Here are 1-3 brief analogies to describe Credicorp (BAP):

• A diversified financial powerhouse for Peru and the Andean region, similar to a regional JPMorgan Chase.
• The Bank of America of Peru, but also a leading insurer and investment bank.

• Retail & Commercial Banking Services: Provides a full range of banking products including deposits, loans, credit cards, and payment solutions for individuals and businesses.
• Microfinance Services: Offers financial products tailored for micro-entrepreneurs and small businesses, such as micro-loans and basic savings accounts.
• Insurance Services: Delivers various insurance solutions including life, health, property, and casualty coverage to individuals and corporations.
• Investment Banking & Asset Management Services: Provides corporate finance advisory, capital markets trading, wealth management, and investment portfolio management.

Credicorp (BAP) is a diversified financial services holding company. Due to the nature of its business (banking, insurance, and investment services), it serves a vast and highly diversified customer base rather than having a few identifiable "major customer companies" in the traditional B2B sense. It primarily sells financial products and services to a broad spectrum of individuals and businesses.

Therefore, Credicorp serves the following categories of customers:

1. Retail Customers/Individuals: This extensive segment includes personal banking clients who utilize services such as savings and checking accounts, credit cards, consumer loans, and mortgages through subsidiaries like Banco de Crédito del Perú (BCP). It also encompasses individuals seeking various insurance products (life, health, auto) from Pacífico Seguros and high-net-worth individuals utilizing wealth management and brokerage services from Credicorp Capital.
2. Micro and Small & Medium Enterprises (SMEs): This category comprises micro-entrepreneurs and small to medium-sized businesses across various sectors. They access financial solutions like micro-loans, business loans, working capital financing, payment services, and commercial insurance. Mibanco specifically caters to micro-entrepreneurs, while BCP serves a broader range of SMEs.
3. Corporate and Institutional Clients: This segment includes large domestic and international corporations, institutional investors (pension funds, mutual funds), and public sector entities. They are served with corporate banking services (e.g., syndicated loans, trade finance), investment banking solutions (e.g., M&A advisory, capital markets transactions), asset management, and comprehensive corporate insurance programs primarily through BCP and Credicorp Capital.

Gianfranco Ferrari, Chief Executive Officer

Appointed CEO of Credicorp Ltd. in January 2022. He has worked at Credicorp Ltd. since 1995. Previously, he served as Deputy CEO and Head of Universal Banking of Credicorp Ltd. and was the CEO of Banco de Credito del Peru (BCP) from April 2018 to December 2021. His extensive experience includes strategic roles such as Head of Corporate Banking & Corporate Finance, Head of Retail Banking & Wealth Management at BCP, and CEO of BCP Bolivia from 2005 to 2008. He led the acquisition of Edyficar in 2009 and Mibanco in 2014. In 2015, he began leading Credicorp's Digital Transformation Strategy. He holds a degree in Business Administration from Universidad del Pacifico and an MBA from Kellogg Graduate School of Management, Northwestern University.

Alejandro Perez-Reyes, Chief Financial Officer

Appointed CFO of Credicorp Ltd. in July 2024. Previously, he served as Chief Operating Officer (COO) of Credicorp Ltd. since January 2022 and as COO and Country Head of Credicorp Capital Peru until December 2021. He has worked in the Credicorp group since 1999. His roles include Investment Manager of Prima AFP, where he managed US$10 billion in assets, Head of Financial Derivatives and Structured Products of Banco de Credito del Peru, and Investment Manager of Credifondo SAF. He was also Head of Asset Management of Credicorp Capital. He played a pivotal role in steering Credicorp Capital through a recent transformation of its operating model.

Cesar Rios, Chief Risk Officer

Appointed Chief Risk Officer (CRO) of Credicorp Ltd. and Banco de Credito del Peru since July 2024. He served as CFO of Credicorp Ltd. and BCP from April 2018 to June 2024. He has worked at Credicorp since 1993. His career includes serving as CFO and COO of Banco Capital in Salvador (after Credicorp's acquisition in 1997), and various strategic roles at BCP such as Head of Credit and Operating Risk, Head of Collections for Retail Banking, and Head of Corporate Strategy, which includes mergers and acquisitions and business incubation. He holds a bachelor's degree in engineering, a master's degree, and an MBA from the Massachusetts Institute of Technology's Sloan Fellows Program.

Francesca Raffo, Chief Innovation Officer

Appointed Credicorp's Chief Innovation Officer in February 2022. She has also been Retail Banking Deputy CEO at BCP since June 2020. Her career at BCP spans 26 years and includes heading BCP's transformation, managing the Satisfied Customers Division, creating BCP's first Innovation Center, and leading Marketing Services. She joined BCP in 1994 as a member of the Process Reengineering pioneer team.

Eduardo Montero, Head of Investment Banking and Wealth Management & CEO of Credicorp Capital Ltd.

Appointed Head of Investment Banking and Wealth Management of Credicorp Ltd. and CEO of Credicorp Capital Ltd. in January 2019. He has worked at Credicorp since 1994. His experience within the organization includes expertise in Corporate Finance, Business Solutions, and Personal Banking and Wealth Management at Banco de Credito del Peru. He also held the position of CEO at ASB, BCP Miami, and Credicorp Securities (USA). He holds a bachelor's degree in economics from Lehigh University (USA) and an MBA from the Wharton School of Business at the University of Pennsylvania (USA).

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Universal Banking

• In Peru, the overall banking market is projected to be approximately USD 31.1 billion in 2025.
• The corporate banking market in Peru is estimated at USD 12.0 billion in 2025. Credicorp's subsidiary, Banco de Crédito del Perú (BCP), held a significant market share in Peru, with 33.7% of loans and 35.3% of deposits as of the second quarter of 2024.

Microfinance

• For Peru, the credit market for micro and small enterprises (MSEs), encompassing formal, informal, and Buy Now Pay Later (BNPL) services, was estimated at approximately USD 23.7 billion in 2021. Microfinance Institutions (MFIs) accounted for 31.9% of the disbursed loan volume to MSEs in Peru in 2021.
• The broader Latin American microfinance market is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.5% through 2032. The global microfinance market was valued at approximately USD 190 billion in 2023.

Insurance and Pensions

• The Peru life and non-life insurance market is valued at USD 6.99 billion in 2025, with projections to reach USD 12.55 billion by 2030. As of September 2025, the total volume of net written premiums in Peru's insurance market reached PEN 17,443 million.

Investment Banking and Wealth Management

• The investment banking market in Peru had a market share of USD 554.00 million in 2024.
• Across Latin America, the investment banking market size was USD 6,756.06 million in 2024. The global investment banking market is estimated at USD 112.47 billion in 2025. Credicorp Capital provides services in Chile, Colombia, and Peru, in addition to Peru.

Credicorp (BAP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Digital Transformation and Innovation, particularly with Yape: Credicorp is heavily investing in digital transformation and innovation across its business lines, with a strategic goal for disruptive initiatives to contribute 10% of its risk-adjusted revenues from new business models by 2026. The digital payment platform, Yape, is a pivotal growth driver, with plans to increase active users to 16.5 million and transactions to S/600 billion per year by 2026. Yape is also expected to expand its lending and insurance offerings to users and become the second-largest line of business within the next three to five years.
2. Loan Growth, notably in Wholesale, Consumer, and SME Lending: The company anticipates stable loan growth, with projections of 3.5% in average daily balances for total loans in 2025. Wholesale banking has been a primary contributor to loan growth, and Credicorp aims to unlock further growth across consumer and SME lending segments.
3. Growth and Diversification of Fee Income: Fee income is projected to grow in the low double-digits during 2025, supported by increased economic activity and the diversification of income sources. This growth is fueled by rising transactional levels and an uptick in payment services.
4. Expansion of Insurance and Pensions (Bancassurance): Credicorp's insurance arm, Pacifico Seguros, has an ambitious goal to double its client base to 15 million by 2030, aiming to make Peru the most protected country in Latin America. Bancassurance's share of Credicorp's net income is targeted to increase from 8% to 10% by 2027.
5. Favorable Macroeconomic Environment in Peru: Credicorp's financial ambitions are aligned with Peru's projected GDP growth of around 3% in 2025, following 3.2% growth in 2024. An improving macroeconomic environment is expected to contribute to positive trends in the company's performance through 2025 and 2026.

Share Repurchases

• Credicorp's shares buyback ratio was -0.08% as of November 5, 2025, indicating a net increase in shares outstanding rather than repurchases of its own stock.
• Credicorp Capital, through its affiliate Atlantic Security Holding Corporation (ASHC), offered to purchase 100% of client investments in the 'Credicorp Capital Factoring Dólares' and 'Credicorp Capital Factoring Soles' funds for up to US$125.3 million by December 30, 2024, to protect investors after a fund crisis.

Share Issuance

• Credicorp's basic shares outstanding increased by 0.07% year-over-year for the twelve months ending June 30, 2025.
• The net common stock increased by 2.4% year-over-year for the quarter ending June 30, 2025, reaching $0.361 billion.

Outbound Investments

• On December 30, 2024, Credicorp's subsidiary Atlantic Security Holding Corporation (ASHC) announced the acquisition of full investment stakes in two funds managed by Credicorp Capital S.A. Sociedad Administradora de Fondos, valued at up to $125.3 million.
• Credicorp completed the acquisition of Empresas Banmédica's remaining 50% interest in a joint venture on March 13, 2025, making Credicorp the sole owner of the private medical insurance business and Pacifico EPS in Peru.
• Key strategic priorities outlined at the October 2025 Investor Day include scaling ecosystem platforms such as Yape, Mibanco, and Pacifico, and investing in artificial intelligence, data capabilities, and talent.

Capital Expenditures

• Credicorp reported capital expenditures of -$100.54 million over the last 12 months, contributing to a free cash flow of $2.12 billion.
• Capital expenditure for the trailing twelve months ended June 2025 was $0.00 million.
• Future capital allocation is focused on accelerating digital transformation, scaling ecosystem platforms (Yape, Mibanco, Pacifico), and investing in AI/data and talent.