Credicorp (BAP) Q4 2025 Earnings Call Transcript

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Friday, Feb. 13, 2026 astatine 10:30 a.m. ET

• Chief Executive Officer — Gianfranco Ferrari

• Chief Financial Officer — Alejandro Perez-Reyes

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Operator: Or little Gomez with HSBC. Please spell ahead.

Carlos Gomez: Hello, bully greeting and convey you for taking my question. I wanted to inquire you astir your vulnerability to Ruta del Lima the firm successful Lima. Whether you spot immoderate imaginable for recoveries from that peculiar recognition if you person an exposure? And second, to what grade bash you deliberation that

Operator: the

Carlos Gomez: affirmative show of the system of concern has been helped by the withdrawal from the pension fund. And could that beryllium a interruption connected enactment erstwhile they are finished this twelvemonth oregon next? Thank you.

Alejandro Perez-Reyes: Maybe, Eduardo, I don't privation to bash Yes. Yes. I can

Carlos Gomez: represents little than 1% of our portfolio. It's a presumption which presently proviso astatine 80%. We're not accruing involvement And are presently a mates of arbitration processes successful The US that if successful, we deliberation that

Alejandro Perez-Reyes: it would instrumentality a agelong time, but it volition beryllium payment to the existent presumption that we have. Do expect successful the adjacent abbreviated word a outgo that could beryllium determination successful the circular betwixt 5–10% of the of the of the of the bond. So and we bash not expect further deterioration successful the presumption that we person close now.

Alejandro Perez-Reyes: Marcelo, would you instrumentality your archetypal Sure. So, hi, Carlo. Going to the portion of the question. The withdrawals connected the pension plans, of course, person antithetic types of impact. Withdrawal has been of 25,000 cardinal oregon PEN25 cardinal successful U.S. terms. We astatine BCP person captured a small northbound of 11,000,000,000 of those 25,000,000,000. The payments are gonna proceed until this until March, actually. There's the past outgo is successful March. And the effect successful the system it volition it depends connected however overmuch goes to consumption.

But it surely does assistance GDP We person a calculation that again, they request knowing that not needfully everything is gonna spell into successful consumption, would beryllium astir 0.4% of the interaction connected GDP perchance if everything went to

Alejandro Perez-Reyes: to

Alejandro Perez-Reyes: consumption. And if you deliberation astir the interaction connected our

Alejandro Perez-Reyes: business,

Alejandro Perez-Reyes: we expect for 2026 an interaction of astir 0.5% connected loans I'm sorry, connected deposits connected section backing that's a affirmative result. And successful the recognition part, it could person a antagonistic interaction of astir 0.4%. Those are our calculations reasoning astir 2026. I mean, each successful all, the abbreviated word effect are positive, surely not negative. I deliberation the main contented is the agelong word effect connected pensions and the Peruvian economy. But successful the abbreviated term, the impacts are not that material. And astir apt an a tiny summation besides simplification successful outgo of hazard successful a circumstantial segment