March 2013
4Q12 Fixed Income Presentation
PERU’S ECONOMY AND BANKING
SYSTEM
2
145 143
179 174
137
376
Chile Peru Mexico Brazil Colombia Latam
EMBIG (12 Month Average)
Highlights
Strong Economic Metrics Low Country Risk Perception
Improved Credit Ratings
BBB- BBB
BBB BBB
AA-
Source: BCRP, S&P.
FC-LT Rating Outlook Date
S&P BBB Positive Aug 30th, 2011
Moody's Baa2 Positive Aug 16th, 2012
Fitch BBB Stable Nov 10th, 2011
3 Source: BCRP, SBS, Bloomberg.
Moody’s changed its outlook on Peru to positive on August 16th, 2012.
On August 30th, 2011 S&P upgraded Peru’s foreign currency long-term credit rating to BBB and changed its outlook to positive on August 28th, 2012.
Fitch upgraded Peru’s foreign currency long-term rating to BBB on November 10th, 2011.
3.73
(0.13)
1.522.48
3.48
1.49 1.14
3.93
6.65
0.25 2.08
4.74
2.65
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Annual Inflation (%)
2.40
2.50
2.60
2.70
2.80
Jan-12 Apr-12 Jul-12 Oct-12 Jan-13
PEN/USD
80
120
160
200
240
280
Jan-12 Apr-12 Jul-12 Oct-12 Jan-13
EMBI Spread (pbs)
46
13
24
42
51
30
5
26
33
44
20
10
35 35 36
Peru Chile Mexico Colombia Brazil
'00-'04 '05-'09 '10-'14E
(2.2)
0.1
(0.7)
(4.5)(3.9)
1.3
4.1
(0.5)
(3.1) (3.1)
1.0 0.4
(2.4)(2.0) (2.3)
Peru Chile Mexico Colombia Brazil
'00-'04 '05-'09 '10-'14E
3.4
4.2
2.1
3.3 3.0
6.8
3.9
1.4
4.7
3.6
6.8
5.4
4.1
4.8
3.8
Peru Chile Mexico Colombia Brazil
'00-'04 '05-'09 '10-'14E
Economic and Social Indicators
5-Year Average External Debt/GDP (%)
5-Year Average Fiscal Balance/GDP (%)
Poverty as a % of Total Population
5-Year Average Real GDP Growth (%)
Improving Poverty Indicators
Controlled Fiscal Balance GDP Growth
Decreasing Indebtedness
4 Source: Focus Economics and INEI as of December 31, 2012.
(1) Preliminary figure as of december, 2011.
48.7
44.5
39.336.2 34.8
31.328.4
2005 2006 2007 2008 2009 2010 2011(1)
Peruvian Financial System I
Net Income (USD Bn)
Loans & Deposits penetration (As a % of GDP) Financial System Net Loans (USD Bn)
Financial System Deposits (USD Bn)
Dic’11– Dic’12 Growth: 19.0%
Dic’11 – Dic’12 Growth: 18.4%
5 Source: SBS as of December 31, 2012.
Note: Banking System data as of December 31, 2012.
Dic’11 – Dic’12 Growth: 16.7%
68
44
28 26
16
59
30 27 2720
Chile Brazil Colombia Peru Mexico
Loans/GDP Deposits/GDP
44.2
53.1
60.3
71.4
2009 2010 2011 2012
1.4
1.6
2.0
2.3
2009 2010 2011 2012
35.5
43.7
53.6
63.8
2009 2010 2011 2012
Peruvian Financial System II
Regulatory Capital/RWAs
Dollarization Past due loans/Total loans & Coverage Ratio
Profitability
6 Source: BCRP and SBS as of December 31, 2012.
1.9% 1.9% 1.8%
2.2%
216% 220%225%
204%
2009 2010 2011 2012
14.0% 14.0%13.7%
13.9%
2009 2010 2011 2012
46.3%45.7% 44.4%
43.2%
48.7%
41.7%41.0%
35.7%
52.7%
52.6%51.4%
50.2%
56.1%
48.0% 47.5%
42.1%
2009 2010 2011 2012
Net LoansDepositsBanking System Net Loans
20.9%
24.6% 25.2%22.4%
1.7% 2.0% 2.0% 1.8%
2009 2010 2011 2012
ROAE ROAA
BANCO DE CRÉDITO DEL PERÚ - BCP
7
Credicorp Ltd.
8
* The structure chart shows the main subsidiaries of Credicorp
** Credicorp directly owns 4.08% of BCP Bolivia and 14.00% of Pacifico Vida
***Spin-off in process
****There is a % of Credicorp Investments held indirectly by Grupo Crédito
IFRS Figures as of December 2012. Percentages data as of December 2012.
**
Source: SMV.
100% 66.24%
99.99%
86.00%
12.73%
99.79%
FuM: US$ 12.0 billion
Collections: US$ 608 million (YTD 2012)
Employees: 876
95.92%
100% 84.92% 100% 31.44%
Bolivia
Assets: US$ 41.1 billion
Net Income attributable to Credicorp: US$ 788.8 million (2012)
Employees: 26,541
Assets: US$ 35.8 billion
NII: US$ 1473.6 million (2012)
Employees: 22,538
AuM: US$ 5.4 billion
Deposits: US$ 1.4 billion
Employees: 81
Life
Insurance
Health
Insurance
Atlantic Security
Holding Corporation
**
100%
Assets: US$ 2.7 billion
Net Earned Premiums:
US$ 723.4 million (2012)
Employees: 3,038
Credicorp
Investments
100%
100%
51%
61%
100%
***
****
Source: BCP and SBS as of December 31, 2012.
Dic’11– Dic’12 Growth: 22.1% Dic’11– Dic’12 Growth: 30.0%
Dic’11– Dic’12 Growth: 10.5%
BCP´s Distribution Network & Transaction Breakout
Deposits (USD Bn) Net Loans (USD Bn)
Net Income (USD MM)
BCP Highlights
% of USD denominated loans % of USD denominated deposits
9
320
431
535
591
2009 2010 2011 2012
11.2
13.9
16.4
20.060%
62%
59%
57%
2009 2010 2011 2012
14.5
17.1 17.5
22.8
64%
55%
53%
48%
2009 2010 2011 2012
4,081
5,002
6,504
7,92376%
80%
86% 87%
2009 2010 2011 2012
Agents ATM's Branches Electronic Transactions
17%
14%
69%
Mortgage Consumer Commercial
25%
22%
10%
10%
5%5%
23%Other
Communication, Storage and Transportation
Mining
Realty Business and Leasing Services
Electricity, Gas and Water
Commerce
Manufacturing
Loans by economic sector
Investments Assets (USD Bn)
Loans by Business Unit & Dollarization
Asset Structure
10 Source: BCP as of December 31, 2012.
(1) Others include BCB, Edyficar and other business units.
20.0; 57%
7.8; 22%
4.8; 13%
2.8; 8%Net loans
Cash and Due from Banks
Investments
Other assets
63%9%
8%
6%
4%
10%
Peruvian Central Bank Certificated Notes
Corporate and Leasing Bonds
Peruvian Bonds
Listed Equity Securities
Foreign Government Bonds
Other
56% 55% 50% 46%
40% 38% 43% 46%
4% 7% 7% 8%
42% 39% 35% 31%
73% 77% 77% 81%
2009 2010 2011 2012Wholesale Retail Others (1) Dollarization Retail bankingDollarization Wholesale banking
PDL by Currency (%)
PDL by Days Overdue (%) PDL & Coverage Ratios (%)
PDL by Product (%)
Asset Quality
11 Source: SBS, BCP as of December 31, 2012.
(1) As per Basel II definition.
0.71% 0.54% 0.56% 0.79%
6.85%
5.55%5.25%
5.67%
2.81% 2.67% 2.60%3.08%
1.15% 1.40% 1.31% 1.12%
2009 2010 2011 2012
Commercial Microfinance Consumer Mortgage
2.21% 2.23%2.42%
2.97%
0.88% 0.81% 0.71% 0.70%
2009 2010 2011 2012
Nuevos Soles Foreign currency
0.60% 0.47% 0.53% 0.70%
0.96%0.96% 0.97%
1.06%1.13%0.98% 0.97%
1.08%
2009 2010 2011 2012
Overdue 16-119 days/Total Loans Overdue 120 days or more/Total Loans
Overdue 90 days/Total Loans(1)
1.56% 1.43% 1.50%1.75%
0.47%0.51% 0.56%
0.67%
195%217% 219%
203%
2009 2010 2011 2012
PDL/Total loans Refinanced Loans/Total Loans PDL Coverage ratio
Liabilities & Funding Structure
Others $1bn Equity $2bn
Total Deposits (USD Bn) Liabilities (USB Bn)
Deposits by Business Unit & Dollarization Deposits/Loans
12 Source: BCP as of December 31, 2012.
(1) Includes BCB, Edyficar and other business units
116%
147%
123% 134%126%
98%
86%87%
122%117%
101% 108%
2009 2010 2011 2012
Nuevos Soles Foreign currency Total
7.6; 33%
6.1; 27%
2.2; 10%
6.9; 30%Demand Deposits
Savings Deposits
CTS Deposits
Time Deposits
22.8; 70%
3.7; 12%
3.7; 11%
2.4; 7%
Deposits
Due to Banks
Bonds Issued
Other Liabilities
41% 49% 42% 44%
43%43% 50% 51%
16% 8% 8% 5%
55%
43%
44% 42%
58% 54%
50%
44%
2009 2010 2011 2012Wholesale RetailOthers (1) Dollarization WholesaleDollarization Retail
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
Long Term Foreign Currency Short Term Foreign Currency Long Term Local Currency
Funding Structure & Maturity Profile
Equity $2bn
Average Rates Core Deposits(%)(1)
Maturity Profile (MM USD)
Source: BCP as of December 31, 2012.
(1) % Core Deposits/Total deposits. 13
1,775
874
583
1,224
325
182
434
944
599
729
69%
60%
70%
66%
59%
71%
80%
74%
63%
66%
75%
70%
2009 2010 2011 2012
Nuevos Soles Foreign Currency Total
2.07%
0.94%1.22% 1.37%
5.39%
5.02% 4.94% 4.85%
2009 2010 2011 2012
Total Deposits Due to banks and issued bonds
1,450 1,5591,907
2,405
438 405
765
1,097
1,888 1,964
2,671
3,502
2009 2010 2011 2012
Capital Management
Tier I Tier II and III
Tier II + Tier III/Regulatory Capital (%)
BIS Ratio (%)(1) Regulatory Capital (USD MM)
Tier I Common(2)/RWA (%)
14 Source: BCP as of December 31, 2012.
(1) Regulatory Capital / Risk Weighted Assets.
(2) Tier I Common = Capital + Reserves – 100% of applicable deductions + retained earnings adjusted by average payout.
CAGR: 22.9%
14.512.8
14.5 14.7
2009 2010 2011 2012
23.2 20.6
28.6 31.3
2009 2010 2011 2012
8.59.3 9.1
8.5
2009 2010 2011 2012
Provisions/Gross Financial Margin (%)
Fees Breakdown Net Income (US$MM)
Net Interest Margin
P&L Highlights
15 Source: BCP as of December 31, 2012.
(1) Operating revenue is the aggregate of net financial margin and non financial income.
21.1% 22.7%21.7%
28.3%
2009 2010 2011 2012
320 431 535 591
48%
50%
45%
45%
2009 2010 2011 2012
Net income Non-Financial Income/Operating Revenues (1)
8.10% 8.01%
10.06%9.64%
3.31%2.83%
1.53%1.76%
4.81% 4.94% 4.98% 5.19%
2009 2010 2011 2012
Nuevos Soles Foreign Currency Weighted-average
70% 70%
18% 16%
3% 4%
9% 9%
2011 2012
Others
Gains from Sales of Securities
FX Transactions
Fees and Commissions
Avg.
23.2
Avg.
54.5
Avg.
1.8
20.9
24.1 25.222.4
2009 2010 2011 2012
Avg.
5.0
54.454.5
52.9 57.2
2009 2010 2011 2012
4.8 4.9 5.0 5.2
2009 2010 2011 2012
Efficiency (%)(3)
ROAA (%)(1) ROAE (%)(1)
Net Interest Margin (%)(2)
Key Financial Indicators
16 Source: SBS and ASBANC as of December 31, 2012.
(1) BCP shareholder’s equity and total asset averages computed as the average of month-end balances.
(2) Net interest income reported to SBS, as a percentage of average interest-earning assets. Average earning interest assets computed on a monthly basis.
(3) Efficiency calculated as administrative expenses plus depreciation and amortization divided by total operating revenue.
1.7
1.9 2.0
1.8
2009 2010 2011 2012
BCP’s Competitive Position
# 1 in Deposits
# 1 in Loans Leading Financial Institution in Peru
# 1 in Asset Quality (Substandard Loans(1)/Total Loans)
17 Source: SBS and ASBANC as of December 31, 2012.
(1) Substandard loans includes past due, refinanced and restructured loans.
30%
19%
14%
9%
BCP BBVA Scotiabank Interbank
2.4%2.5% 2.5%
3.2%
BCP BBVA Interbank Scotiabank
31%
18%
11%
8%
BCP BBVA Scotiabank Interbank
Rank Market Share (%)
Commercial Loans 1 35%
Microfinance Loans 1 19%
Consumer Loans 1 20%
Mortgage Loans 1 33%
Total Loans 1 30%
Total Deposits 1 31%
Shareholders Equity 1 26%
APPENDIX
18
Selected Financial Information
19 * Includes net income from discontinued operations (Correval).
Income Statement Summary US$ in millions
2009 2010 2011 2012 YoY Growth
Financial income 1,286 1,367 1,739 2,204 27%
Financial expense (435) (425) (530) (666) 26%
Gross financial margin 851 943 1,208 1,538 27%
Provision for loan losses (179) (212) (263) (436) 66%
Gross financial margin after provision for loan losses 672 731 946 1,102 17%
Gain (loss) for exchange dif ference (87) 9 (14) 6 -141%
Net financial margin 584 740 932 1,107 19%
Fees and commissions f rom banking services 377 462 536 637 19%
Net gains (loss) f rom sales of securities 88 63 23 41 79%
Net gains on foreign exchange transactions 70 87 142 149 5%
Other income 94 114 66 86 31%
Operating expenses (780) (875) (975) (1,217) 25%
Income before workers’ profit sharing and income
tax 433 591 723 803 11%
Income tax (114) (159) (189) (216) 15%
Net income 320 431 535 591* 11%
Selected Financial Information
20
Balance Sheet Summary US$ in millions
2009 2010 2011 2012 YoY Growth
Cash and due from banks, and interbank funds 3,734 8,492 5,484 7,792 42.1%
Investments at fair value through profit or loss and available-for-sale investments, net
3,095 1,615 3,549 4,784 34.8%
Gross loans 11,578 14,335 16,934 20,747 22.5%
Reserve for loan losses (357) (421) (527) (706) 33.9%
Other assets 1,081 1,225 1,281 2,833 121.2%
Total assets 19,131 25,246 26,721 35,450 32.7%
Deposits and obligations 14,458 17,061 17,544 22,815 30.0%
Due to banks, correspondents and other entities, and interbank funds
1,278 3,642 3,207 4,371 36.3%
Bonds and subordinated notes issued 1,236 1,959 3,122 3,657 17.1%
Other liabilities 487 612 507 1,858 266.3%
Total liabilities17,459 23,274 24,380 32,701
34.1%
Return on average shareholders’ equity 20.9% 24.1% 25.2% 22.4%
Return on average total assets1.7% 1.9% 2.0% 1.8%
Equity-to-asset ratio8.1% 8.2% 8.3% 8.3%
Past due loans as a percentage of total gross loans 1.6% 1.5% 1.5% 1.8%
21
BCP’s ratings
International Credit Rating Agencies Local Credit Rating Agencies
BCP AAI Equilibrium
Date of last review Jun-12 Sep-12
Date of last report Jun-12 Sep-12
Institution A+ A+
Long Term Debt
Corporate Bonds AAA AAA
Mortgage Bonds AAA AAA
Leasing Bonds AAA AAA
Long Term Deposits AAA AAA
Short Term Debt
Short Term Deposits CP-1+ EQL 1+
CDs CP-1+ EQL 1+
Capital Debt
Subordinated Tier II AA+ AA+
BCP Emisiones Latam Feller Rate Fitch
Last review Sep-10 Abr-12
Outlook Estable Estable
Solvency A AA(Cl)
BCP Fitch S&P Moody´s
Date of last review Abr-12 Ago-12 Feb-13
Outlook Estable Positiva Estable
Issuer rating BBB+/F2 BBB Baa2
Bank strength D+
Foreign Currency
Long term BBB+ BBB Baa2
Short term F2 A-2 P-2
Local Currency
Long term BBB+ BBB Baa2
Short term F2 A-2 P-2
Outstanding debt (144A/Regs)
Subordinated BCP 2021 BBB Ba1
Subordinated BCP 2022 BBB Ba1
Subordinated BCP 2026 BBB Ba1
Subordinated BCP 2027 BBB Ba1
Junior Subordinated 2069 BB- BB+
Senior BCP 2016 (US$ 700MM) BBB+ Baa2
Senior BCP 2020 (US$ 800MM) BBB+ Baa2