satisfação do cliente para Credicorp aumentaram para 86,4% em 2024, com iniciativas de transparência digital contribuindo significativamente para melhorar a confiança do cliente.

• Rastreamento de transações em tempo real: disponível para 95% dos produtos bancários
• Relatórios financeiros digitais abrangentes: implementado em todos os segmentos de clientes
• Tempo médio de resposta para consultas de clientes: 2,3 horas

Abordando a diversidade socioeconômica por meio de estratégias bancárias inclusivas

Os programas de inclusão financeira da Credicorp direcionaram 1,6 milhão de indivíduos anteriormente não -bancários nos mercados Peru e Latino -Americana durante 2024.

Iniciativa Bancária Inclusiva	População -alvo	Taxa de penetração
Empréstimos de microfinanças	680.000 indivíduos	42%
Contas bancárias de baixo custo	920.000 indivíduos	58%

Credicorp Ltd. (BAP) - Análise de Pestle: Fatores tecnológicos

Investir fortemente em transformação digital e inovação de fintech

Em 2023, a Credicorp investiu US $ 127,5 milhões em iniciativas de transformação digital. A empresa alocou 18,3% de seu orçamento total de tecnologia para os projetos de inovação da Fintech.

Categoria de investimento em tecnologia	Valor do investimento (USD)	Porcentagem de orçamento
Transformação digital	$127,500,000	18.3%
Inovação da FinTech	$93,450,000	13.4%

Implementando medidas avançadas de segurança cibernética para proteger os dados do cliente

A Credicorp investiu US $ 42,3 milhões em infraestrutura de segurança cibernética em 2023. A Companhia registrou uma taxa de proteção de 99,7% contra possíveis ameaças digitais.

Métrica de segurança cibernética	Valor
Investimento de segurança cibernética	$42,300,000
Taxa de proteção de ameaças digitais	99.7%

Desenvolvimento de plataformas bancárias móveis e on -line para uma experiência aprimorada do cliente

Estatísticas da plataforma bancária móvel:

• Usuários de bancos móveis ativos mensais: 1,2 milhão
• Volume de transação móvel: 8,7 milhões de transações por mês
• Taxa de crescimento do usuário da plataforma on-line: 22,5% ano a ano

Explorando a inteligência artificial e o aprendizado de máquina para serviços financeiros aprimorados

A Credicorp alocou US $ 37,6 milhões para a IA e a pesquisa e a implementação de aprendizado de máquina em 2023.

Investimento em tecnologia da IA	Quantidade (USD)
Investimento total de IA/ML	$37,600,000
Precisão da avaliação de risco de crédito movida a IA	94.3%

Credicorp Ltd. (BAP) - Análise de Pestle: Fatores Legais

Cumprindo regulamentos bancários rigorosos no setor financeiro peruano

A Credicorp Ltd. opera sob a supervisão da superintendência dos administradores bancários, seguros e de pensão privada (SBS) no Peru. A partir de 2024, o banco mantém uma taxa de adequação de capital de 14,2%, excedendo o requisito regulatório mínimo de 10%.

Métrica regulatória	Nível de conformidade	Padrão regulatório
Índice de adequação de capital	14.2%	Mínimo 10%
Índice de cobertura de liquidez	135%	Mínimo 100%
Taxa de empréstimo sem desempenho	2.8%	Abaixo de 5%

Mantendo práticas transparentes de governança corporativa

A Credicorp Ltd. adere aos rigorosos padrões de governança corporativa, com 6 diretores independentes em seu conselho de 9 membros. A empresa alocou US $ 3,2 milhões para infraestrutura de conformidade e governança em 2024.

Métrica de Governança	Status atual
Membros independentes do conselho	6 de 9
Orçamento de conformidade	US $ 3,2 milhões
Frequência de auditoria anual	4 vezes por ano

Navegando requisitos complexos de conformidade bancária internacional

Métricas internacionais de conformidade para Credicorp Ltd.:

• Orçamento de conformidade com lavagem anti-dinheiro (AML): US $ 5,7 milhões
• Conheça seu cliente (KYC) Taxa de verificação: 99,6%
• Sistemas de monitoramento de transações transfronteiriços: rastreamento em tempo real

Abordando possíveis desafios legais em operações financeiras transfronteiriças

A Credicorp Ltd. mantém reservas legais de US $ 42,3 milhões para enfrentar possíveis litígios transfronteiriços e desafios regulatórios. O banco opera em 6 países com estratégias abrangentes de gerenciamento de riscos legais.

Gerenciamento de riscos legais	Métrica
Reservas legais	US $ 42,3 milhões
Países de operação	6
Retentor de consultor jurídico externo	US $ 1,9 milhão anualmente

Credicorp Ltd. (BAP) - Análise de Pestle: Fatores Ambientais

Implementando práticas bancárias sustentáveis ​​e iniciativas financeiras verdes

A Credicorp Ltd. comprometeu US $ 200 milhões a iniciativas de financiamento sustentável em 2023. A emissão de títulos verdes do banco atingiu US $ 150 milhões, com um rendimento anual de 3,5% direcionado a projetos ambientais.

Métrica de finanças verdes	2023 valor
Portfólio de finanças sustentáveis	US $ 750 milhões
Emissão de títulos verdes	US $ 150 milhões
Alocação de investimento ambiental	12,5% do portfólio total de investimentos

Desenvolvendo estratégias de avaliação de risco ambiental para empréstimos

Cobertura de avaliação de risco ambiental Expandido para 87% da carteira de empréstimos corporativos em 2023. A exposição ao risco de empréstimos relacionados a carbono foi calculada em 4,2% do total de empréstimos.

Métrica de risco ambiental	Percentagem
Portfólio de empréstimo corporativo avaliado	87%
Risco de empréstimo relacionado ao carbono	4.2%
Empréstimos ambientais de alto risco rejeitados	16 empréstimos (US $ 45 milhões)

Apoiar projetos de energia renovável e de desenvolvimento sustentável

O financiamento do projeto de energia renovável atingiu US $ 275 milhões em 2023, com Principais áreas de foco:

• Energia solar: US $ 125 milhões
• Energia eólica: US $ 85 milhões
• Projetos hidrelétricos: US $ 65 milhões

Setor de energia renovável	Investimento 2023	Redução de CO2 projetada
Energia solar	US $ 125 milhões	72.500 toneladas métricas
Energia eólica	US $ 85 milhões	55.300 toneladas métricas
Hidrelétrico	US $ 65 milhões	41.200 toneladas métricas

Reduzindo a pegada de carbono através da transformação bancária digital

As iniciativas bancárias digitais reduziram o consumo de papel em 62% em 2023. As emissões de carbono das operações bancárias diminuíram 28% em comparação com a linha de base de 2022.

Métrica de redução de carbono	2023 desempenho
Redução do consumo de papel	62%
Redução de emissões de carbono operacional	28%
Porcentagem de transações digitais	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.