4Q12 Fixed Income Presentation March 2013
PERU’S ECONOMY AND BANKING SYSTEM 2
Highlights Low Country Risk Perception Strong Economic Metrics EMBIG (12 Month Average) 376 EMBI Spread (pbs) 280 240 BBB 200 BBB BBB BBB- AA- 160 179 174 145 143 137 120 80 Chile Peru Mexico Brazil Colombia Latam Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Source: BCRP, S&P. PEN/USD 2.80 2.70 Improved Credit Ratings 2.60 FC-LT Rating Outlook Date 2.50 S&P BBB Positive Aug 30 th , 2011 2.40 Moody's Baa2 Positive Aug 16 th , 2012 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Fitch BBB Stable Nov 10 th , 2011 Annual Inflation (%) Moody’s changed its outlook on Peru to positive on August 16 th , 2012. On August 30 th , 2011 S&P upgraded Peru’s foreign currency 6.65 4.74 long-term credit rating to BBB and changed its outlook to 3.93 3.73 3.48 2.48 2.65 2.08 positive on August 28 th , 2012. 1.52 0.25 1.49 1.14 (0.13) Fitch upgraded Peru’s foreign currency long -term rating to BBB 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 on November 10 th , 2011. Source: BCRP, SBS, Bloomberg. 3
Economic and Social Indicators GDP Growth Controlled Fiscal Balance 5-Year Average Real GDP Growth (%) 5-Year Average Fiscal Balance/GDP (%) 6.8 6.8 4.1 5.4 1.3 4.8 4.7 1.0 0.4 4.2 4.1 0.1 3.9 3.8 3.6 3.4 3.3 3.0 (0.5) (0.7) 2.1 1.4 (2.0) (2.2) (2.3) (2.4) (3.1) (3.1) (3.9) (4.5) Peru Chile Mexico Colombia Brazil Peru Chile Mexico Colombia Brazil '00-'04 '05-'09 '10-'14E '00-'04 '05-'09 '10-'14E Decreasing Indebtedness Improving Poverty Indicators 5-Year Average External Debt/GDP (%) Poverty as a % of Total Population 51 46 48.7 44 42 44.5 36 35 35 33 30 39.3 36.2 26 24 34.8 20 31.3 28.4 13 10 5 2005 2006 2007 2008 2009 2010 2011(1) Peru Chile Mexico Colombia Brazil '00-'04 '05-'09 '10-'14E Source: Focus Economics and INEI as of December 31, 2012. 4 (1) Preliminary figure as of december, 2011.
Peruvian Financial System I Financial System Net Loans (USD Bn) Loans & Deposits penetration (As a % of GDP) Dic’11– Dic’12 Growth: 19.0% 63.8 68 53.6 59 44 43.7 30 28 27 27 26 35.5 20 16 2009 2010 2011 2012 Chile Brazil Colombia Peru Mexico Loans/GDP Deposits/GDP Note: Banking System data as of December 31, 2012. Financial System Deposits (USD Bn) Net Income (USD Bn) Dic’11 – Dic’12 Growth: 18.4% Dic’11 – Dic’12 Growth: 16.7% 71.4 2.3 2.0 60.3 1.6 53.1 1.4 44.2 2009 2010 2011 2012 2009 2010 2011 2012 Source: SBS as of December 31, 2012. 5
Peruvian Financial System II Past due loans/Total loans & Coverage Ratio Dollarization 225% 220% 216% 204% 56.1% 52.6% 51.4% 52.7% 2.2% 48.0% 50.2% 47.5% 48.7% 1.9% 1.9% 1.8% 46.3% 43.2% 45.7% 44.4% 42.1% 41.7% 41.0% 35.7% 2009 2010 2011 2012 2009 2010 2011 2012 Net Loans Deposits Banking System Net Loans Profitability Regulatory Capital/RWAs 14.0% 14.0% 13.9% 25.2% 24.6% 13.7% 22.4% 20.9% 2.0% 2.0% 1.7% 1.8% 2009 2010 2011 2012 2009 2010 2011 2012 ROAE ROAA Source: BCRP and SBS as of December 31, 2012. 6
BANCO DE CRÉDITO DEL PERÚ - BCP 7
Credicorp Ltd. Assets: US$ 41.1 billion Net Income attributable to Credicorp: US$ 788.8 million (2012) Employees: 26,541 100% 66.24% 12.73% 100% Atlantic Security Holding Corporation AuM: US$ 5.4 billion Deposits: US$ 1.4 billion 84.92% 100% 31.44% 100% 100% Employees: 81 **** Credicorp Investments Assets: US$ 2.7 billion Assets: US$ 35.8 billion FuM: US$ 12.0 billion Net Earned Premiums: NII: US$ 1473.6 million (2012) Collections: US$ 608 million (YTD 2012) US$ 723.4 million (2012) Employees: 22,538 Employees: 876 100% Employees: 3,038 95.92% ** Bolivia *** 51% ** 86.00% Life 99.79% Insurance 61% 99.99% Health * The structure chart shows the main subsidiaries of Credicorp Insurance ** Credicorp directly owns 4.08% of BCP Bolivia and 14.00% of Pacifico Vida ***Spin-off in process 100% ****There is a % of Credicorp Investments held indirectly by Grupo Crédito IFRS Figures as of December 2012. Percentages data as of December 2012. Source: SMV. 8
BCP Highlights Net Loans (USD Bn) Deposits (USD Bn) Dic’11– Dic’12 Growth: 22.1% Dic’11– Dic’12 Growth: 30.0% 62% 22.8 20.0 64% 60% 17.5 17.1 16.4 14.5 13.9 11.2 59% 55% 53% 57% 48% 2009 2010 2011 2012 2009 2010 2011 2012 % of USD denominated deposits % of USD denominated loans BCP´s Distribution Network & Transaction Breakout Net Income (USD MM) Dic’11– Dic’12 Growth: 10.5% 87% 86% 591 80% 7,923 535 76% 6,504 431 5,002 320 4,081 2009 2010 2011 2012 2009 2010 2011 2012 Agents ATM's Branches Electronic Transactions Source: BCP and SBS as of December 31, 2012. 9
Asset Structure Assets (USD Bn) Investments 10% 2.8; 8% Net loans Peruvian Central Bank 4% Certificated Notes Cash and Due from Banks 4.8; 13% 6% Corporate and Leasing Investments Bonds Other assets Peruvian Bonds 8% Listed Equity Securities 20.0; 57% Foreign Government 63% 9% Bonds 7.8; 22% Other Loans by Business Unit & Dollarization Loans by economic sector Other 77% 77% 81% 73% 23% Communication, Storage and 5% Transportation 42% 39% 5% 35% 31% Mining 14% 10% 4% 7% 7% 8% 69% 10% Realty Business and Leasing 40% 38% 43% 46% Services 17% Electricity, Gas and Water 22% Commerce 56% 55% 50% 46% 25% Manufacturing 2009 2010 2011 2012 Wholesale Retail Mortgage Consumer Commercial Others (1) Dollarization Retail banking Dollarization Wholesale banking Source: BCP as of December 31, 2012. 10 (1) Others include BCB, Edyficar and other business units.
Asset Quality PDL & Coverage Ratios (%) PDL by Days Overdue (%) 217% 219% 203% 195% 1.13% 1.06% 1.08% 0.67% 0.98% 0.97% 0.96% 0.97% 0.47% 0.96% 0.56% 0.51% 1.75% 0.70% 0.60% 0.47% 0.53% 1.56% 1.50% 1.43% 2009 2010 2011 2012 2009 2010 2011 2012 Overdue 16-119 days/Total Loans Overdue 120 days or more/Total Loans PDL/Total loans Refinanced Loans/Total Loans PDL Coverage ratio Overdue 90 days/Total Loans(1) PDL by Product (%) PDL by Currency (%) 6.85% 2.97% 5.67% 5.55% 5.25% 2.42% 2.21% 2.23% 3.08% 2.81% 2.67% 2.60% 1.40% 0.88% 1.31% 1.12% 0.81% 1.15% 0.71% 0.70% 0.79% 0.71% 0.54% 0.56% 2009 2010 2011 2012 2009 2010 2011 2012 Commercial Microfinance Consumer Mortgage Nuevos Soles Foreign currency Source: SBS, BCP as of December 31, 2012. 11 (1) As per Basel II definition.
Liabilities & Funding Structure Liabilities (USB Bn) Total Deposits (USD Bn) Demand Deposits 6.9; 30% Deposits Savings Deposits 2.4; 7% Due to Banks CTS Deposits Bonds Issued Time Deposits Other Liabilities 3.7; 11% 7.6; 33% 22.8; 70% 2.2; 10% 3.7; 12% 6.1; 27% Deposits by Business Unit & Dollarization Deposits/Loans 58% 54% 50% 147% 55% 44% 43% 134% 123% 42% 126% 44% 117% 8% 8% 5% 16% 122% 101% 116% 43% 51% 108% 50% 98% 43% 86% 87% 49% 42% 44% 41% 2009 2010 2011 2012 2009 2010 2011 2012 Wholesale Retail Equity $2bn Others (1) Dollarization Wholesale Nuevos Soles Foreign currency Total Others $1bn Dollarization Retail Source: BCP as of December 31, 2012. 12 (1) Includes BCB, Edyficar and other business units
Funding Structure & Maturity Profile Core Deposits(%) (1) Average Rates 80% 5.39% 5.02% 4.94% 4.85% 75% 74% 71% 70% 69% 70% 66% 66% 63% 2.07% 60% 1.37% 1.22% 0.94% 59% 2009 2010 2011 2012 2009 2010 2011 2012 Nuevos Soles Foreign Currency Total Total Deposits Due to banks and issued bonds Maturity Profile (MM USD) 1,775 1,224 944 874 729 599 583 434 325 182 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ Long Term Foreign Currency Short Term Foreign Currency Long Term Local Currency Equity $2bn Source: BCP as of December 31, 2012. 13 (1) % Core Deposits/Total deposits.
Capital Management Regulatory Capital (USD MM) BIS Ratio (%) (1) CAGR: 22.9% 3,502 2,671 1,097 14.5 14.7 14.5 12.8 1,964 765 1,888 405 438 2,405 1,907 1,559 1,450 2009 2010 2011 2012 2009 2010 2011 2012 Tier II and III Tier I Tier I Common (2) /RWA (%) Tier II + Tier III/Regulatory Capital (%) 31.3 28.6 23.2 20.6 9.3 9.1 8.5 8.5 2009 2010 2011 2012 2009 2010 2011 2012 Source: BCP as of December 31, 2012. 14 (1) Regulatory Capital / Risk Weighted Assets. Tier I Common = Capital + Reserves – 100% of applicable deductions + retained earnings adjusted by average payout. (2)
P&L Highlights Net Income (US$MM) Fees Breakdown 50% 9% 9% Others 48% 3% 4% 18% 16% Gains from Sales of Securities 45% 45% FX Transactions 70% 70% Fees and 320 431 535 591 Commissions 2009 2010 2011 2012 2011 2012 Net income Non-Financial Income/Operating Revenues (1) Net Interest Margin Provisions/Gross Financial Margin (%) 10.06% 9.64% 28.3% 8.10% 8.01% 22.7% 21.1% 21.7% 5.19% 4.81% 4.94% 4.98% 3.31% 2.83% 1.76% 1.53% 2009 2010 2011 2012 2009 2010 2011 2012 Nuevos Soles Foreign Currency Weighted-average Source: BCP as of December 31, 2012. (1) Operating revenue is the aggregate of net financial margin and non financial income. 15
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