Newswires
1Q23 Consolidated Charts
Index
| Index |
| Digital Strategy |
| 0. Overview BAP |
| 0.1. Contribution BAP |
| 0.2. ROAE |
| 1.1. Loans |
| 1.2. Portfolio Quality |
| 2. Deposits |
| 3.1. IEAs |
| 3.2. Funding |
| 4. Net Interest Income |
| 5. Provisions |
| 6.1. Other Income - core |
| 6.2. Other Income - non core |
| 7. Underwriting result |
| 8. Operating Expenses |
| 9. Operating Efficiency |
| 10.1. Regulatory Capital BAP |
| 10.2. Regulatory Capital BCP |
| 10.3. Regulatory Capital Mb |
| 11. Economic Perspectives |
| 12. Annexes |
Digital Strategy
| Transformation of traditional businesses (1) | Subsidiary | 1Q21 | 1Q22 | 1Q23 |
| Day-to-day | ||||
| Digital Monetary Transactions (2) | BCP | 52% | 65% | 69% |
| Transactional Cost per Unit (S/) | BCP | 0.15 | 0.08 | 0.08 |
| Disbursements through Leads (3) | Mibanco | 77% | 76% | 77% |
| Disbursements through Alternative Channels (4) | Mibanco | 46% | 45% | 43% |
| Mibanco Productivity (5) | Mibanco | 28.8 | 25.90 | 28 |
| Cashless | ||||
| Cashless Transactions (6) | BCP | 36% | 48% | 48% |
| Mobile Banking rating | BCP | 430% | 3.7 | 3.7 |
| Digital Acquisition | ||||
| Digital Sales (7) | BCP | 50% | 61% | 48% |
| (1) Figures for |
||||
| (2) Retail Monetary Transactions conducted through Retail Banking, Internet Banking, Yape and Telecredito/Total Retail Monetary Transactions in Retail Banking. | ||||
| (3) Disbursements generated through leads/Total disbursements. | ||||
| (4) Disbursements conducted through alternative channels/Total disbursements. | ||||
| (5) Number of loans disbursed/ Total relationship managers. | ||||
| (6) Amount transacted through Mobile Banking, Internet Banking, Yape y POS/ Total amount transacted through Retail Banking. | ||||
| (7) Units sold by Retail Banking through digital channels/ Total number of units sold by Retail Banking. | ||||
| Disruptive Initiatives: Yape | 1Q21 | 1Q22 | 1Q23 | |
| Day to Day | ||||
| % Microbusiness users (1) | 19% | 19% | 19% | |
| Mobile phone top-ups (thousands) | 6,190 | 26,216 | 30,399 | |
| Cashless | ||||
| Users (thousands) | 9.1 | 11.9 | 12.3 | |
| % of BCP Client Users (2) | 63% | 63% | 66% | |
| % of Yapecard Users (3) | 34% | 34% | 31% | |
| Active Users (millions) (4) | 5.1 | 8.2 | 8.8 | |
| % Active Monthly Users (5) | 56% | 70% | 71% | |
| No. of Monthly Transactins (thousand) | 177.9 | 399.5 | 480.3 | |
| Monthly Transaction Amount (millions, S/) | 10,698 | 20,845 | 24,046 | |
| Monthly Transactions per Active User (6) | 13.6 | 19.6 | 20.3 | |
| (1) Yape users that are Microbusinesses/Total Yape users | ||||
| (2) BCP clients that are Yape users/Total Yape users | ||||
| (3) Yapecard users / Total Yape users | ||||
| (4) Yape users that have conducted at least one transaction a month | ||||
| (5) Yape users that have conducted at least one transaction in the past month/Total Yape Users | ||||
| (6) Number of Yape transactions/Active Users |
0. Overview BAP
| Quarter | % change | As of | % change | |||||
| S/000 | ||||||||
| Back to index | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Net interest, similar income and expenses | 2,431,707 | 3,134,778 | 3,132,089 | -0.1% | 28.8% | 9,359,604 | 11,518,095 | 23.1% |
| Provision for credit losses on loan portfolio, net of recoveries | (257,590) | (730,681) | (726,998) | -0.5% | 182.2% | (1,212,223) | (1,811,538) | 49.4% |
| Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 2,174,117 | 2,404,097 | 2,405,091 | 0.0% | 10.6% | 8,147,381 | 9,706,557 | 19.1% |
| Total other income | 1,239,398 | 1,338,227 | 1,328,064 | -0.8% | 7.2% | 4,929,717 | 5,108,349 | 3.6% |
| Insurance underwriting result | 206,667 | 211,594 | 296,341 | 40.1% | 43.4% | (3,721) | 661,598 | n.a |
| Total other expenses | (1,874,519) | (2,398,955) | (2,121,697) | -11.6% | 13.2% | (7,740,561) | (8,620,615) | 11.4% |
| Profit before income tax | 1,745,663 | 1,554,963 | 1,907,799 | 22.7% | 9.3% | 5,332,816 | 6,855,889 | 28.6% |
| Income tax | (546,000) | (476,236) | (493,466) | 3.6% | -9.6% | (1,660,987) | (2,110,501) | 27.1% |
| Net profit | 1,199,663 | 1,078,727 | 1,414,333 | 31.1% | 17.9% | 3,671,829 | 4,745,388 | 29.2% |
| Non-controlling interest | 27,786 | 24,231 | 30,060 | 24.1% | 8.2% | 87,247 | 112,292 | 28.7% |
| Net profit attributable to |
1,171,877 | 1,054,496 | 1,384,273 | 31.3% | 18.1% | 3,584,582 | 4,633,096 | 29.3% |
| Net income / share (S/) | 14.69 | 13.22 | 17.36 | 31.3% | 18.1% | 44.94 | 58.09 | 29.3% |
| Loans | 144,621,513 | 148,626,374 | 145,165,713 | -2.3% | 0.4% | 147,597,412 | 148,626,374 | 0.7% |
| Deposits and obligations | 147,915,964 | 147,020,787 | 148,623,300 | 1.1% | 0.5% | 149,596,545 | 147,020,787 | -1.7% |
| Net equity | 26,818,054 | 28,997,731 | 30,359,898 | 4.7% | 13.2% | 26,496,767 | 28,988,140 | 9.4% |
| Profitability | ||||||||
| Net interest margin | 4.46% | 5.75% | 5.84% | 9 pbs | 138 pbs | 4.10% | 5.07% | 97 pbs |
| Risk-adjusted Net interest margin | 4.01% | 4.45% | 4.54% | 9 pbs | 53 pbs | 3.57% | 4.27% | 70 pbs |
| Funding cost | 1.32% | 2.35% | 2.61% | 26 pbs | 129 pbs | 1.29% | 1.83% | 54 pbs |
| ROAE | 17.0% | 15.3% | 18.7% | 340 pbs | 170 pbs | 13.9% | 16.7% | 280 pbs |
| ROAA | 1.9% | 1.9% | 2.3% | 40 pbs | 40 pbs | 1.49% | 1.92% | 40 pbs |
| Loan portfolio quality | ||||||||
| Internal overdue ratio (1) | 4.06% | 4.00% | 3.99% | -1 pbs | -7 pbs | 3.76% | 4.00% | 24 pbs |
| Internal overdue ratio over 90 days | 3.06% | 3.11% | 3.02% | -9 pbs | -4 pbs | 2.85% | 3.11% | 26 pbs |
| NPL ratio (2) | 5.25% | 5.41% | 5.45% | 4 pbs | 20 pbs | 4.98% | 5.41% | 43 pbs |
| Cost of risk (3) | 0.71% | 1.97% | 2.00% | 3 pbs | 129 pbs | 0.82% | 1.22% | 40 pbs |
| Coverage ratio of IOLs | 140.7% | 132.5% | 136.7% | 420 pbs | -400 pbs | 152.7% | 132.5% | -2020 pbs |
| Coverage ratio of NPLs | 108.9% | 97.9% | 100.1% | 220 pbs | -880 pbs | 115.3% | 97.9% | -1740 pbs |
| Operating efficiency | ||||||||
| Efficiency ratio (4) | 47.2% | 49.3% | 44.3% | -500 pbs | -290 pbs | 45.9% | 44.4% | -150 pbs |
| Operating expenses / Total average assets | 2.98% | 3.76% | 3.43% | -33 pbs | 45 pbs | 3.19% | 3.56% | 40 pbs |
| Insurance ratios | ||||||||
| Combined ratio of P&C (5)(6) | 87.0% | 91.2% | 93.1% | 190 pbs | 610 pbs | 87.0% | 93.1% | 610 pbs |
| Loss ratio (6) | 71.5% | 63.6% | 65.4% | 180 pbs | -610 pbs | 87.7% | 67.2% | -2050 pbs |
| Capital adequacy - BCP Stand-alone (7) | ||||||||
| 15.79% | 14.43% | 14.93% | 50 pbs | -86 pbs | 15.16% | 14.93% | -23 pbs | |
| Tier 1 ratio (9) | 10.74% | 10.02% | 10.74% | 72 pbs | 0 pbs | 9.94% | 10.02% | 8 pbs |
| Common equity tier 1 ratio (10) | 11.63% | 12.59% | 11.93% | -66 pbs | 30 pbs | 11.91% | 12.59% | 68 pbs |
| Capital adequacy - Mibanco (7) | ||||||||
| 15.61% | 14.69% | 14.79% | 10 pbs | -82 pbs | 16.40% | 14.69% | -171 pbs | |
| Tier 1 ratio (9) | 13.24% | 12.38% | 12.48% | 10 pbs | -76 pbs | 13.96% | 12.38% | -158 pbs |
| Common equity tier 1 ratio (10)(12) | 14.91% | 16.10% | 16.25% | 15 pbs | 134 pbs | 15.24% | 16.46% | 122 pbs |
| Employees | 36,202 | 36,970 | 37,166 | 0.5% | 2.7% | 36,358 | 36,968 | 1.7% |
| Share Information | ||||||||
| Issued Shares | 94,382 | 94,382 | 94,382 | 0.00% | 0.00% | 94,382 | 94,382 | 0.0% |
| Treasury Shares (11) | 14,862 | 14,849 | 14,887 | 0.25% | 0.16% | 14,850 | 14,849 | -0.0% |
| Outstanding Shares | 79,520 | 79,533 | 79,495 | -0.05% | -0.03% | 79,532 | 79,533 | 0.0% |
| (1) Net Interest Margin = Net Interest Income (Excluding Net Insurance Financial Expenses) / Average Interest Earning Assets | ||||||||
| (2) Funding Cost = Interest Expense (Does not include Net Insurance Financial Expenses) / Average Funding | ||||||||
| (3) Internal Overdue Loans: includes overdue loans and loans under legal collection, according to our internal policy for overdue loans. Internal Overdue Ratio: Internal overdue loans / Total loans | ||||||||
| (4) Non-performing loans (NPL): Internal overdue loans + Refinanced loans. NPL ratio: NPL / Total loans. | ||||||||
| (5) Cost of risk = Annualized provision for loan losses, net of recoveries / Total loans. | ||||||||
| (6) Efficiency Ratio = (Salaries and employee benefits + Administrative expenses + Depreciation and amortization |
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| (7) |
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| (8) Tier 1 = Capital + Legal and other capital reserves + Accumulated earnings with capitalization agreement + (0.5 x Unrealized profit and net income in subsidiaries) - |
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| (9) Common Equity Tier I = Capital + Reserves - 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and net deferred taxes that rely on future profitability) + retained earnings + unrealized gains. Adjusted Risk-Weighted Assets = Risk-weighted assets - (RWA Intangible assets, excluding goodwill, + RWA Deferred tax assets generated as a result of temporary differences in income tax, in excess of 10% of CET1, + RWA Deferred tax assets generated as a result of past losses)." | ||||||||
| (10) Consider shares held by |
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| (11) Common Equity Tier I calculated based on IFRS Accounting. |
0.1.Contribution BAP
| Earnings contribution * | Quarter | % change | As of | % change | ||||
| S/000 | ||||||||
| Back to index | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Universal Banking | ||||||||
| BCP Stand-alone | 1,034,579 | 993,378 | 1,212,853 | 22.1% | 17.2% | 1,034,579 | 1,212,853 | 17.2% |
| BCP Bolivia | 20,474 | 16,759 | 20,738 | 23.7% | 1.3% | 20,474 | 20,738 | 1.3% |
| Microfinance | ||||||||
| Mibanco (1) | 100,644 | 45,909 | 22,627 | -50.7% | -77.5% | 100,644 | 22,627 | -77.5% |
| Mibanco Colombia | 4,312 | (7,077) | (3,674) | -48.1% | -185.2% | 4,312 | (3,674) | -185.2% |
| Insurance and Pensions | ||||||||
| Grupo Pacifico (2) | 106,134 | 99,818 | 218,904 | 119.3% | 106.3% | 106,134 | 218,904 | 106.3% |
| 24,434 | 40,254 | 39,758 | -1.2% | 62.7% | 24,434 | 39,758 | 62.7% | |
| Investment Banking and Wealth Management | ||||||||
| 11,620 | 18,786 | 11,433 | -39.1% | -1.6% | 11,620 | 11,433 | -1.6% | |
| 23,154 | 20,235 | 32,849 | 62.3% | 41.9% | 23,154 | 32,849 | 41.9% | |
| Others (3) | (153,474) | (173,565) | (171,215) | -1.4% | 11.6% | (153,474) | (171,215) | 11.6% |
| Net income attributed to |
1,136,826 | 1,072,090 | 1,384,273 | 29.1% | 21.8% | 1,171,877 | 1,384,273 | 18.1% |
| *Contributions to |
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| subsidiaries or between |
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| (1) The figure is lower than the net income of Mibanco as |
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| (2) The contribution of Grupo Pacífico presented here is greater than the profit of Pacífico Seguros since it is including 100% of Crediseguros (including 48% under Grupo Crédito). | ||||||||
| (3) Includes Grupo Credito excluding Prima, Servicorp and Emisiones BCP Latam, others of |
0.2.ROAE
| ROAE | Quarter | As of | |||
| Back to index | 1Q22 | 4Q22 | 1Q23 | 2022 | 2023 |
| Universal Banking | |||||
| BCP Stand-alone | 23.5% | 20.4% | 25.2% | 23.5% | 25.2% |
| BCP Bolivia | 10.1% | 7.7% | 9.7% | 10.1% | 9.7% |
| Microfinance | |||||
| Mibanco | 17.1% | 6.8% | 3.3% | 17.1% | 3.3% |
| Mibanco Colombia | 5.4% | -9.4% | -4.8% | 5.4% | -4.8% |
| Insurance and Pensions | |||||
| Grupo Pacifico | 13.6% | 21.0% | 36.5% | 13.6% | 36.5% |
| Prima | 19.8% | 33.8% | 35.9% | 19.8% | 35.9% |
| Investment Banking and Wealth Management | |||||
| 7.8% | 13.5% | 7.5% | 7.8% | 7.5% | |
| 10.9% | 11.2% | 17.2% | 10.9% | 17.2% | |
| 17.0% | 15.3% | 18.7% | 17.0% | 18.7% |
1.1.Loans
| Total Loans (S/ millions) | As of | Volume change | % change | % Part. in total loans | |||||||||||||
| Back to index | QoQ | YoY | QoQ | YoY | |||||||||||||
| BCP Stand-alone | 117,349 | 121,963 | 118,707 | -3,256 | 1,358 | -2.7% | 1.2% | 82.2% | 82.1% | 81.9% | |||||||
| Wholesale Banking | 54,604 | 57,497 | 55,141 | -2,356 | 537 | -4.1% | 1.0% | 38.3% | 38.7% | 38.0% | |||||||
| Corporate | 31,054 | 33,617 | 32,717 | -899 | 1,663 | -2.7% | 5.4% | 21.8% | 22.6% | 22.6% | |||||||
| Middle - Market | 23,550 | 23,881 | 22,424 | -1,456 | -1,126 | -6.1% | -4.8% | 16.5% | 16.1% | 15.5% | |||||||
| Retail Banking | 62,744 | 64,465 | 63,566 | -900 | 821 | -1.4% | 1.3% | 44.0% | 43.4% | 43.8% | |||||||
| SME - Business | 9,509 | 8,583 | 7,884 | -699 | -1,625 | -8.1% | -17.1% | 6.7% | 5.8% | 5.4% | |||||||
| SME - Pyme | 19,398 | 17,947 | 16,996 | -951 | -2,402 | -5.3% | -12.4% | 13.6% | 12.1% | 11.7% | |||||||
| Mortgage | 18,830 | 20,073 | 20,282 | 209 | 1,452 | 1.0% | 7.7% | 13.2% | 13.5% | 14.0% | |||||||
| Consumer | 10,975 | 12,738 | 12,984 | 247 | 2,009 | 1.9% | 18.3% | 7.7% | 8.6% | 9.0% | |||||||
| Credit Card | 4,032 | 5,126 | 5,420 | 294 | 1,388 | 5.7% | 34.4% | 2.8% | 3.5% | 3.7% | |||||||
| Mibanco | 13,582 | 14,261 | 14,098 | -163 | 516 | -1.1% | 3.8% | 9.5% | 9.6% | 9.7% | |||||||
| Mibanco Colombia | 1,077 | 1,174 | 1,250 | 76 | 173 | 6.5% | 16.0% | 0.8% | 0.8% | 0.9% | |||||||
| 8,602 | 9,034 | 8,951 | -82 | 349 | -0.9% | 4.1% | 6.0% | 6.1% | 6.2% | ||||||||
| ASB | 2,103 | 2,039 | 1,958 | -81 | -145 | -4.0% | -6.9% | 1.5% | 1.4% | 1.4% | |||||||
| BAP's total loans | 142,713 | 148,471 | 144,964 | -3,507 | 2,251 | -2.4% | 1.6% | 100.0% | 100.0% | 100.0% | |||||||
| Measured in Average Daily Balances. For consolidation purposes, loans generated in FC are converted to LC. | |||||||||||||||||
| (1) Includes Work out unit, and other banking. | |||||||||||||||||
| (2) Internal Management Figures. | |||||||||||||||||
| Largest contraction in volumes | |||||||||||||||||
| Highest growth in volumes | |||||||||||||||||
| Structural Loans (S/ millions) | As of | Volume change | % change | % Part. in total structural loans | |||||||||||||
| Back to index | QoQ | YoY | QoQ | YoY | |||||||||||||
| BCP Stand-alone | 101,453 | 112,342 | 111,263 | -1,078 | 9,810 | -1.0% | 9.7% | 81.4% | 81.6% | 81.4% | |||||||
| Wholesale Banking | 51,063 | 55,622 | 53,775 | -1,847 | 2,712 | -3.3% | 5.3% | 41.0% | 40.4% | 39.3% | |||||||
| Corporate | 30,663 | 33,400 | 32,545 | -855 | 1,881 | -2.6% | 6.1% | 24.6% | 24.3% | 23.8% | |||||||
| Middle - Market | 20,400 | 22,222 | 21,230 | -992 | 831 | -4.5% | 4.1% | 16.4% | 16.1% | 15.5% | |||||||
| Retail Banking | 50,390 | 56,720 | 57,488 | 768 | 7,098 | 1.4% | 14.1% | 40.4% | 41.2% | 42.0% | |||||||
| SME - Business | 4,709 | 5,750 | 5,546 | -205 | 837 | -3.6% | 17.8% | 3.8% | 4.2% | 4.1% | |||||||
| SME - Pyme | 11,844 | 13,033 | 13,257 | 224 | 1,413 | 1.7% | 11.9% | 9.5% | 9.5% | 9.7% | |||||||
| Mortgage | 18,830 | 20,073 | 20,282 | 209 | 1,452 | 1.0% | 7.7% | 15.1% | 14.6% | 14.8% | |||||||
| Consumer | 10,975 | 12,738 | 12,984 | 247 | 2,009 | 1.9% | 18.3% | 8.8% | 9.2% | 9.5% | |||||||
| Credit Card | 4,032 | 5,126 | 5,420 | 294 | 1,388 | 5.7% | 34.4% | 3.2% | 3.7% | 4.0% | |||||||
| Mibanco | 11,411 | 13,121 | 13,335 | 214 | 1,924 | 1.6% | 16.9% | 9.2% | 9.5% | 9.8% | |||||||
| Mibanco Colombia | 1,077 | 1,174 | 1,250 | 76 | 173 | 6.5% | 16.0% | 0.9% | 0.9% | 0.9% | |||||||
| 8,602 | 9,034 | 8,951 | -82 | 349 | -0.9% | 4.1% | 6.9% | 6.6% | 6.5% | ||||||||
| ASB | 2,103 | 2,039 | 1,958 | -81 | -145 | -4.0% | -6.9% | 1.7% | 1.5% | 1.4% | |||||||
| BAP's total loans | 124,647 | 137,710 | 136,758 | -952 | 12,112 | -0.7% | 9.7% | 100.0% | 100.0% | 100.0% | |||||||
| Measured in Average Daily Balances. For consolidation purposes, loans generated in FC are converted to LC. | |||||||||||||||||
| (1) Includes Work out unit, and other banking. | |||||||||||||||||
| (2) Structural Portfolio excludes the average daily balances from loans offered through de Reactiva Peru y FAE-Mype Government Programs. | |||||||||||||||||
| (3) Internal Management Figures. | |||||||||||||||||
| Largest contraction in volumes | |||||||||||||||||
| Highest growth in volumes | |||||||||||||||||
| Total Loans (S/ millions) | Local Currency (LC) | % change | % change Structural | Foreign Currency (FC) | % change | % part. by currency | |||||||||||
| Total | Structural | Total | |||||||||||||||
| Back to index | QoQ | YoY | QoQ | YoY | QoQ | YoY | LC | FC | |||||||||
| BCP Stand-alone | 85,290 | 85,106 | 82,117 | 67,221 | 74,059 | 75,485 | -3.5% | -3.7% | 1.9% | 12.3% | 8,513 | 9,490 | 9,615 | 1.3% | 12.9% | 69.4% | 30.6% |
| Wholesale Banking | 29,124 | 28,351 | 25,984 | 24,898 | 26,511 | 26,475 | -8.4% | -10.8% | -0.1% | 6.3% | 6,766 | 7,505 | 7,662 | 2.1% | 13.2% | 48.8% | 51.2% |
| Corporate | 15,503 | 16,044 | 15,065 | 14,652 | 16,028 | 15,827 | -6.1% | -2.8% | -1.3% | 8.0% | 4,129 | 4,525 | 4,639 | 2.5% | 12.3% | 47.1% | 52.9% |
| Middle-Market | 13,621 | 12,307 | 10,919 | 10,246 | 10,482 | 10,648 | -11.3% | -19.8% | 1.6% | 3.9% | 2,637 | 2,980 | 3,023 | 1.5% | 14.6% | 51.2% | 48.8% |
| Retail Banking | 56,166 | 56,755 | 56,133 | 42,323 | 47,549 | 49,009 | -1.1% | -0.1% | 3.1% | 15.8% | 1,747 | 1,985 | 1,953 | -1.6% | 11.8% | 87.9% | 12.1% |
| SME - Business | 7,061 | 5,530 | 4,970 | 2,597 | 2,594 | 2,698 | -10.1% | -29.6% | 4.0% | 3.9% | 650 | 786 | 766 | -2.6% | 17.8% | 63.7% | 36.3% |
| SME - Pyme | 19,240 | 17,779 | 16,830 | 11,398 | 12,476 | 12,866 | -5.3% | -12.5% | 3.1% | 12.9% | 42 | 43 | 44 | 1.1% | 3.4% | 99.0% | 1.0% |
| Mortgage | 16,919 | 18,005 | 18,264 | 16,391 | 17,682 | 18,005 | 1.4% | 7.9% | 1.8% | 9.8% | 507 | 532 | 530 | -0.4% | 4.5% | 89.7% | 10.3% |
| Consumer | 9,617 | 11,192 | 11,514 | 8,898 | 10,851 | 11,192 | 2.9% | 19.7% | 3.1% | 25.8% | 361 | 398 | 386 | -2.9% | 7.0% | 87.9% | 12.1% |
| Credit Card | 3,329 | 4,249 | 4,555 | 3,039 | 3,946 | 4,249 | 7.2% | 36.8% | 7.7% | 39.8% | 187 | 226 | 227 | 0.7% | 21.8% | 82.8% | 17.2% |
| Mibanco | 13,109 | 13,784 | 13,619 | 10,519 | 12,309 | 12,644 | -1.2% | 3.9% | 2.7% | 20.2% | 126 | 123 | 126 | 2.5% | 0.2% | 96.7% | 3.3% |
| Mibanco Colombia | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - | - | - | - | 286 | 303 | 329 | 8.6% | 14.8% | - 0 | 100.0% |
| - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - | - | - | - | 2,284 | 2,326 | 2,352 | 1.2% | 3.0% | - 0 | 100.0% | |
| ASB | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - | - | - | - | 558 | 525 | 515 | -2.0% | -7.8% | - 0 | 100.0% |
| Total loans | 98,399 | 98,890 | 95,735 | 77,740 | 86,368 | 88,129 | -3.2% | -2.7% | 2.0% | 13.4% | 11,767 | 12,766 | 12,936 | 1.3% | 9.9% | 66.3% | 33.7% |
| Measured in Average Daily Balances. | |||||||||||||||||
| (1) Includes Work out unit, and other banking. | |||||||||||||||||
| (2) Internal Management Figures. | |||||||||||||||||
| Largest contraction in volumes | |||||||||||||||||
| Highest growth in volumes |
1.2.Portfolio Quality
| Loan Portfolio quality and Delinquency ratios | As of | % change | |||
| S/000 | |||||
| Back to index | QoQ | YoY | |||
| Total loans (Quarter-end balance) | 144,621,513 | 148,626,374 | 145,165,713 | -2.3% | 0.4% |
| Allowance for loan losses | 8,262,383 | 7,872,402 | 7,915,350 | 0.5% | -4.2% |
| Write-offs | 378,093 | 754,326 | 677,148 | -10.2% | 79.1% |
| Internal overdue loans (IOLs) (1)(2) | 5,872,999 | 5,939,744 | 5,789,497 | -2.5% | -1.4% |
| Internal overdue loans over 90-days (1) | 4,424,384 | 4,620,461 | 4,386,959 | -5.1% | -0.8% |
| Refinanced Loans (2) | 1,714,074 | 2,098,748 | 2,121,068 | 1.1% | 23.7% |
| Non-performing loans (NPLs) (3) | 7,587,073 | 8,038,492 | 7,910,565 | -1.6% | 4.3% |
| IOL ratio | 4.06% | 4.00% | 3.99% | -1 bps | -7 bps |
| IOL over 90-days ratio | 3.06% | 3.11% | 3.02% | -9 bps | -4 bps |
| NPL ratio | 5.25% | 5.41% | 5.45% | 4 bps | 20 bps |
| Allowance for loan losses over Total loans | 5.71% | 5.30% | 5.45% | 15 bps | -26 bps |
| Coverage ratio of IOLs | 140.7% | 132.5% | 136.7% | 418 bps | -400 bps |
| Coverage ratio of IOL 90-days | 186.7% | 170.4% | 180.4% | 1005 bps | -632 bps |
| Coverage ratio of NPLs | 108.9% | 97.9% | 100.1% | 200 bps | -880 bps |
| (1) Includes overdue loans and loans under legal collection. (Quarter-end balances) | |||||
| (2) Figures net of deferred earnings. | |||||
| (3) Non-performing loans include internal overdue loans and refinanced loans. (Quarter-end balances) | |||||
| Structural Portfolio quality and Delinquency ratios | As of | % change | |||
| S/000 | |||||
| Back to index | QoQ | YoY | |||
| Structural loans (Quarter-end balance) | 127,585,105 | 139,115,242 | 138,073,343 | -0.7% | 8.2% |
| Structural Allowance for loan losses | 8,061,670 | 7,733,575 | 7,779,501 | 0.6% | -3.5% |
| Structural Write-offs | 378,093 | 754,326 | 677,148 | -10.2% | 79.1% |
| Structural IOLs | 4,850,191 | 4,791,245 | 4,952,108 | 3.4% | 2.1% |
| Structural Refinanced loans | 1,714,074 | 2,098,748 | 2,121,068 | 1.1% | 23.7% |
| Structural NPLs | 6,564,265 | 6,889,993 | 7,073,176 | 2.7% | 7.8% |
| Structural IOL ratio | 3.80% | 3.44% | 3.59% | 15 bps | -21 bps |
| Structural NPL ratio | 5.15% | 4.95% | 5.12% | 17 bps | -3 bps |
| Structural Allowance for loan losses over Structural loans | 6.3% | 5.6% | 5.6% | 7 bps | -69 bps |
| Structural Coverage ratio of NPLs | 122.8% | 112.2% | 110.0% | -225 bps | -1282 bps |
| (1) The Structural Portfolio excludes Government Programs (GP) effects. |
2.Deposits
| Deposits | As of | % change | Currency | ||||
| S/000 | Moneda | ||||||
| Back to index | QoQ | YoY | LC | FC | |||
| Demand deposits | 56,923,859 | 48,467,247 | 47,483,661 | -2.0% | -16.6% | 46.7% | 53.3% |
| Saving deposits | 56,454,479 | 54,769,045 | 53,418,288 | -2.5% | -5.4% | 55.9% | 44.1% |
| Time deposits | 30,029,261 | 38,897,010 | 43,194,573 | 11.0% | 43.8% | 46.5% | 53.5% |
| Severance indemnity deposits | 3,750,593 | 3,824,629 | 3,322,691 | -13.1% | -11.4% | 70.2% | 29.8% |
| Interest payable | 757,772 | 1,062,856 | 1,204,087 | 13.3% | 58.9% | 50.3% | 49.7% |
| Deposits and obligations | 147,915,964 | 147,020,787 | 148,623,300 | 1.1% | 0.5% | 50.3% | 49.7% |
3.1.IEA
| Interest Earning Assets | As of | % change | |||
| S/000 | |||||
| Back to index | QoQ | YoY | |||
| Cash and due from banks | 29,563,512 | 26,897,216 | 28,158,941 | 4.7% | -4.8% |
| Total investments | 48,145,429 | 45,431,224 | 47,729,504 | 5.1% | -0.9% |
| Cash collateral, reverse repurchase agreements and securities borrowing | 1,516,855 | 1,101,856 | 1,468,180 | 33.2% | -3.2% |
| Total loans | 144,621,513 | 148,626,374 | 145,165,713 | -2.3% | 0.4% |
| Total interest earning assets | 223,847,309 | 222,056,670 | 222,522,338 | 0.2% | -0.6% |
| Total Investments | As of | % change | |||
| S/000 | |||||
| Back to index | QoQ | YoY | |||
| Fair value through profit or loss investments | 4,628,870 | 4,199,334 | 4,080,266 | -2.8% | -11.9% |
| Fair value through other comprehensive income investments | 35,452,509 | 30,786,161 | 33,395,987 | 8.5% | -5.8% |
| Amortized cost investments | 8,064,050 | 10,445,729 | 10,253,251 | -1.8% | 27.1% |
| Total investments | 48,145,429 | 45,431,224 | 47,729,504 | 5.1% | -0.9% |
3.2. Funding
| Funding | As of | % change | ||||||
| S/000 | ||||||||
| Back to index | QoQ | YoY | ||||||
| Deposits and obligations | 147,915,964 | 147,020,787 | 148,623,300 | 1.1% | 0.5% | |||
| Due to banks and correspondents | 6,362,990 | 8,937,411 | 10,199,650 | 14.1% | 60.3% | |||
| BCRP instruments | 17,532,350 | 11,297,659 | 9,780,540 | -13.4% | -44.2% | |||
| Repurchase agreements with clients and third parties | 1,856,645 | 1,669,066 | 1,905,955 | 14.2% | 2.7% | |||
| Bonds and notes issued | 16,044,671 | 17,007,194 | 14,313,030 | -15.8% | -10.8% | |||
| Total funding | 189,712,620 | 185,932,117 | 184,822,475 | -0.6% | -2.6% | |||
| Funding Cost | Quarter | % change | As of | Change % | ||||
| Back to index | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Funding Cost | 1.32% | 2.35% | 2.61% | 11.0% | 97.1% | |||
| Structural Funding Cost | 1.39% | 2.44% | 2.74% | 12.3% | 96.9% |
4.Net Interest Income
| Net interest income | Quarter | % change | |||||||||||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | ||||||||||
| Interest income | 3,172,346 | 4,362,142 | 4,456,106 | 2.2% | 40.5% | ||||||||||
| Interest on loans | 2,685,552 | 3,515,083 | 3,570,952 | 1.6% | 33.0% | ||||||||||
| Dividends on investments | 4,320 | 3,726 | 6,477 | 73.8% | 49.9% | ||||||||||
| Interest on deposits with banks | 36,834 | 236,319 | 277,371 | 17.4% | n.a. | ||||||||||
| Interest on securities | 438,023 | 559,041 | 585,268 | 4.7% | 33.6% | ||||||||||
| Other interest income | 7,617 | 47,973 | 16,038 | -66.6% | 110.6% | ||||||||||
| Interest expense | (740,639) | (1,227,364) | (1,324,017) | 7.9% | 78.8% | ||||||||||
| Interest expense (excluding Net Insurance Financial Expenses) | (638,881) | (1,119,124) | (1,208,267) | 8.0% | 89.1% | ||||||||||
| Interest on deposits | 258,939 | 582,237 | 677,088 | 16.3% | 161.5% | ||||||||||
| Interest on borrowed funds | 116,231 | 239,583 | 238,933 | -0.3% | 105.6% | ||||||||||
| Interest on bonds and subordinated notes | 179,609 | 188,983 | 182,898 | -3.2% | 1.8% | ||||||||||
| Other interest expense | 84,102 | 108,321 | 109,348 | 0.9% | 30.0% | ||||||||||
| Net Insurance Financial Expenses | (101,758) | (108,240) | (115,750) | 6.9% | 13.8% | ||||||||||
| Net interest income | 2,431,707 | 3,134,778 | 3,132,089 | -0.1% | 28.8% | ||||||||||
| Risk-adjusted Net interest income | 2,275,875 | 2,512,337 | 2,520,841 | 0.3% | 10.8% | ||||||||||
| Average interest earning assets | 227,279,809 | 225,604,596 | 222,289,504 | -1.5% | -2.2% | ||||||||||
| Net interest margin (1) | 4.46% | 5.75% | 5.84% | 9bps | 138bps | ||||||||||
| Risk-adjusted Net interest margin (1) | 4.01% | 4.45% | 4.54% | 9bps | 53bps | ||||||||||
| Net provisions for loan losses / Net interest income | 10.59% | 23.31% | 23.21% | -0.1% | 12.6% | ||||||||||
| (1) Annualized. For further detail on the new NIM calculation due to IFRS17, please refer to Annex 12.1.8 | |||||||||||||||
| Net Interest Income / Margin | Quarter | % change | |||||||||||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | ||||||||||
| Interest Income | 3,172,346 | 4,362,142 | 4,456,106 | 2.2% | 40.5% | ||||||||||
| Interest Expense | (740,639) | (1,227,364) | (1,324,017) | 7.9% | 78.8% | ||||||||||
| Interest Expense (excluding Net Insurance Financial Expenses) | (638,881) | (1,119,124) | (1,208,267) | 8.0% | 89.1% | ||||||||||
| Net Insurance Financial Expenses | (101,758) | (108,240) | (115,750) | 6.9% | 13.8% | ||||||||||
| Net Interest Income | 2,431,707 | 3,134,778 | 3,132,089 | -0.1% | 28.8% | ||||||||||
| Balances | |||||||||||||||
| Average Interest Earning Assets (IEA) | 227,279,809 | 225,604,596 | 222,289,504 | -1.5% | -2.2% | ||||||||||
| Average Funding | 193,179,562 | 190,660,720 | 185,377,296 | -2.8% | -4.0% | ||||||||||
| Yields | |||||||||||||||
| Yield on IEAs | 5.58% | 7.73% | 8.02% | 29bps | 244bps | ||||||||||
| Cost of Funds | 1.32% | 2.35% | 2.61% | 26bps | 129bps | ||||||||||
| Net Interest Margin (NIM)(1) | 4.46% | 5.75% | 5.84% | 9bps | 138bps | ||||||||||
| Risk-Adjusted Net Interest Margin | 4.01% | 4.45% | 4.54% | 9bps | 53bps | ||||||||||
| 4.00% | 7.50% | 7.75% | 25bps | 375bps | |||||||||||
| FED funds rate | 0.50% | 4.50% | 5.00% | 50bps | 450bps | ||||||||||
| (1)For further detail on the new NIM calculation due to IFRS17, please refer to Annex 12.1.8 | |||||||||||||||
| Interest Income / IEA | 1Q22 | 4Q22 | 1Q23 | Mar-22 | Mar-23 | ||||||||||
| S/ millions | Average | Income | Average | Income | Average | Income | Average | Income | Average | Income | |||||
| Balance | Yields | Balance | Yields | Balance | Yields | Balance | Yields | Balance | Yields | ||||||
| Cash and equivalents | 30,979 | 35 | 0.5% | 28,114 | 236 | 3.4% | 27,528 | 277 | 4.0% | (586) | -2.1% | 4105.2% | 29,646 | 459 | 1.5% |
| Other IEA | 1,642 | 19 | 4.5% | 1,344 | 48 | 14.3% | 1,285 | 16 | 5.0% | (59) | -4.4% | -3193.5% | 2,312 | 91 | 3.9% |
| Investments | 48,549 | 433 | 3.6% | 46,137 | 563 | 4.9% | 46,580 | 592 | 5.1% | 443 | 1.0% | 2897.8% | 47,192 | 2,043 | 4.3% |
| Loans | 146,109 | 2,686 | 7.4% | 150,009 | 3,515 | 9.4% | 146,896 | 3,571 | 9.7% | (3,113) | -2.1% | 5586.9% | 148,112 | 12,419 | 8.4% |
| Structural | 128,256 | 2,619 | 8.2% | 139,153 | 3,459 | 9.9% | 138,594 | 3,528 | 10.2% | 120,973 | 984741.3% | 8.1% | 134,021 | 12,184 | 9.1% |
| Government Programs | 17,853 | 66 | 1.5% | 10,856 | 56 | 2.1% | 8,302 | 43 | 2.1% | 21,656 | 32326.7% | 1.5% | 14,090 | 235 | 1.7% |
| Total IEA | 227,280 | 3,172 | 5.6% | 225,605 | 4,362 | 7.7% | 222,290 | 4,456 | 8.0% | 228,163 | 1185040.6% | 5.2% | 227,262 | 15,011 | 6.6% |
| IEA (LC) | 58.0% | 78.8% | 7.6% | 56.6% | 73.1% | 10.0% | 56.9% | 71.2% | 10.0% | 59.2% | 75.8% | 6.7% | 56.6% | 76.0% | 8.9% |
| IEA (FC) | 42.0% | 21.2% | 2.8% | 43.4% | 26.9% | 4.8% | 43.1% | 28.8% | 5.3% | 40.8% | 24.2% | 3.1% | 43.4% | 24.0% | 3.7% |
| Interest Expense / Funding | 1Q22 | 4Q22 | 1Q23 | Mar-22 | Mar-23 | ||||||||||
| S/ millions | Average | Expense | Average | Expense | Average | Expense | Average | Expense | Average | Expense | |||||
| Balance | Yields | Balance | Yields | Balance | Yields | Balance | Yields | Balance | Yields | ||||||
| Deposits | 148,756 | 259 | 0.7% | 149,489 | 582 | 1.6% | 147,822 | 677 | 1.8% | 145,981 | 865 | 0.6% | 148,309 | 1,688 | 1.1% |
| BCRP + Due to Banks | 25,400 | 116 | 1.8% | 21,843 | 240 | 4.4% | 20,108 | 239 | 4.8% | 29,309 | 435 | 1.5% | 23,570 | 683 | 2.9% |
| Bonds and Notes | 16,934 | 174 | 4.1% | 17,430 | 189 | 4.3% | 15,660 | 183 | 4.7% | 17,071 | 837 | 4.9% | 17,415 | 728 | 4.2% |
| Others | 1,257 | 90 | 28.6% | 1,079 | 108 | 40.1% | 1,091 | 109 | 40.1% | 1,185 | 353 | 29.8% | 1,136 | 394 | 34.6% |
| Total Funding | 193,180 | 639 | 1.3% | 190,661 | 1,119 | 2.3% | 185,377 | 1,208 | 2.6% | 193,546 | 2,491 | 1.3% | 190,430 | 3,493 | 1.8% |
| Funding (LC) | 51.2% | 53.6% | 1.4% | 50.8% | 59.0% | 2.7% | 50.5% | 55.7% | 2.9% | 54.2% | 46.4% | 1.1% | 50.8% | 57.6% | 2.1% |
| Funding (FC) | 48.8% | 46.4% | 1.3% | 49.2% | 41.0% | 2.0% | 49.5% | 44.3% | 2.3% | 45.8% | 53.6% | 1.5% | 49.2% | 42.4% | 1.6% |
| NIM | 227,280 | 2,533 | 4.5% | 225,605 | 3,243 | 5.7% | 222,290 | 3,248 | 5.8% | 228,163 | 9,360 | 8.2% | 227,262 | 11,518 | 10.1% |
| NIM (LC) | 58.0% | 85.2% | 6.5% | 56.6% | 78.0% | 7.9% | 56.9% | 77.0% | 7.9% | 59.2% | 83.7% | 5.8% | 56.6% | 81.6% | 7.3% |
| NIM (FC) | 42.0% | 14.8% | 1.6% | 43.4% | 22.0% | 2.9% | 43.1% | 23.0% | 3.1% | 40.8% | 16.3% | 1.6% | 43.4% | 18.4% | 2.1% |
5.Provisions
| Loan Portfolio Provisions | Quarter | % change | As of | % change | ||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Gross provision for credit losses on loan portfolio | (350,681) | (815,589) | (802,107) | -1.7% | 128.7% | |||
| Recoveries of written-off loans | 93,091 | 84,908 | 75,109 | -11.5% | -19.3% | |||
| Provision for credit losses on loan portfolio, net of recoveries | (257,590) | (730,681) | (726,998) | -0.5% | 182.2% | |||
| Cost of risk (1) | 0.71% | 1.97% | 2.00% | 3 bps | 129 bps | |||
| (1) Annualized Provision for credit losses on loan portfolio, net of recoveries / Total loans. | ||||||||
| Structural Loan Portfolio Provisions | Quarter | % change | As of | % change | ||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Gross provision for credit losses on loan portfolio | (354,553) | (799,864) | (799,129) | -0.1% | 125.4% | |||
| Recoveries of written-off loans | 93,091 | 84,908 | 75,109 | -11.5% | -19.3% | |||
| Provision for credit losses on loan portfolio, net of recoveries | (261,462) | (714,956) | (724,020) | 1.3% | 176.9% | |||
| Structural Cost of risk (1) | 0.82% | 2.06% | 2.10% | 4 bps | 128 bps | |||
| (1) The Structural Cost of risk excludes the provisions for credit losses on loan portfolio, net of recoveries and total loans from the Reactiva Peru and FAE Government Programs. | ||||||||
| GP Loan Portfolio Provisions | Quarter | % change | As of | % change | ||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Gross provision for credit losses on loan portfolio | 3,872 | (15,725) | (2,978) | -81.1% | -506.1% | |||
| Recoveries of written-off loans | - 0 | - 0 | - 0 | - | - | |||
| Provision for credit losses on loan portfolio, net of recoveries | 3,872 | (15,725) | (2,978) | -81.1% | -176.9% | |||
| GP Cost of risk (1) | -0.09% | 0.66% | 0.17% | -49 bps | 26 bps | |||
| (1) The GP Cost of risk includes the provisions for credit losses on loan portfolio, net of recoveries and total loans from the Reactiva Peru and FAE Government Programs. | ||||||||
6.1.Core Other Income
| Core Other Income | Quarter | % Change | As of | % Change | ||||
| (S/ 000) | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Fee income | 891,628 | 894,552 | 881,781 | -1.4% | -1.1% | 891,628 | 881,781 | -1.1% |
| Net gain on foreign exchange transactions | 259,710 | 293,215 | 248,515 | -15.2% | -4.3% | 259,710 | 248,515 | -4.3% |
| Total other income Core | 1,151,338 | 1,187,767 | 1,130,296 | -4.8% | -1.8% | 1,151,338 | 1,130,296 | -1.8% |
| Banking Business Fees | Quarter | % Change | As of | % Change | ||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Payments and transactionals (1) | 290,197 | 333,779 | 325,994 | -2.33% | 12.34% | |||
| Liability accounts (2) | 217,956 | 226,496 | 177,971 | -21.42% | -18.35% | |||
| Loan Disbursement (3) | 90,576 | 97,336 | 95,201 | -2.19% | 5.11% | |||
| Off-balance sheet | 60,370 | 63,247 | 61,654 | -2.52% | 2.13% | |||
| Mibanco ( |
33,276 | 34,164 | 59,208 | 73.30% | 77.93% | |||
| Insurances | 30,303 | 28,617 | 31,102 | 8.68% | 2.64% | |||
| BCP Bolivia | 27,400 | 24,479 | 37,765 | 54.28% | 37.83% | |||
| Wealth Management and Corporate Finance | 18,785 | 12,880 | 15,254 | 18.43% | -18.80% | |||
| ASB | 12,280 | 11,040 | 3,098 | -71.94% | -74.77% | |||
| Others (4) | 4,596 | -16,494 | 12,830 | n.a | 179.15% | |||
| Total | 785,739 | 815,544 | 820,077 | 0.56% | 4.37% | |||
| (1) Corresponds to fees from: credit and debit cards; payments and collections. | ||||||||
| (2) Corresponds to fees from: Account maintenance, interbank transfers, national money orders y international transfers. | ||||||||
| (3) Corresponds to fees from retail and wholesale loan disbursements. | ||||||||
| (4) Use of third-party network, other services to third parties and Commissions in foreign branches. | ||||||||
| Back to index |
6.2.Non-core Other Income
| Non-core Other income | Quarter | % change | As of | % change | ||||
| (S/ 000) | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Net gain on securities | (56,866) | 77,512 | 70,036 | -9.6% | n.a | (56,866) | 70,036 | n.a. |
| Net gain from associates (1) | 24,014 | 25,422 | 27,212 | 7.0% | 13.3% | 24,014 | 27,212 | 13.3% |
| Net gain on derivatives held for trading | (5,982) | 5,857 | (6,570) | n.a | 9.8% | (5,982) | (6,570) | 9.8% |
| Net gain from exchange differences | (8,363) | 22,039 | 22,963 | 4.2% | n.a | (8,363) | 22,963 | -374.6% |
| Other non-financial income | 135,257 | 19,630 | 84,127 | 328.6% | -37.8% | 146,703 | 88,406 | -39.7% |
| Total other income Non-Core | 88,060 | 150,460 | 197,768 | 31.4% | 124.6% | 99,506 | 202,047 | 103.1% |
| (1) Includes gains on other investments, mainly made up of the profit of |
||||||||
| (2) It differs from what was previously reported by reclassification of IFRS16. | ||||||||
| Back to index |
7.Underwriting Results
| Insurance Underwriting Results | Quarter | % Change | Life | % Change | P&C | % Change | Crediseguros | % Change | ||||
| 1Q22 | 1Q23 | YoY | 1Q22 | 1Q23 | YoY | 1Q22 | 1Q23 | YoY | 1Q22 | 1Q23 | YoY | |
| Income from Insurance Contracts | 843,862 | 957,336 | 13.4% | 454,746 | 562,481 | 23.7% | 369,575 | 373,248 | 1.0% | 19,541 | 21,607 | 10.6% |
| Expenses for Insurance Contracts | (534,603) | (550,459) | 3.0% | (282,567) | (270,629) | -4.2% | (240,078) | (272,680) | 13.6% | (11,957) | (7,150) | -40.2% |
| Insurance Results | 309,258 | 406,877 | 31.6% | 172,178 | 291,852 | 69.5% | 129,496 | 100,567 | -22.3% | 7,584 | 14,457 | 90.6% |
| Reinsurance Results | (102,591) | (110,536) | 7.7% | 5,414 | (24,326) | -549.3% | (105,364) | (85,541) | -18.8% | (2,641) | (669) | -74.7% |
| Insurance Underwriting Results | 206,667 | 296,341 | 43.4% | 177,592 | 267,526 | 50.6% | 24,133 | 15,027 | -37.7% | 4,943 | 13,789 | 179.0% |
8.Operating Expenses
| Operating expenses | Quarter | % change | As of | % change | ||||
| S/ 000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Salaries and employees benefits | 939,518 | 1,040,066 | 1,029,558 | -1.0% | 9.6% | 939,518 | 1,029,558 | 9.6% |
| Administrative, general and tax expenses | 696,065 | 1,042,882 | 835,060 | -19.9% | 20.0% | 696,065 | 835,060 | 20.0% |
| Depreciation and amortization | 151,894 | 165,180 | 160,924 | -2.6% | 5.9% | 151,894 | 160,924 | 5.9% |
| Association in participation | 7,691 | 12,936 | 12,612 | -2.5% | 64.0% | 7,691 | 12,612 | 64.0% |
| Operating expenses | 1,795,168 | 2,261,064 | 2,038,154 | -9.9% | 13.5% | 1,795,168 | 2,038,154 | 13.5% |
| (1) The acquisition cost of Pacifico iIncludes net fees and underwriting expenses. | ||||||||
| Administrative general, and tax expenses | Quarter | % change | As of | % change | ||||
| S/000 | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| IT expenses and IT third-party services | 196,985 | 254,965 | 240,932 | -5.5% | 22.3% | |||
| Advertising and customer loyalty programs | 110,314 | 212,710 | 135,767 | -36.2% | 23.1% | |||
| Taxes and contributions | 67,657 | 94,647 | 85,073 | -10.1% | 25.7% | |||
| Audit Services, Consulting and professional fees | 51,692 | 138,978 | 51,878 | -62.7% | 0.4% | |||
| Transport and communications | 39,117 | 63,049 | 51,036 | -19.1% | 30.5% | |||
| Repair and maintenance | 29,913 | 44,734 | 25,790 | -42.3% | -13.8% | |||
| Agents' Fees | 27,018 | 27,673 | 26,152 | -5.5% | -3.2% | |||
| Services by third-party | 22,925 | 35,285 | 27,511 | -22.0% | 20.0% | |||
| Leases of low value and short-term | 20,931 | 25,997 | 25,116 | -3.4% | 20.0% | |||
| Miscellaneous supplies | 19,077 | 22,848 | 32,993 | 44.4% | 72.9% | |||
| Security and protection | 15,476 | 16,365 | 15,789 | -3.5% | 2.0% | |||
| Subscriptions and quotes | 13,012 | 14,271 | 13,086 | -8.3% | 0.6% | |||
| Electricity and water | 10,550 | 14,865 | 11,497 | -22.7% | 9.0% | |||
| Electronic processing | 7,693 | 12,225 | 8,730 | -28.6% | 13.5% | |||
| Insurance | 8,291 | 8,629 | 8,750 | 1.4% | 5.5% | |||
| Cleaning | 4,506 | 5,368 | 5,162 | -3.8% | 14.6% | |||
| Others (1) | 50,908 | 50,273 | 69,798 | 38.8% | 37.1% | |||
| Total | 696,065 | 1,042,882 | 835,060 | -19.9% | 20.0% | |||
| (1) Others consists mainly of security and protection services, cleaning service, representation expenses, electricity and water utilities, insurance policiy expenses, subscription expenses and commission expenses. | ||||||||
| Back to index |
9.Operating Efficiency
| Operating efficiency | Quarter | % change | |||||
| S/000 | |||||||
| Back to index | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | ||
| Operating expenses (1) | 1,795,168 | 2,261,064 | 2,038,154 | -9.9% | 13.5% | ||
| Operating income (2) | 3,799,381 | 4,587,457 | 4,602,331 | 0.3% | 21.1% | ||
| Efficiency ratio (3) | 47.2% | 49.3% | 44.3% | -500 pbs | -290 pbs | ||
| (1) Operating expenses = Salaries and employees benefits + Administrative expenses + Depreciation and amortization |
|||||||
| (2) Operating income = Net interest, similar income and expenses + Fee income + Net gain on foreign exchange transactions + Net gain from associates + Net gain on derivatives held for trading + Net gain from exchange differences + Net premiums earned | |||||||
| (3) Operating expenses / Operating income. | |||||||
| Reported efficiency ratio per subsidiary (1) | BCP Individual | BCP Bolivia | Mibanco Peru | Mibanco Colombia | Pacífico | ||
| Back to index | |||||||
| 1Q22 | 40.6% | 59.9% | 53.0% | 79.0% | 6.8% | 54.5% | 41.0% |
| 4Q22 | 41.9% | 64.5% | 52.3% | 93.3% | 10.0% | 46.1% | 43.4% |
| 1Q23 | 36.8% | 60.2% | 54.1% | 93.2% | 30.7% | 49.6% | 46.1% |
| Var. QoQ | -510 bps | -430 bps | 180 bps | -10 bps | 2070 bps | 350 bps | 270 bps |
| Var. YoY | -380 bps | 30 bps | 110 bps | 1420 bps | 2390 bps | -490 bps | 510 bps |
| % change |
|||||||
| (1) (Salaries and employees benefits + Administrative, general and tax expenses + Depreciation and amortization + Acquisition cost |
10.1.Regulatory Capital BAP
| (S/ Thousands, IFRS) | |||||
| Capital Stock | As of | % change | |||
| S/000 | |||||
| Back to index | QoQ | YoY | |||
| Capital Stock | 1,318,993 | 1,318,993 | 1,318,993 | 0.0% | 0.0% |
| Treasury Stocks | (207,700) | (207,518) | (208,041) | 0.3% | 0.2% |
| Capital Surplus | 227,361 | 231,556 | 226,189 | -2.3% | -0.5% |
| Legal and Other capital reserves (1) | 21,292,614 | 23,702,590 | 23,603,001 | -0.4% | 10.9% |
| Minority interest (2) | 493,113 | 471,171 | 514,951 | 9.3% | 4.4% |
| Loan loss reserves (3) | 1,971,343 | 2,128,732 | 1,908,632 | -10.3% | -3.2% |
| Perpetual subordinated debt | - 0 | - 0 | - 0 | ||
| Subordinated Debt | 5,695,192 | 5,770,557 | 5,649,060 | -2.1% | -0.8% |
| Investments in equity and subordinated debt of financial and insurance companies | (727,620) | (889,246) | (1,002,770) | 12.8% | 37.8% |
| (809,980) | (772,213) | (802,366) | 3.9% | -0.9% | |
| Current year Net Loss | - | - 0 | - | - | |
| Deduction for subordinated debt limit (50% of Tier I excluding deductions) (4) | - | - 0 | - | - | |
| Deduction for Tier I Limit (50% of Regulatory capital) (4) | - | - 0 | - | - | |
| 29,253,316 | 31,754,622 | 31,207,649 | -1.7% | 6.7% | |
| Tier 1 (5) | 15,402,884 | 16,955,335 | 16,906,310 | -0.3% | 9.8% |
| Tier 2 (6) + Tier 3 (7) | 13,850,433 | 14,799,287 | 14,301,339 | -3.4% | 3.3% |
| Financial Consolidated Group (FCG) Regulatory Capital Requirements (8) | 18,372,067 | 22,506,113 | 20,915,785 | -7.1% | 13.8% |
| Insurance Consolidated Group (ICG) Capital Requirements (9) | 1,450,871 | 1,562,893 | 1,406,417 | -10.0% | -3.1% |
| FCG Capital Requirements related to operations with ICG | (446,149) | (471,371) | (518,975) | 10.1% | 16.3% |
| ICG Capital Requirements related to operations with FCG | - 0 | - 0 | - 0 | ||
| Total Regulatory Capital Requirements (B) | 19,376,789 | 23,597,634 | 21,803,226 | -7.6% | 12.5% |
| Regulatory Capital Ratio (A) / (B) | 1.51 | 1.35 | 1.43 | ||
| Required Regulatory Capital Ratio (10) | 1.00 | 1.00 | 1.00 | ||
| (1) Legal and other capital reserves include restricted capital reserves (PEN 14,745 million) and optional capital reserves (PEN 6,661 million). | |||||
| (2) Minority interest includes Tier I (PEN 421 million) | |||||
| (3) Up to 1.25% of total risk-weighted assets of |
|||||
| (4) Tier II + Tier III can not be more than 50% of total regulatory capital. | |||||
| (5) Tier I = capital + restricted capital reserves + Tier I minority interest - goodwill - (0.5 x investment in equity and subordinated debt of financial and insurance companies)+ perpetual subordinated debt. | |||||
| (6) Tier II = subordinated debt + TierII minority interest tier + loan loss reserves - (0.5 x investment in equity and subordinated debt of financial and insurance companies). | |||||
| (7) Tier III = Subordinated debt covering market risk only. | |||||
| (8) Includes regulatory capital requirements of the financial consolidated group. | |||||
| (9) Includes regulatory capital requirements of the insurance consolidated group. | |||||
| (10) |
10.2.Regulatory Capital BCP
| Regulatory and Capital Adequacy Ratios at BCP Stand-alone | |||||
| (S/ thousands, IFRS, under regulation as of |
|||||
| As of | % change | ||||
| QoQ | YoY | ||||
| Capital Stock | 12,176,365 | 12,176,365 | 12,973,175 | 6.5% | 6.5% |
| Legal and Other capital reserves | 7,516,510 | 6,759,527 | 7,038,881 | 4.1% | -6.4% |
| Accumulated earnings with capitalization agreement | - 0 | - 0 | - 0 | n.a | n.a |
| Loan loss reserves (1) | 1,707,458 | 1,838,178 | 1,634,876 | -11.1% | -4.3% |
| Perpetual subordinated debt | - 0 | - 0 | - 0 | n.a | n.a |
| Subordinated Debt | 5,007,300 | 5,148,900 | 5,078,700 | -1.4% | 1.4% |
| Investment in subsidiaries and others, net of unrealized profit and net income | (2,432,571) | (2,436,525) | (2,838,434) | 16.5% | 16.7% |
| Investment in subsidiaries and others | (2,535,289) | (2,844,248) | (2,895,934) | 1.8% | 14.2% |
| Unrealized profit and net income in subsidiaries | 102,718 | 407,723 | 57,500 | -85.9% | -44.0% |
| (122,083) | (122,083) | (122,083) | 0.0% | 0.0% | |
| 23,852,979 | 23,364,361 | 23,765,115 | 1.7% | -0.4% | |
| Off-balance sheet | 87,775,815 | 93,211,649 | 91,770,539 | -1.5% | 4.6% |
| Regulatory Tier 1 Capital (2) | 16,220,724 | 16,219,133 | 17,094,343 | 5.4% | 5.4% |
| Regulatory Tier 2 Capital (3) | 7,632,256 | 7,145,228 | 6,670,772 | -6.6% | -12.6% |
| Total risk-weighted assets - SBS (4) | 151,045,319 | 161,938,838 | 159,163,098 | -1.7% | 5.4% |
| Credit risk-weighted assets | 135,397,192 | 145,968,020 | 142,566,176 | -2.3% | 5.3% |
| Market risk-weighted assets (5) | 2,231,891 | 1,560,281 | 1,715,934 | 10.0% | -23.1% |
| Operational risk-weighted assets | 13,416,236 | 14,410,537 | 14,880,988 | 3.3% | 10.9% |
| Total capital requirement - SBS | 14,355,691 | 17,730,539 | 17,312,244 | -2.4% | 20.6% |
| Credit risk capital requirement | 10,831,775 | 12,407,282 | 12,118,125 | -2.3% | 11.9% |
| Market risk capital requirement | 223,189 | 156,028 | 171,593 | 10.0% | -23.1% |
| Operational risk capital requirement | 1,341,624 | 1,441,054 | 1,488,099 | 3.3% | 10.9% |
| Additional capital requirements | 1,959,102 | 3,726,175 | 3,534,427 | -5.1% | 80.4% |
| Common Equity Tier 1 - Basel IFRS (6) | 16,477,382 | 18,949,687 | 17,588,721 | -7.2% | 6.7% |
| Capital and reserves | 19,180,633 | 18,423,649 | 19,499,813 | 5.8% | 1.7% |
| Retained earnings | 1,740,668 | 5,249,495 | 2,746,522 | -47.7% | 57.8% |
| Unrealized gains (losses) | (780,063) | (549,319) | (467,041) | -15.0% | -40.1% |
| Investments in subsidiaries | (1,266,218) | (1,472,073) | (1,454,205) | -1.2% | 14.8% |
| (2,397,638) | (2,702,065) | (2,736,368) | 1.3% | 14.1% | |
| Risk-Weighted Assets - Basel IFRS (7) | 141,697,998 | 150,535,662 | 160,419,724 | 6.6% | 13.2% |
| Total risk-weighted assets | 151,045,319 | 161,938,838 | 159,163,098 | -1.7% | 5.4% |
| (-) RWA Intangible assets, excluding goodwill. | 10,798,886 | 13,065,877 | - 0 | -100.0% | -100.0% |
| (+) RWA Deferred tax assets generated as a result of temporary differences in income tax, in excess of 10% of CET1 | 882,435 | 917,317 | - 0 | -100.0% | -100.0% |
| (+) IFRS Adjustments (11) | - 0 | - 0 | |||
| (+) RWA for Market Risk difference (exchange risk) for temporary difference | 569,130 | 745,384 | 1,256,627 | 68.6% | 120.8% |
| Capital ratios | |||||
| Regulatory Tier 1 ratio (8) | 10.74% | 10.02% | 10.74% | 72 bps | 0 bps |
| Common Equity Tier 1 ratio (9)(12) | 11.63% | 12.59% | 11.93% | -66 bps | 30 bps |
| 15.79% | 14.43% | 14.93% | 50 bps | -86 bps | |
| Risk-weighted assets / Regulatory capital | 6.33 | 6.93 | 6.70 | -3.4% | 5.8% |
| (1) Up to 1.25% of total risk-weighted assets. | |||||
| (2) Regulatory Tier 1 Capital = Capital + Legal and other capital reserves + Accumulated earnings with capitalization agreement + (0.5 x Unrealized profit and net income in subsidiaries) - |
|||||
| (3) Regulatory Tier 2 Capital = Subordinated debt + Loan loss reserves + Unrestricted Reserves + (0.5 x Unrealized profit and net income in subsidiaries) - (0.5 x Investment in subsidiaries). | |||||
| (4) Since |
|||||
| (5) It includes capital requirement to cover price and rate risk. | |||||
| (6) Common Equity Tier I = Capital + Reserves - 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and net deferred taxes that rely on future profitability) + retained earnings + unrealized gains. Figures differ from previously reported cause current calculations are based on IFRS figures. | |||||
| (7) Adjusted Risk-Weighted Assets = Risk-weighted assets - ( RWA Intangible assets, excluding goodwill, + RWA Deferred tax assets generated as a result of temporary differences in income tax, in excess of 10% of CET1, + RWA Deferred tax assets generated as a result of past losses). Figures differ from previously reported cause current calculations are based on IFRS figures. | |||||
| (8) Regulatory Tier 1 Capital / Total Risk-weighted assets | |||||
| (9) Common Equity Tier I / Adjusted Risk-Weighted Assetsd Risk-Weighted Assets | |||||
| (10) |
|||||
| (11) Adjustments for differences in balance assets under Local Accounting (which regulatory Rwas are calculated) and IFRS in the Right of use account (lease). As of |
|||||
| (12) Common Equity Tier I calculated based on IFRS Accounting |
10.2.1 Regulatory Capital BCP
| Regulatory and Capital Adequacy Ratios at BCP Stand-alone | |
| (S/ thousands, IFRS, under current regulation as of |
|
| 1Q23 | |
| Dec-99 | |
| (S/ thousand) | Dec-99 |
| Capital Stock | 12,973,175 |
| Reserves | 7,038,881 |
| Accumulated earnings | 2,050,746 |
| Loan loss reserves (1) | 1,634,876 |
| Perpetual subordinated debt | - |
| Subordinated Debt | 5,078,700 |
| Unrealized Profit or Losses | -1,046,284 |
| Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries | -2,613,563 |
| Intangibles | -934,718 |
| -122,083 | |
| 24,059,729 | |
| Tier 1 Common Equity (2) | 17,346,153 |
| Regulatory Tier 1 Capital (3) | 17,346,153 |
| Regulatory Tier 2 Capital (4) | 6,713,576 |
| Total risk-weighted assets | 1Q23 |
| (S/ thousand) | Dec-99 |
| Market risk-weighted assets (5) | 1,715,934 |
| Credit risk-weighted assets | 129,623,885 |
| Operational risk-weighted assets | 14,880,988 |
| Total | 146,220,807 |
| Capital requirement | 1Q23 |
| (S/ thousand) | Dec-99 |
| Market risk capital requirement (5) | 171,589 |
| Credit risk capital requirement | 11,018,030 |
| Operational risk capital requirement | 1,488,062 |
| Additional capital requirements | 3,534,427 |
| Total | 16,212,108 |
| [1] (1) Up to 1.25% of total risk-weighted assets. | |
| [2] Common Equity Tier 1 = Capital Stock + Reserves + Accumulated earnings - Unrealized profits or losses - 100% deductions (investment in subsidiaries, goodwill, intangible assets and deferred tax assets based on future returns). | |
| [3] Regulatory Tier 1 Capital = Common Equity Tier 1 + Tier 1 Subordinated Debt (Perpetual). | |
| [4] Regulatory Tier 2 Capital = Subordinated Debt + Loan loss reserves. | |
| Capital ratios | |
| Regulatory Tier 1 ratio | 11.86% |
| 16.45% | |
| Common Equity Tier 1 ratio IFRS (9)(12) | 11.93% |
10.3 Regulatory Capital Mb
| Back to index | Capital Regulatorio y Capitalización de Mibanco | ||||
| (S/ thousands, IFRS, under regulation as of |
|||||
| As of | % change | ||||
| QoQ | YoY | ||||
| Capital Stock | 1,840,606 | 1,840,606 | 1,840,606 | 0.0% | 0.0% |
| Legal and Other capital reserves | 264,221 | 264,221 | 308,056 | 16.6% | 16.6% |
| Accumulated earnings with capitalization agreement | - 0 | - 0 | - 0 | n.a. | n.a. |
| Loan loss reserves (1) | 163,711 | 183,155 | 193,129 | 5.4% | 18.0% |
| Perpetual subordinated debt | - 0 | - 0 | - 0 | n.a. | n.a. |
| Subordinated Debt | 185,000 | 179,000 | 179,000 | 0.0% | -3.2% |
| Investment in subsidiaries and others, net of unrealized profit and net income | - 0 | - 0 | - 0 | n.a. | n.a. |
| Investment in subsidiaries and others | - 0 | - 0 | - 0 | n.a. | n.a. |
| Unrealized profit and net income in subsidiaries | - 0 | - 0 | - 0 | n.a. | n.a. |
| (139,180) | (139,180) | (139,180) | 0.0% | 0.0% | |
| 2,314,357 | 2,327,801 | 2,381,611 | 2.3% | 2.9% | |
| Regulatory Tier 1 Capital (2) | 1,962,906 | 1,962,906 | 2,006,801 | 2.2% | 2.2% |
| Regulatory Tier 2 Capital (3) | 351,451 | 364,895 | 374,810 | 2.7% | 6.6% |
| Total risk-weighted assets - SBS (4) | 14,825,319 | 15,850,329 | 16,104,381 | 1.6% | 8.6% |
| Credit risk-weighted assets | 12,747,979 | 14,345,663 | 14,535,512 | 1.3% | 14.0% |
| Market risk-weighted assets (5) | 177,097 | 96,803 | 141,441 | 46.1% | -20.1% |
| Operational risk-weighted assets | 1,900,243 | 1,407,863 | 1,427,428 | 1.4% | -24.9% |
| Total capital requirement - SBS | 1,363,550 | 1,735,360 | 1,791,008 | 3.2% | 31.3% |
| Credit risk capital requirement | 1,019,838 | 1,219,381 | 1,235,519 | 1.3% | 21.1% |
| Market risk capital requirement (5) | 17,710 | 9,680 | 14,144 | 46.1% | -20.1% |
| Operational risk capital requirement | 190,024 | 140,786 | 142,743 | 1.4% | -24.9% |
| Additional capital requirements | 135,978 | 365,512 | 398,603 | 9.1% | 193.1% |
| Common Equity Tier 1 - Basel IFRS (6) | 2,065,340 | 2,353,353 | 2,415,504 | 2.6% | 17.0% |
| Capital and reserves | 2,104,827 | 2,104,827 | 2,148,662 | 2.1% | 2.1% |
| Retained earnings | 224,613 | 540,906 | 556,972 | 3.0% | n.a. |
| Unrealized gains (losses) | (7,360) | (11,830) | (15,467) | 30.7% | 110.1% |
| (256,740) | (280,267) | (274,382) | -2.1% | 6.9% | |
| Investments in subsidiaries | - 0 | (283) | (281) | -0.7% | n.a. |
| Adjusted Risk-Weighted Assets - Basel IFRS (7) | 13,854,030 | 14,613,299 | 14,860,252 | 1.7% | 7.3% |
| Total risk-weighted assets - SBS | 14,825,319 | 15,850,329 | 14,729,206 | -7.1% | -0.6% |
| (-) RWA Intangible assets, excluding goodwill | 1,166,501 | 1,408,551 | - 0 | -100.0% | -100.0% |
| (+) RWA Deferred tax assets generated as a result of temporary differences in income tax, in excess of 10% of CET1, and other local adjustments | 161,572 | 159,880 | - 0 | -100.0% | -100.0% |
| (+) RWA for Market Risk difference (exchange risk) for temporary difference | 33,640 | 11,641 | - 0 | -100.0% | -100.0% |
| n.a. | n.a. | ||||
| (+) IFRS Adjustments (11) | - 0 | - 0 | - 0 | n.a. | n.a. |
| Capital ratios | |||||
| Regulatory Tier 1 ratio (8) | 13.24% | 12.38% | 12.46% | 8 bps | -78 bps |
| Common Equity Tier 1 ratio IFRS (9)(12) | 14.91% | 16.10% | 16.25% | 15 bps | 134 bps |
| 15.61% | 14.69% | 14.79% | 10 bps | -82 bps | |
| Risk-weighted assets / Regulatory capital | 6.41 | 6.81 | 6.76 | -0.7% | 5.6% |
| (1) Up to 1.25% of total risk-weighted assets. | |||||
| (2) Regulatory Tier 1 Capital = Capital + Legal and other capital reserves + Accumulated earnings with capitalization agreement + (0.5 x Unrealized profit and net income in subsidiaries) - |
|||||
| (3) Regulatory Tier 2 Capital = Subordinated debt + Loan loss reserves + Unrestricted Reserves + (0.5 x Unrealized profit and net income in subsidiaries) - (0.5 x Investment in subsidiaries). | |||||
| (4) Since |
|||||
| (5) It includes capital requirement to cover price and rate risk. | |||||
| (6) Common Equity Tier I = Capital + Reserves - 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and net deferred taxes that rely on future profitability) + retained earnings + unrealized gains. | |||||
| (7) Adjusted Risk-Weighted Assets = Risk-weighted assets - ( RWA Intangible assets, excluding goodwill, + RWA Deferred tax assets generated as a result of temporary differences in income tax, in excess of 10% of CET1, + RWA Deferred tax assets generated as a result of past losses). Figures differ from previously reported cause current calculations are based on IFRS figures. | |||||
| (8) Regulatory Tier 1 Capital / Total Risk-weighted assets | |||||
| (9) Common Equity Tier I / Adjusted Risk-Weighted Assetsd Risk-Weighted Assets | |||||
| (10) |
|||||
| (11) Common Equity Tier I calculated based on IFRS Accounting |
10.3.1 Regulatory Capital Mb
| (S/ thousands, IFRS, under current regulation as of |
|
| 1Q23 | |
| Dec-99 | |
| (S/ thousand) | Dec-99 |
| Capital Stock | 1,840,606 |
| Reserves | 308,056 |
| Accumulated earnings | 556,972 |
| Loan loss reserves (1) | 168,965 |
| Perpetual subordinated debt | 0 |
| Subordinated Debt | 179,000 |
| Unrealized Profit or Losses | -15,467 |
| Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries | -281 |
| Intangibles | -135,202 |
| -139,180 | |
| 2,763,469 | |
| Tier 1 Common Equity (2) | 2,415,504 |
| Regulatory Tier 1 Capital (3) | 2,415,504 |
| Regulatory Tier 2 Capital (4) | 347,965 |
| Total risk-weighted assets | 1T23 |
| (S/ thousand) | |
| Market risk-weighted assets (5) | 141,441 |
| Credit risk-weighted assets | 13,160,337 |
| Operational risk-weighted assets | 1,427,428 |
| Total | 14,729,206 |
| Capital requirement | 1Q23 |
| (S/ thousand) | Dec-99 |
| Market risk capital requirement (5) | 14,144 |
| Credit risk capital requirement | 1,118,629 |
| Operational risk capital requirement | 142,743 |
| Additional capital requirements | 398,603 |
| Total | 1,674,118 |
| [1] (1) Up to 1.25% of total risk-weighted assets. | |
| [2] Common Equity Tier 1 = Capital Stock + Reserves + Accumulated earnings - Unrealized profits or losses - 100% deductions (investment in subsidiaries, goodwill, intangible assets and deferred tax assets based on future returns). | |
| [3] Regulatory Tier 1 Capital = Common Equity Tier 1 + Tier 1 Subordinated Debt (Perpetual). | |
| [4] Regulatory Tier 2 Capital = Subordinated Debt + Loan loss reserves. | |
| Capital ratios | |
| Tier 1 Common Equity Ratio | 16.40% |
| Regulatory Tier 1 Capital Ratio | 16.40% |
| Total Regulatory Capital Ratio | 18.76% |
| Common Equity Tier 1 Ratio IFRS | 16.38% |
11.Economic Perspectives
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 (3) | |
| Back to index | ||||||
| GDP (US$ Millions) | 226,856 | 232,447 | 205,553 | 225,953 | 244,752 | 263,866 |
| Real GDP (% change) | 4.0 | 2.2 | -11.0 | 13.6 | 2.7 | 1.8 |
| GDP per capita (US$) | 7,045 | 7,152 | 6,300 | 6,840 | 7,329 | 7,809 |
| Domestic demand (% change) | 4.1 | 2.2 | -9.9 | 14.7 | 2.3 | 0.9 |
| Total consumption (% change) | 3.6 | 2.9 | -7.2 | 11.5 | 4.2 | |
| Private Consumption (% change) | 3.8 | 3.0 | -9.8 | 11.7 | 4.2 | |
| Gross fixed investment (as % GDP) | 22.2 | 22.5 | 21.1 | 25.2 | 25.4 | 24.2 |
| 4.4 | 4.0 | |||||
| 6.8 | -2.1 | |||||
| Financial system loan without Reactiva (% change) (1) | 10.3 | 6.4 | -4.3 | 12.6 | 9.7 | 5.0 |
| Inflation, end of period(2) | 2.2 | 1.9 | 2.0 | 6.4 | 8.5 | 4.8 |
| Reference Rate, end of period | 2.8 | 2.3 | 0.3 | 2.5 | 7.5 | 6.8 |
| Exchange rate, end of period | 3.37 | 3.31 | 3.62 | 3.99 | 3.81 | 3.80 |
| Exchange rate, (% change) | 4.0% | -1.8% | 9.3% | 10.3% | -4.5% | -0.3% |
| Fiscal balance (% GDP) | -2.3 | -1.6 | -8.9 | -2.5 | -1.6 | -2.0 |
| Public Debt (as % GDP) | 25.6 | 26.6 | 34.6 | 35.9 | 34.0 | 33.8 |
| Trade balance (US$ Millions) | 7,201 | 6,879 | 8,196 | 14,927 | 9,565 | 9,000 |
| (As % GDP) | 3.2% | 3.0% | 4.0% | 6.6% | 3.9% | 3.4% |
| Exports | 49,066 | 47,980 | 42,905 | 63,151 | 65,834 | 64,800 |
| Imports | 41,866 | 41,101 | 34,709 | 48,223 | 56,269 | 55,800 |
| Current account balance (US$ Millions) | -2,895 | -1,680 | 2,398 | -5,179 | -10,644 | -9,157 |
| Current account balance (As % GDP) | -1.3% | -0.7% | 1.2% | -2.3% | -4.3% | -3.5% |
| Net international reserves (US$ Millions) | 60,121 | 68,316 | 74,707 | 78,495 | 71,883 | 72,000 |
| (As % GDP) | 26.5% | 29.4% | 36.3% | 34.7% | 29.4% | 27.3% |
| (As months of imports) | 17 | 20 | 26 | 20 | 15 | 15 |
| Fuente: INEI, BCRP y SBS. | ||||||
| (1) Financial System, Current Exchange Rate | ||||||
| (2) Inflation target: 1% - 3% | ||||||
| (3) Grey area indicate estimates by |
Annexes >>
12.1.Physical Channels
| BCP Stand-alone's Physical Channels | As of | change (units) | |||
| Back to index | QoQ | YoY | |||
| Branches | 351 | 336 | 333 | -3 | -18 |
| ATMs | 2,241 | 2,283 | 2,313 | 30 | 72 |
| Agents BCP | 7,838 | 9,580 | 9,899 | 319 | 2061 |
| Total BCP's Network | 10,430 | 12,199 | 12,545 | 346 | 2,115 |
| As of | change (units) | ||||
| (Units) | QoQ | YoY | |||
| Branches | 706 | 678 | 675 | -3 | -31 |
| ATMs | 2,551 | 2,595 | 2,626 | 31 | 75 |
| Agents (2) | 8,916 | 10,935 | 11,254 | 319 | 2338 |
| Total | 12,173 | 14,208 | 14,555 | 347 | 2,382 |
| (1) Includes physical point of contact of BCP Stand-alone, BCP Bolivia and Mibanco Peru | |||||
| (2) Figures differ from those previously reported due to a change in the number of BCP Bolivia agents |
12.2.Loan Portfolio Quality
| GP Portfolio quality and Delinquency ratios (1) | As of | % change | |||
| S/000 | |||||
| Back to index | QoQ | YoY | |||
| Total loans (Quarter-end balance) | 17,036,408 | 9,511,132 | 7,092,370 | -25.4% | -58.4% |
| Allowance for loan losses | 200,713 | 138,827 | 135,849 | -2.1% | -32.3% |
| IOLs | 1,022,808 | 1,148,499 | 837,389 | -27.1% | -0.18 |
| IOL ratio | 6.00% | 12.08% | 11.81% | -27 bps | 581 bps |
| Allowance for loan losses over Total loans | 1.2% | 1.5% | 1.9% | 46 bps | 74 bps |
| Coverage ratio of NPLs | 19.6% | 12.1% | 16.2% | 413 bps | -340 bps |
| (1) Government Programs (GP) include Reactiva Peru and FAE. |
12.5.1.Credicorp Consolidated
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | CONSOLIDATED STATEMENT OF INCOME | |||||||||||||
| (In S/ thousands, IFRS) | (In S/ thousands, IFRS) | |||||||||||||
| Back to index | Back to index | |||||||||||||
| As of | % change | As of | % change | As of | % change | |||||||||
| Dic 22 | QoQ | YoY | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | 2022 | 2023 | |||||
| ASSETS | Interest income and expense | |||||||||||||
| Cash and due from banks | Interest and similar income | 3,172,346 | 4,362,142 | 4,456,106 | 2.2% | 40.5% | 3,172,346 | 4,456,106 | 40.5% | |||||
| Non-interest bearing | 6,748,517 | 7,286,624 | 6,946,112 | -4.7% | 2.9% | Interest and similar expenses | (740,639) | (1,227,364) | (1,324,017) | 7.9% | 78.8% | (740,639) | (1,324,017) | 78.8% |
| Interest bearing | 29,563,512 | 26,897,216 | 28,158,941 | 4.7% | -4.8% | Net interest, similar income and expenses | 2,431,707 | 3,134,778 | 3,132,089 | -0.1% | 28.8% | 2,431,707 | 3,132,089 | 28.8% |
| - 0 | - 0 | |||||||||||||
| Total cash and due from banks | 36,312,029 | 34,183,840 | 35,105,053 | 2.7% | -3.3% | Gross provision for credit losses on loan portfolio | (350,681) | (815,589) | (802,107) | -1.7% | 128.7% | (350,681) | (802,107) | 128.7% |
| Recoveries of written-off loans | 93,091 | 84,908 | 75,109 | -11.5% | -19.3% | 93,091 | 75,109 | -19.3% | ||||||
| Cash collateral, reverse repurchase agreements and securities borrowing | 1,516,855 | 1,101,856 | 1,468,180 | 33.2% | -3.2% | Provision for credit losses on loan portfolio, net of recoveries | (257,590) | (730,681) | (726,998) | -0.5% | 182.2% | (257,590) | (726,998) | 182.2% |
| - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Fair value through profit or loss investments | 4,628,870 | 4,199,334 | 4,080,266 | -2.8% | -11.9% | Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 2,174,117 | 2,404,097 | 2,405,091 | 0.0% | 10.6% | 2,174,117 | 2,405,091 | 10.6% |
| Fair value through other comprehensive income investments | 35,452,509 | 30,786,161 | 33,395,987 | 8.5% | -5.8% | - 0 | - 0 | |||||||
| Amortized cost investments | 8,064,050 | 10,445,729 | 10,253,251 | -1.8% | 27.1% | Other income | - 0 | - 0 | ||||||
| Fee income | 891,628 | 894,552 | 881,781 | -1.4% | -1.1% | 891,628 | 881,781 | -1.1% | ||||||
| Loans | 144,621,513 | 148,626,374 | 145,165,713 | -2.3% | 0.4% | Net gain on foreign exchange transactions | 259,710 | 293,215 | 248,515 | -15.2% | -4.3% | 259,710 | 248,515 | -4.3% |
| Current | 138,748,514 | 142,686,630 | 139,376,216 | -2.3% | 0.5% | Net loss on securities | (56,866) | 77,512 | 70,036 | -9.6% | n.a | (56,866) | 70,036 | n.a |
| Internal overdue loans | 5,872,999 | 5,939,744 | 5,789,497 | -2.5% | -1.4% | Net gain from associates | 24,014 | 25,422 | 27,212 | 7.0% | 13.3% | 24,014 | 27,212 | 13.3% |
| Less - allowance for loan losses | -8,262,383 | -7,872,402 | -7,915,350 | 0.5% | -4.2% | Net gain (loss) on derivatives held for trading | (5,982) | 5,857 | (6,570) | -212.2% | 9.8% | (5,982) | (6,570) | 9.8% |
| Loans, net | 136,359,130 | 140,753,972 | 137,250,363 | -2.5% | 0.7% | Net gain (loss) from exchange differences | (8,363) | 22,039 | 22,963 | 4.2% | -374.6% | (8,363) | 22,963 | -374.6% |
| Others | 135,257 | 19,630 | 84,127 | 328.6% | -37.8% | 135,257 | 84,127 | n.a | ||||||
| Financial assets designated at fair value through profit or loss | 856,337 | 768,801 | 795,225 | 3.4% | -7.1% | Total non-financial income | 1,239,398 | 1,338,227 | 1,328,064 | -0.8% | 7.2% | 146,703 | 88,406 | -39.7% |
| Accounts receivable from reinsurers and coinsurers | 174,982 | 110,963 | 107,619 | -3.0% | -38.5% | 1,239,398 | 1,328,064 | 7.2% | ||||||
| Premiums and other policyholder receivables | 873,505 | 921,611 | 842,865 | -8.5% | -3.5% | Insurance underwriting result | ||||||||
| Property, plant and equipment, net | 1,864,825 | 1,824,931 | 1,786,992 | -2.1% | -4.2% | Insurance Service Result | 309,258 | 331,030 | 406,877 | 22.9% | 31.6% | 309,258 | 406,877 | |
| Due from customers on acceptances | 524,448 | 699,678 | 496,170 | -29.1% | -5.4% | Reinsurance Result | (102,591) | (119,436) | (110,536) | -7.5% | 7.7% | (102,591) | (110,536) | |
| Investments in associates | 629,009 | 726,993 | 660,741 | -9.1% | 5.0% | Total insurance underwriting result | 206,667 | 211,594 | 296,341 | 40.1% | 43.4% | 206,667 | 296,341 | 43.4% |
| Intangible assets and goodwill, net | 2,703,238 | 2,899,429 | 2,942,367 | 1.5% | 8.8% | - 0 | - 0 | ERROR:#DIV/0! | ||||||
| Assets by insurance and reinsurance contracts | 1,010,081 | 1,033,241 | 1,020,986 | -1.2% | 1.1% | Total expenses | - 0 | - 0 | ERROR:#DIV/0! | |||||
| Other assets (1) | 6,901,336 | 6,293,599 | 8,118,268 | 29.0% | 17.6% | Salaries and employee benefits | (939,518) | (1,040,066) | (1,029,558) | -1.0% | 9.6% | (939,518) | (1,029,558) | |
| Administrative, general and tax expenses | (696,065) | (1,042,882) | (835,060) | -19.9% | 20.0% | (696,065) | (835,060) | |||||||
| Total Assets | 237,871,204 | 236,750,138 | 238,324,333 | 0.7% | 0.2% | Depreciation and amortization | (151,894) | (165,180) | (160,924) | -2.6% | 5.9% | (151,894) | (160,924) | 5.9% |
| Impairment loss on goodwill | - 0 | - 0 | - 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | - 0 | - 0 | ERROR:#DIV/0! | ||||||
| LIABILITIES AND EQUITY | Association in participation | (7,691) | (12,936) | (12,612) | -2.5% | 64.0% | (7,691) | (12,612) | 64.0% | |||||
| Deposits and obligations | Other expenses | (79,351) | (137,891) | (83,543) | -39.4% | 5.3% | (79,351) | (83,543) | ||||||
| Non-interest bearing | 50,939,859 | 43,346,151 | 41,596,964 | -4.0% | -18.3% | Total expenses | (1,874,519) | (2,398,955) | (2,121,697) | -11.6% | 13.2% | (1,874,519) | (2,121,697) | 13.2% |
| Interest bearing | 96,976,105 | 103,674,636 | 107,026,336 | 3.2% | 10.4% | - 0 | - 0 | ERROR:#DIV/0! | ||||||
| Total deposits and obligations | 147,915,964 | 147,020,787 | 148,623,300 | 1.1% | 0.5% | Profit before income tax | 1,745,663 | 1,554,963 | 1,907,799 | 22.7% | 9.3% | 1,745,663 | 1,907,799 | 9.3% |
| - 0 | - 0 | |||||||||||||
| Payables from repurchase agreements and securities lending | 19,388,995 | 12,966,725 | 11,686,495 | -9.9% | -39.7% | Income tax | (546,000) | (476,236) | (493,466) | 3.6% | -9.6% | (546,000) | (493,466) | -9.6% |
| BCRP instruments | 17,532,350 | 11,297,659 | 9,780,540 | -13.4% | -44.2% | - 0 | - 0 | |||||||
| Repurchase agreements with third parties | 1,218,028 | 976,020 | 1,206,574 | 23.6% | -0.9% | Net profit | 1,199,663 | 1,078,727 | 1,414,333 | 31.1% | 17.9% | 1,199,663 | 1,414,333 | 17.9% |
| Repurchase agreements with customers | 638,617 | 693,046 | 699,381 | 0.9% | 9.5% | Non-controlling interest | 27,786 | 24,231 | 30,060 | 24.1% | 8.2% | 27,786 | 30,060 | |
| Net profit attributable to |
1,171,877 | 1,054,496 | 1,384,273 | 31.3% | 18.1% | 1,171,877 | 1,384,273 | 18.1% | ||||||
| Due to banks and correspondents | 6,362,990 | 8,937,411 | 10,199,650 | 14.1% | 60.3% | - 0 | - 0 | ERROR:#DIV/0! | ||||||
| Bonds and notes issued | 16,044,671 | 17,007,194 | 14,313,030 | -15.8% | -10.8% | - 0 | - 0 | ERROR:#DIV/0! | ||||||
| Banker's acceptances outstanding | 524,448 | 699,678 | 496,170 | -29.1% | -5.4% | |||||||||
| Liabilities by insurance and reinsurance contracts | 11,984,619 | 11,974,714 | 12,291,538 | 2.6% | 2.6% | |||||||||
| Accounts payable to reinsurers | 414,506 | 420,094 | 343,067 | -18.3% | -17.2% | |||||||||
| Financial liabilities at fair value through profit or loss | 232,185 | 191,010 | 417,146 | 118.4% | 79.7% | (1) The acquisition cost of Pacífico iIncludes net fees and underwriting expenses. | ||||||||
| Other liabilities | 7,655,867 | 7,943,225 | 9,019,443 | 13.5% | 17.8% | |||||||||
| Total Liabilities | 210,524,245 | 207,160,838 | 207,389,839 | 0.1% | -1.5% | |||||||||
| Net equity | 26,818,054 | 28,997,731 | 30,359,898 | 4.7% | 13.2% | |||||||||
| Capital stock | 1,318,993 | 1,318,993 | 1,318,993 | 0.0% | 0.0% | |||||||||
| -207,700 | -207,518 | -208,041 | 0.3% | 0.2% | ||||||||||
| Capital surplus | 227,361 | 231,556 | 226,189 | -2.3% | -0.5% | |||||||||
| Reserves | 21,292,614 | 23,659,626 | 23,603,001 | -0.2% | 10.9% | |||||||||
| Unrealized gains and losses | -318,628 | -434,838 | -403,391 | -7.2% | 26.6% | |||||||||
| Retained earnings | 4,505,414 | 4,429,912 | 5,823,147 | 31.5% | 29.2% | |||||||||
| Non-controlling interest | 528,905 | 591,569 | 574,596 | -2.9% | 8.6% | |||||||||
| Total Net Equity | 27,346,959 | 29,589,300 | 30,934,494 | 4.5% | 13.1% | |||||||||
| Total liabilities and equity | 237,871,204 | 236,750,138 | 238,324,333 | 0.7% | 0.2% | |||||||||
| Off-balance sheet | 142,337,944 | 150,977,864 | 154,477,055 | 2.3% | 8.5% | |||||||||
| Total performance bonds, stand-by and L/Cs. | 21,196,817 | 20,928,054 | 18,731,789 | -10.5% | -11.6% | |||||||||
| Undrawn credit lines, advised but not committed | 80,155,277 | 86,597,041 | 87,232,214 | 0.7% | 8.8% | |||||||||
| Total derivatives (notional) and others | 40,985,850 | 43,452,769 | 48,513,052 | 11.6% | 18.4% | |||||||||
| (1) Includes mainly accounts receivables from brokerage and others. |
12.5.2 Credicorp Stand-alone
| Separate Statement of Financal Position | |||||
| (In S/ thousands, IFRS) | |||||
| Back to index | |||||
| As of | % change | ||||
| Dec22 | Mar23 | QoQ | YoY | ||
| ASSETS | |||||
| Cash and cash equivalents | 168,634 | 136,399 | 131,218 | -3.8% | -22.2% |
| At fair value through profit or loss | 947,826 | 958,939 | 949,378 | -1.0% | n.a |
| Fair value through other comprehensive income investments | 343,373 | 306,343 | 318,962 | 4.1% | -7.1% |
| In subsidiaries and associates investments | 31,647,183 | 33,878,318 | 35,207,564 | 3.9% | 11.3% |
| Loans | - 0 | 0.0% | 0.0% | ||
| Other assets | 106 | 135 | 69,217 | n.a | n.a |
| Total Assets | 33,107,122 | 35,280,134 | 36,676,339 | 4.0% | 10.8% |
| LIABILITIES AND |
|||||
| Due to banks, correspondents and other entities | - 0 | - 0 | - 0 | n.a. | n.a. |
| Dividends payable | - 0 | - 0 | - 0 | n.a. | n.a. |
| Bonds and notes issued | 1,850,185 | 1,898,066 | 1,885,839 | -0.6% | 1.9% |
| Other liabilities | 195,286 | 220,642 | 267,558 | 21.3% | 37.0% |
| Total Liabilities | 2,045,471 | 2,118,708 | 2,153,397 | 1.6% | 5.3% |
| NET EQUITY | |||||
| Capital stock | 1,318,993 | 1,318,993 | 1,318,993 | 0.0% | 0.0% |
| Capital Surplus | 384,542 | 384,542 | 384,542 | 0.0% | 0.0% |
| Reserve | 20,945,491 | 23,300,350 | 23,300,350 | 0.0% | 11.2% |
| Unrealized results | (638,233) | (835,079) | (592,006) | -29.1% | n.a. |
| Retained earnings | 9,050,858 | 8,992,620 | 10,111,063 | 12.4% | 11.7% |
| Total net equity | 31,061,651 | 33,161,426 | 34,522,942 | 4.1% | 11.1% |
| Total Liabilities And Equity | 33,107,122 | 35,280,134 | 36,676,339 | 4.0% | 10.8% |
| Quarter | % change | ||||
| 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |
| Interest income | |||||
| Net share of the income from investments in subsidiaries and associates | 1,236,032 | 1,115,614 | 1,439,211 | 29.0% | 16.4% |
| Interest and similar income | 298 | 1,040 | 300 | -71.2% | 0.7% |
| Net gain on financial assets at fair value through profit or loss | (26,898) | 32,597 | 3,759 | -88.5% | n.a |
| Total income | 1,209,432 | 1,149,251 | 1,443,270 | 25.6% | 19.3% |
| Interest and similar expense | (13,651) | (20,550) | (4,407) | -78.6% | -67.7% |
| Administrative and general expenses | (4,259) | (9,272) | (13,796) | 48.8% | 223.9% |
| Total expenses | (17,910) | (29,822) | (18,203) | -39.0% | 1.6% |
| Operating income | 1,191,522 | 1,119,429 | 1,425,067 | 27.3% | 19.6% |
| Net gain (losses) from exchange differences | (145) | 85 | (158) | -285.9% | 9.0% |
| Other, net | 232 | 106 | 102 | n.a | n.a |
| Profit before income tax | 1,191,609 | 1,119,620 | 1,425,011 | 27.3% | 19.6% |
| Income tax | (42,000) | (42,000) | (46,795) | 11.4% | 11.4% |
| Net income | 1,149,609 | 1,077,620 | 1,378,216 | 27.9% | 19.9% |
| Double Leverage Ratio | 101.89% | 102.16% | 101.98% | -18bps | 10bps |
12.5.3 BCP Consolidated
| BANCO DE CREDITO DEL |
BANCO DE CREDITO DEL |
BANCO DE CREDITO DEL |
||||||||||||||||
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | CONSOLIDATED STATEMENT OF INCOME | SELECTED FINANCIAL INDICATORS | ||||||||||||||||
| (In S/ thousands, IFRS) | (In S/ thousands, IFRS) | |||||||||||||||||
| Back to index | Back to index | Back to index | ||||||||||||||||
| As of | % change | Quarter | % change | As of | % change | Quarter | ||||||||||||
| QoQ | YoY | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | 2022 | 2023 | 2023 / 2022 | 1Q22 | 4Q22 | 1Q23 | ||||||
| ASSETS | Interest income and expense | Profitability | ||||||||||||||||
| Cash and due from banks | Interest and similar income | 2,712,960 | 3,821,770 | 3,902,811 | 2.1% | 43.9% | 2,712,960 | 3,902,811 | 43.9% | Earnings per share (1) | 0.089 | 0.082 | 0.097 | |||||
| Non-interest bearing | 4,959,579 | 5,780,728 | 5,456,302 | -5.6% | 10.0% | Interest and similar expenses | (494,035) | (913,761) | (994,836) | 8.9% | 101.4% | (494,035) | (994,836) | 101.4% | ROAA (2)(3) | 2.3% | 2.2% | 2.6% |
| Interest bearing | 28,253,501 | 25,594,929 | 26,924,509 | 5.2% | -4.7% | Net interest, similar income and expenses | 2,218,925 | 2,908,009 | 2,907,975 | -0.0% | 31.1% | 2,218,925 | 2,907,975 | 31.1% | ROAE (2)(3) | 22.7% | 18.8% | 22.5% |
| Total cash and due from banks | 33,213,080 | 31,375,657 | 32,380,811 | 3.2% | -2.5% | - 0 | - 0 | Net interest margin (2)(3) | 4.63% | 6.12% | 6.22% | |||||||
| Provision for credit losses on loan portfolio | (340,235) | (783,402) | (782,079) | -0.2% | 129.9% | (340,235) | (782,079) | 129.9% | Risk adjusted NIM (2)(3) | 4.10% | 4.64% | 4.70% | ||||||
| Cash collateral, reverse repurchase agreements and securities borrowing | 202,127 | 244,017 | 232,059 | -4.9% | 14.8% | Recoveries of written-off loans | 86,428 | 79,076 | 69,694 | -11.9% | -19.4% | 86,428 | 69,694 | -19.4% | Funding Cost (2)(3)(4) | 1.16% | 2.18% | 2.43% |
| Provision for credit losses on loan portfolio, net of recoveries | (253,807) | (704,326) | (712,385) | 1.1% | 180.7% | (253,807) | (712,385) | 180.7% | ||||||||||
| Fair value through profit or loss investments | 729,168 | 1,011 | 39,638 | 3820.7% | -94.6% | - 0 | - 0 | Quality of loan portfolio | ||||||||||
| Fair value through other comprehensive income investments | 20,202,882 | 15,260,159 | 17,702,831 | 16.0% | -12.4% | Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 1,965,118 | 2,203,683 | 2,195,590 | -0.4% | 11.7% | 1,965,118 | 2,195,590 | 11.7% | IOL ratio | 4.26% | 4.15% | 4.12% |
| Amortized cost investments | 7,538,562 | 9,831,983 | 9,661,389 | -1.7% | 28.2% | - 0 | - 0 | NPL ratio | 5.52% | 5.67% | 5.69% | |||||||
| Other income | - 0 | - 0 | Coverage of IOLs | 137.6% | 131.1% | 136.8% | ||||||||||||
| Loans | 132,578,949 | 136,046,442 | 132,290,495 | -2.8% | -0.2% | Fee income | 731,705 | 766,960 | 727,489 | -5.1% | -0.6% | 731,705 | 727,489 | -0.6% | Coverage of NPLs | 106.2% | 96.0% | 98.9% |
| Current | 126,930,472 | 130,396,010 | 126,846,139 | -2.7% | -0.1% | Net gain on foreign exchange transactions | 242,504 | 271,267 | 242,570 | -10.6% | 0.0% | 242,504 | 242,570 | 0.0% | Cost of risk (5) | 0.77% | 2.07% | 2.15% |
| Internal overdue loans | 5,648,477 | 5,650,432 | 5,444,356 | -3.6% | -3.6% | Net loss on securities | (1,898) | (9,162) | (2,584) | -71.8% | 36.1% | (1,898) | (2,584) | 36.1% | ||||
| Less - allowance for loan losses | (7,769,920) | (7,408,223) | (7,450,091) | 0.6% | -4.1% | Net gain (loss) on derivatives held for trading | (10,978) | 17,756 | 22,288 | 25.5% | n.a | (10,978) | 22,288 | -303.0% | Operating efficiency | |||
| Loans, net | 124,809,029 | 128,638,219 | 124,840,404 | -3.0% | 0.0% | Net gain (loss) from exchange differences | (17,051) | 3,265 | 4,308 | 31.9% | n.a | (17,051) | 4,308 | -125.3% | Oper. expenses as a percent. of total income - reported (6) | 42.8% | 43.3% | 39.2% |
| Others | 120,328 | 8,862 | 71,277 | 704.3% | -40.8% | 120,328 | 71,277 | -40.8% | Oper. expenses as a percent. of av. tot. assets (2)(3)(6) | 2.75% | 3.50% | 3.16% | ||||||
| Property, furniture and equipment, net (1) | 1,593,758 | 1,536,875 | 1,489,392 | -3.1% | -6.5% | Total other income | 1,064,610 | 1,058,948 | 1,065,348 | 0.6% | 0.1% | 1,064,610 | 1,065,348 | 0.1% | ||||
| Due from customers on acceptances | 524,448 | 699,678 | 496,170 | -29.1% | -5.4% | - 0 | - 0 | |||||||||||
| Investments in associates | 31,859 | 28,578 | 18,246 | -36.2% | -42.7% | Total expenses | - 0 | - 0 | Share Information | |||||||||
| Other assets (2) | 6,100,840 | 5,662,055 | 6,873,005 | 21.4% | 12.7% | Salaries and employee benefits | (694,339) | (768,578) | (750,011) | -2.4% | 8.0% | (694,339) | (750,011) | 8.0% | N° of outstanding shares (Million) | 12,973 | 12,973 | 12,973 |
| Administrative expenses | (532,560) | (810,501) | (645,131) | -20.4% | 21.1% | (532,560) | (645,131) | 21.1% | ||||||||||
| Total Assets | 194,945,753 | 193,278,232 | 193,733,945 | 0.2% | -0.6% | Depreciation and amortization | (126,426) | (139,688) | (134,267) | -3.9% | 6.2% | (126,426) | (134,267) | 6.2% | ||||
| Other expenses | (49,556) | (76,515) | (43,944) | -42.6% | -11.3% | (49,556) | (43,944) | -11.3% | (1) Shares outstanding of 12,176 million is used for all periods since shares have been issued only for capitalization of profits. | |||||||||
| Liabilities and Equity | Total expenses | (1,402,881) | (1,795,282) | (1,573,353) | -12.4% | 12.2% | (1,402,881) | (1,573,353) | 12.2% | |||||||||
| Deposits and obligations | - 0 | - 0 | (2) Ratios are annualized. | |||||||||||||||
| Non-interest bearing (1) | 45,297,294 | 39,399,007 | 37,978,204 | -3.6% | -16.2% | Profit before income tax | 1,626,847 | 1,467,349 | 1,687,585 | 15.0% | 3.7% | 1,626,847 | 1,687,585 | 3.7% | (3) Averages are determined as the average of period-beginning and period-ending balances. | |||
| Interest bearing (1) | 85,125,304 | 90,420,659 | 93,952,305 | 3.9% | 10.4% | - 0 | - 0 | (4) The funding costs differs from previously reported due to a methodoloy change in the denominator, which no longer includes the following accounts: acceptances outstanding, reserves for property and casualty claims, reserve for unearned premiums, reinsurance payable and other liabilities. | ||||||||||
| Total deposits and obligations | 130,422,598 | 129,819,666 | 131,930,509 | 1.6% | 1.2% | Income tax | (466,694) | (403,338) | (422,491) | 4.7% | -9.5% | (466,694) | (422,491) | -9.5% | ||||
| - 0 | - 0 | |||||||||||||||||
| Payables from repurchase agreements and securities lending | 18,064,487 | 11,843,594 | 10,318,686 | -12.9% | -42.9% | Net profit | 1,160,153 | 1,064,011 | 1,265,094 | 18.9% | 9.0% | 1,160,153 | 1,265,094 | 9.0% | (5) Cost of risk: Annualized provision for loan losses / Total loans. | |||
| BCRP instruments | 17,532,350 | 11,297,659 | 9,780,540 | -13.4% | -44.2% | Non-controlling interest | (5,157) | (2,318) | (1,112) | -52.0% | -78.4% | (5,157) | (1,112) | -78.4% | (6) Total income includes net interest income, fee income, net gain on foreign exchange transactions, result on exchange difference and net gain on derivatives. Operating expenses includes Salaries and social benefits, administrative, general and tax expenses and depreciation and amortization. | |||
| Repurchase agreements with third parties | 532,137 | 545,935 | 538,146 | -1.4% | 1.1% | Net profit attributable to BCP Consolidated | 1,154,996 | 1,061,693 | 1,263,982 | 19.1% | 9.4% | 1,154,996 | 1,263,982 | 9.4% | ||||
| Due to banks and correspondents | 5,872,463 | 8,539,195 | 9,647,935 | 13.0% | 64.3% | |||||||||||||
| Bonds and notes issued | 13,575,977 | 13,840,114 | 10,972,861 | -20.7% | -19.2% | |||||||||||||
| Banker's acceptances outstanding | 524,448 | 699,678 | 496,170 | -29.1% | -5.4% | |||||||||||||
| Financial liabilities at fair value through profit or loss | - 0 | 7,669 | 193,031 | 2417.0% | n.a | |||||||||||||
| Other liabilities (3) | 6,211,275 | 5,256,079 | 8,245,729 | 56.9% | 32.8% | |||||||||||||
| Total Liabilities | 174,671,248 | 170,005,995 | 171,804,921 | 1.1% | -1.6% | |||||||||||||
| Net equity | 20,140,022 | 23,121,902 | 21,777,751 | -5.8% | 8.1% | |||||||||||||
| Capital stock | 11,882,984 | 11,882,984 | 12,679,794 | 6.7% | 6.7% | |||||||||||||
| Reserves | 7,297,648 | 6,540,665 | 6,820,019 | 4.3% | -6.5% | |||||||||||||
| Unrealized gains and losses | (780,063) | (549,319) | (467,041) | -15.0% | -40.1% | |||||||||||||
| Retained earnings | 1,739,453 | 5,247,572 | 2,744,979 | -47.7% | 57.8% | |||||||||||||
| Non-controlling interest | 134,483 | 150,335 | 151,273 | 0.6% | 12.5% | |||||||||||||
| Total Net Equity | 20,274,505 | 23,272,237 | 21,929,024 | -5.8% | 8.2% | |||||||||||||
| Total liabilities and equity | 194,945,753 | 193,278,232 | 193,733,945 | 0.2% | -0.6% | |||||||||||||
| Off-balance sheet | 131,406,579 | 137,999,722 | 142,247,161 | 3.1% | 8.2% | |||||||||||||
| Total performance bonds, stand-by and L/Cs. | 19,638,213 | 19,737,892 | 17,932,260 | -9.1% | -8.7% | |||||||||||||
| Undrawn credit lines, advised but not committed | 70,893,784 | 75,276,664 | 76,157,911 | 1.2% | 7.4% | |||||||||||||
| Total derivatives (notional) and others | 40,874,582 | 42,985,166 | 48,156,990 | 12.0% | 17.8% | |||||||||||||
| (1) Right of use asset of lease contracts is included by application of IFRS 16. | ||||||||||||||||||
| (2) Mainly includes intangible assets, other receivable accounts and tax credit. | ||||||||||||||||||
| (3) Mainly includes other payable accounts. |
12.5.4 BCP Stand-alone
| STATEMENT OF FINANCIAL POSITION | STATEMENT OF INCOME | SELECTED FINANCIAL INDICATORS | ||||||||||||||||
| (In S/ thousands, IFRS) | (In S/ thousands, IFRS) | Back to index | ||||||||||||||||
| Back to index | Back to index | Quarter | ||||||||||||||||
| As of | % change | Quarter | % change | As of | % change | 1Q22 | 4Q22 | 1Q23 | ||||||||||
| QoQ | YoY | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | 2022 | 2023 | 2023 / 2022 | Profitability | ||||||||
| ASSETS | Interest income and expense | ROAA (2)(3) | 2.5% | 2.3% | 2.8% | |||||||||||||
| Cash and due from banks | Interest and dividend income | 2,120,216 | 3,119,180 | 3,205,509 | 2.8% | 51.2% | 2,120,216 | 3,205,509 | 51.2% | ROAE (2)(3) | 22.7% | 18.8% | 22.5% | |||||
| Non-interest bearing | 4,429,348 | 5,070,067 | 4,832,635 | -4.7% | 9.1% | Interest expense (1) | (414,863) | (751,858) | (817,056) | 8.7% | 96.9% | (414,863) | (817,056) | 96.9% | Net interest margin (2)(3) | 3.85% | 5.41% | 5.55% |
| Interest bearing | 27,448,742 | 24,573,419 | 26,052,997 | 6.0% | -5.1% | Net interest income | 1,705,353 | 2,367,322 | 2,388,453 | 0.9% | 40.1% | 1,705,353 | 2,388,453 | 40.1% | Risk adjusted NIM (2)(3) | 3.52% | 4.24% | 4.42% |
| Total cash and due from banks | 31,878,090 | 29,643,486 | 30,885,632 | 4.2% | -3.1% | Funding Cost (2)(3)(4) | 1.04% | 1.93% | 2.16% | |||||||||
| Provision for credit losses on loan portfolio | (202,768) | (564,240) | (532,192) | -5.7% | 162.5% | (202,768) | (532,192) | 162.5% | - 0 | - 0 | - 0 | |||||||
| Cash collateral, reverse repurchase agreements and securities borrowing | 202,127 | 244,017 | 232,059 | -4.9% | 14.8% | Recoveries of written-off loans | 56,125 | 53,602 | 47,417 | -11.5% | -15.5% | 56,125 | 47,417 | -15.5% | Quality of loan portfolio | |||
| Provision for credit losses on loan portfolio, net of recoveries | (146,643) | (510,638) | (484,775) | -5.1% | 230.6% | (146,643) | (484,775) | 230.6% | IOL ratio | 3.89% | 3.93% | 3.96% | ||||||
| Fair value through profit or loss investments | 729,168 | 1,011 | 39,638 | 3820.7% | -94.6% | NPL ratio | 5.22% | 5.53% | 5.61% | |||||||||
| Fair value through other comprehensive income investments | 18,749,758 | 14,098,087 | 16,582,128 | 17.6% | -11.6% | Risk-adjusted net interest income | 1,558,710 | 1,856,684 | 1,903,678 | 2.5% | 22.1% | 1,558,710 | 1,903,678 | 22.1% | Coverage of IOLs | 141.1% | 131.6% | 135.1% |
| Amortized cost investments | 7,249,994 | 9,534,621 | 9,369,229 | -1.7% | 29.2% | Coverage of NPLs | 105.2% | 93.5% | 95.3% | |||||||||
| Other income | Cost of risk (5) | 0.49% | 1.65% | 1.62% | ||||||||||||||
| Loans | 120,541,004 | 123,707,601 | 119,751,399 | -3.2% | -0.7% | Fee income | 706,861 | 741,992 | 698,207 | -5.9% | -1.2% | 706,861 | 698,207 | -1.2% | ||||
| Current | 115,852,249 | 118,841,510 | 115,009,487 | -3.2% | -0.7% | Net gain on foreign exchange transactions | 238,738 | 267,859 | 239,547 | -10.6% | 0.3% | 238,738 | 239,547 | 0.3% | Operating efficiency | |||
| Internal overdue loans | 4,688,755 | 4,866,091 | 4,741,912 | -2.6% | 1.1% | Net gain (losses) on securities | 90,463 | 37,096 | 26,998 | -27.2% | -70.2% | 90,463 | 26,998 | -70.2% | Oper. expenses as a percent. of total income - reported (6) | 40.7% | 41.9% | 36.7% |
| Less - allowance for loan losses | (6,616,033) | (6,402,939) | (6,404,541) | 0.0% | -3.2% | Net gain from associates | 5,701 | (864) | (7,269) | 741.3% | -227.5% | 5,701 | (7,269) | -227.5% | Oper. expenses as a percent. of av. tot. assets (2)(3)(6) | 2.32% | 3.09% | 2.72% |
| Loans, net | 113,924,971 | 117,304,662 | 113,346,858 | -3.4% | -0.5% | Net gain (losses) on derivatives held for trading | (9,976) | 9,957 | 20,553 | 106.4% | -306.0% | (9,976) | 20,553 | n.a | ||||
| Net gain (losses) from exchange differences | (10,017) | 4,812 | 4,691 | -2.5% | -146.8% | (10,017) | 4,691 | n.a | (1) Ratios are annualized. | |||||||||
| Property, furniture and equipment, net (1) | 1,314,065 | 1,281,645 | 1,238,722 | -3.3% | -5.7% | Others | 110,750 | 9,937 | 68,255 | 586.9% | -38.4% | 110,750 | 68,255 | -38.4% | (2) Averages are determined as the average of period-beginning and period-ending balances. | |||
| Due from customers on acceptances | 524,448 | 699,678 | 496,170 | -29.1% | -5.4% | Total other income | 1,132,520 | 1,070,789 | 1,050,982 | -1.8% | -7.2% | 1,132,520 | 1,050,982 | -7.2% | (3) The funding costs differs from previously reported due to a methodology change in the denominator, which no longer includes the following accounts: acceptances outstanding, reserves for property and casualty claims, reserve for unearned premiums, reinsurance payable and other liabilities. | |||
| Investments in associates | 2,429,540 | 2,730,184 | 2,736,368 | 0.2% | 12.6% | |||||||||||||
| Other assets (2) | 5,360,983 | 5,071,892 | 6,203,938 | 22.3% | 15.7% | Total expenses | ||||||||||||
| Salaries and employee benefits | (501,213) | (564,902) | (546,048) | -3.3% | 8.9% | (501,213) | (546,048) | 8.9% | (4) Cost of risk: Annualized provision for loan losses / Total loans. | |||||||||
| Total Assets | 182,363,144 | 180,609,283 | 181,130,742 | 0.3% | -0.7% | Administrative expenses | (463,927) | (736,377) | (571,780) | -22.4% | 23.2% | (463,927) | (571,780) | 23.2% | (5) Total income includes net interest income, fee income, net gain on foreign exchange transactions, result on exchange difference and net gain on derivatives. Operating expenses includes Salaries and social benefits, administrative, general and tax expenses and depreciation and amortization. | |||
| Depreciation and amortization (2) | (105,859) | (119,047) | (112,872) | -5.2% | 6.6% | (105,859) | (112,872) | 6.6% | ||||||||||
| Liabilities and Equity | Other expenses | (43,686) | (59,997) | (39,563) | -34.1% | -9.4% | (43,686) | (39,563) | -9.4% | |||||||||
| Deposits and obligations | Total expenses | (1,114,685) | (1,480,323) | (1,270,263) | -14.2% | 14.0% | (1,114,685) | (1,270,263) | 14.0% | |||||||||
| Non-interest bearing | 45,294,239 | 39,395,493 | 37,968,322 | -3.6% | -16.2% | |||||||||||||
| Interest bearing | 76,416,598 | 81,232,946 | 84,477,317 | 4.0% | 10.5% | Profit before income tax | 1,576,545 | 1,447,150 | 1,684,397 | 16.4% | 6.8% | 1,576,545 | 1,684,397 | 6.8% | ||||
| Total deposits and obligations | 121,710,837 | 120,628,439 | 122,445,639 | 1.5% | 0.6% | - 0 | ||||||||||||
| Income tax | (420,120) | (385,123) | (420,795) | 9.3% | 0.2% | (420,120) | (420,795) | 0.2% | ||||||||||
| Payables from repurchase agreements and securities lending | 16,093,566 | 10,879,734 | 9,578,869 | -12.0% | -40.5% | |||||||||||||
| BCRP instruments | 15,561,430 | 10,333,799 | 9,040,723 | -12.5% | -41.9% | Net profit attributable to BCP Stand-alone | 1,156,425 | 1,062,027 | 1,263,602 | 19.0% | 9.3% | 1,156,425 | 1,263,602 | 9.3% | ||||
| Repurchase agreements with third parties | 532,137 | 545,935 | 538,146 | -1.4% | 1.1% | |||||||||||||
| Due to banks and correspondents | 4,905,616 | 7,251,352 | 8,535,930 | 17.7% | 74.0% | |||||||||||||
| Bonds and notes issued | 13,319,276 | 13,287,386 | 10,396,500 | -21.8% | -21.9% | |||||||||||||
| Banker's acceptances outstanding | 524,448 | 699,678 | 496,170 | -29.1% | -5.4% | (1) As of 2019, financing expenses related to lease agreements is included according to the application of IFRS 16. | ||||||||||||
| Financial liabilities at fair value through profit or loss | - 0 | 7,669 | 193,031 | 2417.0% | n.a. | (2) From this quarter, the effect is being incorporated by the application of IFRS 16, which corresponds to a greater depreciation for the asset for right-of-use". Likewise, the expenses related to the depreciation of improvements in building for rent is being reclassified to the item "Other expenses". | ||||||||||||
| Other liabilities (3) | 5,668,164 | 4,731,200 | 7,705,309 | 62.9% | 35.9% | |||||||||||||
| Total Liabilities | 162,221,907 | 157,485,458 | 159,351,448 | 1.2% | -1.8% | |||||||||||||
| Net equity | 20,141,237 | 23,123,825 | 21,779,294 | -5.8% | 8.1% | |||||||||||||
| Capital stock | 11,882,984 | 11,882,984 | 12,679,794 | 6.7% | 6.7% | |||||||||||||
| Reserves | 7,297,648 | 6,540,665 | 6,820,019 | 4.3% | -6.5% | |||||||||||||
| Unrealized gains and losses | (780,063) | (549,319) | (467,041) | -15.0% | -40.1% | |||||||||||||
| Retained earnings | 1,740,668 | 5,249,495 | 2,746,522 | -47.7% | 57.8% | |||||||||||||
| Total Net Equity | 20,141,237 | 23,123,825 | 21,779,294 | -5.8% | 8.1% | |||||||||||||
| Total liabilities and equity | 182,363,144 | 180,609,283 | 181,130,742 | 0.3% | -0.7% | |||||||||||||
| Off-balance sheet | 127,873,817 | 134,450,003 | 138,810,501 | 3.2% | 8.6% | |||||||||||||
| Total performance bonds, stand-by and L/Cs. | 19,638,213 | 19,738,086 | 17,932,454 | -9.1% | -8.7% | |||||||||||||
| Undrawn credit lines, advised but not committed | 68,137,602 | 73,473,563 | 73,838,085 | 0.5% | 8.4% | |||||||||||||
| Total derivatives (notional) and others | 40,098,002 | 41,238,354 | 47,039,962 | 14.1% | 17.3% | |||||||||||||
| (1) Mainly includes intangible assets, other receivable accounts and tax credit. | ||||||||||||||||||
| (2) Mainly includes other payable accounts. |
12.5.5 BCP Bolivia
| BCP |
|||||
| (In S/ thousands, IFRS) | |||||
| Back to index | |||||
| As of | % change | ||||
| QoQ | YoY | ||||
| ASSETS | |||||
| Cash and due from banks | 2,220,657 | 1,945,704 | 1,979,856 | 1.8% | -10.8% |
| Investments | 1,598,725 | 1,526,954 | 1,668,326 | 9.3% | 4.4% |
| Total loans | 8,890,948 | 9,253,908 | 9,362,120 | 1.2% | 5.3% |
| Current | 8,688,239 | 8,997,604 | 9,108,055 | 1.2% | 4.8% |
| Internal overdue loans | 170,937 | 231,247 | 228,195 | -1.3% | 33.5% |
| Refinanced | 31,772 | 25,057 | 25,869 | 3.2% | -18.6% |
| Allowance for loan losses | -404,078 | -397,602 | -392,762 | -1.2% | -2.8% |
| Net loans | 8,486,870 | 8,856,305 | 8,969,357 | 1.3% | 5.7% |
| Property, plant and equipment, net | 62,645 | 63,957 | 63,692 | -0.4% | 1.7% |
| Other assets | 368,350 | 304,873 | 290,842 | -4.6% | -21.0% |
| Total assets | 12,737,246 | 12,697,793 | 12,972,073 | 2.2% | 1.8% |
| LIABILITIES AND |
|||||
| Deposits and obligations | 10,678,175 | 10,985,892 | 10,836,041 | -1.4% | 1.5% |
| Due to banks and correspondents | 89,938 | 77,909 | 81,653 | 4.8% | -9.2% |
| Bonds and subordinated debt | 171,787 | 99,065 | 94,607 | -4.5% | -44.9% |
| Other liabilities | 1,007,946 | 675,099 | 1,109,657 | 64.4% | 10.1% |
| Total liabilities | 11,947,847 | 11,837,965 | 12,121,958 | 2.4% | 1.5% |
| Net equity | 789,399 | 859,828 | 850,115 | -1.1% | 7.7% |
| TOTAL LIABILITIES AND |
12,737,246 | 12,697,793 | 12,972,073 | 2.2% | 1.8% |
| Quarter | % change | ||||
| 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |
| Net interest income | 81,157 | 78,977 | 82,670 | 4.7% | 1.9% |
| Provision for loan losses, net of recoveries | 2,858 | -17,126 | -3,349 | -80.4% | -217.2% |
| Net interest income after provisions | 84,015 | 61,850 | 79,321 | 28.2% | -5.6% |
| Non-financial income | 39,645 | 46,134 | 45,306 | -1.8% | 14.3% |
| Total expenses | -72,563 | -84,186 | -92,549 | 9.9% | 27.5% |
| Translation result | 17 | 188 | -51 | -127.1% | -399.7% |
| Income taxes | -30,640 | -7,228 | -11,290 | 56.2% | -63.2% |
| Net income | 20,474 | 16,759 | 20,738 | 23.7% | 1.3% |
| Efficiency ratio | 59.1% | 63.4% | 59.3% | -411 pbs | 26 pbs |
| ROAE | 10.1% | 7.7% | 9.7% | 196 pbs | -39 pbs |
| L/D ratio | 83.3% | 84.2% | 86.4% | 217 pbs | 314 pbs |
| IOL ratio | 1.92% | 2.50% | 2.44% | -6 pbs | 52 pbs |
| NPL ratio | 2.28% | 2.77% | 2.71% | -6 pbs | 43 pbs |
| Coverage of IOLs | 236.39% | 171.94% | 172.12% | 18 pbs | -6427 pbs |
| Coverage of NPLs | 199.34% | 155.13% | 154.59% | -54 pbs | -4475 pbs |
| Branches | 45 | 45 | 46 | 1 | 1 |
| Agentes | 1078 | 1355 | 1355 | 0 | 277 |
| ATMs | 310 | 312 | 313 | 1 | 3 |
| Employees | 1,586 | 1,696 | 1,690 | -6 | 104 |
12.5.6. Mibanco
| MIBANCO | |||||
| (In S/ thousands, IFRS) | |||||
| Back to index | |||||
| As of | % change | ||||
| QoQ | YoY | ||||
| ASSETS | |||||
| Cash and due from banks | 1,400,085 | 1,850,881 | 1,733,556 | -6.3% | 23.8% |
| Investments | 1,746,228 | 1,459,434 | 1,412,863 | -3.2% | -19.1% |
| Total loans | 13,983,905 | 14,089,071 | 14,006,154 | -0.6% | 0.2% |
| Current | 12,965,841 | 13,228,543 | 13,204,563 | -0.2% | 1.8% |
| Internal overdue loans | 951,029 | 776,023 | 696,787 | -10.2% | -26.7% |
| Refinanced | 67,035 | 84,505 | 104,805 | 24.0% | 56.3% |
| Allowance for loan losses | -1,146,067 | -998,261 | -1,040,487 | 4.2% | -9.2% |
| Net loans | 12,837,838 | 13,090,810 | 12,965,667 | -1.0% | 1.0% |
| Property, plant and equipment, net | 139,875 | 133,756 | 131,164 | -1.9% | -6.2% |
| Other assets | 854,944 | 691,093 | 753,989 | 9.1% | -11.8% |
| Total assets | 16,978,970 | 17,225,973 | 16,997,238 | -1.3% | 0.1% |
| LIABILITIES AND |
|||||
| Deposits and obligations | 8,782,960 | 9,315,188 | 9,577,206 | 2.8% | 9.0% |
| Due to banks and correspondents | 2,952,092 | 3,074,234 | 2,759,826 | -10.2% | -6.5% |
| Bonds and subordinated debt | 256,701 | 552,728 | 576,360 | 4.3% | 124.5% |
| Other liabilities | 2,523,136 | 1,502,258 | 1,282,571 | -14.6% | -49.2% |
| Total liabilities | 14,514,889 | 14,444,408 | 14,195,963 | -1.7% | -2.2% |
| Net equity | 2,464,082 | 2,781,565 | 2,801,275 | 0.7% | 13.7% |
| TOTAL LIABILITIES AND |
16,978,970 | 17,225,973 | 16,997,238 | -1.3% | 0.1% |
| Quarter | % change | ||||
| 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |
| Net interest income | 512,222 | 539,510 | 518,763 | -3.8% | 1.3% |
| Provision for loan losses, net of recoveries | -105,337 | -194,245 | -227,369 | 17.1% | 115.8% |
| Net interest income after provisions | 406,885 | 345,266 | 291,394 | -15.6% | -28.4% |
| Non-financial income | 30,620 | 35,755 | 36,337 | 1.6% | 18.7% |
| Total expenses | -288,029 | -316,253 | -302,982 | -4.2% | 5.2% |
| Translation result | 0 | 0 | 0 | 0.0% | 0.0% |
| Income taxes | -46,540 | -17,814 | -1,607 | -91.0% | -96.5% |
| Net income | 102,935 | 46,954 | 23,142 | -50.7% | -77.5% |
| Efficiency ratio | 53.3% | 52.5% | 54.4% | 188 bps | 111 bps |
| ROAE | 17.1% | 6.8% | 3.3% | -350 bps | -1374 bps |
| ROAE incl. Goowdill | 16.3% | 6.5% | 3.2% | -333 bps | -1317 bps |
| L/D ratio | 159.2% | 151.2% | 146.2% | -500 bps | -1297 bps |
| IOL ratio | 6.8% | 5.5% | 5.0% | -53 bps | -183 bps |
| NPL ratio | 7.3% | 6.1% | 5.7% | -38 bps | -156 bps |
| Coverage of IOLs | 120.5% | 128.6% | 149.3% | 2069 bps | 2882 bps |
| Coverage of NPLs | 112.6% | 116.0% | 129.8% | 1380 bps | 1723 bps |
| Branches (1) | 310 | 297 | 296 | -1 | -14 |
| Employees | 9,810 | 9,725 | 9,904 | 179 | 94 |
12.5.7. Prima AFP
| Quarter | % change | As of | % change | |||||
| Back to index | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Income from commissions | 93,192 | 87,868 | 89,532 | 1.9% | -3.9% | 93,192 | 89,532 | -3.9% |
| Administrative and sale expenses | (43,800) | (36,063) | (38,986) | 8.1% | -11.0% | (43,800) | (38,986) | -11.0% |
| Depreciation and amortization | (6,215) | (5,603) | (6,194) | 10.5% | -0.3% | (6,215) | (6,194) | -0.3% |
| Operating income | 43,178 | 46,202 | 44,352 | -4.0% | 2.7% | 43,178 | 44,352 | 2.7% |
| Other income and expenses, net (profitability of lace)* | (4,133) | 6,203 | 8,742 | 40.9% | -311.5% | (4,133) | 8,742 | -311.5% |
| Income tax | (13,194) | (12,302) | (13,295) | 8.1% | 0.8% | (13,194) | (13,295) | 0.8% |
| Net income before translation results | 25,851 | 40,103 | 39,799 | -0.8% | 54.0% | 25,851 | 39,799 | 54.0% |
| Translations results | (1,416) | 151 | (41) | -127.3% | -97.1% | (1,416) | (41) | -97.1% |
| Net income | 24,434 | 40,254 | 39,758 | -1.2% | 62.7% | 24,434 | 39,758 | 62.7% |
| ROAE (1) | 19.8% | 33.8% | 35.9% | 208 pbs | 1604 pbs | 19.8% | 35.9% | 1604 pbs |
| (*) The net profitability of lace and mutual funds is being presented net of taxes, for which the retroactive change was made (it was presented gross before) | ||||||||
| (1) Net shareholders' equity includes unrealized gains from Prima's investment portfolio. | ||||||||
| Quarter | % change | |||||||
| 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | ||||
| Total assets | 872,173 | 734,967 | 790,586 | 7.6% | -9.4% | |||
| Total liabilities | 460,279 | 238,178 | 400,483 | 68.1% | -13.0% | |||
| Net shareholders' equity (1) | 411,894 | 496,789 | 390,103 | -21.5% | -5.3% | |||
| (*) The net profitability of lace and mutual funds is being presented net of taxes, for which the retroactive change was made (it was presented gross before) | ||||||||
| (1) Net shareholders' equity includes unrealized gains from Prima's investment portfolio. | ||||||||
| Funds under management | % share | Mar-23 | % share | |||||
| Fund 0 | 1,350 | 4.24% | 1,403 | 4.26% | ||||
| Fund 1 | 5,316 | 16.69% | 5,533 | 16.80% | ||||
| Fund 2 | 21,384 | 67.14% | 22,256 | 67.59% | ||||
| Fund 3 | 3,800 | 11.93% | 3,736 | 11.35% | ||||
| Total S/ Millions | 31,850 | 100.00% | 32,928 | 100.00% | ||||
| Source: SBS | ||||||||
| Nominal profitability over the last 12 months | ||||||||
| Fund 0 | 5.2% | 6.4% | ||||||
| Fund 1 | -5.3% | 1.0% | ||||||
| Fund 2 | -7.0% | -2.2% | ||||||
| Fund 3 | -8.2% | -11.2% | ||||||
| (1) Information available until February. | ||||||||
| Main indicators and market share | Prima 4Q22 | System 4Q22 | % share 4Q22 | Prima 1Q23 | System 1Q23 (3) | % share 1Q23 | ||
| Affiliates | 2,344,701 | 8,816,304 | 26.6% | 2,343,434 | 8,905,304 | 26.3% | ||
| New affiliations (1) | - 0 | 136,632 | 0.0% | - 0 | 91,429 | 0.0% | ||
| Funds under management (S/ Millions) | 31,850 | 105,863 | 30.1% | 32,382 | 107,712 | 30.1% | ||
| Collections (S/ Millions) | 1,005 | 3,620 | 27.8% | 664 | 2,365 | 28.1% | ||
| Voluntary contributions (S/ Millions) | 781 | 2,110 | 37.0% | 800 | 2,087 | 38.3% | ||
| RAM Flow (S/ Millions) (2) | 1,340 | 4,452 | 30.1% | 1,382 | 4,590 | 30.1% | ||
| Source: SBS | ||||||||
| (1) As of |
||||||||
| (2) |
||||||||
| (3) Information available until |
12.5.8. Grupo Pacifico
| GRUPO PACIFICO * | ||||||||
| (S/ in thousands ) | ||||||||
| Back to index | ||||||||
| As of | % change | |||||||
| Dic 22 | QoQ | YoY | ||||||
| Total assets | 15,600,882 | 15,302,437 | 16,302,041 | 6.3% | 4.5% | |||
| Invesment on securities (6) | 10,525,652 | 11,776,123 | 11,191,968 | 6.9% | 6.3% | |||
| Total Liabilities | 13,433,886 | 11,715,964 | 13,857,430 | 18.0% | 3.2% | |||
| Net equity | 2,149,890 | 2,104,227 | 2,431,696 | 15.6% | 13.1% | |||
| Quarter | % change | YTD | % change | |||||
| 1Q22 | 3Q22 | 1Q23 | QoQ | YoY | Mar22 | Mar23 | ||
| Insurance Service Result | 209,092 | 296,390 | 41.8% | 721,005 | 824,514 | 14.4% | ||
| Reinsurance Result | (102,591) | 6,494 | (114,009) | -1855.7% | 11.1% | -524,729 | -546,652 | 4.2% |
| Insurance underwriting result | 106,501 | 1,603 | 182,381 | N/A | 71.2% | 196,276 | 277,861 | 41.6% |
| Interest income | 170,571 | 753,089 | 189,963 | -74.8% | 11.4% | -99,950 | -110,370 | 10.4% |
| Interest Expenses | (108,711) | (478,040) | (102,453) | -78.6% | -5.8% | 96,326 | 167,491 | 73.9% |
| Net Interes Income | 61,860 | (160,758) | 87,510 | -154.4% | 41.5% | -113,204 | -120,029 | 6.0% |
| Fee Income and Gain in FX | (2,863) | (3,184) | ERROR:#DIV/0! | 11.2% | ||||
| Other Income No Core: | ERROR:#DIV/0! | 148,028 | 193,298 | 30.6% | ||||
| Net gain (loss) from exchange differences | 3,360 | (1,343) | ERROR:#DIV/0! | -140.0% | ||||
| Net loss on securities and associates | (10,387) | 30,090 | ERROR:#DIV/0! | -389.7% | -36,946 | -38,847 | 5.1% | |
| Other Income not operational | 11,313 | 12,501 | 10.5% | 3,360 | -1,343 | -140.0% | ||
| Other Income | 1,423 | 38,064 | ERROR:#DIV/0! | N/A | 16,125 | 31,850 | 97.5% | |
| Operating expenses | (58,769) | 17,393 | (64,268) | -469.5% | 9.4% | -7,691 | -12,612 | 64.0% |
| Other expenses | (984) | (9,999) | 654 | -106.5% | -166.5% | - 0 | - 0 | n.a. |
| Total Expenses | (59,753) | (3,028) | (63,614) | N/A | 6.5% | |||
| Income tax | (2,684) | (3,200) | 19.2% | 105,997 | 219,808 | 107.4% | ||
| Net Income | 107,347 | 159,402 | 241,141 | 51.3% | 124.6% |
12.5.9. IB & WM
| Investment Banking and Wealth Management | Quarter | % change | As of | % change | ||||
| S/000 | ||||||||
| Back to index | 1Q22 | 4Q22 | 1Q23 | QoQ | YoY | |||
| Net interest income | 19,340 | 22,012 | 22,042 | 0.1% | 14% | 19,340 | 22,042 | 14.0% |
| Non-financial income | 179,997 | 190,667 | 192,785 | 1.1% | 7.1% | 179,997 | 192,785 | 7.1% |
| Fee income | 137,586 | 124,761 | 122,861 | -1.5% | -10.7% | 137,586 | 122,861 | -10.7% |
| Net gain on foreign exchange transactions | 10,646 | 9,758 | 16,084 | 64.8% | 51.1% | 10,646 | 16,084 | 51.1% |
| Net gain on sales of securities | 10,696 | 42,349 | 51,902 | 22.6% | 385.2% | 10,696 | 51,902 | 385.2% |
| Derivative Result | 10,841 | -11,908 | -28,858 | 142.3% | -366.2% | 10,841 | -28,858 | -366.2% |
| Result from exposure to the exchange rate | 2,227 | 19,483 | 22,997 | 18.0% | n.a | 2,227 | 22,997 | n.a |
| Other income | 8,001 | 6,224 | 7,799 | 25.3% | -2.5% | 8,001 | 7,799 | -2.5% |
| Operating expenses (1) | -162,258 | -163,684 | -163,109 | -0.4% | 0.5% | -162,258 | -163,109 | 0.5% |
| Operating income | 37,079 | 48,995 | 51,718 | 5.6% | 39.5% | 37,079 | 51,718 | 39.5% |
| Income taxes | -1,548 | -12,803 | -7,611 | -40.6% | 391.7% | -1,548 | -7,611 | 391.7% |
| Non-controlling interest | 757 | -2,829 | -175 | -93.8% | -123.1% | 757 | -175 | -123.1% |
| Net income | 34,774 | 39,021 | 44,282 | 13.5% | 27.3% | 34,774 | 44,282 | 27.3% |
| * Unaudited results. | ||||||||
| (1) Includes: Salaries and employees benefits + Administrative expenses + Assigned expenses + Depreciation and amortization + Tax and contributions + Other expenses. |
Attachments
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non-financial group report 2022
BERKSHIRE HATHAWAY INC – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations
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