Credicorp Ltd.: Credicorp Corrects Certain Accumulated Ratios in 2Q24 Earnings Materials and Reaffirms 1H24 Financials and 2024 Guidance

Rhea-AI Summary

Credicorp (NYSE: BAP | BVL: BAP) has announced corrections to four ratios in its 2Q24 Earnings Materials due to miscalculations in certain accumulated performance indicators. The corrections are as follows:

• 1H24 ROE: from 17.2% to 17.6%
• 1H24 Funding cost: from 3.16% to 2.90%
• 1H24 Operating expenses / Total average assets: from 7.4% to 3.7%
• 1H23 Operating Expenses / Total average assets: from 7.1% to 3.5%

Credicorp emphasizes that these corrections do not affect the company's reported IFRS financial results or its full-year 2024 guidance announced on August 8, 2024. The company will update its quarterly materials to reflect these changes.

Positive

• ROE for 1H24 increased from 17.2% to 17.6%, indicating better profitability
• Funding cost for 1H24 decreased from 3.16% to 2.90%, suggesting lower borrowing expenses
• Operating expenses to Total average assets ratio significantly improved for both 1H23 and 1H24

Negative

• Errors in financial reporting may raise concerns about the company's internal controls and data accuracy

Lima, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Lima, PERU, August 13, 2024 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE: BAP | BVL: BAP) announces to its shareholders and the market, corrections to four ratios published in its 2Q24 Earnings Materials. These amendments are attributable to miscalculations on certain accumulated performance indicators.

Below is a table including the reported and corrected indicators, presented on the Company´s 2Q24 Earnings Release.

Performance Indicator	Originally Reported Figure	Corrected Figure	Location in Earnings Release
1H24 ROE	17.2%	17.6%	Pages 3 and 11
1H24 Funding cost	3.16%	2.90%	Page 11
1H24 Operating expenses / Total average assets	7.4%	3.7%	Page 11
1H23 Operating Expenses / Total average assets	7.1%	3.5%	Page 11

The above-mentioned corrections do not affect the Company’s reported IFRS financial results nor the Company’s full year 2024 guidance, as announced on August 8, 2024.

The Company will replace its quarterly materials (Earnings Release, Conference Call Presentation and Historical Consolidated Charts) to reflect the conforming corrections for the following metrics: ROE for 1H24, Funding cost for 1H24, and Operating expenses to Total average assets for 1H23 and 1H24.

About Credicorp

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. 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 Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

For further information please contact the IR team:

Investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.

FAQ

What ratios did Credicorp (BAP) correct in its 2Q24 earnings report?

Credicorp corrected four ratios: 1H24 ROE (from 17.2% to 17.6%), 1H24 Funding cost (from 3.16% to 2.90%), and Operating expenses / Total average assets for both 1H24 (from 7.4% to 3.7%) and 1H23 (from 7.1% to 3.5%).

Do the corrections affect Credicorp's (BAP) 2024 financial guidance?

No, Credicorp stated that these corrections do not affect the company's reported IFRS financial results or its full-year 2024 guidance announced on August 8, 2024.

How will Credicorp (BAP) address the errors in its 2Q24 earnings materials?

Credicorp will replace its quarterly materials, including the Earnings Release, Conference Call Presentation, and Historical Consolidated Charts, to reflect the corrected metrics for ROE, Funding cost, and Operating expenses to Total average assets ratios.