Credicorp (BAP) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, May 15, 2026 astatine 11:27 AM CDT 57 min read

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Date

May 15, 2026, 10:30 a.m. ET

Call participants

• Chief Executive Officer — Gianfranco Piero Dario Ferrari de Las Casas

• Chief Financial Officer — Alejandro Perez-Reyes

• Chief Innovation Officer — Francesca Raffo Paine

• Chief Risk Officer — César Ríos

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Full Conference Call Transcript

Gianfranco Ferrari volition statesman the telephone with remarks connected caller macro and governmental environment, The cardinal levers of our decoupling strategy, and a little overview of our quarterly results. Followed by Alejandro Perez-Reyes, who volition supply a much elaborate investigation of cardinal macroeconomic indicators our fiscal show and our outlook for afloat twelvemonth 2026. Gianfranco, delight spell ahead.

Gianfranco Piero Dario Ferrari de Las Casas: Thank you, Milagros. Good morning, everyone, and convey you for joining america today. Let maine statesman by thanking our shareholders for the beardown enactment astatine our caller Annual General Meeting. The result of the Board elections reflects a deliberate strategy led refreshment process afloat aligned with Credicorp's agelong word priorities. As announced, shareholders approved the assignment of 3 caller directors and the reelection of 6 existent members. The caller directors bring complementary expertise successful areas that are progressively captious for us, peculiarly exertion and AI, fiscal and regulatory oversight and strategical execution. As we proceed advancing our translation and strengthening our operating model. Importantly, our governance model remains robust. With cardinal safeguards firmly successful place.

Including a afloat autarkic audit committee and autarkic directors starring captious committees. This provides a beardown instauration arsenic we navigate antithetic operating environments. At the planetary level, caller geopolitical tensions peculiarly successful The Middle East, person accrued uncertainty. Mainly done higher vigor prices and their imaginable interaction connected ostentation and the outlook of overseas involvement rates. Since our past league call, Peru's economical enactment has been affected by a bid of impermanent proviso broadside shocks. Including higher lipid prices related to the struggle successful The Middle East a localized vigor disruption and adverse upwind conditions that led to contraction successful superior sectors. That said, the affirmative momentum of the system continues to stay solid.

Several activities indicator including backstage investment, proceed posting treble digit growth. Supported by resilient macroeconomic fundamentals and favorable export prices, with copper presently trading astatine astir $66.5 per pound. Against this backdrop, we are maintaining our GDP maturation anticipation for 2026 astatine astir 3.5%, though our outlook has go much skewed to the downside. With caller macroeconomic indicators tracking person to 3.2%. More importantly, home request remains peculiarly dynamic increasing supra 4%. Which we presumption arsenic the much applicable operator for indebtedness maturation going forward. As we await the authoritative confirmation of results, the statesmanlike runoff appears apt to diagnostic candidates with markedly antithetic economical visions. Including 1 advocating for a importantly much interventionist relation for the state.