EX-99.1 2 ef20043470_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Table of Contents

| Operating and Financial Highlights | 03
| Senior Management Quotes | 05
| Fourth Quarter 2024 Earnings Conference Call | 06
| Summary of Financial Performance and Outlook | 07
| Financial Overview | 12
| Credicorp’s Strategy Update | 13
| Analysis of 4Q24 Consolidated Results |

| 01 | Loan Portfolio | 17
| 02 | Deposits | 20
| 03 | Interest Earning Assets and Funding | 23
| 04 | Net Interest Income (NII) | 24
| 05 | Portfolio Quality and Provisions | 27
| 06 | Other Income | 31
| 07 | Insurance Underwriting Results | 35
| 08 | Operating Expenses | 37
| 09 | Operating Efficiency | 39
| 10 | Regulatory Capital | 40
| 11 | Economic Outlook | 42
| 12 | Appendix | 46

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp Ltd. Reports Financial and Operating Results for 4Q24
Strong 4Q24 performance, with positive operational trends supported by improved CoR, a resilient margin and diversified non-interest revenue streams
NIM at 6.34% underpinned by our low-cost funding advantage and disciplined interest rate management strategy
Yape reached 13.7 million monthly active users, maintaining its growth trajectory toward the 2026 target of 16.5 million.
FY24 Net Income reached a historic high with ROE at 16.5%, or 17.2% excluding extraordinary items related to the Sartor case, in line with guidance
Lima, Peru – February 10, 2025 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama today reported its unaudited results for the quarter ended December 31, 2024. Financial results are expressed in Soles and are presented in accordance with IFRS.
4Q24 OPERATING AND FINANCIAL HIGHLIGHTS

| • | Net Income attributed to Credicorp declined 26.1% QoQ, but increased 33.8% YoY to S/1,126.7 million. As a result, ROE stood at 13.3%, impacted by a 259 million soles one-offs related to Sartor case. FY24 net income increased 13.1% YoY to a record high of S/5,501 million, with ROE reaching 16.5% and 17.2% when excluding the above- mentioned one-time charge.

| • | Total Loans, measured in average daily balances (ADB) expanded by 0.7% QoQ, driven mainly by short-term corporate loans, government program loans at SME-Business and Mortgages - marking an inflection point. YoY, total loans declined 0.5% mainly due to stricter credit policies at Mibanco, higher amortizations of short-term Middle Market banking loans, and a decrease in long-term SME-Pyme disbursements.

| • | Total Deposits increased by 4.8% QoQ due to a seasonal increase in savings deposits, and 9.6% YoY driven by Low- Cost deposits, in the context of higher system liquidity. Low-cost deposits accounted for 69.4% of total deposits.

| • | NPL Ratio improved 60 bps QoQ and 63 bps YoY to 5.3%, which reflected improvements in risk management measures and repayments at BCP and Mibanco.

| • | Provisions fell 14.4% QoQ, driven by better payment performance in SMEs and Individuals. CoR declined to 2.1%, down 34 bps QoQ and 118 bps YoY, allowing for proactive lending at both BCP and Mibanco.

| • | Core Income expanded by 1.7% QoQ and 8.9% YoY, driven by solid NII and record-high transactional volumes, mainly via growth in digital transactions and FX.

| • | Insurance Underwriting Results increased by 7.2% QoQ, largely driven by stronger reinsurance results in the P&C business, and was up 8.8% YoY.

| • | Yape reached 13.7 million Monthly Active Users (MAU), with an average of 51 monthly transactions per user. After reaching break-even in May 2024, the super app continues its growth trajectory across its three business lines: payments, financial and e-commerce. In 4Q24, monthly revenues per active user increased to S/6.5, while costs per active user reached S/5.3, due to seasonal expenses recorded during the quarter.

| • | Efficiency Ratio improved 30 bps YoY to 45.8% for FY24, reflecting mainly growth in interest income and fee income. Operating expenses increased 9.4% YoY, primarily due to BCP´s core business and disruptive initiatives at Credicorp, where expenses rose 27.1%. Yape, Tenpo and Culqi were the main consumers of expenses, representing 61% of total expenses for disruptive initiatives.

| • | Strong capital base, with IFRS CET1 Ratio at BCP at 13.32% at quarter-end, down 10 bps QoQ, while Mibanco’s IFRS CET1 Ratio declined 83 bps to 17.53% in the same period.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

SENIOR MANAGEMENT QUOTES
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Fourth Quarter 2024 Earnings Conference Call

FOURTH QUARTER 2024 EARNINGS CONFERENCE CALL
Date: Tuesday, February 11th, 2025
Time: 9:30 am E.T. (9:30 am Lima, Perú)
Hosts: Gianfranco Ferrari - Chief Executive Officer, Alejandro Perez Reyes - Chief Financial Officer, Francesca Raffo - Chief Innovation Officer, Cesar Rios - Chief Risk Officer, Diego Cavero – Head of Universal Banking, Cesar Rivera - Head of Insurance and Pensions, Carlos Sotelo - Mibanco CFO and Investor Relations Team.
To pre-register for the listen-only webcast presentation use the following link: https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10196121&linkSecurityString=fe53fdc c1c
Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
Those unable to pre-register may dial in by calling:
1 844 435 0321 (U.S. toll free)
1 412 317 5615 (International)
Participant Web Phone: Click Here
Conference ID: Credicorp Conference Call
The webcast will be archived for one year on our investor relations website at:
https://credicorp.gcs-web.com/events-and-presentations/upcoming-events
For a full version of Credicorp´s Third Quarter 2024 Earnings Release, please visit:
https://credicorp.gcs-web.com/company-reports/quarterly-materials
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Loans in Average Daily Balances (ADB)
Total loans measured in ADB rose 0.7% QoQ to stand at S/141,838 million. This evolution was mainly driven by: (i) Corporate Banking at BCP, via an uptick in short-term loans, (ii) SME-Business Banking, due to growth in government program loans and negotiable invoices, and (iii) Mortgage, via a rebound in disbursements. This growth was partially offset by a drop in Middle Market Banking and Mibanco.
YoY, the portfolio contracted 0.5%, driven mainly by: (i) Mibanco, which was impacted by tighter lending guidelines, (ii) Middle Market Banking, which registered growth in short-term loans amortizations, and (iii) SME-Pyme, which registered a reduction in long-term loan disbursements. This YoY contraction was partially offset by growth in balances in Corporate Banking, Mortgage, and SME-Business.
YTD, loans in ADB dropped 1.1%, driven mainly by Mibanco and Middle Market Banking.
Deposits
Our deposit base, measured in quarter-end balances, expanded 4.8% QoQ. This evolution reflects growth in balances for Savings Deposits and Time Deposits, which was partially offset by a reduction in the balance for Demand Deposits.
YoY, the deposit base increased 9.6%. This evolution was fueled by growth in Low-Cost Deposits, which rose 11.7% to represent 69.4% of total deposits are quarter-end.
At BCP the 30-day Liquidity Coverage Ratio (LCR) in PEN stood at 162.7% under regulatory standards and 132.5% according to stricter internal standards. The 30-day LCR in USD stood at 184.6% under regulatory standards and 133.1% according to stricter internal standards.
Net Interest Income (NII) and Margin (NIM)
NII rose 1.1% QoQ, driven mainly by a drop in Interest and Similar Expenses which was impacted by a drop in market rates and an increase in low-cost deposits’ share of the mix. In this context, NIM stood at
6.34% at the end of the quarter, versus 6.43% in 3Q24 and 6.20% in 4Q23.
YoY, NII increased 8.4%, driven mainly by growth in Interest and Similar Income. This evolution was attributable to an uptick in Interest on deposits in other banks, which registered a marked increase in volumes in a context of high liquidity. Interest and Similar Expenses dropped 9.2%, impacted by lower interest rates after the Fed and BCRP instituted rate cuts, and growth in low-cost deposits’ share of funding. In this context, NIM rose 14 bps YoY.
YTD, NII increased 9.1%, mainly due to an increase in Interest and Similar Income, which was driven by a shift in the composition of the loan portfolio towards retail segments.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Portfolio Quality and Cost of Risk
QoQ, the NPL balance dropped 8.3%, driven primarily by BCP and Mibanco. At BCP, the decline was fueled mainly by: (i) a drop in overdue loans in SMEs; (ii) debt repayments in Wholesale banking; and (iii) an increase in write-offs and debt repayments in Consumer and Credit Cards. At Mibanco, the reduction in NPLs was mainly on the back of a decrease in overdue loans, which primarily reflected positive impacts from tighter origination guidelines and improvements in collections management.
YoY, the overdue portfolio decreased 10.2%, fueled by the evolution at BCP and Mibanco. This decline was mainly attributable to:(i) SME- Pyme, due to an uptick in honoring of Reactiva loans and to the same dynamics seen QoQ, and (ii) Wholesale Banking, due primarily to debt cancellation by a refinanced client. At Mibanco, the reduction in NPLS was driven by the same dynamics in play QoQ.
In this context, the NPL Ratio dropped 60 bps QoQ and 63 bps YoY to stand at 5.3% at quarter-end.
Provisions this quarter fell 14.4% QoQ, driven mainly by BCP and Mibanco. At BCP Stand-alone, the reduction in provisions was due primarily to an improvement in payment performance in (i) SME- Pyme, thanks to an uptick in low-risk vintages’ share of total loans; and (ii) Mortgage, due to an update to our risk models’ parameters. At Mibanco, the drop in provisions was mainly driven by stricter origination policies. This evolution was partially offset by Consumer and Credit Cards, due to risk model calibrations. Notably, the underlying risk has improved for both products after healthier vintages increased their weight within portfolios and rescheduling efforts were ramped up.
YoY, and isolating the effect of provisions set aside for the El Nino Phenomenon in 4Q23, provisions declined 19.2%, driven mainly by BCP and Mibanco. At BCP, this decline was fueled mainly by SME- Pyme and Consumer, which registered an improvement in payment performance. At Mibanco, the reduction was driven by the same dynamics seen QoQ.
On a Full-Year basis, the Cost of Risk stood at 2.4%. The NPL Coverage Ratio, in turn, stood at 104.3%.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Other Income
It is important to note that Other Core Income continued to be affected by our operation in BCP Bolivia, which since 2023 has
evolved and adapted its non-interest income structure for foreign
transfers to offset the losses reported for FX transactions. Excluding BCP Bolivia, Other Core Income increased 0.6% QoQ, driven mainly by growth in the Net Gain on FX Transactions at BCP Stand-alone. Other Non-Core Income dropped 7.9% QoQ, pressured by a deterioration in an asset in Pacifico’s portfolio and lower gains on securities at Credicorp Capital.
YoY and YTD, Other Ordinary Income rose 17.1% and 15.2%, respectively. Growth in both periods was driven mainly by BCP Stand-alone, via (i) an increase in fee income, which rose on the back of growth in transactions through Yape and Cards, and (ii) an increase in the Net gain on FX transactions, which was driven by higher volumes and better spreads. Other Non-Core Income fell 23.1% and 0.9% respectively, due to the same factors seen in the QoQ analysis.
Insurance Underwriting Result
The Insurance Underwriting Result rose 7.2% QoQ. This evolution
was mainly fueled by a stronger Reinsurance Result in P & C.
YoY, the uptick of 8.8% was attributable to a decrease in Insurance Service Expenses in the Life Business.
YTD, the Insurance Underwriting Result dropped 1.0% on the back of a weaker Reinsurance Result, primarily in P & C Risks.
Efficiency
Operating Expenses rose 9.4% YTD, driven primarily by core businesses at BCP Stand-alone and by disruptive initiatives at Credicorp. Operating Income rose 10.1% YTD.
In this context, the Efficiency ratio stood at 45.8% on a full-year basis, which represents an improvement of 30 bps with regard to the result in 2023.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Net earnings attributable to Credicorp
In 4Q24, net earnings attributable to Credicorp stood at S/1,126.7 million, -26.1% QoQ and +33.8% YoY. Net shareholders’ equity, in turn, stood at S/34,346 million (+2.6% QoQ and +5.8% YoY). As a result, ROE stood at 13.3%, impacted by a 259 million soles one-offs related to Sartor case*.
YTD, Credicorp's net income increased 13.1%, reaching a record high of S/5,501.3 million As a results, ROE stood at 16.5% and 17.2% when excluding the above-mentioned one-time charge.
*Please refer to our Dec 30th press release for more details on the Sartor case.
Contributions and ROE by subsidiary in 4Q24
(S/ millions)

ROE |  | ROE |  | ROE |  | ROE |  | ROE |  | ROE |  | ROE |  | ROE
20.1% |  | 9.5% |  | 17.3% |  | 12.9% |  | 20.5% |  | 19.7% |  | 18.0% |  | -1.4%
1,131.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) | In BCP Stand-alone, the figure is lower than the net profit since the contribution eliminates investment gains in other subsidiaries of Credicorp (Mibanco)

(2) | In Mibanco, the figure is less than the net profit because Credicorp owns (directly and indirectly) 99.921% of Mibanco.

(3) | The contribution of Grupo Pacífico presented here is greater than the profit of Pacifico Seguros since 100% of Crediseguros is being included (including 48% under Grupo Crédito).

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Universal Banking

BCP registered a strong performance, which was mainly driven by resilient margins amid a shift in the loan portfolio to retail and solid transactional funding, alongside diversified income streams. NIM stood at 6.0%, primarily bolstered by an improvement in the funding cost, and by uptick in the yield on interest earning assets. Other core income rose 15.2%, as fee income was boosted by Yape´s consolidation as a key revenue stream and BCP´s strong transactional activity. These dynamics were partially offset by growth in operating expenses.

Insurance and Pensions

Grupo Pacifico concluded 2024 with another year of remarkable performance, achieving an ROE of 23.7% on the back of solid commercial dynamics in both the P&C and Life business lines. Net Income slightly dropped 5% mainly driven by (i) lower Insurance Underwriting Results, due to normalization of underwriting margins in the Life business, and (ii) higher Operating Expenses.

Microfinance

In 2024, Mibanco registered a 51.7% increase in Net Income. This evolution was mainly driven by a drop in provisions, which fell due to the risk- management measures implemented and to growth in Net interest income, which rose on the back of active pricing management of loans and a reduction in the cost of funding. Mibanco Colombia's results improved significantly thanks to a focus on efficiency and disciplined risk processes and controls, despite a challenging business environment. This helped us become the third largest private microfinance lender in Colombia.

Investment Management and Advisory

Operating dynamics have been strong throughout the year for IM&A, which affirms that our new strategic approach is on target and puts us in good stead for 2025. Excluding one-offs for the Sartor case, net income rose 15%, led primarily by Sales activities in our Capital Markets Business. Our Wealth and Asset Management businesses also contributed to growth in net income.

Outlook

We expect to close the year in 2025 with a ROE around 17.5%. We anticipate that this result will be driven by: (i) growth in our loan portfolio, particularly in the retail segment, (ii) the resilience of our NIM, and (iii) a reduction in the cost of risk.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Financial Overview

Credicorp Ltd. |  | Quarter |  | % change | Up to | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Net interest, similar income and expenses | 3,347,684 | 3,590,750 | 3,629,794 | 1.1% | 8.4% | 12,937,972 | 14,115,131 | 9.1%
Provision for credit losses on loan portfolio, net of recoveries | (1,173,454) | (868,081) | (743,296) | -14.4% | -36.7% | (3,622,345) | (3,519,447) | -2.8%
Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 2,174,230 | 2,722,669 | 2,886,498 | 6.0% | 32.8% | 9,315,627 | 10,595,684 | 13.7%
Total other income | 1,486,823 | 1,621,282 | 1,661,964 | 2.5% | 11.8% | 5,655,825 | 6,404,119 | 13.2%
Insurance underwriting result | 287,295 | 291,775 | 312,683 | 7.2% | 8.8% | 1,211,100 | 1,199,020 | -1.0%
Total expenses | (2,661,542) | (2,524,166) | (3,105,459) | 23.0% | 16.7% | (9,334,223) | (10,374,296) | 11.1%
Profit before income tax | 1,286,806 | 2,111,560 | 1,755,686 | -16.9% | 36.4% | 6,848,329 | 7,824,527 | 14.3%
Income tax | (434,648) | (555,117) | (598,348) | 7.8% | 37.7% | (1,888,451) | (2,201,275) | 16.6%
Net profit | 852,158 | 1,556,443 | 1,157,338 | -25.6% | 35.8% | 4,959,878 | 5,623,252 | 13.4%
Non-controlling interest | 10,331 | 32,655 | 30,625 | -6.2% | 196.4% | 94,338 | 121,998 | 29.3%
Net profit attributable to Credicorp | 841,827 | 1,523,788 | 1,126,713 | -26.1% | 33.8% | 4,865,540 | 5,501,254 | 13.1%
Dividends paid to third parties | 0 | 875,992 | 0 | -100.0% | n.a. | 1,994,037 | 3,667,644 | 83.9%
Net income / share (S/) | 10.6 | 19.1 | 14.1 | -26.1% | 33.8% | 61.0 | 69.0 | 13.1%
Dividends per Share (S/) | 0.0 | 11.0 | 0.0 | -100.0% | -100.0% | 25.0 | 46.0 | 83.9%
Loans | 144,976,051 | 142,568,785 | 145,732,273 | 2.2% | 0.5% | 144,976,051 | 145,732,273 | 0.5%
Deposits and obligations | 147,704,994 | 154,435,451 | 161,842,066 | 4.8% | 9.6% | 147,704,994 | 161,842,066 | 9.6%
Net equity | 32,460,004 | 33,462,591 | 34,346,451 | 2.6% | 5.8% | 32,460,004 | 34,346,451 | 5.8%
Profitability |  |  |  |  |  |  |  |
Net interest margin(1) | 6.20% | 6.43% | 6.34% | -9 bps | 14 bps | 6.00% | 6.29% | 29 bps
Risk-adjusted Net interest margin | 4.10% | 4.93% | 5.08% | 15 bps | 98 bps | 4.38% | 4.77% | 39 bps
Funding cost(2) | 3.0% | 2.7% | 2.6% | -12 bps | -47 bps | 2.9% | 2.7% | -21 bps
ROAE | 10.6% | 18.5% | 13.3% | -521 bps | 273 bps | 15.8% | 16.5% | 63 bps
ROAA | 1.4% | 2.4% | 1.8% | -67 bps | 37 bps | 2.1% | 2.2% | 17 bps
Loan portfolio quality |  |  |  |  |  |  |  |
Internal overdue ratio(3) | 4.2% | 4.2% | 3.7% | -51 bps | -51 bps | 4.2% | 3.7% | -51 bps
Internal overdue ratio over 90 days | 3.2% | 3.4% | 3.0% | -39 bps | -19 bps | 3.2% | 3.0% | -19 bps
NPL ratio(4) | 5.9% | 5.9% | 5.3% | -60 bps | -63 bps | 5.9% | 5.3% | -63 bps
Cost of risk(5) | 3.2% | 2.4% | 2.1% | -34 bps | -118 bps | 2.5% | 2.4% | -5 bps
Coverage ratio of IOLs | 135.1% | 136.9% | 147.4% | 1052 bps | 1230 bps | 135.1% | 147.4% | 1230 bps
Coverage ratio of NPLs | 97.0% | 98.7% | 104.3% | 566 bps | 732 bps | 97.0% | 104.3% | 732 bps
Operating efficiency |  |  |  |  |  |  |  |
Operating income(6) | 4,893,605 | 5,287,099 | 5,475,434 | 3.6% | 11.9% | 19,056,189 | 20,976,379 | 10.1%
Operating expenses(7) | 2,395,688 | 2,389,261 | 2,692,110 | 12.7% | 12.4% | 8,780,760 | 9,601,950 | 9.4%
Efficiency ratio(8) | 49.0% | 45.2% | 49.2% | 398 bps | 21 bps | 46.1% | 45.8% | -30 bps
Operating expenses / Total average assets | 4.0% | 3.8% | 4.3% | 42 bps | 24 bps | 3.7% | 3.9% | 18 bps
Capital adequacy - BCP Stand-alone |  |  |  |  |  |  |  |
Global Capital Ratio(9) | 17.46% | 18.96% | 18.71% | -25 bps | 125 bps | 17.46% | 18.71% | 125 bps
Ratio Tier 1(10) | 13.09% | 13.25% | 13.08% | -17 bps | -1 bps | 13.09% | 13.08% | -1 bps
Ratio common equity tier 1(11) (13) | 13.20% | 13.42% | 13.32% | -10 bps | 12 bps | 13.20% | 13.32% | 12 bps
Capital adequacy - Mibanco |  |  |  |  |  |  |  |
Global Capital Ratio(9) | 20.65% | 20.22% | 19.42% | -80 bps | -123 bps | 20.65% | 19.42% | -123 bps
Ratio Tier 1(10) | 18.26% | 17.85% | 17.07% | -78 bps | -119 bps | 18.26% | 17.07% | -119 bps
Ratio common equity tier 1(11) (13) | 18.37% | 18.35% | 17.53% | -83 bps | -84 bps | 18.37% | 17.53% | -84 bps
Employees | 36,947 | 38,642 | 38,676 | 0.1% | 4.7% | 36,947 | 38,676 | 470.0%
Share Information |  |  |  |  |  |  |  |
Issued Shares | 94,382 | 94,382 | 94,382 | 0.0% | 0.0% | 94,382 | 94,382 | 0.0%
Treasury Shares(12) | 14,886 | 14,948 | 14,948 | 0.0% | 0.4% | 14,886 | 14,948 | 0.4%
Outstanding Shares | 79,496 | 79,434 | 79,434 | 0.0% | -0.1% | 79,496 | 79,434 | -0.1%

(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) | 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 + Result on exchange differences + Insurance Underwriting Result

(7) | Operating Expenses = Salaries and employee benefits + Administrative expenses + Depreciation and amortization + Association in participation + Acquisition cost.

(8) | Efficiency Ratio = (Salaries and employee benefits + Administrative expenses + Depreciation and amortization + Association in participation) / (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 + Result on exchange differences + Insurance Underwriting Result)

(9) | Regulatory Capital / Risk-weighted assets (legal minimum = 10% since July 2011).

(10) | Tier 1 = Capital + Legal and other capital reserves + Accumulated earnings with capitalization agreement + (0.5 x Unrealized profit and net income in subsidiaries) - Goodwill - (0.5 x Investment in subsidiaries) + Perpetual subordinated debt (maximum amount that can be included is 17.65% of Capital + Reserves + Accumulated earnings with capitalization agreement + Unrealized profit and net income in subsidiaries - Goodwill).

(11) | 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.

(12) | Consider shares held by Atlantic Security Holding Corporation (ASHC) and stock awards.

(13) | Common Equity Tier I calculated based on IFRS Accounting

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp’s Strategy Update

Credicorp’s Strategy
Credicorp continues to execute its strategy by investing in technology to strengthen and consolidate its core businesses, while developing complimentary new disruptive initiatives to fuel growth. Understanding current and projected market trends, Credicorp constantly reviews and optimizes its business agilely and with a self-disruptive mindset to maintain a competitive advantage and ensure sustainable growth. This allows us to generate new sources of income and capture market opportunities, as we leverage the expansion of our Total Adressable Market to decouple from the macroeconomic environment.
Credicorp holds fast to its long-term objectives to offer the best client experience; optimize efficiency; and drive growth through technology. To achieve its objectives, all our businesses focus on three strategic priorities: (i) ensuring we have the best talent by offering a comprehensive value proposition; (ii) accelerating digital transformation and innovation; and (iii) integrating sustainability in our way of doing business.
In 2024, Credicorp delivered solid profitability and consolidated its leadership as a result of the strength of its “decoupling” strategy, in a context of slow economic recovery and a cycle of credit deterioration in the Peruvian financial system. We managed to decouple from economic and loan portfolio performance, as a result of our income diversification. We have boosted non-interest income through the digitalization of our core businesses complemented with our innovation portfolio. Thanks to our priority to understand our customers and advances in digitalization and innovation, we have significantly improved transactional activity, interaction frequency, and the personalization level of our product and service offerings. This has increased our client satisfaction levels, as evidenced by the 5-point increase in our Net Promoter Score.
Credicorp’s achievements in 2024 are set forth in the following table, where figures show strong client experience and improvements in operating efficiency, as well as growth in digital clients and sales.
Main KPIs in Credicorp’s Strategy

Transformation of traditional businesses (1) | Subsidiary | 4Q23 | 3Q24 | 4Q24
Day-to-day |  |  |  |
Digital Clients(2) | BCP | 68% | 74% | 76%
Digital monetary transactions (3) | BCP | 80% | 85% | 86%
Transactional cost by unit | BCP | 0.07 | 0.04 | 0.04
Disbursements through leads (4) | Mibanco | 71% | 66% | 65%
Disbursements through alternative channels (5) | Mibanco | 13% | 23% | 24%
Mibanco Productivity (6) | Mibanco | 21.6 | 23.6 | 24.5
Cashless |  |  |  |
Cashless transactions(7) | BCP | 60% | 66% | 69%
Mobile Banking rating iOS | BCP | 4.7 | 4.8 | 4.8
Mobile Banking rating Android | BCP | 4.7 | 4.7 | 4.7
Digital Acquisition |  |  |  |
Digital sales (8) | BCP | 58% | 65% | 74%

(1) | Figures for December 2023, September 2024, and December 2024.

(2) | Clients that made 70%, or more, of their transactions through digital channels in the last 6 months (includes Yape).

(3) | Monetary Transactions conducted through Mobile Banking, Internet Banking, Yape and Telecredito/Total Monetary Transactions in Retail Banking.

(4) | Disbursements generated through leads/Total disbursements.

(5) | Disbursements conducted through alternative channels/Total disbursements. Figures differ from previously reported due to a methodological change.

(6) | Number of loans disbursed/Total relationship managers.

(7) | Amount transacted through Mobile Banking, Internet Banking, Yape y POS/Total amount transacted through Retail Banking. Figures differ from previously reported due to a methodological change.

(8) | Units sold by Retail Banking through digital channels/Total number of units sold by Retail Banking.

12

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp’s Strategy Update

Disruptive Initiatives: Yape
At the end of 2024, Yape hit the 13.7 million-user mark for monthly active users (MAU). This number represents 69% of the economically active population. Importantly, in 2024 Yape hit breakeven, and registered monthly revenue and expenses per active yapero of S/6.5 and S/5.3, respectively, with revenue generation outpacing expenses, despite seasonal charges in 4Q24.
Monthly transactions by MAU stood at 51.1 in 4Q24 (vs 44.1 QoQ), which attests to the app’s levels of usability and engagement.
Monthly evolution of revenue and expenses / MAU (1)

Main KPI’s for Yape’s management

Management KPIs |  | Quarter |  | Change % | Up to | Change %
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Users |  |  |  |  |  |  |  |
Users (millions) | 14.2 | 16.6 | 17.3 | 4.2% | 21.6% | 14.2 | 17.3 | 21.6%
Monthly Active Users (MAU) (millions) (1) | 10.7 | 13.0 | 13.7 | 5.3% | 28.1% | 10.7 | 13.7 | 28.1%
Fee Income Generating MAU (millions) | 7.9 | 10.4 | 11.4 | 9.6% | 44.9% | 7.9 | 11.4 | 44.9%
Engagement |  |  |  |  |  |  |  |
# Transactions (millions) | 1,027.9 | 1,664.2 | 1,953.1 | 17.4% | 90.0% | 2,918.0 | 6,145.7 | 110.6%
Experience |  |  |  |  |  |  |  |
NPS (2) | 80 | 74 | 79 | 5.0% | -1.0% | 80 | 79 | -1.0%
Metric per Monthly Active User (MAU) (3) |  |  |  |  |  |  |  |
# Monthly Transactions / MAU | 35.3 | 44.1 | 51.1 | 15.8% | 44.6% | 35.3 | 51.1 | 44.6%
# Average Functionalities / MAU | 2.2 | 2.4 | 2.6 | 6.3% | 18.1% | 2.2 | 2.6 | 18.1%
Monthly Revenues / MAU (S/) | 3.8 | 4.9 | 6.5 | 34.4% | 72.9% | 3.8 | 6.5 | 72.9%
Monthly Expenses / MAU (S/) | 4.7 | 4.2 | 5.3 | 24.5% | 11.7% | 4.7 | 5.3 | 11.7%
Monthly Cash Cost / MAU (S/) | 5.1 | 4.5 | 5.6 | 25.4% | 11.2% | 5.1 | 5.6 | 11.2%
Drivers Monetización |  |  |  |  |  |  |  |
Payments |  |  |  |  |  |  |  |
TPV (4) (S/, billions) | 47.1 | 76.8 | 90.3 | 17.6% | 91.6% | 137.9 | 279.5 | 102.8%
# Bill Payments transactions (millions) | 18.1 | 34.6 | 40.5 | 17.0% | 124.1% | 34.4 | 127.1 | 269.6%
Financials |  |  |  |  |  |  |  |
# Loans Disbursements (thousands) | 293.2 | 1294.9 | 2143.1 | 65.5% | 630.8% | 854.3 | 4612.5 | 439.9%
E-Commerce |  |  |  |  |  |  |  |
GMV (5) (S/, millions) | 39.3 | 112.9 | 116.4 | 3.0% | 196.4% | 100.9 | 358.0 | 254.7%

(1) | Yape users that have made at least one transaction over the last month.

(2) | Net Promoter Score.

(3) | Management Figures.

(4) | Total Payment Volume, includes the following functionalities: Bill Payments, QRs payments, Mobile Top-ups, Yape Businesses, Money Exchange, Checkout, and Remittances.

(5) | Gross Merchant Volume, includes the following functionalities: Yape Promos, Yape Store, Ticketing, Gaming, Delivery, Buses, Insurance and Gas.

In 4Q24, Yape presented the following operating results in its three lines of business:

• | Payment: the main drivers are (i) the Total Payment Volume (TPV), which reached S/90.3 billion (+17.6% QoQ and +1.9x YoY) and (ii) transactions in Bill Payments, which totaled 40.5 million (+17.0% QoQ and +2.2x YoY).

• | Financial: excluding floating (remuneration-based funds transacted through Yape that are held in BCP), the main driver of monetization is Yape Lending, with 2,143.1 thousand disbursements (+65.5% and +7.3x YoY).

• | E-Commerce: Yape monetizes mainly through the Gross Market Volume (GMV) transacted, which was S/116.4 million (+3.0% QoQ and +3.0x YoY).

13

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp’s Strategy Update

Yape’s Main Financial Results (1)

Financial results (1) S/ millions |  | Quarter |  | Change % | Up to |  | Change %
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Net Interest Income | 54.8 | 75.0 | 94.2 | 25.6% | 71.9% | 163.0 | 283.6 | 74.0%
Net Fee Income (2) | 52.5 | 114.7 | 139.0 | 21.1% | 164.8% | 127.8 | 400.1 | 213.0%
Total Income | 107.3 | 189.7 | 233.2 | 22.9% | 117.3% | 290.8 | 683.7 | 135.1%
Total Expenses | - 137.5 | - 161.5 | - 195.6 | 21.1% | 42.2% | - 444.1 | - 624.4 | 40.6%

(1) | Management figures.

(2) | Includes fee income recorded in BCP from the Payments and E-Commerce businesses.

In 4Q24, Yape generated total income of S/233.2 million (+22.9% QoQ and +117.3% YoY), which was monetized through its three lines of business. At year end, the Payments business accounted for the largest share of Yape’s total income (55%), followed by the Financial business, which represented 40% of income. E-Commerce, in turn, represented 5% of income.
14

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp’s Strategy Update

Integrating Sustainability in Our Businesses
For more information on our sustainability strategy, program and initiatives, please see “Sustainability Strategy 2020-25”. Among the milestones reached in 2024 in the framework of the Sustainability Program, the following stand out:
Environmental Front – Driving environmental sustainability through efforts in the financial sector and ESG risk management

• | Portfolio Emissions:

| o | Credicorp signed a commitment to become a signatory to the PCAF (Partnership for Carbon Accounting Financials), a global initiative to standardize measurement and disclosure of the greenhouse gas emissions (GEI) associated with loans and investments.

| o | We completed our measurement of the emissions generated by prioritized segments in the wholesale loan portfolio at BCP and BCP Bolivia; prioritized portfolios at Prima AFP, Pacifico Seguros and Credicorp Capital; and the prioritized underwriting portfolio at Pacifico Seguros. The objective is to determine the indirect environmental impact generated by our activities.

• | Sustainable Finance:

| o | As part of our objective to accompany clients in their quest to incorporate best socio-environmental practices, BCP disbursed +US$ 1500 in financing in 2024. Additionally, BCP structured its first Sustainability Linked Loan (SLL), which offers incentives in lending conditions if compliance with environmental and social KPIs is verified.

| o | Mibanco Colombia announced the launch of a Sustainable Term Certificate of Deposit, which is a time deposit for institutional investors that seeks to generate a positive impact by earmarking captured funds for use in the Crédito Mujeres pa’ lante and Crédito Agropecuario progams. Funds are disbursed to clients that meet the criteria set forth in the Sustainable Financing Framework at Mibanco Colombia.

• | Reporting: At the end of the 1Q25, we will publish the second edition of Credicorp’s TCFD Report, which will provide information on results in 2024 and be aligned with the annual Sustainability Report.

Social Front – Expanding financial inclusion and educating people about finance and entrepreneurship
Financial Inclusion:
As part of our commitment to serve Credicorp’s purpose and ensure the sustainability of our businesses, in 2024 we continued to focus our efforts on strengthening financial inclusion. In 4Q24, we achieved the following results:

• | BCP and Yape have financially included 5.7 MM people, which represents growth of 1.8 MM people versus the figure in 2023.

• | Mibanco Perú banked 58 thousand people this year, 62% of which were women. More than 51 thousand clients have received Crediagua loans, whose purpose is to improve the quality of life of recipients by financing sanitary initiatives.

• | Pacífico Seguros placed 3.6 MM in inclusive insurance policies, an increase of 420 thousand over last year’s loan amount. This is part of our commitment to protect more people.

Financial education (FE):
We believe that financial education is a key enabler in our efforts to ensure our clients’ financial inclusion and financial health. Improvements in financial behaviors generate positive impacts on the business’s indicators. In 2024, BCP helped +345 thousand clients change their behavior (exiting situation of overindebtedness, late payments or overdraw on credit cards, among others) and improve poor credit histories. The Protege365 initiative of Pacífico, whose objective is to strengthen risk management at companies through education, had trained and certified more than 39 thousand employees at more than 8 thousand business clients by the end of 4Q24.

|  | 15

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp’s Strategy Update

To see progress for other initiatives on the social front, please see the table below:

Progress on initiatives | Company | 2022 | 2023 | 2024
Financial Inclusion |  |  |  |
Financially included through BCP and Yape – cumulative since 2020 (1) | BCP | 2.5 million | 3.8 million | 5.7 million
Stock of inclusive insurance policies | Pacífico Seguros | 2.6 million | 3.2 million | 3.6 million
Financial Education |  |  |  |
Trained through online courses via ABC at BCP (“ABC del BCP”) – YTD | BCP | 310 thousand | 614 thousand | 521 thousand
Consumer Clients who changed at least one financial behavior towards a healthier or greater banking use – YTD | BCP | 136 thousand | 214 thousand | 345 thousand
Young people trained through the ABC of the Pension Culture (“ABC de la Cultura Previsional”) – YTD | Prima AFP | 61 thousand | 138 thousand | 423 thousand
Clients trained in FE through Mibanco “Progress Academy” programs (“Academia del Progreso”) – YTD(2) | Mibanco Perú | 251 thousand | 413 thousand | 405 thousand
Client company employees trained and certified through “Protege 365” – YTD | Pacífico Seguros | 36 thousand | 33 thousand | 52 thousand
Opportunities and Products for Women |  |  |  |
Number of clients with “Credito Mujer” disbursements | Mibanco Perú | 31 thousand | 51 thousand | 39 thousand
Percentage of women banked on the asset side (loans) | Mibanco Perú | 56% | 56% | 62%
Helping small businesses grow |  |  |  |
Trained via Accompanying Entrepreneurs (“Contigo Emprendedor”) – YTD | BCP | 111 thousand | 121 thousand | 68 thousand
SME-Pymes financially included through loans (working capital and invoice discounting) – YTD | BCP | 49 thousand | 33 thousand | 39 thousand (3)
Microbusiness affiliated to Yape – YTD | BCP | NA | 78 thousand | 104 thousand

| (1) | Stock of financially included clients through BCP since 2020: (i) New clients with savings accounts or affiliated to Yape. (ii) New clients without debt in the financial system or BCP products in the last twelve months. (iii) Clients with 3 monthly average transactions in the last three months. The figure for 4Q23 has been revised.

| (2) | Covers virtual or in-person trainings about risk management for businesses, entrepreneurship, and finance through our different educational strategies, such as the Basic Program for Digital Guidance, Powerful Women and MiConsultor.

| (3) | Up to November.

|  | 16

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 01 | Loan Portfolio

|  | This quarter, total loans in average daily balances (ADB) increased 0.7% (+0.3% FX Neutral). Notably, this quarter marked a turning point, particularly in the retail segment at BCP, which rode favorable macroeconomic tailwinds to rebound. QoQ, this evolution was driven primarily by i) growth in short-term loans in Corporate Banking, ii) an increase in loan disbursements through Government Programs and negotiable invoices in SME-Business, and iii) a rebound in disbursements through Mortgage. This growth was partially offset by a decline in balances in Middle Market Banking and Mibanco. YoY, total loans in average daily balances dropped 0.5% (-0.5% FX Neutral). This evolution was mainly attributable to i) stricter lending policies at Mibanco, ii) growth in short-term loan amortizations in Middle Market banking and iii) a decrease in disbursements of long-term loans in SME-Pyme. The interannual decline was partially offset by growth in Corporate Banking, Mortgage and SME-Business, which was driven by the same factors outlined in the QoQ analysis. On a Full-Year basis, loans in ADB dropped 1.1%, driven primarily by Mibanco and Middle Market Banking. If we exclude the impact of Government Program loans, loans in average daily balances rose 0.2%. |  |

1.1. Loans
Total Loans (in Average Daily Balances) (1)(2)

Total Loans |  | As of |  | Year | Volume change | % change | % Part. in total loans
S/ millions | Dec 23 | Sep 24 | Dec 24 | 2023 | 2024 | QoQ | YoY | Year | QoQ | YoY | Year | Dec 23 | Sep 24 | Dec 24 | 2023 | 2024
BCP Stand-alone | 116,011 | 115,569 | 116,631 | 116,585 | 115,758 | 1,062 | 621 | -827 | 0.9% | 0.5% | -0.7% | 81.4% | 82.0% | 82.2% | 81.5% | 81.8%
Wholesale Banking | 52,476 | 52,257 | 52,672 | 53,339 | 52,338 | 416 | 197 | -1,001 | 0.8% | 0.4% | -1.9% | 36.8% | 37.1% | 37.1% | 37.3% | 37.0%
Corporate | 30,559 | 31,108 | 31,968 | 31,626 | 31,158 | 859 | 1,408 | -468 | 2.8% | 4.6% | -1.5% | 21.4% | 22.1% | 22.5% | 22.1% | 22.0%
Middle - Market | 21,916 | 21,148 | 20,705 | 21,713 | 21,180 | -443 | -1,212 | -533 | -2.1% | -5.5% | -2.5% | 15.4% | 15.0% | 14.6% | 15.2% | 15.0%
Retail Banking | 63,535 | 63,312 | 63,959 | 63,246 | 63,420 | 647 | 424 | 174 | 1.0% | 0.7% | 0.3% | 44.6% | 44.9% | 45.1% | 44.2% | 44.8%
SME - Business | 7,168 | 7,356 | 7,629 | 7,441 | 7,245 | 272 | 461 | -196 | 3.7% | 6.4% | -2.6% | 5.0% | 5.2% | 5.4% | 5.2% | 5.1%
SME - Pyme | 16,751 | 16,184 | 16,251 | 16,698 | 16,311 | 66 | -500 | -388 | 0.4% | -3.0% | -2.3% | 11.7% | 11.5% | 11.5% | 11.7% | 11.5%
Mortgage | 21,061 | 21,606 | 21,868 | 20,626 | 21,535 | 262 | 807 | 910 | 1.2% | 3.8% | 4.4% | 14.8% | 15.3% | 15.4% | 14.4% | 15.2%
Consumer | 12,604 | 12,319 | 12,358 | 12,753 | 12,410 | 39 | -246 | -344 | 0.3% | -2.0% | -2.7% | 8.8% | 8.7% | 8.7% | 8.9% | 8.8%
Credit Card | 5,951 | 5,847 | 5,853 | 5,728 | 5,920 | 6 | -98 | 192 | 0.1% | -1.6% | 3.4% | 4.2% | 4.1% | 4.1% | 4.0% | 4.2%
Mibanco | 13,665 | 12,199 | 12,057 | 14,029 | 12,579 | -142 | -1,608 | -1,450 | -1.2% | -11.8% | -10.3% | 9.6% | 8.7% | 8.5% | 9.8% | 8.9%
Mibanco Colombia | 1,667 | 1,721 | 1,715 | 1,454 | 1,728 | -6 | 48 | 274 | -0.4% | 2.9% | 18.8% | 1.2% | 1.2% | 1.2% | 1.0% | 1.2%
Bolivia | 9,186 | 9,555 | 9,628 | 8,982 | 9,547 | 73 | 442 | 565 | 0.8% | 4.8% | 6.3% | 6.4% | 6.8% | 6.8% | 6.3% | 6.7%
ASB | 2,036 | 1,867 | 1,807 | 2,080 | 1,893 | -60 | -229 | -187 | -3.2% | -11.3% | -9.0% | 1.4% | 1.3% | 1.3% | 1.5% | 1.3%
BAP's total loans | 142,565 | 140,910 | 141,838 | 143,130 | 141,505 | 928 | -727 | -1,625 | 0.7% | -0.5% | -1.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0%

QoQ, total loans in average daily balances rose 0.7% (+0.3% FX Neutral). Growth was driven mainly by:

• | Corporate Banking, due to an increase in disbursements of short-term loans, mainly in the mining and energy sectors.

• | SME-Business, due to growth in loan disbursements through Government Programs (Impulso MyPerú) and negotiable invoices.

• | Mortgage, due to a rebound in disbursements this quarter, which was driven by economic reactivation and an uptick in the demand for loans.

The aforementioned was partially offset by a drop in loans in:

• | Middle Market Banking, due primarily to growth in short-term loan amortizations.

• | Mibanco, given that growth in small-ticket, higher- yield loans was insufficient to offset the decline in higher-ticket loans. It is important to note that this

quarter marked a turning point, where the industry began to recover, and disbursements started to grow.
YoY, total loans in average daily balances fell 0.5% (-0.5% FX Neutral). This reduction was mainly attributable to:

• | Mibanco, after stricter lending policies went into effect since the end of 2Q24, as the industry continues to adopt a prudent approach to origination.

• | Middle Market Banking, due to the same dynamics as those seen QoQ.

• | SME-Pyme, due to a drop in long-term loan disbursements.

The aforementioned was partially offset by loan growth via:

• | Corporate Banking, Mortgage and SME-Business due to the same dynamics reported in the QoQ analysis.

|  | 17

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

FY, total loans in average daily balances dropped 1.1%. This decline was mainly attributable to Mibanco and Middle Market Banking, and was driven by the same dynamics in
play YoY. If we exclude amortizations of Government Program loans, loans in average daily balances rose 0.2%.

Evolution of Loan Dollarization (in Average Daily Balances) (1)(2)

Total Loans | Local Currency (LC) - S/ millions | % change | Foreign Currency (FC) - US$ millions | % change | % part. by currency
| Total |  |  |  | Total |  |  |  | Dec 24
S/ millions | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY | LC | FC
BCP Stand-alone | 79,425 | 78,619 | 79,735 | 1.4% | 0.4% | 9,728 | 9,924 | 9,818 | -1.1% | 0.9% | 68.4% | 31.6%
Wholesale Banking | 23,454 | 22,748 | 23,500 | 3.3% | 0.2% | 7,717 | 7,925 | 7,763 | -2.0% | 0.6% | 44.6% | 55.4%
Corporate | 14,017 | 13,916 | 14,540 | 4.5% | 3.7% | 4,398 | 4,618 | 4,638 | 0.4% | 5.4% | 45.5% | 54.5%
Middle-Market | 9,436 | 8,833 | 8,960 | 1.4% | -5.0% | 3,318 | 3,308 | 3,125 | -5.5% | -5.8% | 43.3% | 56.7%
Retail Banking | 55,972 | 55,870 | 56,235 | 0.7% | 0.5% | 2,011 | 1,999 | 2,055 | 2.8% | 2.2% | 87.9% | 12.1%
SME - Business | 4,242 | 4,581 | 4,721 | 3.1% | 11.3% | 778 | 745 | 774 | 3.8% | -0.5% | 61.9% | 38.1%
SME - Pyme | 16,589 | 16,023 | 16,095 | 0.4% | -3.0% | 43 | 43 | 42 | -4.2% | -3.8% | 99.0% | 1.0%
Mortgage | 19,095 | 19,690 | 19,953 | 1.3% | 4.5% | 523 | 515 | 510 | -0.9% | -2.5% | 91.2% | 8.8%
Consumer | 11,075 | 10,742 | 10,679 | -0.6% | -3.6% | 407 | 423 | 447 | 5.5% | 9.9% | 86.4% | 13.6%
Credit Card | 4,971 | 4,834 | 4,788 | -1.0% | -3.7% | 260 | 272 | 283 | 4.2% | 8.8% | 81.8% | 18.2%
Mibanco | 13,181 | 12,186 | 12,045 | -1.2% | -8.6% | 129 | 4 | 3 | -8.1% | -97.5% | 99.9% | 0.1%
Mibanco Colombia | - | - | - | - | - | 443 | 462 | 456 | -1.3% | 2.9% | - | 100.0%
Bolivia | - | - | - | - | - | 2,443 | 2,566 | 2,562 | -0.2% | 4.9% | - | 100.0%
ASB Bank Corp. | - | - | - | - | - | 541 | 501 | 481 | -4.1% | -11.2% | - | 100.0%
Total loans | 92,606 | 90,805 | 91,779 | 1.1% | -0.9% | 13,284 | 13,457 | 13,321 | -1.0% | 0.3% | 64.7% | 35.3%

Measured in Average Daily Balances. (1) Includes Special accounts, and other banking. (2) Internal Management Figures. Largest contraction in volumes Highest growth in volumes |

At the end of December 2024, the dollarization level of total loans fell 27 bps QoQ (35.3% in December 24). This evolution was primarily driven by growth LC loans, particularly in Wholesale Banking.
YoY, the dollarization level of total loans rose 25 bps due to a drop in total loans in LC (-0.9%), primarily via Mibanco and SME-Pyme, and to a lesser extent, through growth in total loans in FC (+0.3%).

|  | 18

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

01. Loan Portfolio

Evoluion of the Dollarization Level of Total Loans (in Average Daily Balances)

(1) | The FC share of Credicorp’s loan portfolio is calculated including BCP Bolivia and ASB Bank Corp., however the chart shows only the loan books of BCP Stand-alone and Mibanco.

(2) | The year with the historic maximum level of dollarization for Wholesale Banking was 2012, for Mibanco was 2016, for Credit Card was in 2021 and for the rest of segments was 2009.

* For dollarization figures in the quarter-end period, please refer to “12. Annexes – 12.3 Loan Portfolio Quality.
Evolution of Loans in Quarter-End balances
Total loans increased 2.2% QoQ and 0.5% YoY in quarter-end balances, driven by the same factors that drove the evolution of average daily balances.

|  | 19

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

02 | Deposits

| Total deposits continued to grow this quarter, closing the year with a record high-balance. QoQ, growth was primarily driven by a 9.7% increase in Savings Deposits, which was mainly attributable to payments of statutory bonuses in December, and secondarily by a 6.4% increase in Time Deposits, which was driven by the recurrent capture of funds, mainly in wholesale clients. YoY, the deposit balance grew fueled by low-cost deposits (+11.7%), and by Savings Deposits in particular, which rose 14.1% thanks to improvements in our transactional offering. These improvements have enabled us to attract inflows related to pension funds withdrawals. At the end of 4Q24, 69.4% of total deposits were low-cost (Demand and Savings). Credicorp continued to lead the low-cost deposit market with a 40.9% share at the end of November 2024. This evolution represents an important competitive advantage to a context marked by an easing cycle in interest rates. |

Deposits |  | As of |  | % change | Currency
S/000 | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY | LC | FC
Demand deposits | 48,229,323 | 53,149,144 | 52,590,952 | -1.1% | 9.0% | 49.4% | 50.6%
Saving deposits | 52,375,813 | 54,474,960 | 59,757,825 | 9.7% | 14.1% | 61.3% | 38.7%
Time deposits | 42,484,664 | 42,514,849 | 45,217,785 | 6.4% | 6.4% | 46.4% | 53.6%
Severance indemnity deposits | 3,185,603 | 2,989,705 | 2,996,020 | 0.2% | -6.0% | 74.4% | 25.6%
Interest payable | 1,429,591 | 1,306,793 | 1,279,484 | -2.1% | -10.5% | 20.5% | 79.5%
Low-cost deposits (1) | 100,605,136 | 107,624,104 | 112,348,777 | 4.4% | 11.7% | 55.7% | 44.3%
Deposits and obligations | 147,704,994 | 154,435,451 | 161,842,066 | 4.8% | 9.6% | 53.2% | 46.8%

(1) | Includes Demand Deposits and Saving Deposits

QoQ, our Total Deposit balance rose 4.8% (+4.1% FX neutral), driven mainly by:

• | Growth of 9.7% (+9.1% FX neutral) in the Savings Deposit balance, which was primarily fueled by LC deposits and to a lesser extent by FC deposits, both at BCP Stand-alone and associated with liquidity from statutory bonuses and campaigns to capture more deposits.

• | An increase of 6.4% (+5.5% FX neutral) in the Time Deposit balance, which was mainly driven by an uptick in LC volumes due to recurrent captures of wholesale funds and migration from Low Cost Deposits as clients looked to leverage, still relatively high rates.

YoY, our Total Deposit volume rose 9.6% (+8.8% FX neutral), fueled mainly by:

• | A 14.1% (+13.5% FX neutral) increase in Savings Deposits, driven primarily by growth in LC deposits at BCP Stand-alone, primarily attributable to improvements in our transactional offerings, which has enabled us to attract inflows related to pension funds withdrawals and secondarily by the same dynamics seen QoQ.

• | A 9.0% (+8.2% FX neutral) rise in the Demand Deposits balance, which was driven by growth in the LC balance at BCP Stand- alone. This expansion was primarily attributable to growth in the balances of the individuals and small business banking segments, which was driven by the enhancements in our transactional offering and by disbursements of government program loans, respectively.

• | Growth of 6.4% (+5.6% FX neutral) in the Time Deposits balance, which was driven primarily by BCP Stand-alone. This expansion was mainly attributable to an uptick in the LC balance, which was fueled by corporate clients via the same dynamics seen QoQ, and secondarily, by an increase in the FC balance via recurrent captures of deposits.

Noteworthy, low-cost deposits grew over the year to represent 69.4% of total deposits (+125 bps YoY) by year-end. This advance reflects improvements in deposit mix management as we strengthen the financial margin in a context marked by an easing cycle in interest rates.

|  | 20

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

02. Deposits

Dollarization Level of Deposits
At the end of December 2024, the dollarization level of Total Deposits dropped 135 bps QoQ to stand at 46.7%, which is below the average reported for the last 2 years (49.6%). This result was driven mainly by growth in Savings Deposits fueled by liquidity from payments of statutory bonuses, and impacted by capturing campaigns. Time Deposits also drove growth in the LC balance, which reflect migration of wholesale funds from Demand to Time deposits.
YoY, the dollarization level dropped 237 bps due to growth in the LC balances for Low-cost Deposits, which were bolstered by inflows from pension fund withdrawals and the dynamics seen in the QoQ. Time deposits also increased the LC balance due to the dynamics seen in the QoQ and recurrent captures of deposits.

Deposits by Currency and Type
(measured at quarter-end balance)
Loan / Deposit Ratio (L/D ratio)
QoQ, the L/D ratio dropped 198 bps at BCP and 156 bps at Mibanco. Both reductions reflect the impact of growth in the balance of LC deposits due to statutory bonus payments. This dynamic was offset by loan growth at the end of the period. At BCP, loan growth was driven primarily by the wholesale segment, while at Mibanco, expansion was fueled by growth in small-ticket loans.
YoY, the L/D ratio fell 940 bps and 2204 bps at BCP and Mibanco respectively. At BCP, the decline was attributable to growth in low-cost deposits, which benefitted from inflows from pension fund withdrawals, and was partiallyoffset by loan growth in the wholesale segment. At Mibanco, the reduction was driven by growth in low-cost deposits and a contraction in loans, which were impacted by moves to tighten credit guidelines.

In this context, the L/D ratio at Credicorp declined to 90.2%.
L/D Ratio Local Currency
L/D Ratio Foreign Currency

|  | 21

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

02. Deposits

Market Share (MS) of Deposits in the Peruvian Financial System
At the end of November 2024, the MS for Total Deposits at BCP and Mibanco in Peru was 32.0% and 2.6% (-6 bps and -3 bps vs December 2023, respectively). With this result, BCP continues to lead the market for total deposits.
BCP reported interannual growth in its low-cost deposit balance (+7.9%), which fell below the figure reported by the financial system (+10.4%). Nonetheless, BCP continued to lead the market for low-cost deposits with a MS of 40.9% to November 2024 (-75 bps versus December 2023). Growth in BCP’s balance for Time Deposits stood at +15.9% (versus December 2023), outperforming the system’s result of +9.0% for the same period. In this context, BCP’s MS for Time Deposits rose +114 bps (versus December 2023) to stand at 19.0% at the end of November 2024.
Credicorp’s share (BCP + Mibanco) of the low-cost deposit market dropped 75 bps YoY to stand at 40.9% at the end of November 2024. Credicorp’s share of the market for time deposits, in turn, increased 80 bps with regard to 2023, situating at 24.5% at the end of November 2024.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 03 | Interest-earning Assets (IEA) and Funding

|  | QoQ, IEA increased 2.7%. This growth was driven by an increase in wholesale loans and by a higher balance of Cash and due from banks. Funding rose 3.9%, fueled mainly by growth in Deposits. This uptick was concentrated in low-cost deposits, underscoring the strength of BCP’s transactional offering. Growth in funding through deposits was partially offset by a drop in Due to banks and correspondents, which registered expirations over the period. YoY, IEA advanced (+7.2%), fueled primarily by growth in the balance for Cash and due from banks and secondarily by an uptick in the balance for Investments, which rose on the back of higher sovereign bond holdings. Lastly, funding rose 7.7%, driven mainly by growth in Deposits and to a lesser extent by an increase in the balance of Bonds and notes issued. |  |

3.1. | IEA

Interest Earning Assets |  | As of |  | % change
S/000 | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Cash and due from banks | 25,978,577 | 37,007,966 | 40,119,937 | 8.4% | 54.4%
Total investments | 52,215,528 | 53,328,873 | 53,825,858 | 0.9% | 3.1%
Cash collateral, reverse repurchase agreements and securities borrowing | 1,410,647 | 1,419,305 | 1,033,177 | -27.2% | -26.8%
Total loans | 144,976,051 | 142,568,785 | 145,732,273 | 2.2% | 0.5%
Total interest earning assets | 224,580,803 | 234,324,929 | 240,711,245 | 2.7% | 7.2%

QoQ, IEA rose 2.7%, driven primarily by growth in Loans and Cash and due from banks (both registering similar upticks). Loans increased 2.2%, fueled mainly by commercial loans to corporate clients. The balance for Cash and due from banks rose on the back of high liquidity, where surpluses were capitalized in short-term deposits.
YoY, IEA increased 7.2%, fueled primarily by growth in the balance for Cash and due from banks. In a context market by less lending activity and high market liquidity, particularly due to pension fund withdrawals from AFPs, the balance of Cash and due from banks rose significantly over the year. Total investments also contributed to growth in IEA, although to a lesser extent, via the strategy implemented this year to extend the duration of the portfolio by increasing sovereign bond holdings.

3.2. | Funding

Funding |  | As of |  | % change
S/000 | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Deposits and obligations | 147,704,994 | 154,435,451 | 161,842,066 | 4.8% | 9.6%
Due to banks and correspondents | 12,278,681 | 12,704,234 | 10,754,385 | -15.3% | -12.4%
BCRP instruments | 7,461,674 | 4,788,939 | 6,646,830 | 38.8% | -10.9%
Repurchase agreements with clients and third parties | 2,706,753 | 2,594,165 | 2,413,880 | -6.9% | -10.8%
Bonds and notes issued | 14,594,785 | 16,952,011 | 17,268,443 | 1.9% | 18.3%
Total funding | 184,746,887 | 191,474,800 | 198,925,604 | 3.9% | 7.7%

QoQ, funding rose 3.9% driven by growth in deposits, particularly low-cost deposits. The uptick in funding was also attributable, albeit to a lesser extent, to an increase in the balance of BCRP instruments, which reflected an uptick in the supply of repos auctioned by the entity. In this context, BCP increased its balance of repos, which are an efficient source of funding. The balance of Due to Banks and correspondents dropped this quarter due to expirations and lower funding requirements in US Dollars.
YoY, funding rose 7.7%, fueled primarily by growth in deposits. This growth, like that registered QoQ, was concentrated in low-cost deposits, which received inflows from AFP pension fund withdrawals throughout the year. The increase in funding was also driven, albeit to a lesser extent, by issuances of Bonds and notes through a structural funding management strategy. These dynamics were partially offset by a drop in the balance for Due to banks and obligations, which was fueled by the same dynamics as those seen QoQ.

|  | 23

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 04 | Net Interest Income (NII)

|  | In 4Q24, Net Interest Income (NII) rose 1.1% QoQ, driven by a drop in Interest and similar expenses. These reductions were fueled by a decrease in interest on deposits, in a juncture marked by lower market rates and an uptick in low-cost deposits’ share of the mix. Interest and similar income increased, spurred mainly by growth in interest on deposits with banks. YoY, NII grew 8.4% on the back of growth in Interest and similar income, which rose primarily due to an increase in interest on deposits with banks and secondarily to an increase in interest on loans, which reflects advances in pricing management in key sectors at BCP. Interest and similar expenses also contributed to NII’s expansion, via the same drivers mentioned in the QoQ analysis. NIM dropped 9 bps QoQ to stand at 6.34%. Notwithstanding, full-year growth reported a 29-bps increase in 2024, bolstered by a shift in the composition of the loan portfolio towards retail loans. Lastly, risk-adjusted NIM rose 15 bps QoQ and 39 bps for the full-year in 2024. FY24 risk-adjusted NIM stood at 4.8% which represents a record high1 on the back of improvements in the risk profile of the loan portfolio. |  |

Net interest income |  | Quarter |  | % change | Up to | % Change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Interest Income | 4,870,042 | 4,995,971 | 5,012,121 | 0.3% | 2.9% | 18,798,495 | 19,869,256 | 5.7%
Interest Expense | (1,522,358) | (1,405,221) | (1,382,327) | -1.6% | -9.2% | (5,860,523) | (5,754,125) | -1.8%
Interest Expense (excluding Net Insurance Financial Expenses) | (1,402,925) | (1,276,643) | (1,250,239) | -2.1% | -10.9% | (5,393,709) | (5,246,769) | -2.7%
Net Insurance Financial Expenses | (119,433) | (128,578) | (132,088) | 2.7% | 10.6% | (466,814) | (507,356) | 8.7%
Net Interest Income | 3,347,684 | 3,590,750 | 3,629,794 | 1.1% | 8.4% | 12,937,972 | 14,115,131 | 9.1%
Balances |  |  |  |  |  |  |  |
Average Interest Earning Assets (IEA) | 223,624,217 | 231,316,507 | 237,518,087 | 2.7% | 6.2% | 223,318,737 | 232,646,024 | 4.2%
Average Funding | 185,182,243 | 190,855,164 | 195,200,202 | 2.3% | 5.4% | 185,339,502 | 191,836,246 | 3.5%
Yields |  |  |  |  |  |  |  |
Yield on IEAs | 8.71% | 8.64% | 8.44% | -20 bps | -27 bps | 8.42% | 8.54% | 12 bps
Cost of Funds(1) | 3.03% | 2.68% | 2.56% | -12 bps | -47 bps | 2.91% | 2.74% | -17 bps
Net Interest Margin (NIM)(1) | 6.20% | 6.43% | 6.34% | -9 bps | 14 bps | 6.00% | 6.29% | 29 bps
Risk-Adjusted Net Interest Margin(1) | 4.10% | 4.93% | 5.08% | 15 bps | 98 bps | 4.38% | 4.77% | 39 bps
Peru's Reference Rate | 6.75% | 5.25% | 5.00% | -25 bps | -175 bps | 6.75% | 5.00% | -175 bps
FED funds rate | 5.50% | 5.00% | 4.50% | -50 bps | -100 bps | 5.50% | 4.50% | -100 bps

(1) For further detail on the new NIM calculation due to IFRS17, please refer to Annex 12.7
QoQ, Net Interest Income (INI) rose 1.1% due to a drop in Interest and similar expenses, which was spurred by: i) renewals of liabilities at lower rates after the Fed and BCRP instituted rate cuts, and ii) growth in low-cost deposits, which led to a funding composition with lower rates. Net interest income also rose, albeit to a lesser extent, due to growth in the volume of available funds.
YoY, NII increased 8.4%. This evolution was mainly attributable to growth in Interest and similar income and secondarily by a reduction in Interest and similar expenses. Interest and similar income were boosted primarily by growth in Interest on deposits with banks, which registered a marked increase in volumes in a context of high liquidity. Interest on loans was a secondary contributor to growth in income, buoyed by fine-tuning of pricing management and a consequent increase in rates on working capital loans in the SME-Pyme segment. Interest and similar expenses dropped over the year, driven, as was the case QoQ, by a drop in market rates and a funding composition that included a higher proportion of low-cost deposits.
For the full year (FY), NII rose 9.1% in 4Q24, bolstered by growth in Interest and similar income, which was in turn driven by reconfiguring of the loan portfolio to favor a higher proportion of retail loans. A secondary driver was the increase in interest on securities, which were impacted by the strategy to extend the portfolio’s duration by increasing bond holdings. To a lesser extent, a decrease in Interest and similar expenses, which was driven by the same factors seen YoY, contributed to NII growth.
Net Interest Margin
NIM fell 9 bps QoQ to stand at 6.34%. This evolution was due primarily to a lower yield on IEAs, which dropped due to: i) more significant growth in balances in Cash and equivalents, and low growth in Loans, which led to a less profitable mix; and ii) reference rate cuts at the Fed and BCRP, which led to a downward repricing in rates. Although the funding cost continued to follow a downward

1 | Since the implementation of IFRS 9 in 2018.

|  | 24

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

04. Net Interest Income (NII)

trend, the pace slowed alongside an increase in low-cost deposits’ share of the funding mix. Risk-adjusted NIM increased 15 bps due to improvements in client payment performance, which led provisions and the cost of risk to drop.
NIM rose 29 bps for the FY. This evolution was primarily attributable to a reduction in the cost of funding and secondarily to a resilient yield on IEAs, which was bolstered by growth in retail loans’ share of total loans. Risk-adjusted NIM increased 39 bps FY, to stand at 4.8%, which represents a record high on the back of improvements in the risk profile of the loan portfolio.

Net Margin Dynamics by Currency

Interest Income / IEA |  | 4Q23 |  |  | 3Q24 |  |  | 4Q24 |  |  |  | Dec 23 |  |  | Dec 24 |
S/ millions | Average |  |  | Average |  |  | Average |  |  |  | Average |  |  | Average |  |
| Balance | Income | Yields | Balance | Income | Yields | Balance | Income | Yields |  | Balance | Income | Yields | Balance | Income | Yields
Cash and equivalents | 25,443 | 279 | 4.4% | 32,083 | 365 | 4.6% | 38,564 | 386 | 4.0% |  | 26,438 | 1,133 | 4.3% | 33,050 | 1,406 | 4.3%
Other IEA | 1,462 | 28 | 7.7% | 1,598 | 26 | 6.5% | 1,227 | 18 | 5.9% |  | 1,257 | 85 | 6.8% | 1,222 | 100 | 8.2%
Investments | 51,666 | 656 | 5.1% | 52,877 | 681 | 5.2% | 53,578 | 667 | 5.0% |  | 48,823 | 2,536 | 5.2% | 53,021 | 2,710 | 5.1%
Loans | 145,053 | 3,908 | 10.8% | 144,757 | 3,924 | 10.8% | 144,150 | 3,940 | 10.9% |  | 146,801 | 15,045 | 10.2% | 145,354 | 15,655 | 10.8%
Total IEA | 223,624 | 4,871 | 8.7% | 231,315 | 4,996 | 8.6% | 237,519 | 5,011 | 8.4% |  | 223,319 | 18,799 | 8.4% | 232,647 | 19,871 | 8.5%
IEA (LC) | 57.6% | 70.5% | 10.7% | 55.7% | 68.8% | 10.7% | 54.7% | 68.8% | 10.6% |  | 57.4% | 71.1% | 10.4% | 56.2% | 69.2% | 10.5%
IEA (FC) | 42.4% | 29.5% | 6.1% | 44.3% | 31.2% | 6.1% | 45.3% | 31.2% | 5.8% |  | 42.6% | 28.9% | 5.7% | 43.8% | 30.8% | 6.0%

Interest Expense / Funding |  | 4Q23 |  |  | 3Q24 |  |  | 4Q24 |  |  |  | Dec 23 |  |  | Dec 24 |
S/ millions | Average |  |  | Average |  |  | Average |  |  |  | Average |  |  | Average |  |
| Balance | Expense | Yields | Balance | Expense | Yields | Balance | Expense | Yields |  | Balance | Expense | Yields | Balance | Expense | Yields
Deposits | 148,088 | 827 | 2.2% | 153,203 | 678 | 1.8% | 158,139 | 655 | 1.7% |  | 147,363 | 3,142 | 2.1% | 154,773 | 2,850 | 1.8%
BCRP + Due to Banks | 19,925 | 297 | 6.0% | 17,828 | 262 | 5.9% | 17,447 | 287 | 6.6% |  | 19,987 | 1,159 | 5.8% | 18,571 | 1,081 | 5.8%
Bonds and Notes | 14,755 | 153 | 4.1% | 17,453 | 201 | 4.6% | 17,110 | 201 | 4.7% |  | 15,801 | 634 | 4.0% | 15,931 | 800 | 5.0%
Others | 2,415 | 245 | 40.6% | 2,371 | 264 | 44.5% | 2,504 | 239 | 38.2% |  | 2,188 | 926 | 42.3% | 2,561 | 1,023 | 39.9%
Total Funding | 185,183 | 1,522 | 3.3% | 190,855 | 1,405 | 2.9% | 195,200 | 1,382 | 2.8% |  | 185,339 | 5,861 | 3.2% | 191,836 | 5,754 | 3.0%
Funding (LC) | 50.2% | 55.9% | 3.7% | 49.3% | 48.5% | 2.9% | 49.6% | 49.8% | 2.8% |  | 50.1% | 58.1% | 3.7% | 50.1% | 50.5% | 3.0%
Funding (FC) | 49.8% | 44.1% | 2.9% | 50.7% | 51.5% | 3.0% | 50.4% | 50.2% | 2.8% |  | 49.9% | 41.9% | 2.7% | 49.9% | 49.5% | 3.0%

NIM | 223,624 | 3,349 | 6.0% | 231,315 | 3,591 | 6.2% | 237,519 | 3,629 | 6.1% |  | 223,319 | 12,938 | 5.8% | 232,647 | 14,117 | 6.1%
NIM (LC) | 57.6% | 77.2% | 8.0% | 55.7% | 76.8% | 8.6% | 54.7% | 76.1% | 8.5% |  | 57.4% | 77.0% | 7.8% | 56.2% | 76.9% | 8.3%
NIM (FC) | 42.4% | 22.8% | 3.2% | 44.3% | 23.2% | 3.3% | 45.3% | 23.9% | 3.2% |  | 42.6% | 23.0% | 3.1% | 43.8% | 23.1% | 3.2%

(1) | Unlike the NIM figure calculated according to the formula in Appendix 12.7, the NIM presented in this table includes “Financial Expense associated with the insurance and reinsurance activity, net”.

QoQ Analysis
QoQ, Net Interest Income (NII) rose 1.1%, driven mainly by higher NII in FC, while NII in LC increased only marginally. IEAs in LC represent 54.7% of total IEAs and account for 68.8% of interest income generated in 4Q24.
Local Currency Dynamics (LC)
NII in LC rose 0.1%. This evolution was fueled by growth in interest income, which rose primarily through an uptick in disbursements for Small Businesses at BCP via SME-Pyme working capital loans, which registered increasing interest rates. Growth in income was partially offset by higher interest expenses, which were impacted by an increase in funding with BCRP and banks, mainly through the repo balance with BCRP.
Foreign Currency Dynamics (FC)
NII in FC increased 4.3% QoQ, driven by the following dynamics:
Interest expenses fell 4.0% QoQ. This evolution was fueled by a decrease in market rates (which reflects rates cuts from the Fed) which led to a downward repricing, particularly for time deposits and BCRP + due to banks. In this scenario, the funding cost in FC dropped from 3.0% to stand at 2.8% QoQ. Income was a minor contributor to growth in NII given that the increase in interest on available funds, which was attributable to a positive volume effect, was offset by a drop in interest on loans.

|  | 25

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

04. Net Interest Income (NII)

YoY Analysis
YoY, NII rose 8.4%, driven by NII in both LC and FC:
Local Currency Dynamics (LC)
NII in LC rose 6.8% YoY due to the following dynamics:
Interest expenses dropped 19.2%, driven mainly by deposits. The average deposit balance rose, but associated interest expenses dropped, which reflected: i) downward repricing of rates, which were impacted by reference rate cuts at BCRP, and ii) growth in low- cost deposits’ share of total deposits. In this context, the cost of funding in LC dropped 82 bps YoY.
Interest income remained relatively stable (+0.4% YoY), given that growth in the loan volume was concentrated in wholesale segments, which yield lower interest rates. In this context, the yield on IEAs dropped 6 bps to 10.6%.
Foreign Currency Dynamics (FC)
NII in FC rose 13.7% YoY due to the following dynamics:
Average IEA in FC rose 13.4% YoY, driven by growth in the volume of available funds, which was capitalized mainly through overnight deposits in BCRP. The positive volume effect led interest income to rise 8.9%. Nevertheless, less profitable assets predominated in the IEA mix, which led the yield on IEAs to drop 24 bps and stand at 5.8%.
Funding, in turn, increased 6.6% YoY, driven mainly by debt issuances at BCP this year and secondarily by growth in the deposit balance. Interest expenses rose 3.4%, fueled primarily by an issuance effect. Notwithstanding, the downward trend in the Fed’s reference rate offset this effect, as interest expenses fell alongside lower rates on deposits. The combination of the aforementioned dynamics led the funding cost to drop 9 bps.
FY Analysis
At the end of 2024, NII rose 9.1%, driven by NII in both LC and FC.
Local Currency Dynamics (FC)
NII in LC increased 9.0% due to the following dynamics:
Interest expenses dropped 14.7% over the course of 2024, driven by the same dynamics mentioned in the YoY analysis and by a decrease in interest on deposits, which fell from 3.7% to 3.0%. Interest income reported a marginal contribution to growth in NII in LC, which was fueled by the factors in play YoY and by growth in interest on Investments due to our strategy to extend the portfolio’s duration through sovereign bond holdings.
Foreign Currency Dynamics (FC)
NII in FC increased 9.6% due to the following dynamics:
NII in FC rose 12.5% in 2024. This evolution was primarily attributable to growth in Interest on loans, driven mainly by pricing improvements and reflected in the rise in the implicit interest rate. A positive volume effect, fueled by growth in the wholesale loan balance, was the second most important contributor to the FY increase in NII. The third player in NII’s evolution in terms of impact was the uptick in interest on Cash and equivalents, where volumes rose, albeit to a lesser extent than loans.
Interest expenses, which played only a minor role in FY growth in NII, fell in 2024 due to a decrease in Interest on deposits. This decline was driven by the same factors indicated in the YoY analysis.

|  | 26

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 05 | Portfolio Quality and Provisions

|  | This quarter, NPLs continued to drop after reaching a turning point in 3Q24, particularly in the segments most impacted by the recent credit cycle: the Individuals and the SME-Pyme portfolio at BCP Stand-alone, and the loan portfolio at Mibanco. This is the result of successful risk management measures at BCP and Mibanco. At BCP, portfolio quality metrics improved due to risk management measures such as adjusting credit guidelines in high-risk segments, shoring up credit processes and calibrating specific models to better predict losses; while at Mibanco, portfolio quality metrics improved due to the positive impact of stricter origination policies, improvements in debt collection management and the debt relief facilities rolled out as of 2Q24. QoQ, the decline in the NPL portfolio at BCP was fueled primarily by a reduction in overdue loans in Small Businesses and debt cancellations in Wholesale. At Mibanco, the reduction in NPLs was attributable to a drop in overdue loans. As a result, the NPL ratio dropped 60 bps and 63 pbs QoQ and YoY, respectively, to stand at 5.3%. On the other hand, provisions fell this quarter, mainly on the back of BCP, which reported an improvement in payment performance in SME-Pyme and Mortgage, followed by the same dynamic at Mibanco. This evolution was partially offset by an increase in provisions for Consumer and Credit Cards, due to risk model calibrations. Despite higher provisions, the underlying risk improved for both segments. In this context, the cost of risk dropped 34 bps and 118 bps QoQ and YoY, respectively, to stand at 2.1%. |  |
| 5.1 Portfolio Quality

Quality of Total Loans (in quarter-end balances)

Loan Portfolio quality and Delinquency ratios |  | As of |  | % change
S/000 | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Total loans (Quarter-end balance) | 144,976,051 | 142,568,785 | 145,732,273 | 2.2% | 0.5%
Write-offs | 879,401 | 923,946 | 896,714 | -2.9% | 2.0%
Internal overdue loans (IOLs) | 6,126,487 | 6,026,341 | 5,423,212 | -10.0% | -11.5%
Internal overdue loans over 90-days | 4,673,564 | 4,851,591 | 4,383,795 | -9.6% | -6.2%
Refinanced loans | 2,406,058 | 2,333,814 | 2,239,445 | -4.0% | -6.9%
Non-performing loans (NPLs) | 8,532,545 | 8,360,155 | 7,662,657 | -8.3% | -10.2%
IOL ratio | 4.2% | 4.2% | 3.7% | -51 bps | -51 bps
IOL over 90-days ratio | 3.2% | 3.4% | 3.0% | -39 bps | -19 bps
NPL ratio | 5.9% | 5.9% | 5.3% | -60 bps | -63 bps

QoQ, NPLs dropped 8.3%, driven primarily by BCP Stand-alone and secondarily by Mibanco. Charge-offs, which remain at high levels, declined 2.9% mainly as newer and healthier vintages increased their weight within the loan portfolio at Mibanco.
At BCP Stand-alone, portfolio quality metrics have improved due to risk management measures such as adjusting credit guidelines in high-risk segments, shoring up credit processes and calibrating specific models to better predict losses. QoQ, the reduction in NPLs was mainly attributable to (i) SME-Pyme, where overdue loans dropped mainly via the lower-risk, mid-sized ticket segment (> s/ 150 thousand); (ii) Wholesale, on the back of debt cancellation by a refinanced client in the hotel and restaurant sector; (iii) SME- business, which reported a drop in overdue loans after improvements in debt collection management led to extraordinary recoveries; and (iv) Consumer and Credit Cards, due to a) an extraordinary charge-off, b) debt cancellations, given that the impact generated the liquidity surplus associated with pension fund withdrawals has yet to dissipate, and c) improvements in debt collection management. At Mibanco, the reduction in NPLs was driven by a drop in overdue loans, which was mainly attributable to stricter origination policies; improvements in debt collection management; and the debt relief facilities rolled out as of 2Q24.
YoY, NPLs decreased 10.2%, driven primarily by BCP Stand-alone and secondarily by Mibanco. The uptick in charge-offs (+2.0%) was driven mainly by SME-Pyme due to an extraordinary write-off in 4Q24.
At BCP Stand-alone YoY, the reduction in NPLs was driven by the following segments: (i) SME-Pyme, via an increase in honoring processes for Reactiva loans and due to the same dynamics seen QoQ; (ii) Wholesale, where the decrease was fueled mainly by the debt cancellation of a refinanced client in the real estate sector ; and (iii) SME-Business, which was impacted by the same drivers seen in the QoQ evolution. At Mibanco, the drop in NPLs was driven by the same dynamics seen QoQ.

|  | 27

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

05. Portfolio Quality and Provisions

NPL Ratio for Total Loans |

Credicorp’s NPL Ratio dropped 60 bps QoQ to stand at 5.3%. This reduction was mainly driven by the same factors that impacted the evolution of the NPL portfolio QoQ and secondarily by loan growth.
If we analyze the QoQ evolution of the NPL portfolio by Subsidiary, we see:
• BCP Stand-alone, where the NPL Ratio fell 69 bps. In all segments, except for Consumer, the reduction in the NPL ratio was mainly attributable to a drop in NPL volumes. In Consumer, the decline in the ratio was fueled primarily by loan growth and secondarily by a reduction in NPL volumes.

| • | Mibanco, where the NPL ratio fell 41 bps, mainly on the back of a reduction in NPL volumes.

NPL Ratio for Total Loans at BCP (1) |

The NPL Ratio at Credicorp fell 63 bps YoY to stand at 5.3%. This reduction was primarily driven by the dynamics of the NPL portfolio YoY, and secondarily by slight growth in the loan portfolio.
If we analyze the YoY evolution of the NPL Ratio by Subsidiary, we see:
• BCP Stand-alone, where the NPL Ratio dropped 82 bps, driven by the same segments responsible for the QoQ evolution, barring Mortgage.

| • | Mibanco, where the NPL Ratio rose 38 bps due to a contraction in the loan portfolio, which was partially offset by a decrease in NPL volumes.

5.2 | Provisions and Cost of Risk of the Total Portfolio

Loan Portfolio Provisions |  | Quarter |  | % change | Up to | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Gross provision for credit losses on loan portfolio | (1,260,163) | (981,870) | (857,694) | -12.6% | -31.9% | (3,957,143) | (3,943,301) | -0.3%
Recoveries of written-off loans | 86,709 | 113,789 | 114,398 | 0.5% | 31.9% | 334,798 | 423,854 | 26.6%
Provision for credit losses on loan portfolio, net of recoveries | (1,173,454) | (868,081) | (743,296) | -14.4% | -36.7% | (3,622,345) | (3,519,447) | -2.8%
Cost of risk (1) | 3.2% | 2.4% | 2.1% | -34 bps | -118 bps | 2.5% | 2.4% | -5 bps

(1) | Provisions for credit losses on loan portfolio, net of annualized recoveries / Average Total Loans. It includes provisions set aside for “El Niño” Phenomenon in 4Q23 and reversed in 1Q24.

QoQ, provisions dropped 14.4%, driven mainly by BCP Stand-alone and Mibanco. At BCP Stand-alone, the reduction in provisions was primarily fueled by an improvement in payment performance in SME-Pyme and Mortgage. In SME-Pyme, provisions fell primarily on the back of an improvement in payment performance, as lower-risk vintages increased their participation in the total loan portfolio, and secondarily due to calibrations in our risk models. In Mortgage, provisions dropped, which was mainly attributable to parameter updates in our risk models, and secondarily to a strengthening in payment capacity in Individuals. The aforementioned reductions were partially offset by an increase in provisions for Consumer and Credit Cards, which was attributable to risk models calibrations. Despite higher provisions, both segments reported improvements in payment performance due to: i) an increase in the share of lower-risk vintages within total loan portfolio, ii) a significant increase in debt relief facilities, and iii) a lag in the dissipation of the impact of the surplus liquidity generated by pension fund withdrawals in 3Q24. At Mibanco, the drop in provisions was driven by an improvement in payment performance, mainly due to stricter origination policies; an uptick in debt relief facilities; and better

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

05. Portfolio Quality and Provisions

debt collection management, where changes were first rolled out in 2Q24 and continue to reap benefits. In this context, the CofR at Credicorp dropped 34 bps QoQ to stand at 2.1%.

|  | Cost of Risk by Subsidiary (1) |
YoY, if we isolate the effect of provisions set aside for the “El Niño” Phenomenon in 4Q23, provisions dropped 19.2%, driven by BCP Stand- alone and Mibanco. At BCP Stand-alone, the decrease in provisions was led mainly by SME-Pyme and Consumer, which experienced an improvement in payment performance via the same dynamics seen QoQ and through a reduction in refinancing. This evolution was partially offset by Wholesale Banking, which reported an increase in deterioration, associated in large part with two corporate clients. At Mibanco, the reduction was primarily attributable to the same drivers seen QoQ. In this context, the CofR at Credicorp fell 48 bps YoY to stand at 2.1%. |  |  |

On a Full-Year basis, if we isolate the effect of provisions set aside for the El Niño Phenomenon in 4Q23 and reversed in 1Q24, provisions rose12.0%, mainly at BCP Stand-alone. This growth was driven mainly by Credit Cards, which reported a deterioration in payment performance that accentuated in the first semester of 2024, and by Wholesale, which was impacted by a base effect generated by high reversal levels in 2023. In this context, the CofR at Credicorp rose 30 bps FY to stand at 2.6%. |

QoQ Cost of Risk Evolution |  | YoY Underlying Cost of Risk Evolution* |
(1) Others include BCP Bolivia, Mibanco Colombia, ASB and eliminations. |  | (*) It excludes provisions set aside for “El Niño” Phenomenon in 4Q23. (1) Others include BCP Bolivia, Mibanco Colombia, ASB and eliminations. |
FY Underlying Cost of Risk Evolution* |
(*) It excludes provisions set aside for “El Niño” Phenomenon in 4Q23 and reversed in 1Q24. (1) Others include BCP Bolivia, Mibanco Colombia, ASB and eliminations. |  |  |

Coverage Ratio of NPLs (in Quarter-end balances)

Loan Portfolio Quality and Delinquency Ratios | As of |  |  | % change |
S/000 | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Total loans (Quarter-end balance) | 144,976,051 | 142,568,785 | 145,732,273 | 2.2% | 0.5%
Allowance for loan losses | 8,277,916 | 8,250,023 | 7,994,977 | -3.1% | -3.4%
Non-performing loans (NPLs) | 8,532,545 | 8,360,155 | 7,662,657 | -8.3% | -10.2%
Allowance for loan losses over Total loans | 5.7% | 5.8% | 5.5% | -30 pbs | -22 pbs
Coverage ratio of NPLs | 97.0% | 98.7% | 104.3% | 566 pbs | 732 pbs

|  | 29

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

05. Portfolio Quality and Provisions

Allowance for loan losses (in S/ millions) |  |  |
|  | QoQ, the allowance for loan losses dropped 3.1%, fueled primarily by the evolution of SME-Pyme and Mortgage at BCP Stand-alone. YoY, the allowance for loan losses fell 3.4%, driven mainly by decreases in Small Businesses and Consumer at BCP Stand-alone, and secondarily by a reduction at Mibanco. |
(1) Others include Mibanco Colombia, ASB and eliminations. |  |  |
NPL Coverage Ratio |  |  |
|  | The total NPL Coverage Ratio at Credicorp reached 104.3% at the end of 4Q24. If we exclude the volume of NPLs in the Government Program portfolio (GP), the ratio stood at 107.4%. QoQ Credicorp’s NPL Total Coverage Ratio rose 566 bps, fueled by the evolution at BCP Stand-alone and Mibanco. Next, we will analyze this evolution by isolating the effect of NPLs from the Government Loan portfolio, which are covered by broad guarantees and are being satisfactorily honored. |

QoQ, the NPL Coverage Ratio at BCP Stand-alone, excluding Government Programs, rose 622 bps to stand at 106.9%. This evolution was driven mainly by a decrease in NPL volumes in the Small Businesses and Wholesale portfolios. The NPL Coverage Ratio at Mibanco, excluding Government Programs, increased 128 bps to stand at 102.8%. This evolution was driven by a decrease in NPL volumes, as described in the QoQ dynamics.
YoY
The NPL Coverage Ratio at Credicorp increased 732 bps YoY, driven mainly by the evolution at BCP Stand-alone. Next, we will analyze this evolution by isolating the effect of NPL volumes associated with Government Programs.
YoY, the NPL Coverage Ratio at BCP Stand-alone, excluding Government Programs, rose 705 bps, driven primarily by a decrease in NPL volumes as described in the QoQ analysis. The NPL Coverage Ratio at Mibanco, excluding Government Programs, fell 413 bps YoY due to a reduction in the allowance for loan losses.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

06. Other Income

| 06 | Other Income

|  | As explained in recent quarters, we exclude BCP Bolivia results to analyze the evolution of Other Income. QoQ, growth of 0.6% in Other Core Income was driven by the Gain on FX transactions, mainly at BCP Stand-alone. This growth was offset by a drop in fee income from Credicorp Capital. Other Non-core Income decreased 7.9% due to (i) a deterioration in an investment in Pacifico’s portfolio, and (ii) a drop in the gain on securities at Credicorp Capital. YoY, Other Core Income rose 17.1%, driven primarily by BCP Stand-alone via (i) growth in fee income due to an uptick in transactions via Yape and Debit/Credit Cards, and (ii) an increase in FX transactions, driven by higher wholesale client’s volumes and by improvements in pricing strategies. Other Non-core income fell 23.1%, due to the same factors seen QoQ. FY, Other Core income rose 15.2%, driven by good results for fee income and FX transactions at BCP Stand-alone and, to a lesser extent, at Credicorp Capital. This evolution reflects growth in transactions as the economy picks up. Other Non-core income dropped 0.9% due to a drop in the gain on securities and losses from exchange differences. |  |
| 6.1. Other Core Income

Other Core Income | Quarter |  |  | % Change |  | Up to |  | % Change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Fee income | 986,173 | 1,108,314 | 1,103,548 | -0.4% | 11.9% | 3,804,459 | 4,423,193 | 16.3%
Net gain on foreign exchange transactions | 218,047 | 172,998 | 223,913 | 29.4% | 2.7% | 886,126 | 781,076 | -11.9%
Total other income Core | 1,204,220 | 1,281,312 | 1,327,461 | 3.6% | 10.2% | 4,690,585 | 5,204,269 | 11.0%

It is important to note that Other Core Income continued to be affected by our operation in BCP Bolivia, which since 2023 has evolved and adapted its non-interest income structure for foreign transfers to offset the losses reported for FX transactions. The analysis below will exclude BCP Bolivia to focus on Other Core Income evolution:

| • | QoQ, growth of 0.6% was driven by Net Gain on Foreign Exchange Transactions (+3.4%) at BCP Stand-alone via an uptick in the volume of transactions executed by corporate clients. The aforementioned was partially offset by a slight decline in Fee Income at Credicorp Capital.

| • | YoY, expansion of 17.1% was driven by an increase in Fee Income at BCP Stand-alone and to the Net Gain on Foreign Exchange Transactions (+14.7%) at BCP Stand-alone, which was fueled by growth in transactions among wholesale and retail clients and by improvements in pricing strategies.

| • | FY, the uptick of 15.2% was fueled by growth in Fee Income, mainly at BCP Stand-alone, and, to a lesser extent, at Credicorp Capital. The rise in the Net Gain on Foreign Exchange Transactions (+16.6%) at BCP Stand-alone was driven by the same factors QoQ and YoY.

Fee Income by Subsidiary

Net Fee Income by Subsidiary | Quarter |  |  | % Change |  | Up to |  | % Change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
BCP Stand-Alone | 748,270 | 879,995 | 888,292 | 0.9% | 18.7% | 2,927,395 | 3,352,254 | 14.5%
BCP Bolivia | 104,959 | 67,939 | 65,174 | -4.1% | -37.9% | 335,061 | 439,649 | 31.2%
Mibanco | 24,402 | 18,412 | 24,108 | 30.9% | -1.2% | 110,627 | 88,466 | -20.0%
Mibanco Colombia | 10,082 | 12,333 | 11,356 | -3.7% | 50.5% | 42,550 | 45,982 | 8.1%
Pacífico | -2,577 | -3,218 | -3,115 | -7.9% | -540.7% | -11,622 | -12,020 | 3.4%
Prima | 87,457 | 90,748 | 88,102 | -7.4% | 50.0% | 350,846 | 372,480 | 6.2%
ASB | 10,704 | 15,760 | 15,170 | -3.2% | -129.1% | 59,264 | 63,477 | 7.1%
Credicorp Capital | 137,092 | 141,657 | 131,199 | -2.9% | -35.7% | 470,904 | 554,486 | 17.7%
Eliminations and Other (1) | -134,216 | -115,312 | -116,738 | 1.2% | -13.0% | -480,566 | -481,581 | 0.2%
Total Net Fee Income | 986,173 | 1,108,314 | 1,103,548 | -0.4% | 11.9% | 3,804,459 | 4,423,193 | 16.3%

(1) Correspond mainly to the eliminations of bancassurance between Pacifico, BCP, and Mibanco.
31

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

06. Other Income

Excluding the results of BCP Bolivia, Fee income followed the following dynamics:
QoQ, Fee Income dropped 0.2%, fueled mainly by a decrease in the fee level at Credicorp Capital due to a drop in the brokerage business. This was slightly offset by higher Fee income at BCP Stand-alone, which we will discuss in the following chapter, and by growth at Mibanco, which was associated with an increase in fees from credit life insurance, which was aligned with growth in disbursements.
YoY, growth of 17.8% was driven mainly by BCP Stand-alone; the dynamics of this increase will be discussed in the next chapter.
FY, the increase of 14.8% was attributable to BCP Stand-alone and, to a lesser extent, to Credicorp Capital, which experienced an uptick in AUMs in its Wealth Management and Asset Management businesses and an increase in corporate transactions.
Fee Income at BCP Stand-alone
Composition of fee income at BCP Stand-alone (*)

BCP Stand-alone Fees | Quarterly | % Change | Up to | % Change
S/000,000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Payments and transactionals (1) | 322 | 377 | 361 | 4.3% | 11.1% | 1,302 | 1,411 | 8.4%
Yape (2) | 42 | 96 | 118 | -4.9% | 7.4% | 90 | 340 | 278.9%
Liability accounts (3) | 186 | 198 | 192 | 2.7% | 1.6% | 724 | 760 | 4.9%
Loan Disbursement (4) | 96 | 96 | 98 | -2.3% | 2.9% | 372 | 385 | 3.4%
Off-balance sheet | 57 | 57 | 55 | -27.7% | 28.4% | 231 | 224 | -3.0%
Insurances | 32 | 34 | 35 | -8.7% | -44.2% | 126 | 137 | 8.7%
Wealth Management and Corporate Finance | 5 | 13 | 19 | 8.3% | 16.0% | 33 | 59 | 78.2%
Others (5) | 9 | 10 | 10 | 3.6% | 11.4% | 50 | 36 | -27.6%
Total | 748 | 880 | 888 | 0.9% | 18.7% | 2,928 | 3,352 | 14.5%

(*) Management figures. |  |  |
(1) Corresponds to fees from credit and debit cards, payments and collections.
(2) Not includes fees related to E-Commerce. Not includes FX and remittances.
(3) Corresponds to fees from Account maintenance, interbank transfers, national transfers, and international transfers.
(4) Corresponds to fees from retail and wholesale loan disbursements.
(5) Use of third-party networks, other services to third parties, and Commissions in foreign branches.

QoQ, Fee income at BCP Stand-alone grew 0.9%, propelled by an increase in the fee volume through:

| • | Yape, mainly via Bill Payments, POS Payments (QR) and Yape for Businesses, associated with growth in transactions.

| • | Wealth Management and Corporate Finance, which rose on the back of an increase in the total fee level in Wholesale Banking.

The aforementioned was offset by a drop in Payment and transactional services, associated with a base effect, where extraordinary income was recorded in 3Q24.
YoY, Fee income rose 18.7%, driven primarily by:

| • | Yape, which accounted for 54% of total growth in fee income; the App’s growth was attributable to the same factors seen in the QoQ analysis.

| • | Payment and transactional services, which accounted for 27% of the growth in fee income, was the result of an uptick in the use of credit cards (+24.8%) and debit cards (+16.5%), in line with an increase in liquidity via AFP withdrawals.

| • | Wealth Management and Fincorp, which accounted for 10% of the growth in fee income, in line with the factors described in the QoQ analysis.

FY, Fee income at BCP Stand-alone rose 14.5%. This evolution was driven by the same dynamics seen QoQ and YoY, and by improvements in the results for Liability and Transactional Accounts, which was primarily attributable to Current Accounts, which registered growth in accounts openings, and secondarily to Wires and Transfers, where digitalization strategies have begun to bear fruit.
32

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

06. Other Income

6.2 Other Non-ordinary Income

Other Non-Core Income | Quarter |  |  | % Change |  | Up to |  | % Change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Net gain on securities | 115,825 | 120,033 | -47,377 | -139.5% | -140.9% | 308,055 | 227,112 | -26.3%
Net gain from associates (1) | 34,132 | 35,600 | 38,560 | 8.3% | 13.0% | 117,089 | 135,183 | 15.5%
Net gain on derivatives held for trading | 5,019 | 93,801 | 188,301 | 100.7% | N/A | 53,665 | 363,834 | 578.0%
Net gain from exchange differences | 15,255 | -6,139 | -21,365 | 248.0% | -240.1% | 45,778 | -41,058 | -189.7%
Other non-financial income | 112,372 | 96,675 | 176,384 | 82.5% | 57.0% | 440,653 | 514,779 | 16.8%
Total Other Non-Core Income | 282,603 | 339,970 | 334,503 | -1.6% | 18.4% | 965,240 | 1,199,850 | 24.3%

(1) Includes gains on other investments, which are mainly attributable to the Banmedica result.

Other Non-Core Income QoQ evolution (millions of soles) |  | Other Non-Core Income YoY evolution (millions of soles)
Other Non-Core Income FY evolution (millions of soles)
(1) Others: include Grupo Credito, Credicorp Stand-alone, eliminations and others.

33

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

06. Other Income

If we exclude operations at BCP Bolivia, the Other Non-Ordinary lines show the following dynamics:
QoQ, Other Non-Ordinary Income dropped 7.9%, which was primarily attributable to:

| • | Net Gain (Loss) on Securities: (i) Pacifico reported losses due to the deterioration of an investment, (ii) Credicorp Capital was impacted by a drop in income from trading, and (iii) BCP Stand-alone registered losses due to the devaluation of sovereign bonds in the trading portfolio.

| • | Net Gain (Loss) from Exchange Difference: due to losses at ASB Bank Corp, which were driven by this portfolio’s exposure in local currencies.

This contraction was partially offset by growth in the Net Gain (Loss) of Derivatives Held for Trading in the Investment Banking and Advisory business after the treasury’s mo e to cover exposure in local currencies generated gains. Improvements were also registered in Other Non-operative Income at (i) BCP Stand-alone, which was associated with sales of properties, and (ii) Pacifico, where a provisions reversal and a property sale were reported.
YoY, Other Non-Core Income dropped 23.1% due to:

| • | Net Gain (Loss) on Securities due to (i) losses at Pacifico, as described in the QoQ analysis, (ii) BCP Stand-alone, due to the devaluation of a corporate bond and negative results for sovereign bond trading, and (iii) Prima AFP, due to a drop in the profitability of funds under management.

| • | Net Gain (Loss) from Exchange Difference: as outlined in the QoQ analysis.

This decline was offset by the same factors in play QoQ.
FY, Other Non-Core Income fell 0.9%, driven mainly by:

| • | Net Gain (Loss) on Securities: due to (i) losses at Pacifico, as outlined in the QoQ dynamics, and (ii) Others, due to a base effect given that the market price for investments at Credicorp Stand-alone was higher in 2023. These losses were partially offset by BCP Stand-alone, which reported growth in ALM income and a revaluation of the trading portfolio.

| • | Net Gain (Loss) from Exchange Difference: in line with the factors outlined in the QoQ analysis.

This contraction was partially offset by growth in the Net Gain (Loss) of Derivatives Held for Trading in the Investment Banking and Advisory business, which was driven by the same factors in play QoQ, and in Other Non-operative Income at (i) Pacifico, as outlined in the QoQ explanation, and (ii) Others, related to a provisions reversal.
34

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 07 | Insurance Underwriting Results

|  | QoQ, the Insurance Underwriting Result increased 7.2%. Growth was mainly driven by a stronger Reinsurance Result in P & C. Additionally, higher Insurance Service Income in both business lines contributed to the higher underwriting result. These positive dynamics were partially offset by growth in Insurance Service Expenses in both businesses. YoY, the a Insurance S Underwriting Result rose 8.8%, due to lower Insurance Service Expenses in Life, mainly in D&S and Individual Life, and higher Insurance Service Income in P&C. For the FY24, the Insurance Underwriting Result decreased by 1.0% due to lower results in Life and Crediseguros businesses. In terms of business lines, this decline was driven by Credit Life, Annuities and Individual Life. |  |

Insurance Underwriting Results | Quarterly | % change | Year | % change
S/000 |  | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | 2023 | 2024 | 2024 / 2023
| Income from Insurance Services | 1,019.6 | 940.9 | 982.5 | 4.4% | -3.6% | 3,843 | 3,771 | -1.9%
Total | Expenses for Insurance Services | (634.0) | (514.7) | (570.0) | 10.7% | -10.1% | (2,235) | (2,057) | -8.0%
Reinsurance Results | (98.4) | (134.4) | (99.9) | -25.7% | 1.6% | (397) | (515) | 29.6%
| Insurance Undewrwriting Result | 287.3 | 291.8 | 312.7 | 7.2% | 8.8% | 1,211 | 1,199 | -1.0%
| Income from Insurance Services | 449.8 | 471.1 | 491.9 | 4.4% | 9.4% | 1,695 | 1,875 | 10.6%
P&C | Expenses for Insurance Services | (323.7) | (278.1) | (331.0) | 19.0% | 2.3% | (1,139) | (1,149) | 0.9%
Reinsurance Results | (76.8) | (120.4) | (83.8) | -30.4% | 9.1% | (293) | (432) | 47.5%
| Insurance Undewrwriting Result | 49.3 | 72.6 | 77.2 | 6.3% | 56.4% | 263 | 293 | 11.5%
| Income from Insurance Services | 534.8 | 453.0 | 471.5 | 4.1% | -11.8% | 2,033 | 1,819 | -10.5%
Life | Expenses for Insurance Services | (305.1) | (234.5) | (238.7) | 1.8% | -21.8% | (1,076) | (910) | -15.4%
Reinsurance Results | (14.5) | (9.4) | (10.2) | 8.7% | -29.8% | (83) | (62) | -25.5%
| Insurance Undewrwriting Result | 215.2 | 209.1 | 222.6 | 6.4% | 3.4% | 874 | 846 | -3.1%
| Income from Insurance Services | 37.1 | 23.5 | 25.3 | 7.7% | -31.8% | 124 | 99 | -19.8%
Crediseguros | Expenses for Insurance Services | (11.5) | (7.1) | (5.6) | -20.8% | -51.0% | (39) | (18) | -53.2%
Reinsurance Results | (9.1) | (11.2) | (12.3) | 9.7% | 35.6% | (30) | (42) | 40.6%
| Insurance Undewrwriting Result | 16.5 | 5.2 | 7.3 | 42.6% | -55.6% | 54 | 39 | -29.0%

QoQ and YoY, the Insurance Underwriting result increased 7.2% and 8.8% respectively. The QoQ result reflected the impact of an increase in Insurance Service Income (+4.4%) and an improvement in the Reinsurance Result (-25.7%); the aforementioned growth was attenuated by an uptick in Insurance Service Expenses (+10.7%). YoY, the increase in the result was driven by a drop in Insurance Service Expenses (-10.1%) and was partially attenuated by a decrease in Insurance Income (-3.6%).
For the FY24, the Insurance Underwriting Result fell -1.0% due to a weaker Reinsurance Result (+29.6%) and to a drop in Insurance Service Income (-1.9%); the aforementioned was partially attenuated by a decrease in Insurance Service Expenses (-8.0%).
P&C Insurance

QoQ, the Insurance Underwriting Result increased 6.3%. The following dynamics drove this result:

| • | Insurance Service Income increased 4.4%, reflecting growth in premiums allocated to the period1 in P & C Risks through the Fire, Agricultural and Card Protection products.

| • | Insurance Income Expenses rose 19.0%, driven mainly by P & C Risks via an uptick in expenses for claims in the Fire and Technical Lines, and higher technical expenses in the Alliances channel.

1 Premiums allotted for the period = Direct premiums + change of RRC + Fees

35

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

07. Insurance Underwriting Result

| • | The improvement in the Reinsurance Result was mainly attributable to the evolution at P & C Risks, which registered an increase in claims recovered from reinsurers (for claims in the Fire and Technical Lines mentioned above).

YoY, the Insurance Underwriting Result rose 56.4%, driven by the following dynamics:

| • | Insurance Service Income rose 9.4%, fueled by an increase in premiums allocated to the period in P & C Risks, in line with an uptick in premium turnover in Third-Party Liability and Card Protection.

| • | Insurance Service Expenses rose 2.3%, spurred mainly by Medical Assistance, which reported a higher level of expenses for claims due to an increase in average costs and higher IBNR reserves.

| • | The Reinsurance Result deteriorated primarily due to the evolution of P & C Risks, which was impacted by an increase in ceded premiums.

For the FY24, the Insurance Underwriting Result rose 11.5%, due to an uptick in Insurance Service Income, particularly in P&C Risks and Cars, and mitigated by higher Insurance Service Expenses in Medical Assistance and SOAT.
Life Insurance

Insurance Service Income |  | Insurance Service Expenses

QoQ, the Insurance Underwriting Result increased 6.4%. The following dynamics were noteworthy:

| • | Insurance Service Income rose 4.1%, driven primarily by Credit Life via an increase in premiums allocated to the period, which was in turn fueled mainly by the bancassurance and Alliances channels. The aforementioned growth was partially offset by a drop in income in Group Line, mainly via seasonal factors in SCTR products.

| • | Insurance Service Expenses increased 1.8%, fueled primarily by (i) D&S, which reported an increase in expenses for claims in line with growth in cases and in the average cost, and (ii) Annuities, due to an increase in onerous contracts.

| • | The Reinsurance Underwriting Result dropped, which was driven mainly by Individual Life via a decrease in reinsurance recoveries.

YoY, the Insurance Underwriting Result increased 3.4% due to the following dynamics:

| • | Insurance Service Income dropped 11.8%, driven mainly by D&S, which won a smaller tranche of the SISCO VII contract and at lower rates in comparison to the award secured under SISCO VI.

| • | Insurance Service Expenses fell 21.8%, primarily due to (i) D&S, in line with a reduction in the tranche awarded under SISCO VII, and (ii) Individual Life, which reported a drop in claims. The reduction in total expenses was attenuated by the evolution at Credit Life, which reported growth in underwriting expenses for Alliances and an increase in claims.

| • | The Reinsurance Result improved, fueled primarily by a decrease in ceded premiums in D&S.

For the FY24, the Insurance Underwriting Result dropped 3.1% on the back of a decrease in Insurance Service Income, which was driven mainly by D&S.
36

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 08 | Operating Expenses

|  | Operating expenses rose 9.4% YTD, driven mainly by core businesses at BCP Stand-alone and disruptive initiatives at the Credicorp level. Expenses for core businesses at BCP rose due to: (i) increased salary and benefit expenses from hiring more talent, and variable compensation provisioning, and (ii) growth in administrative expenses, which was driven primarily by an increase in cloud use after transactions levels rose, fueled by increasingly digitalized clients. Expenses for disruptive initiatives at the Credicorp level increased 27.1%. |  |

Total operating expenses

Operating expenses | Quarter | % change | Year | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | 2023 | 2024 | 2024 / 2023
Salaries and employees benefits | 1,119,758 | 1,155,966 | 1,271,578 | 10.0% | 13.6% | 4,265,453 | 4,676,436 | 9.6%
Administrative, general and tax expenses | 1,089,203 | 1,047,386 | 1,230,099 | 17.4% | 12.9% | 3,803,203 | 4,183,775 | 10.0%
Depreciation and amortization | 177,618 | 179,495 | 186,625 | 4.0% | 5.1% | 659,007 | 713,470 | 8.3%
Association in participation | 9,109 | 6,414 | 3,808 | -40.6% | -58.2% | 53,097 | 28,269 | -46.8%
Operating expenses | 2,395,688 | 2,389,261 | 2,692,110 | 12.7% | 12.4% | 8,780,760 | 9,601,950 | 9.4%

The analysis of expenses will focus on YTD movements to eliminate the impact of seasonality across quarters.
Operating expenses rose 9.4% YTD due to:

• | Growth in Salaries and Employee Benefits, which was fueled mainly by an increase in personnel for both the traditional business and specialized IT, and secondarily by an uptick in expenses for provisions for variable compensation.

• | An increase in Administrative, general and tax expenses, driven by growth in transactions via digital channels, which led to a subsequent uptick in expenses for cloud use and other IT-related activities.

Administrative, general and tax expenses

Administrative, general and tax expenses | Quarter | % change | Year | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | 2023 | 2024 | 2024 / 2023
IT expenses and IT third-party services | 311,417 | 287,372 | 386,150 | 34.4% | 24.0% | 1,080,001 | 1,251,424 | 15.9%
Advertising and customer loyalty programs | 239,028 | 199,111 | 243,129 | 22.1% | 1.7% | 720,718 | 770,965 | 7.0%
Taxes and contributions | 93,090 | 90,080 | 105,296 | 16.9% | 13.1% | 264,326 | 382,711 | 44.8%
Audit Services, Consulting and professional fees | 105,340 | 101,570 | 171,101 | 68.5% | 62.4% | 336,715 | 407,508 | 21.0%
Transport and communications | 60,869 | 62,568 | 67,398 | 7.7% | 10.7% | 226,860 | 244,255 | 7.7%
Repair and maintenance | 49,698 | 36,316 | 50,981 | 40.4% | 2.6% | 157,127 | 154,533 | -1.7%
Agents' Fees | 31,911 | 29,957 | 31,436 | 4.9% | -1.5% | 115,120 | 118,156 | 2.6%
Services by third-party | 43,936 | 36,689 | 6,220 | -83.0% | -85.8% | 144,534 | 107,274 | -25.8%
Leases of low value and short-term | 30,205 | 26,378 | 36,936 | 40.0% | 22.3% | 108,357 | 124,781 | 15.2%
Miscellaneous supplies | 30,589 | 23,552 | 24,864 | 5.6% | -18.7% | 118,510 | 91,769 | -22.6%
Security and protection | 16,575 | 16,909 | 16,614 | -1.7% | 0.2% | 64,432 | 65,970 | 2.4%
Subscriptions and quotes | 18,444 | 18,349 | 14,261 | -22.3% | -22.7% | 61,945 | 74,002 | 19.5%
Electricity and water | 16,316 | 11,857 | 15,053 | 27.0% | -7.7% | 56,359 | 52,260 | -7.3%
Electronic processing | 11,284 | 7,578 | 8,124 | 7.2% | -28.0% | 39,764 | 29,466 | -25.9%
Insurance | 4,518 | 28,296 | 14,312 | -49.4% | 216.8% | 56,324 | 55,150 | -2.1%
Cleaning | 6,122 | 5,761 | 8,415 | 46.1% | 37.5% | 22,677 | 25,549 | 12.7%
Others | 19,861 | 65,043 | 29,809 | -54.2% | 50.1% | 229,434 | 228,002 | -0.6%
Total | 1,089,203 | 1,047,386 | 1,230,099 | 17.4% | 12.9% | 3,803,203 | 4,183,775 | 10.0%

YTD, Administrative and general expenses rose 10.0%. The increase in operating expenses was driven by higher expenses at BCP for IT expenses and third-party services, and by disruptive initiatives at Credicorp.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

08. Operating Expenses

Operating expenses at Core Business and Disruption (1)

Operating Expenses | Quarter | % change | Year | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | 2023 | 2024 | 2024 / 2023
Core Business BCP | 1,359,738 | 1,316,399 | 1,536,314 | 16.7% | 13.0% | 4,901,001 | 5,357,641 | 9.3%
Core Business Mibanco | 149,437 | 315,089 | 313,667 | -0.5% | 109.9% | 1,200,445 | 1,228,873 | 2.4%
Core Business Pacifico | 85,485 | 64,306 | 84,896 | 32.0% | -0.7% | 301,816 | 300,773 | -0.3%
Disruption (2) | 331,673 | 295,848 | 416,970 | 40.9% | 25.7% | 976,598 | 1,243,401 | 27.3%
Others (3) | 469,355 | 397,619 | 340,263 | -14.4% | -27.5% | 1,400,900 | 1,471,261 | 5.0%
Total | 2,395,688 | 2,389,261 | 2,692,110 | 12.7% | 12.4% | 8,780,760 | 9,601,950 | 9.4%

(1) | Management figures.

(2) | Includes disruptive initiatives at the subsidiaries and Krealo.

(3) | Includes Credicorp Capital, ASB, Prima, BCP Bolivia, Mibanco Colombia, and other entities within the Group.

Operating expenses were up 9.4% YTD, driven primarily by core business at BCP and by disruptive initiatives at Credicorp, which represent 56.0% and 32.7% respectively of the total rise reported for the period.
Growth in core business expenses at BCP corresponds to:

| • | Core business expenses excluding IT

| • | Higher expenses for salaries and employee benefits; this reflected an increase in hiring and provisioning for variable compensation, which went hand-in-hand with an improvement in results.

| • | Technology Expenses (IT)

| • | Growth in expenses for server use, which was driven by an uptick in transactions among increasingly digitalized clients. Total monetary transactions and transactions through digital channels rose 84.2% and 104.8%, respectively.

| • | More digital talent personnel was hired with comparatively higher average salaries, which reflects advances in strategic project development.

Disruption expenses represented 13.0% of total expenses and rose 27.3% YTD. For the FY24, Yape, Tenpo and Culqi were the main consumers of expenses, representing 61% of total expenses for disruptive initiatives.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 09 | Operating Efficiency

|  | The efficiency ratio improved 30 bps YTD, after growth in income outstripped the increase in expenses. This evolution was driven by growth in core income, which was fueled by (i) a rise in net interest income, which rose on the back of higher contribution from the retail segments and (ii) growth in fee income, led by Yape and core transactional activity. |  |

Efficiency ratio (1) reported by subsidiary

Subsidiary | Quarter | % change | As of | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
BCP | 41.8% | 37.6% | 44.8% | 720 bps | 300 bps | 38.8% | 39.3% | 48 bps
BCP Bolivia | 59.0% | 80.3% | 63.0% | -1730 bps | 400 bps | 61.3% | 63.9% | 260 bps
Mibanco Perú | 52.9% | 54.2% | 52.2% | -200 bps | -70 bps | 52.7% | 52.7% | 0 bps
Mibanco Colombia | 98.2% | 72.0% | 69.5% | -260 bps | -2870 bps | 91.6% | 76.2% | -1540 bps
Pacífico | 34.9% | 25.5% | 29.6% | 410 bps | -530 bps | 26.5% | 27.6% | 110 bps
Prima AFP | 54.2% | 50.7% | 64.2% | 1348 bps | 410 bps | 51.3% | 54.2% | 292 bps
Credicorp | 49.0% | 45.2% | 49.2% | 398 bps | 21 bps | 46.1% | 45.8% | -30 bps

(1) Operating expenses / Operating income (under IFRS 17). Operating expenses = Salaries and employee’s benefits + Administrative expenses + Depreciation and amortization + Association in participation + Acquisition cost. 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 Insurance Underwriting Results
To analysis the evolution of the efficiency ratio, we will use YTD movements to eliminate seasonal impacts between quarters.
The efficiency ratio improved 30 bps YTD, driven mainly by growth in core income via (i) an uptick in Net interest income, boosted by a higher contribution form retail segment, and (ii) growth in fee income, which was fueled by an uptick in use of digital channels, led by Yape. The rise in income this quarter was supported by cost control.
As of 1Q25, there will be a change in the accounting lines that impact the efficiency ratio. In Operating Income, the Fee Income line will include the net expense associated with the credit card loyalty program, which has historically been reported in the General and Administrative Expenses line. It is important to note that our efficiency ratio of 45.8% for the full year in 2024 would be 45.0% if we were to utilize the new form of accounting.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

| 10 | Regulatory Capital

|  | The Regulatory Capital Ratio at Credicorp stood 1.37 times above the regulatory limit. The IFRS CET1 ratio at BCP Stand-alone increased 12 bps YoY to stand at 13.32%, driven by growth in the balance of Retained Earnings (+21.2%) and partially offset by an uptick in the RWA level (+5.2%). The IFRS CET1 ratio at Mibanco dropped 84 bps YoY, situating at 17.53%. The decrease in Retained Earnings (-109.3%) due to dividend payments, partially offset by a drop in the RWA level (6.3%), drove this dynamic. |  |

10.1 | Regulatory Capital at Credicorp

Capital analysis of Financial Group.
In 2022, the Superintendency of Banking, Insurance, and AFP (SBS) established the legal bases to align the country’s regulatory framework with the capital standards set by Basel III. The entity issued resolutions that modified both the structure and composition of regulatory capital and capital requirements for companies in the financial system. Most of these changes were implemented at the beginning of 2023. For more details, we suggest you refer to our 1Q23 Quarterly Report.
In 2024, with the objective to continue aligning local regulation with Basel III, the SBS modified the structure and composition of Total Regulatory Capital for financial conglomerates. These changes included incorporating the following elements in the calculation of Total Regulatory Capital: (i) Retained Earnings1 and (ii) Unrealized Gains/Losses2, as well as deductions of Net Intangible Assets & DTAs.
Additionally, two minimum capital requirements have been included: minimum required for Common Equity Tier 1 Capital (CET 1) and minimum Tier 1 Total Regulatory Capital (Tier 1).

• | Minimum required for CET 1: 45% of Credicorp’s capital requirement and 100% of the conservation, economic cycle and risk concentration buffers.

• | Minimum required for Tier 1: 60% of Credicorp’s capital requirement and 100% of the conservation, economic cycle and risk concentration buffers.

At Credicorp, the Regulatory Capital Ratio stood at 1.37 at the end of 4Q24. This attests to the Group’s financial strenght and stability. The ratio dropped 6 bps QoQ, driven by an increase in Regulatory Capital requirement, which rose on the back of loan growth at the subsidiaries, and an increase in the combined buffers requirements according to the established schedule. The decline in the ratio was offset by growth in Total Regulatory Capital, which rose on the back of growth in Earnings and Accumlated Results, particularly via BCP Stand-alone. Regulatory Tier 1 stood at 1.67 (-12 bps QoQ) while the CET1 ratio situated at 2.02 (-17 bps QoQ), both above the minimum required. Growth in both was driven by the same dynamics as those that drove the Regulatory Capital Ratio |  | Capital Coverage Ratios

1 Includes Accumulated Earnings solely from Financial Entities Supervised by the SBS, according to the current regulation.
2 Includes Unrealized Losses attributable to Available-For-Sale Investments in debt instruments issued by the Peruvian Government, other Governments with Investment Grade Ratings, the Peruvian Central Bank and other instruments, in accordance with current regulation.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

10. Regulatory Capital

10.2 Analysis of Capital at BCP Stand-alone

The IFRS CET 1 Ratio dropped 10 bps QoQ to stand at 13.32% at the end of 4Q24, which is above our internal risk appetite of 11%. This decline was driven by growth in RWAs, which were impacted by loan growth in th wholesale banking segment. The decline of the ratio was partially offset by Retained Earnings, which registered a rise on the back of business growth that was offset by a decline in Reserves due to dividend payments. YoY, the IFRS CET 1 Ratio rose 12 bps, driven by an increase in Retained Earnings, offset by higher credit RWAs, which rose due to loan growth, and in RWAs for operating risk, which increased alongside an uptick in the bank’s financial margin.
Finally, under the parameters of current regulation, the Regulatory Capital Global Ratio stood at 18.71% (-25 bps QoQ, +125 bps YoY). This ratio is above the 13.76% minimum required by the regulator as of
December 2024, which attests to our prudent management of solvency. QoQ, the decline in the ratio was driven by the same dynamics in play for IFRS CET1 while YoY, the rise in the ratio was attributable to growth in Subordinated Debt due to a bond issuance in September and to growth in the balance for Retained Earnings, which was partially offset by dividend payments and growth in RWAs.
The local CET 1 ratio stood at 13.08%, well above the minimum requirement of 7.53% to December 2024.

10.3 Analysis of Capital at Mibanco

At the end of 4Q24, the IFRS CET 1 Ratio at Mibanco stood at 17.53% (- 83 bps QoQ), which exceeded our internal appetite of 15%. This reduction was driven by an increase in the RWA level, which was fueled by loan growth. The decrease in Retained Earnings, which was associated with dividend payments, also influenced the IFRS CET1 Result. YoY, this ratio dropped 84 bps due to a reduction in Retained earnings, which fell via the same dynamics seen QoQ. The decrease in the ratio was partially offset by a decrease in the RWA level, which was fueled by a contraction in loans after credit guidelines were tightened
throughout the year.
The Regulatory Capital Global Ratio stood at 19.42% (-80 bps QoQ), which is comfortably above the 14.14% minimum required by the regulator. This variation was driven by the same dynamics that
impacted the evolution of the IFRS CET 1 Ratio. The local CET 1 ratio stood at 17.07%, which compares favorably with the minimum of 7.53% required as of December 2024.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

11 Economic Outlook

In 4Q24, the Peruvian economy is expected to have grown around 4% YoY. Primary sectors are estimated to have expanded 4.7% YoY, driven by the fishing and agriculture sectors, while non-primary sectors are projected to have slowed approximately 4.0%. At the end of 2024, GDP grew around 3.2%, amid a cyclical and gradual recovery. The annual inflation rate increased marginally, closing the quarter at 2.0% YoY (1.8% YoY in 3Q24). In January 2025, BCRP cut its reference rate 25bps to 4.75%, after closing 2024 at 5.00%. BCRP has indicated that the exchange rate closed at USDPEN 3.76 in 4Q24, deppreciating 1.6% over the figure of 3Q24. This result situates the Peruvian Sol among the best-performing emerging market currencies.

Peru: Economic Forecast

| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 (4) | 2025 (4)
GDP (US$ Millions) | 232,447 | 205,689 | 225,433 | 244,465 | 267,346 | 280,326 | 295,521
Real GDP (% change) | 2.2 | (10.9) | 13.4 | 2.7 | (0.6) | 3.2 | 2.8
GDP per capita (US$) | 7,234 | 6,304 | 6,824 | 7,320 | 7,927 | 8,220 | 8,588
Domestic demand (% change) | 2.2 | (9.6) | 14.5 | 2.4 | (2.1) | 3.6 | 2.9
Gross fixed investment (as % GDP) | 22.5 | 21.0 | 25.1 | 25.2 | 22.9 | 23.2 | 23.2
Financial system loan without Reactiva (% change) (1) | 6.4 | (4.3) | 12.6 | 9.7 | 2.8 | 1.3 | 5.5
Inflation, end of period(2) | 1.9 | 2.0 | 6.4 | 8.5 | 3.2 | 2.0 | 2.5
Reference Rate, end of period | 2.25 | 0.25 | 2.50 | 7.50 | 6.75 | 5.00 | 4.25
Exchange rate, end of period | 3.31 | 3.62 | 3.99 | 3.81 | 3.71 | 3.76 | 3.75
Exchange rate, (% change) (3) | 1.8% | -9.3% | -10.3% | 4.5% | 2.7% | -1.3% | 0.2%
Fiscal balance (% GDP) | -1.6 | -8.9 | -2.5 | -1.7 | -2.8 | -3.6 | -2.6
Public Debt (as % GDP) | 26.6 | 34.6 | 35.8 | 33.9 | 32.9 | 34.0 | 34.0
Trade balance (US$ Millions) | 6,879 | 8,102 | 15,115 | 10,166 | 17,678 | 22,000 | 22,500
(As % GDP) | 3.0% | 3.9% | 6.7% | 4.2% | 6.6% | 7.8% | 7.6%
Exports | 47,980 | 42,826 | 63,114 | 66,167 | 67,518 | 73,500 | 75,500
Imports | 41,101 | 34,724 | 47,999 | 56,001 | 49,840 | 51,500 | 53,000
Current account balance (As % GDP) | -0.6% | 0.9% | -2.1% | -4.0% | 0.8% | 2.2% | 1.3%
Net international reserves (US$ Millions) | 68,316 | 74,707 | 78,495 | 71,883 | 71,033 | 78,987 | 83,000
(As % GDP) | 29.4% | 36.3% | 34.8% | 29.4% | 26.6% | 28.2% | 28.1%
(As months of imports) | 20 | 26 | 20 | 15 | 17 | 18 | 19

Source: INEI, BCRP y SBS.

| (1) | Financial System, Current Exchange Rate

| (2) | Inflation Target: 1%-3%

| (3) | Negative % change indicates depreciation.

| (4) | Grey area indicates estimates by BCP – Economic Research as of January 2025.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

11. Economic Outlook

Main Macroeconomic Variables
Gross Domestic Product
(Annual Real Variations, % YoY)
In 4Q24, economic recovery continued to gain momentum. GDP is estimated to have grown around 4% YoY, similar to the 3.8% reported in 3Q24. The primary sectors are estimated to have accelerated to 4.6% YoY, favored by double-digit growth in the agriculture and fishing sectors, the latter of which reported a good second anchovy fishing season in the north- central zone of the country. Meanwhile, growth in the non- primary sectors slowed slightly from 4.2% YoY, its best pace in more than two years, to 3.8% YoY.
In 2024, GDP grew around 3.2%, amid a cyclical and gradual after supply shocks in 2023 led GDP to contract 0.4% (first
decline in 25 years, excluding the pandemic). Withdrawals from pension funds (AFPs) and freed-up access to severance accounts (CTS) fueled private consumption which, alongside growth of public investment (18.2%), drove a rebound.
Annual Inflation and Central Bank Reference Rate
Inflation, measured with Consumer Price Index for Metropolitan Lima, accelerated marginally to 2.0% at the end of Q424 from 1.8% at the end of Q324, remaining comfortably within the BCRP's target range of 1% - 3%. Core inflation, which excludes food and energy, fell from 2.9% YoY to 2.6% in the same period, after hovering around the upper limit of the target range of 3% YoY between November 2023 and August 2024. In both cases, this is the lowest end-of-period inflation in four years.
In its December meeting, the BCRP opted to maintain its rate
at 5.00%, after cutting it by 25 basis points in November and made no further changes in October. In January 2025, BCRP cut the rate again to 4.75%. Thus, since September 2023, when the rate-cutting cycle began, the BCRP has reduced its reference rate by 300 basis points
Fiscal Balance and Current Account Balance
(% of GDP, Quarter)
The annualized fiscal deficit as of December 2024 stood at 3.6% of GDP, the highest level in 32 years, excluding the pandemic, and notably above the fiscal rule limit (2.8% of GDP). The high deficit reflected a still modest improvement in fiscal revenues (+4.7% in 2024), consistent with the early stages of economic recovery, and significant fiscal stimulus with public investment growing at its fastest pace in more than a decade (18.2%). Current expenditure grew by 3.8%.
In November 2024, Fitch upgraded the outlook from negative to stable and affirmed its rating at BBB (two levels above investment grade). The agency highlighted that solid macroeconomic policy has supported the economic recovery this year and preserved broad macro-financial

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

11. Economic Outlook

stability. In September, Moody’s upgraded the outlook from negative to stable (rating Baa1, three notches above investment grade. Meanwhile, S&P assigns a credit rating of BBB-, the minimum investment grade, with a stable outlook.
Regarding external accounts, the current account surplus closed 3Q24 at 2.2% of GDP (accumulated last four quarters), versus 0.8% at the end of 2023. This is the best result in 17 years and the highest among the group of countries that includes Mexico, Brazil, Chile, and Colombia.
The 12-month accumulated trade balance surplus as of November 2024 stood at US$ 23.1 billion, a historic record and higher than the US$ 22.0 billion recorded in September. Imports grew 2.6% YoY to US$ 51.5 billion, influenced by lower prices for agricultural commodities and almost zero growth in the import of inputs. In contrast, exports increased 10.6% YoY to US$ 74.6 billion thanks to higher exported volumes of traditional products and better prices for both traditional and non-traditional goods.
Terms of trade grew 12.3% YoY in November 2024, driven by a 9.5% YoY increase in export prices (mainly due to higher prices of copper, gold, and silver) and a 2.5% decrease in import prices due to lower prices of industrial inputs and food items such as wheat, corn, and soybeans. In October 2024, terms of trade reached a historic high, as did the price of gold (a record of US$ 2,749 per ounce), while the price of silver rose to its best level in 12 years (US$ 34.8 per ounce).
Exchange Rate
(PEN per USD)
According to the Central Bank of Peru (BCRP), the exchange rate closed Q424 at USDPEN 3.76, a depreciation of 1.6% compared to the end of 3Q24 (USDPEN 3.71). The election of Donald Trump as president of the U.S., coupled with expectation of fewer rate cuts by the FED led the global dollar to strenghten 7.6% in Q424 versus Q3 2024 (appreciating 7.1% over the year). Consequently, regional currencies depreciated (Brazilian real -13.3%, Chilean peso - 10.9%, Mexican peso -5.8%, and Colombian peso -4.8%).
Over the year, the Peruvian sol also depreciated 1.6% and was one of the best-performing currencies among emerging markets. In the region, the Mexican peso and the Brazilian real depreciated 22.7% and 27.2%, respectively, affected by idiosyncratic factors, while the Chilean peso and the Colombian peso depreciated 13.1% and 13.7%, respectively.
In 4Q24, the BCRP did not intervene in the spot exchange market; it accumulated sales of USD 318 million for the year (2022: USD 1.2 billion and 2023: USD 81 million), concentrated in the first half.
Net International Reserves (NIR) closed 4Q24 at USD 79.0 billion, below the USD 80.4 billion at the end of Q324 and above the USD
71.0 billion at the end of 2023. Meanwhile, the BCRP's foreign exchange position closed 2024 at USD 53.6 billion, a reduction of USD 1 billion compared to the end of 3Q24 and an increase of USD 2.0 billion compared to the end of 2023.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Safe Harbor for Forward-Looking Statements

Thismaterial includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. Forward-looking statements are not assurances of future performance. Instead, they are based only on our management’s current views, beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
Many forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “would”, “may”, “should”, “will”, “see” and similar references to future periods. Examples of forward-looking statements include, among others, statements or estimates we make regarding guidance relating to losses in our credit portfolio, efficiency ratio, provisions and non-performing loans, current or future market risk and future market conditions, expected macroeconomic events and conditions, our belief that we have sufficient capital and liquidity to fund our business operations, expectations of the effect on our financial condition of claims, legal actions, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, strategy for customer retention, growth, governmental programs and regulatory initiatives, credit administration, product development, market position, financial results and reserves and strategy for risk management.
We caution readers that forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those that we expect or that are expressed or implied in the forward-looking statements, depending on the outcome of certain factors, including, without limitation, adverse changes in:

• | The occurrence of natural disasters or political or social instability in Peru;

• | The adequacy of the dividends that our subsidiaries are able to pay to us, which may affect our ability to pay dividends to shareholders and corporate expenses;

• | Performance of, and volatility in, financial markets, including Latin-American and other markets;

• | The frequency, severity and types of insured loss events;

• | Fluctuations in interest rate levels;

• | Foreign currency exchange rates, including the Sol/US Dollar exchange rate;

• | Deterioration in the quality of our loan portfolio;

• | Increasing levels of competition in Peru and other markets in which we operate;

• | Developments and changes in laws and regulations affecting the financial sector and adoption of new international guidelines;

• | Changes in the policies of central banks and/or foreign governments;

• | Effectiveness of our risk management policies and of our operational and security systems;

• | Losses associated with counterparty exposures;

• | The scope of the coronavirus (“COVID-19”) outbreak, actions taken to contain the COVID-19 and related economic effects from such actions and our ability to maintain adequate staffing; and

• | Changes in Bermuda laws and regulations applicable to so-called non-resident entities.

See “Item 3. Key Information—3. D Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission for additional information and other such factors. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based only on information currently available to us. Therefore, you should not rely on any of these forward-looking statements.
We undertake no obligation to publicly update or revise these or any other forward-looking statements that may be made to reflect events or circumstances after the date hereof, whether as a result of changes in our business strategy or new information, to reflect the occurrence of unanticipated events or otherwise.
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12 Appendix

| 12.1. | Physical Point of Contact | 47

| 12.2. | Loan Portfolio Quality | 47

| 12.3. | Net Interest Income (NII) | 51

| 12.4. | Net Interest Margin (NIM) and Risk Adjusted NIM | 51

| 12.5. | Regulatory Capital | 52

| 12.6. | Financial Statements and Ratios by Business | 56

| 12.6.1. | Credicorp Consolidated | 56

| 12.6.2. | Credicorp Stand-alone | 58

| 12.6.3. | BCP Consolidated | 59

| 12.6.4. | BCP Stand-alone | 61

| 12.6.5. | BCP Bolivia | 63

| 12.6.6. | Mibanco | 64

| 12.6.7. | Prima AFP | 65

| 12.6.8. | Grupo Pacifico | 66

| 12.6.9. | Investment Management and Advisory | 68

| 12.7. | Table of Calculations | 69

| 12.8. | Glossary of terms | 70

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.1. Physical Point of contact

Physical Point of Contact (1) (Units) |  | As of |  | Change (units)
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Branches | 659 | 648 | 648 | 0 | -11
ATMs | 2,746 | 2,765 | 2,787 | 22 | 41
Agents | 12,410 | 11,653 | 12,434 | 781 | 24
Total | 15,815 | 15,066 | 15,869 | 803 | 54

| (1) | Includes Physical Point of Contact of BCP Stand-Alone, Mibanco and BCP Bolivia

| (2) | Includes Banco de la Nacion branches, which in December 23 were 36, in September 24 were 36 and in December 24 were 36

12.2. Loan Portfolio Quality
Portfolio Quality Ratios by Segment
Wholesale Banking
SME-Business
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

SME-Pyme
Mortgage
48

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

Consumer
Credit Card
49

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

Mibanco
BCP Bolivia
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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.3. Net Interest Income (NII)
NII Summary

Net interest income | Quarter | % change | Up to | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Interest income | 4,870,042 | 4,995,971 | 5,012,121 | 0.3% | 2.9% | 18,798,495 | 19,869,256 | 5.7%
Interest on loans | 3,907,705 | 3,924,222 | 3,940,002 | 0.4% | 0.8% | 15,044,864 | 15,654,391 | 4.1%
Dividends on investments | 11,647 | 13,187 | 15,285 | 15.9% | 31.2% | 46,080 | 49,469 | 7.4%
Interest on deposits with banks | 279,446 | 365,361 | 386,205 | 5.7% | 38.2% | 1,133,211 | 1,405,854 | 24.1%
Interest on securities | 643,737 | 667,195 | 652,155 | -2.3% | 1.3% | 2,489,327 | 2,660,322 | 6.9%
Other interest income | 27,507 | 26,006 | 18,474 | -29.0% | -32.8% | 85,013 | 99,220 | 16.7%
Interest expense | 1,522,358 | 1,405,221 | 1,382,327 | -1.6% | -9.2% | 5,860,523 | 5,754,125 | -1.8%
Interest expense (excluding Net Insurance Financial Expenses) | 1,402,925 | 1,276,643 | 1,250,239 | -2.1% | -10.9% | 5,393,709 | 5,246,769 | -2.7%
Interest on deposits | 827,124 | 677,509 | 655,429 | -3.3% | -20.8% | 3,141,307 | 2,850,474 | -9.3%
Interest on borrowed funds | 297,260 | 262,319 | 286,638 | 9.3% | -3.6% | 1,158,666 | 1,081,126 | -6.7%
Interest on bonds and subordinated notes | 152,960 | 200,801 | 201,053 | 0.1% | 31.4% | 634,299 | 799,223 | 26.0%
Other interest expense | 125,581 | 136,014 | 107,119 | -21.2% | -14.7% | 459,437 | 515,946 | 12.3%
Net Insurance Financial Expenses | 119,433 | 128,578 | 132,088 | 2.7% | 10.6% | 466,814 | 507,356 | 8.7%
Net interest income | 3,347,684 | 3,590,750 | 3,629,794 | 1.1% | 8.4% | 12,937,972 | 14,115,131 | 9.1%
Risk-adjusted Net interest income | 2,174,230 | 2,722,669 | 2,886,498 | 6.0% | 32.8% | 9,315,627 | 10,595,684 | 13.7%
Average interest earning assets | 223,624,217 | 231,316,507 | 237,518,087 | 2.7% | 6.2% | 223,318,737 | 232,646,024 | 4.2%
Net interest margin (1) | 6.20% | 6.43% | 6.34% | -9 bps | 14 bps | 6.00% | 6.29% | 29 bps
Risk-adjusted Net interest margin (1) | 4.10% | 4.93% | 5.08% | 15 bps | 98 bps | 4.38% | 4.77% | 39 bps
Net provisions for loan losses / Net interest income | 35.05% | 24.18% | 20.48% | -370 bps | -1457 bps | 28.00% | 24.93% | -307 bps

(1) Annualized. For further detail on the new NIM calculation due to IFRS17, please refer to Annex 12.7.
12.4. Net Interest Margin (NIM) and Risk-Adjusted NIM by Subsidiary

NIM Breakdown | BCP Stand-alone | Mibanco | BCP Bolivia | Credicorp
4Q23 | 5.99% | 13.35% | 2.87% | 6.20%
3Q24 | 6.17% | 13.86% | 2.95% | 6.43%
4Q24 | 6.01% | 14.16% | 2.96% | 6.34%

NIM: Annualized Net interest income (excluding Net Insurance Financial Expenses) / Average period end and period beginning interest-earning assets.

Risk-Adjusted NIM Breakdown | BCP Stand-alone | Mibanco | BCP Bolivia | Credicorp
4Q23 | 3.96% | 8.17% | 1.93% | 4.10%
3Q24 | 4.75% | 9.12% | 2.59% | 4.93%
4Q24 | 4.85% | 10.66% | 2.12% | 5.08%

Risk-Adjusted NIM: (Annualized Net interest income (excluding Net Insurance Financial Expenses) - annualized provisions) / Average period end and period beginning interest-earning assets.
51

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12.5. Regulatory Capital
Regulatory Capital and Capital Adequacy Ratios
(IFRS)

Regulatory Capital and Capital Adequacy Ratios | As of | % Change
S/000 | Sep 24 | Dec 24 | QoQ
Capital Stock | 1,318,993 | 1,318,993 | -
Treasury Stocks | (208,901) | (208,879) | 0.0%
Capital Surplus | 179,027 | 176,307 | -1.5%
Legal and Other Capital reserves | 27,187,346 | 27,202,665 | 0.1%
Minority interest | 479,027 | 467,916 | -2.3%
Current and Accumulated Earnings (1) | 5,432,237 | 6,592,462 | 21.4%
Unrealized Gains or Losses (2) | (227,247) | (504,016) | 121.8%
Goodwill | (734,431) | (722,361) | -1.6%
Intangible Assets (3) | (2,050,646) | (2,396,687) | 16.9%
Deductions in Common Equity Tier 1 instruments (4) | (678,924) | (673,952) | -0.7%
Perpetual subordinated debt | - | - | -
Subordinated Debt | 7,939,610 | 8,047,314 | 1.4%
Loan loss reserves (5) | 1,967,574 | 2,033,379 | 3.3%
Deductions in Tier 2 instruments (6) | (1,525,608) | (1,322,352) | -13.3%
Total Regulatory Capital (A) | 39,078,056 | 40,010,790 | 2.4%
Total Regulatory Common Equity Tier 1 Capital (B) | 30,696,480 | 31,252,448 | 1.8%
Total Regulatory Tier 1 Capital (C) | 30,696,480 | 31,252,448 | 1.8%
Total Regulatory Capital Requirement (D) | 27,276,454 | 29,124,775 | 6.8%
Total Regulatory Common Equity Tier 1 Capital Requirement (E) | 13,968,158 | 15,445,079 | 10.6%
Total Regulatory Tier 1 Capital Requirement (F) | 17,131,013 | 18,681,850 | 9.1%
Regulatory Capital Ratio (A) / (D) | 1.43 | 1.37 | -6 bps
Regulatory Common Equity Tier 1 Capital Ratio (B) / (E) | 2.20 | 2.02 | -17 bps
Regulatory Tier 1 Capital Ratio (C) / (F) | 1.79 | 1.67 | -12 bps

| (1) | Earnings include Banco de Crédito del Perú and Mibanco Perú. Losses include all subsidiaries.

| (2) | Gains include Investment Grade Government Bonds and Peruvian Central Bank Certificates of Deposits. Losses include all bonds.

| (3) | Different to Goodwill. Includes Diferred Tax Assets.

| (4) | Investments in Equity.

| (5) | Up to 1.25% of total risk-weighted assets of Banco de Crédito del Perú, Solución Empresa Administradora Hipotecaria, Mibanco and Atlantic Security Bank.

| (6) | Investments in Tier 2 Subordinated Debt.

52

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Regulatory and Capital Adequacy Ratios at BCP Stand-alone

Regulatory Capital |  | Quarter |  | Change %
(S/ thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Capital Stock | 12,973,175 | 12,973,175 | 12,973,175 | 0.0% | 0.0%
Reserves | 6,590,921 | 6,591,330 | 6,124,302 | -7.1% | -7.1%
Accumulated earnings | 5,383,865 | 5,426,132 | 6,589,252 | 21.4% | 22.4%
Loan loss reserves (1) | 1,695,577 | 1,689,307 | 1,757,256 | 4.0% | 3.6%
Subordinated Debt | 5,007,150 | 7,232,550 | 7,339,800 | 1.5% | 46.6%
Unrealized Profit or Losses | (668,717) | (322,210) | (413,658) | 28.4% | -38.1%
Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries | (2,772,786) | (2,537,005) | (2,477,732) | -2.3% | -10.6%
Intangibles | (1,294,279) | (1,330,135) | (1,515,214) | 13.9% | 17.1%
Goodwill | (122,083) | (122,083) | (122,083) | 0.0% | 0.0%
Total Regulatory Capital | 26,792,823 | 29,601,060 | 30,255,097 | 2.2% | 12.9%
Tier 1 Common Equity (2) | 20,090,096 | 20,679,203 | 21,158,042 | 2.3% | 5.3%
Regulatory Tier 1 Capital (3) | 20,090,096 | 20,679,203 | 21,158,042 | 2.3% | 5.3%
Regulatory Tier 2 Capital (4) | 6,702,727 | 8,921,857 | 9,097,056 | 2.0% | 35.7%

Total risk-weighted assets |  | Quarter |  |  | Change %
(S/ thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Market risk-weighted assets | 2,680,010 | 4,301,156 | 3,922,295 | -8.8% | 46.4%
Credit risk-weighted assets | 134,427,146 | 133,937,442 | 139,402,972 | 4.1% | 3.7%
Operational risk-weighted assets | 16,365,974 | 17,871,737 | 18,409,113 | 3.0% | 12.5%
Total | 153,473,130 | 156,110,335 | 161,734,381 | 3.6% | 5.4%

Capital requirement |  | Quarter |  | Change %
(S/ thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Market risk capital requirement | 268,001 | 430,116 | 392,230 | -8.8% | 46.4%
Credit risk capital requirement | 12,098,443 | 12,724,057 | 13,243,282 | 4.1% | 9.5%
Operational risk capital requirement | 1,636,597 | 1,787,174 | 1,840,911 | 3.0% | 12.5%
Additional capital requirements | 5,383,837 | 5,647,686 | 6,882,642 | 21.9% | 27.8%
Total | 19,386,878 | 20,589,033 | 22,359,066 | 8.6% | 15.3%

Capital Ratios under Local Regulation

Capital ratios under Local Regulation |  | Quarter | Dec 24 |  | % Change
| Dec 23 | Sep 24 |  | QoQ | YoY
Common Equity Tier 1 ratio | 13.09% | 13.25% | 13.08% | -16 bps | -1 bps
Tier 1 Capital ratio | 13.09% | 13.25% | 13.08% | -16 bps | -1 bps
Regulatory Global Capital ratio | 17.46% | 18.96% | 18.71% | -25 bps | 125 bps

| [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.

53

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Regulatory Capital and Capital Adequacy Ratios at Mibanco

Regulatory Capital |  | Quarter | Dec 24 |  | % Change
(S/ thousand) | Dec 23 | Sep 24 |  | QoQ | YoY
Capital Stock | 1,840,606 | 1,840,606 | 1,840,606 | 0.0% | 0.0%
Reserves | 308,056 | 334,650 | 334,650 | 0.0% | 8.6%
Accumulated earnings | 717,919 | 424,627 | 369,573 | -13.0% | -48.5%
Loan loss reserves (1) | 163,158 | 143,193 | 144,751 | 1.1% | -11.3%
Perpetual subordinated debt | - | - | - | n.a | n.a.
Subordinated debt | 173,000 | 167,000 | 167,000 | 0.0% | -3.5%
Unrealidez Profit or Losses | 4,252 | 6,366 | (3,728) | -158.6% | -187.7%
Investment in subsidiaries and others, net of unrealized profit and net income in subsidiaries | (282) | (293) | (298) | 1.8% | 5.6%
Intangibles | (156,884) | (128,688) | (136,691) | 6.2% | -12.9%
Goodwill | (139,180) | (139,180) | (139,180) | 0.0% | 0.0%
Total Regulatory Capital | 2,910,644 | 2,648,281 | 2,576,683 | -2.7% | -11.5%
Tier Common Equity (2) | 2,574,486 | 2,338,088 | 2,264,932 | -3.1% | -12.0%
Regulatory Tier 1 Capital (3) | 2,574,486 | 2,338,088 | 2,264,932 | -3.1% | -12.0%
Regulatory Tier 2 Capital (4) | 336,158 | 310,193 | 311,751 | 0.5% | -7.3%

Total risk-weighted assets |  | Quarter |  |  | % change |
(S/ thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ |  | YoY
Market risk-weighted assets | 220,327 | 238,117 | 241,964 | 1.6% | 9.8%
Credit risk-weighted assets | 12,349,400 | 11,263,844 | 11,419,696 | 1.4% | -7.5%
Operational risk-weighted assets | 1,527,140 | 1,594,338 | 1,605,950 | 0.7% | 5.2%
Total | 14,096,867 | 13,096,299 | 13,267,611 | 1.3% | -5.9%

Capital requirement |  | Quarter |  |  | % change |
(S/ thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ |  | YoY
Market risk capital requirement | 22,033 | 23,812 | 24,196 | 1.6% | 9.8%
Credit risk capital requirement | 1,111,446 | 1,070,065 | 1,084,871 | 1.4% | -2.4%
Operational risk capital requirement | 152,714 | 159,434 | 160,595 | 0.7% | 5.2%
Additional capital requirements | 166,717 | 160,510 | 184,428 | 14.9% | 10.6%
Total | 1,452,910 | 1,413,821 | 1,454,091 | 2.8% | 0.1%

Capital Ratios under Local Regulation

Capital ratios under Local Regulation | Dec 23 | Quarter | Dec 24 | % change
|  | Sep 24 |  | QoQ | YoY
Common Equity Tier 1 Ratio | 18.26% | 17.85% | 17.07% | -78 bps | -119 pbs
Tier 1 Capital ratio | 18.26% | 17.85% | 17.07% | -78 bps | -119 pbs
Regulatory Global Capital Ratio | 20.65% | 20.22% | 19.42% | -80 bps | -123 pbs

| [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.

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| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Common Equity Tier 1 IFRS
BCP Stand-alone

Common Equity Tier 1 IFRS |  | Quarter |  | % Change
(S/. thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Capital and reserves | 19,051,853 | 19,052,262 | 18,585,234 | -2.5% | -2.4%
Retained earnings | 6,058,923 | 6,076,551 | 7,345,245 | 20.9% | 21.2%
Unrealized gains (losses) | (109,202) | 222,730 | 81,399 | -63.5% | -174.5%
Goodwill and intangibles | (1,670,116) | (1,599,568) | (1,741,267) | 8.9% | 4.3%
Investments in subsidiaries | (2,917,670) | (2,669,334) | (2,598,905) | -2.6% | -10.9%
Total | 20,413,787 | 21,082,641 | 21,671,706 | 2.8% | 6.2%

Adjusted RWAs IFRS | 154,627,042 | 157,046,547 | 162,676,386 | 3.6% | 3.5%
Adjusted Credit RWAs IFRS | 135,581,058 | 134,873,654 | 140,344,978 | 4.1% | 3.5%
Others | 19,045,984 | 22,172,893 | 22,331,409 | 0.7% | 17.2%

CET1 ratio IFRS | 13.20% | 13.42% | 13.32% | -10 bps | 12 bps

Mibanco

Common Equity Tier 1 IFRS |  | Quarter |  | % change
(S/. thousand) | Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Capital and reserves | 2,676,791 | 2,703,385 | 2,703,385 | 0.0% | 1.0%
Retained earnings | 321,235 | 36,907 | (29,980) | -181.2% | -109.3%
Unrealized gains (losses) | (1,403) | 3,081 | (5,037) | -263.5% | 258.9%
Goodwill and intangibles | (360,171) | (303,850) | (310,730) | 2.3% | -13.7%
Investments in subsidiaries | (271) | (296) | (302) | 2.0% | 11.6%
Total | 2,636,182 | 2,439,227 | 2,357,337 | -3.4% | -10.6%

Adjusted RWAs IFRS | 14,349,534 | 13,291,063 | 13,449,807 | 1.2% | -6.3%
Adjusted Credit RWAs IFRS | 12,595,184 | 11,455,585 | 11,597,881 | 1.2% | -7.9%
Others | 1,754,350 | 1,835,478 | 1,851,926 | 0.9% | 5.6%

CET1 ratio IFRS | 18.37% | 18.35% | 17.53% | -83 bps | -84 bps

55

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12.6. Financial Statements and Ratios by Business
12.6.1. Credicorp Consolidated
Credicorp Ltd. and Subsidiaries
Consolidated Statement of Financial Position
(In S/ thousands, IFRS)

| Dec 23 | As of Sep 24 | Dec 24 | % change QoQ YoY
ASSETS |  |  |  |  |
Cash and due from banks |  |  |  |  |
Non-interest bearing | 7,952,371 | 7,222,945 | 7,535,259 | 4.3% | -5.2%
Interest bearing | 25,978,577 | 37,007,966 | 40,119,937 | 8.4% | 54.4%
Total cash and due from banks | 33,930,948 | 44,230,911 | 47,655,196 | 7.7% | 40.4%
Cash collateral, reverse repurchase agreements and securities borrowing | 1,410,647 | 1,419,305 | 1,033,177 | -27.2% | -26.8%
Fair value through profit or loss investments | 4,982,661 | 4,642,905 | 4,715,343 | 1.6% | -5.4%
Fair value through other comprehensive income investments | 37,043,940 | 39,832,274 | 40,142,638 | 0.8% | 8.4%
Amortized cost investments | 10,188,927 | 8,853,694 | 8,967,877 | 1.3% | -12.0%
Loans | 144,976,051 | 142,568,785 | 145,732,273 | 2.2% | 0.5%
Current | 138,849,564 | 136,542,444 | 140,309,061 | 2.8% | 1.1%
Internal overdue loans | 6,126,487 | 6,026,341 | 5,423,212 | -10.0% | -11.5%
Less - allowance for loan losses | (8,277,916) | (8,250,023) | (7,994,977) | -3.1% | -3.4%
Loans, net | 136,698,135 | 134,318,762 | 137,737,296 | 2.5% | 0.8%
Financial assets designated at fair value through profit or loss | 810,932 | 900,107 | 932,734 | 3.6% | 15.0%
Property, plant and equipment, net | 1,857,240 | 1,836,732 | 1,841,147 | 0.2% | -0.9%
Due from customers on acceptances | 412,401 | 466,957 | 528,184 | 13.1% | 28.1%
Investments in associates | 748,663 | 729,770 | 763,918 | 4.7% | 2.0%
Intangible assets and goodwill, net | 3,225,499 | 3,167,296 | 3,289,157 | 3.8% | 2.0%
Reinsurance contract assets | 872,046 | 880,563 | 841,170 | -4.5% | -3.5%
Other assets (1) | 6,658,149 | 8,480,514 | 7,749,647 | -8.6% | 16.4%
Total Assets | 238,840,188 | 249,759,790 | 256,197,484 | 2.6% | 7.3%
LIABILITIES AND EQUITY |  |  |  |  |
Deposits and obligations |  |  |  |  |
Non-interest bearing | 42,234,498 | 47,436,563 | 47,160,191 | -0.6% | 11.7%
Interest bearing | 105,470,496 | 106,998,888 | 114,681,875 | 7.2% | 8.7%
Total deposits and obligations | 147,704,994 | 154,435,451 | 161,842,066 | 4.8% | 9.6%
Payables from repurchase agreements and securities lending | 10,168,427 | 7,383,104 | 9,060,710 | 22.7% | -10.9%
BCRP instruments | 7,461,674 | 4,788,939 | 6,646,830 | 38.8% | -10.9%
Repurchase agreements with third parties | 2,608,631 | 2,517,833 | 2,298,494 | -8.7% | -11.9%
Repurchase agreements with customers | 98,122 | 76,332 | 115,386 | 51.2% | 17.6%
Due to banks and correspondents | 12,278,681 | 12,704,234 | 10,754,385 | -15.3% | -12.4%
Bonds and notes issued | 14,594,785 | 16,952,011 | 17,268,443 | 1.9% | 18.3%
Banker’s acceptances outstanding | 412,401 | 466,957 | 528,184 | 13.1% | 28.1%
Insurance contract liability | 12,318,133 | 13,289,394 | 13,422,285 | 1.0% | 9.0%
Financial liabilities at fair value through profit or loss | 641,915 | 698,747 | 151,485 | -78.3% | -76.4%
Other liabilities | 7,613,787 | 9,752,701 | 8,192,692 | -16.0% | 7.6%
Total Liabilities | 205,733,123 | 215,682,599 | 221,220,250 | 2.6% | 7.5%
Net equity | 32,460,004 | 33,462,591 | 34,346,451 | 2.6% | 5.8%
Capital stock | 1,318,993 | 1,318,993 | 1,318,993 | 0.0% | 0.0%
Treasury stock | (208,033) | (208,901) | (208,879) | 0.0% | 0.4%
Capital surplus | 228,239 | 179,027 | 176,307 | -1.5% | -22.8%
Reserves | 26,252,578 | 27,187,346 | 27,202,665 | 0.1% | 3.6%
Other reserves | 295,783 | 470,550 | 214,627 | -54.4% | -27.4%
Retained earnings | 4,572,444 | 4,515,576 | 5,642,738 | 25.0% | 23.4%
Non-controlling interest | 647,061 | 614,600 | 630,783 | 2.6% | -2.5%
Total Net Equity | 33,107,065 | 34,077,191 | 34,977,234 | 2.6% | 5.6%
Total liabilities and equity | 238,840,188 | 249,759,790 | 256,197,484 | 2.6% | 7.3%
Off-balance sheet | 149,769,480 | 155,876,986 | 151,223,851 | -3.0% | 1.0%
Total performance bonds, stand-by and L/Cs. | 20,051,616 | 20,206,333 | 22,139,322 | 9.6% | 10.4%
Undrawn credit lines, advised but not committed | 87,091,701 | 88,226,431 | 85,269,774 | -3.4% | -2.1%
Total derivatives (notional) and others | 42,626,163 | 47,444,222 | 43,814,755 | -7.6% | 2.8%

(1) Includes mainly accounts receivables from brokerage and others
* Due to reclassifications, the Balance Sheet may differ from those reported in previous quarters.
56

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Credicorp Ltd. and Subsidiaries
Consolidated Statement of Income
(In S/ thousands, IFRS)

|  | Quarter | % change | As of | % change
|  | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Interest income and expense |  |  |  |  |  |  |  |
Interest and similar income | 4,870,042 | 4,995,971 | 5,012,121 | 0.3% | 2.9% | 18,798,495 | 19,869,256 | 5.7%
Interest and similar expenses | (1,522,358) | (1,405,221) | (1,382,327) | -1.6% | -9.2% | (5,860,523) | (5,754,125) | -1.8%
Net interest, similar income and expenses | 3,347,684 | 3,590,750 | 3,629,794 | 1.1% | 8.4% | 12,937,972 | 14,115,131 | 9.1%
Gross provision for credit losses on loan portfolio | (1,260,163) | (981,870) | (857,694) | -12.6% | -31.9% | (3,957,143) | (3,943,301) | -0.3%
Recoveries of written-off loans | 86,709 | 113,789 | 114,398 | 0.5% | 31.9% | 334,798 | 423,854 | 26.6%
Provision for credit losses on loan portfolio, net of recoveries | (1,173,454) | (868,081) | (743,296) | -14.4% | -36.7% | (3,622,345) | (3,519,447) | -2.8%
Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 2,174,230 | 2,722,669 | 2,886,498 | 6.0% | 32.8% | 9,315,627 | 10,595,684 | 13.7%
Other income |  |  |  |  |  |  |  |
Fee income | 986,173 | 1,108,314 | 1,103,548 | -0.4% | 11.9% | 3,804,459 | 4,423,193 | 16.3%
Net gain on foreign exchange transactions | 218,047 | 172,998 | 223,913 | 29.4% | 2.7% | 886,126 | 781,076 | -11.9%
Net loss on securities | 115,825 | 120,033 | (47,377) | -139.5% | -140.9% | 308,055 | 227,112 | -26.3%
Net gain from associates | 34,132 | 35,600 | 38,560 | 8.3% | 13.0% | 117,089 | 135,183 | 15.5%
Net gain (loss) on derivatives held for trading | 5,019 | 93,801 | 188,301 | 100.7% | 3651.8% | 53,665 | 363,834 | 578.0%
Net gain (loss) from exchange differences | 15,255 | (6,139) | (21,365) | 248.0% | -240.1% | 45,778 | (41,058) | -189.7%
Others | 112,372 | 96,675 | 176,384 | 82.5% | 57.0% | 440,653 | 514,779 | 16.8%
Total other income | 1,486,823 | 1,621,282 | 1,661,964 | 2.5% | 11.8% | 5,655,825 | 6,404,119 | 13.2%
Insurance underwriting result | 385,043 | 419,805 | 407,149 | -3.0% | 5.7% | 1,602,421 | 1,693,617 | 5.7%
Insurance Service Result | (97,748) | (128,030) | (94,466) | -26.2% | -3.4% | (391,321) | (494,597) | 26.4%
Reinsurance Result | 287,295 | 291,775 | 312,683 | 7.2% | 8.8% | 1,211,100 | 1,199,020 | -1.0%
Total insurance underwriting result |  |  |  |  |  |  |  |
Total Expenses | (1,119,758) | (1,155,966) | (1,271,578) | 10.0% | 13.6% | (4,265,453) | (4,676,436) | 9.6%
Salaries and employee benefits | (1,089,203) | (1,047,386) | (1,230,099) | 17.4% | 12.9% | (3,803,203) | (4,183,775) | 10.0%
Administrative, general and tax expenses | (177,618) | (179,495) | (186,625) | 4.0% | 5.1% | (659,007) | (713,470) | 8.3%
Depreciation and amortization | (71,959) | (23,046) | (4,300) | -81.3% | -94.0% | (71,959) | (27,346) | -62.0%
Association in participation | (9,109) | (6,414) | (3,808) | -40.6% | -58.2% | (53,097) | (28,269) | -46.8%
Other expenses | (193,895) | (111,859) | (409,049) | 265.7% | 111.0% | (481,504) | (745,000) | 54.7%
Total expenses | (2,661,542) | (2,524,166) | (3,105,459) | 23.0% | 16.7% | (9,334,223) | (10,374,296) | 11.1%
Profit before income tax | 1,286,806 | 2,111,560 | 1,755,686 | -16.9% | 36.4% | 6,848,329 | 7,824,527 | 14.3%
Income tax | (434,648) | (555,117) | (598,348) | 7.8% | 37.7% | (1,888,451) | (2,201,275) | 16.6%
Net profit | 852,158 | 1,556,443 | 1,157,338 | -25.6% | 35.8% | 4,959,878 | 5,623,252 | 13.4%
Non-controlling interest | 10,331 | 32,655 | 30,625 | -6.2% | 196.4% | 94,338 | 121,998 | 29.3%
Net profit attributable to Credicorp | 841,827 | 1,523,788 | 1,126,713 | -26.1% | 33.8% | 4,865,540 | 5,501,254 | 13.1%

57

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12.6.2. Credicorp Stand-alone
Credicorp Ltd.
Separate Statement of Financial Position
(In S/ thousands, IFRS)

| As of | % change
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
ASSETS |  |  |  |  |
Cash and cash equivalents | 529,773 | 594,754 | 399,943 | -32.8% | -24.5%
At fair value through profit or loss | 501,026 | - | - | n.a. | n.a.
Fair value through other comprehensive income investments | 1,418,293 | 1,279,564 | 1,262,327 | -1.3% | -11.0%
In subsidiaries and associates investments | 36,150,565 | 37,481,263 | 38,291,133 | 2.2% | 5.9%
Investments at amortized cost | 166,977 | 629,491 | 695,652 | 10.5% | 316.6%
Other assets | 99 | 856,336 | 6,777 | -99.2% | n.a.
Total Assets | 38,766,733 | 40,841,408 | 40,655,832 | -0.5% | 4.9%
LIABILITIES AND NET SHAREHOLDERS' EQUITY |  |  |  |  |
Due to banks, correspondents and other entities | 30,866 | - | - | n.a. | n.a.
Bonds and notes issued | 1,798,858 | 1,814,219 | 1,829,657 | 0.9% | 1.7%
Other liabilities | 255,707 | 1,294,018 | 230,660 | -82.2% | -9.8%
Total Liabilities | 2,085,431 | 3,108,237 | 2,060,317 | -33.7% | -1.2%
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 | 25,905,526 | 26,651,433 | 26,651,390 | 0.0% | 2.9%
Unrealized results | 68,056 | 292,640 | 35,535 | -87.9% | -47.8%
Retained earnings | 9,004,185 | 9,085,563 | 10,205,055 | 12.3% | 13.3%
Total net equity | 36,681,302 | 37,733,171 | 38,595,515 | 2.3% | 5.2%
Total Liabilities And Equity | 38,766,733 | 40,841,408 | 40,655,832 | -0.5% | 4.9%

Statement of Income
(S/ Thousands, IFRS)

| Quarter | % Change | Up to | % Change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Interest income |  |  |  |  |  |  |  |
Net share of the income from investments in subsidiaries and associates | 906,901 | 1,735,379 | 1,121,288 | -35.4% | 23.6% | 5,439,451 | 6,313,139 | 16.1%
Interest and similar income | 1,170 | 22,290 | 24,419 | 9.6% | n.a. | 10,895 | 93,486 | 758.1%
Net gain on financial assets at fair value through profit or loss | 32,430 | - | - | n.a. | n.a. | 67,652 | 1,234 | -98.2%
Total income | 940,501 | 1,757,669 | 1,145,707 | -34.8% | 21.8% | 5,517,998 | 6,407,859 | 16.1%
Interest and similar expense | (14,444) | (13,527) | (13,637) | 0.8% | -5.6% | (56,276) | (54,237) | -3.6%
Administrative and general expenses | (9,274) | (4,034) | (4,134) | 2.5% | -55.4% | (25,362) | (18,085) | -28.7%
Total expenses | (23,718) | (17,561) | (17,771) | 1.2% | -25.1% | (81,638) | (72,322) | -11.4%
Operating income | 916,783 | 1,740,108 | 1,127,936 | -35.2% | 23.0% | 5,436,360 | 6,335,537 | 16.5%
Results from exchange differences | 510 | (119) | 175 | n.a. | -65.7% | (1,549) | (2,681) | 73.1%
Other, net | 111 | (367) | (7) | n.a. | -106.3% | 2,977 | (292) | n.a.
Profit before income tax | 917,404 | 1,739,622 | 1,128,104 | -35.2% | 23.0% | 5,437,788 | 6,332,564 | 16.5%
Income tax | (68,500) | (43,118) | (8,612) | -80.0% | -87.4% | (209,238) | (146,713) | -29.9%
Net income | 848,904 | 1,696,504 | 1,119,492 | -34.0% | 31.9% | 5,228,550 | 6,185,851 | 18.3%
Double Leverage Ratio | 98.6% | 99.3% | 99.2% | -12 bps | 66 bps | 98.6% | 99.2% | 66 bps

58

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12.6.3 BCP Consolidated
Banco de Credito del Peru
Consolidated Statement of Financial Position
(S/ thousands, IFRS)

| As of | % change
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
ASSETS |  |  |  |  |
Cash and due from banks |  |  |  |  |
Non-interest bearing | 6,025,352 | 5,134,613 | 5,430,818 | 5.8% | -9.9%
Interest bearing | 24,668,794 | 36,092,693 | 39,106,465 | 8.4% | 58.5%
Total cash and due from banks | 30,694,146 | 41,227,306 | 44,537,283 | 8.0% | 45.1%
Cash collateral, reverse repurchase agreements and securities borrowing | 100,211 | 622,399 | 19,151 | -96.9% | -80.9%
Fair value through profit or loss investments | 362,360 | 704,968 | 603,635 | -14.4% | 66.6%
Fair value through other comprehensive income investments | 20,592,731 | 22,888,341 | 23,375,769 | 2.1% | 13.5%
Amortized cost investments | 9,557,451 | 8,178,619 | 8,277,440 | 1.2% | -13.4%
Loans | 131,767,137 | 129,063,925 | 132,053,791 | 2.3% | 0.2%
Current | 125,948,604 | 123,400,733 | 126,990,918 | 2.9% | 0.8%
Internal overdue loans | 5,818,533 | 5,663,192 | 5,062,873 | -10.6% | -13.0%
Less - allowance for loan losses | (7,772,720) | (7,714,711) | (7,443,523) | -3.5% | -4.2%
Loans, net | 123,994,417 | 121,349,214 | 124,610,268 | 2.7% | 0.5%
Property, furniture and equipment, net (1) | 1,559,485 | 1,479,708 | 1,496,066 | 1.1% | -4.1%
Due from customers on acceptances | 412,401 | 466,957 | 528,184 | 13.1% | 28.1%
Investments in associates | 21,426 | 29,053 | 29,368 | 1.1% | 37.1%
Other assets (2) | 6,510,227 | 7,959,779 | 7,609,096 | -4.4% | 16.9%
Total Assets | 193,804,855 | 204,906,344 | 211,086,260 | 3.0% | 8.9%
Liabilities and Equity |  |  |  |  |
Deposits and obligations |  |  |  |  |
Non-interest bearing (1) | 39,377,289 | 45,310,064 | 44,280,933 | -2.3% | 12.5%
Interest bearing (1) | 92,931,227 | 95,985,178 | 103,434,795 | 7.8% | 11.3%
Total deposits and obligations | 132,308,516 | 141,295,242 | 147,715,728 | 4.5% | 11.6%
Payables from repurchase agreements and securities lending | 8,005,844 | 5,621,745 | 7,203,885 | 28.1% | -10.0%
BCRP instruments | 7,461,674 | 4,788,939 | 6,646,830 | 38.8% | -10.9%
Repurchase agreements with third parties | 544,170 | 832,806 | 557,055 | -33.1% | 2.4%
Due to banks and correspondents | 11,870,116 | 12,210,085 | 10,165,266 | -16.7% | -14.4%
Bonds and notes issued | 10,961,427 | 13,351,992 | 13,627,208 | 2.1% | 24.3%
Banker’s acceptances outstanding | 412,401 | 466,957 | 528,184 | 13.1% | 28.1%
Financial liabilities at fair value through profit or loss | 91,966 | 354,562 | - | n.a. | n.a.
Other liabilities (3) | 4,995,178 | 6,110,653 | 5,694,394 | -6.8% | 14.0%
Total Liabilities | 168,645,448 | 179,411,236 | 184,934,665 | 3.1% | 9.7%
Net equity | 24,998,419 | 25,347,135 | 26,007,483 | 2.6% | 4.0%
Capital stock | 12,679,794 | 12,679,794 | 12,679,794 | 0.0% | 0.0%
Reserves | 6,372,059 | 6,372,468 | 5,905,440 | -7.3% | -7.3%
Unrealized gains and losses | (108,012) | 223,921 | 82,590 | n.a. | n.a.
Retained earnings | 6,054,578 | 6,070,952 | 7,339,659 | 20.9% | 21.2%
Non-controlling interest | 160,988 | 147,973 | 144,112 | -2.6% | -10.5%
Total Net Equity | 25,159,407 | 25,495,108 | 26,151,595 | 2.6% | 3.9%
Total liabilities and equity | 193,804,855 | 204,906,344 | 211,086,260 | 3.0% | 8.9%
Off-balance sheet | 138,140,917 | 144,241,520 | 139,066,953 | -3.6% | 0.7%
Total performance bonds, stand-by and L/Cs. | 19,328,506 | 19,593,247 | 21,683,478 | 10.7% | 12.2%
Undrawn credit lines, advised but not committed | 76,719,565 | 77,964,739 | 74,193,794 | -4.8% | -3.3%
Total derivatives (notional) and others | 42,092,846 | 46,683,534 | 43,189,681 | -7.5% | 2.6%

(1) Right of use asset of lease contracts is included by application of IFRS 16.
(2) Mainly includes intangible assets, other receivable accounts, trading derivatives receivable accounts and tax credit.
(3) Mainly includes other payable accounts, trading derivatives payable accounts and taxes for payable.
59

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

Banco de Credito del Peru
Consolidated Statement of Income
(S/ thousands, IFRS)

| Quarter | % change | As of | % Change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Interest income and expense |  |  |  |  |  |  |  |
Interest and similar income | 4,265,959 | 4,363,712 | 4,381,994 | 0.4% | 2.7% | 16,463,174 | 17,346,146 | 5.4%
Interest and similar expenses (1) | (1,153,770) | (1,040,332) | (1,025,087) | -1.5% | -11.2% | (4,477,974) | (4,286,492) | -4.3%
Interest income and expense | 3,112,189 | 3,323,380 | 3,356,907 | 1.0% | 7.9% | 11,985,200 | 13,059,654 | 9.0%
Provision for credit losses on loan portfolio | (1,160,527) | (935,374) | (786,209) | -15.9% | -32.3% | (3,768,729) | (3,683,332) | -2.3%
Recoveries of written-off loans | 81,398 | 107,848 | 108,560 | 0.7% | 33.4% | 313,405 | 402,380 | 28.4%
Provision for credit losses on loan portfolio, net of recoveries | (1,079,129) | (827,526) | (677,649) | -18.1% | -37.2% | (3,455,324) | (3,280,952) | -5.0%
Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 2,033,060 | 2,495,854 | 2,679,258 | 7.3% | 31.8% | 8,529,876 | 9,778,702 | 14.6%
Other income |  |  |  |  |  |  |  |
Fee income | 773,261 | 898,766 | 912,573 | 1.5% | 18.0% | 3,039,965 | 3,442,417 | 13.2%
Net gain on foreign exchange transactions | 268,615 | 299,425 | 313,538 | 4.7% | 16.7% | 997,648 | 1,166,567 | 16.9%
Net gain (loss) on securities | 10,759 | 24,114 | (19,571) | n.a. | n.a. | (23,102) | 27,933 | n.a.
Net gain on derivatives held for trading | 21,750 | 13,639 | 24,881 | 82.4% | 14.4% | 99,156 | 77,674 | -21.7%
Net loss (gain) from exchange differences | 8,795 | (10,714) | (1,989) | -81.4% | n.a. | 9,431 | (5,455) | n.a.
Others | 101,244 | 19,336 | 95,118 | 391.9% | -6.1% | 345,103 | 246,098 | -28.7%
Total other income | 1,184,424 | 1,244,566 | 1,324,550 | 6.4% | 11.8% | 4,468,201 | 4,955,234 | 10.9%
Total expenses |  |  |  |  |  |  |  |
Salaries and employee benefits | (788,885) | (850,918) | (973,566) | 14.4% | 23.4% | (3,071,184) | (3,441,259) | 12.0%
Administrative expenses | (874,101) | (802,127) | (978,885) | 22.0% | 12.0% | (2,954,789) | (3,260,696) | 10.4%
Depreciation and amortization (2) | (146,657) | (146,719) | (154,731) | 5.5% | 5.5% | (547,006) | (583,990) | 6.8%
Other expenses | (124,472) | (62,292) | (104,374) | 67.6% | -16.1% | (296,430) | (283,169) | -4.5%
Total expenses | (1,934,115) | (1,862,056) | (2,211,556) | 18.8% | 14.3% | (6,869,409) | (7,569,114) | 10.2%
Profit before income tax | 1,283,369 | 1,878,364 | 1,792,252 | -4.6% | 39.7% | 6,128,668 | 7,164,822 | 16.9%
Income tax | (327,708) | (472,791) | (517,677) | 9.5% | 58.0% | (1,545,006) | (1,853,018) | 19.9%
Net profit | 955,661 | 1,405,573 | 1,274,575 | -9.3% | 33.4% | 4,583,662 | 5,311,804 | 15.9%
Non-controlling interest | (2,670) | (3,172) | (5,867) | 85.0% | 119.7% | (10,081) | (15,418) | 52.9%
Net profit attributable to BCP Consolidated | 952,991 | 1,402,401 | 1,268,708 | -9.5% | 33.1% | 4,573,581 | 5,296,386 | 15.8%

(1) Financing expenses related to lease agreements are included according to the application of IFRS 16.
(2) The effect of the application of IFRS 16 is included, which corresponds to a greater depreciation for the asset for right-of-use".
Selected Financial Indicators

| Quarter | As of
| 4Q23 | 3Q24 | 4Q24 | Dec 23 | Dec 24
Profitability |  |  |  |  |
ROAA (1)(2) | 2.0% | 2.8% | 2.4% | 2.4% | 2.6%
ROAE (1)(2) | 15.5% | 22.9% | 19.8% | 19.0% | 20.8%
Net interest margin (1)(2) | 6.67% | 6.84% | 6.70% | 6.41% | 6.69%
Risk-adjusted Net interest margin (1)(2) | 4.36% | 5.13% | 5.35% | 4.56% | 5.01%
Funding cost (1)(2)(3) | 2.82% | 2.43% | 2.29% | 2.74% | 2.51%
Quality of loan portfolio |  |  |  |  |
Internal overdue ratio | 4.4% | 4.4% | 3.8% | 4.4% | 3.8%
NPL ratio | 6.2% | 6.1% | 5.5% | 6.2% | 5.5%
Coverage ratio of IOLs | 133.6% | 136.2% | 147.0% | 133.6% | 147.0%
Coverage ratio of NPLs | 95.3% | 97.4% | 103.2% | 95.3% | 103.2%
Cost of risk (4) | 3.3% | 2.5% | 2.1% | 2.6% | 2.5%
Operating efficiency |  |  |  |  |
Operating expenses / Total income (5) | 43.2% | 39.8% | 45.7% | 40.7% | 41.1%
Operating expenses / Total average assets (1)(2)(5) | 3.7% | 3.5% | 4.1% | 3.4% | 3.6%

(1) Ratios are annualized.
(2) Averages are determined as the average of period-beginning and period-ending balances.
(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.
(4) Cost of risk: Annualized provision for loan losses / Total loans.
(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.
60

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.6.4. BCP Stand-alone
Statement of Financial Position
(S/ Thousands, IFRS)

|  | As of |  | % change
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
ASSETS |  |  |  |
Cash and due from banks |  |  |  |
Non-interest bearing | 5,236,016 | 4,561,696 | 4,792,810 | 5.1% | -8.5%
Interest bearing | 24,554,369 | 35,307,925 | 38,063,318 | 7.8% | 55.0%
Total cash and due from banks | 29,790,385 | 39,869,621 | 42,856,128 | 7.5% | 43.9%
Cash collateral, reverse repurchase agreements and securities borrowing | 100,211 | 622,399 | 19,151 | -96.9% | -80.9%
Fair value through profit or loss investments | 362,360 | 704,968 | 603,635 | -14.4% | 66.6%
Fair value through other comprehensive income investments | 18,178,514 | 19,855,738 | 20,521,337 | 3.4% | 12.9%
Amortized cost investments | 9,415,232 | 8,116,588 | 8,214,476 | 1.2% | -12.8%
Loans | 119,425,134 | 117,687,023 | 120,571,109 | 2.5% | 1.0%
Current | 114,445,408 | 112,874,488 | 116,314,563 | 3.0% | 1.6%
Internal overdue loans | 4,979,726 | 4,812,535 | 4,256,546 | -11.6% | -14.5%
Less - allowance for loan losses | (6,764,601) | (6,768,497) | (6,513,398) | -3.8% | -3.7%
Loans, net | 112,660,533 | 110,918,526 | 114,057,711 | 2.8% | 1.2%
Property, furniture and equipment, net (1) | 1,300,690 | 1,246,350 | 1,271,219 | 2.0% | -2.3%
Due from customers on acceptances | 412,401 | 466,957 | 528,184 | 13.1% | 28.1%
Investments in associates | 2,917,670 | 2,682,807 | 2,612,080 | -2.6% | -10.5%
Other assets (2) | 5,776,165 | 7,227,029 | 6,897,204 | -4.6% | 19.4%
Total Assets | 180,914,161 | 191,710,983 | 197,581,125 | 3.1% | 9.2%
Liabilities and Equity |  |  |  |
Deposits and obligations |  |  |  |
Non-interest bearing (1) | 39,385,047 | 45,296,819 | 44,267,223 | -2.3% | 12.4%
Interest bearing (1) | 83,047,645 | 85,282,102 | 92,516,659 | 8.5% | 11.4%
Total deposits and obligations | 122,432,692 | 130,578,921 | 136,783,882 | 4.8% | 11.7%
Payables from repurchase agreements and securities lending | 7,583,520 | 5,122,666 | 6,711,406 | 31.0% | -11.5%
BCRP instruments | 7,039,350 | 4,289,860 | 6,154,351 | 43.5% | -12.6%
Repurchase agreements with third parties | 544,170 | 832,806 | 557,055 | -33.1% | 2.4%
Due to banks and correspondents | 10,497,414 | 11,160,491 | 8,962,379 | -19.7% | -14.6%
Bonds and notes issued | 10,350,260 | 13,045,879 | 13,317,657 | 2.1% | 28.7%
Due from customers on acceptances | 412,401 | 466,957 | 528,184 | 13.1% | 28.1%
Financial liabilities at fair value through profit or loss | 91,966 | 354,562 | - | n.a. | n.a.
Other liabilities (3) | 4,544,335 | 5,629,964 | 5,265,739 | -6.5% | 15.9%
Total Liabilities | 155,912,588 | 166,359,440 | 171,569,247 | 3.1% | 10.0%
Net equity | 25,001,573 | 25,351,543 | 26,011,878 | 2.6% | 4.0%
Capital stock | 12,679,794 | 12,679,794 | 12,679,794 | 0.0% | 0.0%
Reserves | 6,372,059 | 6,372,468 | 5,905,440 | -7.3% | -7.3%
Unrealized gains and losses | (109,202) | 222,730 | 81,399 | -63.5% | n.a.
Retained earnings | 6,058,922 | 6,076,551 | 7,345,245 | 20.9% | 21.2%
Total Net Equity | 25,001,573 | 25,351,543 | 26,011,878 | 2.6% | 4.0%
Total liabilities and equity | 180,914,161 | 191,710,983 | 197,581,125 | 3.1% | 9.2%
Off-balance sheet | 134,844,989 | 140,242,082 | 135,041,209 | -3.7% | 0.1%
Total performance bonds, stand-by and L/Cs. | 19,328,506 | 19,593,247 | 21,683,478 | 10.7% | 12.2%
Undrawn credit lines, advised but not committed | 74,091,027 | 75,257,883 | 71,516,643 | -5.0% | -3.5%
Total derivatives (notional) and others | 41,425,456 | 45,390,952 | 41,841,088 | -7.8% | 1.0%

| (1) | Right of use asset of lease contracts is included by application of IFRS 16.

| (2) | Mainly includes intangible assets, other receivable accounts, trading derivatives receivable accounts and tax credit

| (3) | Mainly includes other payable accounts, trading derivatives payable accounts and taxes for payable.

61

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

Statement of Income
(S/ Thousands, IFRS

|  | Quarter |  | % change | As of | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Interest income and expense |  |  |  |  |  |  |
Interest and similar income | 3,507,996 | 3,616,878 | 3,639,485 | 0.6% | 3.7% | 13,486,861 | 14,345,027 | 6.4%
Interest and similar expenses (1) | (936,600) | (856,286) | (857,707) | 0.2% | -8.4% | (3,668,766) | (3,529,865) | -3.8%
Interest income and expense | 2,571,396 | 2,760,592 | 2,781,778 | 0.8% | 8.2% | 9,818,095 | 10,815,162 | 10.2%
Provision for credit losses on loan portfolio | (922,169) | (714,464) | (616,654) | -13.7% | -33.1% | (2,845,501) | (2,832,738) | -0.4%
Recoveries of written-off loans | 52,943 | 79,057 | 80,396 | 1.7% | 51.9% | 213,583 | 279,687 | 31.0%
Provision for credit losses on loan portfolio, net of recoveries | (869,226) | (635,407) | (536,258) | -15.6% | -38.3% | (2,631,918) | (2,553,051) | -3.0%
Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 1,702,170 | 2,125,185 | 2,245,520 | 5.7% | 31.9% | 7,186,177 | 8,262,111 | 15.0%
Other income |  |  |  |  |  |  |
Fee income | 748,269 | 879,996 | 888,292 | 0.9% | 18.7% | 2,927,395 | 3,352,254 | 14.5%
Net gain on foreign exchange transactions | 266,027 | 297,478 | 311,657 | 4.8% | 17.2% | 988,264 | 1,157,575 | 17.1%
Net gain on securities | 63,754 | 73,084 | 88,641 | 21.3% | 39.0% | 181,511 | 305,786 | 68.5%
Net gain (loss) from associates | (1,373) | 3,078 | 88 | -97.1% | n.a. | (9,180) | 5,278 | n.a.
Net gain on derivatives held for trading | 29,594 | 13,899 | 23,551 | 69.4% | -20.4% | 89,706 | 73,326 | -18.3%
Net loss (gain) from exchange differences | (13) | (10,324) | (1,525) | -85.2% | n.a. | 18,226 | 3,248 | -82.2%
Others | 59,169 | 18,406 | 94,340 | 412.6% | 59.4% | 292,352 | 229,387 | -21.5%
Total other income | 1,165,427 | 1,275,617 | 1,405,044 | 10.1% | 20.6% | 4,511,231 | 5,126,854 | 14.2%
Total expenses |  |  |  |  |  |  |
Salaries and employee benefits | (592,595) | (640,392) | (762,850) | 19.1% | 28.7% | (2,254,885) | (2,615,512) | 16.0%
Administrative expenses | (794,793) | (720,329) | (899,798) | 24.9% | 13.2% | (2,656,468) | (2,950,178) | 11.1%
Depreciation and amortization (2) | (123,363) | (123,740) | (131,376) | 6.2% | 6.5% | (460,043) | (491,360) | 6.8%
Other expenses | (100,066) | (57,047) | (106,338) | 86.4% | 6.3% | (252,114) | (266,982) | 5.9%
Total expenses | (1,610,817) | (1,541,508) | (1,900,362) | 23.3% | 19.3% | (5,623,510) | (6,324,032) | 12.5%
Profit before income tax | 1,274,977 | 1,859,294 | 1,750,202 | -5.9% | 37.3% | 6,073,898 | 7,064,933 | 16.3%
Income tax | (320,936) | (456,956) | (481,509) | 5.4% | 50.0% | (1,497,896) | (1,767,305) | 18.0%
Net profit | 954,041 | 1,402,338 | 1,268,693 | -9.5% | 33.0% | 4,576,002 | 5,297,628 | 15.8%
Non-controlling interest | - | - | - | n.a. n.a. | - | - | n.a.
Net profit attributable to BCP | 954,041 | 1,402,338 | 1,268,693 | -9.5% | 33.0% | 4,576,002 | 5,297,628 | 15.8%

| (1) | Financing expenses related to lease agreements are included according to the application of IFRS 16.

| (2) | The effect of the application of IFRS 16 is included, which corresponds to a greater depreciation for the asset for right-of-use".

Selected Financial Indicators

|  | Quarter |  |  | As of |
| 4Q23 | 3Q24 | 4Q24 | Dec 23 |  | Dec 24
Profitability |  |  |  |  |
ROAA (1)(2) ROAE (1)(2) | 2.1% 15.5% | 2.9% 22.9% | 2.6% 19.8% | 2.5% 19.0% | 2.8% 20.8%
Net interest margin (1)(2) | 6.0% | 6.2% | 6.0% | 5.7% | 6.0%
Risk-adjusted Net interest margin (1)(2) | 4.0% | 4.7% | 4.9% | 4.2% | 4.6%
Funding cost (1)(2)(3) | 2.5% | 2.2% | 2.1% | 2.4% | 2.2%
Quality of loan portfolio |  |  |  |  |
Internal overdue ratio | 4.2% | 4.1% | 3.5% | 4.2% | 3.5%
NPL ratio | 6.0% | 5.9% | 5.2% | 6.0% | 5.2%
Coverager rattio of IOLs | 135.8% | 140.6% | 153.0% | 135.8% | 153.0%
Coverage ratio of NPLs | 93.8% | 97.2% | 103.5% | 93.8% | 103.5%
Cost of risk (4) | 2.9% | 2.1% | 1.8% | 2.2% | 2.1%
Operating efficiency |  |  |  |  |
Operating expenses / Total income (5) | 41.8% | 37.6% | 44.8% | 38.8% | 39.3%
Operating expenses / Total average assets (1)(2)(5) | 3.3% | 3.1% | 3.7% | 3.0% | 3.2%

| (1) | Ratios are annualized.

| (2) | Averages are determined as the average of period-beginning and period-ending balances.

| (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.

| (4) | Cost of risk: Annualized provision for loan losses / Average total loans.

| (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.

62

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.6.5. BCP Bolivia
Statement of Financial Position
(S/ Thousands, IFRS)

|  | As of |  | % change
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
ASSETS |  |  |  |  |
Cash and due from banks | 2,552,099 | 2,215,684 | 2,216,270 | 0.0% | -13.2%
Investments | 1,522,673 | 1,405,967 | 1,739,760 | 23.7% | 14.3%
Loans | 9,401,800 | 9,829,567 | 9,938,971 | 1.1% | 5.7%
Current | 9,112,232 | 9,504,083 | 9,609,399 | 1.1% | 5.5%
Internal overdue loans | 240,528 | 270,433 | 266,296 | -1.5% | 10.7%
Refinanced loans | 49,040 | 55,051 | 63,276 | 14.9% | 29.0%
Less - allowance for loan losses | (351,688) | (357,720) | (366,704) | 2.5% | 4.3%
Loans, net | 9,050,112 | 9,471,846 | 9,572,267 | 1.1% | 5.8%
Property, furniture and equipment, net | 66,129 | 130,797 | 132,210 | 1.1% | 99.9%
Other assets | 309,864 | 264,972 | 314,226 | 18.6% | 1.4%
Total assets | 13,500,877 | 13,489,266 | 13,974,733 | 3.6% | 3.5%
LIABILITIES AND NET SHAREHOLDERS' EQUITY |  |  |  |  |
Deposits and obligations | 11,482,143 | 11,704,551 | 12,145,811 | 3.8% | 5.8%
Due to banks and correspondents | 78,296 | 2,032 | - | -100.0% | -100.0%
Bonds and subordinated debt | 161,916 | 162,042 | 157,253 | -3.0% | -2.9%
Other liabilities | 889,949 | 651,779 | 665,519 | 2.1% | -25.2%
Total liabilities | 12,612,304 | 12,520,404 | 12,968,583 | 3.6% | 2.8%
Net equity | 888,573 | 968,862 | 1,006,150 | 3.8% | 13.2%
TOTAL LIABILITIES AND NET EQUITY | 13,500,877 | 13,489,266 | 13,974,733 | 3.6% | 3.5%

Statement of Income
(S/ Thousands, IFRS)

|  | Quarter |  | % change |  | Up to | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 /Dec 23
Interests income, net | 84,160 | 87,687 | 87,812 | 0.1% | 4.3% | 332,337 | 353,396 | 6.3%
Provisions for doubtful accounts receivable, net of recoveries | (27,530) | (10,542) | (25,027) | 137.4% | -9.1% | (38,040) | (73,688) | 93.7%
Net interest income after provisions | 56,630 | 77,145 | 62,785 | -18.6% | 10.9% | 294,297 | 279,708 | -5.0%
Non financial income | 48,427 | 36,365 | 85,923 | 136.3% | 77.4% | 210,717 | 276,802 | 31.4%
Total expenses | (82,730) | (77,107) | (114,966) | 49.1% | 39.0% | (359,811) | (391,844) | 8.9%
Translation result | 190 | 850 | 1,281 | 50.7% | 574.2% | 50 | 1,731 | 3362.0%
Income tax | (2,865) | (20,638) | (11,521) | -44.2% | 302.1% | (62,202) | (72,886) | 17.2%
Net profit | 19,652 | 16,615 | 23,502 | 41.5% | 19.6% | 83,051 | 93,511 | 12.6%

Selected Financial Indicators

|  | Quarter |  | % change |  | Up to |  | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 |  | Dec 24 | Dec 24 /Dec 23
Efficiency ratio | 59.0% | 80.3% | 63.0% | -1732 pbs | 397 pbs | 61.3% | 63.9% | 262 pbs
ROAE | 8.8% | 6.8% | 9.5% | 271 pbs | 68 pbs | 9.5% | 9.9% | 37 pbs
L/D ratio | 81.9% | 84.0% | 81.8% | -215 pbs | -5 pbs |
IOL ratio | 2.6% | 2.8% | 2.7% | -7 pbs | 12 pbs
NPL ratio | 3.1% | 3.3% | 3.3% | 1 pbs | 24 pbs
Coverage of IOLs | 146.2% | 132.3% | 137.7% | 543 pbs | -851 pbs
Coverage of NPLs | 121.5% | 109.9% | 111.3% | 136 pbs | -1019 pbs
Branches | 46 | 46 | 46 | 0.0% | 0.0%
Agentes | 1,350 | 1,541 | 1,834 | 19.0% | 35.9%
ATMs | 315 | 314 | 314 | 0.0% | -0.3%
Employees | 1,726 | 1,791 | 1,819 | 1.6% | 5.4%

63

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.6.6. Mibanco
Statement of Financial Position
(S/ Thousands, IFRS)

|  | As of |  | % change
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
ASSETS |  |  |  |  |
Cash and due from banks | 1,121,452 | 1,590,356 | 1,833,225 | 15.3% | 63.5%
Investments | 2,556,436 | 3,094,635 | 2,917,396 | -5.7% | 14.1%
Total loans | 13,269,018 | 12,118,953 | 12,239,171 | 1.0% | -7.8%
Current | 12,333,980 | 11,168,560 | 11,330,124 | 1.4% | -8.1%
Internal overdue loans | 834,356 | 846,455 | 802,133 | -5.2% | -3.9%
Refinanced | 100,682 | 103,938 | 106,914 | 2.9% | 6.2%
Allowance for loan losses | (1,002,847) | (940,310) | (924,703) | -1.7% | -7.8%
Net loans | 12,266,171 | 11,178,643 | 11,314,468 | 1.2% | -7.8%
Property, plant and equipment, net | 139,064 | 132,430 | 131,261 | -0.9% | -5.6%
Other assets | 815,263 | 795,856 | 750,972 | -5.6% | -7.9%
Total assets | 16,898,386 | 16,791,920 | 16,947,322 | 0.9% | 0.3%
LIABILITIES AND NET SHAREHOLDERS' EQUITY |  |  |  |  |
Deposits and obligations | 9,999,230 | 10,800,163 | 11,060,598 | 2.4% | 10.6%
Due to banks and correspondents | 2,411,642 | 1,958,657 | 1,985,746 | 1.4% | -17.7%
Bonds and subordinated debt | 611,166 | 306,113 | 309,551 | 1.1% | -49.4%
Other liabilities | 879,725 | 983,614 | 923,059 | -6.2% | 4.9%
Total liabilities | 13,901,763 | 14,048,547 | 14,278,954 | 1.6% | 2.7%
Net equity | 2,996,623 | 2,743,373 | 2,668,368 | -2.7% | -11.0%
TOTAL LIABILITIES AND NET SHAREHOLDERS' EQUITY | 16,898,386 | 16,791,920 | 16,947,322 | 0.9% | 0.3%

Statement of Income
(S/ Thousands, IFRS)

|  | Quarter |  | % change | Up to | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Net interest income | 538,522 | 562,421 | 574,720 | 2.2% | 6.7% | 2,160,467 | 2,240,270 | 3.7%
Provision for loan losses, net of recoveries | (208,880) | (192,435) | (141,899) | -26.3% | -32.1% | (822,663) | (727,833) | -11.5%
Net interest income after provisions | 329,642 | 369,986 | 432,821 | 17.0% | 31.3% | 1,337,804 | 1,512,437 | 13.1%
Non-financial income | 56,230 | 30,861 | 32,748 | 6.1% | -41.8% | 165,258 | 130,695 | -20.9%
Total expenses | (324,854) | (320,796) | (312,016) | -2.7% | -4.0% | (1,248,582) | (1,246,390) | -0.2%
Translation result | (454) | (337) | (466) | 38.3% | 2.6% | (3,813) | (1,860) | -51.2%
Income taxes | (6,670) | (15,890) | (36,098) | 127.2% | 441.2% | (46,892) | (85,782) | 82.9%
Net income | 53,894 | 63,824 | 116,989 | 83.3% | 117.1% | 203,775 | 309,100 | 51.7%

Selected Financial Indicators

|  | Quarter |  | % change |  |  |  | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Up to | Dec 24 | Dec 24 / Dec 23
Efficiency ratio | 52.9% | 54.2% | 52.2% | -197 bps | -67 bps | 52.7% | 52.7% | 0 bps
ROAE | 7.3% | 9.4% | 17.3% | 787 bps | 1002 bps | 7.1% | 10.9% | 386 bps
ROAE incl. Goowdill | 6.9% | 9.0% | 16.4% | 748 bps | 949 bps | 6.7% | 10.4% | 367 bps
L/D ratio | 132.7% | 112.2% | 110.7% | -156 bps | -2204 bps |
IOL ratio | 6.3% | 7.0% | 6.6% | -43 bps | 27 bps
NPL ratio | 7.0% | 7.8% | 7.4% | -42 bps | 38 bps
Coverage of IOLs | 120.2% | 111.1% | 115.3% | 419 bps | -491 bps
Coverage of NPLs | 107.3% | 98.9% | 101.7% | 278 bps | -553 bps
Branches (1) | 292 | 283 | 283 | - | (9)
Employees | 9,842 | 10,101 | 9,950 | (151) | 108

| (1) | Includes Banco de la Nacion branches, which in December 23 were 36, in September 24 were 36 and in December 24 were 36.

64

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.6.7. Prima AFP
Statement of Financial Position
(In S/ thousands, IFRS)

| As of | % change
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Cash and due from banks | 109,574 | 144,402 | 123,278 | -14.6% | 12.5%
Non-interest bearing | 6,176 | 4,555 | 3,779 | -17.0% | -38.8%
Interest bearing | 103,398 | 139,847 | 119,499 | -14.6% | 15.6%
Fair value through profit or loss investments | 333,577 | 317,682 | 306,759 | -3.4% | -8.0%
Fair value through other comprehensive income investments | 687 | 1,171 | 1,218 | 4.0% | 77.3%
Property, plant and equipment, net | 9,700 | 7,638 | 7,347 | -3.8% | -24.3%
Other Assets | 287,191 | 260,067 | 219,369 | -15.6% | -23.6%
Total Assets | 740,729 | 730,960 | 657,971 | -10.0% | -11.2%
Due to banks and correspondents | 7 | 6 | 22 | 266.7% | 214.3%
Lease payable | 6,254 | 4,203 | 3,723 | -11.4% | -40.5%
Other liabilities | 234,396 | 212,464 | 178,674 | -15.9% | -23.8%
Total Liabilities | 240,657 | 216,673 | 182,419 | -15.8% | -24.2%
Capital stock | 40,505 | 40,505 | 40,505 | 0.0% | 0.0%
Reserves | 20,243 | 20,243 | 20,243 | 0.0% | 0.0%
Other reserves | 178 | 425 | 459 | 8.0% | 157.9%
Retained earnings | 289,597 | 344,510 | 281,419 | -18.3% | -2.8%
Net Income for the Period | 149,549 | 108,604 | 132,926 | 22.4% | -11.1%
Total Liabilities and Equity | 740,729 | 730,960 | 657,971 | -10.0% | -11.2%

Statement in Income
(In S/ thousands, IFRS)

| Quarter | % change | Up to | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Financial income | 1,768 | 1,429 | 1,786 | 25.0% | 1.0% | 6,902 | 5,678 | -17.7%
Financial expenses | (1,277) | (1,055) | (1,782) | 68.9% | 39.5% | (3,212) | (4,083) | 27.1%
Interest income, net | 491 | 374 | 4 | -98.9% | -99.2% | 3,690 | 1,595 | -56.8%
Fee income | 87,458 | 90,748 | 88,102 | -2.9% | 0.7% | 350,846 | 372,480 | 6.2%
Net gain (loss) on securities | 14,673 | 2,579 | (2,115) | -182.0% | -114.4% | 32,772 | 10,528 | -67.9%
Net gain (loss) from exchange differences | (466) | 110 | (32) | -129.1% | -93.1% | (793) | (530) | -33.2%
Other income | 760 | 124 | 5,628 | 4438.7% | 640.5% | 5,523 | 7,137 | 29.2%
Salaries and employee benefits | (24,498) | (22,384) | (29,371) | 31.2% | 19.9% | (85,874) | (97,457) | 13.5%
Administrative expenses | (16,550) | (17,272) | (20,545) | 18.9% | 24.1% | (70,196) | (78,570) | 11.9%
Depreciation and amortization | (6,388) | (6,603) | (6,612) | 0.1% | 3.5% | (25,273) | (26,381) | 4.4%
Other expenses | (53) | (245) | (71) | -71.0% | 34.0% | (4,388) | (1,249) | -71.5%
Profit before income tax | 55,427 | 47,431 | 34,988 | -26.2% | -36.9% | 206,307 | ##### | -9.1%
Income tax | (15,047) | (12,744) | (10,666) | -16.3% | -29.1% | (56,758) | (54,627) | -3.8%
Net profit | 40,380 | 34,687 | 24,322 | -29.9% | -39.8% | 149,549 | ##### | -11.1%

Selected Financial Indicators

| Quarter | Change | Up to | Change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
ROE | 33.7% | 27.9% | 19.7% | -827 bps | -1401 bps | 30.0% | 27.2% | -276 bps
Net Interest Margin | 0.5% | 0.3% | 0.0% | -34 bps | -47 bps | 0.9% | 0.4% | -50 bps
Efficiency Ratio | 54.2% | 50.7% | 64.2% | 1348 bps | 996 bps | 51.3% | 54.2% | 292 bps
Operating Expenses / Total Average Assets | 26.6% | 26.5% | 32.6% | 609 bps | 594 bps | 24.6% | 28.9% | 437 bps

Main Indicators and Market Share

| Prima | System | Share % | Prima | System | Share %
| 3Q24 | 3Q24 | 3Q24 | 4Q24 | 4Q24 | 4Q24
AUMs (S/ Millions) | 32,142 | 106,729 | 30% | 32,118 | 106,976 | 30%
Affiliates (S/ Millions) | 2,341,483 | 9,677,410 | 24% | 2,340,087 | 9,795,699 | 24%
Collections (S/ Millions) | 1,044 | 4,003 | 26% | 711 | 2,704 | 26%

Source: Superintendencia de Banca, Seguros y AFPs.
65

| | | Earnings Release 4Q / 2024 | Analysis of 4Q24 Consolidated Results

12. Appendix

12.6.8. Grupo Pacifico
Key Indicators of Financial Position
(S/ Thousands, IFRS)

| As of |  |  | % Change |
| Dec 23 | Sep 24 | Dec 24 | QoQ | YoY
Total Assets | 16,549,171 | 17,683,826 | 17,890,138 | 1.2% | 8.1%
Investment on Securities (1) | 12,704,842 | 13,550,847 | 13,898,637 | 2.6% | 9.4%
Total Liabilities | 13,443,688 | 14,442,027 | 14,504,765 | 0.4% | 7.9%
Net Equity | 3,086,571 | 3,226,717 | 3,369,625 | 4.4% | 9.2%

Statement of Income
(S/ Thousands, IFRS)

| Quarter | % Change | As of | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Insurance Service Result | 255,887 | 308,072 | 293,055 | -4.9% | 14.5% | 1,152,472 | 1,229,908 | 6.7%
Reinsurance Result | (96,996) | (151,920) | (102,995) | -32.2% | 6.2% | (426,290) | (530,204) | 24.4%
Insurance underwriting result | 158,891 | 156,152 | 190,060 | 21.7% | 19.6% | 726,182 | 699,704 | -3.6%
Interest income | 183,933 | 209,425 | 208,159 | -0.6% | 13.2% | 778,280 | 834,304 | 7.2%
Interest Expenses | (126,386) | (135,554) | (138,943) | 2.5% | 9.9% | (493,247) | (535,059) | 8.5%
Net Interest Income | 57,547 | 73,871 | 69,216 | -6.3% | 20.3% | 285,033 | 299,245 | 5.0%
Fee Income and Gain in FX | (2,743) | (4,676) | (4,066) | -13.0% | 48.2% | (11,951) | (14,265) | 19.4%
Other Income No Core: |  |  |  |  |  |  |  |
Net gain (loss) from exchange differences | 893 | 191 | 1,150 | 502.1% | 28.8% | 15,888 | (657) | -104.1%
Net loss on securities and associates | 39,232 | 29,761 | (15,450) | -151.9% | -139.4% | 118,319 | 62,389 | -47.3%
Other Income not operational | 32,649 | 26,028 | 52,455 | 101.5% | 60.7% | 94,605 | 152,442 | 61.1%
Other Income | 70,031 | 51,305 | 34,089 | -33.6% | -51.3% | 216,866 | 199,908 | -7.8%
Operating expenses | (85,773) | (64,305) | (84,895) | 32.0% | -1.0% | (301,815) | (300,773) | -0.3%
Other expenses | (35,317) | (24,099) | (25,602) | 6.2% | -27.5% | (75,550) | (84,030) | 11.2%
Total Expenses | (121,090) | (88,404) | (110,497) | 25.0% | -8.7% | (377,365) | (384,803) | 2.0%
Income tax | (29,379) | (3,615) | (13,274) | 267.2% | -54.8% | (40,290) | (44,280) | 9.9%
Net income | 136,000 | 189,308 | 169,594 | -10.4% | 24.7% | 810,426 | 769,774 | -5.0%

(*) 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.

From 1Q15 and on, Grupo Pacifico’s financial statements reflect the agreement with Banmedica (in equal parts) of the businesses of:

| (i) | private health insurance managed by Grupo Pacifico and included in its Financial Statements in each of the accounting lines;

| (ii) | corporate health insurance (dependent workers); and

| (iii) | medical services.

The businesses described in ii) and iii) are managed by Banmedica, therefore they do not consolidate in Grupo Pacifico’s financial statements. The 50% of net income generated by Banmedica is recorded in Grupo Pacifico’s Income Statement as a gain/loss on investments in subsidiaries.

As explained before, corporate health insurance and medical services businesses are consolidated by Banmedica. The following table reflects the consolidated results from which Grupo Pacifico receives the 50% net income.

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12. Appendix

Corporate health insurance and Medical services (1)
(S/ in thousands)

| Quarterly | % change | Up to | % change
| 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Results |  |  |  |  |  |  |  |
Net earned premiums | 350,926 | 374,166 | 375,687 | 0.4% | 7.1% | 1,360,411 | 1,464,885 | 7.7%
Net claims | (260,201) | (315,869) | (300,166) | -5.0% | 15.4% | (1,070,205) | (1,216,644) | 13.7%
Net fees | (14,818) | (16,553) | (16,671) | 0.7% | 12.5% | (58,543) | (64,397) | 10.0%
Net underwriting expenses | (3,262) | (4,433) | (3,275) | -26.1% | 0.4% | (12,051) | (14,495) | 20.3%
Underwriting result | 72,645 | 37,312 | 55,574 | 48.9% | -23.5% | 219,613 | 169,348 | -22.9%
Net financial income | 5,035 | 5,834 | 5,304 | -9.1% | 5.3% | 16,562 | 22,501 | 35.9%
Total expenses | (33,987) | (24,998) | (33,712) | 34.9% | -0.8% | (99,844) | (110,797) | 11.0%
Other income | 2,036 | 1,945 | 9,389 | 382.6% | 361.1% | (2,686) | 15,795 | -688.1%
Traslations results | (1,596) | (2,780) | 1,261 | -145.4% | -179.1% | (2,423) | 1,004 | -141.4%
Income tax | (13,532) | (4,866) | (11,122) | 128.6% | -17.8% | (44,855) | (28,760) | -35.9%
Net income before Medical services | 30,602 | 12,448 | 26,695 | 114.5% | -12.8% | 86,367 | 69,092 | -20.0%
Net income of Medical services | 30,083 | 40,519 | 33,837 | -16.5% | 12.5% | 118,449 | 138,156 | 16.6%
Net income | 60,685 | 52,967 | 60,531 | 14.3% | -0.3% | 204,816 | 207,248 | 1.2%

(1) Reported under IFRS 4 standards.
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12. Appendix

12.6.9. Investment Management & Advisory *

Investment Management & Advisory | Quarter | % change | Up to | % change
S/000 | 4Q23 | 3Q24 | 4Q24 | QoQ | YoY | Dec 23 | Dec 24 | Dec 24 / Dec 23
Net interest income | 18,757 | 9,934 | (15,640) | -257.4% | -183% | 82,105 | 6,031 | -92.7%
Non-financial income | 226,078 | 241,628 | 214,144 | -11.4% | -5.3% | 809,387 | 944,976 | 16.8%
Fee income | 147,019 | 157,828 | 145,476 | -7.8% | -1.0% | 530,413 | 617,225 | 16.4%
Net gain on foreign exchange transactions | 14,844 | 19,448 | 15,356 | -21.0% | 3.4% | 55,473 | 66,524 | 19.9%
Net gain on sales of securities | 64,928 | 72,105 | 15,289 | -78.8% | -76.5% | 209,066 | 187,606 | -10.3%
Derivative Result | (16,731) | (17,139) | 53,081 | -409.7% | -417.3% | (45,497) | 78,521 | -272.6%
Result from exposure to the exchange rate | 9,470 | 6,061 | (21,323) | -451.8% | -325.2% | 33,330 | (32,613) | -197.8%
Other income | 6,548 | 3,325 | 6,265 | 88.4% | -4.3% | 26,602 | 27,713 | 4.2%
Operating expenses (1) | (192,097) | (187,915) | (145,999) | -22.3% | -24.0% | (698,702) | (686,698) | -1.7%
Operating income | 52,738 | 63,647 | 52,505 | -17.5% | -0.4% | 192,790 | 264,309 | 37.1%
Income taxes | (10,006) | (11,053) | (22,722) | 105.6% | 127.1% | (31,394) | (68,660) | 118.7%
Non-controlling interest | (6,818) | 86 | 156 | 81.4% | -102.3% | (11,955) | 392 | -103.3%
Net income | 49,550 | 52,508 | 29,627 | -43.6% | -40.2% | 173,351 | 195,257 | 12.6%

* Unaudited results.
(1) Includes: Salaries and employees benefits + Administrative expenses + Assigned expenses + Depreciation and amortization + Tax and contributions + Other expenses.
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12. Appendix

12.7. Table of calculations

Table of calculations (1)
Profitability | Interest earning assets | Cash and due from banks+Total investments+Cash collateral, reverse repurchase agreements and securities borrowing+Loans
Funding | Deposits and obligations+Due to banks and correspondents+BCRP instruments+Repurchase agreements with clients and third parties+Bonds and notes issued
Net Interest Margin (NIM) | (Net Interest Income (excluding Net Insurance Financial Expenses) (Average Interest Earning Assets)
Risk-adjusted Net Interest Margin (Risk- adjusted NIM) | (Annualized Net Interest Income (excluding Net Insurance Financial Expenses)-Annualized Provisions ) (Average period end and period beginning interest earning assets )
Funding cost | (Interest Expense (Does not Include Net Insurance Financial Expenses) (Average Funding )
Core income | Net Interest Income+Fee Income+Net Gain on Foreign exchange transactions
Other core income | Fee Income+Net Gain on Foreign exchange transactions
Other non-core income | Net Gain Securities+Net Gain from associates+Net Gain of derivatives held for trading+Net Gain from exchange differences+Other non operative income
Return on average assets (ROA) | (Annualized Net Income attributable to Credicorp) (Average Assets)
Return on average equity (ROE) | (Annualized Net Income attributable to Credicorp) (Average Net Equity)
Portfolio quality | Internal overdue ratio | (Internal overdue loans) (Total Loans)
Non – performing loans ratio (NPL ratio) | (Internal overdue loans+Refinanced loans) (Total Loans)
Coverage ratio of internal overdue loans | (Allowance for loans losses) (Internal overdue loans)
Coverage ratio of non – performing loans | (Allowance for loans losses) (Non-performing loans)
Cost of risk | (Annualized provision for credit losses on loans portfolio, net of recoveries ) (Average Total Loans)
Operating performance | Operating expenses | Salaries and employees benefits+Administrtive expenses+Depreciation and amortization+Association in participation +Acquisition cost
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 echange differences+Net Insurance Underwriting Results
Efficiency ratio | Salaries and employee benefits + Administrative expenses + Depreciation and amortization + Association in participation 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 + Result on exchange differences+Insurance Underwriting Result
Capital Adequacy | Liquidity Coverage ratio | Total High Quality Liquid Assets + Min(Total Inflow 30 days; 75% * Total Outflow 30 days) Total Outflow 30 days
Regulatory Capital ratio | (Regulatory Capital) (Risk -weighted assets)
Tier 1 ratio | Tier 1(2) Risk -weighted assets
Common Equity Tier 1 ratio (3) | Capital+Reserves -100% of applicable deductions (4)+ Retained Earnings+Unrealized gains or losses Risk -weighted assets

(1) Averages are determined as the average of period-beginning and period-ending balances.
(2) Includes investment in subsidiaries, goodwill, intangibles and deferred tax that rely on future profitability.
(3) 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).
(4) Includes investment in subsidiaries, goodwill, intangible assets and deferred taxes based on future returns.
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12. Appendix

12.8. Glossary of terms

| Term |  | Definition
| AFP |  | Administradora de Fondo de Pensiones or Private Pension Funds Administrators
| BCRP |  | Banco Central de Reserva del Perú or Peruvian Central Bank
| Financially Included |  | Stock of financially included clients through BCP since 2020. New clients with BCP savings accounts or new Yape affiliates that: (i) Do not have debt in the financial system nor other BCP products in the 12 months prior to their inclusion, and (ii) Have performed at least 3 monthly transactions on average through any BCP channel in the last 3 months
| GMV |  | Gross Merchant Volume
| Government Program Loans ("GP" or "GP Loans") |  | Loan Portfolio related to Reactiva Peru, FAE-Mype and Impulso Myperu programs to respond quickly and effectively to liquidity needs and maintain the payment chain
| MAU |  | Monthly Active Users
| MEF |  | Ministry of Economy and Finance of Peru
| TPV |  | Total Payment Volume

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