Fixed Income Presentation - Banco de Crédito del Perú 2017/Personas... · Fixed Income...

Fixed Income Presentation

Third Quarter 2017

Disclaimer

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The information contained herein has been prepared by Banco de Crédito del Perú (“BCP”) solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell

any securities and should not be treated as giving investment or other advice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or

reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and BCP is under no obligation to update or keep current the

information contained herein. The information contained herein does not purport to be complete and is qualified in its entirety by reference to more detailed information appearing elsewhere, if

any. BCP and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this

material.

This presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based on current expectations and projections about future events

and trends that may affect BCP’s business. You are cautioned that any such forward-looking statements are not guarantees of future performance. Several factors may adversely affect the

estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.

Investment Highlights

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Disciplined and Conservative Capital Management

Peru: Strong Macroeconomic Fundamentals and Underpenetrated Financial System

Leading Financial Institution in Latin America and Peru

Solid Growth and Profitability with Strong Efficiency Levels

Solid Asset Quality and Stable Funding Base

Comprehensive Business Strategy with Strong Governance Focus

1

2

3

5

6

4

Macroeconomic Outlook

Peruvian Financial System

2.3%

2.8%

1.9%

2.5%

3.3%

Peru Colombia Chile Mexico Brazil

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1 The Peruvian Financial System is an Attractive and Underpenetrated

Market

Loans & Deposits Penetration (% of GDP)(1) ATM’s per each 100,000 adults(2)

Past Due Loans +90 days / Gross Loans(3) Profitability (%)(4)

43.7% 50.6%

92.8%

24.8%

54.6%

39.4% 41.4%

75.1%

26.8%

35.0%


Gross Loans / GDP Deposits / GDP

Note: Data from different sources may not be entirely comparable.

(1) Source: SBS and Banking Regulatory Agencies of Chile, Colombia, Brazil and Mexico as of December 31, 2016. Data includes each country´s Financial System Loans and Deposits.

(2) Source: Banking Regulatory Agencies of each country as of December 31, 2015.

(3) Past Due Loans with +90 days past due. Source: SBS for Peru and World Bank for Brazil, Chile and Colombia as of December 31, 2015.

(4) Source: SBS and Banking Regulatory Agencies of each country as of December 31, 2016.

18.5%

14.4%

11.8% 11.9%

10.2%

2.0% 2.2% 0.9% 1.2% 1.0%


ROAE ROAA

24

32

44 39

87


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1 Behavior of Loans and Deposits are in Line with Economy

Annualized Domestic Demand vs. Loans (% change YoY) Deposits by Currency

Loans by Currency Dollarization (%)

Source: BCRP and SBS as of September 2017.

0%

5%

10%

15%

20%

25%

mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17

Loans (% YoY) Domestic Demand (% YoY)

198

25

-

5

10

15

20

25

30

35

-

50

100

150

200

250

mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 mar-16 sep-16 mar-17 sep-17

Volumes in US$BN

Volumes in S/BN

LC FC

169

30

-

5

10

15

20

25

30

35

40

-

20

40

60

80

100

120

140

160

180


Volumes in US$BN

Volumes in S/BN

LC FC

28.5

39.1

-

5

10

15

20

25

30

35

40

45

50


Loans Deposits

BCP Overview

30.6%

25.7% 23.3%

17.8% 16.5% 16.5%

BCP Bancolombia BBVABancomer

SantanderChile

Banco deChile

ITAU

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2 BCP has One of the Best Banking Platforms in Latin America

Local Loan Market Share (%)(1) Total Gross Loans to Deposits Ratio (%)

Efficiency (%)(2) ROAE (%)

Source: Data from different sources may not be entirely comparable.

(1) Market share is calculated for the Banking System.

(2) (Operating Expenses excluding Other Operating Expenses) / (Gross Financial Margin + Banking Services Commissions + Net Gain on Foreign Exchange Transactions + Net Result from Derivatives Instruments).

92.8% 105.5%

123.9% 130.0%

137.4% 139.8%

BBVABancomer

Bancolombia ITAU Banco deChile

SantanderChile

10.6%

19.6% 19.7% 21.4% 21.7%

23.4%

Bancolombia Banco deChile

SantanderChile

ITAU BBVABancomer

39.20% 40.20% 42.77%

45.50% 46.02%

51.84%

BBVABancomer

SantanderChile

ITAU Banco deChile

Bancolombia

22%

20%

16%

21%

BCP BBVA Scotiabank Interbank

31%

19%

16%

8%


30%

19%

13%

9%


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2

Source: SBS as of September 30, 2017.

(1) Market share is calculated for the Peruvian Financial System. BCP unconsolidated figures plus Mibanco, BBVA figures include Financiera Confianza, Scotiabank figures include Crediscotia Financiera, and Interbank

figures include Financiera Oh!.

BCP is the Leader in the Peruvian Financial System

Rank Market Share (%)

Wholesale Loans 1 34%

SME Loans 1 37%

Microfinance Loans 1 28%

Consumer Loans 1 18%

Credit Cards 1 21%

Mortgage Loans 1 31%

Total Loans 1 31%

Demand Deposits 1 33%

Savings Deposits 1 35%

Time Deposits 1 23%

CTS Deposits 1 36%

Total Deposits 1 30%

Leading Financial Institution in Peru(1) #1 in Loans (Market Share %)(1)

#1 in Deposits (Market Share %)(1) Most Profitable Bank (ROAE %)

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(1) Data considers BCP and Mibanco branches and excludes branches outside of Peru. Source: SBS as of September 30, 2017.

*Includes Edyficar for the period (2010 – 2014)

Sources: BCP, SBS.

Total Branches 752

Branch Network National Coverage(1) BCP’s Network has Expanded Steadily

BCP Stand Alone- Number of transactions – Monthly average

(Millions of transactions) BCP Stand-Alone - Growth of Electronic Transactions (%)(2)

7

29

6

41

7

27

31 1

9

17

28

36

24

343

5

2

8

4

41

24

15

10

5

6

BCP has a Convenient Distribution Network

2Q17

114.3

1Q17

108.3

2016

102.4

2015

97.2

2014

90.8

2013

84.3

2012

79.6

2011

60.8

2010

49.9

2009

43.0

2008

36.6

3Q17

123.1

+20%

7%

93%

1Q17

8%

92%

2016

8%

92%

2015

9%

91%

2014

10%

90%

2013

11%

89%

2012

14%

86%

2011

16%

84%

2010

20%

80%

2009

24%

76%

2008

27%

73%

2007

30%

70%

1993

97%

3%

2Q17

7%

93%

3Q17

Teller Electronic channels

+5.7%

2Q17

9,109

321

6,017

2,344

427

1Q17

9,065

318

5,986

2,332

429

2016

9,187

313

6,098

2,345

431

2015

8,793

321

5,732

2,295

445

2014

8,133

328

5,157

2,226

422

2013

8,419

119

5,820

2,091

389

2012

8,042

118

5,713

1,844

367

2011

6,621

117

4,674

1,485

345

9,257

6,173

2,332

326

3Q17

426

Branches Mibanco* ATMs Agentes Branches BCP

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(1) Cost of risk = Annualized provisions for loan losses / Total loans.

(2) Efficiency ratio for the period is calculated by dividing (i) operating expenses deducting other operating expenses by (ii) gross financial margin adding fees and commissions from banking services plus net gains

on foreign exchange transactions plus net result from derivative instruments for the period.

Solid Growth and Profitability – Quarterly Highlights

Profitability

Net income(1): S/ 820 million ▲ 9.9% QoQ and ▲ 9.1% YoY

ROAE: 23.1% ▲ 84 bps QoQ and ▼ 71 bps YoY

ROAA: 2.5% ▲ 18 bps QoQ and ▲ 14 bps YoY

Loan

portfolio

Nominal growth: ▲ 1.3% QoQ and ▲ 0.2% YoY in quarter-end balances

▲ 0.5% QoQ and ▲ 0.6% YoY in average daily balances

Provisions for loan losses: ▼ 21.6% QoQ and ▼ 16.4% YoY

Cost of risk(1): 1.51% ▼ 44 bps QoQ and ▼ 30 bps YoY

NII & NIM

Net interest income: S/ 1,788 million ▲ 2.6% QoQ and ▲ 0.6% YoY

NIM: 5.62% ▲ 2 bps QoQ and ▼ 17 bps YoY

NIM after provisions: 4.59% ▲ 33 bps QoQ and ▲ 8 bps YoY

Efficiency Efficiency ratio(2): 42.57% ▼ 167 bps QoQ and ▼ 118 bps YoY

Capital CET1 ratio: 11.93% ▲ 39 bps QoQ and ▲ 129 bps YoY

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1. Net income from continuing operations. Net income from discontinued operations was S/0, and S/141 MM as of September 2017, and September 2016, respectively.

2. Cost of risk = Annualized provisions for loan losses / Total loans.

Solid Growth and Profitability – YTD Highlights

Profitability

Net income(1): S/ 2,282 million ▲ 11.6%

ROAE: 21.4% ▼ 176 bps

ROAA: 2.3% ▲ 13 bps

Loan

portfolio

Nominal growth: ▼ 0.6% in quarter-end balances

▼ 0.2% in average daily balances

Provisions for loan losses: ▼ 1.6%

Cost of risk(2): 1.95% ▼ 4 bps

NII & NIM

Net interest income: S/ 5,290 million ▲ 2.4%

NIM: 5.61% ▲ 15bps

NIM after provisions: 4.28% ▲ 17 bps

Efficiency Efficiency ratio: 42.77% ▼ 79 bps

Capital CET1 ratio: 11.93% ▲ 85 bps

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(1) From 1Q15 to 4Q15 includes BCP Bolivia, work out unit, and other banking. Since 1Q16 includes work out unit and other banking.

Loan Portfolio

Loan Portfolio Evolution - Q-end vs. Avg. Daily Balances (S/ Millions)

Loan Portfolio Mix – Avg. Daily Balances Loan by currency – Avg. Daily Balances

86,709

3Q16

85,793

86,046

3Q17

86,327

86,195

2Q17

85,891

85,091

1Q17

86,141

84,733

4Q16

86,545

Total Loans avg. Daily balances (+0.5% QoQ) Q-end Total Loans (+1.3% QoQ)

3Q17

46.7%

10.2%

42.2%

47.4%

9.7% 0.9%

1Q17 2Q17

41.3%

0.8% 0.8% 10.1%

41.6%

0.9% 10.0%

4Q16

41.6%

47.9% 47.8%

3Q16

0.8% 9.5%

41.3%

48.4%

Retail Banking Wholesale Banking Microlending Others (1)

3Q16

33.9%

66.1% 65.0%

33.9%

66.1%

1Q17

35.0%

4Q16

35.6% 35.6%

64.4%

2Q17

64.4%

3Q17

Foreign Currency Domestic currency

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3 Loan Portfolio Growth

Loan growth contribution QoQ (Average daily balances)

Loan Portfolio Mix – Avg. Daily Balances

Total Loans

3Q17

-42

86,327

US Dollar

appreciation

Mibanco

149

BCP - Retail Banking

712

BCP - Wholesale Banking

-383

Total Loans

2Q17

85,891

Nominal growth +0.5%

Real growth +0.6%

86,327

-1,434

Mibanco US Dollar

appreciation

Total Loans

3Q17

1,402

BCP - Retail Banking

703

-150

85,806

Total Loans

3Q16

BCP - Wholesale Banking

Nominal growth +0.6%

Real growth +2.3%

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(1) Average daily balances.

(2) Includes work out unit, and other banking.

Loan portfolio by segment

Loans by Business Segment(1)

Loan portfolio evolution by segment(1)

30%

9% 15% 8% 5% 10% 1% 31%

3Q16 16% 5% 9% 15% 8% 5% 10% 1% 32%

17% 5% 10% 15% 8% 5% 10% 1% 3Q17

2Q17 16% 5%

Corporate

SME - Pyme Consumer

Credit Card Others (2) SME - Business

Middle - Market

Mortgage

Mibanco

Loans Quarter % Part. 3Q17

% nominal change % real change

S/ Millions 3Q16 2Q17 3Q17 QoQ YoY QoQ YoY

Wholesale Banking 41,519 40,742 40,331 46.72% -1.0% -2.9% -0.9% -0.4%

Corporate 27,733 26,939 25,899 30.00% -3.9% -6.6% -3.8% -4.1%

Middle - Market 13,786 13,803 14,432 16.72% 4.6% 4.7% 4.6% 7.2%

Retail Banking 35,425 35,724 36,433 42.20% 2.0% 2.8% 2.0% 3.9%

SME - Business 4,460 4,433 4,704 5.45% 6.1% 5.5% 6.2% 8.1%

SME - Pyme 7,601 7,922 8,240 9.55% 4.0% 8.4% 4.0% 8.6%

Mortgage 12,617 12,584 12,745 14.76% 1.3% 1.0% 1.3% 2.2%

Consumer 6,448 6,502 6,514 7.55% 0.2% 1.0% 0.2% 1.8%

Credit Card 4,299 4,283 4,230 4.90% -1.2% -1.6% -1.2% -1.0%

Mibanco (2) 8,158 8,593 8,689 10.07% 1.1% 6.5% 1.7% 8.6%

Others (3) 704 741 736 0.85% -0.7% 4.5% -1.7% 5.3%

Total 85,806 85,891 86,327 100% 0.5% 0.6% 0.6% 2.3%

50.4% 44.7% 47.6% 47.4%

94.6% 96.2% 73.5% 75.2% 85.2% 84.0% 88.7% 87.0% 93.6% 94.2%

50% 55% 52% 53%

5% 4%

27% 25% 15% 16% 11% 13% 6% 6%

3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17

BCP Wholesale Banking BCPSME-Business

BCPSME-Pyme

BCPMortgage

BCPConsumer

BCPCredit Card

Mibanco

PEN USD

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(1) Average daily balances.

(2) Includes work out unit, and other banking.

Loan portfolio by currency

Loan dollarization by segment YoY(1)

Loans Local currency loans (1) (Expressed in million PEN) Foreign currency loans (1) (Expressed in million USD)

S/ Millions 3Q16 2Q17 3Q17 QoQ YoY % Part.

3Q17 3Q16 2Q17 3Q17 QoQ YoY

% Part.

3Q17

Wholesale Banking 20,946 18,460 18,014 -2.4% -14.0% 32.4% 5,941 6,711 6,843 2.0% 15.2% 72.9%

Corporate 14,009 11,765 11,118 -5.5% -20.6% 20.0% 4,071 4,609 4,660 1.1% 14.5% 49.7%

Middle - Market 6,937 6,695 6,896 3.0% -0.6% 12.4% 1,870 2,102 2,183 3.9% 16.7% 23.3%

Retail Banking 27,890 28,366 28,895 1.9% 3.6% 52.0% 2,198 2,245 2,260 0.7% 2.8% 24.1%

SME - Business 2,121 2,117 2,229 5.3% 5.1% 4.0% 665 705 711 0.9% 6.9% 7.6%

SME - Pyme 7,187 7,599 7,926 4.3% 10.3% 14.3% 130 107 99 -7.5% -23.8% 1.1%

Mortgage 9,273 9,413 9,589 1.9% 3.4% 17.3% 991 971 974 0.3% -1.7% 10.4%

Consumer 5,494 5,471 5,469 0.0% -0.5% 9.8% 277 311 317 1.9% 14.4% 3.4%

Credit Card 3,815 3,766 3,682 -2.2% -3.5% 6.6% 135 151 159 5.3% 17.8% 1.7%

Mibanco 7,638 8189 8331 1.7% 9.1% 15.0% 132 126 125 -0.8% -5.3% 1.3%

Others (2) 284 331 333 0.6% 17.3% 0.6% 160 155 153 -1.3% -4.4% 1.6%

Total 56,758 55,346 55,573 0.4% -2.1% 100.0% 8,431 9,237 9,381 1.6% 11.3% 100.0%

5% of total loans 15% of total loans

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3 Strong Efficiency Levels and Stable Margins

Source: BCP consolidated figures as of June 30, 2017.

(1) Non-Interest Income: Banking Services Comissions (net) + Net Gain (Loss) on Sale of Securities + Net Gain on Foreign Exchange Transactions + Other Non-Financial Income. (2) (Operating Expenses – Other Operating Expenses ) / (Gross Financial Margin + Banking Services Commissions + Net Gain on Foreign Exchange Transactions + Net result from derivative instruments). (3) Net Interest Margin represents net interest income divided by average interest-earning assets.

Net interest income (S/ Millions) Efficiency (%)(2)

Net Interest Margin P&L Breakdown - Variations Sep16 vs. Sep17 (PEN Bn)

1,743

-673

2,416

-1,918

7,084

3Q17

1,788

-659

2,447

2Q17

-1,989

5,166 5,290

Sep-17

+2.6%

7,279

+0.6% +2.4%

Sep-16 3Q16

1,777

-646

2,423

Interest Income Interest Expense

3Q16 Sep-16

5.5% 5.8%

4.6% 4.1%

5.5%

8.1%

3Q17

5.6%

8.2%

4.5%

Sep-17

8.1%

5.6%

4.3% 4.2%

2Q17

8.4% 8.4%

NIM on loans NIM after provisions NIM

-3% -2%

43.6%

Sep-16

43.8%

3Q16

42.6%

3Q17 2Q17

42.8% 44.2%

Sep-17

21 2,044

Net Income

Sep-16

Oper. And

Other Exp.

& Tax

Non Int.

Income

261

Prov.of

Losses

2,282

Fin.Expense

-168 -71

Fin. Income

195

Net Income

Sep-17

2.61% 2.64% 2.93% 3.13% 3.20%

0.90% 0.93% 0.99% 1.04% 1.21%

156% 161% 153% 158%

154%

119% 122% 116% 119% 111%

3Q16 4Q16 1Q17 2Q17 3Q17

PDL Ratio Ref. & Restr. Ratio

PDL Coverage Ratio Ref. & Restr. Coverage Ratio

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4

Source: BCP consolidated figures as of September 30, 2017.

(1) (i) PDL Ratio: Past Due Loans (+16 days) / Total Gross Loans; (ii) Ref. & Restr. Ratio: Refinanced + Restructured Loans / Total Gross Loans; (iii) PDL Coverage Ratio: Total Reserve for Loan Losses / Past Due

Loans (+16 days); (iv) Ref. & Restr. Coverage Ratio: Reserve for Loan Losses / (Past Due Loans (+16 days) + Refinance & Restructured Loans); (v) NPL Ratio: Past Due Loans (+16 days) + Ref. & Rest. Ratios.

(2) Source: SBS. BCP unconsolidated figures as of September 30, 2017.

Strong Asset Quality and Ample Coverage Levels

NPL Ratio

3.84% 3.83% 4.13%

4.41%

Cost of Risk & Provisions Coverage Ratios (%)(1)

Past Due Loans by Currency (%) BCP Stand Alone - Past Due Loans by Days Overdue (as a % of

Total Loans)(2)

1.51%

1.96%

2.45%

2.14%

1.81%

Cost of Risk

3Q17

326

2Q17

416

1Q17

519

4Q16

463

3Q16

390

Provisions

3Q17 2Q17

3.81%

1.85%

1Q17

3.84%

1.87%

4Q16

3.49%

1.80%

3Q16

3.48%

1.93% 1.77%

3.97%

PEN USD

4.14%

0.62

4Q16

2.71

2.22

0.49

3Q16

2.74

2.22

0.52

3Q17

2.99

2.25

0.74

2Q17

2.90

2.43

0.47

1Q17

2.94

2.32

PDL 90 days overdue

PDL 16-89 days overdue

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Scheme

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19

4 Cost of Risk by Segment

0.06%

0.56%

3.71%

3.78%

7.56%

0.57%

3.77%

2Q17

0.21%

0.43%

3.70%

4.40%

7.93%

0.69%

4.13%

1Q17

1.28%

0.22%

4.26%

5.04%

8.86%

0.94%

4.94%

4Q16

0.62%

0.49%

4.83%

3.35%

7.95%

3Q17

4.97%

3Q16

-0.05%

0.50%

2.35% 3.17%

8.10%

1.02%

5.71%

5.19%

Wholesale Consumer

Mortgage Mibanco

Credit Card

SME - Business

SME - Pyme

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Scheme

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168 168 168

110 110 110

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20

4 Past Due Loans by Segment

4.74% 4.99%

13.14%

12.70%

5.01%

5.79%

4.51%

2.65%

3.07%

4Q16

0.29%

2.66%

3.02%

4.39%

4.65%

4.49%

12.41%

3Q16

0.28%

4.56%

1Q17

5.01%

2.93%

0.31%

12.40%

2.89%

4.32%

3Q17

0.48%

4.59%

2.98%

4.66%

4.60%

4.89%

2.96%

2Q17

0.43%

3.01%

2.92%

12.44%

Mortgage Mibanco

Consumer Wholesale Credit Card

SME - Business

SME - Pyme

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4


Portfolio quality and Cost of risk

SME - Pyme

SME - Business

4.33% 4.59%

4.24% 4.09% 4.38%

4.88% 4.96% 4.73% 5.21%

5.55% 5.29%

5.01%

4.49%

5.79%

5.01% 4.89% 5.11%

5.30% 5.05%

4.78% 5.06%

5.88% 5.91% 5.56%

6.01% 6.31% 6.00%

6.07% 5.66%

6.83% 6.31%

5.99%

0.98% 0.64%

1.71%

1.08% 1.50%

1.09% 0.96%

1.99% 1.55% 1.44%

0.77% 1.02%

2.35%

0.94% 0.69% 0.57%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

S/ Billions

Loans (Left axis) PDL ratio NPL ratio Cost of risk (1)

9.19%

10.29% 10.73% 10.57%

10.61% 11.54% 12.00% 11.91%

11.10% 12.43% 12.91% 12.70% 12.41%

13.14% 12.40% 12.44%

11.00% 12.22%

12.93% 12.86% 14.17%

15.44% 16.08% 15.89%

15.06% 16.15% 16.37% 16.08% 15.84%

16.67% 16.22% 16.09%

7.02% 7.57% 8.13%

6.69% 6.03% 6.50% 6.88%

6.24% 6.02% 5.55% 6.24% 5.71%

4.97% 4.94% 4.13% 3.77%

3.06% 3.18% 3.36% 2.88% 2.76% 2.72% 3.01% 2.79% 2.33% 2.75% 2.91% 2.76% 2.19% 2.22% 1.91% 1.80%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0


S/ Billions

Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Early delinquency (>60 - <150)

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

22

4



Consumer

Credit Card

2.17% 2.21% 2.42% 2.38% 2.35% 2.16% 2.44% 2.42% 2.62% 2.71%

2.96% 3.07% 3.02% 2.93% 2.92% 2.98%

4.91% 4.94% 5.05%

5.12% 5.34% 5.12% 5.55%

5.60%

5.84% 5.82% 5.95%

5.97% 6.03% 6.13% 6.40%

6.69%

5.93%

6.55% 7.10%

5.79% 5.48%

5.91% 6.02%

5.54%

5.86%

6.37% 6.50%

5.19% 4.83%

4.26% 3.70% 3.71%

2.11% 1.91% 2.21%

1.97% 1.88% 1.73% 1.95% 1.90% 1.97% 2.10% 2.31%

2.06% 1.82% 1.63% 1.66% 1.64%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0


S/ Billions


5.76% 5.91% 5.45%

5.04% 4.26% 4.12% 4.12% 3.93% 4.17%

4.86% 5.02% 4.74% 4.65% 4.99% 4.32% 4.60%

6.62% 6.77% 6.19%

5.75% 4.94% 4.87% 4.96% 4.85% 5.10%

5.81% 6.06% 5.90% 5.90% 6.35%

5.78% 6.05%

9.00% 9.56%

9.16%

7.06% 7.28% 7.70%

8.04% 7.35%

8.54% 9.18%

9.71%

8.10% 7.95%

8.86%

7.93% 7.56%

3.16% 3.54%

3.14% 2.69% 2.47% 2.33% 2.44% 2.24%

2.62% 2.86% 3.00% 2.62% 2.56% 2.68% 2.44% 2.34%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5


S/ Billions


Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

23

4



Mortgage

Wholesale

1.38% 1.48% 1.57% 1.61% 1.73% 1.79% 1.88% 1.92%

2.10% 2.30%

2.40%

2.65% 2.66% 2.89%

3.01% 2.96%

1.49% 1.60% 1.69% 1.73%

1.90% 1.97% 2.04% 2.10% 2.29%

2.48% 2.57% 2.80% 2.81%

3.05% 3.18% 3.18%

0.58% 0.76%

0.95%

0.54% 0.53% 0.62%

0.88%

0.61%

0.96%

0.80% 0.90%

0.50% 0.49%

0.22%

0.43% 0.56%

0.62% 0.69% 0.79%

0.80% 0.68% 0.67%

0.78%

0.81%

0.82%

1.02% 1.03% 1.16%

0.91% 0.97% 0.88% 0.97%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0


S/ Billions


0.25% 0.32% 0.35% 0.32% 0.32%

0.26% 0.28% 0.27%

0.32%

0.28%

0.33% 0.28% 0.29% 0.31%

0.43% 0.48%

0.29% 0.35% 0.37% 0.36%

0.42% 0.33% 0.35% 0.34%

0.42% 0.44% 0.52% 0.53% 0.51%

0.60% 0.63% 0.74%

0.21% 0.28%

0.25% 0.41%

0.65%

-0.04%

0.21%

0.62%

0.18%

0.48%

-0.05%

0.62%

1.28%

0.21% 0.06%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0


S/ Billions

Loans (Left axis) PDL ratio NPL ratio Cost of risk (1)

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

24

4


(2) Adjusted cost of risk of March 2017 and June 2017 calculated eliminating provisions related to the El Nino weather phenomenon.


Mibanco

5.11%

5.58% 5.68%

5.61%

6.00%

6.50%

5.42%

4.76% 4.68% 4.67%

4.51% 4.39%

4.59% 4.56% 4.66%

6.66%

6.96%

6.76%

6.75% 7.00%

7.38%

6.39%

5.81% 5.74% 5.74%

5.61% 5.56% 5.75%

5.85% 5.99%

3.58%

5.49%

7.08%

4.88%

3.93%

4.27%

3.18% 3.37% 3.17%

5.04%

4.40%

3.78%

5.63%

4.60%

3.35% 3.43% 3.74%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

S/ Billions

Loans (Left axis) PDL ratio NPL ratio Cost of risk (1) Adjusted Cost of risk (2)

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

25

4

Figures include Mibanco’s results.

(1) Includes Trading securities, Property plant and equipment, Due from customer acceptances and Other assets.

(2) Includes Acceptances outstanding, Repurchase Agreements (including that with BCRP) and Other Liabilities.

(3) Includes cattle raising, education, public administration, social services, among others.

Solid and Diversified Balance Sheet

Asset Structure (S/ Billions) Liability & Equity Structure (S/ Billions)

Loan / Deposit Ratio BCP Stand Alone - Total Commercial Loans by Sector (%)

Foreign

Currency 49.4% 47.9%

15.9%

19.0%

64.4%

2Q17

132

4.2%

-3.2%

13.3%

21.0%

64.7%

3Q16

129

5.1%

-3.1%

11.4%

19.8%

66.7%

3Q17

134

3.9%

-3.2%

Other assets (1)

Reserve for loan losses

Investments

Cash & Due from banks

Gross Loans

48.4%

3Q17

134

10.9%

10.4% 10.7%

7.0%

61.0%

2Q17

132

10.5%

11.2%

10.8% 6.5%

61.0%

3Q16

129

10.1%

13.1%

10.9% 6.8%

59.1%

Equity

Other liabilities (2)

Bonds and subordinated notes issued

Due to banks

Deposits and Obligations

49.2% 47.8% 48.4%

3Q17

105.5%

79.9%

127.8%

2Q17

106.1%

78.5%

132.4%

1Q17

108.2%

78.6%

136.2%

4Q16

116.7%

83.1%

149.0%

3Q16

113.0%

81.0%

143.3%

Total Loans/Deposits ratio Loans/Deposits ratio in PEN

Loans/Deposits ratio in USD

12%

9%

20%

19%

9%

2%

11%

9%

2%

7%

Fishing

Communication, Storage and Transportation

Commerce

Mining

Electricity, Gas and Water

Construction

Agriculture

Manufacturing

Leasholds and Real Estate Activities

Others (3)

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

26

4

(1) Calculated as interest paid/principal outstanding.

(2) Includes bilateral loans, trade loans and repurchase agreements with third parties

Stable and Diversified Funding Base

Evolution of Funding Structure & Cost Funding Structure by currency

Funding Structure by tenure (original term) Funding Structure by tenure (months to maturity)

68%

7%

14%

70%

2Q17

69%

3Q17

9% 9%

14% 10%

68%

10% 9%

3Q16 4Q16

8%

14%

68%

14%

9% 8%

14%

1Q17

9%

Bonds and subordinated debt Due to banks and correspondents (2)

Depósits BCRP Instruments

6%

15%

71%

8%

BCRP Instruments Bonds and subordinated debt

Deposits Due to banks and correspondents (2)

69%

10%

21%

48%

33%

6% 3%

5% 5%

From 1 to 2 years From 3 to 6 months From 2 to 5 years From 6 to 12 months Up to 3 months Greater than 5 years

15%

37%

11% 13%

10%

15%

2.09% 2.14%

2.10% 2.05%

2.13%

Funding cost (1)

Local Currency Foreign Currency

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

27

4

(1) In average-daily balances

(2) In quarter-end balances

(3) Time deposits includes certificates of deposit (CDs).

BCP Stand-Alone - Sound Deposits Base

Total Deposits Breakdown(1) (S/ Millions) Deposit Dollarization(1)

Deposits’ Implicit Rate Deposits Consolidated – Evolution and Participation(2)

9%

21%

32%

3Q16

36%

22%

1Q17 4Q16

9%

33%

37%

32%

9%

70.8 71.6

9%

37%

22% 24%

69.8

3Q17

73.2

35%

33%

23%

9%

2Q17

71.6

34%

32%

Demand Deposits

Savings Deposits

Time Deposits (3)

Severance Indemnity Deposits (CTS)

49.0%

3Q17

47.8%

52.2%

2Q17

51.0%

1Q17

51.7%

48.3%

4Q16

52.3%

47.7%

3Q16

51.9%

48.1%

USD PEN

0.33%

1.56%

1.00%

0.46%

2Q17

0.47%

1Q17

1.02%

0.37%

1.00%

1.64% 1.68%

4Q16

0.99%

1.71%

0.99%

3Q16

0.33%

1.71%

3Q17

USD PEN Total

S/. Millions 3Q16 2Q17 3Q17 QoQ YoY

BCP Peru 69,585 73,219 74,692 2.01% 7.34%

Mibanco 6,601 7,029 7,021 -0.11% 6.36%

Eliminaciones -43 -52 -37 -28.85% -13.95%

BCP

Consolidated 76,143 80,169 81,676 1.88% 7.27%

BCP Peru

Mibanco

9%

91%

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

28

4

(1) It is important to note, that 100% of Severance indemnity deposits (CTS) come from individuals.

BCP Stand-Alone - Deposits by business segment(1)

Total Deposits Savings Deposits

Time Deposits Demand Deposits

21%

PEN

21%

Total

18%

58%

USD

21%

61%

20%

63%

16%

Retail Corporate Middle-market

Total

94%

0%

98% 96%

0%

USD

1% 0%

6%

PEN

4%

Middle-market Corporate Retail

29%

35% 34%

42% 39%

23%

PEN USD

33%

41%

Total

25%

Middle-market Corporate Retail

USD

31%

40%

30%

27%

31%

29%

Total

42%

PEN

41%

29%

Corporate Middle-market Retail

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

29

4

(1) Call date – 10 years

(2) Result after the exchange of notes with the BCP26.

(3) Result after reopening for US$170,000,000 in April 2013 and US$200,000,000 in January 2014.



BCP Stand-Alone - Bonds and subordinated debt

Breakdown of international bonds

Bond Issue date Due date Tenure (years) Currency Issued Amount

Original Currency

(000)

Outstanding

Amount (S/000) Coupon rate

Hybrid 01/11/2009 06/11/19(1) 60(1) USD 250,000 816,250 9.75%

Subordinated(2) 07/11/2006 07/11/2021 15 USD 2,960 9,664 6.95%

Subordinated 16/09/2011 16/09/21(1) 15(1) USD 476,120 1,554,532 6.88%

Subordinated(3) 24/04/2012 24/04/22(1) 15(1) USD 720,000 2,350,800 6.13%

Corporate 16/09/2010 16/09/2020 10 USD 800,000 2,612,000 5.38%

Corporate(5) 01/04/2013 01/04/2023 10 USD 716,301 2,338,723 4.25%

Corporate 09/07/2014 09/01/2018 4 USD 230,154 751,453 2.75%

Corporate 25/10/2016 25/10/2019 3 USD 300,000 979,500 2.25%

Corporate 31/10/2017 30/10/2020 3 PEN 2,000,000 2,000,000 4.85%

Total 13,412,922

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

30

5

(1) Peru GAAP.

(2) Regulatory Capital / Risk-weighted assets.

(3) Tier 1 / Risk-weighted assets. Tier 1 = Capital + Legal and other capital Reserves + Accumulated earnings with capitalization agreement + Unrealized profit and net income in subsidiaries - Goodwill - (0.5 x Investment in Subsidiaries) + Perpetual subordinated

debt (maximum amount that can be included is 17.65% of Capital + Reserves + Accumulated earnings with capitalization agreement + Unrealized profit and net income in subsidiaries - Goodwill).

(4) Common Equity Tier I = Capital + Reserves – 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and deferred tax that rely on future profitability) + retained earnings + unrealized gains.

Disciplined and Conservative Capital Management

BCP at Basel II BCP at Basel III

Common Equity Tier 1 ratio – September 2017 Common Equity Tier 1 ratio – June 2017

3Q16

15.35%

10.41% 10.53%

15.56%

3Q17

16.35%

11.47%

2Q17

16.71%

11.75%

1Q17

16.73%

11.76%

4Q16

BIS ratio (2) Tier 1 ratio (3)

3Q17 4Q16 3Q16

11.93%

1Q17

10.92% 11.08% 10.64%

2Q17

11.54%

Common Equity Tier 1 ratio (4)

0.06%

1.74%

Goodwill and

intangibles

Investments

in

subsidiaries

Retained

earnings

11.54%

-1.39%

-0.70%

CET1 (2Q17) Capital and

reserves

Unrealized

gains (losses)

11.83%

Capital and

reserves

2.48%

Goodwill and

intangibles

CET1 (3Q17) Unrealized

gains (losses)

11.93%

Retained

earnings

-1.44%

11.55% -0.72%

Investments

in

subsidiaries

0.06%

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

31

6 Comprehensive Business Strategy

Motivated Employees

Our employees are the engine of our

organization. For them, we have set ourselves

the challenge of becoming the best option to

work in the country.

Happy Customers

We want our customers to be at the center of

our decisions and to live a unique brand

experience.

For them we renew our image and our promise

and we will work until we become the “Bank

most focused on its Clients".

Outstanding Risk Management

We have led the Peruvian market for 126 years,

being a model in risk management.

Efficient Growth

We aim to continue growing, but efficiently,

guaranteeing our leadership in the market for

the next 126 years.

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

32

6 Strong Governance Focus

Governance structure Board independence

General Shareholder’s Meeting

Chairman

Vice - Chairman

Directors

Dionisio Romero Paoletti

Raimundo Morales Dasso*

Roque Benavides Ganoza*

Barbara Bruce Ventura*

Benedicto Cigueñas Guevara*

Fernando Fort Marie

Martin Perez Monteverde (Deputy)

Eduardo Hochschild Beeck*

Reynaldo Llosa Barber

Luis Montero Aramburu*

Juan Carlos Verme Giannoni*

Patricia Lizárraga Guthertz*

Luis Enrique Romero Belismelis

Board Committees

Independent internal and external audit

Board of Directors

Independent directors

Non-independent directors

Board of directors tenure

* Independent directors.

0 1 2 3 4 5 6

0-5 years

5-10 years

10+ years

Appendix

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

34 (1) Date is updated when there is a change in the outlook or rating.

BCP Stand-Alone - Ratings

Local Credit Rating Agencies International Credit Rating Agencies

Bank

AAI Equilibrium

Date of last review dec-16 dec-16

Institution A+ A+

Long Term Debt

AAI Equilibrium

Corporate Bonds AAA AAA

Mortgage Bonds AAA

Leasing Bonds AAA AAA

Long Term Deposits AAA AAA

Short Term Debt

AAI Equilibrium

Short Term Deposits CP-1+ EQL 1+

CDs CP-1+ EQL 1+

Capital Debt

AAI Equilibrium

Subordinated Tier II AA+ AA+

Bank

Fitch S&P Moody´s

Date of last review(1) may-17 oct-17 jun-15

Outlook Stable Stable Stable

Issuer rating BBB+ BBB+ Baa1

Foreign Currency

Fitch S&P Moody´s

Long term BBB+ BBB Baa1

Short term F2 A-2 P-2

Local Currency

Fitch S&P Moody´s

Long term BBB+ BBB Baa1

Short term F2 A-2 P-2

Outstanding Debt (144A/RegS)

Fitch S&P Moody´s

Subordinated BCP 2021 BBB+ BBB- Baa3




Junior Subordinated 2069 BBB BB

Senior BCP 2018 (US$

230MM) BBB BBB Baa1

Senior BCP 2019 (US$

300MM) BBB BBB Baa1

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

35

Credicorp’s Organizational Structure

Colombia

Peru Bolivia

100.0% 97.7

%

99.9

%

98.7

%

100.0% 100.0%

Inversiones

Credicorp Bolivia

S.A.

Credicorp Capital

Securities Inc.

Chile

Inversiones IMT

S.A.

Source: Credicorp as of June 30, 2017.

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

36

Credicorp: 128 years of History

Source: Credicorp as of June 30, 2017.

ASHC is created

1889 1920 1941 1981 1987 1993 1995 1997 1998 1999 2002 2003 2005 2006 2009 2010 2011 2012 2014 2016 2017

BC

P

Cre

dic

orp

Founded as

Banco Italiano

Changes its name to

Banco de Credito del

Peru

It becomes

Peru’s main

financial

institution

BCP acquires Banco

Popular de Bolivia

Nationalization

attempt

Credicorp is created

and listed in NYSE

(NYSE: BAP)

Creation of Pacifico Vida

Crisis and restructure of the

financial system. Reduction

of number of banks

Creation of Pacifico Health

Release of the new

corporate identity

Acquisition of

Financiera Edyficar

BCP acquires

BSCH Peru

AFP Prima is

created

AFP Union

Vida is acquired

Acquisition ALICO’s

stake in PPS and

PV

Vertical integration in

health insurance

business

Private Equity

business with Carlyle

Group

Insurance brokerage

business with Willis

Investment Banking

Acquisition of

Mibanco

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

37

Selected Financial Information

Source: BCP consolidated figures as of September 30, 2017. Peru GAAP unaudited.

Income Statement Summary

(PEN in millions) 3Q16 2Q17 3Q17 Sep-16 Sep-17 YoY Growth

Financial income 2,423 2,416 2,447 7,084 7,279 2.75%

Financial expense -646 -673 -659 -1,918 -1,989 3.70%

Gross financial margin 1,777 1,743 1,788 5,166 5,290 2.40%

Provision for loan losses -390 -416 -326 -1282 -1261 -1.64%

Gross financial margin after provision for loan

losses 1,387 1,327 1,462 3,884 4,029 3.73%

Gain (loss) for exchange difference 3 2 2 -29 10 -134.48%

Net financial margin 1,390 1,329 1,464 3,855 4,039 4.77%

Fees and commissions from banking services 557 572 589 1,640 1,725 5.18%

Net results from derivatives -26 17 19 -11 92 -936.36%

Net gains (loss) from sales of securities 23 31 13 34 56 64.71%

Net gains on foreign exchange transactions 164 150 152 481 457 -4.99%

Other income 40 56 18 80 116 45.00%

Operating expenses -1,125 -1,141 -1,117 -3,272 -3,355 2.54%

Income before workers’ profit sharing and

income tax 1,023 1,014 1,138 2,807 3,130 11.51%

Income tax -271 -267 -317 -763 -848 11.14%

Net income from continuing operations 752 747 821 2,044 2,282 11.64%

Net income from discontinuing operations - - - 141 - -100.00%

Net income 752 747 821 2,185 2,282 4.44%

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

38



Balance Sheet Summary

(PEN in millions) 3Q16 2Q17 3Q17 YoY Growth

Cash and due from banks and interbank funds 25,534 27,624 25,401 -0.52%

Investments at fair value through profit or loss and available-for-

sale investments, net 14,705 17,458 21,209 44.23%

Gross loans 86,046 85,091 86,195 0.17%

Allowance for loan losses -3,940 -4,177 -4,231 7.39%

Other assets 6,567 5,520 5,234 -20.30%

Total assets 128,912 131,516 133,808 3.80%

Deposits and obligations 76,143 80,169 81,676 7.27%

Due to banks, correspondents and other entities, and interbank

funds 8,781 8,512 9,303 5.94%

Bonds and subordinated notes issued 14,068 14,244 14,254 1.32%

Other liabilities 16,886 14,790 13,951 -17.38%

Total liabilities 115,878 117,715 119,184 2.85%

Shareholders’ equity attributable to BCP equity holders 13,034 13,800 14,623 12.19%

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

39



Main Ratios

(%) 3Q16 2Q17 3Q17 Sep-16 Sep-17 YoY Growth

ROAE 23.82% 22.25% 23.11% 23.19% 21.43% -7.6%

ROAA 2.34% 2.28% 2.48% 2.20% 2.33% 5.8%

Cost of risk 1.83% 1.96% 1.52% 1.96% 1.94% -1.0%

Past due loans ratio 2.94% 3.10% 3.20% 8.8%

Non-performing loans ratio 3.84% 4.14% 4.41% 14.7%

PDL Coverage ratio 155.80% 158.26% 153.57% -1.4%

NPL Coverage ratio 119.17% 118.52% 111.36% -6.6%

Net interest margin 5.78% 5.53% 5.62% 5.46% 5.61% 2.8%

Net interest margin after provisions 4.51% 4.21% 4.59% 4.10% 4.28% 4.2%

Efficiency 43.75% 44.24% 42.57% 43.56% 42.77% -1.8%

CET1 ratio

BIS ratio

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

40

Board of Directors

*Independent directors

Source: BCP as of September 30, 2017

(1) Confederacion Nacional de Instituciones Empresariales Privadas.

Dionisio

Romero Paoletti

Raimundo Morales

Dasso

Roque

Benavides

Ganoza*

Benedicto

Cigüeñas

Guevara*

Luis Enrique

Romero

Martin Perez

Monteverde

President

Member of the Board since 2003, and Chairman since

2009.

Vice President

From October 1990 until March 2008, served as the

Bank’s General Manager. Serves as Deputy

Chairman of the Board of Credicorp and several of its

subsidiaries

Director and the

Executive President of

Compañia de Minas

Buenaventura S.A. and

current Chairman of

CONFIEP(1)

Former CFO of

BCP (from 1992 to

2004)

Former Vice-

President of the

board of Alicorp

S.A.A.S Serves as

Director of various

companies from the

Romero Group.

Serves as Deputy

Chairman. Director

since 2014. Former

Minister of State in the

Portfolio of Foreign

Trade and Tourism.

Eduardo

Hochschild

Beeck*

Chairman of the board

of Hochschild Mining &

Cementos Pacasmayo

and member of the

board of various

companies

Luis

Montero

Aramburú*

Director of the Bank

since 2015 with 40

years of experience

in the financial

sector

Director of the Bank

since 1990 and Director

of Credicorp since 1995

Patricia

Lizárraga

Guthertz*

Has over 25 years of

experience in M&A,

capital markets,

private equity and

valuation. Joined the

Board this year.

Fernando

Fort Marie

Director since 1990 and

Director of Credicorp

since 1999. He serves as

Director at Inversiones

Centenario, among

others.

Barbara

Bruce

Ventura*

Director since 2015 with

broad experience

leading Oil & Gas

companies

Juan Carlos

Verme

Giannoni*

Color

Scheme

235 181 59

168 168 168

110 110 110

1 150 218

240 125 50

15 77 140

41

Experienced Management Team

Source: BCP as of September 30, 2017.

Fernando

Dasso

Walter

Bayly

Pedro

Rubio

Percy

Urteaga

Reynaldo

Llosa

General Manager

Joined BCP in 1993.

Master’s degree in Management from

the Arthur D. Little Management

School in Cambridge,

Massachusetts.

Wholesale Banking Central

Manager

Joined BCP in 1985.

Industrial engineer with a degree

from North Carolina State

University.

Retail Banking and Wealth

Management Central Manager

Joined the group in 2003.

MBA from IESE.

Planning and Finance Central

Manager (CFO)

Joined BCP in 1994.

MBA from Wharton School of

Business.

Risk Central Manager

Joined BCP in 1997.

MBA from J.L. Kellogg Graduate

School of Management.

Gianfranco

Ferrari

Deputy General Manager

Joined BCP in 1995.

MBA from J.L. Kellogg Graduate

School of Management.

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