Banco de Crédito del Perú (CREDITC1) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking results in 2024, reinforcing leadership in Peru with 42% market share in low-cost deposits and 37% in total loans.

• Net income for 2024 was S/5,226MM; 4Q24 net income reached S/1,162M, up 28% YoY but down 23% sequentially.

• Robust client base grew 14.8% YoY to 17.8M, with 76% digital clients and 41% efficiency ratio.

• Yape, the digital platform, drove engagement with 13.7M MAU (+28pp) and improved NPS by 19pp.

• Quarterly decline driven by higher provisions (+16.3%), general/admin expenses (+21.3%), and employee benefits (+14.9%).

Financial highlights

• Net Interest Margin (NIM) rose to 6.8% (+31bps YoY); 4Q24 NIM at 6.75%.

• Return on Equity (ROE) reached 22.4% for 2024; 4Q24 ROAE at 18.7%.

• Net interest income at S/13,180MM (+9% YoY); non-financial income up 14.6% YoY.

• Low-cost deposits represent 72% of total deposits and 59% of funding; deposits grew 11.6% YoY.

• Asset quality improved: cost of risk at 2.5% (4Q24: 2.49%), NPL ratio at 3.8%, PDL ratio at 4.4%.

Outlook and guidance

• Positive macroeconomic outlook for Peru with GDP growth of 3.2% in 2024 and 2.8% in 2025F.

• Deposit growth expected to remain robust, supported by regulatory changes allowing greater liquidity access.

• Inflation expected to remain low at 2.0% in 2024 and 2.5% in 2025; stable exchange rate and improving private investment.