Grupo Credicorp recorded a net profit of US$899 million in 2021

Press release from Credicorp 

This is a machine translation of the original release issued in Spanish.

Lima, February 8, 2022.- The Credicorp Group, the leading financial holding company in Peru with a presence in Bolivia, Chile, Colombia, Panama and the United States, presented the results for the fourth quarter of 2021, a period in which a profit was recorded net of S/ 1,061 million (around US$ 266 million), which translated into an ROE of 16.4%.

During 2021, the Credicorp holding company, which includes BCP, BCP Bolivia, Credicorp Capital, Grupo Pacífico, Prima AFP, Mibanco, Mibanco Colombia, Atlantic Security Bank and Krealo, recorded a net profit of S/ 3,585 million (around US $899 million), which is reflected in an ROE of 13.9%.

Gianfranco Ferrari, CEO of Credicorp, highlighted the solidity of the organization, which has recovered the rhythm of its results, which in some cases are already at pre-pandemic levels. He stressed that during the recovery period, the corporation has been successfully promoting its sustainability strategy, which aims to improve life by accelerating the changes that countries need. “Credicorp works to help create more inclusive and sustainable economies and generate value for all its stakeholders ”, he stated.

digital breakthrough

César Ríos, Finance Manager of Credicorp, said that in order to face the challenges of the health crisis and episodes of political instability in the last two years, the corporation accelerated investments to consolidate its digital transformation, which allowed it to maintain its leadership in the market. and successfully enter new segments. For example, between 2019 and 2021, the loan portfolio grew 11.5% and there was also a notable evolution of low-value deposits of the order of 66.6%.

In the Universal Banking business line, the use of well-tuned data analytics and risk models made it possible to serve SME clients and direct sales through digital channels. During 2021, at BCP, 34% of sales were digital, while 71% of unsecured loans were disbursed through non-traditional channels. The Yape digital wallet closed 2021 with 8 million users. 38% of yaperos joined the application without having a savings account, reaffirming it as the banking channel par excellence in Peru. This year Yape will continue to include in the financial system people from segments in which 80% of their payments are made in cash.

In Microfinance, Mibanco consolidated its hybrid model in the Peruvian market, leveraging its productivity in alternative channels, mainly digital. In Insurance and Pensions , in the fourth quarter of last year, Grupo Pacífico recorded results similar to those of the pre-pandemic, in line with the control of the health emergency and due to solid growth in insurance sales through digital channels. Meanwhile, in Investment Banking and Wealth Management , Credicorp Capital accelerated its transformation process and implemented a shared services center in Colombia, to which nearly 70% of the processes have been migrated.

Sustainable Credicorp

During 2021 Credicorp included more than 1.3 million citizens in the formal financial system of Peru, Colombia and Bolivia. Likewise, more than 5 million people and small businesses have benefited from the financial education programs of BCP and Pacífico Seguros.

"Our multi-channel service model continues to mature and at the end of last year, digital transactions represented 51% of BCP's total operations and 44% of Mibanco's disbursements were made through alternative channels," explained César Rios.

On the other hand, in the last quarter of 2021, the prestigious international firm MSCI raised Credicorp's ESG rating to the "Leaders" category with an AA score . This new rating recognizes the Group's leadership in managing the most significant ESG risks and opportunities. Likewise, Credicorp is part of the S&P/BVL Peru General ESG Index, an ESG benchmark launched by the Lima Stock Exchange and S&P Dow Jones Indices in the Peruvian stock market.

On the environmental front, BCP's Sustainable Financing Framework was recently presented, which is aligned with international standards. In this way, BCP became the first bank in Latin America to obtain a “strong” rating in this type of framework from the S&P rating. Likewise, Credicorp Capital Asset Management became an ally of the Task Force on Climate-Related Financial Disclosures (TCFD).

Finally, it was announced that the 2021 Annual Sustainability Report will be published in the coming weeks, which will be aligned with international sustainability reporting standards, such as SASB and GRI.