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What were the key takeaways from Credicorp's earnings call?

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- **Record Performance**: Q3 ROE 19.6%, NIM 6.6%, 7% loan growth vs. 3.4% GDP. 
- **Digital Growth Engine**: Yape at 15.5M users, 20%+ rev growth YoY. Target 18M users & $300M rev by 2028.
- **Resilience & Discipline**: 46.4% efficiency ratio, 1.7% cost of risk. 2025 guidance: ROE ~19%, 6.5% loan growth.
- **Strategic Opportunities**: Bolivia pivot to pro-market gov, $100M+ annual lending potential. 2026 elections unlikely to derail 3%+ GDP.
- **Capital Return**: 58% 2025 payout, targeting high 60s%+ in 2026+ with regular dividend hikes.

**【CEO Summary Section】**
- Emphasized three strategic pillars: digital ecosystem scalability, cross-business synergies, and disciplined execution. 
- Highlighted 30-year track record of resilience, with 14%+ total shareholder return vs. peers.
- Q3 2025 ROE of 19.6%, targeting 19.5% medium-term. 
- Political uncertainty in Peru (7th leadership transition in 10 years) but stable macroeconomic fundamentals (3.4% GDP growth, 1.8% inflation). 
- Yape platform now at 15.5M monthly users (82% of addressable market), with 20%+ revenue growth YoY.

**【CFO Financial Commentary】**
- Q3 2025: 
  - ROE 19.6%, within guidance
  - NIM 6.6% (up 9bps YoY)
  - Loan growth 7% YoY (FX-neutral)
  - Other core income +11.9% YoY (driven by Yape, FX gains)
  - Efficiency ratio 46.4%
- 2025 guidance: 
  - ROE ~19%
  - Loan growth 6.5% YoY
  - NIM stable
  - Cost of risk ~1.8%
- Bolivia revaluation reduced assets by 2.1%, but core Peru business resilient.

**【Q&A Highlights】**
- **Asset Quality**: NPLs at 4.8%, cost of risk 1.7% (down 101bps YoY). Expect gradual increase in 2026 as higher-yield lending expands.
- **Operating Expenses**: 2025 OpEx growth 12.8% (disruptive initiatives 83%). 2026 core OpEx growth to slow, innovation spend maintained.
- **Yape Growth**: Target 18M users by 2028, tripling revenue to $300M+. Lending now 20% of Yape revenue, multi-installment loans profitable.
- **Bolivia Outlook**: New pro-market government could unlock growth; Credicorp sees optionality in $100M+ annual lending potential.
- **Dividends**: 2025 payout 58%, targeting high 60s%+ in 2026+ with regular dividend increases.
- **Political Risks**: 2026 elections unlikely to derail 3-3.5% GDP growth; 2025 pension withdrawals (~$2.5B) to boost consumption but slow loan growth 0.5pts in 2026.


Credicorp Ltd.(BAP)-20251114-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BAP

BAP fundamentals

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