Credicorp Ltd
Credicorp Ltd is a Bermuda-domiciled financial holding company with its main operations in Peru and selected Andean markets. Through subsidiaries such as Banco de Crédito del Perú, Mibanco, Pacífico, Prima AFP, Credicorp Capital, and Banco de Crédito de Bolivia, it spans retail and corporate banking, microfinance, insurance, pensions, and asset and wealth management.
Business
Share of revenueConsumer, SME, corporate, and transactional banking products through BCP and related subsidiaries.
Life, general, and related insurance products distributed through Pacífico and digital channels.
Small-business and microenterprise lending and funding through Mibanco and related platforms.
Private pension fund administration and retirement savings services via Prima AFP.
Brokerage, advisory, custody, and investment management services through Credicorp Capital and Atlantic Security.
Payments, digital banking, Yape, and other innovation-led financial services.
Customers
Credicorp serves individuals, mass-market consumers, microentrepreneurs, SMEs, and larger corporate clients across Peru and neighboring Andean markets. It also serves pension savers, insurance policyholders, and wealth-management clients who need savings, protection, retirement, and investment products. The group’s digital channels extend access to underbanked customers and merchants that transact through mobile, internet, and point-of-sale rails.
Individuals using deposits, cards, consumer loans, and digital payments for everyday banking needs.
Small businesses and microenterprises buying working-capital loans, deposits, and payment solutions.
Companies and institutions using lending, treasury, advisory, and capital-markets services.
Individuals and businesses buying life, protection, and related insurance products.
Workers and retirees contributing to and managing private pension balances.
Consumers and merchants using Yape and other digital channels for payments and financial access.
Strategy
Credicorp is focused on building an integrated financial ecosystem that links banking, insurance, pensions, asset management, and payments across its franchise. The strategy emphasizes digital transformation, financial inclusion, disciplined capital deployment, and cross-sell across subsidiaries to widen the customer relationship and diversify revenue. It also uses innovation portfolios and ecosystem capabilities such as Yape and mobile banking to scale usage and deepen engagement.
Digital channels increase transaction frequency, lower servicing friction, and strengthen customer retention.
Serving previously underbanked clients enlarges the addressable market and builds long-term customer relationships.
A broader product stack raises wallet share and supports more stable group revenue.
The model spans credit, market, insurance, and operational risks across multiple regulated businesses.
Geography
Credicorp’s business is concentrated in Peru, where BCP and several other subsidiaries have scale across banking, insurance, pensions, and microfinance. It also operates in Bolivia and Colombia through selected businesses, with additional international financial services exposure through wealth and asset-management platforms. The group’s geographic mix matters because Peru provides the core franchise, while other markets add diversification across products and customer segments.
Risks
Credicorp’s earnings are exposed to credit risk, especially in consumer and SME lending, where asset quality can weaken during slower economic periods. As a diversified financial group, it also faces regulatory, operational, and execution risk across banking, insurance, pensions, and digital payments, plus macro exposure to Peru and the broader Andean region.
- Peru macroeconomic and political concentrationImpact: HighLikelihood: High
The core franchise is centered in Peru, so local growth, confidence, and policy shifts can affect lending and fee activity.
Exposure: Core banking and insurance operations
- Credit deterioration in SME and consumer lendingImpact: HighLikelihood: Medium
The group explicitly targets more profitable but riskier SME and consumer segments, which can suffer in weaker economic conditions.
Exposure: BCP and Mibanco loan books
- Operational and cyber risk in digital channelsImpact: MediumLikelihood: High
Higher usage of mobile, internet, and Yape increases dependence on technology uptime, data security, and transaction integrity.
Exposure: Digital payments and banking platforms
- Insurance and pension actuarial riskImpact: MediumLikelihood: Medium
Claims experience, reserves, and market performance can affect results in insurance and retirement businesses.
Exposure: Pacífico and Prima AFP
Accounting
Judgemental itemsLoan-loss allowances depend on borrower quality, macro assumptions, and portfolio mix.
Impact: Affects banking and microfinance profitability
Insurance service income, claims, and reinsurance results rely on actuarial estimates.
Impact: Affects underwriting result and reserve adequacy
Capital-markets and asset-management positions may be marked to market.
Impact: Can create volatility in non-interest income
Credicorp’s structure includes subsidiaries and intercompany eliminations that affect equity presentation.
Impact: Important for comparing book value and leverage
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Last updated: 28/09/2026