Credicorp Ltd.: Credicorp Ltd. Reports First Quarter 2023 Financial and Operating Results
06 Maio 2023 - 12:26AM
Credicorp Ltd. Reports First Quarter 2023 Financial and
Operating Results
ROE of 18.7% Driven by Resilient Core Income
Cost of Risk Stable Sequentially Remaining High
impacted by Social and Climatic Events in Peru
Lima, Peru – May 5, 2023 – 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 March 31,
2023. Financial results are expressed in Soles and are presented in
accordance with International Financial Reporting Standards (IFRS).
Effective 1Q23, the Company reports under IFRS 17 accounting
standards for insurance contracts. While the impact on consolidated
net income is not material, the reclassification of line items in
the P&L has impacted the efficiency ratio. To facilitate
comparability, figures for 1Q22 and 4Q22 have been restated to
reflect IFRS 17.
1Q23 OPERATING AND FINANCIAL HIGHLIGHTS
- Net Income attributable to Credicorp increased
18.1% YoY to stand at S/1,384 million, driven by an improvement in
performance in Universal Banking and strong results in the
Insurance business. ROAE rose to 18.7% in the quarter, up from
17.0% in 1Q22 and seasonally higher than the 15.3% reported in
4Q22.
- Structural Loans, measured in average daily
balances, declined 0.7% QoQ, primarily due to seasonality in
Wholesale Banking, but increased 9.7% YoY led by growth in Retail
Banking at BCP and by Mibanco.
- Total Deposits at quarter-end increased 1.1%
QoQ and 0.5% YoY to S/148,623 million, where the high interest rate
backdrop continued to drive migration from Demand and Saving
Deposits to Time Deposits. Low-cost Deposits
represented 54.7% of total funding.
- The Structural NPL ratio increased 17 bps QoQ
to 5.12%, driven by an increase coin the volume of the overdue
portfolio in Wholesale Banking, which was already provisioned given
that our models anticipate deterioration; Mibanco, which was
impacted by social and climatic events in an adverse macroeconomic
environment; and Consumer and Credit Card loans, after higher-risk
segments were targeted in 2022.
- Structural Provisions increased 1.3% QoQ,
driven by Retail Banking at BCP and Mibanco and, partially offset
by Wholesale Banking. At BCP, provisions in retail banking rose,
reflecting a downturn in customer payment as well as the impacts of
an update to macroeconomic outlook variables such as inflation,
interest rates and GDP growth. Mibanco increased provisions due to
social and climate events. In this context, stringent origination
standards were applied in specific consumer segments at BCP, and
the risk appetite was adjusted in a number of geographies and
segments at Mibanco. The Structural Cost of Risk
remained stable QoQ while Structural NPL
Coverage dropped to 110.0%, which reflects an uptick in
the weight of collateralized refinanced wholesale loans.
- Core Income declined 1.4% QoQ but increased
18.9% YoY reflecting structural loan growth and a high interest
rate environment. Net Interest Income (NII) remained stable QoQ and
was up 28.8% YoY, while FX Volumes and Fees contracted in both
periods. On the back of higher interest rates, the Net
Interest Margin increased 9 bps QoQ and 138 bps YoY to
stand at 5.84%.
- The Efficiency Ratio, which has been restated
under IFRS17, improved 290 bps in the QoQ comparision and stood at
44.3%. This improvement was mainly driven by an uptick in operating
income at BCP stand-alone and Pacifico, which more than offset the
growth reported for expenses in a context marked by on-going
investment in disruptive initiatives and digital
transformation.
- The CET1 Ratio for BCP Stand-Alone at
quarter-end was 11.9%, up 30 bps YoY but down 66 bps QoQ which
reflected a dividend declaration this quarter, CET1 at Mibanco rose
38 bps YoY to stand at 16.4% but declined 8 bps QoQ.
- At BCP stand-alone, 30-day local currency LCR
currency stood at 154.1% under regulatory standards and 138.7%
based on more stringent internal standards, while USD 30-day LCR
stood at 203.7% and 123.1% under regulatory and more stringent
internal standards, respectively.
- Credicorp maintains a diversified, liquid investment
portfolio with investment portfolios Held to Maturity and
Available for Sale accounting for 5% and 15% of Interest Earnings
Assets, respectively.
- Advancing our Strategic Initiatives: Yape
continues to drive financial inclusion and topped 8.8 million
monthly active users (MAU) by quarter-end. Monthly income per MAU
continues to increase and reached S/1.8 in 1Q23. We believe Yape is
on track to reach cashflow breakeven in 2024
- On the ESG front, we recently added two new
members to our Board and increased the participation of women to
1/3; maintained the independence of the majority of members; and
added expertise in digital transformation and fintech innovation.
We also defined our corporate environmental strategy and roadmap,
which includes developing capabilities to measure our portfolio
carbon footprint; promoting green financing; and fine-tuning
management of environmental risks. Implementation will begin in
2Q23. More information can be found in our recently published 2022
Annual and Sustainability Report.
- On April 27, the Board of Directors declared a cash dividend of
S/25.00 per share equivalent to a total payment of
S/ 2,359,557,925 to be paid out on June 9th, 2023.
Please find attached the full Earnings Release 1Q23 and
Consolidated Charts 1Q23.
About Credicorp
Credicorp Ltd. (NYSE: BAP) is the leading
financial services holding company in Peru with presence in Chile,
Colombia and Bolivia. Credicorp has a diversified business
portfolio organized into four lines of business: Universal Banking,
through Banco de Credito del Peru – BCP and Banco de Credito de
Bolivia; Microfinance, through Mibanco in Peru and Colombia;
Insurance & Pension Funds, through Grupo Pacifico and Prima
AFP; and Investment Banking & Wealth Management, through
Credicorp Capital, Wealth Management at BCP and Atlantic Security
Bank.
For further information please contact the IR team:
investorrelations@credicorpperu.com.pe
Investor Relations Credicorp
Ltd.
- 1T23 Reporte Trimestral
- 1Q23 Earnings Release
- 1Q23 Consolidated Charts
- 1T23 Tablas Consolidadas
- Historical Consolidated Charts
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