Q4 2025 Credicorp Ltd Earnings Call Transcript
Key Points
- Credicorp Ltd (BAP) closed 2025 on a strong note with a 19% ROE for the full year, reflecting record high net income and diversified revenue sources.
- Peru's economy exceeded expectations with a GDP growth of around 3.5%, supported by strong domestic demand and record high exports.
- BCP reinforced its leadership in universal banking with a focus on digital transformation, serving over 3.2 million loan clients.
- Grupo Pacifico increased its policyholders by 50% over the last three years, driven by digital innovation and integrated distribution.
- Yape, Credicorp's digital wallet, closed the year with nearly 16 million monthly active users, highlighting its role in financial inclusion and monetization.
- Political uncertainty remains high in Peru with 42% of voters undecided ahead of the upcoming elections.
- Bolivia's economy contracted for a second consecutive year, with inflation doubling to around 20%, posing challenges for Credicorp's operations there.
- The insurance underwriting result fell 17.4% in the fourth quarter, mainly due to normalization in the disability and survivorship line.
- Operational expenses grew 12% year-over-year, driven by investments in innovation and core business capabilities.
- The cost of risk is expected to rise slightly in 2026, reflecting ongoing challenges in managing credit risk.
Good morning everyone. I would like to welcome you to the Credit Score Limited 4th quarter 2025 conference call.
A slide presentation will accompany today's webcast, which is available in the investors section of Credit Court's website.
Today's conference call is being recorded. As a reminder, all participants will be in listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation.
If you would like to ask a question, please signal by pressing 1 on your telephone keypad.
If you have connected to the call using the HD web phone on your computer, please use the keypad on your computer screen.
If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment.
Now it is my pleasure to turn the conference over to Creditorre's IRO Milagrosigueas.
You may begin.
Thank you and good morning, everyone. Speaking on today's call will be
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