Credicorp Ltd (LIM:BAP)

Q4 2024 Credicorp Ltd Earnings Call Transcript

Feb 11, 2025 / 02:30PM GMT

Release Date Price: $188 (-1.88%)

Transcript

Key Points

Positve

Credicorp Ltd (BAP) delivered record profitability of PEN5.5 billion and an ROE of 16.5% for 2024, aligning with guidance when excluding one-off charges.
The company experienced robust operational performance in Q4 2024, with improved cost of risk and increased lending at BCP and Mibanco.
Credicorp Ltd (BAP) benefited from Peru's economic recovery, with GDP expanding by over 3% in 2024 and inflation falling to 2.2%.
The company achieved significant asset quality improvement, allowing for a more proactive lending approach, particularly in the Retail segment.
Yape, Credicorp's digital payments platform, reached profitability in 2024 with nearly 14 million active users, doubling its transaction volume.

Negative

Reported ROE was slightly below expectations due to prioritizing client relationships and mitigating risks related to the Sartor case.
Private sector investment in Peru remains subdued, requiring political stability and structural improvements for long-term growth.
The onset of the electoral campaign in Peru towards the end of 2025 may introduce uncertainty and affect economic conditions.
The NIM fell 9 basis points to 6.3% in Q4 2024 due to a shift in the asset mix towards cash and equivalents and a drop in market interest rates.
The Sartor case resulted in a PEN259 million one-off charge, impacting the company's financial performance.

Operator

Good morning, everyone. I would like to welcome you to the Credicorp Limited fourth quarter 2024 conference call. A slide presentation will accompany today's webcast, which is available in the Investors section of Credicorp's website. Today's conference call is being recorded. (Operator Instructions)

Now it is my pleasure to turn the conference over to Credicorp's IRO, Milagros Ciguenas. You may begin.

Milagros Ciguenas

Credicorp Ltd - Investor Relations Officer

Thank you, and good morning, everyone. Speaking on today's call will be Gianfranco Ferrari, our Chief Executive Officer; and Alejandro Perez-Reyes, our Chief Financial Officer. Participating in the Q&A session will also be Francesca Raffo, Chief Innovation Officer; Cesar Rios, Chief Risk Officer; Diego Cavero, Head of Universal Banking; Cesar Rivera, CEO of Pacifico; and Carlos Sotelo, Mibanco's Chief Financial Officer.

Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward-looking statements, which are based on management

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.