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SEC filingCredicorp delivered a year of strategic consolidation and disciplined balance sheet management, anchored by lower funding costs and expanded digital infrastructure — all while maintaining focus on credit quality and integrated ecosystem development.
Interest expenses decreased as a result of lower interest on deposits — a dynamic attributable to both declining market rates and an increased proportion of low-cost deposits within the overall funding structure. This shift reflects deliberate liability management aligned with broader monetary conditions and customer behavior trends. Concurrently, loan growth was underpinned by a positive volume effect across business segments, with retail lending showing particular strength. That retail momentum contributed meaningfully to portfolio mix improvement — a qualitative enhancement that supports long-term risk-adjusted returns.
Operating expenses rose, driven by two interrelated factors: an increase in advisor headcount and the advancement of strategic innovation initiatives. These projects include scaling Yape’s e-commerce capabilities and launching Tenpo’s neobank platform — efforts intended to deepen customer engagement and broaden financial inclusion. Compensation provisions, including variable components tied to performance in core businesses, also contributed to the expense growth. Such investments reflect management’s commitment to sustainable digital transformation rather than short-term cost optimization.
Credit risk assessment follows a forward-looking framework grounded in IFRS 9 requirements: evaluations incorporate past events, current conditions, and reasonable macroeconomic projections when measuring expected credit losses and assessing significant increases in credit risk. This methodology ensures alignment with global standards while allowing responsiveness to Peru’s evolving economic environment. Separately, liquidity risk management for the fund administrator is operationally defined — its objective is to meet recurring operating expense obligations, funded primarily through commission income. This design emphasizes structural self-sufficiency and reduces reliance on external financing for day-to-day operations.
The full consolidation of Pacífico EPS represents more than an accounting change — it advances Credicorp’s vision of an integrated health-financial ecosystem. By unifying health insurance services with banking and digital financial platforms, the company strengthens cross-selling pathways, notably between BCP’s distribution network and Yape’s user base. This integration supports long-term customer lifetime value growth and reinforces differentiation in a competitive Peruvian financial landscape. No quantitative impact of the consolidation is disclosed in the authoritative financial packet; therefore, the narrative focuses exclusively on its strategic purpose and operational enablers.