CREDICORP LTD (BAP) Business

4. A History and development of the Company

Credicorp Ltd. (New York Stock Exchange (NYSE) and Lima Stock Exchange (Bolsa de Valores de Lima or BVL by its Spanish initials) trading code: BAP) is a tax-exempted company that was formed in Bermuda on August 17, 1995, pursuant to the Bermuda Companies Act 1981 in order to act as a holding company for, and to coordinate the policy and administration of our subsidiaries, which include BCP Stand-alone, BCP Bolivia, Mibanco, Mibanco Colombia, Grupo Pacífico, Prima AFP, Credicorp Capital and ASB Bank Corp. We currently hold, directly and indirectly, 97.74% of BCP, 100.00% of BCP Bolivia, 99.92% of Mibanco, 99.97% of Mibanco Colombia, 98.86% of Grupo Pacífico, 100.00% of Prima AFP, 100.00% of Credicorp Capital and 100.00% of ASHC (as well as 100.00% of ASB Bank Corp. through ASHC). See “ITEM 4. INFORMATION ON THE COMPANY – 4.C Organizational Structure”. In Bermuda, where it remains domiciled, Credicorp operates under the Bermuda Companies Act 1981 (as to date amended).

Our principal activity is to coordinate and manage the business plans of our subsidiaries to develop our Universal Banking, Microfinance, Insurance and Pension, and Investment Management and Advisory businesses at Perú, Colombia, Chile, Bolivia, Panama and the United States. Though we primarily focus on the aforementioned countries, we also make limited investments in other countries in the same region. Many of these investments are conducted through Grupo Credito S.A., a subsidiary 99.99% owned by Credicorp, whose purpose is to engage in different types of commercial activities, investments in securities, buying and selling of stocks and securities, and business in general. Our registered address in Bermuda is at Clarendon House, 2 Church Street, Bermuda, the address of our website is https://www.grupocredicorp.com/ (the website, and the information on such website, are not incorporated in this Form 20-F). The management and administrative office (which is the same as the principal place of business) of our principal subsidiary, Banco de Credito del Peru, is located at Calle Centenario 156, La Molina 15026, Lima, Peru, and its phone number is +51-1-313-2000.

The SEC maintains a website that contains reports of the issuers that file electronically with the SEC. Our electronic filings with the SEC are available to the public from the SEC’s website at http://www.sec.gov. (Trading Code – BAP).

As of December 31, 2022 and December 31, 2023, our total assets were S/235.4 billion and S/238.8 billion, respectively, while net equity attributable to Credicorp’s equity holders was S/32.5 billion and S/29.0 billion. As of December 31, 2024, our total assets were S/256.1 billion and equity attributable to Credicorp’s equity holders was S/34.3 billion. Net profit attributable to Credicorp’s equity holders in 2022, 2023 and 2024 was S/4,647.8 million, S/4,865.5 million and S/5,501.3 million, respectively. See “ITEM 3. KEY INFORMATION – 3.A Selected Financial Data” and “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS”.

On December 20, 2017, Credicorp’s Board of Directors resolved to organize Credicorp’s subsidiaries in four LoBs: Universal Banking; Microfinance; Insurance and Pensions; and Investment Management and Advisory. These changes took effect on April 1, 2018. During the same year, the Corporate Venture Capital Arm of the group was formed, developing Krealo in March 2018.

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Universal Banking

On April 18, 2018, Credicorp Ltd., through its subsidiaries Grupo Crédito S.A. and BCP Stand-alone, acquired 3.23% and 0.06%, respectively, of the share capital of Mibanco from minority shareholders for approximately S/129.0 million and S/2.4 million, respectively. Additionally, on May 22 and 23, 2018, BCP Stand-alone acquired 1.22% and 0.05%, respectively, of the share capital of Mibanco from minority shareholders for approximately S/47.3 million and S/1.9 million, respectively. These acquisitions of non-controlling interest were recorded as equity transactions. Through these acquisitions, Credicorp Ltd. increased its interest in the share capital of Mibanco from 93.18% to 97.74%.

On May 7, 2018, Credicorp Ltd. sold to its subsidiary Grupo Crédito S.A. 220,113,636 shares of BCP Stand-alone owned by Credicorp Ltd., which represented 2.77% of BCP Stand-alone’s share capital. The amount paid per share was S/6.61. Following this sale, Credicorp, in conjunction with its subsidiary Grupo Credito, continued to own 97.74% of the shares of BCP Stand-alone.

In July 2022, Grupo Crédito S.A. established Yape Market S.A.C, a company focused on the promotion and management of sales and placement of products and services through electronic means. Grupo Crédito S.A. currently owns a 99.99% stake in Yape Market S.A.C.

Joinnus was acquired in March 2023. It is a subsidiary of Yape Market S.A.C, currently owns a 99.93% stake. The company is a digital platform for selling tickets to online events and shows.

Microfinance

On June 28, 2019, Credicorp Ltd., through its subsidiary Credicorp Holding Colombia S.A.S., reached an agreement with the majority shareholders of Banco Compartir S.A. (Bancompartir) to acquire a majority stake in Bancompartir, which provides microfinance and SME financing solutions to micro entrepreneurs and was one of the top four microfinance banks in Colombia. On December 2, 2019, Credicorp Ltd. announced that after obtaining the necessary regulatory approvals, it completed the acquisition of 77.46% of the capital stock of Bancompartir for approximately US$76.0 million, as part of Credicorp Ltd.’s strategy of expanding its microfinance business in Latin America.

On October 30, 2020, Credicorp Ltd. confirmed the merger of Bancompartir and Edyficar S.A.S. (Encumbra), to be integrated under the name Mibanco – Banco de la Microempresa de Colombia S.A. (Mibanco Colombia). The merged entity had a consolidated loan portfolio of more than US$270 million as of December 31, 2020. Its operating model focuses on achieving financial inclusion and social development serving and accompanying small and micro entrepreneurs in line with the business strategy proposed by Credicorp.

Insurance and Pensions

In 2015, Grupo Pacífico signed an agreement with Banmedica to participate as equal partners in the health insurance and medical services business. Grupo Pacífico transferred the majority control of the Pacífico Seguros corporate health insurance business and medical services to Banmedica. Consequently, the Pacífico Seguros corporate health insurance business and medical services are no longer consolidated with Grupo Pacífico for accounting purposes and are reported as an investment in associates. In 2018, UnitedHealth Group, one of the world's largest healthcare companies, acquired Banmedica, becoming Pacífico’s new partner in Peru.

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Investment Management and Advisory

During 2012, Credicorp initiated the creation of a regional investment banking platform. During the same year, the firm acquired a 51.0% stake in Correval S.A. Comisionista de Bolsa in Colombia and 60.6% of IM Trust & Co. Holding S.A. in Chile. In 2013, Credicorp Capital Peru was created and included Credicorp Capital Bolsa, Credicorp Capital Titulizadora, Credicorp Capital Fondos and BCP Stand-alone’s investment banking activities. On September 30, 2016, Credicorp Capital Peru concluded the acquisition of the remaining stake in Correval S.A. Comisionista de Bolsa in Colombia and IM Trust S.A. Corredores de Bolsa in Chile. As a result of these acquisitions, Credicorp Capital became the owner of 100% of both companies. During these years Credicorp wanted to consolidate the brand name of Credicorp Capital on the whole region, so the group decided to name Correval S.A. Comisionista de Bolsa in Colombia as Credicorp Capital Colombia and IM Trust S.A. Corredores de Bolsa in Chile as Credicorp Capital Chile.

On February 12, 2019, Credicorp Ltd., through its subsidiary Credicorp Holding Colombia S.A.S., reached an agreement with the shareholders of Ultraserfinco S.A. Comisionista de Bolsa, a financial services company in Colombia, to acquire a 100% stake in Ultraserfinco S.A. Comisionista de Bolsa and its subsidiaries, which include 100% of Ultra Holding Group Inc., which in turn holds 100% of Ultralat Group Inc. (including 100% of Ultralat Investment Advisor and 100% of Ultralat Capital Market, LLC. (UCM)), for approximately US$43.0 million. On November 1, 2019, after obtaining the necessary regulatory approvals, the acquisition of 100% of the capital stock of Ultraserfinco S.A. Comisionista de Bolsa was completed through Credicorp Holding Colombia S.A.S. and Credicorp Capital Fiduciaria S.A. Ultraserfinco S.A. Comisionista de Bolsa had several subsidiaries including Ultralat, a company regulated by the SEC. On February 1, 2021, we finalized a merger between CCSI and UCM, which resulted in Credicorp Capital LLC.

On August 2, 2021, we finalized the merger by absorption between Atlantic Security Bank (Cayman Islands) and ASB Bank Corp. (Panama), with the latter being the surviving entity. ASB Bank Corp. is a financial institution incorporated under the laws of Panama, with an International Banking License and a securities brokerage license, issued by the SBP and the Panama SMV, respectively.

On March 15, 2022, Credicorp incorporated CC Asset Management Mexico S.A. de C.V., an unregulated legal entity (specifically, a variable capital corporation) in Mexico. This entity will distribute mutual funds and investment funds through private offerings. The company was constituted as a subsidiary of Credicorp Capital Ltd.

In December 2024, Credicorp Capital SAF notified its clients that it has offered to purchase 100% of the value of investments in the Credicorp Capital Factoring Dólares FMIV and Credicorp Capital Factoring Soles FMIV funds. These funds, which had exposure to assets managed by Sartor Administradora General de Fondos S.A. (“Sartor”) in Chile, a third-party fund manager, were impacted by recent regulatory actions and alleged misconduct at Sartor and on December 20, 2024, the Chilean Financial Market Commission revoked Sartor’s authorization to operate and ordered the liquidation of all funds under Sartor’s management. To facilitate the purchase process, Credicorp Capital SAF will execute participation transfer agreements through its affiliate Atlantic Security Holding Corporation (ASHC).

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Corporate Venture Capital – Krealo

Krealo, Credicorp’s initiative that evolved from an open innovation arm to a Corporate Venture Capital, identifies and invests in opportunities that complement Credicorp's business lines. Krealo operates primarily through its ventures, including Tenpo, Tyba, Culqi, among others.

In January 2019, Grupo Crédito S.A. incorporated Tenpo S.P.A. (formerly Krealo S.P.A.) in Chile with the purpose of constituting investments in companies, real estate and movable capital. Tenpo S.P.A. acquired 100% of Tenpo Technologies S.P.A., a company dedicated to the commercialization of services, digital products, information technology and telecommunications, and 100% of Tenpo Prepago S.A. (formerly Multicaja Prepago S.A.), a company dedicated to the issuance and operation of prepaid cards. Tenpo S.P.A. has evolved into Credicorp’s digital wallet in Chile and is in the process of becoming a digital bank. For further information about this process, see “ITEM 4. INFORMATION ON THE COMPANY - 4. A History and development of the Company - Subsequent Events” section.

In January 2019, Grupo Crédito S.A. acquired 91.36% of Compañia Incubadora de Soluciones Moviles S.A. (Culqi). Currently, Grupo Crédito S.A. directly and indirectly owns 100% of Culqi. Culqi was created in December 2013 and is mainly engaged in the development and operation of an online payment technology platform for digital businesses, which is primarily managed by Krealo.

In March 2019, Credicorp Capital Negocios Digitales S.A.S. (Tyba) was chartered in Colombia to engage in information system development; computer consulting; and administration of information installations. Credicorp Holding Colombia S.A.S. holds 100% of the shares of this entity. Tyba has evolved into Credicorp’s digital investment platform with presence in Colombia, Chile, and Peru, which is primarily managed by Krealo.

We acquired Wally POS S.A.C. in January 2022 with the purpose of facilitating the management of client businesses through electronic tools and software that allows for the control of key aspects such as electronic invoicing, inventory control, and reports.

We acquired Sami Shop S.A.C in June 2022, which is a company that offers e-commerce platforms to small, medium and large companies.

Both companies, Wally and Sami Shop, were initially acquired by Grupo Credito S.A. In December 2022, the two companies were transferred to Krealo Management S.A.

Krealo Management S.A. was incorporated in September 2022 with the purpose of being a Peruvian holding company. Krealo Management S.A. currently owns 99.99% of Wally POS S.A.C., 99.99% of Sami Shop S.A.C. and 60.71% of Monokera S.A.S.

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In November 2022, Krealo Ltd. was created in Bermuda as a wholly owned subsidiary of Credicorp. Krealo Ltd.’s purpose is to be a holding company, which encompasses the disruptive initiatives that complement Credicorp’s lines of businesses.

In December 2022, Krealo Management S.A. acquired a 60.71% stake in Monokera S.A.S, a company that offers e-commerce platforms for selling insurance products through a commission-based business model.

Monokera Agencia LTDA., a subsidiary 100% owned by Monokera S.A.S., was created in March 2023. Its objective is to offer insurance and promote insurance contracts and renewals. It allows us to develop the commission-based business model that Monokera SAS has implemented.

Subsequent Events

Grupo Pacífico

On November 1, 2024, Credicorp reached an agreement with Empremedica SA, a wholly owned subsidiary of Empresas Banmédica (hereinafter "Banmédica"), to acquire the remaining 50% percent stake in Pacifico S.A. Health Service Provider (“Pacífico EPS”) and consolidate 100% of the private health insurance business in Peru as per the termination of the joint venture agreement made in December 2014 between Pacifico Compañía de Seguros y Reaseguros S.A. (“Pacifico Seguros") and Banmédica (the Agreement). The execution of the Agreement was subject to regulatory approvals and other standard closing conditions.

As of March 13, 2025, following the execution of the Agreement, Pacifico Seguros consolidated 100% of the private health insurance business in Peru after the termination of the joint venture agreement made in December 2014. Additionally, Grupo Crédito completed the acquisition of the remaining 50% percent stake in Pacífico EPS for S/950.9 million. Through this transaction, Grupo Crédito has acquired 24,627,219 shares representing the share capital of Pacífico EPS, which manages health services for employees and medical services in Peru. Furthermore, the Company also paid S/180.0 million to Banmédica for the termination of the joint venture agreement.

Krealo

In January 2024, Credicorp submitted an application for a banking license in Chile with the objective of escalating its digital wallet, Tenpo SPA, and creating the country's first fully digital bank, becoming Credicorp's first step into Chilean retail banking through its product offering. The licensing process in Chile requires three regulatory approvals. As of March 2025, Tenpo Bank Chile, a subsidiary of Tenpo SPA, has successfully obtained two of the three necessary approvals, with only the operational approval pending.

Credicorp Ltd.

In December 2024, Fernando Madureira was appointed as Corporate Chief Information Security Officer (CISO) of Credicorp, a newly created position that will oversee the implementation of the cybersecurity strategy at the corporate level. Mr. Madureira reports to Credicorp’s Chief Risk Officer. The appointment became effective in January 2025.

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In February 2025, the Board of Directors approved Credicorp’s 2025-2030 Sustainability Strategy.

On April 24, 2025, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/40.00 per share for a total of S/3,775,292,680.00 in line with the Company’s Bye-Laws. The cash dividend will be paid out on June 13, 2025, without withholding tax at source, to shareholders of record on May 19, 2025.

BCP Stand-alone

In March 2025, Jorge Giraldo was appointed as Chief Information Security Officer (CISO) for BCP. Mr. Giraldo will report to BCP’s Head of Non-Financial Risk and to Credicorp's Corporate CISO. The appointment will become effective in May 2025.

4. B Business Overview

(1) Credicorp Overview

Credicorp is the financial services holding company with the longest continuous operations in Peru with over 135 years of experience in the financial sector. We are organized into four LoBs: (1) Universal Banking, (2) Insurance and Pensions, which mainly serves the overall Peruvian market, (3) Microfinance, and (4) Investment Management and Advisory, which has a strong presence in Latin America; and its Corporate Venture Capital, Krealo.

Throughout its history, Credicorp has worked to leverage its franchises and has evolved towards a focus on customer-centricity, innovation, and growth, and has consolidated into a group with more than 38,000 employees and operations mainly in six countries: Peru, Bolivia, Colombia, Chile, Panama and the USA. We have a purpose, vision and values oriented towards the goal of creating value for our stakeholders and the societies of countries where we operate.

Our Purpose

Contribute to improving lives by driving the changes that our countries need.

Our Vision

We are a leading team that generates the right impact on society, inspired to deliver innovative financial solutions that improve people’s lives.

Cultural Principles

• Together, we impact more

• We dream big

• We innovate to grow

• We surprise our clients

• We always act with integrity

Our North Stars

Our core principles, or North Stars, serve as the foundation of our long-term strategy. These principles are the primary drivers behind our ability to achieve strong performance independent of GDP growth.

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• Efficiency

• Customer Experience

• Growth

To deploy our strategy and further generate value, we bolster our parenting advantage and leverage synergies across businesses. For this we are prioritizing the following initiatives:

• Robust processes and control: we have used our parenting advantage in key processes, where we use our consolidated view to identify efficiencies on capital usage and to strengthen risk management.

• Attracting and retaining top-notch talent: this entails talent development and the attraction of IT and digital profiles.

• Adoption of best-in-class digital capabilities: examples of these corporate-level capabilities include Data and Analytics and an agile operating and incorporating AI tools.

Make Credicorp the Best Place for the Best Talent

To ensure success in Credicorp's objectives, our strategy focuses on fostering teams with a growth and innovation mindset, reaching their maximum potential by connecting their purpose with that of the organization. We strive to offer the best value proposition to our current and future employees, building and strengthening the key capabilities necessary to achieve our goals and adapt to changes in the environment. We drive productivity, efficiency, and high performance, promoting youth employment in the region and developing capabilities that anticipate business needs and accelerate the changes our countries need.

Acknowledging that this is a competitive environment for talent, we have implemented management strategies focused on attracting, developing, and retaining employees with critical competencies. These strategies include personalized value propositions, processes that ensure succession and business continuity, and new hiring methods that allow us to capture global talent.

Artificial Intelligence Program

At Credicorp, we have developed a playbook that centralizes all AI initiatives at the corporate level, through which we consolidate an inventory of the group's initiatives, promoting the standardization and reuse of technology, as well as the efficiency and deployment of guidelines and tools for the design and implementation of AI solutions.

In 2024, we launched a Generative Artificial Intelligence program with the aim of leveraging this technology to bring significant improvements to the productivity of our employees and processes, as well as to the experience of our customers.

The use cases we are addressing to increase the productivity of our employees and processes are copilots for employees to help them with specific tasks such as database searches, image analysis, and report generation. For example, through GitHub Copilot, our more than 1,500 developers at BCP, BCP Bolivia, Pacifico and Credicorp Capital have improved their productivity. Likewise, other use cases focus on directly impacting the customer experience through customer service related to general inquiries from clients via voicebots and chatbots that use Generative AI. Additionally, we personalize the customer experience by generating images and texts according to the segment to which the customer belongs, to improve the communication of commercial offers. On the other hand, in the BCP Contact Center, the incorporation of cognitive AI has allowed us to increase the percentage of automated calls to 40% related to general inquiries from clients, reducing service times and improving the customer experience.

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At Credicorp, we recognize the risks associated with implementing Generative AI solutions and the impact it could have on our operations. Therefore, we have implemented a robust framework based on international standards and practices, such as the NIST AI Risk Management Framework, the ISO 23894 standard for AI risk management, and various international regulations. For further detail, see “ITEM 16K. CYBERSECURITY”. Additionally, we have an internal policy on Responsible use of Artificial intelligence.

Sustainability Strategy

Sustainability Governance

Credicorp's sustainability governance is a key aspect of its corporate governance, ensuring that sustainability is integrated into business management and strategy at the highest levels. It allows visibility of sustainability initiatives and goals throughout the organization and encourages synergies between subsidiaries. The corporate sustainability structure ensures oversight of the entire program, and is replicated in all main subsidiaries, with adjustments depending on the nature of each company.

In 2024, we created a Chief Strategy Officer position, to whom the Sustainability Office now reports, highlighting the integration of sustainability with the Group’s strategy. The governance structure evolved to support this integration, with sustainability added to the Management Committee's agenda and the Sustainability Steering Committee becoming an advisory body of subsidiary sustainability leaders instead of CEOs. This approach ensures coordination between corporate and subsidiary teams and accountability for sustainability results.

Sustainability Governance Structure

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For further information about the Sustainability Committee, please see “ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES – 6.C Board Practices”.

Our sustainability strategy stems from our purpose of contributing to improving lives by driving the changes our countries need. Sustainability is a core value in Credicorp’s business strategy. This fact, alongside a strong sustainability governance, ensures the integration of the sustainability vision across the organization.

As a result of the work done in 2024, we present our achievements on the Social, Environmental and Governance fronts.

Social:

Credicorp's social strategy is deeply rooted in promoting comprehensive inclusion and financial education. We highlight the Yape digital wallet, which has become a significant tool for financial inclusion in Peru, reaching 14 million users. This initiative has financially included 5.7 million people since 2020, with a notable focus on women, who make up 50% of these new users. Yape now has a significant number of users in Bolivia, with over 1.2 million active users.

Mibanco, our microfinance arm, had over 58 thousand customers financially included in 2024, with 62% of them being women. They also published a detailed analysis of Peru's informal economy, highlighting the challenges faced by informal micro-businesses in accessing credit and growing their enterprises. Pacífico Seguros, our insurance subsidiary, provided inclusive insurance to 2.4 million people and launched the first Resilience Index to increase risk awareness and foster a prevention culture across the country. This index aims to uncover challenges related to natural, material, and health risks, emphasizing the need for collaboration between government, the private sector, and civil society.

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Furthermore, Credicorp's financial education programs reached millions of people through subsidiary-level initiatives, highlighting the efforts of initiatives to improve the financial behavior of BCP clients, which reached 345,000 clients.

In 2024, BCP signed agreements to invest S/542 million in school infrastructure through Peru’s tax agreement program “Obras por impuestos”.

Overall, Credicorp's social strategy reflects our commitment to driving economic and social development in Peru and the Latin American region.

Environmental:

On the environmental front, we focused on deepening the scope of our environmental strategy, which we began implementing in 2023. We published our first Task Force on Climate-Related Financial Disclosures (TCFD) report in December 2023. Our corporate environmental strategy is intended to deliver on our ambition to be local leaders in supporting the transition to an environmentally sustainable economy.

Through BCP, we disbursed over US$1.5 billion in sustainable loans during 2024. We also made significant progress in measuring the carbon footprint of prioritized credit and investment portfolios, generating more information and knowledge for the responsible management of our indirect impact.

On the risk management front, we deepened our approach to sustainability from both environmental and social perspectives. Finally, in our sustainability report we show the progress regarding our direct carbon footprint and its reduction, in accordance with our climate commitment.

Acknowledging the necessity to improve the estimation of portfolio GHG emissions in the financial sector, we conducted a study with a local university for the development of domestic emission factors for economic activities in Peru, under the Partnership on Carbon Accounting Financials (PCAF) methodology.

Governance

We have in place a robust corporate governance structure overseen by a diverse board composed primarily of independent members. We seek to continuously improve our corporate governance framework to align with international best practice and standards.

Following an external evaluation conducted in 2023, an action plan to implement its recommendations was agreed upon to be monitored by the Sustainability Committee. It included preparing a guide for continuous improvement of the board’s dynamics. During 2024, we updated the corporate governance policies and the board and committee regulations consistent with the recommendations of the external review.

Credicorp’s Innovation Strategy

Our digital strategy is a fundamental element needed to execute our purpose, follow our values, and advance towards the future guided by our north star values. With an overarching group strategy, we enhance our digital and transformation processes to capture opportunities efficiently, expand our total addressable market and strengthen our operational drivers.

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Our journey began in 2015, when BCP Stand-alone decided to focus on customer satisfaction while pursuing greater efficiency. Soon after, Grupo Pacífico, Mibanco, Prima AFP and Credicorp Capital followed the same path. Each of our LoBs has created an innovation lab, which is a crucial for our LoBs’ cultural and digital transformation.

Throughout all these years, we have been seeking to innovate by constantly challenging, transforming, and disrupting ourselves. We aim to anticipate and adapt to the increasingly fast changing megatrends that could impact our customers, capture digital opportunities, and generate long-term profitability. For this, we have been seeking to strive for developing digital capabilities such as:

a) Having a self-disruptive mindset,

b) Strengthening an agile and user experience culture,

c) Capturing digital talent, and;

d) Developing solid tech capabilities.

While leveraging our competitive strengths:

a) Diversified and independent LoBs,

b) Strong brand and extensive network of long-term client relationships,

c) Sound management with resilient track record, and;

d) Solid balance sheet and risk discipline.

During 2022, we implemented our corporate innovation system at Credicorp Ltd. level. This system is focused on disruptive initiatives; that is, those that (i) are aimed at achieving new revenue streams through new business models, (ii) may compete with our own traditional businesses, and (iii) may require building new and critical capabilities, either operational, digital, or technological. The system is steered by the Chief Innovation Officer (CINO), with the support of the Innovation Management Office (IMO). The CINO and the IMO oversee (i) the definition of an innovation strategy at a corporate level, (ii) the management of the disruptive initiative portfolio, (iii) the development of the necessary innovation enablers; and (iv) the execution of activities and transversal projects to foster and improve innovation efforts. We periodically review potential disruptive initiatives so that we can manage them within funds, financial limits, and metrics structured as a portfolio. The CINO steers this process, which is performed along with the Finance Department and validated by the Innovation Committee.

The system and its governance reflect an entrepreneurial and decentralized innovation model. Major decisions around strategy and portfolio management are made by a central Innovation Committee, while the sourcing and development of initiatives are executed by decentralized Innovation Units (IUs), which operate within or next to our LoBs. Thanks to this arrangement, we believe that we benefit from, on one hand, a central decision body that ensures alignment of innovation to our corporate goals and enables a fast decision process on the most complex issues; and, on the other, from being close to our customers, leveraging information already managed by our LoBs, and fostering rapid change and adoption in the overall organization.

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The Innovation Committee, which is the system’s central body, is composed by Credicorp’s CEO, CSO, CINO, CFO and Krealo’s CEO. This committee works closely with, and makes recommendations to, the Board of Directors, which holds the power over material decisions involving innovation, and over key venture graduations (e.g., spin-offs, spin-ins, write-offs, others). The Innovation Committee interacts with other forums through a variety of coordinated approaches. For instance, the Valuation Committee, which defines the methodologies and parameters for the valuation of ventures, is chaired by the CFO. We also have an Innovation Table, chaired by the CINO, which serves as an open discussion and coordination space for the IUs’ leaders. The following picture summarizes the main participants in our innovation system:

The IUs perform different roles depending on their various capabilities and on the LoBs’ needs. Some of the parties that hold these roles include: (i) innovation labs, which focus on inside-out innovation and operate mainly from ideation to the product-market-fit stage; (ii) Krealo, our corporate venture capital arm, which brings outside-in innovation, primarily through the acquisition of or minority investments in ventures with some proven market fit; (iii) a growth accelerator unit that scales ideas with potential after product market fit has been established; and (iv) some specific ventures that are key to our strategy, which we call “speedboats”. These speedboats sit close to our LoBs in order to take advantage of digital and data assets. At the same time, they hold sufficient governance independence, which allows them to take decisions faster and track performance accordingly with the nature and risk of the innovation under development. For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.A History and development of the Company – Corporate Venture Capital – Krealo”.

Our innovation system covers strategic and enabling elements. The strategic elements aim to include innovation domains and ambition, allocation of resources, performance management, and governance. These are necessary to provide guidance to the IUs and add structure to the system. The enabling elements seek to include components such as talent, culture, organization, or IT functions. For instance, our AI (Artificial Intelligence) program is an example of how we promote transversal projects that enable better coordination and maximize value creation. We also work hand in hand with our ESG strategy team to seek disruptive business models that are aligned with our sustainability pillars.

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The innovation domains reflect markets, verticals, and/or trends in which there might be opportunities to disrupt, given our corporate strategy and priorities, our internal capabilities, and market and digital developments. Thus, they tell the IUs where to look for new initiatives. We organize these domains in three horizons to help structure, prioritize, and make disciplined capital allocation decisions. In horizon 1, we group the domains that are closer to our core businesses and geographies and, thus, are spaces we should mainly strengthen. In horizon 2, we include adjacent markets or niches in which we have identified an opportunity to enter or to reinforce our presence. Finally, in horizon 3, we explore trends with heavy technological and/or digital components that might completely transform the way we operate.

To achieve our innovation ambition, we set financial limits that track our investment in the disruptive portfolio (including the impact to Credicorp’s ROE and Cost to Income). These limits ensure that our profitability and financial health remain in line with our corporate goals. They also allow us to allocate funds to the horizons and innovation stages appropriately. The Innovation Committee provides the priorities for capital allocation, but the LoBs commit the specific funds, in accordance with our entrepreneurial and decentralized innovation system.

Finally, for performance management, we have a set of metrics that help us monitor disruptive portfolio performance and make timely decisions. These metrics assess four portfolio dimensions: (i) fund activity, which measures the size and efficiency with which we use resources (time and money) and kill initiatives with little potential; (ii) strategic performance, which reflects, for instance, diversification, incremental revenues and clients, and how we extend our footprint across our domains and horizons; (iii) financial performance, which measures the actual and expected cost and return of our portfolio; and (iv) portfolio confidence, which captures the risk of our portfolio based on the completion of objectives and key results (OKRs) by innovation stage, which in turn help us fund only those initiatives with the greatest potential.

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Corporate Venture Capital – Krealo

As part of our innovation efforts at the holding level, in 2018, Credicorp set up Krealo, an initiative that has evolved from our open innovation arm to Credicorp’s Corporate Venture Capital, bringing innovation from the outside-in. Krealo focuses on external innovation by investing in opportunities that complement current and future LoBs. Krealo works independently from other LoBs, with a similar flexibility to venture capital funds, coupled with the control, network and scalability of Credicorp.

Krealo’s purpose is to identify, screen, and invest in opportunities by building and/or acquiring new features. Credicorp and Krealo currently holds controlling stakes in the following companies: Tenpo (Chile), Tyba (Colombia, Peru and Chile), Culqi (Peru), Monokera (Colombia and Peru), Sami Shop (Peru) and Wally (Peru). Additionally, Credicorp and Krealo holds minority stakes in the other ventures with presence in Colombia, Mexico, Chile, and Peru.

Krealo seeks to create both financial and strategic value for (i) Credicorp and (ii) the ventures:

(i) Regarding Credicorp, Krealo creates strategic value by:

a. Boosting Credicorp’s current businesses: As an example, Tyba, through its 100% digital onboarding, allows its users to invest in funds in amounts less than US$25, therefore expanding the total addressable market in the Investment Management and Advisory business of Credicorp.

b. Creating new businesses for Credicorp: Tenpo, our Digital Wallet in Chile, has become Credicorp's first step into Chilean retail banking through its product offering. Likewise, it is important to mention that in January 2024, Credicorp submitted an application for a banking license in Chile with the objective of transforming Tenpo into a digital bank. For further information see “ITEM 4. INFORMATION ON THE COMPANY - 4. A History and development of the Company - Subsequent Events” section.

(ii) Regarding the ventures, Krealo creates strategic value by:

a. Providing independence to the ventures while still providing constant support in areas of expertise including growth, IT, data, and cybersecurity, among others.

b. Acting as a long-term strategic partner, willing to support ventures with capital and expertise throughout their development.

c. Offering flexible deal structures with the aim of generating financial and strategic value.

d. Helping ventures grow faster by offering partnerships with LoBs, regulatory and financial expertise, relationships with industry leaders and the financial ecosystem, and the opportunity to leverage in Credicorp’s distribution channel (both by selling their products through Credicorp channels and selling Credicorp products through the ventures channels).

Krealo is committed to its role in the Andean Venture Capital ecosystem, investing in fintech and startups with a focus on financial services.

Our strategic focus is to scale our business and increase user engagement. We strive to reduce our customer acquisition costs by leveraging organic channels, as well as partnerships with Credicorp’s companies and other market leaders. Furthermore, we are developing more products within our ventures to improve the stickiness of our solutions, generate cross-selling opportunities and keep our customers within our ecosystem with wider options according to their needs.

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Risk Rating

In November 2024, Fitch Ratings affirmed Credicorp Ltd.’s risk ratings at ‘BBB’ and revised its outlook to stable. In April 2024, S&P Global Ratings downgraded the respective credit ratings of Credicorp Ltd., BCP Stand-alone and Mibanco to ‘BBB-’, and revised their outlooks from negative to stable, after they made the same changes to the Peru’s long-term sovereign foreign currency rating.

Credicorp’s LoBs’ Contributions

According to IFRS, an operating segment is a component of an entity for which financial information is available and is evaluated periodically by the Chief Operating Decision Maker (CODM), who makes decisions about resources allocated for the segment and assesses its performance.

The following tables provide certain financial information about our LoBs as of and for the years ended December 31, 2024, 2023 and 2022:

As of and for the year ended December 31, 2024 External income (1) Net interest, similar income and expenses Non-interest income, net (2) Total assets (Soles in millions, except percentages) Amount % Total Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 19,176 69.8 10,815 76.6 4,831 63.5 194,921 76.1 BCP Bolivia 924 3.4 353 2.5 254 3.3 12,996 5.1 Insurance and Pension funds Grupo Pacífico 1,769 6.4 299 2.1 935 12.3 17,777 6.9 Prima AFP 385 1.4 2 - 379 5.0 658 0.3 Microfinance Mibanco 3,195 11.6 2,243 15.9 125 1.6 16,979 6.6 Mibanco Colombia 574 2.1 326 2.3 60 0.8 2,323 0.9 Investment Management and Advisory 1,317 4.8 36 0.3 945 12.4 8,466 3.3 Other segments 388 1.4 41 0.3 174 2.4 6,341 2.5 Eliminations (256 ) (0.9 ) - - (100 ) (1.3 ) (4,372 ) (1.7 ) Total consolidated 27,472 100.0 14,115 100.0 7,603 100.0 256,089 100.0

(1) Corresponds to total interest and similar income, other income and the result of the insurance and reinsurance service.

(2) Corresponds to non-interest income (include income and expenses for commissions) and result of the insurance and reinsurance service.

As of and for the year ended December 31, 2023 External income (1) Net interest, similar income and expenses Non-interest income, net (2) Total assets (Soles in millions, except percentages) Amount % Total Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 17,802 69.4 9,818 75.9 4,315 62.8 178,053 74.6 BCP Bolivia 820 3.2 332 2.6 110 1.6 12,631 5.3 Insurance and Pension funds Grupo Pacífico 1,730 6.7 285 2.2 952 13.9 16,586 6.9 Prima AFP 386 1.5 4 - 379 5.5 741 0.3 Microfinance Mibanco 3,236 12.6 2,165 16.7 155 2.3 16,931 7.1 Mibanco Colombia 489 1.9 255 2.0 45 0.7 2,164 0.9 Investment Management and Advisory 1,210 4.7 82 0.6 809 11.8 10,104 4.2 Other segments 278 1.1 (3 ) - 216 3.1 4,947 2.1 Eliminations (286 ) (1.1 ) - - (114 ) (1.7 ) (3,317 ) (1.4 ) Total consolidated 25,665 100.0 12,938 100.0 6,867 100.0 238,840 100.0

(1) Corresponds to total interest and similar income, other income and the result of the insurance and reinsurance service.

(2) Corresponds to non-interest income (include income and expenses for commissions) and result of the insurance and reinsurance service.

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As of and for the year ended December 31, 2022 External income (1) Net interest, similar income and expenses Non-interest income, net (2) Total assets (Soles in millions, except percentages) Amount % Total Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 13,510 64.6 7,828 70.6 3,139 53.1 177,907 75.6 BCP Bolivia 865 4.1 325 2.9 167 2.8 12,698 5.4 Insurance and Pension funds Grupo Pacífico 1,689 8.1 301 2.7 758 12.8 14,565 6.2 Prima AFP 354 1.7 - - 354 6.0 735 0.3 Microfinance Mibanco 2,750 13.1 2,139 19.3 31 0.5 17,226 7.3 Mibanco Colombia 375 1.8 236 2.1 45 0.8 1,530 0.7 Investment Management and Advisory 923 4.4 98 0.9 666 11.3 14,051 6.0 Other segments 453 2.2 165 1.5 748 12.7 3,476 1.5 Eliminations - - - - - - (6,774 ) (2.9 ) Total consolidated 20,919 100.0 11,092 100.0 5,908 100.0 235,414 100.0

(1) Corresponds to total interest and similar income, other income and the result of the insurance and reinsurance service.

(2) Corresponds to non-interest income (include income and expenses for commissions) and result of the insurance and reinsurance service.

The following table sets forth the contribution to the consolidated net profit attributable to our equity holders by each of LoBs and main subsidiaries:

2022 2023 2024 Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 4,161 89.5 4,281 88.0 4,889 88.9 BCP Bolivia 68 1.5 83 1.7 94 1.7 Insurance and Pension Grupo Pacífico 461 9.9 801 16.5 761 13.8 Prima AFP 110 2.4 150 3.1 133 2.4 Microfinance Mibanco 415 8.9 199 4.1 302 5.5 Mibanco Colombia 11 0.2 (64 ) (1.3 ) (7 ) (0.1 ) Investment Management and Advisory (1) 107 2.3 173 3.6 195 3.5 Other segments and eliminations (2) (686 ) (14.7 ) (758 ) (15.6 ) (866 ) (15.7 ) Total 4,647 100.0 4,865 100.0 5,501 100.0

(1) Investment Management and Advisory mainly includes Credicorp Capital Ltd and subsidiaries and ASB Bank Corp.

(2) Includes Grupo Crédito S.A.., Inversiones Credicorp Bolivia, BCP, SEAH and others.

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The following table shows our LoBs and main subsidiaries’ respective percentage contributions to our total equity attributable to Credicorp’s equity holders:

2022 2023 2024 Amount % Total Amount % Total Amount % Total Universal Banking BCP Stand-alone 20,394 70.4 22,084 68.0 22,884 66.6 BCP Bolivia 860 3.0 889 2.7 1,006 2.9 Insurance and Pension Grupo Pacífico 2,397 8.3 3,087 9.5 3,331 9.7 Prima AFP 497 1.7 500 1.5 476 1.4 Microfinance Mibanco 2,781 9.6 2,996 9.2 2,609 7.6 Mibanco Colombia 241 0.8 265 0.8 379 1.1 Investment Management and Advisory (1) 2,477 8.5 1,917 5.9 1,425 4.2 Other segments and eliminations (2) (643 ) (2.2 ) 722 2.4 2,236 6.5 Total 29,004 100.0 32,460 100.0 34,346 100.0

(1) Investment Management and Advisory mainly includes Credicorp Capital Ltd and subsidiaries and ASB Bank Corp.

(2) Includes Grupo Crédito S.A., Inversiones Credicorp Bolivia, SEAH and others.

For a description of the principal markets in which we compete, please refer to “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (2) Lines of Business (LoBs), – (5) Competition, and – (6) Supervision and Regulation” and Note 27 to Credicorp’s consolidated financial statements. For a breakdown of total income and operating income by geographic market for each of the last three fiscal years, as well as other historical information about our LoBs, please refer to Note 27 to Credicorp’s consolidated financial statements.

(2) Lines of Business (LoBs)

2.1 Universal Banking

Our Universal Banking LoB, which focuses on lending and transactional business, is organized into (i) retail banking activities, including our Individuals, SME-Business, SME-Pyme (small and micro firm) segments, which are carried out by BCP Stand-alone’s Retail Banking Group (RBG) and Yape; (ii) wholesale banking activities, including our corporate and middle-market banking business segments, which are carried out by BCP Stand-alone’s Wholesale Banking Group (WBG); (iii) treasury activities, including asset and liabilities management (ALM); sales and trading; and foreign exchange and derivatives distribution, which are carried out by BCP Stand-alone’s Treasury function; and (iv) wholesale and retail banking activities in Bolivia, which are carried out by BCP Bolivia.

The majority of our banking business is carried out through BCP Stand-alone, the leading bank in Peru by loans and deposits with close to 29% market share in loans and 32% market share in deposits according to the SBS. We conduct banking activities in Bolivia through BCP Bolivia, a full-service commercial bank.

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2.1.1 BCP Stand-alone

(I) BCP Stand-alone’s Overview

BCP Stand-alone operates mainly in Peru, has one agency in Miami and one branch in Panama. See “ITEM 4. INFORMATION ON THE COMPANY – 4.C Organizational Structure – (1) Credicorp – (i) BCP.” BCP Stand-alone’s operations are supervised and regulated by the SBS, SMV and the BCRP in Peru, by the Office of Financial Regulation of the State of Florida Department of Financial Services and the Fed in the United States, and by the SBP in Panama. As of and for the year ending on December 31, 2024, BCP Stand-alone represented 76.1% of our total assets, and 66.6% of our equity attributable to Credicorp’s equity holders.

BCP Stand-alone’s purpose and values

BCP Stand-alone’s purpose is “Transforming plans into reality”. We aim to support our clients by seeking to always being with them while encouraging and transforming their dreams and plans into reality. We hope to simultaneously contribute towards building Peru’s story of development and progress and deepening our connection to communities in order to generate value for all stakeholders and ensure long-term sustainability.

We believe our values are key elements to fulfilling our purpose and shaping our culture. We call it our “WOW Culture” because it helps us to provide the best Customer Experience with a team committed to achieving our customers’ goals and dreams. Our values guide our stakeholders to work towards our purpose and reflect the role we want in Peruvian society. Our values are:

• Customer Centricity

• Test and Learn

• Risk-conscious and righteous

• Collaboration

• Give your Best

• Boost your Skills

BCP Stand-alone Strategy

Our strategy is geared towards delivering an extraordinary and efficient experience to remain competitive while investing in long-term sustainable growth. As such, we aim to be #1 in Customer Experience and to be the most efficient bank in the region.

Experience:

We are focusing heavily on digital coverage and high transactionality, facilitating banking needs anytime, anywhere.

Efficiency

We are focusing on solid income from margins and other income, expanding market share, launching new products, digitizing services, and generating new transactional income.

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This strategy is delivered to the market through our business units, each having a distinct strategic approach.

• For Individuals, we developed a different strategy for each subsegment: from the Affluent where we have a value proposition based on personalized digital and physical comprehensive service, to a more digital cost-efficient and transactional value proposition for the mass market.

• For SMEs, we have two objectives: To develop a digital solution and credit capabilities to serve smaller customers in a profitable way and to further develop risk-free income.

• For Wholesale, we have several objectives: Defending our core business, expanding our services beyond banking, ensuring end-to-end digitization, and identifying ESG opportunities aligned with our Purpose.

We work to develop key internal capabilities, known as our enablers, that will help us to stay on course towards our ambitions. Our enablers are:

• IT: We seek to add value to the market by increasing the amount, quality and speed in our tech releases.

• Data and Analytics: We support our strategy by three fundamental pillars, democratize the use of data in all business areas, enhance our decisions with new sources of information, and build a robust ecosystem that protects our clients' information.

• Cybersecurity: We are focusing our efforts on the most effective strategies to reduce our exposure to cybersecurity risk.

We believe that our enablers, leveraged by our talent and an agile mindset culture, will allow us to achieve our key objectives.

IT

To excel in Customer Experience, we need to have outstanding channel uptime and deliver new functionalities to market in record time; and to do this efficiently, we need modern technologies and a re-utilization of components.

As of the December 2024, 100% of our customer-facing apps/websites are cloud-based and we have developed 700 reusable APIs. The results have been impressive across all 3 target dimensions: compared to 2020, we have 80% fewer service (compared to 2019) incidents with 99.5% uptime, we released 9x the number of features (compared to 2019), development time has been reduced by 70% (compared to 2021) and we have reduced the unit transaction cost by 80% (compared to 2019).

Data and Analytics

During 2024, we captured value through advanced analytics projects for S/175 million in profit before income tax, an increase of 25% compared to the previous year. For example, balance optimization initiatives contributed S/59.9 million, while commercial intelligence models for individuals generated S/21.8 million. Regarding data enablement, we strengthened our methodologies to calculate the value contributed by data initiatives, managing to generate approximately S/.40 million in value (marginal revenue increases or cost savings). Finally, we managed to migrate our data ecosystem to the cloud, which gives us flexibility, scalability, and security to face current challenges.

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Cybersecurity

We reduced our risk ratios and cybernetic vulnerability by strengthening our technological tools and processes as well as educating our employees and clients about such risks.

For further detail, see “ITEM 16K. CYBERSECURITY”.

To support these capabilities, we rely on a highly skilled and talented team (one that has been recruited, trained, upskilled) that operates on a well-established Agile delivery model. To continue satisfactory development of our enablers, we rely on our talent and an agile culture mindset.

Therefore, we are attracting, upskilling, and retaining diverse tech talent. We recruit and hire specialized data, analytics and IT professionals from Credicorp’s international hubs in different countries on various continents. We offer our tech talent the opportunity to develop leading edge capabilities in an environment in which we aim to lead in technology.

We believe BCP Stand-alone has an agile organization scheme which was consolidated by 1) implementing an agile management model to promote the alignment, prioritization, and accountability of our initiatives; 2) developing high performance agile teams that focus on initiatives that improve time to market, productivity and quality in our squads, which are our agile, autonomous and multidisciplinary teams that work within our Tribes and Centers of Excellence (CoEs); and 3) strengthening our chapters, which are highly specialized people that compose our CoEs, by raising the quality level of the service they offer to our squads. Tribes and CoEs are how we refer to our agile organizations dedicated to the creation and evolution of our highly specialized and strategic capabilities.

Where we stand today…

BCP Stand-alone has undergone a considerable transformation over the last six years. In our perspective, our strategy has resulted in a larger and more digital, efficient, transactional and sustainable bank in the long run. We have made significant strides in solidifying our strategy; this has resulted in an improvement of 9 bps in the NPS of our Consumer segment in 2024 and progress in maintaining our efficiency ratio.

In general, our transformation results are leading us towards a more digitized, loyal, and profitable customer profile – with more products, more use of digital channels and resulting in us being more profitable. Over the past six years, we have made progress several areas in (i) our capacity for growth, (ii) our successful digital strategy, (iii) the growing customers’ preference for our digital services and (iv) customer’s trust. This allows us to understand and manage the evolution of our two north stars (experience and efficiency).

Our Strategy execution is not only resulting in a better experience and more efficient value proposition for our customers. Sustainability is a key pillar of our strategic approach, focused on generating a positive impact in society aligned with our purpose and our business. Since 2020, we have financially included 5.7 million people, educated over 1.7 million individuals, trained over 359,000 microbusiness owners via “Contigo Emprendedor” (with the help of 3,742 employee volunteers), among other achievements.

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As we keep on evolving, we stay committed to our purpose to transform plans into reality, with a clear and sustainable strategy, centered on maximizing customer and employee experience and improving the efficiency of our operations, within a sustainable framework. We embrace taking calculated and prudent risks, proving time and again that we can adapt and thrive in an ever-changing landscape.

(II) BCP Stand-alone’s Business Segments

(II.I) Retail Banking Group (RBG)

As of December 31, 2024, Retail Banking-related loans represented 53% of BCP Stand-alone’s total loans, while retail banking-related deposits represented 65% of BCP Stand-alone’s total deposits.

The following table shows the client segmentation for RBG. This segmentation was a result of an analysis that addressed multiple factors such as the size and volume of activity for each client, the clients’ affiliation with other companies or groups and their credit ratings.

Client Segmentation Business Segment Group Client Income/Sales/Total debt Retail Banking Group (RBG) Individuals Enalta Individual monthly net income at least S/20,000; or more than US$200,000 in asset under management (not including severance indemnity deposits) in each month for the previous 6 months Affluent Individual monthly net income from S/5,000 to S/20,000 in each month for the previous 6 months Consumer Focus on medium- and low-income individuals (less than S/5,000 of individual monthly income) SME Business Annual sales from S/5.6 million to S/35 million; or total debt from S/1.2 million to S/10 million Pyme Annual sales up to S/5.6 million; or total debt up to S/1.2 million

Individuals’ business segments within RBG are:

Enalta

Enalta services include investment advisory, securities-based lending, financial planning, and day-to-day banking services such as loans and cash accounts. In addition to regular branches, Enalta clients have access to nine exclusive branches; seven of them are in Lima, one is in Arequipa, and in 2024, the ninth branch was opened in Trujillo. These spaces enable customers to make financial transactions in a secure, private space, as well as experience personalized advice of investment, insurance and loan experts who offer exclusive, invitation-only products. Enalta services are available not only to the client itself but also to their household, allowing for additional financial relationships. We believe Enalta offers highly personalized services and experiences and a wide range of products and, therefore, a strong value proposition. The Enalta segment has close to 56,300 clients.

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Affluent

Customers in RBG’s Affluent segment receive a differentiated value proposition based on dedicated remote customer service, including specialized account managers, an exclusive call center number, and investment advisory for mutual funds. They also receive preferential services from tellers at branches and unique products, such as credit cards with exclusive benefits and preferential interest rates on loans. Almost all of these clients are serviced through specialized remote account managers responsible for improving per-client profitability and achieving long-term relationships through personalized service, cross-selling, and share-of-wallet strategies. The Affluent segment has approximately 323,300 clients, who are served by 335 relationship managers.

Consumer Banking

Our Consumer Banking segment is in charge of developing strategies for the retail customers who are not included in affluent banking or small business banking. Its customer base consists of approximately 12.3 million (only considers clients with at least one product) medium-to-low-income individuals. Consumer Banking focuses on customers who receive their payroll through BCP Stand-alone (which represents around 1.4 million clients). Its strategies vary from basic acquisition of new accounts for wage-earners with special terms regarding fees and interest rates, to more sophisticated, aggressive cross-sell and retention programs that may include non-banking benefits (such as access to discounts on non-banking products) and access to payroll advances.

The main products offered to individuals are:

Mortgage

According to the SBS and the Association of Banks of Peru (Asociación de Bancos del Peru or ASBANC by its Spanish initials), as of December 31, 2024, BCP Stand-alone was the largest mortgage lender in Peru, with a market share of 31.8%.

One of the product lines in BCP Stand-alone’s mortgage lending to low-income customer is loans funded by the credit program of the Peruvian Housing Development Bank (Fondo MiVivienda). The Fondo MiVivienda credit program provides government-funded loans with down payment aid for the purchase of properties valued up to S/355,100. This program seeks to cover the deficit in housing for lower-income population segments.

According to the Fondo MiVivienda, during the year 2024, BCP Stand-alone made over 3,183 MiVivienda loans, representing the largest number of MiVivienda loans in the financial system. In addition, as of December 31, 2024, BCP Stand-alone had a MiVivienda market share of 39.4% according to SBS and ASBANC.

Mortgage loans are associated with low losses because of their low LTV, as they are backed by the home equity guarantee. These loans have the added benefit of generating opportunities for cross selling other banking products.

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Credit Card & Consumer Loans

BCP Stand-alone’s credit card year-end balances decreased from S/6,029 million in 2023 to S/5,958 million in 2024, representing a decrease of 1.2%. This decline is attributable to enhanced risk portfolio management measures aimed at reducing provisions that have resulted in reduced disbursements.

Average gross payment volume increased 21% from 2023 to 2024. As a consequence, our credit card market share in Peru increased 178 bps from 30.37% in December 31, 2023, to 32.15% in December 31, 2024, according to the SBS and ASBANC.

Our focus in 2024 was on strengthen our cardholder benefits of exclusive experiences and concert ticket pre-sales, in addition to increasing the reach and offer of interest-free installment purchases and launching two new credit cards in our portfolio. We have also encouraged the use of digital channels such as mobile wallets and e-commerce purchases.

In 2024, disbursements of consumer loans increased by 13.2% compared to 2023, driven by an improvement in the risk profile of the portfolio, that was primarily attributed to the new disbursements that focused on clients with better credit profiles, in addition to our enhanced focus on credit debt relief facilities (S/271 million) and macroeconomic recovery. We expanded our offerings of leads by 27% year-over-year. Consequently, our average disbursements amounted to S/637 million, up from S/562 million in 2023.

However, the year-end balance of consumer loans without collateral balances decreased from S/7,893 million in December 31, 2023, to S/7,535 million in December 31, 2024, representing a 4.5% decline. This reduction was driven primarily by natural attrition of the portfolio, which was only partially offset by increased disbursements in 2024 (following high disbursements in 2022 and decrease in 2023). Notably, digital sales accounted for 50.8% of total unsecured consumer loans sold in 2024 from 66.5% in 2023.

The SME segments within RBG are:

SME-Pyme

The SME-Pyme segment served approximately 2.1 million clients as of December 31, 2024. The SME-Pyme credit portfolio totaled S/18,401 million as of December 31, 2024 (compared to S/18,497 million as of December 31, 2023). Additionally, our SME-Pyme segment had a market share of 20.04% in Peru as of December 2024, according to the SBS. In 2024, we continued to serve our clients while digitizing our processes and systems. Finally, in the third year using NPS as a new customer satisfaction methodology, SME-Pyme showed clear advances. In the portfolio without a relationship manager, there was an improvement of 22 bps year-over-year, and in the portfolio of clients assigned to a relationship manager there was an improvement of 9 bps year-over-year.

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SME-Business

The SME-Business segment served approximately 13,765 clients as of December 31, 2024. In 2024, SME-Business experienced an increase in loans and deposits, which increased 3% and 14%, respectively, from December 31, 2023, to December 31, 2024, mainly driven by new Impulso MYPERÚ Program loans which make up for Reactiva Peru Loans cancellations (See “Government Program Loans”). Excluding the effects of the Impulso MYPERÚ and Reactiva Peru Programs, SME-Business’s loans balance decreased by 1% over the same period.

According to the SBS and ASBANC, BCP Stand-alone closed December 2024 with 34.48% in loan market share in Peru, keeping BCP Stand-alone in first place in market share.

Furthermore, according to our internal customer satisfaction survey led by Ipsos Peru, 71% of our SME-Business clients indicated that they were satisfied or highly satisfied with BCP Stand-alone products and services in 2024.

Distribution Channels

Digital channels

• Mobile Banking: In 2024, more than 811.8 million monetary transactions were channeled through mobile banking at BCP Stand-alone, which represented an increase of 36.5% compared to the number of such transactions in 2023. Also, the number of active customers increased by 1 million compared to last year, reaching 7.5 million.

• Internet Banking: Transactions through Internet banking at BCP were at a total of 39 million monetary transactions in 2024, which represents an increase of 3.5% compared to the number of monetary transactions registered in 2023.

• Yape: Yape registered higher growth in monetary transactions than any of our other channels from 2023 to 2024, reporting an expansion of 124.9% in monetary transactions from 3,167.2 million in 2023 to 7,091.3 million in 2024. For additional information about Yape, please see “ – (II.II Yape).”

Self-service channels

• ATMs: In 2024, BCP Stand-alone’s ATM monetary transactions decreased 0.66% from 2023 levels. BCP Stand-alone increased its ATM pool by 49 from the end of 2023 to close 2024 at 2,473 units.

• Kioskos BCP: Kioskos BCP are digital self-service platforms at which customers can open savings accounts and/or pick up debit cards. Approximately 7.2 million transactions were conducted through Kioskos BCP in 2024, which represented a 25% increase from 2023.

Physical channels

• BCP Agentes: BCP Agentes are legally separated points of contact at allied SMEs with which we contract to enable our clients to carry out certain transactions. BCP Agentes continue to constitute a highly effective channel for providing services to our clients given their wide availability in Peru. At the end of 2024, BCP Stand-alone had 10,669 BCP Agentes, maintaining the same number at the end of 2023. BCP Agentes conducted 434.7 million monetary transactions in 2024, which represents a decrease of -4.0% compared to 2023.

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• Branches: At the end of 2024, BCP Stand-alone had 304 branches, which represented a reduction of 4 branches compared to the end of 2023. The reduction is due to the migration of transactions to digital channels, primarily in Lima. In parallel, in 2024, we have focused on accelerating the transformation of the branch network to offer a better experience to our customers, achieving the transformation of more than 60% of our offices (206 offices transformed by the end of 2024).

(II.II) Yape

In Peru, we offer Yape, an app that can be used to make money transfers and payments through a smartphone. Yape users can send or receive money transfers to bank accounts linked to a cell phone number and/or a unique QR code (peer-to-peer or peer-to-business transactions), make cell phone credit recharges (Mobile Top-Ups), pay for services, request credit and view promotions, among other functions that are useful in their daily lives.

Our vision is to make Yape the go-to app for Peruvians, encompassing payments, purchases, and access to financial products. This aligns with our purpose of simplifying the daily lives of our users, or 'Yaperos.' To achieve this, Yape focuses on three core objectives: (1) becoming the leading payment ecosystem in Peru, competing against cash; (2) offering solutions designed to meet the financial needs of our users; and (3) embedding itself in their everyday routines through a disruptive and diverse offering, from promotions to e-commerce.

Yape serves as Credicorp’s primary tool for advancing financial inclusion in Peru, having included over 5 million users since its launch. To fulfill this mission, we have developed a fully digital enrollment journey, enabling Peruvians from all regions of the country to seamlessly access the array of products and services that Yape offers. In 2023, we further enhanced and streamlined the process to provide our customers with an even simpler and more efficient experience.

As of December 2024, Yape had over 17.3 million users, facilitating an average of +700 million monthly transactions and transferring S/279.4 billion annually. More than 79% of users actively used Yape, completing an average of 51 transactions per month (+44% compared to 2023). By the end of the year, more than 3.6 million small businesses were affiliated with Yape, reflecting its expanding role as a trusted platform for merchants nationwide. Additionally, in 2023, we achieved interoperability with Peru’s largest banks and other financial institutions, enabling seamless transactions between different wallets and financial institutions. These efforts culminated in a 79% NPS by the end of 2024, underscoring strong user satisfaction and loyalty.

Our strategy is built around three core lines of business: Payments, Financials, and E-commerce. These businesses are aligned with our primary objectives of (i) driving financial inclusion, (ii) meeting our users' needs, and (iii) embedding Yape into their everyday lives. This approach has not only solidified Yape’s role as the leading digital platform for financial inclusion but also enabled us to build a sustainable and scalable business, achieving break-even during 2024.

On the Payments front, Yape began its monetization journey in 2021 with mobile top-ups. In 2023, the Bill Payments feature was launched, which totaled 127.1 million transactions in 2024, a 269.6% increase from 2023. These innovations reinforce Yape’s position as the leading payment network in Peru.

Yape’s Microloan service is central to our mission of delivering accessible financial solutions. We initially offered single-installment loans, but in 2023 we expanded our offering to include multi-installment options with higher amounts and slightly longer terms. These enhancements demonstrate our commitment to providing flexible solutions that empower Yape users and drive financial inclusion at scale.

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E-commerce represents Yape’s newest business line, aimed at deepening engagement with our users by expanding beyond financial services. Among these offerings, Yape Promos, launched in September 2022, has emerged as a standout feature, creating greater loyalty from users by providing access to exclusive promotions from businesses, such as restaurants, cinemas, and convenience stores. By December 2024, the Gross Merchant Value (GMV) from the E-commerce business reached S/358 million.

To complement this success, we expanded our portfolio with Yape Tienda in June 2023, enabling users to purchase products directly through the app. While Yape Tienda is still in its early stages, it holds significant potential as we continue to refine its offering and expand its reach. Over the last two years, we have introduced additional features, including Gaming (September 2023), Ticketing (January 2024), Gas cylinder sales (January 2024), Bus ticket sales (June 2024), and Delivery convenience (July 2024). Additionally, our platform became a channel for the sale of Mandatory Traffic Accident Insurance (SOAT) in February 2023, further diversifying our offering and positioning Yape as an integral part of our users’ everyday lives.

The combination of Yape's user-friendly interface, the widespread adoption of smartphones, and Credicorp's unwavering commitment to fostering financial inclusion has positioned Yape as the flagship vehicle for advancing financial inclusion in Peru. Yape's growth as a payment ecosystem, supported by the success of its three business lines, has solidified its role as a cornerstone of Credicorp's strategy. Through its innovative offerings, Yape has enabled nearly two-thirds of Peruvians who previously lacked access to traditional banking services to access a variety of financial services digitally. Additionally, financial education campaigns have been conducted during 2024, while the integration of educational tools within the app continues to impact millions of users daily. These efforts reflect Yape's ongoing mission to drive digital transformation and financial inclusion across Peru.

(II.III) Wholesale Banking Group (WBG)

As of December 31, 2024, wholesale banking loans represented 45.0% of BCP Stand-alone’s total loans, while wholesale banking deposits represented 30.6% of BCP Stand-alone’s total deposits. WBG competes with local and foreign banks in Peru. WBG’s loan balances amounted to S/53,424 million as of December 31, 2024 (a 1.3% increase from December 31, 2023), compared to balances of S/52,728 million as of December 31, 2023 (a 6.1% decrease from December 31, 2022). It also maintained its leadership in the Peruvian Wholesale Banking market with a 37.0% market share in loans, according to the SBS and ASBANC. It has also established longstanding client relationships with major industrial and commercial groups in Peru. The WBG provides its customers with cash management solutions, short- and medium-term loans in local and foreign currencies, foreign trade-related financing, and lease and project financing.

The following table shows the client segmentation of BCP Stand-alone’s WBG segments. This segmentation was a result of an analysis, which addressed multiple factors such as the size and volume of activity for each client, the clients’ affiliation with other companies or groups and their credit ratings.

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Client Segmentation Business Group Client Income/Sales/Total debt WBG (1) Corporate Annual sales higher than $100 million (Approximately S/376 million) Middle-Market Annual sales from $10 million to $100 million (Approximately S/37.6 million to S/376 million)

(1) Converted into Soles at the exchange rate of S/3.7640 per US Dollar, December 31, 2024, as provided by the SBS.

WBG is divided into the following divisions and support areas:

Corporate and International Division (CID)

The CID served 2,900 clients as of December 31, 2024. The CID provides financing for capital expenditures and investments, sales, international trade, and inventories. It offers medium- and long-term financing, financial leases, and project financing.

The CID’s corporate banking subdivision provides loans and other credit and financial services. This subdivision focuses on serving large companies in Peru, which we consider to be those with annual sales of over US$100 million, corporate governance, audited financial statements, and dominant market positions in their particular brands or product areas. Even if clients do not meet any of these criteria, the CID may provide services to firms under this category if they belong to a large economic group of an important industry to Peru’s economy.

Through the CID, BCP Stand-alone assists its corporate clients with financial services, cash management solutions, and short- and medium-term financing. BCP Stand-alone’s corporate banking loans balance was S/33,476 million as of December 31, 2022; S/31,371 million as of December 31, 2023; and S/31,949 million as of December 31, 2024.

BCP Stand-alone has a leading position in the Peruvian banking system with 37.3% of the market share for corporate banking loans, according to the SBS and ASBANC, despite the intense competition of foreign banks that may offer lower rates to the market since they finance their operations at lower costs from their headquarters jurisdictions.

International Banking

International banking and Trade Finance subdivision, which manages relationships with financial institutions (locally and abroad) and provides trade products and international operational services.

BCP Stand-alone’s Correspondent Banking Unit focuses on obtaining and providing short-term funding for international trade, as well as medium-term lines of credit funded by international commercial banks and other countries’ governmental institutions. This unit also earns fees by confirming letters of credit and guarantees issued by international banks and by providing other international payment and trade finance services. The unit also provides funding to some other Latin American banks which send their international trade and guarantee flows to Peru through BCP Stand-alone. BCP Stand-alone’s Correspondent Banking Unit also promotes international trade activities with its local clients by structuring trade products and services, organizing and sponsoring conferences, and advising customers through a wide range of trade products.

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Middle-Market Banking Division (MMD)

The MMD served 7,148 clients as of December 31, 2024. Regarding MMD, we note the following:

(i) The MMD serves mid-sized companies, organizations, and institutions. MMD considers a mix of different characteristics in identifying potential clients, such as annual revenues, financial leverage, overall debt, product penetration, and complexity. The MMD clients’ annual revenues generally range between US$10 million to US$100 million and are serviced nationwide by 12 BCP Stand-alone regional managers and multiple industry-focused service teams.

(ii) MMD focuses principally on serving for-profit and non-profit organizations, state-owned companies, and other significant institutions.

(iii) Furthermore, the Institutional Banking Unit, which operates within the MMD, serves 1,245 clients throughout Peru. In Lima, a specialized MMD team serves governmental entities, educational institutions, religious organizations, international bodies, non-governmental organizations, civil associations, and regulated entities, such as microfinance institutions, insurance companies, pension funds, and other private funds. BCP Stand-alone has also deployed specialized MMD teams in the largest provinces in Peru. In the smaller provinces in Peru, MMD is supported by the Retail Banking Division team in attending to our customers' needs.

(iv) Additionally, we also have BCP Xplore, the first exclusive banking for startups and fintech companies in Peru. It was created in 2023 to serve this segment of clients, offering them specialized advice on their needs, specific products and services and help to scale up through strategic alliances and synergies with companies of the Credicorp Group such as Krealo, Yape, among others. As of December 2024, we have 471 clients in the segment and the loan portfolio was S/207 million soles.

Moreover, in 2024, BCP Xplore was awarded with “Creatividad Empresarial” award by Universidad Peruana de Ciencias Aplicadas for the innovation carried out within the Peruvian banking industry.

(v) The cash management and transactional services subdivision, which operates within the MMD, develops products and services to support clients’ daily cash management activities, collections payments, and investments, among others.

(vi) Leasing subdivision, focuses on providing clients with financial leasing products to acquire and renew their assets, expand plants, production lines, among others, without distracting your working capital.

The MMD loan portfolio was S/22,703 million as of December 31, 2022; S/21,357 million as of December 31, 2023; and S/21,475 million as of December 31, 2024. By December 31, 2024, BCP Stand-alone had a market share of 36.8% in the Peruvian middle-market segment, according to the SBS and ASBANC.

The products offered to middle-market clients are similar to those offered to corporate banking clients. The major types of products are:

(1) Revolving credit lines to finance working capital needs and international trade financing.

(2) Standby letters of credit and bond guarantees.

(3) Structured long-term and medium-term financing, through loans or financial leasing; and

(4) Cash management, transactional products, and electronic banking.

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WBG Transformation

As part of WBG's transformation process, we created Tribes that, through the use of the agile methodology, allow us to better understand customer pain points and create new products that help us solve them. These Tribes are:

(1) Tribe of Business Credit Products: Giving their business clients efficient financial solutions through an outstanding and unique experience that satisfies their main needs.

(2) Tribe of Transactional Products for Businesses: Giving their business clients integral solutions that simplify their cash management processes and generate customer loyalty.

(3) Tribe of Digital Platforms for Businesses: Giving their business clients an outstanding and unique digital experience to become their ‘top of mind’ choice.

We believe that our talent, with the support of enablers, has allowed us to develop initiatives to improve the customer experience through more efficient processes and services. In the WBG we aim to address our clients' preferences by improving business profitability, preserving risk quality, and enhancing our digital platforms. Our strategy has been focused on the following points:

• Collections process enhancement: Due to greater competition in the non-lending business, we have implemented projects focused on digitalizing our clients’ collections journey, providing them with an improved customer experience and maintaining our leadership position in the Peruvian collection market. During 2024, we deployed campaigns to attract new users and worked closely with Yape to enable its application as an additional channel for our Wholesale Banking clients to collect payments from their customers.

• A unique and powerful digital platform offering: Update of our online banking platform for companies named Office Banking, aiming to deliver the best digital platform in the local financial market that allows us to accompany our clients in all their journeys, offering a digital end to end solution with 24/7 accessibility to our product and services portfolio.

• Operational stability improvement: We aim to ensure the security and availability of our platforms.

• Financial ecosystems and Open API development: We focus on creating an interconnected services network that allows users to satisfy multiple needs through a single integrated digital experience.

Profitability Management

We elaborated on the pricing advisory analysis for lending and non-lending products offered to our clients, with the aim to recommend prices based on a 360-degree view of our clients. In addition, we established monthly management Pricing Committees to help sales teams to implement these pricing recommendations, and to monitor revenues resulting from these actions.

Likewise, we generate a continuous analysis of rate optimization and calculation formulas for our different products; seeking to continuously align ourselves with the best practices of the national and international market. We also focused on pricing digitalization to improve customer experience and convenience. Thus, we worked together with Wholesale Tribes to implement a pricing feature on our digital platform for one of our financing products, allowing some of our clients to self-disburse loans at a predefined price, without requiring further manual intervention by relationship managers.

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Finally, we support our clients in their transformation process and search for sustainable impact, providing them with the necessary products at an appropriate price.

Sustainable Finance

WBG is committed to the sustainability objectives of Credicorp and BCP stand-alone, which intends to create a more sustainable and inclusive market. In 2024, WBG offered Sustainable Financing instruments to clients, such as green, social and sustainability-linked loans. Most of the loans were given through short- and medium-term facilities. Green loans were granted with a use of proceeds approach, according to relevant international criteria, boosting our clients to finance projects and activities aligned to categories included in the Green Taxonomy of BCP, such as renewable energy, clean transportation, green buildings, sustainable agriculture, and sustainable water resource management).

On the other hand, social loans were given through syndicated lending to support the development of basic infrastructure (highways in Colombia). In 2024, BCP stand-alone has granted sustainable finance transactions for more than USD 1,500 MM.

(II.IV) Treasury

BCP Stand-alone’s Treasury function is divided into six primary units: (1) the ALM Group, (2) the Sales and Trading Unit, (3) the Foreign Exchange and Derivatives Distribution Unit, (4) the Structuring and Client Derivative Solutions Unit, (5) the Foreign Exchange Ecosystem, and (6) the Treasury Tribe.

ALM Group

The ALM Group is responsible for managing BCP Stand-alone’s statement of financial position and for taking reasonable interest rate and liquidity risks under the oversight of our Asset and Liabilities Committee (ALCO). The ALM Group is also responsible for managing the investment portfolio, Liquidity Coverage Ratio (LCR) and Capital requirements. In addition, the ALM Group participates in money and debt capital markets, oversees reserve requirements, and manages BCP Stand-alone’s liquidity. The ALM Group has been active in auctions held by the BCRP for certificates of deposit as well as in financing its funding needs, interbank transactions, guaranteed negotiable notes, and other instruments.

ALM Group also maintains corporate responsibilities in Credicorp, aiming to optimize liquidity from a global Credicorp perspective, use corporate capabilities to support subsidiaries in their debt management, manage Credicorp’s foreign exchange risk, as well as its exposures and credit lines with a holistic approach, and ensure optimal capital levels.

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Sales and Trading Unit

BCP Stand-alone Sales and Trading Unit manages both foreign exchange and interest rate risk exposure and investments for market making and market timing purposes. The managed risk originates mainly from client liquidity transactions and from open market timing positions. Market risk exposures and limits are independently defined by the Market Risk Unit and closely monitored by the Treasury Risk Unit. Additionally, an Investor Sales team within the Sales and Trading Unit actively reaches out to institutional investors, providing direct access to market maker prices and liquidity. The Sales and Trading Unit includes both a Foreign Exchange Desk and an Interest Rates Desk that manages risk as follows:

• Foreign Exchange: The Foreign Exchange Desk provides liquidity for spot and forward transactions for its clients and other market makers in US Dollar-Peruvian Soles (USDPEN), other Latin-American currencies, and G-10 currencies. The Foreign Exchange Trading Desk also manages the foreign exchange volatility book for USDPEN. Additionally, the desk participates in foreign exchange transactions related to different instruments designed by the BCRP to smooth out any currency volatility.

• Interest Rates (IR): The Interest Rates Desk manages the investments and risk originating from both fixed-income and swap transactions from clients and market timing strategies. BCP Stand-alone’s fixed-income portfolio consists mainly of government bonds (both in local and hard currency) from Latin-American countries and US Treasuries. The Interest Rates Desk is one of the main liquidity providers in the Peruvian government bond market, where it is a leading participant of the Market Maker Program of the Ministry of Economy and Finance of Peru (MEF).

Foreign Exchange and Derivatives Distribution Unit

BCP Stand-alone’s Foreign Exchange and Derivatives Distribution Unit helps companies with their foreign exchange needs (spot and hedging) through its Distribution Desk. The broad portfolio of foreign exchange products provided to its client base has allowed the Foreign Exchange and Derivatives Distribution Unit to position itself as a benchmark in the foreign exchange business in the Peruvian market.

Structuring and Client Derivative Solutions Unit

BCP’s Structuring and Client Derivative Solutions Unit is formed by two teams:

The Structuring Team is in charge of developing solutions for clients, often involving derivatives, and providing insight and better comprehension of these products to BCP’s commercial teams.

The Client Derivative Solutions Team plays a role similar to the Foreign Exchange and Derivatives Distribution Unit but focuses more specifically on derivatives. It interacts with our customers in order to provide what they demand via a better understanding of their needs and transmitting these to the Structuring Team if the solution is not already available. Another of its aims is to increase the awareness of structured solutions and derivatives within the bank and clients.

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Foreign Exchange Ecosystem Unit

The Foreign Exchange Ecosystem Unit is responsible for the strategy of the FX product across the different customer segments and sales channels. It is responsible for the P&L of the Product and the bank’s value proposal for customers as well as for the Innovation and disruption projects that enable the product’s growth and enablement in new channels. It is responsible for the Pricing strategy from an omnichannel perspective as well as for the advertising related to the product.

Treasury Tribe

The Treasury Tribe is responsible for providing technological support to the different units that make up the Treasury function through the enabling of platforms and technological tools; as well as, through the implementation of different initiatives that allow business scalability. The Tribe is made up of six squads — five for the development of initiatives related to products (Exchange, Foreign Exchange & Derivatives, Investments & Funding, Liquidity and ALM) and one for shared requirements across those products.

(III) BCP Stand-alone’s lending policies and procedures

BCP Stand-alone has adopted a risk appetite framework, objective metrics and thresholds to periodically monitor the Bank’s evolving risk profile. The framework was approved by the Bank’s Board of Directors and is managed and monitored by the Risk Management Division within BCP Stand-alone’s Central Risk Management Group. The adoption of a risk appetite framework reflects BCP Stand-alone’s commitment to aligning its forward-looking business strategy with the Group’s risk vision.

BCP Stand-alone’s uniform credit policies and approval and review procedures are based upon conservative criteria. These policies are administered in accordance with guidelines established by the Peruvian financial sector laws and SBS regulations. For further information, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation”.

BCP Stand-alone’s credit approval process is based primarily on an evaluation of each borrower’s repayment capacity and commercial and historical credit behavior. BCP Stand-alone determines a corporate borrower’s repayment capacity by analyzing the historical and projected financial condition of the company and of the industry in which it operates. Other factors that BCP Stand-alone analyzes include the company’s current management and the quality of any collateral to be provided. In addition, BCP Stand-alone’s credit officers analyze the corporate client’s ability to repay obligations, estimate the probability of default of the client using an internal risk rating model, and define the maximum credit exposure that BCP Stand-alone wants to hold with the client.

The process of standardized risk model building and monitoring based on new sources of information and innovative statistical techniques was crucial to the Group transformation to endure decisions in the credit process, such as admission, monitoring, and recovery. In particular, more complex models with enriched data allow for the inclusion of lesser-known customers into the BCP Stand-alone portfolio and the more precise estimation of income and sales, which otherwise would have been done by physical means. These models are continuously monitored in order to assess their accuracy and are revised if necessary.

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BCP stand-alone evaluates admission and portfolio management processes through scoring and rating models, whose default probabilities are used for credit evaluation. These admission models, along with the guidelines (policies) for granting credit (which include, among other issues, the client's financial history, payment capacity and the degree of knowledge of the client), are defined by the units of risks according to the guidelines approved by the different risk committees of the Group companies. Most sophisticated decisions about loan applications are made by loan officers who use various credit tools for their evaluations. During 2024, changes in risk management have focused on 4 blocks: i) more granular monitoring of our risk models and generation of earlier alerts, ii) improvement of our income estimators for granting loans, iii) greater understanding of the profile of vulnerable subsegments or those that may begin to show signs of vulnerability and iv) expansion of financial aid provided to clients with a vulnerable profile and who present alerts of an early stage of deterioration.

BCP’s Credit Risk Department completed its fourth year operating in an agile framework, in which tribes and squads follow an agile operating model that allows them to plan, prioritize and focus on initiatives that directly contribute to established objectives as well as providing flexibility and agility in order to create value for our clients.

Under the agile framework, tribes and squads consist of diverse team members such as risk specialists, data scientists and risk policy implementation members among others that previously worked separately and more remotely in distinct units. Operating under cross-functional squads has created a better understanding and alignment of goals in a timely schedule, through increased and improved communication and collaboration. Squads achieve a faster and more effective exchange of data, information, and knowledge. Consequently, BCP’s Retail Risk Division has used this framework to enhance the bank’s abilities to more precisely and timely identify and assess the specific segments and subsegments that may require adjustments in credit policies and processes in order to be optimally managed.

Our performance in the small business and personal lending areas depend largely on BCP Stand-alone’s ability to obtain reliable credit and client information about prospective borrowers. BCP Stand-alone has a large body of transactional information that is used in credit risk models. Also, the SBS has an extensive credit bureau, which has expanded its credit exposure database service to cover businesses and individuals that have borrowed any amounts from Peruvian financial institutions.

BCP Stand-alone periodically reviews the payment behavior of its diverse portfolios and segments with a deep level of granularity as part of its monitoring process. These assessments allow for the early identification, evaluation, and management of changes in credit quality, which leads to a timely evaluation and calibration of the expected loss models. In order to ensure the appropriate levels of accuracy and performance of our admission and behavior models, we keep developing methodological improvements, that include the expansion of our universe of data and variables, as well as the introduction of adjustments for economic trends or volatility (e.g., inflation).

BCP Stand-alone has a strictly enforced policy that limits the lending authority of its loan officers. It also has procedures to ensure that these limits are adhered to before a loan is disbursed. Under BCP Stand-alone’s credit approval process, the lending authority for WBG is centralized into a specialized credit risk analysis division. This division is operated by officers and committees that have specific lending limits set by clients and economic groups. Likewise, for RBG, there is another specialized credit risk analysis division that also operates with lending limits by product portfolio. In addition to the controls built into the loan approval workflow systems, the credit risk management divisions and internal auditors regularly review credit approvals to ensure compliance with lending policies.

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For the WBG, in accordance with international standards, BCP Stand-alone has established lending authority limits based on risk rating (probability of default) and particular guarantees of the borrower. Requests for credit facilities in excess of the limits set for credit officers are reviewed by the Credits Committee, Executive Committee or, if the amount requested is sufficiently large, by BCP Stand-alone’s Board of Directors. In addition, BCP Stand-alone has concentration limits in the loan portfolio by industry, which is based on its target risk appetite and market share.

BCP Stand-alone believes that an important factor to maintain the quality of its loan portfolio is the selection and training of its loan and risk officers. BCP Stand-alone requires loan officers to have degrees in economics, accounting, business administration or related fields from competitive local or foreign universities. In addition, training for new loan officers begins with a three-month program that covers all aspects of banking and finance. Subsequently, loan officers receive training in specific matters throughout their careers at BCP Stand-alone. Laterally hired officers are generally required to have prior experience as loan officers.

BCP Stand-alone operates in substantial part as a secured lender. As of December 31, 2024, approximately S/59.2 billion of its loan portfolio and off-balance-sheet exposure was secured by collateral, which represents 42.1% of its total loan portfolio excluding overseas branch office BCP Panama and overseas agency BCP Miami, as compared to 43.1% in 2023 and 41.1% in 2022. The decrease since 2020 was driven in large part by the repayment of loans guaranteed under the Reactiva Peru Program (which provides coverage of between 80% and 95% of principal value). Excluding loans guaranteed under the Reactiva Peru Program, 41.8% of the portfolio was secured by collateral in 2024 as compared to 42.1% in 2023.

Liquid collateral is a small portion of BCP Stand-alone’s total collateral. BCP Stand-alone requires collateral for the extension of credit depending on the risk profile and the business segment of the client, among other factors. When BCP Stand-alone requires collateral, it is usually valued at between 110% and 150% of the principal amount of the credit facility granted. The appraisal of illiquid collateral, in particular real estate assets, machinery and equipment, is performed by independent experts. BCP Stand-alone’s internal audit division conducts selected revisions and analyses on borrowers’ financial statements, consistent with the local banking regulations of the jurisdictions in which it operates.

In BCP Stand-alone’s credit monitoring unit, we continue to improve the anticipation of credit deterioration for Wholesale Banking and Business Banking customers. In addition to reactive alerts, we have anticipatory alerts to our process, which notifies us about the possible deterioration of clients that could occur in the next six to nine months. This model uses transactional flows (cash flows in current accounts, both in and out) and in 2024, we updated the model to include two modules, financial and behavioral, with which the model provides more assertive alerts.

Additionally, we have a sector taxonomy for risk management in case of unexpected events. This map is prepared by segmenting the portfolio by economic activities and identifying the risks for each sector.

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2.1.2 BCP Bolivia

(I) BCP Bolivia Overview

BCP Bolivia’s activities include wholesale banking and retail banking. As of December 31, 2024, BCP Bolivia had total assets of S/13,972.7 million (which include total loans of S/9,677.9 million), customer deposits of S/11,635.5 million, and shareholders’ equity of S/1,006.0 million. BCP Bolivia’s ROAE in 2024 was 9.9%.

As of December 31, 2024, BCP Bolivia’s loans represented approximately 8.8% and its deposits account for 8.8% of total loans and total deposits in the Bolivian banking system, respectively, according to ASFI.

The following table shows the BCP Bolivia’s client segmentation. This segmentation is a result of an analysis which addresses multiple factors such as the size (by income, sales, and/or debt) and volume of activity for each client, the clients’ affiliation with other companies or groups, and their credit ratings.

Client Segmentation (1) Business Group Income/Sales/Total Debt Wholesale Banking Large companies (2) Annual sales higher than approximately S/60 million Medium companies (3) Annual sales from approximately S/4 million to S/60 million Retail Banking (5) Small business (5) Annual sales from approximately S/0.1 million to S/4 million Micro business (5) Annual sales of at least approximately S/0.1 million Consumer (6) Payroll workers and self-employed workers Mortgage Banking (7) Payroll workers, independent professionals, and business owners

(1) Converted into Soles at the exchange rate of S/3.764 per U.S. Dollar, as of December 31, 2024 - SBS.

(2) Loans to Large companies account for 39.7% of BCP Bolivia’s total loans. This segment accounts for approximately 223 customers.

(3) Loans to Medium companies account for 14.8% of BCP Bolivia‘s total loans. This segment accounts for approximately 456 customers.

(4) At the end of 2024, retail banking loans accounted for 45.5% of total loans of BCP Bolivia, while retail banking deposits accounted for 27% of BCP Bolivia's total deposits.

(5) Small and Micro business banking accounts for 8% of total loans of BCP Bolivia, small business banking serves approximately 7,588 clients while Micro Business serves approximately 12,199 business clients.

(6) Consumer banking accounts for 9% of total loans of BCP Bolivia. Its customer base consists of approximately 64,807 Payroll and self-employed workers. Our strategies are based on cross-selling and retention programs that expand benefits to non-banking products.

(7) This segment serves 9,239 customers, representing 28% of BCP Bolivia’s total loans.

(II) BCP Bolivia Strategy

Our purpose is “To Give Opportunities”. We aim to make our stakeholders' dreams possible, encouraging and generating opportunities that allow them to build their future, while contributing to the development and growth of the country.

At BCP Bolivia, we have key objectives that guide our journey: (i) managing a profitable loan portfolio among peers, (ii) being number one in customer experience, (iii) being number one in digital solutions, and (iv) being the main payment network in Bolivia. To meet these objectives, we work with two enablers: (i) data and analytics, and (ii) talent.

In order to become the main payment network in Bolivia, BCP Bolivia launched Soli in 2016. In 2022, Soli changed its branding to align with and be part of Yape as a regional expansion from Peru. Yape is our mobile wallet, with which we seek to develop digital ecosystems, promote digital transformation, and lead the world of payments in Bolivia. Today, with Yape, users can pay their utilities bills, add credit to their smartphones, make all sorts of payments, and receive money from any bank account or another Yape account. We want to eradicate cash and become an integral part of Bolivians’ daily life with a tool that provides in our opinion the best payment experience; easy, fast, and free.

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Distribution Channels

Digital channels

• Yape: As part of our commitment to increasing access to banking products and services, BCP Bolivia fosters the development of an ecosystem for digital payments with the mobile app Yape (formerly branded as Soli), launched in 2016, which at the end of 2024 had 2.6 million users. In 2024, transactions via Yape represented 66% of BCP Bolivia’s total monetary transactions (up from 40% in 2023).

• Mobile banking: Monetary transactions processed through mobile banking represented 16% of BCP Bolivia’s total monetary transactions in 2024 (down from 23% in 2023).

Self-service channels

• ATMs: BCP Bolivia had 314 units on December 31, 2024, which accounted for 6% of its total monetary transaction volume in 2024 (down from 12% in 2023).

Physical channels

• BCP Agentes: BCP Bolivia had 484 more BCP Agentes at the end of 2024 than at the end of 2023, bringing its total number of BCP Agentes to 1,834 as of December 31, 2024. Monetary transactions through BCP Agentes represented 8% of BCP Bolivia’s total monetary transactions in 2024 (down from 13% in 2023).

• Branches: BCP Bolivia reported a total of 46 branches at the end of 2024 (46 in 2023). Monetary transactions in BCP Bolivia’s branches continued to decline in 2024 and represented only 1% of BCP Bolivia’s total monetary transactions in 2024 (down from 2% in 2023).

2.2 Microfinance

(I) Microfinance Overview

The Microfinance LoB is focused on offering commercial banking activities and specialized financial services to small and micro business clients in Peru and Colombia through Mibanco. Mibanco Colombia was created in October 2020 after a reverse merger between Edyficar S.A.S. (whose commercial name was Encumbra) and Bancompartir (the surviving entity). The Mibanco franchise has a loan portfolio of S/14,033.7 million and approximately 2.6 million clients, representing around 7.5% of Credicorp’s total assets and 8.9% of the equity attributable to Credicorp’s equity holders. As of December 31, 2024, Mibanco Peru represented around 87.2% of the total loans of the Microfinance LoB.

For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.A History and development of the Company”.

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Mibanco’s Purpose

Mibanco’s purpose is to transform lives and accompany our clients as they write their success stories. By doing so, we expand financial inclusion in the markets in which we operate. Microfinance is a social business, and its success depends on the social development of our clients, employees, and communities.

Transformation Strategy

Mibanco’s transformation strategy has focused on migrating its traditional business model, which is intensive in people and offices, to a multichannel hybrid model supported by data and analytics. The hybrid model, implemented without compromising Mibanco’s differentiated focus on the customer, has resulted in increased efficiencies, allowing Mibanco to strengthen relationships with its clients, while also expanding its potential reach.

Now we are evolving the hybrid model to offer a comprehensive and differential value proposition where AI plays a role not only in the offer of loans but also in savings products and transactional services.

This model is anchored by the high-touch relationship that Mibanco strives to retain with its clients and is based on three main capabilities:

• Centralized intelligence for risk assessment

• Alternative distribution channels

• Commercial execution by our relationship managers

This new approach will be enabled by a combination of four key areas developed by the best talent:

• Data and analytics

• Risk models

• Cybersecurity

• IT architecture

We are deploying Mibanco’s transformation strategy, which has enabled us to consolidate our hybrid model. We believe this has allowed Mibanco to achieve profitability, albeit weak, in a challenging year for this industry in Peru and Colombia, due to the macroeconomic conditions described above. We are strengthening risk management to resume growth and profitability while we build more diversified and resilient business models in the medium term. Currently, we are migrating to a more profitable credit operation by increasing the share of small ticket loans (< 20 thousand of soles) and improving the spread for loans with larger tickets (from 20 to 150 thousand of soles). These efforts are aligned with our aspiration to provide clients a comprehensive value proposition, where centralized intelligence plays a role in generating offers for loans, liability products and transactional services. Our centralized intelligence allowed us to adjust commercial guidelines and mitigate the impact of portfolio deterioration. We closed the year with new capacities to implement more preventive models and conduct more granular follow-up on the portfolio’s behavior. Additionally, we believe the experience for our clients improved, as demonstrated by increases in our client NPS (Net Promoter Score) by 4.5 percentage points in 2024. We believe we are now better prepared to achieve growth in 2025.

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In Peru alone, there are almost 4 million unbanked entrepreneurs across the country, which we are best positioned to reach based on our countrywide and digital network. We believe there is a comparable market opportunity in Colombia, which has a microfinance sector of similar size to Mibanco Peru’s loan portfolio but an economy with approximately 1.5 times the GDP of Peru’s. We believe there is an opportunity to replicate, through the “Mibanco Way”, the improvements that we are already seeing in Peru in terms of productivity, cost of risk and efficiency.

2.2.1 Mibanco Peru

The following table shows how Mibanco segments its clients. This segmentation is based on an analysis that considers multiple factors, such as business size and client income, sales, and/or total debt, among others, as well as the client’s affiliation with other companies or groups and their credit ratings.

Client Segmentation (1) Group Income/Sales/Total debt SME – medium (2) Annual sales from S/5 million up to S/20 million SME – small (3) Annual sales up to S/5 million and total debt higher than S/20,000 Microbusiness (4) Annual sales up to S/5 million and total debt up to S/20,000 Consumer (5) Focus on debt unrelated to business Mortgage (6) Focus on individuals for the acquisition and construction of homes and granting mortgages

(1) As of December 31, 2024, Mibanco had 834,814 registered clients. All portfolio percentages and customer counts in this table and the associated notes are as of December 31, 2024, unless otherwise disclosed.

(2) Mibanco’s SME – medium segment focuses on financing production, trade, or service activities for companies that have annual sales from S/5 million up to S/20 million in last year. This segment represents 0.03% of Mibanco’s total loans and 31 of its clients.

(3) Mibanco’s SME – small segment focuses on financing production, trade, or service activities for companies that have annual sales up to S/5 million in last year and total debt higher than S/20,000 in the last six months (without including mortgage loans). This segment represents 71.4% of Mibanco’s total loans and 218,428 of its clients.

(4) Mibanco’s microbusiness segment focuses on financing production, trade, or service activities for companies that have annual sales up to S/5 million in last year and total debt up to S/20,000 in the last six months (without including mortgage loans). Microbusiness loans represent 22.2% of Mibanco’s total loans and 522,496 of its clients.

(5) Mibanco’s consumer segment focuses on financing individuals to cover payments of goods and services or expenses unrelated to business. Consumer loans represent 3.0% of Mibanco’s total loans and 91,430 of its clients.

(6) Mibanco’s mortgage segment focuses on financing individuals’ acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of homes. Mortgage loans represent 3.4% of Mibanco’s total loans and 4,592 of its clients. Mibanco’s mortgage segment has a policy of limiting LTV to up to 90%.

Distribution Channels

Digital channels

• Mibanco Mobile App: In 2024, 17.2 million transactions were processed through Mibanco’s Mobile App, which represented an increase of 28% compared to the 2023 total. Additionally, 255,988 loans were requested through the app in 2024 (S/860.7 million in disbursements in 2024).

• Mibanco Web: Mibanco’s website processed 0.7 million transactions in 2024, which represented a decrease of 18% compared to 2023. Additionally, 14,314 loans were requested through the web in 2024, for which Mibanco had disbursed S/42.0 million in 2024.

• Yape: Since June 2020, Mibanco’s clients have been able to open a Yape account linked to their bank account. As of 2024, 215,563 Yape users have a Mibanco bank account linked to their Yape account.

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Physical channels

• Agentes Kasnet: As part of the services offered to its clients, Mibanco has an agreement with Agentes Kasnet, a network of Multibank correspondents in Peru. At the end of 2024, 12,619 Agentes Kasnet were available for Mibanco clients.

• Branches: At the end of 2024, Mibanco had 285 branches; 249 were own branches while 36 belonged to Banco de la Nacion, a Peruvian state-owned bank that offers services to Mibanco clients under a special agreement.

2.2.2 Mibanco Colombia

The following table shows how Mibanco Colombia segments its clients. This segmentation is based on an analysis that considers multiple factors, such as business size, client income, assets and/or total debt, among others, as well as the client’s affiliation with other companies or groups and their credit ratings.

Client Segmentation Group Income/Sales/Total debt (1) Commercial (2) Debt not categorized as micro, consumer, or mortgage. Micro (3) Total debt up to 120 statutory minimum wages (equivalent to S/144,102). Consumer (4) Focus on debt unrelated to business. Mortgage (5) Focus on individuals for acquisition, construction of homeownership and granted with mortgages.

(1) Converted into Soles at the exchange rate of S/. 0.00084359 per Colombian Peso as of December 31, 2024. As of December 31, 2024, Mibanco had 140,467 registered clients. All portfolio percentages and customer count in the table and the associated notes are as of December 31, 2024, unless otherwise disclosed.

(2) Mibanco’s commercial segment focuses on all credits other than Micro, Consumer and Mortgage. Commercial loans represent 24.8% of Mibanco’s total loans and 6,520 of its clients.

(3) Mibanco’s microbusiness segment focuses on financing production, trade, or service activities for companies that have total debt up to 120 statutory minimum wages (approximately S/144 thousand) and workers up to 10. Microbusiness loans represent 73.1% of Mibanco’s total loans and 132,747 of its clients.

(4) Mibanco’s consumer segment focuses on financing individuals to cover payments of goods and services or expenses unrelated to business. Consumer loans represent 0.1% of Mibanco’s total loans and 356 of its clients.

(5) Mibanco’s mortgage segment focuses on financing individuals’ acquisition, construction, renovation, remodeling, expansion, improvement, and subdivision of homes. Mortgage loans represent 2.1% of Mibanco’s total loans and 844 of its clients.

2.3 Insurance & Pensions

(I) Grupo Pacífico Overview

We conduct our insurance business exclusively through Grupo Pacífico, which operates in Peru and Bolivia and is the second-largest Peruvian insurance company by written premiums in 2024, according to the SBS and Peru’s National Health Superintendence (Superintendencia Nacional de Salud or SUSALUD by its Spanish Initials). Grupo Pacífico provides a broad range of insurance products focusing on three business areas: P&C insurance business, life insurance business and corporate health insurance and medical services. Grupo Pacífico, like other major Peruvian insurance companies, sells its products both directly (through its own sales force) and through independent brokers, bancassurance and sponsors.

For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.A History and Development of the Company”.

Purpose: Protect People's Happiness

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Grupo Pacífico’s purpose is to protect people’s happiness. Looking forward, we will sustain growth by offering new and inclusive products that meet our country's needs at different stages of people's lives, protecting more Peruvians' peace of mind and well-being.

To fulfill our purpose, we need it to be at the core of north stars and strategy. This has let us define three which are: being #1 in growth, #1 in experience, #1 in efficiency.

Our North Stars:

• Growth:

• To boost sales and enhance customer protection, we aim to develop new products, establish additional distribution channels, and leverage our Credicorp channels. Our strategy focuses on premium growth exceeding the local market in personal insurance lines.

• Customer Experience:

• To achieve the highest NPS in the market by delighting our customers with an extraordinary journey and placing them at the heart of everything we do.

• Efficiency:

• To maintain market leadership in efficiency, allowing us to provide the best protection to our customers and deliver value to all our stakeholders.

These north stars are propelled by the development of strategic axes and strategic enablers:

Strategic axes:

Growth in Bancassurance and Ecosystems

Yape currently offers 4 products, with 335,000 policies sold to date, compared to 71,000 policies in 2023. Also, through the "Cliente Credicorp" project, we have issued 124,000 policies and generated S/442 million in mid-to-high premiums in the BCP channel, compared to 69,000 policies and S/179 million in 2023.

Innovation and Embedded Insurance 2.0

We seek to be the best embedded insurance partner for ecosystems in Latin America by creating embedded products and services in our partners' journeys, offering a 100% digital experience.

We already have four strategic alliances with Tucambista, Ticketmaster, Redbus, and Globokas, through which we offer embedded products seamlessly integrated into our partners' workflows. In 2024, we have issued a total of 152,000 policies (compared to 21,000 in 2023).

Happy Customers

We seek to offer a personalized "ASU" experience for the high-value segment, 100% digital experiences for retail customers, and an exceptional claims journey powered by technology and AI.

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We currently have an NPS of 39.7 (compared to 35.9 in 2023) and a claims NPS of 58.8 (compared to 53.0 in 2023), along with AI-powered claims approval for vehicle, home, and life insurance products.

Strategic Enablers:

• In 2024, these enablers have driven innovation and operational efficiency:

o Digital Architecture: Enable architecture with platforms and solutions to deliver digital products using decoupled connections, accelerating capabilities with artificial intelligence, outstanding talent, and becoming a regional benchmark in the practice of DevSecOps (a software development approach that combines security, development, and operations).

o Data & Analytics: Enable business strategies and initiatives through advanced analytics and AI, with maximum adoption and value generation, to transform Pacífico into a world-class organization in the use of data. Regarding Data & Analytics (D&A), the profit generated by the end of 2023 was S/ 15.3 million, and by 2024, it reached S/ 31.6 million. Also 34% of issued policies have been enabled through D&A (compared to 23% in 2023).

o Pricing: Turn price management into the most dynamic and powerful lever for growth and profitability through models and technologies that develop and deliver the optimal price to our customers and distribution channels. Regarding pricing, the profit generated by the end of 2023 was S/ 17.3 million, and by 2024, it reached S/ 28.7 million.

o Artificial Intelligence: Enhance customer interactions and process productivity through AI, to provide personalized and rapid solutions that enable the sustainable scaling of the retail business while maintaining a human touch. This is being applied in different processes of claims management, guaranteeing integral accessibility to the client. Additionally, the Copilot system has been fully implemented for all programmers, automating tasks and offering intelligent suggestions, enhancing operational efficiency. Through preventive management of fraud and leakage, we have resolved 16 million claims, significantly reducing risks. Furthermore, over 57% of claims are now evaluated using advanced analytical models, effectively preventing fraud and optimizing decision-making processes.

o Talent: Attract, develop, and retain the best talent, leveraging purpose and agile principles to accelerate the achievement of Pacífico's business strategies.

Distribution Channels

Digital channels

• Mi Espacio Pacífico App: In 2024, 620 thousand clients used Grupo Pacífico’s app, compared to 487 thousand in 2023.

• Pacífico Web: In 2024, over 13.9 million visits were made to Grupo Pacífico’s website, compared with the 11.1 million visits reported in 2023.

Physical channels

• Branches: At the end of 2024, Grupo Pacífico had 7 branches, (compared to 6 branches in 2023 and in 2022). The company has continued providing its clients with the services they need. Grupo Pacífico implemented a specialized call center with 14 executives and 2 supervisors, all working on-site, in order to continue providing its clients with the services they need.

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(II) Risk Rating

Grupo Pacífico managed to reaffirm the solidity and solvency of the company, maintaining its international credit ratings despite the Peruvian context. AM Best affirmed Grupo Pacífico’s long-term issuer credit rating at “A-” with a stable outlook in December 2024, Fitch affirmed Grupo Pacífico’s credit rating at “BBB+” with a stable outlook in April 2024 and Moody’s affirmed Grupo Pacífico’s credit rating at “Baa2” with a stable outlook in November 2024.

(I) Prima AFP Overview

Credicorp conducts its pension business through Prima AFP, the second largest player in the private pension system in Peru based on the amount of assets under management according to the SBS. Prima AFP manages individual capitalization accounts and provides its affiliates with retirement, disability, survival and burial benefits. For this purpose, Prima AFP collects mandatory and voluntary contributions from its affiliates and invests the funds in local and global markets. The funds that Prima AFP holds in custody for its affiliates are non-attachable and are autonomous assets, which are not affected by Prima AFP’s financial results. Prima AFP offers four types of funds, which differ by the level of risk. The investment and risk management policies are defined by internal committees and supervised by the SBS and the SMV.

For further information see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (5) Competition – 5.3 Insurance & Pensions – 5.3.2 Prima AFP” and “Item 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and regulation – 6.2. Subsidiaries – 6.2.1 Peru”.

Prima AFP’s strategy is focused in three objectives: (i) offering the best experience to our clients, (ii) providing the best investment returns of the private pension system and (iii) maximizing productivity and efficiency.

In 2024, Prima AFP pursued the following strategic projects:

• Transformation of several units to optimize customer experience.

• Redesign of the investment process and team structure to maximize returns.

• Cloud migration to optimize costs, provide flexibility and scalability and improve time to market.

• Continue the implementation of our cybersecurity plan.

On September 24, 2024, the Executive branch promulgated Law 32123, which reforms the pension system. The main changes of the reform are the following:

• Minimum pension: Peru will guarantee that all members of the Private Pension System who meet certain conditions will have access to a minimum pension. If members do not have sufficient accumulated funds, Peru will supplement the fund to reach the minimum pension.

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• Productivity commission: The affiliate will be able to choose a new type of commission, called “productivity commission”, where the charge made by the PFA (Pension Fund Administrator) will vary depending on the positive or negative results of the fund’s profitability.

• Market opening: The entry of new entities such as banks, insurance companies, financial institutions, municipal banks, and cooperatives, among others, for the administration of pension funds will be permitted.

• Withdrawal of 95.5% of the fund: Current affiliates younger than 40 years of age and new affiliates will only be able to choose only one of the available pension modalities since the withdrawal of 95.5% of the fund will no longer be an option.

• Contribution of self-employed workers: The reform seeks to require self-employed workers to make mandatory contributions to their pension fund. It will phase in over three years, with a contribution rate starting at 2% of their income and increasing by 1% every two years up to 5%.

The Ministry of Economy and Finance (MEF) has until June 18, 2025, to issue the regulation. The law will come into effect the day after the regulation is issued.

Distribution Channels

Digital channels

• Prima AFP’s App: In 2024, more than 7.8 million sessions were logged in Prima AFP’s mobile app, compared to 4 million in 2023. This increase is primarily due to more interactions driven by fund withdrawals by affiliates.

• Prima AFP’s Web: In 2024, more than 1.9 million sessions were initiated through Prima AFP’s web page (a 90% increase from 2023), also driven by withdrawals.

Physical channels

• Branches: Prima has 1 office located in Lima, Peru.

2.4 Investment Management and Advisory

Credicorp Capital carries out its Investment Management and Advisory operations through Credicorp Capital Peru, Credicorp Capital Colombia, Credicorp Capital Chile, Credicorp Capital US, CC Asset Management Mexico, and ASB Bank Corp. With operations in 6 countries, we are consolidating our leadership position through four main business units: Asset Management, Wealth Management, Capital Markets, and Trust Services.

Our Purpose

“We build trust-based relationships to promote well-being today, leading to a sustainable and inclusive tomorrow.”

Building trust-based relationships is the essence of our contribution to our customers. Trust is the cornerstone upon which we build relationships across generations, manage investments that fulfill dreams, and provide financial solutions that enhance business and wealth strategies.

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We aim to foster and share our customers' deepest desire: Their well-being. We truly believe that behind a simple investment or a complex financial solution, there is always a goal, a project, or a dream aiming for the individual, family, and/or business well-being of those we have the privilege to advise. Contributing to this goal is the driving force behind everything we do.

None of the above is possible without a sustainable and inclusive future. Thus, we want to contribute today, along with our customers and talented team, to the creation of that sustainable and inclusive tomorrow. We do this through our responsible and sustainable investment proposals; our contribution to accessibility, simplicity, and financial advice, and a transparent, equitable, and respectful approach to building long-term relationships.

Our Principles

1. We put customers at the center: Our decisions are customer-oriented, whether they have a direct or indirect impact on our customers' experience with us and on our long-term relationship with them, regardless of the area to which we belong.

2. We move with agility and innovation: We work in an agile and flexible manner, with a sense of urgency in decision-making. We challenge ourselves to propose innovative solutions in response to the changing demands of the environment and the growing requirements of our customers in a timely and effective manner.

3. We take ownership: We promote ownership, empowerment, and accountability as the drivers of our culture. These are represented in or initiative to take on commitments, delegate effectively, and take responsibility for the results.

4. We collaborate across borders: We are a great team, working together without any country or role constraints to serve customers and create value, which are common goals for everyone in the company.

5. We make a conscious impact: All our actions are carried with an awareness of their impact in creating value for the company, our people, society, and the planet.

Our Strategy

In 2023, we reorganized our business to achieve more stable, scalable revenue growth and more sustainable profitability levels. We redefined our strategy to concentrate on efficiently growing core profitable and scalable business, focusing on less volatile and more scalable businesses such as Wealth and Asset Management, complemented by transactional capabilities in Capital Markets.

Our North Stars

• Growth

• Profitability

• Customer Experience

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Our current strategy is focused on: (i) Restructuring our business portfolio focusing on less volatile and scalable businesses such as Wealth and Asset Management, complemented by transactional capabilities in Capital Markets. We will focus on those businesses that account for over 85% of the company's contribution margin and for consistent growth in the past years, (ii) Continuing to develop operational and technological capabilities as key enablers for efficient and scalable growth, (iii) Implementing and evolving a new governance approach with a rigorous performance management plan and an empowerment and accountability culture in favor of a simplified decision-making process, (iv) Leveraging our experience and learned lessons in the past three integration processes to explore and capitalize on new inorganic growth opportunities, and (v) Last, but not least, we will continue to implement ESG practices as a cross-cutting axis of our strategic fronts that add to the initiatives we have underway.

A challenging business environment requires us to adapt and transform to generate profitable, sustainable, and focused growth. Our medium-term strategy will focus on recurring and scalable businesses, operational and technological enhancements, seizing inorganic growth opportunities, and incorporating sustainable investment practices and ESG focus.

Our Business Units

Asset Management

Credicorp Capital Asset Management performs investment management and advisory activities, and distribution of third-party funds. Through our regional platform, Credicorp Capital Asset Management offers a wide array investment product for retail, high-net-worth and corporate and institutional clients including mutual funds or collective investment funds, funds and investment trusts, portfolios or mandates, and structured products that invest in fixed income, listed equity, mixed income and alternative assets.

Additionally, we act as exclusive distributor for traditional and alternative third-party funds in Latin America, representing global asset managers under exclusivity agreements. Also, we provide advisory services in the selection and monitoring of Third-Party Funds for Wealth Management clients. Most of our clients are in Latin America, mainly in Peru, Chile and Colombia, and we also serve international customers with interest in Latin American markets. Finally, we provide specialized advisory and outsourcing services for the different stages and/or components of the investment management process.

Our Asset Management business is divided into 4 teams: Investments, Alternative Investments, Institutional Distribution, and Investment Products. Management builds on a matrix, with regional team leaders and country leaders in Chile, Colombia, and Peru, where our teams are based. The local presence of our team, coupled with an extensive network of local and regional contacts, enables us to have a profound understanding of the dynamics of the Latin American market.

• Investments: We manage mutual funds and mandates in fixed income, equity and mixed income assets in Chile, Colombia, and Peru, as well as offshore funds based in Cayman and Luxembourg for international clients.

• Alternative investments: We offer alternative investments in real estate assets, private debt and infrastructure.

• Institutional Distribution: Our Institutional Distribution team is responsible for doing business and engaging with institutional and wholesale investors in Chile, Colombia, Peru, Panama, and Mexico through global public and private market solutions.

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• Investment Products: Our investment products team provides services in the selection of Third-Party Funds, design of structured products and support for funds based abroad. The regional coverage reaches Wealth Management clients and institutional and retail investors.

Wealth Management

In our Wealth Management business, our approach entails advisory and wealth management, coupled with an array of investment options and financial services in accordance with our customers' objectives and specific requirements, safeguarding their wealth and adeptly managing it for a seamless transfer to future generations.

Our Wealth Management structure is organized as a matrix, by business and by country, with the purpose of achieving a strategic vision by regional business, but ensuring the incorporation of the local perspective, to give customers the solution that best suits their needs.

Our services are aimed at customers with more than US$1 million available to invest. The five main services we offer include: Investment Advisory, Credit Solutions, Wealth Planning, Financial Planning, and Multi Family Office service, provided through Vicctus Multi Family Office, for customers with liquid assets above US$10 million.

Capital Markets

Our Capital Markets business unit has an active role in secondary markets, particularly in equity and fixed-income products, as well as in currencies and derivative instruments. We offer brokerage and custody services for securities to institutional, corporate, and individual customers in Chile, Colombia, Peru, Panama, and the United States. We provide advisory and information services, equipping our customers with decision-making tools such as market analysis and stock advisory.

Our participation in the placement of equity and debt instruments is also relevant (primary market) for corporate issuances in local markets. We also manage arbitrage, directional, and relative value strategies for proprietary position trading in Chile, Colombia, Peru, and ASB.

The services we offer within Capital Markets include local and international over-the-counter intermediation for Fixed Income, Equity, foreign currency, ETF and derivatives, product distribution such as funds, structured notes, among others, primary placement of public and private securities: issuance of securities for entities that need financing. In addition, in some markets we carry out cash management, fund distribution, basic custody and leverage activities with collateralized securities.

Trust Services

Through our subsidiaries in Colombia and Peru, we offer products and services focused on the management and future planning of our retail, corporate and institutional client’s cash flows. We manage family, corporate, and real estate trusts led by an advisory and structuring expert commercial team, complemented by legal support with specialized knowledge in this business.

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Distribution Channels

Digital channels

• Credicorp Capital Digital: This digital platform, developed by our innovation lab, aims to enhance the digital experience for our clients. It enables Wealth Management clients in Peru and Chile to view all on-shore and off-shore investments in one consolidated location. In Colombia, it facilitates operations for Cash Management products for corporate clients and provides comprehensive information on trusts for fiduciary business clients. Additionally, corporate clients in Peru can access their mutual funds portfolio, download statements, and execute transactions.

• Tyba by Credicorp Capital: Our online application that operates as a digital broker in Colombia, Peru, and Chile, allowing clients to manage their personal finances, making investments according to their own risk profile and tailored to their own investment plans. It provides a simple and secure means for clients to access investment products in a digital platform, allowing investments with a minimum amount.

• CC Invest: Online web and mobile app investment platform that allows our clients in Peru, Colombia and Chile to invest in globally diversified portfolios in the most simple and efficient way. By opening an investment account online, clients can start investing with a minimum amount, supported by a specialized digital advisor.

• Credicorp Capital E-Trading WEB: Platform through which the client can trade stocks in a more transparent and straightforward manner than the traditional method, operating independently and directly in the Order Books of the Stock Market, capturing the best opportunities. With the E-Trading Portal, clients gain a more comprehensive view of the stock market and can identify the best available prices.

Physical channels and Telephone

• Offices: Credicorp Capital’s clients can be served through its 13 regional offices, which are distributed across Peru, Colombia, and Chile, and also have points of contact in Mexico, the United States, and Panama. Additionally, BCP clients can access some of Credicorp Capital’s investment products through its network of agencies across Peru.

• Call center: Through a specialized team, we serve and advise our Capital Market clients in the intermediation of fixed-income and variable-income securities in Peru, Colombia, and Chile.

(3) Corporate compliance and ethics

Our Compliance and Ethics Management System is a key component of Credicorp's sustainability framework. We seek to meet the needs of both our businesses and stakeholders through: (i) ensuring the clarity of the terms and conditions of financial products and services, (ii) providing a framework and monitoring it to ensure a good work environment and equal opportunities for all employees and (iii) ensuring responsibility and integrity through all our businesses.

Credicorp and all its subsidiaries, using a comprehensive approach based on international best practices and our principles and ethical values, have established 12 corporate compliance and ethics programs that cover local and international regulations and mitigate conduct risks by encouraging ethical behavior to protect the reputation of the company. These programs include the following:

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• Anti-money laundering and countering the financing of terrorism (AML/CFT)

• Global Sanctions

• Financial stability

• Tax transparency (FATCA & CRS)

• Regulatory compliance

• Ethics and integrity

• Anti-corruption

• Market abuse prevention

• Personal data protection

• Occupational safety and health

• Market conduct

• Antitrust

The programs listed above are overseen by the Chief Compliance and Ethics Officer who has full autonomy to carry out functions and duties independently and reports directly to our Board of Directors through the Sustainability Committee, providing regular and consolidated reports about the performance of the compliance and ethics programs at all our subsidiaries. Each subsidiary has a Compliance and Ethics Officer, who works with a specialized team and reports to the head office.

Anti-money laundering and Countering the financing of terrorism (AML/CFT)

The AML & CFT Program at Credicorp establishes policies and measures to prevent, detect, and report suspicious activities related to money laundering and terrorist financing. These efforts are crucial for protecting the integrity and stability of local and international markets, as well as contributing to societal and global financial stability.

The AML & CFT Program focuses on managing policies, procedures, and controls to mitigate risks associated with cash flow and unusual transactions that attempt to conceal the origins of money from illicit activities such as drug or human trafficking, corruption, illegal mining, embezzlement, and gambling.

In 2024, we enhanced our cash inflow controls with a risk-based approach and updated metrics. We also strengthened relationships with frontline defense teams through specialized training and key initiatives.

Our AML/CFT program is founded on Key Risk Indicators (KRIs), focusing on robust governance, a strong organizational culture, efficiency, and leveraging automation opportunities through technology, analytics, artificial intelligence, and agile practices. We are dedicated to mitigating risks, meeting client needs, and developing efficient processes to achieve our business objectives. We continuously adopt innovative technologies to address challenges associated with traditional Know Your Customer (KYC) strategies.

In 2025, we will further enhance controls throughout the client and stakeholder onboarding and lifecycle processes using a risk-based approach. We will develop improvement projects in KYC processes and alert management, leveraging technology and AI. Additionally, we will focus on aligning with international standards and best practices to ensure AML/CFT compliance supports the protection and integrity of our businesses and fosters client growth.

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Global Sanctions

The Corporate Global Sanctions Program at Credicorp manages and implements controls over customers international operations to ensure alignment with the standards of restrictive lists or global sanctions lists from organizations such as the Office of Foreign Assets Control (OFAC), the United Nations, the European Union, and the United Kingdom’s Office of Financial Sanctions Implementations (OFSI).

Global Sanctions lists aim to impose restrictions on the commercial and financial operations of countries, individuals, or groups for economic, political, military, or social reasons within a global security framework. This program mitigates the risk of dealing with money flows from illicit sources, such as organized crime, weapons proliferation, drug trafficking, and other threats to international security. We monitor operations, filtering and comparing to detect matches with countries, entities, or individuals on sanction lists.

In 2024, we reviewed and monitored over 1,300,000 international operations, implementing stringent controls to prevent restricted flows identified on international lists from entering our companies. In 2025, we will continue to adhere to international standards and best practices, ensuring compliance with global sanctions and safeguarding the integrity of our businesses across all jurisdictions where Credicorp operates.

Financial stability

Our Financial Stability Program supports our compliance with the applicable regulations derived from the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the European Market Infrastructure Regulation (EMIR) and the European Bank Recovery and Resolution Directive (BRRD). During 2023, we focused on carrying out actions for the exchange of information with counterparties regarding the regulations that make up the Financial Stability Program. We also took actions to comply with the requirements of the Initial Margin Rules of the Financial Market Infrastructure Act (FMIA), which require financial counterparties and large non-financial counterparties with a volume of non-centrally cleared derivatives (Average Aggregate Notional Amount, AANA) above certain phase-in thresholds to exchange bilateral initial margin from the applicable compliance date. In 2024, we conducted a risk assessment of Regulation YY and the Volcker Rule.

Regulation YY, issued by the Board of Governors of the Federal Reserve System, establishes tiered enhanced prudential standards for large U.S. bank holding companies and foreign banking organizations to help increase the resiliency of their operations. These standards include liquidity, risk management, and capital.

The Volcker Rule (Section 619 of the Dodd Frank Act) generally restricts banking entities from engaging in proprietary trading and from owning, sponsoring, or having certain relationships with a hedge fund or private equity fund. With regard to proprietary trading, the Rule prohibits banks from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account.

Tax Transparency

The Corporate Tax Transparency Program at Credicorp ensures compliance with two key international regulations: FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). These regulations set global standards for the automatic exchange of financial information between participating jurisdictions, aiming to combat tax evasion and enhance tax collection through information sharing.

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In 2024, Credicorp's financial institutions achieved the following:

1. Submitted over 70 FATCA and CRS returns to tax authorities in eight jurisdictions (Peru, Bolivia, Chile, Colombia, Panama, Cayman Islands, and Luxembourg) in accordance with international agreements.

2. Successfully completed the triennial FATCA certification in Bolivia and Chile.

3. Met regulatory requirements by providing requested information within established deadlines.

Regulatory compliance

At Credicorp and its subsidiaries, we are committed to complying with and following external legal mandates set forth by regulatory entities, such as the SBS or the relevant governments or other regulators. We seek to ensure the implementation of all the regulatory frameworks applicable to each of the companies, using methodologies with a comprehensive approach based on risk and international best practices in order to reduce risks that would arise from regulatory noncompliance, like sanctions and reputational risks. We keep working to implement our regulatory obligations while remaining committed to the success of our clients, employees, and other stakeholders.

Additionally, every year we prepare a compliance assessment plan, development and enhancement, considering all regulations implemented for continuity. Finally, we strive to build a regulatory compliance culture and provide our employees training to assist them in understanding their role in upholding a regulatory compliance culture.

Ethics and integrity

Our Ethics and integrity program manages the Corporate Code of Ethics (“the Code”) and complementary conduct policies to provide guidelines for employees to avoid misconduct and provide tools to properly manage potential conflict of interest scenarios. The Code is approved by the Board of Directors annually and is the conduct reference for our directors and employees, who must comply with it.

To manage potential conflict of interests, directors and employees must submit relevant information periodically, including their activities outside of our business. We also have policies to address operations between Credicorp's related parties, whereby relevant transactions are disclosed to the Sustainability Committee and to other stakeholders.

We are also responsible for the management of our complaints system called Alerta GenÉTICA. We continuously foster awareness through communication campaigns, dashboards, training and encouraging stakeholders to use the hotline.

In 2024, we completed our human rights benchmark to identify the best practices in the financial sector, with this analysis we have defined our next steps focusing on four key areas: Governance, Employees, Clients, and Suppliers. We have also developed our responsible artificial intelligence policy and begun training our employees about the main compliance risks associated to artificial intelligence.

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Anti-corruption

We are respectful of the regulations towards strengthening prevention and investigation mechanisms that contribute to fight corruption, such as Law 30424 in Peru with its regulations and amendments, and the U.S. Foreign Corrupt Practices Act (FCPA). At Credicorp, there is no tolerance for corruption.

Credicorp's Corporate Policy to Prevent Corruption and Bribery provides guidelines to all Credicorp subsidiaries to engage in transparent relationships with their stakeholders, minimize related risks and comply with local and international regulations. This policy has been implemented through the development of a prevention model in each of Credicorp's subsidiaries, focusing on four fronts:

• Risk Assessment

• Training and Awareness

• Continuous monitoring

• Supervision

As part of the efforts of the Corporate Anti-Corruption Program, which is a Credicorp unit, BCP Stand-alone, Mibanco Peru and Pacífico Seguros have obtained the ISO 37001 - Anti-Bribery Management System certification.

BCP Stand-alone also holds the Anti-Bribery Certification "Empresarios por la Integridad" in Peru, which uses a process based on third-party audits to demonstrate compliance with anti-bribery requirements at an entity-wide level.

Market abuse prevention

Through Credicorp’s Market Abuse Prevention program, guidelines and controls are established to prevent insider trading and market manipulation.

In 2024, we implemented guidelines and alerts to mitigate risks of insider trading and market manipulation in various companies in the Group. Furthermore, we strengthened insider information management in the mergers and acquisitions process at a corporate level.

Personal data protection

At Credicorp, we are committed to safeguarding the privacy of our users' personal information. We aim for absolute confidentiality to the extent permitted by applicable law and adhere to the highest security standards in compliance with the Personal Information Protection Law No. 29733, as well as other relevant regulations in the countries where we operate.

As personal data bank owners, our companies must adhere to the guiding principles for the protection of personal data, we are required to secure the consent of the personal data owners to process and transfer their personal data, considering the provisions of the Personal Data Protection Statutes, which are part of Credicorp's internal compliance policy.

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We provide for the exercise of protected rights that may be exercised by the personal data owner. To this end, we must make available channels, procedures and information within the timeframes established under the Personal Data Protection Statutes and the rules.

Consequently, our corporate personal data protection policy has the following goals:

a) Establishing general guidelines for the processing and transfer of personal data of stakeholders such as employees, users, customers and suppliers of all our companies.

b) Ensuring that our companies comply with the Personal Data Protection Statutes.

c) Foster a culture of privacy and accountability in the handling of personal data among our employees.

During 2024 we focused our efforts on the following initiatives: (i) processing personal data only by free, previous, informed, express and unmistakable consent; (ii) attention to protected rights; (iii) personal data protection mindset—striving to build a culture of privacy and prioritizing the appropriate processing of personal data through training and communicating to our employees and (iv) aligning our Corporate Policy and adopting the necessary measures to ensure that the personnel in charge know and apply it.

Occupational safety and health

At Credicorp, we firmly believe that an Occupational Health and Safety (OSH) management system is essential to protect and care for our people. We know that the safety and health of our collaborators, suppliers, visitors and customers are part of our success and also allows us to maintain our operational continuity. That is why our SST management system at Credicorp follows the best global practices, aligning with ISO 45001. In 2024, BCP became the first bank in Peru and one of the few in Latin America to obtain this certification. This milestone supports our leadership and commitment to caring for our collaborators and suppliers, but also our commitment to human rights and our contribution to sustainability by strengthening the Sustainable Development Goals (SDGs), especially in health and well-being (SDG 3) and decent work and economic growth (SDG 8). We strive to maintain safe and healthy workspaces, promoting a culture of safety and comprehensive well-being. We want to continue leading and promoting a culture of Safety and Health at Work in the countries where we operate, to demonstrate that investing in the care of people is the key to a prosperous, balanced and sustainable future.

Market conduct

Credicorp’s market conduct program is aimed at promoting good business practices with customers, mitigating the risk of marketing and design of products that do not meet the needs of clients, ensuring information transparency, giving clarity of the terms and conditions of financial products and services, and properly managing claims for customers. These actions allow us to encourage ethical behavior to protect the reputation of the company and achieve sustainable relationships with our customers.

During 2024, quarterly monitoring of information transparency was carried out to evaluate 90% of the bank branches and 1,808 calls made by telephone banking. This monitoring allows evaluating the knowledge of collaborators in the bank's products and services. At the end of the year, 87% qualification was obtained, which corresponds to a Very Satisfied Customer. Additionally, responsible sales monitors were carried out, which aim to reduce non responsible practices in our sale force. At the end of 2024, the number of requests that do not comply with the sales guidelines was reduced by 52% compared to the same period last year. Likewise, activities have been deployed under a consequences model which seeks to correct these practices. Finally, we carry out culture and reinforcement activities with the commercial employees to raise awareness about the impacts of applying irresponsible practices. In 2024, we trained 106 teams across agencies, the contact center and exclusive digital banking executives.

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Antitrust

Credicorp’s Antitrust program is aimed at promoting business relationships under the premise of respect and justice, maintaining high ethical standards in support of free competition.

During 2024, BCP, Mibanco and Pacífico Seguros have focused on monitoring, providing training and elaborating guidelines and protocols in Antitrust for the teams involved in those processes with exposure to antitrust risks. In addition, we carry out preventive compliance monitoring on our financial products and services and training provided by an external expert in Free Competition.

INDECOPI, as regulator of the Antitrust Law, issued Guidelines on Antitrust Compliance Programs in 2020. BCP adopted this standard to implement the program. To date, we have implemented actions in 7 of the 8 elements considered in this model: (i) tone from the top, (ii) designation of a compliance officer, (iii) risk management, (iv) controls and protocols, (v) training, (vi) monitoring and (vii) a whistleblower system. In the case of BCP, the eighth element of the model, related to internal auditing, will be implemented in 2025.

(4) Internal Audit

In 2024, our internal audit unit focused on creating a permanent risk-based framework to evaluate the effectiveness and efficiency of Credicorp’s risk management, control, and governance processes. The internal audit function’s objectives are improving and protecting the corporation’s value through an agile and timely independent assessment as well as data-based advising and risk analysis. For this purpose, our internal audit unit formulated the Annual Audit Plan using a risk-based audit methodology, which is aligned with the rules of The Institute of Internal Auditors Global (the “IIA”) and approved by the SBS.

This year, we continue with our purpose, mission and vision:

• Purpose: To protect Credicorp's sustainability.

• Mission: To ensure and advise continuously and dynamically on strategic issues and key risks, through the intensive use of technology, data, innovation, anticipation, and motivated talent.

• Vision: To be a leader in the audit practice at a global level, oriented to our purpose.

We will pursue our purpose, mission and vision through the development of actions and plans based on four pillars:

1. Role positioning

2. Digital transformation

3. Culture and talent

4. Management Optimization

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The Quality Assurance Management, whose role is independent of the audit and consulting functions, has executed annual Internal Quality Assessments since 2011, in compliance with IIA Standard 1311, the result of which was “General Compliance” in the application of the Quality Assurance and Improvement Program. This level of compliance, the highest according to the governing body's methodology, demonstrates that the Internal Audit function complies with the International Standards for the Professional Practice of Internal Auditing and Code of Ethics issued by the IIA.

The Audit Satisfaction Index (ISA), which collects the opinion of our audited clients after each job, achieved a result of 4.63 out of 5.00, which shows the perceived value of the work of Internal Audit by Credicorp Ltd., its subsidiaries, and affiliates.

Additionally, the Internal Audit Function (IAF) adopted the Ambition Model (AM) developed by the Netherlands Institute of Internal Auditors as a tool to drive best practices and develop new capabilities. Under this, it annually conducts a self-assessment to facilitate the identification of potential gaps and define actions that will allow it to continue towards the level it aspires to achieve. The AM integrates a set of essential activities for each dimension of the IAF and classifies them into levels. A scoring scale of 1.00 to 5.00 is used, with the highest score being 4.63. Credicorp Ltd.'s Internal Audit function has moved to Level 4 Managed with 4.16 points (the aspirational goal was 4.16) for 2024. This demonstrates its intention to continuously increase the value that the IAF provides to the organization, being able to adapt the audit strategy to address emerging challenges, apply innovative practices using data analysis, and foster an environment of continuous learning and professional development.

The Credicorp Corporate Auditor continues with his role as a member of the Professional Certifications Board, whose function is to govern, defend and promote the IIA Global certification programs. He was also elected as member of the Stakeholders Advisory Council (SAC) of the International Auditing and Assurance Standards Board (IAASB) and the International Code of Ethics for Professional Accountants (IESBA). Likewise, the Auditor of Grupo Pacífico is serving as vice president of Information Systems Audit and Control Association (ISACA) of Lima. Furthermore, the Auditor of Credicorp's Microfinance segment continues to serve as a member of the board of directors of the Institute of Internal Auditors of Peru.

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Consistent with recommended industry practices, Credicorp continued to apply the Cybersecurity Assessment Tool (CAT) of the FFIEC, OWASP – Mobile & Application Security Standard, Cloud Security Alliance’s (CSA), NIST CSF, Critical Security Controls (CIS), COBIT and MITRE ATT&CK Framework. In addition, Credicorp implemented a centralized methodology to apply data analytics, began to apply a decentralized data analytics model following best practices and promoted the use of Agile audit methodology guidelines.

Data analytics methodologies were deployed and integrated with assurance evaluations in the Credicorp Internal Audit units. Subsequently, the process of decentralization of these tools to specialized audit teams continued. This implies democratizing access and use of these tools, with the aim of encouraging internal audit units to have the ability to exploit and use them as long as they comply with the guidelines of the Data & Analytics area. In this context, the Data & Analytics unit not only develops digital or analytical solutions, but also socializes them so that the different audit units can carry out simple and specific analyzes according to their ad hoc needs. This ensures that Data, Data Governance and Advanced Analytics standards are met in each process and in the information used by said units. During 2024, we believe we achieved important advances in four main action fronts of data analytics: (i) the improvement in the performance of cognitive solutions, using Microsoft Azure Services, allowing the information from physical or telephone contracts to be interpreted and analyzed automatically to identify suspicious transactions or transactions with a greater probability of mistake, which should be audited; (ii) the automation of audit processes, allowing us to optimize our review; (iii) the digitization of audit evidence, reducing the time spent conducting our review; and (iv) the carrying out of continuous audits of our key processes. At the end of 2024, there were 181 automated metrics with the objective of timely alerting the business about deviations or new emerging risks. The results of these metrics are shared with the business units, which evaluate the risks involved and implement solutions when needed.

In addition, to reinforce the skills of the audit team, 861 hours of training offered during 2024 to promote the use of Data & Analytics, and the Virtual Audit Classroom was created, which has courses on ad-hoc digital tools for the audit team. We also participated in the Hackathon competition, organized by the Latin American Committee for Internal Audit and Risk Assessment, which belongs to FELABAN, receiving an award for 1st place with the project regarding the automatic of signature proof and validation using artificial intelligence and cognitive tools. Finally, in collaboration with the ISACA Lima Chapter and the Internal Auditors Institute of Peru (IAI), we organized the first GenIAthon to explore and generate new ideas for applying Generative AI in Internal Audit. This initiative aims to transform internal audit processes, including walk-through tests, drafting observations, preparing the final audit report, and others.

The Model Risk Audit Management uses, besides the traditional methodology, a method to audit models called “Special Model Audit”. The purpose of this shift is to cover the review needs caused by the increase in the number and complexity of models developed and to more quickly identify the deficiencies that may exist in the different processes associated with the life cycle of the models. With the application of this method in projects, we have achieved important advances in our methodology to audit Model Risk Management; increased the model review coverage, took deeper quantitative approaches and monitored first and second line controls related to the development, calibration, implementation and monitoring of models.

In 2024, we provided 18,099 hours of training to our internal auditors, with an average of 64 hours per auditor (above the 40 hours per auditor recommended by international practices), in topics related to new cybersecurity frameworks (such as those promulgated by the IIA, NIST or the FFIEC), data analytics, risk management, programming language, validation of models and other topics of financial and operational audit.

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(5) Competition

5.1 Universal Banking

As of December 31, 2024, there are 47 financial institutions, and four state-owned banks (Banco de la Nación, COFIDE, Banco Agropecuario (Agrobanco) and Fondo MiVivienda), in the Peruvian universal banking sector.

Private Financial System as of December 31, 2024 Number of entities Assets (Soles in thousands) Deposits (Soles in thousands) Loans (Soles in thousands) Banking Sector (1) 17 544,356,371 372,440,047 351,491,409 Financial firms (2) 9 17,094,208 8,663,937 14,364,088 Municipal savings banks (3) 11 45,390,983 32,739,290 36,580,904 Rural savings banks (4) 5 1,710,382 1,165,454 1,410,313 Credit firms (5) 5 3,092,408 - 2,683,570 Total (6) 47 611,644,352 415,008,728 406,530,284

Source: SBS

(1) “Banca Multiple” under SBS definition and terminology

(2) “Empresas Financieras” under SBS definition and terminology

(3) “Cajas Municipales” under SBS definition and terminology

(4) “Cajas Rurales” under SBS definition and terminology

(5) “Empresas de Crédito” under SBS definition and terminology. Until Apr-23 it denominated EDPYME.

(6) The total Private Financial entities does not include savings and loans associations (COOPACS), because the information for COOPACS is not yet publicly available from the SBS.

(i) Banking Sector

The Banking Sector includes universal banks, offering financial services to retail and wholesale clients, among others. The following table sets forth the percentages, by assets, deposits, and loans, represented by the major Peruvian banking institutions.

As % of total Private Financial System As % of Banking Sector as of December 31, 2024 Assets Deposits Loans Assets Deposits Loans BCP Stand-alone 32.19 % 32.48 % 29.41 % 36.16 % 36.20 % 34.02 % BBVA Banco Continental 18.19 % 19.03 % 19.11 % 20.43 % 21.20 % 22.10 % Scotiabank Peru 11.51 % 10.84 % 12.09 % 12.94 % 12.08 % 13.99 % Interbank 11.97 % 12.15 % 12.02 % 13.45 % 13.54 % 13.90 % Banco Interamericano de Finanzas 3.57 % 3.77 % 3.58 % 4.01 % 4.20 % 4.14 % Mibanco 2.72 % 2.61 % 2.98 % 3.06 % 2.91 % 3.45 %

Source: SBS

As of December 31, 2024, BCP Stand-alone ranked first among all Peruvian universal banks by assets, deposits, and loans, according to the SBS.

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As of December 31, 2024, Peruvian non-state banking institutions reported total loan balances of S/254,894 million in local currency and of US$25,664 million in foreign currency (in comparison to S/252,543 million and US$26,509 million as of December 31, 2023, respectively). These figures represented an expansion in local currency loan balances of 0.9% and a contraction in foreign currency loan balances of 3.2% from December 31, 2023 (compared to contraction of 2.4% and an expansion of 3.4%, respectively, from December 31, 2022, to December 31, 2023). As a result, the dollarization of loans reached 27.5% as of December 31, 2024 (compared to 28.0% as of December 31, 2023, and 27.4% as of December 31, 2022).

As of December 31, 2024, Peru’s total amount of bank deposits was S/372,440 million, and the banking industry’s dollarization rate for deposits was 38.9% (compared to 39.1% as of December 31, 2023, and 40.6% as of December 31, 2022). It should be noted that, as part of its plan to decrease the dollarization level of loans in the Peruvian financial system and reduce the risks of currency depreciation associated with borrowing in US Dollars, the BRCP established a de-dollarization program beginning in January 2015. For further information, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru – (i) Peruvian Regulators”.

Peruvian banks’ capital ratio (regulatory capital divided by RWAs) was 17.41% as of December 31, 2024, which was above the 10.0% temporal legal minimum that became effective in July 2011 and represented an increase of 94 basis points from the capital ratio reported as of December 31, 2023 (16.43%). As of 2023, the ratio increased by 198 basis points from a ratio of 14.45% as of December 31, 2022.

Peru’s loan portfolio quality indicators generally improved in 2024. As of December 31, 2024, the internal overdue ratio reached 3.75%, 56 bps below than the ratio reported as of December 31, 2023 (4.31%). As of 2023, the ratio had increased 36 bps compared to December 31, 2022 (3.95%). Also, the internal overdue, refinanced, and re-structured loans over total loans ratio was 5.72% as of December 31, 2024, 67 basis points lower than the 6.39% ratio reported at year-end 2023. Similarly, the coverage ratio of Peru’s internal overdue loan portfolio was 156.10% as of December 31, 2024 (compared to 144.64% as of December 31, 2023, and 148.46% as of December 31, 2022).

The liquidity of the Peruvian banking system remained at moderately high levels. As of December 31, 2024, the local currency liquidity ratio and the foreign currency liquidity ratio were 29.59% and 56.09%, respectively (compared to 30.54% and 44.12% in 2023, and to 26.96% and 48.01% in 2022, respectively). These liquidity ratio levels were well above the minimums required by SBS regulations, which were 8% for local currency and 20% for foreign currency as of December 31, 2024.

(ii) Other financial institutions

BCP Stand-alone also faces strong competition from credit providers other than banking institutions, primarily with respect to consumer loans and SME-Pyme loans. SME- Pyme loan providers from non-bank financial institutions lent S/36.22 billion to borrowers in 2024, compared to S/33.22 billion in 2023, according to the SBS. In 2024, overall SME-Pyme loans to customers of non-bank financial institutions represented 43.03% of the total loans in the Peruvian financial system (compared to 55.82% in 2023).

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Consumer loan providers from other financial institutions lent S/15.5 billion to borrowers in 2024, compared to S/16.4 billion in 2023, according to the SBS. In 2024, overall loans to consumers of other financial institutions represented 17.8% of total loans in the financial system (compared to 18.2% in 2023).

(iii) Recent Competitive Developments

In recent years, several foreign companies have shown interest in entering the Peruvian universal banking market, while financial companies already in Peru have taken steps to expand operations and develop new businesses. In addition, non-traditional players, such as fintech and startup companies, began to operate in the financial sector in recent years. These new strong competitors may adversely affect our results, as they provide similar products and services. In particular, the following authorizations and applications from and to the SBS, as well as the following recent regulations, may be significant to our competitive environment in Peru:

(1) In July 2022, through Resolution No. 02192-2022, the SBS approved the dispositions for the application of policies, procedures, and monitoring of maximum interest rates for consumer loans and small and microenterprise of the Usury Law Regulation (Law No. 31143).

(2) On January 2023, MercadoPago Perú S.R.L. was registered by the BCRP as a payment facilitator entity, allowing it to affiliate merchants to the card payment system, offer POS to clients, and transmit or process card payment orders and /or participate in the process of settlement to the merchants affiliated. On February 2024, the Register of Entities with Payments by Card agreement form was completed, in accordance with BCRP requirements. On July 2024, MercadoPago enabled a Yape Payment button. This button allows clients of merchats afilliated to MercadoPago to pay their products using Yape.

(3) In September 2023, Rappicard ceased operations. Financial products developed in alliance with Interbank under the Rappibank brand ended their operation in Peru by mutual agreement between the parties. This represents a decrease in the number of competitors within the credit card business.

(4) In April 2024, Law N° 32002, persons affiliated to the Private Administration Fund System (SPP) could withdrawal up to 4 UIT. The amount of the withdrawal could be up to S/ 20,600.00 peruvian soles from their individual accounts. Normally, these funds are only available after retirement.

(5) In May 2024, through Law N° 32027, dependent workers were allowed to withdraw their severance indemnity deposits (CTS) that they have on financial entities, throughout all 2024. On regular conditions, such funds are only disposable when a person become unemployed. The withdrawal could be up to 100% of their accumulated severance indemnity deposits on the date of withdrawal.

(6) In June 2024, through SBS Resolution No. 2286-2024, the SBS modified the current regulation for credit and debit cards, to establish new security measures for card’s users. This includes the obligation to provide a secret code (PIN) to authorize transactions.

(7) In October 2024, Bitel, which is a telecommunications company, launched BiPay, a platform that supports financial inclusion by distributing digital money issued by the Central Reserve Bank of Peru (BCRP) among unbanked rural population.

(8) In December 2024, the SBS authorized:

a. the acquisition of 100% of the shares that Scotiabank Perú holds in Crediscotia Financiera by Banco Santander España.

b. the operations of Prex as the first 100% digital regulated credit company in Peru.

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(9) In December 2024, Bnka, the European fintech specialized in solutions for migrants, announced its expansion to Peru, incorporating the option of operating with soles and an interoperability system with the local financial system. The platform facilitates money management among migrants, helping them overcome the barriers they face when accessing international financial services.

5.2 Microfinance

According to The Economist Intelligence Unit, Peru and Colombia are among the countries that have presented the best results in addressing financial inclusion in terms of factors such as regulation, infrastructure, consumer protection and financial stability. We are aware that a large portion of microbusiness owners in both countries are currently unbanked, which constitutes an opportunity to contribute to these economies while growing our businesses.

5.2.1 Peruvian microfinance system

As of December 31, 2024, the Peruvian microfinance system is mainly regulated by the SBS and is comprised of entities that vary in size, client segments, and ambit of geographic action: one bank, which is Mibanco; nine financial firms, twelve municipal savings banks, five rural savings banks and six development entities for small and microbusinesses (Edpymes). The Peruvian microfinance system also includes 240 savings and loan associations (Cooperativa de Ahorro y Créditos or COOPACS by its Spanish initials), which have small portfolios and target specific geographic areas.

As of December 31, 2024, the Peruvian microfinance system (excluding COOPACS) represented around 63% of the total entities regulated by the Peruvian financial system, with microfinance loans totaling approximately S/67.2 billion (16% of Peruvian Financial System). As of December 31, 2024, according to the SBS, microfinance customers represented 55% of borrowers in the regulated Peruvian financial system.

Peruvian Microfinance System as of December 2024 Number of entities Assets (Soles in thousands) Loans (Soles in thousands) Deposits (Soles in thousands) Multiple banking 1 16,663,773 12,131,663 10,843,664 Financial firms 9 17,094,208 14,364,088 8,663,937 Municipal savings banks 11 45,390,983 36,580,904 32,739,290 Rural savings banks 5 1,710,382 1,410,313 1,165,454 Credit firms 5 3,092,408 2,683,570 - Savings and loan associations (COOPACS) (1) 240 N/A N/A N/A Total 271 83,951,754 67,170,538 53,412,345

(1) In 2019, SBS began overseeing COOPACS but there is still no financial information about them available.

Source: SBS

According to the SBS, as of December 31, 2024, Mibanco led the Peruvian market for loans in the micro business segment and ranks second in the small business segment regulated by the SBS, with shares of 27.3% and 11.8% respectively (compared to 19.0% and 20.3%, respectively, as of December 31, 2023 and 23.0% and 21.8%, respectively, as of December 31, 2022). The lower participation in the small business segment is a consequence of SBS resolution No. 2368-2023, which establishes new criteria, such as the incorporation of the level of sales or income for all business loans, in the classification of loans, which came into force in October 2024, and caused many medium-sized business clients to now be classified as small businesses.

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Municipal savings banks are important players in the microfinance system in Peru. In 2024, 11 municipal savings banks were operating and represented 54% of the total loans at year-end. The business model used by municipal savings associations is similar to the traditional relational model used by Mibanco, which conducts an on-site cash flow assessment of the customer. The municipal savings associations operate in municipal government ambits, and as such, their ability to innovate and modify products and processes is limited by the existence of multiple layers of approval.

In 2024, the Peruvian economy began to recover from the contraction registered last year, which was generated by adverse climatological shocks, social protests and a decrease in business confidence. For these reasons, Mibanco continued with a restriction on the offer of credits in the first semester of 2024 but began to drive loan growth particularly in smaller-ticket, higher-yield loans (under S/20,000) in the second semester of the year when signs of economic recovery were clearer. This recovery was attributable to an improvement in business confidence; better prices for mining exports; fiscal stimulus via growth in public investment; and moves by the Central Bank to ease monetary conditions once inflation returned to the target range. In this context, Mibanco prioritized healthy growth through prudent risk management and worked to maintain portfolio quality, in accordance with our appetite for risk, and its internal overdue loan coverage ratio was 115.3% in IFRS as of December 31, 2024. In Peruvian GAAP, as of December 31, 2024, Mibanco’s internal overdue loan coverage ratio was 126.2% and the average for municipal savings banks was 137.9%. Mibanco’s global capital ratio was 19.4% at year-end 2024, which exceeded the 13.9% global capital ratio reported by municipal savings banks at year-end 2024. Furthermore, in 2024, the ROE for Mibanco was 12.1%, which exceeded the 8.0% ROE collectively reported by the municipal savings banks system.

Recent competitive developments

The most relevant news and developments in the Peruvian microfinance sector from 2022 to 2024 were:

(1) In July 2022, through Resolution No. 01087-2022, the SBS created the Savings and Loan Associations Deposit Insurance Fund to start collecting insurance premiums from savings and loan associations in Peru. This insurance will provide coverage after 24 months of contribution (July 2024) up to a maximum of S/5,000 for savings and loan associations with total assets less than 32,200 Tax Units (Unidades Impositivas Tributarias or UITs by their Spanish initials) (S/148.2 million) and up to a maximum of S/10,000 for savings and loan associations with total assets higher than 32,200 Tax Units (S/148.2 million) for each contributor.

(2) In July 2022, through Resolution No. 02192-2022, the SBS approved the dispositions for the application of policies, procedures, and monitoring of maximum interest rates for consumer loans and small and microenterprise of the Usury Law Regulation (Law No. 31143).

(3) In August 2022, the global capital limit changed from 8.0% to 8.5%, after the previous relaxation of operating limits in the Banking Law (Urgent Decree No. 037-2021) associated with the Equity Strengthening Program for Institutions Specialized in Microfinance was terminated by Urgent Decree No. 003-2022.

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(4) In December 2022, through Ministerial Resolution No. 277-2022-EF/15, the guidelines and conditions of financial instruments of the CRECER Fund for factoring companies not included in the scope of the Banking Law No. 26702 were approved. CRECER was created in September 2018, through Decree Law No. 1399, for financing, granting guarantees and other financial products, necessary to promote the development of micro, small and medium-sized companies, as well as export companies.

(5) In December 2022, through Legal Decree (Decreto de Ley) No. 31658, a program was created to drive SME business development, MYPE – Impulso MyPeru. The objective of this effort is to provide SME loans backed by guarantees from the National Government; these loans are also issued with a bonus for good payers. In December, and after 12 tenders, more than S/4.500 million were granted to bidding entities from the financial system (ESF) and to Savings and Loan Cooperatives (COOPAC). The average interest rate for MyPeru loans stands at 13%, which is far below the average of 30% for SME loans offered by the financial system. As of November 24th, S/1.876 million had been disbursed to 82,797 SME beneficiaries, 65% of which were microbusinesses and the remaining 35%, small businesses.

(6) In August 2023, SBS intervened in Caja Raiz due to a significant deterioration in its solvency. Rural savings associations and cooperatives were the most affected by the pandemic, subsequent recession, and adverse economic environment in 2023, given that a large tranche of their portfolio is comprised of microbusinesses and small companies.

(7) In 2023, SBS dissolved more than 27 cooperatives for diverse reasons, including loss of share capital; failure to submit financial statements; work stoppage at main offices; among others. Since 2019 (when SBS took over as the supervisory entity for COOPACS or Savings and Loan Cooperatives), SBS has closed 137 cooperatives due to inactivity (84%) and total loss of share capital and reserves (22%).

(8) In July 2024 and September 2024, SBS intervened Caja Sullana and Financiera Credinka, respectively. Both institutions were included in the program to strength equity for microfinances institutions that allowed SBS to transfer assets, liabilities and customers to Caja Piura and Caja Arequipa via auction. The closure of both institutions occurred due to a significant deterioration in solvency as a result of constant financial losses in recent years due to deficiencies in risk management, both in its credit granting policy and in its internal control system, which were aggravated by the pandemic, subsequent recession, adverse economic environment and climatological phenomena in 2023.

5.2.2 Colombian microfinance system

The Colombian microfinance system is regulated by the SFC. As of December 2024, Colombian microfinance institutions represented around 22% of the total entities regulated by the Colombian financial system, with microfinance loans totaling approximately 22.1 billion Colombian pesos. Mibanco Colombia, which belongs to the Multiple Banking sector, was ranked third in the microfinance system with a market share of 15% of loans in this segment according to the SFC. Microfinance institutions reported a presence in 1,104 municipalities (100% of total municipalities in the country) and 52% of the microentrepreneurs were women, according to the Association of Microfinance Institutions of Colombia (or Asomicrofinanzas by its Spanish initials).

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Colombian Financial System in December 2024 Number of entities Assets (Pesos in millions) Deposits (Pesos in millions) Loans (Pesos in millions) Microfinance Loans (Pesos in millions) Multiple banking 30 998,265,522 661,112,355 677,712,006 19,208,118 Financial corporations 6 31,401,510 8,693,376 0 0 Finance company 14 24,919,905 15,567,001 14,853,814 647,516 Financial cooperatives 4 4,898,576 3,054,114 4,275,367 1,045,398 Microfinance institutions 15 N/A N/A N/A 1,177,316 Total 69 1,059,485,513 688,426,846 696,841,187 22,078,348

Source: SFC and Asomicrofinanzas

Recent competitive developments

The most relevant new developments in the Colombian microfinance sector from 2022 to 2024 were:

(1) In March 2023, via decree (decreto) 455, new lending modalities were created and interest rates on these products must now be certified by the Financial Superintendence of Colombia. The new modalities were popular loans for rural production (crédito popular productivo rural); popular loan for urban production (crédito popular productivo urbano); rural production loan (crédito productivo rural); urban production loan (crédito productivo urbano); and higher-ticket production loan (crédito productivo de mayor monto). Differentiated certifications were implemented for current interest, which led rates on Microloan disbursements to drop significantly.

(2) In December 2023, via decree (decreto) 2120, the program "CREO, un crédito para conocernos" was created to benefit the agricultural and non-agriculture sector of the popular economy by offering access to low-ticket loans that require no co-signers or collateral; tenures are up to 24 months. The government is betting on La Economía Popular to drive the country’s economy by promoting financial inclusion with the support of Bancoldex and the Fondo Nacional de Garantías.

(3) In February 2024, the Financial Superintendence of Colombia (SFC) issued External Circular 004, establishing the basic legal and technological framework for the implementation of open finance in the country. This regulation calls upon financial entities -including banks, fintech’s and other institutions- to enable standardized and secure access to clients’ financial data with explicit consumer consent. Despite these advancements, the regulatory framework for open finance in Colombia remains under development. However, the adoption of open finance is expected to empower consumers to control their financial information, facilitating tailored financial products and services, thereby promoting innovation and competition in the financial sector. For Mibanco Colombia and the overall microfinance sector, this regulation encourages innovation in credit scoring models, fosters more efficient customer onboarding processes and partnerships with digital platforms.

(4) In May 2024, through Decree 654, the government modified the structure of the National Fund for Guarantees (FNG) to optimize operations and help the organization adapt to the needs of the market. FNG and the entities grouped together under Asomicrofinanzas agreed, under the Credit Pact, to finance around 1.9 million Colombians to support FNG’s goal to increase the lending inclusion indicator from 35.3% to 40% in 2026.

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(5) In August 2024, the Colombian Government reached an agreement with the banking sector known as the “Credit Pact.” Under this pact, financial entities, including Mibanco Colombia, committed to channeling 55 billion Colombian pesos to five strategic economic sectors over a period of 18 months. The prioritized sectors include housing, manufacturing, agriculture and livestock, the popular economy, and tourism. The main objective is to jump-start the economy and facilitate access to credit in traditionally unserved areas. Loan disbursements rose by 26% under the Credit Pact as of December 2024. These disbursements were concentrated in prioritized sectors to reactivate the country’s economy and boost financial inclusion.

(6) In October 2024, the Fundación Grupo Social, owner of Banco Caja Social, announced that it had acquired 51% of the shares of Banco W, which specializes in microfinance. Fundación WWB Colombia retained the remaining 49%. This transaction is pending approval from the Superintendency of Finance of Colombia, so for the time being the companies have announced that they will continue to operate independently and will maintain their strategies and product portfolios.

5.3 Insurance & Pensions

5.3.1 Grupo Pacífico

The Peruvian insurance market, which includes P&C, life, and corporate health insurance market, is comprised of 17 active companies, of which 8 are dedicated to P&C and lifelines, 6 are dedicated exclusively to P&C and 3 are dedicated exclusively to life. According to the SBS and SUSALUD, as of December 31, 2024, four companies (Rimac, Grupo Pacífico, La Positiva and Mapfre) represented a combined 80.1% market share in terms of written premiums, and the leading two companies had a combined market share of 56.1%.

In 2024, Grupo Pacífico was the second-largest insurance company in Peru in terms of written premiums, with a consolidated market share of 26.8% (compared to 26.8% in 2023), according to the SBS and SUSALUD. Grupo Pacífico had a 9.5% written premium increase from 2023 to 2024, which was higher than the Peruvian average growth of 9.3%, which we believe is due to its efficient management. As a result, Grupo Pacífico remains the largest insurance company in the life and health insurance markets with 26.6% and 43.6% of market share, respectively, according to the SBS and SUSALUD. The following table lists the Peruvian market share of each of the top six insurers by annual written premiums in 2024:

Market Share by Annual Written Premiums (1) 2022 2023 2024 1. Rimac 30.7 % 30.5 % 29.3 % 2. Grupo Pacífico 26.5 % 26.8 % 26.8 % 3. Mapfre 12.9 % 12.9 % 12.3 % 4. La Positiva 11.1 % 11.9 % 11.8 % 5. Interseguro 5.6 % 4.9 % 5.3 % 6. Cardiff 2.8 % 2.8 % 2.3 % Annual Written Premiums (Soles in millions) 21,703 23,437 25,623

Source: SBS + SUSALUD

(1) P&C + Life + Corporate Health Insurance Businesses

We believe Grupo Pacífico has a relatively well-diversified product portfolio, with a composition comparable to that of the overall Peruvian insurance industry. In contrast to the Latin-American region, Peru maintains a low insurance penetration level: as of December 31, 2024, the region has an insurance penetration level of 3.0%, while Peru’s was 2.2% in 2024, according to the SBS and BCRP.

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In 2024, the Peruvian insurance market registered an increase of 9.3% in terms of total direct premiums (S/25,622 million compared to S/23,437 million in 2023) due to general risks, particular annuities and D&S businesses. This growth rate was higher than that of the nominal gross domestic product (GDP), which increased 8.4% in the same period. The increase in direct premiums comes from the life segment, for which production increased 14.4% from 2023 to 2024, and to P&C segment, for which production increased 4.1% from 2023 to 2024.

Life and P&C insurance market

In 2024, total written premiums in the Peruvian life and P&C insurance sectors increased 9.5% compared to 2023, higher than the 8.1% increase from 2022 to 2023 (after an increase of 5.9% from 2021 to 2022). Written premiums in the Peruvian life and P&C insurance market totaled S/22,186 million in 2024, higher than S/20,266 million registered in 2023, and higher than S/18,746 million registered in 2022. Total written premiums in the Peruvian life insurance business increased 14.4% from 2023 to 2024 (after an increase of 8.0% from 2022 to 2023), and those in the Peruvian P&C business grew 4.1% from 2023 to 2024 (after an increase of 8.2% from 2022 to 2023), according to the SBS. For comparison, in 2024, Peru’s GDP increased 3.3%, according to the BCRP.

According to the SBS, in 2024, Grupo Pacífico’s written premiums in Peru’s consolidated life and P&C businesses were 24.2% of the Peruvian market, compared to 24.2% in 2023 and 23.7% in 2022. Grupo Pacífico’s written premiums in 2024 were the second largest of any company in Peru’s consolidated life and P&C insurance market.

Life Insurance market

In 2024, written premiums in Peru’s life insurance market totaled S/12,040.6 million, which represents an increase of 14.4% from 2023, according to the SBS. This was mainly attributable to Annuities (which increased 38.9% from 2023), Individual Life (which increased 22.6% from 2023), and to Credit Life (which increased 4.4% from 2023).

According to the SBS, Grupo Pacífico had the largest market share in the Peruvian life insurance market by written premiums (26.6%) in 2024, which was lower than its market share of 27.5% in 2023. In 2024, Grupo Pacífico’s written premiums increased 10.8% from 2023, lower than Peru’s average growth of 14.4%. The increase in Grupo Pacífico’s written premiums was primarily attributable to Annuities, which increased 62.6% from 2023 due to higher sales in the partifular product; Credit Life, which increased 19.8% from 2023 driven by an increase in sales of Bancassurance and Alliance channels; and Individual Life, which increased 18.7% from 2023 due to higher sales in single premiums.

P&C Insurance market

In 2024, the written premiums of Peru’s P&C insurance market totaled S/10,145.5 million, which represents an increase of 4.1% from 2023, according to the SBS. This result was primarily attributable to P&C risks due to earthquake insurance premiums (which increased 11.5% from 2023), surety insurance (which increased 15.1% from 2023), civil liability insurance (which increased 12.6% from 2023), and fire risk insurance (which increased 6.6% from 2023); cars premiums (which increased 3.0% from 2023), and SOAT (which increased 3.1% from 2023).

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According to the SBS, Grupo Pacífico had the second largest market share in Peru’s P&C sector (21.3%) in 2024, which is higher than its 20.7% market share in 2023. Grupo Pacífico’s written premiums increased 7.4% from 2023, which is higher than Peru’s average growth rate of 4.1%. The increase in Grupo Pacífico’s written premiums was mainly driven by P&C risks premiums (which increased 10.1% from 2023), due to civil liability insurance premiums, fire risk, and theft insurance for credit cards; SOAT (which increased 69.7% from 2023), due to higher sales in Yape, Medical Assistance (which increased 3.4% from 2023) due to higher sales in oncological products, and cars premiums (which increased 3.7% from 2023), through higher premium subscriptions in the bancassurance, brokers and digital channels.

Corporate Health Insurance and Medical Services market

According to SUSALUD, in 2024, written premiums in Peru’s health insurance market totaled S/3,436.7 million, which represented an increase of 8.4% compared to the previous year. Based on figures from SUSALUD, Grupo Pacífico had Peru’s largest market share in the health insurance market in 2024 (43.6%, compared to 43.1% in 2023).

5.3.2 Prima AFP

As of December 31, 2024, there are four companies in the PPS, including Prima AFP.

According to the SBS, assets under management in the PPS reached S/107.0 billion, of which Prima AFP managed S/32.1 billion, which represented a market share of 30.0%, similar to 2023 (30.0%) and 2022 (30.1%).

As of December 31, 2024, the PPS reached 9.8 million affiliates, of which 2.3 million were Prima AFP’s customers, representing a market share of 23.9%. Collections in the PPS in 2024 reached S/16.1 billion, of which S/4.3 billion was collected by Prima AFP, representing a market share of 26.5%.

As discussed below under “PPS Reforms,” the Peruvian government began a process of reforming the PPS in 2012 through the passage of the PPS Reform Law. This reform contemplated a tender process to be held every 24 months, in which the AFP that offers the lowest management fee wins the tender. As a result, new workers who enter the PPS become members of the tender holder and remain in it for at least 24 months.

The following table shows the PPS tender processes held to date and their respective winners:

No. Date Held Period Winner - September 2012 October 2012 – May 2013 Prima AFP 1st December 2012 June 2013 – May 2015 AFP Habitat 2nd December 2014 June 2015 – May 2017 AFP Habitat 3rd December 2016 June 2017 – May 2019 Prima AFP 4th December 2018 June 2019 – May 2021 AFP Integra 5th December 2020 June 2021 - May 2023 AFP Integra 6th December 2022 June 2023 - May 2025 AFP Integra 7th December 2024 June 2025 - May 2027 Profuturo AFP

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5.4 Investment Management and Advisory

Asset Management

In Peru, we compete in the mutual funds market (where we maintain leadership with a 33% market share), investment funds, and mandates with Fund Management Companies belonging to the main financial groups operating in the country (such as BBVA Fondos, Interfondos, Scotia Fondos), and non-banking Fund Management Companies with local and regional operations (such as Compass, Fondos Sura, Larrain Vial). This includes managing funds and mandates investing in traditional, alternative, and structured products.

In Colombia, we compete in the collective investment funds market (with a 10% market share), private equity funds, and investment trusts that primarily invest in traditional and alternative assets with local stockbrokers and fiduciaries, such as BBVA AM, Alianza, Valores Bancolombia, Corredores Davivienda, Ashmore and BTG. Regarding voluntary pension funds, we compete with major mandatory pension funds and some fiduciaries; notable competitors include Protección, Porvenir, Colfondos, Skandia, and Alianza.

In Chile, we compete in the mutual funds market, investment funds (public and private), and third-party portfolio management with non-banking General Fund Managers (AGF) with regional operations and a focus on Latin America, such as Larrain Vial, Compass, BTG, and Moneda.

In Offshore Funds, we also compete with Global Asset Managers that have Latin American fixed or variable income funds and are regulated UCITS funds.

Wealth Management

In Wealth Management, while the team is consolidated in Peru, we seek to capitalize on the growth opportunity in Colombia and Chile. In this business, we compete in a regional market led by global banks and financial institutions, especially in the ultra-high-net-worth segment.

Capital Markets

Through the Capital Market, we operate in the Securities Brokers and Intermediaries sector, which comprises establishments primarily engaged in the buying, selling, and brokerage of securities (secondary market), as well as the placement of securities issuances (primary market).

In capital markets, our brokerage house in Peru held the second largest market share in equities (22.3% of traded value) and the largest in fixed income (49.5% of traded volume), excluding the volumes outside of the stock market, according to the BVL. Similarly, our brokerage company in Colombia held the largest market share among brokers in equities (21.5% of traded value) and the largest in fixed income (23.8% of traded volume) according to the Colombian Stock Exchange.

In Chile, we held the seventh largest market share in equities (5.1%) and the fifth largest in fixed income proprietary accounts (6.08%), in terms of traded volume, according to the Santiago Stock Exchange.

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Trust Services

In Peru, we have a strong leadership position in fiduciary and custody services to retail and institutional customers, but further growth is limited by market size. On the other hand, we have a relatively low market share in fiduciary services in Colombia (less than 5% measured by number of trust deeds), according to the Association of Fiduciaries of Colombia (Asociación de Fiduciarias de Colombia), which also presents us with an opportunity for growth.

(6) Supervision and regulation

6.1 Credicorp

Credicorp Ltd. is a tax-exempted company located in Bermuda. Credicorp maintains a presence and conducts its activities in Peru, Cayman Islands, Bolivia, Colombia, Chile, Mexico, Panama, the United States, and Luxembourg through its different LoBs and subsidiaries.

Other than as described under “ITEM 3. KEY INFORMATION – 3. D Risk Factors –9 Credicorp, as a Bermuda tax-exempted company, may be adversely affected by any change in Bermuda law or regulation,” there are no applicable regulations under Bermuda law that are likely to materially impact our operations as they are currently structured. Under Bermuda law, there is no regulation applicable to Credicorp as a holding company that would require that we separate the operations of our subsidiaries incorporated and existing outside Bermuda.

Our common shares are listed on the NYSE. We are therefore subject to regulation by the NYSE and the SEC as a “foreign private issuer”. We also must comply with the Sarbanes-Oxley Act of 2002.

We are subject to certain requirements set forth by the Peruvian Banking and Insurance Law, as well by certain banking resolutions issued by the SBS, including the Peruvian Consolidated Supervision of Financial and Mixed Conglomerates Regulation. These regulations affect us primarily in the areas of reporting, risk control guidelines, limitations, ratios, and capital requirements.

Since our common shares are listed on the BVL in addition to the NYSE, we are subject to certain reporting requirements to the SMV and the BVL. See “Item 9. The Offer and Listing – 9.C Markets – (2) Market Regulation”. The SMV issued SMV Resolution 016-2019-SMV/01 - “Guidelines for the qualification of Independent Directors”, which are not binding rules; but recommendations to the issuers listed on the BVL and under SMV supervision.

(i) Capital Adequacy Requirements

On September 29, 2010, the SBS issued SBS Resolution No. 11823-2010, which established the methodologies for calculating the regulatory capital and capital requirements for financial and mixed conglomerates. Article 4 of SBS Resolution 11823-2010 identifies two categories of consolidated groups: (i) the financial system consolidated group and (ii) the insurance system consolidated group. A combined group of companies formed by these two categories of entities is called a financial group. Each of the financial system consolidated group, the insurance system consolidated group and the financial group is required to hold regulatory capital that is greater than or equal to the capital requirements applicable to each respective group.

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The capital requirements applicable to the financial group are the sum of the capital requirements applicable to the financial system consolidated group and the insurance system consolidated group. The capital requirements applicable to the financial system consolidated group and to the insurance system consolidated group are the sum of the capital requirements applicable to each of the companies that belong to each respective group. For unsupervised companies, regulatory capital is required to be the greater of: (i) 10% of third-party assets or (ii) the ratio of third-party assets over total assets multiplied by the sum of paid-in-capital, legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval and retained earnings with capitalization agreements net of current and past years’ losses.

Article 6 of SBS Resolution No. 11823-2010 provides that regulatory capital of the consolidated groups comprises the sum of basic capital and supplementary capital and is calculated as follows:

• Basic Capital: Basic Capital or Tier 1 capital is comprised of:

(i) paid-in-capital (which includes common stock and perpetual non-cumulative preferred stock), legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval and retained earnings with capitalization agreements (that is, earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock); and

(ii) other elements that have characteristics of permanence and loss absorption that are in compliance with regulations enacted by the SBS.

Items deducted from Tier 1 capital include:

(a) current and past years’ losses;

(b) deficits of loan loss provisions;

(c) goodwill resulting from corporate reorganizations or acquisitions; and

(d) half of the amount referred to in “Deductions” below. Absent any Tier 2 capital, 100% of the amount referred to in “Deductions” below must be deducted from Tier 1 capital.

The elements referred to in item (ii) above should not exceed 17.65% of the amount resulting from adding components from clause (i) of Basic Capital or Tier 1 capital, net of the deductions in (a), (b) and (c) in the list above.

• Supplementary Capital: Supplementary capital comprises the sum of Tier 2 and Tier 3 capital. Tier 2 capital elements include:

(a) paid-in-capital, legal reserves, supplementary capital premiums, and voluntary reserves that may be reduced without prior consent from the SBS;

(b) the eligible portion of the consolidated redeemable subordinated debt and of any other components that have characteristics of debt and equity as provided by the SBS;

(c) for banks using the SBS standardized approach method, the generic loan loss provision up to 1.25% of total credit Risk Weighted Assets (RWAs); or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs (pursuant to Article 189 of Law No. 26702); and half of the amount referred to in “Deductions” below. Tier 3 capital comprises consolidated redeemable subordinated debt that is incurred with the sole purpose of covering market risk.

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• Deductions: The following elements are deducted from Tier 1 and Tier 2 capital:

(a) for the financial system consolidated group, all investments in shares and subordinated debt issued by other local or foreign financial institutions and insurance companies; for the insurance system consolidated group, all investments in shares and subordinated debt issued by other local or foreign insurance companies;

(b) all investments in shares and subordinated debt issued by entities that are part of the holding but do not belong to any of the consolidated groups;

(c) for the financial system group, (i) the amount by which an investment in shares issued by a real sector company which is neither part of the holding nor part of the negotiable portfolio exceeds 15% of the financial system consolidated group’s regulatory capital; and (ii) the amount by which the aggregate amount of all investments in shares issued by real sector companies which are not part of the Conglomerate and which are not part of the financial system consolidated group’s negotiable portfolio exceeds 60% of the regulatory capital.

Article 7 of SBS Resolution No. 11823-2010 provides that the following limits apply when calculating regulatory capital: (i) the aggregate amount of supplementary capital must not exceed the aggregate amount of basic capital; (ii) the amount of redeemable Tier 2 subordinated instruments must be limited to 50% of the amount resulting from the sum of Tier 1 elements in “Basic Capital” above; and (iii) the amount of Tier 3 capital must be limited to 250% of the sum of Tier 1 elements.

Article 10 of SBS Resolution No. 11823-2010 provides that regulatory capital of the financial group is comprised of the sum of basic capital and supplementary capital and is calculated as follows:

• Basic Capital: Basic Capital or Tier 1 capital comprises:

(i) paid-in-capital (which includes common stock and perpetual non-cumulative preferred stock), legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval, and retained earnings with capitalization agreements (that is, earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock); and

(ii) other elements that have characteristics of permanence and loss absorption that are in compliance with regulations enacted by the SBS.

• Items deducted from Tier 1 capital include:

(i) current and past years’ losses;

(ii) deficits of loan loss provisions;

(iii) goodwill resulting from corporate reorganizations or acquisitions; and

(iv) half of the amount referred to in “Deductions” below. Absent any Tier 2 capital, 100% of the amount referred to in “Deductions” below must be deducted from Tier 1 capital.

• Supplementary Capital: Supplementary capital is comprised of the sum of Tier 2 and Tier 3 capital. Tier 2 capital elements include:

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(i) paid-in-capital, legal reserves, supplementary capital premiums, and voluntary reserves that may be reduced without prior consent from the SBS;

(ii) the eligible portion of the consolidated redeemable subordinated debt and of any other components that have characteristics of debt and equity as provided by the SBS;

(iii) the generic loan loss provision included in the supplementary capital of the financial consolidated group; and

(iv) half of the amount referred to in “Deductions” below.

Tier 3 capital comprises consolidated redeemable subordinated debt computed in the consolidated groups.

• Deductions: The following elements are deducted from Tier 1 and Tier 2 capital:

(i) all investments in shares and subordinated debt issued by other local or foreign financial institutions and insurance companies;

(ii) all investments in shares and subordinated debt issued by entities that are part of the conglomerate but do not belong to any of the consolidated groups; and

(iii) all investments in shares issued by real sector companies that are not part of the conglomerate and the negotiable portfolio, computed as deductions in the financial system consolidated group.

For further information, see “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5. B Liquidity and Capital Resources – (1) Capital Adequacy and Solvency Management – (1.1) Credicorp”.

Regulatory capital from January 2024.

On September 14, 2023, the SBS issued SBS Resolution No. 03004-2023, revising the methodologies for calculating the regulatory capital and capital requirements for financial and mixed conglomerates. Changes were made to the conglomerate regulation to reflect the regulatory capital changes implemented in the Peruvian financial system in 2023, according to the legislative decree No. 1531. The new regulatory capital framework defines three capital requirements: CET1, Tier 1 Capital and Total Regulatory Capital for the financial system consolidated group and the financial group.

Financial System Consolidated Group

Article 5-A of SBS Resolution No. 03004-2023 sets forth the capital requirements for the financial system consolidated group. The CET1 Capital requirement will be equal to or greater than the sum of 45% of the financial system consolidated group capital requirement, including 100% of combined buffers. The Tier 1 Capital requirement will be equal to or greater than the sum of 60% of the financial system consolidated group capital requirement, including 100% of combined buffers. The total capital requirement will be equal or greater than the sum of 100% of the financial system consolidated group capital requirement, including 100% of combined buffers and 100% of the additional risk buffer. Combined buffers are the sum of the conservation buffer, the economic cycle buffer and concentration risk buffer. Additional risk buffer refers to credit concentration risk.

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Article 6-B of SBS Resolution No. 03004-2023 states that the capital requirement for companies within the financial system consolidated group should incorporate:

(a) For supervised companies with capital requirements subject to risk assumed in operations: the sum of credit risk capital requirements, market risk capital requirements and operational risk capital requirements; and

(b) For unsupervised companies, the greater of: (i) 10% of third-party assets or (ii) the ratio of third-party assets over total assets multiplied by the sum of paid-in-capital, legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval, and retained earnings with capitalization agreements net of current and past years’ losses.

Article 5-B of SBS Resolution No. 03004-2023 states that the financial system consolidated group regulatory capital is composed of CET1 Capital, Additional Tier 1 Capital and Tier 2 Capital.

CET 1 Capital:

(a) Common shares and other capital instruments, as long as they have been paid and comply with the conditions indicated by the SBS;

(b) Issue premium of common shares and other capital instruments indicated in subparagraph (a);

(c) Earnings from prior years and from the year in progress of Credicorp’s financial system consolidated group companies that comply with the SBS’s accounting regulations as designated by the SBS;

(d) Unrealized gains attributable to available for sale investments that meet the conditions designated by the SBS;

(e) Legal reserves and optional reserves;

(f) Donations that meet the conditions designated by the SBS;

(g) Regulatory adjustments that include the following deductions:

(i) Financial system consolidated group losses from prior years and from the current year as designated by the SBS;

(ii) Unrealized losses attributable to available for sale investments as designated by the SBS

(iii) Shortfalls in provisions determined by the SBS;

(iv) Goodwill resulting from reorganizations or acquisitions;

(v) Intangible assets, other than those indicated in item (iv);

(vi) Deferred income tax assets originated due to carryover losses;

(vii) Deferred income tax assets, net of deferred income tax liabilities, originated due to temporary differences that exceed the threshold established by the SBS;

(viii) Direct or indirect holding of instruments of capital included in the computation of CET 1 Capital, which have been issued by the company itself and that are kept in treasury, and instruments owned by the company and included in the computation of CET 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

(ix) Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial system consolidated group;

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(x) For companies using internal models to calculate capital requirements for credit risk, the difference between expected loss and total provisions for credit risk, when this difference is positive;

(xi) Additional Tier 1 Capital deductions that exceed the Additional Tier 1 Capital additions; and

(xii) The portion of the difference between regulatory capital and capital requirements that come from elements of CET 1 Capital that do not correspond to controlling interests as calculated according to SBS methodology.

Additional Tier 1 Capital:

(a) Equity instruments and subordinated debt that meet the conditions of Additional Tier 1 Capital as determined by the SBS;

(b) Share premium of capital instruments indicated in item (a);

(c) Regulatory adjustments that include the following deductions from Additional Tier 1 Capital:

(i) Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Additional Tier 1 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Additional Tier 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

(ii) Investments in equity and/or subordinated debt instruments included in the computation of Additional Tier 1 Capital issued by companies in Peru or abroad that do not belong to the financial system consolidated group;

(iii) Tier 2 Capital deductions that exceed the Tier 2 Capital additions; and

(iv) The portion of the difference between regulatory capital and capital requirement that comes from elements of Additional Tier 1 Capital that do not correspond to controlling interest as calculated according to SBS methodology.

Tier 2 Capital:

(a) Equity instruments and subordinated debt that meet the conditions of Tier 2 Capital as determined by the SBS;

(b) Share premium of capital instruments indicated in item (a);

(c) For companies within the financial system consolidated group subject to capital requirements for credit risk, the generic loan loss provision up to 1.25% of credit RWAs; or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs;

(d) Regulatory adjustments that include the following Tier 2 net worth deductions:

(i) Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Regulatory Tier 2 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Tier 2 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

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(ii) Investments in equity and/or subordinated debt instruments included in the computation of Tier 2 Capital issued by companies in Peru or abroad that do not belong to the financial system consolidated group; and

(iii) The portion of the difference between regulatory capital and capital requirement that comes from elements of Tier 2 Capital that do not correspond to controlling interest as calculated according to SBS methodology.

Article 6-A of SBS Resolution No. 03004-2023 sets forth the following limits within regulatory capital:

(a) Additional Tier 1 Capital must not exceed one-third of CET 1 Capital. The excess above said limit can be included in certain companies as Regulatory Tier 2 Capital.

(b) Regulatory Tier 2 Capital should not be greater than two-thirds of the Regulatory Tier 1 Capital. The excess over said limit is not in the computation of total regulatory capital.

Insurance System Consolidated Group

Article 7-A of SBS Resolution No. 03004-2023 sets forth the capital requirements for the insurance system consolidated group, which will be equal or greater than the sum of 100% of the insurance system consolidated group capital requirement.

Article 8-B of SBS Resolution No. 03004-2023 states that the capital requirement for companies within the insurance system consolidated group should incorporate:

a) For supervised companies with capital requirements subject to risk assumed in operation: the sum of capital requirements associated with solvency, guarantee fund, credit risk and additional risks;

b) For unsupervised companies, the greater of: (i) 10% of third-party assets or (ii) the ratio of third-party assets over total assets multiplied by the sum of paid-in-capital, legal reserves, supplementary capital premiums, voluntary reserves distributable only with prior SBS approval and retained earnings with capitalization agreements net of current and past years’ losses.

Article 7-B of SBS Resolution No. 03004-2023 states that the insurance system consolidated group regulatory capital is composed of:

(a) Common stock and perpetual non-cumulative preferred stock;

(b) Supplementary capital premiums;

(c) Legal reserves and voluntary reserves;

(d) Retained earnings with capitalization agreements (that is, earnings that the shareholders or the Board of Directors, as the case may be, have committed to capitalize as common stock);

(e) Donations that meet the conditions designated by the SBS;

(f) Equity instruments and subordinated debt that meet the conditions designated by the SBS;

(g) Regulatory adjustments that include the following deductions:

(i) Losses from prior years and from the current year;

(ii) Unrealized losses in available for sale investments, as determined by the SBS;

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(iii) Shortfalls in provisions determined by the SBS;

(iv) Goodwill;

(v) Intangible Assets;

(vi) Investments in equity or subordinated debt instruments, issued by companies that do not form part of the insurance system consolidated group, in Peru or abroad;

(vii) Additional Tier 1 Capital deductions that exceed the Additional Tier 1 Capital additions;

(viii) The portion of the difference between regulatory capital and the capital requirement that comes from capital or subordinated debt elements that do not correspond to controlling interest, as calculated according to the SBS methodology; and

(ix) Unrealized losses due to variations in the mathematical reserve following movements in interest rates, as determined by the SBS.

Financial Group

Article 9 of SBS Resolution No. 03004-2023 sets forth the capital requirements for the financial group. The CET 1 Capital requirement will be equal to or greater than the sum of 45% of the financial group capital requirement, including 100% of combined buffers. The Tier 1 Capital requirement will be equal to or greater than the sum of 60% of the financial system consolidated group capital requirement, including 100% of combined buffers. The total capital requirement will be equal to or greater than the sum of 100% of the financial system consolidated group capital requirement, including 100% of combined buffers and 100% of the additional risk buffer. Combined buffers are the sum of the conservation buffer, the economic cycle buffer and concentration risk buffer. Additional risk buffer refers to credit concentration risk.

Article 11 of SBS Resolution No. 03004-2023 states that the capital requirement for companies within the financial group should incorporate the sum of capital requirements for financial system consolidated group and the capital requirements for insurance system consolidated group.

Article 10 of SBS Resolution No. 03004-2023 states that the financial system consolidated group regulatory capital is composed of CET 1 Capital, Additional Tier 1 Capital and Tier 2 Capital.

CET 1 Capital:

(a) Common shares and other capital instruments, as long as they have been paid and comply with the conditions indicated by the SBS;

(b) Issue premium of common shares and other capital instruments indicated in subparagraph (a);

(c) Earnings from prior years and from the year in progress of Credicorp’s financial system consolidated group companies that comply with the SBS’s accounting regulations as designated by the SBS;

(d) Unrealized gains attributable to available for sale investments that meet the conditions designated by the SBS;

(e) Legal reserves and optional reserves;

(f) Donations that meet the conditions designated by the SBS;

(g) Regulatory adjustments that include the following deductions:

(i) Financial group losses from prior years and from the current year as designated by the SBS;

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(ii) Unrealized losses attributable to available for sale investments as designated by the SBS

(iii) Shortfalls in provisions determined by the SBS;

(iv) Goodwill resulting from reorganizations or acquisitions;

(v) Intangible assets, other than those indicated in item (iv);

(vi) Deferred income tax assets originated due to carryover losses;

(vii) Deferred income tax assets, net of deferred income tax liabilities, originated due to temporary differences that exceed the threshold established by the SBS;

(viii) Direct or indirect holding of instruments of capital included in the computation of CET 1 Capital, which have been issued by the company itself and that are kept in treasury, and instruments owned by the company and included in the computation of CET 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

(ix) Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial group;

(x) For companies using internal models to calculate capital requirements for credit risk, the difference between expected loss and total provisions for credit risk, when this difference is positive;

(xi) Additional Tier 1 Capital deductions that exceed the Additional Tier 1 Capital additions; and

(xii) The portion of the difference between regulatory capital and capital requirements that come from elements of CET 1 Capital that do not correspond to controlling interest, as calculated according to SBS methodology.

Additional Tier 1 Capital:

(a) Equity instruments and subordinated debt that meet the conditions of Additional Tier 1 Capital as determined by the SBS;

(b) Share premium of capital instruments indicated in item (a);

(c) Regulatory adjustments that include the following deductions from Additional Tier 1 Capital:

(i) Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Additional Tier 1 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Additional Tier 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

(ii) Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial group;

(iii) Tier 2 Capital deductions that exceed the Tier 2 Capital additions; and

(iv) The portion of the difference between regulatory capital and capital requirement that comes from elements of Additional Tier 1 Capital that do not correspond to controlling interest, as calculated according to SBS methodology.

Tier 2 Capital:

(a) Equity instruments and subordinated debt that meet the conditions of Tier 2 Capital as indicated by the SBS;

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(b) Share premium of capital instruments indicated in item (a);

(c) For companies within the financial system consolidated group subject to capital requirements for credit risk, the generic loan loss provision up to 1.25% of credit RWAs; or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs;

(d) Regulatory adjustments that include the following Tier 2 net worth deductions:

(i) Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Regulatory Tier 2 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Tier 2 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

(ii) Investments in equity instruments included in the computation of CET 1 Capital, issued by companies in Peru or abroad that do not belong to the financial system consolidated group; and

(iii) The portion of the difference between regulatory capital and capital requirement that comes from elements of Tier 2 Capital that do not correspond to controlling interest, as calculated according to SBS methodology.

(ii) Other Regulations

The Dodd-Frank Act imposes obligations on swap dealers in respect of swap transactions, including trading relationship documentation and disclosure obligations.

EMIR is a European Union regulation aimed at reducing systemic counterparty risk by increasing transparency of both parties in over-the-counter transactions.

Credicorp complies with these Dodd-Frank Act and EMIR requirements through implementation of ISDA Protocols, addressing management of existing relationships and compliance with counterparty requirements.

6.2 Subsidiaries

6.2.1 Peru

Credicorp’s main subsidiaries, BCP Stand-alone, Mibanco, Grupo Pacífico, Prima AFP, and Credicorp Capital Peru, are located in Peru and they offer banking and financial services. Furthermore, they are regulated by Peruvian laws and supervised by Peruvian Financial Regulators.

In Peru financial institutions, insurance companies and pension funds are regulated by Peruvian Banking and Insurance Law. In general, it provides for loan loss reserve standards, brings asset risk weighting in line with Basel Committee on Banking Regulations and Supervisory Practices of International Settlements (Basel Committee) guidelines, empowers the SBS to supervise financial holding companies, and includes specific treatment of a series of recently developed products in the capital markets and derivatives areas.

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(i) Peruvian Regulators

The Peruvian Central Bank (BCRP)

The BCRP’s primary role is to ensure the stability of the Peruvian monetary system. The BCRP regulates Peru’s money supply, administers international reserves, issues currency, targets inflation ranges and determines Peru’s balance of payments and other monetary accounts. The BCRP’s Board of Directors develops and oversees monetary policy, establishes reserves requirements for entities within the financial system and approves guidelines for the management of international reserves. All entities within the Peruvian financial system are required to comply with the decisions of the BCRP.

The highest decision-making authority within the BCRP is its seven-member Board of Directors. Each Director serves a five-year term. Of the seven Directors, four are selected by the executive branch and three are selected by Peru’s congress. The Chairman of the BCRP is one of the executive branch nominees but must be approved by Peru’s congress.

The article 84 of Chapter 5 of the 1993 Constitution establishes that the BCRP is a legal person of public rights and has autonomy within the framework of its Organic Law. BCRP’s primary role is to ensure the stability of the Peruvian monetary system. According to Article 2 of its Organic Law, the BCRP functions are to regulate Peru’s money supply, manage international reserves, issue bills and coins, and report on national finances.

The monetary policy of the BCRP has been conducted under an inflation-targeting scheme since January 2002. The BCRP seeks to anchor inflation expectations through the announcement of an inflation target range of 1% to 3% and makes monetary policy decisions by using a reference rate for the interbank market interest rate. Depending on economic conditions, the BCRP changes its reference interest rate preventively to keep inflation and its expectations in the target range. Once a month, the Board of Directors approves and announces the monetary program through a policy statement which includes a brief description of the recent macroeconomic evolution, the decision about the reference interest rate and rationale behind said decision, as well as interest rates for BCRP operations with the financial system.

The BCRP's recent rate-cut cycle has reduced the monetary policy interest rate from a historical high of 7.75% to 4.75% as of January 2025 (in February, March and April 2025 the rate was kept unchanged). This cycle began with a 25-basis point cut in September 2023, followed by five consecutive 25 basis point cuts until February 2024. In March 2024, the BCRP continued to ease its policy stance but slowed the pace of cuts by pausing. This more gradual approach was due to the persistence of core inflation around the upper limit of the target, uncertainty regarding the start date of rate cuts by the U.S. Federal Reserve, and, in the last months of the year, a reference rate approaching its neutral level. The following table summarizes the reference interest rate changes from January 2022 to January 2025:

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Changes in BCRP's reference interest rate (January 2022 – January 2025) Date Held Rate January 2022 3.00% February 2022 3.50% March 2022 4.00% April 2022 4.50% May 2022 5.00% June 2022 5.50% July 2022 6.00% August 2022 6.50% September 2022 6.75% October 2022 7.00% November 2022 7.25% December 2022 7.50% January 2023 7.75% September 2023 7.50% October 2023 7.25% November 2023 7.00% December 2023 6.75% January 2024 6.50% February 2024 6.25% April 2024 6.00% May 2024 5.75% Agosto 2024 5.50% September 2024 5.25% November 2024 5.00% January 2025 4.75%

Additionally, the BCRP is also responsible for managing the liquidity in the financial system so that the interbank rate stays close to the reference rate. Policy instruments include (i) market instruments, (ii) discount window instruments and (iii) reserve requirements.

(i) Market instruments

To remove liquidity from the financial system

BCRP Deposit Certificates (BCRP CD): BCRP CDs are used to regulate the liquidity of the financial system through the sterilization of banks’ surplus liquidity. They are issued through an auction mechanism for terms of between one month and three years. As of December 2024, the aggregate value of outstanding BCRP CDs was S/36.6 billion.

BCRP Adjustable Deposit Certificates (BCRP CDRs): In addition to sterilizing banks’ surplus liquidity, BCRP CDRs target the reduction of depreciation pressures on the USDPEN exchange rate as the certificate is readjusted subject to the variation in the exchange rate between the issue date and maturity date. The aggregate outstanding value of BCRP CDRs declined from S/7.8 billion in February 2021 to zero in May 2022. It increased afterwards in October 2023 to S/ 2.1 billion. As of December 2024, the aggregate value of outstanding BCRP CDRs was zero.

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BCRP Deposit Certificates payable in US Dollars (BCRP CDLDs): BCRP CDLDs were created in 2010 to address downward pressures on the exchange rate related to banks’ forward contracts. Through BCRP CDLDs, the BCRP issues a deposit certificate denominated in Soles but for which payment on the issue date and maturity date is done in US Dollars. This is equivalent to a temporary purchase of dollars in the spot market sterilized by issuing BCRP CDs. This instrument has been used only twice–first at the end of 2010 and beginning of 2011 and second in 2017. Since March 2018, there are no BCRP CDLDs outstanding.

BCRP Deposit Certificates at variable rate (BCRP CDVs): The yield of BCRP CDVs is subject to adjustment based on the reference interest rate or the overnight interbank index, as determined by the BCRP. BCRP CDVs are used to sterilize liquidity in an environment of high uncertainty about future interest rates that reduces BCRP CD demand. Due to a macroeconomic environment characterized by high inflation and high interest rates, the instrument was used extensively starting in August 2021. Since June 2023, however, there have been no outstanding BCRP CDVs.

BCRP Term-deposits (BCRP DPs): BCRP DPs were created in 2010 in a context of significant short-term capital inflows to remove liquidity from the system when it replaced the issuance of BCRP CDs with terms of one month or less with BCRP DPs. In December 2024, the aggregate value of outstanding BCRP DPs was S/6.0 billion.

To inject liquidity into the financial system

Reverse-repo: Through reverse repurchase agreements (repos), the BCRP can buy from financial system entities, with the commitment that those entities repurchase on an agreed date, all the CDs issued by the BCRP, treasury notes and treasury bonds issued in Soles. This is done through an auction mechanism, and the regular terms of these transactions are between one business day and one week. Since 2008, reverse-repo transactions in US Dollars have been authorized as a way to inject liquidity in US Dollars. In April 2020, pension funds were authorized to participate in these transactions in the case of securities issued by the Republic of Peru that are registered in CAVALI. In December 2024, the value of outstanding reverse-repos was S/8.6 billion.

Credit-repo transactions: In April 2009, the BCRP was authorized to purchase credit portfolios temporarily represented in securities. In May 2020, the Peruvian government, through Legislative Decree No. 1508, created a program for the guarantee of credit portfolios of financial entities to provide liquidity support. The size of the program was S/7 billion and could be expanded up to an additional 20%. Under this framework, in May 2021, through Circular No. 011-2021-BCRP, the BCRP created credit-repo transactions with a government guarantee for liquidity support. The value of outstanding credit-repo transactions in December 2024 was S/2.3 billion.

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Government-backed credit repo transactions: Government-backed credit repo transactions were introduced in April 2020 under the Reactiva Peru Program framework. These transactions were part of the policies implemented to mitigate the negative economic impact of the COVID-19 pandemic. In these transactions, the entities involved (banks and other financial companies) sell to BCRP securities representatives of credits guaranteed by the Peruvian government, receive Soles and, at the same time, agree to repurchase those securities at a future date. The BCRP determines the rate it will charge for the funds and the allocation variable is the maximum interest rate that entities are willing to charge for these guaranteed credits. The BCRP adjudicates the auctioned funds starting with the bids that have the lowest rate. In this way, it encourages lower credit rates that are ultimately determined through market mechanisms. The outstanding value of government-backed credit Repo transactions reached a peak of S/50.7 billion in December 2020 and has decreased since then to S/1.3 billion in December 2024.

Repo-transactions conditioned on credit portfolio rescheduling: From June 2020 to October 2021, repo transactions conditioned on credit portfolio rescheduling were established to incentivize financial entities to reduce their loan interest rates. Under this program, the entities sell securities (reverse-repo, foreign exchange swaps and credit-repo) or foreign currency to the BCRP, receive domestic currency and are obliged, at the same time, to repurchase those securities or foreign currency at a future date, against the payment of Soles. The terms of these transactions ranged from 6 to 48 months and were completed only if the financial entities rescheduled their clients’ loan portfolios or loans bought from other financial entities in an amount at least of the size the repo transaction. In addition, the BCRP set conditions that included a requirement to set the interest rate applicable to rescheduled credits at a minimum discount of 200 bps to the original interest rate. The effects of these transactions were reflected in better conditions for debtors in the financial system and aimed at a faster recovery from the COVID-19 pandemic’s negative shock to the local economy.

Repo-transactions conditioned on long-term credit expansion: Repo transactions conditioned on long-term credit expansion were established in April 2021 and concluded in December 2021, with the objective of improving the monetary policy transmission channel and continue strengthening the expansion of credit to the private sector. This program worked in a similar way to the repo transactions conditioned on credit portfolio rescheduling mentioned above, but the completion of these transactions occurred only if financial institutions increased their outstanding amount of corporate loans or mortgages in domestic currencies with terms of at least three years compared to January 1, 2021, levels.

Currency repos: Since March 2007, the BCRP has been allowed to use currency repos to inject liquidity in soles against US Dollar delivery. Through these transactions, the BCRP temporarily purchases dollars from financial institutions that commit to repurchase them at a future date. Since April 2011, this instrument has also been used to inject liquidity in Dollars. To accelerate the de-dollarization process, in December 2014, the BCRP established two new types of currency repos: (1) Repo – Expansion, which would provide liquidity in local currency to financial institutions for an amount up to 20% of such institution’s Total Liabilities Subject to Reserve Requirements (TOSE by its Spanish Initials) in US Dollars, and under no circumstance could the median reserve requirement decrease below 25%; and (2) Repo – Substitution, which would provide local currency to financial institutions at spot foreign exchange prices to finance the re-denomination of their loans in US Dollars. The outstanding amount of both instruments has been zero since 2019.

Interest rate swaps: Interest rate swaps were launched to empower the transmission of monetary policy and incentivize the expansion of long-term credit. The BCRP can carry out these transactions via auction or direct placements with terms between 3 and 7 years. Through these derivatives, the BCRP assumes the commitment to pay a variable interest rate in exchange for the financial entity's commitment to pay a fixed interest rate. Thus, the BCRP provides the financial system entities a hedging instrument for future interest rates hikes, which then incentivizes them to make long term loans. The aggregate outstanding amount of these transactions has been zero since September 2023.

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Reduce FX volatility

Buy-sell US$ in the spot market: The BCRP intervenes in the exchange rate market at its discretion to reduce PEN volatility. These interventions are sterilized by other monetary operations to keep the interbank interest rate around the reference level. In 2022, the BCRP sold US$1.2 billion in the spot market, equivalent to 10% of 2021 net sales, with the intervention concentrated in the second half of 2022. In 2023, the monetary authority barely intervened in the spot market selling US$81 million, while in 2024, it sold US$318 million centered in the first half of the year.

FX swaps: Foreign exchange swaps were initiated in 2014 to reduce exchange rate volatility generated by pressures in the derivatives market. With an FX swap sell, the BCRP provides exposure to the exchange rate by committing to pay a fixed rate in foreign currency plus the exchange rate variation, in exchange for receiving an interest rate in domestic currency that can be variable or fixed. With this transaction, the parties typically exchange only net payments rather than the full nominal amounts. As of December 2024, the BCRP’s stock of FX swaps sell was S/48.3 billion, lower than the 2024 peak of S/57.8 billion (reached in April) but higher than the S/45.2 billion stock at the end of 2023.

(ii) Discount window instruments

Credit for monetary regulation (rediscounts): Rediscounts have the purpose of covering temporary liquidity imbalances of financial institutions. The financial entity that requests the use of this facility has to provide collateral (BCRP CDs, Treasury notes, Treasury bonds, CDR BCRP, private sector bonds with at least credit rating AA, among others).

Direct reverse-repo: Similar to the reverse-repos and currency-repos explained above, through direct reverse-repos, the BCRP can provide liquidity that financial entities demand directly, instead of through an auction, and accept a greater range of collateral.

Purchase of Treasury bonds in domestic currency: Initially, in November 2022, when they started buying treasury bonds, the objective was to reduce its volatility caused by uncertainty in global financial markets and the sales by pension funds due to the withdrawal of pension fund accounts approved by Peru’s congress. Now, it is also used as a mechanism to inject liquidity. According to the December 2024 BCRP inflation report, the amount of net sovereign bonds purchased as of November 29 was S/2.4 billion, below the legal limit of 5% of the monetary base of the previous year (S/4.5 billion). The outstanding of purchases between 2020 and 2024, as of November 29, was S/ 13.2 billion.

Overnight deposits: Overnight domestic and foreign currency deposits (deposits repaid the next business day) of financial entities were established in 1998 and are used to remove the excess liquidity at the end of the day. The daily average of overnight deposits by financial institutions in December 2024 was S/352 million in domestic currency and US$6,730 million.

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(iii) Reserve requirements

Under Law No. 26702, banks and financial institutions are required to maintain legal reserve requirements for certain obligations. The BCRP establishes the reserve requirements that financial entities are required to meet in Peru as a percentage of their obligations in foreign and domestic currency such as demand and time deposits, savings accounts, securities, certain bonds, and funds administered by banks. Additionally, the BCRP requires reserves on amounts due to foreign banks and other foreign financial institutions. Since January 2011, obligations of foreign subsidiaries and affiliates also have been subject to the reserve requirement.

In August 2021, through Circular No. 024-2021, the BCRP decided to: (i) establish a marginal reserve rate of 25% of the average obligations during a base period, which corresponds to July 2021; (ii) establish a minimum media reserve requirement rate of 4%, which rose to 4.25% in October 2021 and to 4.50% in November 2021; and (iii) increase the minimum level of current account deposits that entities subject to reserve requirements must keep at the BCRP as reserve funds from 0.75% to 1.00% in October 2021.

Additionally, the BCRP increased the minimum legal reserve requirement rate to 4.50% in November 2021, to 4.75% in December 2021 and to 5.00% in January 2022. Later, further gradual increases were to 5.25% in February 2022, 5.50% in March 2022, 5.75% in April 2022 and 6.0% in May 2022, with the objective of complementing the reference interest rate hiking cycle and have a better control of liquidity. Conversely, as the Central Bank started easing its monetary policy stance by lowering the interest rate, in March 2024 the Central Bank lowered the minimum legal reserve requirement rate to 5.50% and established an applicable rate of 5.50% on general TOSE. Banks can have excess funds which the BCRP remunerates. By December 2024, the average effective reserve requirement ratio for domestic currency was 5.6% (2023: 6.1%, 2022: 6.2%).

Regarding reserve requirements in foreign currency, according to the BCRP, in a context of partial dollarization, this tool has constituted an important support for financial system liquidity as its rate is higher than the one in domestic currency, due to the greater liquidity risk implied by intermediation in foreign currency. Since July 2018, the marginal rate has been 35%. Furthermore, to reduce credit dollarization, the BCRP imposes additional US dollar reserve requirements on financial institutions based on limits to the credit balance in US dollars for total credit, as well as mortgage and vehicle loans. This was suspended between April 2020 and April 2021. Additionally, in June 2023 the reserve rate for obligations with terms less than two years with foreign financial entities was increased from 9% to 35% starting July 2023, while the additional reserve requirements corresponding to the evolution of total loans in foreign currency were updated. During 2024, no changes were introduced to foreign currency reserve requirements. Thus, by December 2024, the average effective reserve requirement ratio for foreign currency was 35.5% (2023: 35.7%, 2022: 34.7%).

The Superintendence of Banks, Insurance and Pension Funds (SBS)

The SBS is the regulatory authority in charge of supervising and regulating all financial, insurance and pension fund institutions in Peru. Peru’s constitution and Peruvian Banking and Insurance Law, which contains the statutory charter of the SBS, grant the SBS the authority to oversee and control banks and financial institutions (apart from brokerage firms, which are regulated by the SMV), insurance and reinsurance companies, companies that receive deposits from the general public, AFPs and those that carry out activities linked or complementary to the corporate purpose of said companies mentioned in the Peruvian Banking and Insurance Law. The SBS is also responsible for supervising the BCRP to ensure that it abides by its statutory charter and Byelaws.

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The SBS has administrative, financial, and operating autonomy. Its objectives include protecting the public interest, ensuring the financial stability of the institutions over which it has authority and punishing violators of its regulations. Its responsibilities include: (i) reviewing and approving, with the assistance of the BCRP, the establishment and organization of subsidiaries of the institutions it regulates; (ii) overseeing mergers, dissolutions and reorganizations of banks, financial institutions and insurance companies; (iii) supervising financial, insurance and related companies from which information on an individual or consolidated basis is required, through changes in ownership and management control (this supervision also applies to holding companies that are not banks, such as Credicorp); (iv) reviewing the byelaws and amendments to byelaws of these companies; (v) issuing criteria governing the transfer of bank shares, when permitted by law, for valuation of assets and liabilities and for minimum capital requirements; (vi) controlling the bank’s Risk Assessment Center, to which all banks are legally required to provide information regarding all businesses and individuals with whom they deal without regard to the amount of credit risk (the information provided is made available to all banks to allow them to monitor individual borrowers’ overall exposure to Peru’s banks), and (vii) overseeing compliance with the maximum interest rates set by the BCRP. The SBS is also responsible for setting criteria for the establishment of financial or mixed conglomerates in Peru and for supervising these entities. As a result, in addition to its supervision of BCP Stand-alone, Mibanco, Grupo Pacífico and Prima AFP, the SBS also supervises Credicorp Ltd. because Credicorp Ltd. is a financial conglomerate conducting most of its operations in Peru.

The Superintendence of the Securities Market (SMV)

The SMV is the Peruvian government institution in charge of: (i) promoting the securities markets, (ii) making sure fair competition takes place in the securities markets, (iii) supervising the management of businesses that trade in the securities markets, and (iv) regulating such businesses’ activities and accounting practices. The SMV enjoys functional, administrative, economic, technical, and budgetary autonomy relative to other branches of the Peruvian government. Financial institutions such as banks, insurance companies, pension funds and brokerage firms must inform the SMV of significant events that affect their business and are required to provide financial statements to both the SMV and the BVL each quarter. Those institutions are also regulated by the SMV when they conduct operations in the local Peruvian securities market.

National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI)

INDECOPI regulates the protection of the consumer’s rights in the Peruvian Consumer Protection Code. INDECOPI has the authority to issue fines to financial institutions if they violate the laws and regulations regarding protection of the consumer rights. INDECOPI also protects brands, creations and inventions, and look up for the proper functioning of the market, sanctioning acts of deception and unfair competition.

Peruvian Data Privacy Authority (ANPDP)

The ANPDP regulates the protection of personal data in Peru. The primary governing regulation for the ANPDP is Peruvian Data Privacy Law and Peruvian Data Privacy Regulation. ANPDP has the authority to issue fines to financial institutions that violate the laws and regulations regarding personal data protection.

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(ii) Supervised Institutions

Under Peruvian law, financial institutions are classified as universal banks, insurance companies, pension funds, finance companies and other financial institutions such as small business finance companies, savings and loan corporations, financial services companies, investment banks, mutual housing associations, municipal savings and credit associations and savings and credit cooperatives.

Financial institutions must obtain the SBS’s authorization before beginning operations. BCP Stand-alone and Mibanco are each classified as a universal bank, Grupo Pacífico is classified as an insurance company and Prima AFP is classified as a pension fund company.

Universal Banks

A universal bank, or bank, is defined by Peruvian Banking and Insurance Law as an enterprise whose principal business consists of (i) receiving money from the public, whether by deposits or by any other form of contract, and (ii) using such money (together with the bank’s own capital and funds obtained from other sources) to grant loans or discount documents, or in operations that are subject to market risks.

Banks are permitted to carry out various types of financial operations, including the following:

• receiving demand deposits, time deposits, savings deposits, and deposits in trust;

• granting direct loans;

• discounting or advancing funds against bills of exchange, promissory notes, and other credit instruments;

• granting mortgage loans and accepting bills of exchange in connection with the mortgage loans;

• granting conditional and unconditional guarantees;

• issuing, confirming, receiving, and discounting letters of credit;

• acquiring and discounting certificates of deposit, warehouse receipts, bills of exchange and invoices of commercial transactions;

• performing credit operations with local and foreign banks, as well as making deposits in those institutions;

• issuing and placing local currency and foreign currency bonds, as well as promissory notes and negotiable certificates of deposits;

• issuing certificates in foreign currency and entering into foreign exchange transactions;

• purchasing banks and non-Peruvian institutions that conduct financial intermediation or securities exchange transactions in order to maintain an international presence;

• purchasing, holding, and selling gold and silver, as well as stocks and bonds listed on one of the Peruvian stock exchanges and issued by companies incorporated in Peru;

• acting as financial agent for investments in Peru for external parties;

• purchasing, holding, and selling instruments evidencing public debt, whether internal or external, as well as obligations of the BCRP;

• making collections, payments, and transfers of funds;

• receiving securities and other assets in trust and leasing safety deposit boxes; and

• issuing and administering credit cards and accepting and performing trust functions.

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In addition, banks may carry out financial leasing operations by forming separate departments or subsidiaries. Banks may also promote and direct operations in foreign commerce, underwrite initial public offerings, and provide financial advisory services apart from the administration of their clients’ investment portfolios. By forming a separate department within the bank, a bank may also act as a trustee for trust agreements.

Under Peruvian law, universal banks may conduct brokerage operations and administer mutual funds but must do so through subsidiaries. However, universal bank employees may market the financial products of the bank’s brokerage and mutual fund subsidiaries. Banks are prohibited from issuing insurance policies but are not prohibited from distributing insurance policies issued by insurance companies.

Peruvian branches of foreign banks enjoy the same rights and are subject to the same obligations as Peruvian universal banks. Multinational banks, with operations in various countries, may perform the same activities as universal Peruvian banks, although their foreign activities are not subject to Peruvian regulations. To carry out banking operations in local Peruvian markets, multinational banks must maintain capital in Peru of at least the minimum amount that is required for Peruvian banks. For more information about banks’ capital requirements, please see “ITEM 4. INFORMATION ON THE COMPANY – (6) Supervision and regulation – (i) Peruvian Commercial Banks Regulation - BCP Stand-alone and Mibanco – Capital adequacy requirements and ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.B Liquidity and Capital Resources”.

Those universal banks that violate the Peruvian Banking and Insurance Law and its underlying regulations may be subject to administrative sanctions and criminal penalties. Additionally, the SBS and the BCRP have the authority to issue fines to financial institutions and their directors and officers if they violate the laws or regulations of Peru, or their own institutions’ byelaws.

Insurance companies

Since the Peruvian insurance industry was deregulated in 1991, insurance companies have been authorized to conduct all types of operations and to enter into all forms of agreements that are needed to offer risk coverage to customers. Insurance companies may also invest in financial and non-financial assets in order to maintain liquidity and capital requirements to pay their clients when claims occur.

Peru’s Law No. 26702 [the General Law of the Financial, Insurance and Private Pension Administrators (AFP) and Organic Law of the Superintendency of Banking, Insurance and AFPs] and Law No. 29946, Ley del Contrato de Seguro (the “Peruvian Insurance Contract Law”), which are discussed below, are the main laws governing insurance companies and insurance in Peru. The SBS is the government agency charged with the supervision and regulation of all insurance companies. The incorporation of an insurance company requires prior authorization from the SBS. Also, the SMV supervises and regulates insurance companies through Peru’s Law No. 26126 and its amendments.

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On May 27, 2013, Insurance Law No. 29946 became effective. Law No. 29946 governs all insurance contracts, except for those that are expressly governed by other regulations. It substantially changes how insurance policies are offered by insurance companies, regulates the information provided by the insured, and includes changes to termination and arbitration clauses included in insurance contracts. Law No. 29946 also provides a list of terms and conditions that cannot be included in any insurance contract and ensures that any changes in the contract can only be made if 45 days' notice is given to the policyholder prior to renewal of the policy. Other measures include restrictions on the duration and renewal of contracts, consumer protection rules, and regulations governing how to address non-payment of premium installments required under insurance contracts.

In September 2013, the SBS established a tender process for the exclusive right to manage a collective insurance policy for D&S and burial expenses of the PPS as part of its reform.

Peruvian insurance companies must submit regular reports to the SBS concerning their operations. In addition, the SBS conducts on-site reviews on an annual basis, primarily to evaluate compliance with solvency margin, reserve and investment requirements, and rules governing the recognition of premium income. If the SBS determines that a company is unable to meet the solvency margin or technical reserve requirements or is unable to pay claims as they become due, it may either liquidate the company or permit it to merge with another insurance company.

Under Peruvian law, insurance companies may engage in certain credit risk operations, such as guarantees, bonds, and trusteeships, but are prohibited from offering other banking services, operating mutual funds, or offering portfolio management services. In addition, insurance companies may not conduct brokerage operations for third parties.

Peruvian insurance companies are also prohibited by an SBS resolution (SBS Resolution No. 3930-2017) from having an ownership interest in other insurance or reinsurance companies of the same class unless such risks are offset by insurance companies acting as subsidiaries and that risk is withdrawn from the principal insurance company’s activities. This resolution also prohibits Peruvian insurance companies from having an ownership interest in private pension funds.

Peruvian law establishes certain minimum capital requirements for insurance and reinsurance companies, which must be satisfied by cash investments in the company.

Pension Funds

The operations of pension funds in Peru are regulated by the Unified Text of the Private System for the Administration of Fund Act, approved by Supreme Decree No. 054-97-EF, and modified by Law No. 29903, which has been in force in Peru since August 2013.

Under Peruvian legislation, AFPs must have only one business activity: managing pension funds through individual capitalization accounts, sourced by mandatory and/ or voluntary contributions. AFPs must also provide benefits for retirement, disability, and survivorship and finance funeral expenses.

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Finance companies

Under Peruvian Banking and Insurance Law, finance companies are authorized to carry out the same operations as banks, except for (i) issuing loans as overdrafts in checking accounts and (ii) participating in derivative operations. These operations can be carried out by finance companies only if they fulfill the requirements stated by the SBS.

Other financial institutions

The Peruvian financial system has a number of less significant entities that may provide credit, accept deposits or otherwise act as financial intermediaries on a limited basis. Leasing companies may specialize in financial leasing operations where goods are leased over the term of the contract and in which one party has the option of purchasing the goods at a predetermined price. Savings and loans associations or cooperatives may accept certain types of savings deposits and provide other similar financial services.

Peru also has numerous mutual housing associations, municipal savings and credit associations, savings and credit cooperatives and municipal credit bureaus. Over the past years, the entry of new participants, including foreign banks and non-bank financial institutions, has increased the level of competition in Peru.

(iii) Peruvian Commercial Banks Regulation - BCP Stand-alone and Mibanco

Management of operational risk requirements

SBS Resolution No. 37-2008, Reglamento de la Gestión Integral de Riesgos (Risk Management Regulation), which had set forth the guidelines for enterprise risk management, was replaced by SBS Resolution No. 272-2017, Reglamento de Gobierno Corporativo y de la Gestión Integral de Riesgos (the “Corporate Governance and Risk Management Regulation”), which introduced the following guidelines regarding risk management:

a. Risk management must consider the macroeconomic environment that affects the markets in which the company operates;

b. New types of risk were incorporated in the regulation: (a) money laundering and terrorist financing risk, defined as the possibility of the company being used for money laundering and terrorist financing purposes; and (b) reinsurance risk, defined as the possibility of losses caused by the insufficiency of reinsurance coverage contracted by the assigning insurance company; and,

c. Liquidity risk may be understood as the possibility of losses due to anticipated or forced sale of assets at unusual discounts for the company to meet its obligations, as well as not being able to close open positions or cover positions in sufficient quantity. Before this modification, liquidity was understood as the possibility of losses caused by the failure to comply with the financing requirements and the application of funds arising from the mismatches of cash flows requirements.

In addition, the Corporate Governance and Risk Management Regulation provides that companies must incorporate a centralized unit or units specialized in specific risk management. Under the previous regulation, this was optional. The SBS may require companies to create specialized risk units if considered necessary. Under the previous regulation, if the company did not have a specialized risk unit, it was understood that these functions had been assigned to the CEO. With the new regulation, this provision has been eliminated.

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Companies must submit their annual risk reports to the SBS within 90 days from the end of each year.

Credicorp, following these SBS requirements, as well as the guidelines issued by the Basel Committee and the advice of international consultants, has appointed a specialized team responsible for operational risk management across our organization. This team reports regularly to our risk committee, top managers, and the Board of Directors.

In evaluating operational risks and potential consequences, we mainly assess risks related to critical processes, critical suppliers, critical information assets, technological components, new products and significant changes to our services and channels. To support the operational risk management process, we have developed a Business Continuity Management (BCM) discipline, which involves the implementation of continuity plans for critical business processes, incident management, and training and testing. In addition, our methodology and data processing team has developed procedures to register, collect, analyze, and report operational risk losses using advanced models for operational risk capital allocation. We also have monitoring and reporting procedures that are designed to monitor KRIs and other performance metrics.

We intend to be guided by the risk control standards of international financial institutions that are noted for their leadership in this field. Our overall objective is to implement an efficient and permanent monitoring system to control operational risks, while training our operational units to mitigate risks directly.

Pursuant to Section 404 of the U.S. Sarbanes-Oxley Act of 2002, we are required to make certain certifications regarding our internal controls over financial reporting. We have developed internal methods to identify and evaluate risk and controls over our critical processes to determinate how effective internal controls are over financial reporting using the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 Internal Control Framework.

Capital adequacy requirements

Capital adequacy requirements applicable to our banking subsidiaries are set forth in Peru’s Law No. 26702. This law frames the adequacy process towards Basel III, which is a comprehensive set of reform measures and guidelines to strengthen the regulation, supervision and risk management of the banking sector. Capital adequacy requirements are also included in Peruvian GAAP guidelines. Financial institutions are required to hold regulatory capital that is greater than or equal to the sum of (i) 10% of credit RWAs and (ii) 10 times the amount required to cover market and operational risks.

Since July 2009, Peruvian financial institutions generally have applied a standardized approach to calculate their capital requirement related to credit, market, and operational risk. As an alternative to the standardized approach, financial institutions may request authorization from the SBS to use internal models for calculating the reserve amount associated with any of these three risks. If the amount of an institution’s reserve requirements would be higher using the standard model than it would be using the authorized Internal Models Method, then the institution will have to maintain between 80% and 95% of the standard amount during a phase-in period. Even after the phase-in period, institutions using an Internal Models Method are subject to regulatory capital floors.

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On July 20, 2011, the SBS issued SBS Resolution No. 8425-2011, which established the methodologies and the implementation schedule of additional capital requirements consistent with certain aspects of Basel III. The additional capital requirements include requirements to cover concentration, excessive interest rate risk in the banking book and systemically important risk. Additionally, pro-cyclical capital requirements were established. These additional requirements were fully implemented in July 2016.

SBS Resolution No. 8548-2012, adopted in 2012, modified the regulatory capital requirements for credit RWAs in SBS Resolution No. 14354-2009 and established a schedule for implementing the modifications.

On February 24, 2016, the SBS issued Resolution 975-2016 (the “Subordinated Debt Regulation”), which aims to improve the quality of banks’ total regulatory capital and align Peruvian regulation towards Basel III by modifying:

• The characteristics that subordinated debt must meet to be considered in the calculation of total regulatory capital; and

• The calculation of RWAs.

Under the Subordinated Debt Regulation, subordinated debt issued prior to the regulation that did not meet the requirements should be recognized as total regulatory capital, according to the following:

• Tier 1 subordinated debt: as of January 2017, and for 10 years following, Tier 1 subordinated debt is subject to a 10% discount. However, the amount not included in the computation of Tier 1 Regulatory Capital may be computed as a Tier 2 instrument if it has a residual maturity equal to or greater than 15 years.

• In November 2019, BCP Stand-alone redeemed the total amount of its Tier 1 subordinated debt issuance (issued in 2009) totaling US$250 million. Thus, as of December 2019, neither Tier 1 nor Tier 2 of BCP’s regulatory capital was comprised of non-compliant Tier 1 subordinated debt.

• Tier 2 subordinated debt: during the five years prior to maturity, the principal balance will be discounted by 20%. In the year prior to its maturity, the Tier 2 subordinated debt will not be considered in the calculation of Tier 2 Capital. This treatment did not change compared to previous regulations. As a result, Tier 2 subordinated debt issued previous to the rule was grandfathered.

In addition, the Subordinated Debt Regulation also included changes to the calculation of RWAs of the following accounting items:

• Intangibles (excluding goodwill);

• Deferred tax assets (DTAs) that are originated by operating losses; and

• DTAs that are associated with temporary differences and that exceed the threshold of 10% of the “adjusted total capital”. In each case, DTAs are to be net of deferred income tax liabilities.

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These assets will experience a gradual increase in their risk weights (until they reach a maximum of 1,000% in 2026) to replicate the deductions established by Basel III. The RWAs calculated based on these risk weights will be used exclusively for calculating the Basel III ratios.

SBS Resolution No. 4280-2018, adopted in October 2018, modified the risk weight applied to intangibles (excluding goodwill) to speed up the increase in this risk weight towards 100%, with the purpose of closing the regulatory gap with Basel III guidelines, which require intangibles to be fully deducted from core capital measurements.

In March 2020, as the scale of the global COVID-19-induced economic shock became apparent, the SBS passed Resolution 1264-2020, which suspended the countercyclical capital requirements for the banking system, unlocking a significant capital buffer for local banks that was built during the last several years to prevent a credit contraction.

As some of the restrictions and consequences due to COVID-19 continued in early 2021, Presidential Urgent Decree No. 037-2021 was approved in March 2021. The minimum global capital ratio, which is the minimum requirement mandated by the regulator, was temporarily reduced from 10% to 8%. This gave an additional buffer to financial institutions until the economic outlook started presenting stronger signs of improvement. A similar decree ordered the minimum global capital ratio to be lifted back to 10% in March 2022.

In December 2021, the SBS issued Resolution 3718-2021, modifying cyclical provisions from Resolution 11356-2008 and, as an extension, the activation of the countercyclical capital buffer. Among the main changes were decreasing the threshold for the activation of the countercyclical rule from 5% to 4% for the average of annualized percentage change in GDP for the last 30 months and the minimum rates for the cyclical provision component. The countercyclical capital buffer cannot be activated before January 1, 2024.

Additionally, in December 2021, the SBS adopted Resolution 3921-2021, which adds capital rules regarding the domestic systemically important capital requirement, which is a requirement similar to the D-SIB under Basel III where an additional requirement is calculated based on the relative size of the bank within the local financial system. This additional requirement affects both BCP Stand-alone and Mibanco by increasing Credicorp’s regulatory capital requirement. The changes have a transition phase of two years, with 75% of the additional requirements taking effect in December 2022 and the full requirement to become effective in December 2023.

The same decree also extended the temporary reduction of the minimum global capital ratio and contemplated whether to raise it again to 8.5% beginning September 2022, 9.0% beginning March 2023, 9.5% beginning September 2023 and finally back to 10% in March 2024.

In March 2022, Legislative Decree 1531 was passed by the Government, revising the regulatory capital definition rules in Banking Law 26702. Changes were aimed at better compliance with the standards established by Basel III. The new regulatory capital framework defines three minimum requirement limits: CET1 Capital at 4.5%, Tier 1 Capital at 6.0% and total regulatory capital at 10%.

Among other changes, Legislative Decree 1531 changed the definition of regulatory capital to the following:

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CET 1 Capital:

(a) Common shares and other capital instruments, as long as they have been paid and comply with the conditions indicated by the SBS;

(b) Issue premium of common shares and other capital instruments indicated in subparagraph (a);

(c) Earnings from prior years and from the year in progress, in accordance with the provisions of the SBS;

(d) Unrealized gains, as designated by the SBS;

(e) Legal reserves and optional reserves;

(f) Donations that meet the conditions designated by the SBS;

(g) Other elements defined by the SBS by means of a general rule; and

(h) Regulatory adjustments that include the following deductions:

(i) Losses from prior years and from the current year;

(ii) Unrealized losses, as allowed by the SBS;

(iii) Shortfalls in provisions determined by the SBS;

(iv) Goodwill resulting from reorganizations or acquisitions;

(v) Intangible assets, other than those indicated in item (iv);

(vi) Deferred income tax assets originated due to carryover losses;

(vii) Deferred income tax assets, net of deferred income tax liabilities, originated due to temporary differences that exceed the threshold established by the SBS;

(viii) Investments in equity instruments included in the computation of CET 1 Capital issued by companies in the financial or insurance system, in Peru or abroad; and

(ix) Others defined in Legislative Decree 1531.

Additional Tier 1 Capital:

(a) Common shares and other capital instruments, as long as they have been paid, and subordinated debt that meet the conditions indicated by the SBS (with subordinated debt instruments required to comply with the provisions of article 233 of Legislative Decree 1531);

(b) Issue premium of common shares and other capital instruments indicated in subparagraph (a);

(c) Other elements defined by the Superintendency by means of a general rule; and

(d) Regulatory adjustments that include the following deductions from Additional Tier 1 Capital:

(i) Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Additional Tier 1 Capital, which have been issued by the company itself and that are kept in the treasury, and instruments owned by the company and included in the computation of Additional Tier 1 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

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(ii) Investments in equity and/or subordinated debt instruments included in the computation of Additional Tier 1 Capital issued by companies in the financial or insurance system, in Peru or abroad.

(iii) Equity instruments and subordinated debt eligible for Additional Tier 1 Capital, issued by companies with which a company consolidates financial statements, including certain holding companies and subsidiaries, in accordance with rules established by the SBS;

(iv) The amount of the items that must be deducted from Tier 2 effective equity that exceed the limit of such effective level 2 assets; and

(v) Other deductions determined by the SBS through a general regulation.

Regulatory Tier 2 Capital, which includes the following elements:

(a) Common shares and other capital instruments, as long as they have been paid, and subordinated debt not included in the Regulatory Tier 1 Capital, which meet the conditions indicated by the SBS (with subordinated debt instruments required to comply with the provisions of article 233 of Legislative Decree 1531);

(b) Issue premium of common shares and other capital instruments indicated in subparagraph (a);

(c) For banks using the SBS standardized approach method, the generic loan loss provision up to 1.25% of credit RWAs; or, alternatively, for banks using the internal ratings-based (IRB) method, the generic loan loss provision up to 0.6% of total credit RWAs (pursuant to Article 189 of Law No. 26702);

(d) Other elements defined by the SBS by means of a general rule; and

(e) Regulatory adjustments that include the following Tier 2 net worth deductions:

(i) Direct or indirect holding of instruments of capital and/or subordinated debt included in the computation of Regulatory Tier 2 Capital, which have been issued by the company itself and that are kept in the treasury, including instruments owned by the company and included in the computation of Tier 2 Capital for which there is a present or contingent obligation to acquire them by virtue of contractual obligations;

(ii) Investments in equity and/or debt instruments included in the computation of Regulatory Tier 2 Capital, issued by companies in the financial or insurance system, in Peru or abroad;

(iii) Equity instruments and subordinated debt included in the computation of Regulatory Tier 2 Capital, issued by companies with which a company consolidates financial statements (including holding companies), and subsidiaries (including certain holding companies and subsidiaries), in accordance with rules established by the SBS; and

(iv) Other deductions determined by the SBS through a general regulation.

Legislative Decree 1531 also provides that the following limits apply when calculating regulatory capital:

1. Additional Tier 1 Capital must not exceed one-third of CET 1 Capital. The excess above said limit may include certain holding companies as Regulatory Tier 2 Capital.

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2. Regulatory Tier 2 Capital should not be greater than two-thirds of the Regulatory Tier 1 Capital. The excess over said limit is not included in the computation of total regulatory capital.

In December 2022, the pending resolutions referred to in the amendments to the Banking Law 26702 – established by Legislative Decree 1531 on March 2022 – were published (SBS N°03950-2022, SBS N°03951-2022, No. 03952-2022, No. 03953-2022, No. 03954-2022 and No. 03955-2022). Below we highlight the main changes defined in this set of resolutions:

• SBS Resolution No. 03952-2022 ordered the minimum total regulatory capital ratio to be gradually raised back to 10% from 8% under the following schedule: in September 2022 to 8.5%, in March 2023 to 9%, in September 2023 to 9.5% and in March 2024 to 10%.

• SBS Resolution No. 03954-2022 defined capital requirement buffers: conservation buffer, domestic systemically importance buffer and countercyclical buffer.

o The conservation buffer was first introduced in local regulation. This buffer requires maintaining an additional capital of 2.5% of RWAs and it should be covered by CET 1 Capital. This requirement will have a transition phase of four years through December 2026.

o Domestic systemically important capital requirement and countercyclical capital requirements (when activated) should be covered with CET 1 Capital.

• SBS Resolution No. 03953-2022 defined additional capital requirements. These requirements were maintained from previous regulation and should be covered with Regulatory Tier 2 Capital.

• SBS Resolution No. 03950-2022 defined the new subordinated debt regulation. No material changes were introduced compared to the previous regulation (SBS Resolution No. 975-2016).

In June 2023, the SBS published Resolution 02192-2023, which modified the schedule of solvency requirements established by Resolution 3952-2022 and proposed the new following schedule1:

• Minimum Common Equity Tier 1 (CET 1): in January 2023 to 3.825%, in April 2023 to 4.05%, in March 2024 to 4.275% and in September 2024 to 4.5%.

• Minimum Tier 1 Capital: in January 2023 to 5.1%, in April 2023 to 5.4%, in March 2024 to 5.7% and in September 2024 to 6%.

• Minimum Regulatory Capital: in January 2023 to 8.5%, in April 2023 to 9%, in March 2024 to 9.5% and in September 2024 to 10%.

In January 2024, the SBS published Resolution 00274-2024, which modified the schedule of solvency requirements established by Resolution 3952-2022 and proposed the new following schedule2:

• Minimum Common Equity Tier 1 (CET 1): in January 2023 to 3.825%, in April 2023 to 4.05%, in September 2024 to 4.275% and in March 2025 to 4.5%.

1 These requirements do not consider the conservation buffer, domestic systemically important buffer, countercyclical buffer, or additional capital requirements detailed in resolutions No. 03954-2022 and No. 03953-2022.

2 These requirements do not consider the conservation buffer, domestic systemically important buffer, countercyclical buffer, or additional capital requirements detailed in resolutions No. 03954-2022 and No. 03953-2022.

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• Minimum Tier 1 Capital: in January 2023 to 5.1%, in April 2023 to 5.4%, in September 2024 to 5.7% and in March 2025 to 6%.

• Minimum Regulatory Capital: in January 2023 to 8.5%, in April 2023 to 9%, in September 2024 to 9.5% and in March 2025 to 10%.

Surveillance, intervention and liquidation

The bankruptcy of financial institutions in Peru is regulated by the Peruvian Banking and Insurance Law and the rules and regulations enacted thereunder, including SBS Resolution No. 0455-99, Reglamento de los Regímenes Especiales de la Liquidación de las Empresas del Sistema Financiero y del Sistema de Seguros (the Banking Intervention and Liquidation Regulations).

Pursuant to the Peruvian Banking and Insurance Law, the SBS has the authority to seize the operations and assets of a bank. Under such regulations, prior to being liquidated and dissolved, banks undergo two separate and distinct stages: (i) a surveillance period (régimen de vigilancia) and (ii) an intervention period (intervención).The SBS will submit a bank to a surveillance or intervention regime if certain events occur, such as if the bank: (i) interrupts payments on its liabilities, (ii) repeatedly fails to comply with the regulations of the SBS or the BCRP, (iii) repeatedly violates the law or the provisions of the bank’s bylaws, (iv) repeatedly manages its operations in an unauthorized or unsound manner or (v) has its regulatory capital fall or be reduced by more than 50%.

The SBS may initiate surveillance of a financial institution when the financial institution breaches certain material obligations, or the overall financial stability of the institution becomes at risk. Surveillance could last for a period of up to 45 days, which may be renewable once for the same period of time. Within seven business days from the date on which the surveillance is commenced by the SBS against a financial institution, the institution must propose a recovery plan that, if approved by the SBS, should be expected to bring the financial institution to financial stability.

To the extent that a financial institution subject to surveillance by the SBS breaches the recovery plan approved by the SBS or otherwise becomes subject to intervention, the SBS must issue a public resolution stating that such financial institution has been intervened by the SBS.

Upon the publication of the SBS intervention resolution, the financial institution is subject to an automatic stay, protecting the assets of the intervened company, which is no longer allowed to operate and the SBS is granted the ability to administer and dispose of part or all of the assets and liabilities of such company. Hence, the following actions are temporarily suspended: (i) collection of debts (judicially or administratively); (ii) execution of any judicial order; (iii) creation of liens; and (iv) making payments, advances or offsetting debts (though the statute regulates some specific cases where offsetting is admitted during the stay).

During the intervention regime, rather than seizing the operations and assets of a bank, the SBS may adopt other measures, including (i) placing additional requirements on the bank, (ii) ordering it to increase its capital stock or divest certain or all of its assets, or (iii) imposing a special supervision regime during which the bank must adhere to a financial restructuring plan.

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The SBS intervention regime stops a bank’s operations for up to 45 days, which may be extended once for an additional 45-day period of time. During this time, the SBS may institute measures such as: (i) canceling losses by reducing reserves, capital and subordinated debt; (ii) segregating certain assets and liabilities for transfer to another financial institution; and (iii) merging the intervened bank with an acquiring institution according to the program established by Presidential Urgent Decree No. 108-2000. After the intervention, the financial institution typically undergoes liquidation and is dissolved unless it is merged with an acquiring institution, as described in clause (iii) above.

Once the dissolution of the financial institution is declared by a resolution issued by the SBS, the settlement process begins, and all payments are made in accordance with the payments priority provided in the Peruvian Banking and Insurance Law: (a) wages and social benefits of the bank’s employees, (b) return of saving deposits (the portion not covered by the Deposit Insurance Fund), (c) tax obligations and (d) the rest of the obligations under general rules of payment.

Liens created against bank’s assets survive the dissolution, but the following rules apply:

1. Each encumbered asset is sold separately;

2. The proceeds of the sales are deposited separately from the rest of the bank’s assets to preferentially pay the secured obligations;

3. If the wages and social benefits of the bank’s employees are fully paid with the rest of the company’s assets, the proceeds described in clause (2) above are used to pay the secured obligations; otherwise, they are used to complete such payments, reducing pro-rata the amount available for payment of secured obligations;

4. If the secured obligations are fully paid and there is an excess from the proceeds described in clause (2) above, the balance is added to the rest of the bank’s assets; and

5. If the secured obligations are not fully paid, the unpaid balance is treated as an unsecured obligation and may be collected, if possible, against the rest of the bank’s assets.

Legal reserve requirements

In accordance with Peruvian regulation (article 67 of Law No. 26702), a reserve of up to at least 35% of paid-in capital of the Group’s subsidiaries operating in Peru is required to be established through annual transfers of at least 10% of their net profit.

Lending activities requirements

Law No. 26702 sets the maximum amount of credit that a financial institution may extend to a single borrower, whether the borrower is an individual or an economic group. SBS Resolution No. 5780-2015 establishes that an “economic group” is one that has a single or common risk exposure and includes a person, such person’s close relatives and the companies in which such person or his or her close relatives have significant share ownership or decision-making capability. Significant decision-making capability is deemed to be present when, among other factors, a person or group can exercise material and continuous influence over the decisions of a company, when a person or company holds seats on the Board of Directors or has principal officers in another company, or when it can be assumed that one company or person is the beneficiary of credit facilities granted to another company.

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The limit on credit that may be extended to any single borrower varies according to the type of borrower and the collateral received. The credit limit for any Peruvian borrower is 10% of a bank’s regulatory capital, applied to both unconsolidated and consolidated records, which may be increased to up to 30% if the loan is collateralized in a manner acceptable under Law No. 26702. If a financial institution exceeds these limits, the SBS may impose a fine on the institution. As of December 31, 2022, 2023 and 2024, the 10.0% unconsolidated credit limit per borrower of BCP Stand-alone for unsecured loans was S/2,336.4 million, S/2,679.3 million and S/3,025.5 million, respectively. As of December 31, 2022, 2023 and 2024, the 30.0% credit limit for secured loans was S/7,009.3 million, S/8,037.8 million and S/9,076.5 million, respectively.

Effective since April 2021, the BCRP, pursuant to article 52 of its Organic Law, established caps on interest rates that could be charged by commercial banks and other financial institutions for SME and personal loans. In the case of Banco de Crédito del Peru, the application of these caps only had a marginal impact on consumer loans.

In addition, according to SBS Resolution No. 6941-2008, as amended, banks and other financial entities must adopt a system to manage the risk of over-indebtedness that (a) allows the mitigation of such risk before and after making the loan, (b) permits permanent monitoring of the portfolio to identify over-indebted borrowers and (c) includes the periodic evaluation of the control mechanisms being used and corrective actions or required improvements, as the case may be.

Interest rates caps

On March 18, 2021, the Usury Law Regulation was enacted. It establishes, among other provisions, that the BCRP has the power to set caps on active interest rates of the financial system for consumer credits, low amount consumer credits (less than 2 Tax Units) and credits to micro and small enterprises (Micro y Pequeña Empresas or Mype by their Spanish initials). Through Circular No. 0008-2021-BCRP of April 2021, the BCRP determined that this interest rate cap is equivalent to twice the average interest rate for consumer loans in the financial system.

The interest rate cap will be calculated semi-annually based on the interest rates of consumption loans in the financial system between two and seven months prior to its validity. For the period between November 2024 and April 2025, the annual interest rate cap stood at 112.98% in domestic currency and 93.86% in foreign currency.

In December 2024, the Congress of Peru repealed this law in a first vote. This decision was motivated by the fact that the interest rate caps established by the law did not achieve the expected results. According to the Central Reserve Bank of Peru (BCRP), these caps drove low-income individuals away from formal credit, pushing them towards informal loans.

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Portfolio classification requirement

In order to comply with the SBS regulation, we have a loan portfolio classified in accordance with SBS Resolution No. 11356-2008, which became effective as of July 1, 2010. For this reason, a bank's portfolio is classified into eight different categories: corporate, large companies, medium-sized companies, small companies, micro-companies. Commercial, consumer revolving, non-renewable consumer and residential mortgage loans. In October 2024, an adjustment to the regulation that modifies the criteria for categorizing customers came into force (SBS Resolution No 02368-2023), by the Corporate, Large Companies and Medium-sized Enterprises types of credit correspond only to legal entities with annual sales greater than S/5 million according to what has been reported to the tax authority or its audited financial statements; companies that do not meet these conditions are categorized as Small or Micro Enterprises according to their level of indebtedness in the Peruvian Financial System. In turn, individuals can no longer be categorized as Medium-sized Companies.

Related party transactions requirements

The Peruvian Banking and Insurance Law regulates transactions between financial institutions and related parties or affiliates. The SBS and the SMV have also enacted regulations that define indirect ownership, related parties and economic groups to limit transactions with related parties and affiliates. These regulations also provide standards for the supervision of financial and mixed conglomerates formed by financial institutions.

The total amount of loans to directors, employees, or close relatives of any such persons may not exceed 7% of a bank’s regulatory capital. All loans made to any single director or employee borrower, considering his or her close relatives, may not exceed 0.35% of regulatory capital (that is, 5% of the overall 7% limit).

Pursuant to the Peruvian Banking and Insurance Law, the aggregate amount of loans to related party borrowers considered to be part of an economic group (as defined above) may not exceed 30% of a bank’s regulatory capital. For purposes of this test, related party borrowers include (i) any person holding, directly or indirectly, 4% or more of a bank’s shares, (ii) directors, (iii) certain principal executive officers of a bank, and (iv) people affiliated with the administrators of the bank. Loans to individual related party borrowers are also subject to the limits on lending to a single borrower described under “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru”. All loans to related parties must be made on terms no more favorable than the best terms that BCP Stand-alone or Mibanco offers to the public.

Ownership restrictions

The Peruvian Banking and Insurance Law establishes certain restrictions on the ownership of a bank’s shares. Banks must have a minimum of two shareholders. Among other restrictions, those convicted of drug trafficking, money laundering, terrorism, or other felonies, and those who are directors, employees or advisors of public entities that regulate and supervise the activities of banks, are subject to ownership limitations. All transfers of shares in a bank must be recorded at the SBS. Transfers involving the acquisition by any individual or corporation, whether directly or indirectly, of more than 10% of a bank’s capital stock require prior authorization from the SBS. The SBS may deny authorization to such transfer of shares if the purchasers (or their shareholders, directors, or employees, in the case of juridical persons) are legally disabled or have engaged in illegal activity in the area of banking, finance, insurance or reinsurance, or if objections are raised on the basis of the purchaser’s moral fitness or economic solvency, among other reasons. The decision of the SBS on such matters is final and cannot be overturned by the courts. If a transfer is made without obtaining the prior approval of the SBS, the purchaser shall be fined with an amount equivalent to the value of the transferred shares and is obligated to sell the shares within 30 days, or the fine is doubled. In addition, the purchaser is not allowed to exercise its voting rights at the shareholders’ meetings. Foreign investors receive the same treatment as Peruvian nationals under the limitations described above.

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Additionally, the Merger Control Law, which entered into force on June 14, 2021, provides that any transaction that causes ownerships to cross the threshold set by such law and can result in action in concert, must have the authorization of INDECOPI. According to the Merger Control Law, the prior concentration control operations of economic agents included in the scope of the regulation and supervision of the SBS and/or SMV is carried out by INDECOPI, without prejudice to prior control of a prudential nature and financial stability that corresponds to the SBS and/or SMV. The merger transaction proceeds if there is due authorization from INDECOPI and from the SBS and/or the SMV accordingly. In the case of merger transactions operations that include companies in the financial system that take deposits from the public or insurance companies, that show relevant and imminent risks or compromise the stability of the aforementioned companies or the systems that they integrate, only the prior control of the SBS is required in its area of competence, given the reserved nature of said situation, which must be determined by the SBS.

Finally, under the Peruvian Banking and Insurance Law, individuals or corporations that acquire, directly or indirectly, 1% of the capital stock of a bank in a period of 12 months, or acquire a 3% or more share participation, have the obligation to provide the information that the SBS may require to identify such individuals’ or corporations’ main economic activities and asset structure.

Risk rating requirements

Law No. 26702 and SBS Resolutions No. 672 and 18400-2010 require that all financial companies be rated by at least two risk rating companies on a semi-annual basis, in addition to the SBS’s assessment. Criteria to be considered in the rating include risk management and control procedures, loan quality, financial strength, profitability, liquidity, and financial efficiency. Five risk categories are assigned, from “A” (lowest risk) to “E” (highest risk), allowing for sub-categories within each category. In September 2024, the Moody’s Local PE Clasificadora de Riesgo S.A. and Apoyo & Asociados Internacionales S.A.C. rating agencies affirmed their respective “A+” risk rating for BCP Stand-alone. In September 2024, both rating agencies affirmed their “A” risk rating for Mibanco. As of December 2024, BCP Stand-alone and Mibanco maintained the risk rating of “A+” and “A”, respectively, with both rating agencies.

Deposit insurance fund

The Peruvian Banking and Insurance Law provides for mandatory deposit insurance to protect the deposits of financial institutions by establishing the Deposit Insurance Fund for individuals, associations, not-for-profit companies, and demand deposits of non-financial companies. Financial institutions must pay an annual premium calculated and based on the type of deposits accepted by the entity and the risk classification of such entity, as rated by the SBS and at least two independent risk-rating agencies. The annual premium, as set by the SBS Resolution No. 0657-99, begins at 0.45% of total funds on deposit, for banks in the lowest risk category, and increases to 1.45%, for banks in the highest risk category. BCP Stand-alone and Mibanco are currently classified in the lowest risk category and pay at the 0.45% rate.

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The maximum amount that a customer is entitled to recover from the Deposit Insurance Fund is S/121,000.00 for the period starting from March 2025 until May 2025.

(iv) Peruvian Insurance Companies Regulation - Grupo Pacífico

Solvency requirements

Under Law No. 26702, the SBS regulates the solvency margin of Peruvian insurance companies. The solvency margin calculations consider the amount of premiums written and losses incurred during a specified period prior to the date of the calculation.

Insurance companies must also maintain solvency equity, which must be greater than (i) the solvency margin and (ii) the minimum capital requirement, as established by law. The required amount of solvency equity is recalculated at least quarterly. If an insurance company has outstanding credit risk operations, part of the solvency equity must be set aside for its coverage.

Legal reserve requirements

Peruvian law also requires that all insurance companies establish a legally guaranteed reserve for policyholders by setting aside 10% of income before taxes until the reserve reaches at least 35% of paid-in capital.

Technical reserve requirements

Under Law No. 26702 and regulations issued by the SBS, Peruvian insurance companies must establish technical reserves. Law No. 26702 also requires insurance companies to create a reserve for incurred but not reported (IBNR) claims that are reflected as a liability in their consolidated financial statements. Reserves for IBNR claims are estimated by using generally accepted actuarial reserving methods. See Note 3(e) to our consolidated financial statements. Finally, Grupo Pacífico is required by the SBS to establish pre-event reserves for the risk of catastrophes, which, in accordance with IFRS principles, are not considered in our financial statements. See “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating results – (6) Lines of Business (LoBs) – 6.3 Insurance & Pensions – (i) Grupo Pacífico”.

According to a new regulation regarding actuarial management, SBS Resolution No. 3863-2016 and SBS Resolution No. 1143-2021, the actuarial function must (i) ensure the use of real and adequate parameters in both pricing and technical reserves calculation and (ii) guarantee the consistency of the results obtained. Likewise, based on the sufficiency evaluation analysis, actuarial management must propose changes in the methodologies applied in the calculation of technical or additional reserves.

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Investment requirements

Under Law No. 26702 and SBS Resolutions No. 1041-2016, No. 1311-2019 and No. 2388-2021, the total amount of an insurance company’s solvency equity and technical reserves must be permanently supported by diversified assets, which may not be pledged or otherwise encumbered. The investment regulations further state that deposits in and bonds of a single financial institution together cannot exceed 7% of the total of an insurer’s solvency equity and technical reserves combined. In general, no more than 15% of an insurance company’s combined solvency equity and technical reserves may be invested in instruments (including stocks and bonds) issued by a company or group of companies. In order for an insurance company to invest in non-Peruvian securities, the securities must be rated investment grade by an internationally recognized credit rating agency and the asset class must be authorized by Peruvian SBS regulations. Securities owned by insurance companies must be registered in the Public Registry of Securities of Peru or the comparable registry of their respective country.

Related party transactions requirements

Law No. 26702 provides that insurance companies may not extend credit to or guarantee the obligations of employees or members of the Board of Directors, except for certain home mortgage loans to employees.

Ownership restrictions

Law No. 26702 sets forth the same types of restrictions regarding the ownership and transfer of insurance company shares as it does regarding the ownership and transfer of shares in banks. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1. Peru”.

(v) Peruvian Pension Fund Regulation – Prima AFP

Minimum capital requirements

SBS authorization is required for an AFP to begin operations. Peruvian law requires a minimum capital requirement, paid in cash by shareholders. There are certain limitations on the ownership and transfer of AFP shares. Additionally, Peruvian law requires that companies maintain a legal reserve funded with 10% of their net profit until the reserve reaches the equivalent of 20% of their share capital.

Investment limits

The SBS has set investment limits, which restrict investments in certain asset classes, economic groups, and issuers. In addition, some of these limits differ according to the fund’s risk profile. The general limits are:

• The total amount invested in instruments issued or guaranteed by the Peruvian State cannot exceed 30% of the fund value.

• The total amount invested in instruments issued or guaranteed by the BCRP cannot exceed 30% of the fund value.

• The total amount invested in instruments issued or guaranteed by the Peruvian State and the BCRP overall cannot exceed 40% of the fund value; and

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• The total amount invested in instruments issued by governments, financial institutions, and non-financial institutions whose commercial activities are mostly abroad cannot exceed 50% of the fund value.

The SBS requires that AFPs ensure a minimum yield. Part of the guarantee is the obligatory reserve requirement, which is paid with resources belonging to the AFPs. The amount depends on the assets in the portfolio, but it is approximately 1% of the AFP’s funds under management.3

PPS Reforms

PPS Reform and changes of the PPS between 2012 and 2017

Since 2012, the Private Pension System has undergone several reforms and changes by the Peruvian government and its regulators. The most relevant changes from 2012 to 2017 included the following:

◾ In 2012, a tender process held every 24 months was incorporated, in which the AFP that offers the lowest management fee wins the tender. As a result, new workers who enter the PPS become members of the tender holder and remain in it for at least 24 months.

◾ In 2014, new local and foreign investment regulations made the PPS registration process for new investment securities more flexible, allowing AFPs to make non-complex investments and use derivatives instruments under certain restrictions without authorization from the SBS.

◾ In 2015, SBS Resolution No. 5540-2015 was published to regulate the new Fund Type Zero, which is mandatory for participants from the age of 65 and up who opt for a statutory retirement pension. The Fund Type Zero became effective on April 1, 2016, and invests only in national currency short-term instruments and debt securities.

◾ In April 2016, Peruvian Law No. 30425 (further modified by Law No. 30478) was passed and came into force in Peru. Among the most relevant changes, the law allows affiliates to: (i) withdraw up to 95.5% of their pension funds when they reach the age of 65 (retirement age); (ii) use up to 25% of their pension funds as the down payment or amortization of a mortgage loan used to buy a first house; and (iii) in the case of affiliates with a terminal illness, withdraw up to 50% of their pension funds. The new law also extended the Special Regime of Early Retirement until December 31, 2018, for affiliates who had been unemployed for at least 12 months. The Regime applies to men and women who are at least 55 and 50 years old, respectively, and pensioners who choose the retirement program.

o In 2017, BCRP raised the foreign investment limit to 46% for pension funds to encourage AFPs to diversify their investments.

For further detail please refer to Credicorp’s previous 2019 20-F document, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (9) Supervision and Regulation – 9.5 Prima AFP”.

3 Since 2024, the net reserve fund profitability will be calculated by multiplying the total equity quotas for each fund by the following percentage: Fund 0 (0.70%), Fund 1 (0.85%), Fund 2 (1.00%) and Fund 3 (1.15%)

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Changes to PPS in 2018

Between February and September 2018, the BCRP raised the foreign investment limit for pension funds by 0.5 percentage points per month until it reached the 50% limit set by the SBS.

In 2018, the withdrawals of funds in Prima AFP totaled approximately S/2,992 million.

Changes to PPS in 2019

On April 3, 2019, Peru’s congress permanently approved the Special Regime of Early Retirement for affiliates with a minimum age of 55 years old for men and 50 years old for women, who are unemployed for at least 12 consecutive months and prove an income of less than S/29,400 (7 UIT), to receive independent employment (4th category) income during their unemployment period. These modifications were promulgated by Peruvian Law No. 30939.

Peru’s congress also approved new criteria to apply for Ordinary Early Retirement. Ordinary Early Retirement is available to affiliates with a minimum age of 55 years old for men and 50 years old for women, who have a pension fund that allows them to access a pension of at least 40% of the average income received during the last 120 months. These modifications were promulgated by Peruvian Law No. 30939. In 2019, the withdrawals of funds in Prima AFP totaled approximately S/2,797 million.

Changes to PPS in 2020

In 2020, the Peruvian government and congress took measures to provide liquidity to affiliates by allowing them to draw down their funds. These measures had an impact on funds under management and on income at the AFP in 2020 and 2021.

Changes to PPS in 2021

On May 7, 2021, Law No. 31192 was published, which authorized affiliates of the Private Pension Fund Administration System to withdraw up to S/17,200 from their funds.

On August 6, 2021, Law No. 31332 was published, which reduced the age to access early retirement for men from 55 to 50.

Changes to PPS in 2022

On May 20, 2022, Law No. 31478 was published, which authorized affiliates of the Private Pension Fund Administration System to withdraw up to S/18,400 from their funds.

Changes to PPS in 2023

On January 13, 2023, Law No. 31670 was published, which established a new option for retirement based on a minimum pension and created incentives to increase voluntary contributions. This new voluntary pension modality allows the affiliate to set a target pension for their retirement, which must be higher than the basic consumer basket, determined by INEI.

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On February 16, 2023, Law No. 31690 was published to allow employers to restructure the debt generated by not making their employee’s pension contributions.

On June 23, 2023, Resolution No. 02186-SBS was published, which modified the methodology to calculate the legal reserve requirement. The new methodology multiplies the assets under management of each type of fund by a fixed factor (based on the level of risk of each fund) to calculate the amounts of legal reserve requirement. The fixed factor for Fund 0 is 0.70%, for Fund 1 is 0.85%, for Fund 2 is 1.00% and for Fund 3 is 1.15%.

On October 6, 2023, Law No. 31888 was published, similar to Law No. 31690, but applicable to public entities.

Changes to PPS in 2024

On April 18, 2024, Law No. 32002 was published, which authorized affiliates of the Private Pension Fund Administration System to withdraw up to S/20,600 from their funds.

On September 24, 2024, Law No. 32123, the Law for the Modernization of the Peruvian Pension System, was published, creating the Comprehensive Peruvian Pension System (SIPP) to ensure pension protection for all citizens. The Ministry of Economy and Finance (MEF) has until June 18, 2025, to issue the regulations. The law will come into effect the day after the regulation is issued. The main changes of the reform are as follows:

• Minimum pension: The Peruvian government guarantees that all members of the Private Pension System who meet certain conditions have access to a minimum pension. If members do not have sufficient accumulated funds, the government will supplement the fund to reach the minimum pension.

• Productivity commission: Affiliates will be able to choose a new type of commission, called “productivity commission”, where the charge made by the PFA will vary depending on the positive or negative results of the fund’s profitability.

• Market opening: The entry of new entities such as banks, insurance companies, financial institutions, municipal banks, cooperatives, among others, for the administration of pension funds is permitted.

• Withdrawal of 95.5% of the fund: Current affiliates younger than 40 years of age and new affiliates will only be able to choose one of the available pension modalities since the withdrawal of 95.5% of the fund will no longer be an option.

• Contribution of self-employed workers: The reform seeks to require self-employed workers to make mandatory contributions to their pension fund. It will start in three years, with a contribution rate starting at 2% of their income and increasing by 1% every two years up to 5%.

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For further information about the measures taken by the government, see “ITEM 3. KEY INFORMATION – 3.D Risk Factors – Regulatory changes and adoption of new international guidelines to sectors in which we operate could impact our earnings and adversely affect our operating performance” and “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating results – (2) Political and Macroeconomic Environment”.

Peruvian Investment Management & Advisory Regulation - Credicorp Capital Peru

Credicorp Capital Peru is the main shareholder of Credicorp Capital Sociedad Agente de Bolsa S.A., Credicorp Capital Sociedad Titulizadora S.A., and Credicorp Capital S.A. Sociedad Administradora de Fondos.

These entities are supervised directly by the SMV. The SMV is a specialized technical body attached to the MEF, aimed to ensure the protection of investors and the efficiency and transparency of the markets, as well as the diffusion of the information required for such purposes. The SMV enjoys functional, administrative, economic, technical, and budgetary autonomy.

Peru’s Securities Market Law (Legislative Decree No. 861), as amended, governs the public offering and trading of securities listed on the SMV and the BVL. The BVL, as the only stock exchange in Peru, also provides internal regulations that form part of the regulations and administrative rulings that govern the offering and trading of securities.

6.2.2 Cayman Islands

Cayman Islands Regulation - Atlantic Security Holding Corporation (ASHC)

ASHC is an entity regulated under the Cayman Islands Companies Law, duly supervised by the Cayman Island Monetary Authority (CIMA). Under the law of the Cayman Islands, ASHC is subject to the following continuing requirements: (i) to remain in good standing under the Cayman Islands Companies Law, including the filing of annual and other returns and the payment of annual fees; (ii) to file any change in the information or documents required to be provided and to pay annual fees with the Registrar of Companies; (iii) to file certain prescribed forms with CIMA on a quarterly basis; (iv) to file audited accounts with CIMA within three months of each financial year (in the case of a locally incorporated bank, which is not part of a substantial international banking group, a senior officer or board member discusses these accounts each year at a meeting with CIMA); and (v) to file an annual questionnaire.

6.2.3 Bolivia – BCP Bolivia, Inversiones Credicorp Bolivia S.A., Credifondo Sociedad Administradora de Fondos de Inversión S.A, Credibolsa S.A. Agencia de Bolsa

Bolivian Regulators

Pursuant to Supreme Decree No. 29894, in May 2009, the ASFI was vested with the authority to regulate the Bolivian banking system. The ASFI also supervises brokerage and mutual fund management activities that Credicorp Ltd. conducts through BCP Bolivia’s affiliates, Credibolsa and Credifondo. These affiliates operate under Securities Markets Law No. 1834, enacted on March 31, 1998. Additionally, the Central Bank of Bolivia (Banco Central de Bolivia or BCB by its Spanish initials) regulates financial intermediation and deposit activities, determines monetary and foreign exchange policy, and establishes reserve requirements on deposits.

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Regulation of Bolivian Financial Institutions

Until November 2013, the Bolivian banking system operated under the Law of Banks and Financial Entities (Law No. 1488), enacted on April 14, 1993, and later modified by Law No. 3076 on June 20, 2005. On August 21, 2013, the Bolivian government enacted a new Banking Law (Law No. 393), which became effective on November 21, 2013. This new law envisions a more active role of government in the financial services industry and emphasizes the social objective of financial services.

On December 10, 2010, through the enactment in Bolivia of Law No. 065 (Ley de Pensiones), the supervision of all insurance activities in Bolivia was transferred from the ASFI to the APS (Autoridad de Fiscalización y Control de Pensiones y Seguros). Our life and P&C insurance affiliates in Bolivia, which operate under the commercial name Crediseguro, are thus regulated, and supervised by the APS.

In 2012, the Bolivian government imposed an additional income tax of 12.5% on earnings before taxes, which applied to all financial institutions with a ratio of earnings before taxes to equity in excess of 13%. The additional income tax rate was subsequently increased to 22% in December 2015 and to 25% in March 2017, and was made applicable to all financial institutions with a ratio of earnings before taxes to equity in excess of 6%. Starting in 2021, the additional income tax applies also to Crediseguro, Credibolsa and Credifondo.

In 2013, Supreme Decree No. 1842 set interest rate caps for social housing loans ranging from 5.5% to 6.5%, and for loans to productive sectors (agriculture, tourism, manufacturing, etc.). The Decree established loan quotas pursuant to which, by December 31, 2018, and afterwards, at least 60% of the loan portfolio of all universal banks must be comprised of loans to productive sectors and social housing loans, with a sublimit that establishes that loans to productive sectors must represent at least 25% of the portfolio.

Further to Law No. 393, in 2014, the Bolivian government, through Supreme Decrees No. 2136 and No. 2137, instructed banks in Bolivia to contribute 6% of that year’s total profits for the creation of a guarantee fund – to be administered by the banks - intended to provide guarantees of up to 50% of the amount financed of productive sector and social housing loans. From 2015 to 2019, and again since 2021, the government instructed banks to contribute 6% of those years’ profits to replenish either the existing guarantee funds or to make contributions to a newly created seed capital fund administered by the government-owned development bank.

In response to the COVID-19 pandemic, on April 1, 2020, the Bolivian government enacted Law No. 1294, which established the automatic deferral of all loan installments (capital, interest and other charges) payable to financial institutions for the duration of Bolivian Coronavirus Pandemic Emergency Declaration. These deferred installments would start to be collected after the final installment established on the original payment schedule. Supreme Decree No. 4206 established an initial deferral period from March 2020 to May 2020, which was subsequently extended to August 2020 through Supreme Decree No. 4248, and then to December 2020 through Law No. 1319.

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On December 2, 2020, the Bolivian government issued Supreme Decree No. 4409, establishing that the capital portion of the installments that had been deferred in 2020 would not accrue interest until their cancellation. Supreme Decree No. 4409 also established that once the deferral period had concluded, upon request of the borrowers that had their installments deferred, banks must refinance and/or reschedule their loans, based on the borrowers’ economic situation and payment capacity. The refinanced and/or rescheduled loans have the benefit of a six-month grace period during which no interest or capital payments are required from the borrower. The collection of the amount of interest accrued but not collected during the aforementioned grace period would be made pro rata during the new term of the loan.

On December 28, 2020, the Bolivian government enacted Law No.1356, eliminating the tax-exemption for capital gains generated in the Bolivian Stock Exchange and introducing an additional income tax of 25% applicable to all brokerage houses, mutual fund administrators and insurance companies with a ratio of earnings before taxes to equity in excess of 6%.

In accordance with Bolivian regulation, a reserve of up to at least 50% of paid-in capital of the Group’s subsidiaries operating in Bolivia is required to be established through annual transfers of at least 10% of their net profit.

On February 20, 2024, ASFI established a range for fees for international transfers abroad in US dollars between 5% and 10%, applicable to transactions exceeding USD 1,000. Later, on July 23, 2024, the financial authority established another cap, of 20% for international transfers abroad in foreign currencies different than US dollars.

6.2.4 Colombia

Colombian Regulation – Credicorp Holding Colombia, Mibanco Colombia & Credicorp Capital Colombia

Credicorp Holding Colombia S.A.S. is the main shareholder of Credicorp Capital Colombia S.A., Credicorp Capital Fiduciaria S.A., Credicorp Capital Servicios S.A.S., Credicorp Negocios Digitales S.A.S., Credicorp Capital Corporación Financiera S.A. and Mibanco Colombia S.A.

The SFC is an entity whose main function is to oversee Colombia’s financial sectors. Although it has an important role in monitoring and surveillance, it also has certain regulatory powers that permit it to issue regulations through regulatory circular letters, laws and decrees. Separately, the AMV supervises and regulates the conduct of securities intermediaries, as well as the certification of those who carry out such activities. The AMV is a private entity and is the product of a self-regulatory scheme established after the termination of Law No. 964 of 2005.

The regulation of the financial sector and the securities market in Colombia is directed by Colombia’s congress, which issues laws, and the Colombian Ministry of Finance’s URF, which issues decrees. Also, the Taxes and National Customs Authority (Dirección de Impuestos y Aduanas Nacionales or DIAN by its Spanish initials) oversees the regulation related to FATCA and CRS.

The Superintendence of Industry and Commerce is the national authority for the protection of fair competition, personal data and legal metrology. The Superintendence of Industry and Commerce also protects the rights of consumers and administers the National System of Industrial Property, through the exercise of its administrative and jurisdictional functions.

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Finally, the Colombian Ministry of Commerce, Industry and Tourism’s Superintendence of Corporations (Superintendencia de Sociedades) is a regulatory agency that oversees commercial corporations that are not under the supervision of other Superintendencies.

6.2.5 Chile

Chilean Regulation – Credicorp Capital Chile

Credicorp Capital Holding Chile S.A. is the main shareholder of Credicorp Capital Chile S.A., Credicorp Capital Asesoría Financiera SpA., Credicorp Capital Administradora de Inversiones S.A., Credicorp Capital Corredores de Bolsa SpA, Credicorp Capital Asset Management Administradora de Fondos S.A., and IM Trust International S.A.

The CMF is responsible for the supervision of entities in the securities market, insurance, banks, financial institutions, and other financial entities. The CMF regulates Credicorp Capital Chile through the Chilean stock exchange market. The CMF ensures that supervised institutions comply with laws, regulations, statutes, and other provisions governing the functioning of these markets. The CMF also authorizes companies to manage mutual and investment funds (known as Mutual Fund Administrators and General Fund Management or AFM and AGF, respectively, by their Spanish initials) and supervises such companies and their managed funds by monitoring their legal, financial, and accounting information to ensure compliance with applicable laws and regulations.

Chilean regulators have established several laws, regulations, and rules to address the various sectors of the stock market. One of those laws is the Chilean Securities Market Law, which governs the functioning of the Chilean market, its corporations, management of third-party funds (investment funds, mutual funds, pension funds and others), and deposit and custody of securities.

Chilean Bank Regulation – Tenpo SpA

Tenpo SpA is the main shareholder of Tenpo Technologies SpA, Tenpo Payments S.A. and Tenpo Bank Chile. Tenpo Payments S.A. and Tenpo Bank Chile (Tenpo's regulated companies) are supervised by the Comisión para el Mercado Financiero (CMF), the Chilean financial regulator responsible for overseeing, among others, banks and non-bank financial institutions. Tenpo Payments S.A. operates as a non-bank issuer of prepaid and credit cards and is subject to a regulatory framework designed to ensure the safety, transparency and integrity of payment services. Under the supervision of the CMF, Tenpo's regulated companies must comply with financial, operational, and consumer protection requirements, including the management of client funds, anti-money laundering measures, and information security standards. Tenpo Bank Chile, a newly established banking institution, is in the final stage to commence operations and, with CMF'S approval, will be the country’s first fully digital bank. Tenpo Bank has successfully obtained two of the three necessary approvals, with only the operational approval pending. Once active, it will be subject to the full prudential regulatory regime applicable to banks under Chilean law, including requirements on capital adequacy, liquidity, corporate governance, risk management and depositor protection. The CMF’s oversight aims to ensure the soundness of the banking system while promoting innovation and competition in the financial sector.

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6.2.6 Panama

International Bank Regulation – BCP Panama

BCP Panama operates as a branch of BCP Stand-alone, having been officially registered in the Republic of Panama in 2002 under an international license issued by the Panamanian Superintendency of Banks (the "SBP") in accordance with Law Decree No. 9 of February 26, 1998, as amended.

Under this regulatory framework, BCP Panama is subject to periodic inspections conducted by auditors and inspectors from the SBP. These evaluations aim to assess various aspects of BCP Panama's operations, with a particular focus on its adherence to Panamanian banking laws. Notably, this includes compliance with Law Decrees No. 2 of February 22, 2008, and No. 23 of April 27, 2015, which pertain to the prevention of money laundering, terrorism financing, and the financing of proliferation of weapons of mass destruction.

ASB Bank Corp.

ASB Bank Corp., a subsidiary of ASHC, is regulated by the SBP and registered in 2020 under an international banking license issued by the SBP, in accordance with Law Decree No. 9 of February 26, 1998, as amended.

As a holder of this license, ASB Bank Corp. can manage banking operations carried out outside of Panamanian territory from an office located in Panama. Likewise, it grants the right to exercise any other activity authorized by the SBP. ASB Bank Corp. may not take deposits from any person residing in the Republic of Panama.

ASB Bank Corp. is also regulated and holds a securities broker license issued by the Panama SMV that enables the entity to act as securities broker, manager, and custodian. It is required to comply with regulations pertaining to corporate governance; minimum working capital and liquidity requirements to meet obligations with customers and vendors; adequate accounting practices and recordkeeping; provision of regulatory reports; adherence to confidentiality standards, code of ethics and the prevention of conflicts of interest; and adequate anti-money laundering and terrorism finance laundering controls, policies and programs, among others.

ASB Bank Corp. must receive prior approval from the SBP and the Panama SMV for: (i) any proposed changes in the Board of Directors or senior officers; (ii) the issuance, transfer or other disposal of shares (it is uncommon for a waiver to be granted with respect to share-related matters, except in the case of a branch of a substantial international bank or where the shares are widely held and publicly traded); (iii) any significant change in the business plan filed on the original licenses applications; or (iv) to open a subsidiary, branch, agency or representative office outside the Republic of Panama.

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6.2.7 United States

International Bank Regulation – BCP Miami Agency

The BCP Miami Agency is licensed to operate as an international bank agency in the State of Florida and was authorized to transact business by the Comptroller of Florida on September 3, 2002. The BCP Miami Agency is regulated, supervised, and examined by the Office of Financial Regulation of the State of Florida Department of Financial Services and by the FED through the Federal Reserve Bank of Atlanta. Our direct and indirect nonbanking subsidiaries doing business in the United States also are subject to the authority of relevant U.S. financial regulatory agencies depending on their U.S. activities.

Investment Management and Advisory – Credicorp Capital LLC.

Credicorp Capital LLC is a broker-dealer registered with FINRA and the SEC (CRD No. 136791). Credicorp Capital LLC is owned by Credicorp Capital Limited, which is wholly owned by Credicorp Ltd. Credicorp Capital LLC is headquartered at 1111 Brickell Avenue, Suite 2825, Miami, FL 33131. Credicorp Capital LLC provides brokerage services through a clearing agreement with Pershing, LLC. As of December 12, 2024, there are six registered principals at Credicorp Capital LLC, five of whom hold a Series 24 license, two hold a Series 27 license and one has a Series 4 license. At the trading desk, all registered representatives maintain Series 7 license.

Credicorp Capital LLC has an affiliated SEC investment adviser (CRD No. 290081), Credicorp Capital Advisors LLC, which is headquartered at 1111 Brickell Avenue, Suite 2170, Miami, FL 33131. Both Companies share the same Board of Directors and ownership.

(7) Selected statistical information

In the following tables, we have set forth certain selected statistical information and ratios regarding our business for the periods indicated. You should read the selected statistical information in conjunction with the information included in “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results” and the consolidated financial statements (and the notes that accompany the consolidated financial statements). The statistical information and discussion and analysis given below for the years 2022 through 2024 reflect our consolidated financial position as well as that of our subsidiaries, as of December 31, 2022, 2023 and 2024 and our results of operations for the years then ended.

7.1 Average statements of financial position. Income from interest-earning assets and interest paid on interest-bearing liabilities

The tables below set forth selected statistical information based on our average statements of financial position prepared on a consolidated basis. Except as otherwise indicated, we have classified average balances by currency (Soles or foreign currency, primarily US Dollars) rather than by the domestic or international nature of the balance. For the years 2022, 2023 and 2024, the average balances are computed as the average of period-beginning and period-ending balances on a monthly basis. Any of these month-end balances that were denominated in US Dollars have been converted into Soles using the applicable SBS exchange rate as of the date of such balance. Our management believes that the stated averages are representative of our operations, and that it would be too costly to produce daily averages using daily book balances in IFRS but does not believe that the stated averages present trends in a materially different manner from those that would be presented by daily averages.

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Average Statements of Financial Position

Assets, Interest Earned and Average Interest Rates (1)

As of and for the year ended December 31, 2022 2023 2024 ASSETS: Average Interest Nominal Average Interest Nominal Average Interest Nominal Balance Earned Avg. Rate Balance Earned Avg. Rate Balance Earned Avg. Rate (in thousands of Soles, except percentages) Interest-earning assets: Deposits in BCRP Soles 1,846,079 54,425 2.95 % 1,421,992 48,886 3.44 % 2,123,474 44,384 2.09 % Foreign Currency 23,012,886 319,395 1.39 22,622,596 916,482 4.05 28,082,604 1,173,205 4.18 Total 24,858,965 373,820 1.50 24,044,588 965,368 4.01 30,206,078 1,217,589 4.03 Deposits in other Banks Soles 466,371 24,340 5.22 353,701 21,002 5.94 426,191 16,206 3.80 Foreign Currency 6,081,790 69,227 1.14 5,045,544 146,841 2.91 5,929,682 172,059 2.90 Total 6,548,161 93,567 1.43 5,399,245 167,843 3.11 6,355,873 188,265 2.96 Investment securities Soles 29,425,119 1,513,647 5.14 32,516,644 1,860,597 5.72 36,768,392 1,978,505 5.38 Foreign Currency 18,016,806 502,570 2.79 17,494,284 628,730 3.59 17,872,951 681,817 3.81 Total 47,441,925 2,016,217 4.24 50,010,928 2,489,327 4.98 54,641,343 2,660,322 4.87 Total loans (1) Soles 98,249,290 9,751,575 9.93 93,973,071 11,384,353 12.11 91,878,934 11,667,721 12.70 Foreign Currency 50,142,223 2,667,706 5.32 50,999,969 3,660,511 7.18 52,004,425 3,986,670 7.67 Total 148,391,513 12,419,281 8.37 144,973,040 15,044,864 10.38 143,883,359 15,654,391 10.88 Total dividend-earning assets Soles 319,684 14,864 4.65 305,325 24,038 7.87 200,812 19,476 9.70 Foreign Currency 64,491 14,362 22.27 73,525 22,042 29.98 95,295 29,993 31.47 Total 384,175 29,226 7.61 378,850 46,080 12.16 296,107 49,469 16.71 Total interest-earning assets Soles 130,306,543 11,358,851 8.72 128,570,734 13,338,876 10.37 131,397,803 13,726,292 10.45 Foreign Currency 97,318,196 3,573,260 3.67 96,235,917 5,374,606 5.58 103,984,957 6,043,744 5.81 Total 227,624,739 14,932,111 6.56 224,806,651 18,713,482 8.32 235,382,760 19,770,036 8.40 Noninterest-earning assets: Cash and due from banks Soles 2,963,365 2,793,182 2,753,097 Foreign Currency 2,637,554 2,495,997 2,212,880 Total 5,600,919 5,289,179 4,965,977 Allowance for direct loan losses Soles (6,468,723 ) (6,407,643 ) (6,703,442 ) Foreign Currency (1,658,855 ) (1,636,324 ) (1,546,473 ) Total (8,127,578 ) (8,043,967 ) (8,249,915 ) Premises and equipment Soles 920,802 803,396 793,622 Foreign Currency 977,511 1,048,397 1,146,069 Total 1,898,313 1,851,793 1,939,691 Other non-interest-earning assets, derivatives and other interest income Soles 5,455,677 51,859 7,375,972 26,837 5,499,804 29,701 Foreign Currency 6,410,135 27,311 5,110,201 58,176 9,007,200 69,519 Total 11,865,812 79,170 12,486,173 85,013 14,507,004 99,220 Total non-interest-earning assets Soles 2,871,121 51,859 4,564,907 26,837 2,343,081 29,701 Foreign Currency 8,366,345 27,311 7,018,271 58,176 10,819,676 69,519 Total 11,237,466 79,170 11,583,178 85,013 13,162,757 99,220 Total average assets Soles 133,177,664 11,410,710 8.57 133,135,641 13,365,713 10.04 133,740,884 13,755,993 10.29 Foreign Currency 105,684,541 3,600,571 3.41 103,254,188 5,432,782 5.26 114,804,633 6,113,263 5.32 Total 238,862,205 15,011,281 6.28 236,389,829 18,798,495 7.95 248,545,517 19,869,256 7.99

(1) Figures for total loans include internal overdue loans. Accrued interest is included.

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Average Statements of Financial Position

Liabilities and Equity, Interest Paid and Average Interest Rates (1)

As of and for the year ended December 31, 2022 2023 2024 LIABILITIES Average Interest Nominal Average Interest Nominal Average Interest Nominal Balance Paid Avg. Rate Balance Paid Avg. Rate Balance Paid Avg. Rate (in thousands of Soles, except percentages) Interest-bearing liabilities: Savings deposits Soles (1) 30,055,712 157,252 0.52 % 28,590,670 134,799 0.47 % 31,978,061 154,474 0.48 % Foreign Currency (1) 25,110,372 101,432 0.4 22,367,744 98,512 0.44 22,023,398 98,729 0.45 Total 55,166,084 258,684 0.47 50,958,414 233,311 0.46 54,001,459 253,203 0.47 Time deposits Soles (1) 19,364,597 966,149 4.99 24,473,231 1,786,436 7.3 22,833,294 1,292,983 5.66 Foreign Currency (1) 21,103,285 510,093 2.42 24,922,780 1,118,189 4.49 26,237,616 1,228,905 4.68 Total 40,467,882 1,476,242 3.65 49,396,011 2,904,625 5.88 49,070,910 2,521,888 5.14 Due to banks and correspondents Soles 5,169,521 389,057 7.53 5,283,963 394,481 7.47 5,661,793 394,073 6.96 Foreign Currency 2,547,427 95,132 3.73 5,026,762 301,493 6 5,945,340 379,036 6.38 Total 7,716,948 484,189 6.27 10,310,725 695,974 6.75 11,607,133 773,109 6.66 Bonds Soles 3,265,683 169,023 5.18 3,157,402 174,486 5.53 3,300,430 209,670 6.35 Foreign Currency 13,384,236 559,195 4.18 11,824,668 459,813 3.89 14,226,495 589,553 4.14 Total 16,649,919 728,218 4.37 14,982,070 634,299 4.23 17,526,925 799,223 4.56 Payables from repurchase agreements Soles 15,931,118 192,581 1.21 10,145,022 440,515 4.34 6,295,059 283,939 4.51 Foreign Currency 1,678,249 6,308 0.38 1,999,157 22,176 1.11 2,219,275 24,078 1.08 Total 17,609,367 198,889 1.13 12,144,179 462,691 3.81 8,514,334 308,017 3.62 Total interest-bearing liabilities Soles 73,786,631 1,874,062 2.54 71,650,288 2,930,717 4.09 70,068,637 2,335,139 3.33 Foreign Currency 63,823,569 1,272,160 1.99 66,141,111 2,000,183 3.02 70,652,124 2,320,301 3.28 Total 137,610,200 3,146,222 2.29 137,791,399 4,930,900 3.58 140,720,761 4,655,440 3.31 Other liabilities and equity: Demand deposits (2) Soles (1) 23,109,185 111,883 0.48 21,326,565 140,673 0.66 24,323,612 208,568 0.86 Foreign Currency (1) 29,992,532 71,692 0.24 24,807,373 100,142 0.4 25,714,056 123,399 0.48 Total 53,101,717 183,575 0.35 46,133,938 240,815 0.52 50,037,668 331,967 0.66 Other liabilities, derivatives and other interest expenses Soles 10,804,007 24,468 11,704,076 337,277 13,086,782 362,644 Foreign Currency 9,704,750 138,922 9,593,175 351,531 10,948,258 404,074 Total 20,508,757 163,390 21,297,251 688,808 24,035,040 766,718 Equity attributable to Credicorp equity holders Soles Foreign Currency 27,084,549 30,548,712 33,134,113 Total 27,084,549 30,548,712 33,134,113 Non-controlling interest Soles Foreign Currency 557,017 618,529 617,935 Total 557,017 618,529 617,935 Total non-interest-bearing liabilities and equity Soles 33,913,192 136,351 33,030,641 477,950 37,410,394 571,212 Foreign Currency 67,338,848 210,614 65,567,789 451,673 70,414,362 527,473 Total 101,252,040 346,965 98,598,430 929,623 107,824,756 1,098,685 Total average liabilities and equity Soles 107,699,823 2,010,413 1.87 104,680,929 3,408,667 3.26 107,479,031 2,906,351 2.70 Foreign Currency 131,162,417 1,482,774 1.13 131,708,900 2,451,856 1.86 141,066,486 2,847,774 2.02 Total 238,862,240 3,493,187 1.46 236,389,829 5,860,523 2.48 248,545,517 5,754,125 2.32

(1) Interest and average rate paid include the amount paid for the applicable deposit insurance fund.

(2) We typically do not pay interest for demand deposits; however, in exceptional circumstances the Group pays interest on certain demand deposits of corporate clients that hold balances exceeding certain amounts. See “7.4 Deposits” for the amounts of non-interest-bearing demand deposits and interest-bearing demand deposits as of December 31, 2022, 2023 and 2024. Interest paid on demand deposits is not considered material.

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7.1.1 Changes in net interest, similar income, and expense: volume and rate analysis

The table below sets forth the net effect on annual variation in interest income and interest expense of increases and decreases due to changes in volume and rate. Volume and rate variations have been calculated based on variations in average balances over the period and changes in average rates on interest-earning assets and interest-bearing liabilities from one period to the other. The net changes in “Interest and similar income” and “Interest and similar expense” attributable to both changes in functional currency (Sol) and changes in foreign currency also are presented in the table:

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2024/2023 Increase/(Decrease) due to changes in: Volume Rate Net Change (in thousands of Soles) Interest and similar income (1): Interest-earning deposits in BCRP Soles 19,389 (23,891 ) (4,502 ) Foreign Currency 224,649 32,074 256,723 Total 244,038 8,183 252,221 Deposits in other banks Soles 3,530 (8,326 ) (4,796 ) Foreign Currency 25,693 (475 ) 25,218 Total 29,223 (8,801 ) 20,422 Investment securities Soles 239,904 (121,996 ) 117,908 Foreign Currency 13,899 39,188 53,087 Total 253,803 (82,808 ) 170,995 Total loans (2) Soles (259,814 ) 543,182 283,368 Foreign Currency 74,548 251,611 326,159 Total (185,266 ) 794,793 609,527 Total dividend-earning assets Soles (23,316 ) 18,754 (4,562 ) Foreign Currency 6,937 1,014 7,951 Total (16,379 ) 19,768 3,389 Total interest-earning assets Soles 294,313 93,103 387,416 Foreign Currency 441,577 227,561 669,138 Total 735,890 320,664 1,056,554 Interest and similar expense: Demand deposits Soles 22,734 45,161 67,895 Foreign Currency 4,006 19,251 23,257 Total 26,740 64,412 91,152 Savings deposits Soles 16,167 3,508 19,675 Foreign Currency (1,530 ) 1,748 218 Total 14,637 5,256 19,893 Time deposits Soles (106,286 ) (387,167 ) (493,453 ) Foreign Currency 60,289 50,428 110,717 Total (45,997 ) (336,739 ) (382,736 ) Due to banks and correspondents and issued bonds Soles 27,253 (27,661 ) (408 ) Foreign Currency 56,828 20,714 77,542 Total 84,081 (6,947 ) 77,134 Bonds Soles 8,495 26,689 35,184 Foreign Currency 96,465 33,275 129,740 Total 104,960 59,964 164,924 Payables from repurchase agreements Soles (170,413 ) 13,837 (156,576 ) Foreign Currency 2,415 (513 ) 1,902 Total (167,998 ) 13,324 (154,674 ) Total interest-bearing liabilities Soles (58,703 ) (536,875 ) (595,578 ) Foreign Currency 142,283 177,836 320,119 Total 83,580 (359,039 ) (275,459 )

(1) Annual changes due to interest earned or spent are reflected in the volume and rate indicated. Which is calculated as follows:

- Volume: The variation in volume from one year to the next, multiplied by the average rate yield.

- Rate: The average volume from one year to the next, multiplied by the rate yield variance

- Net change: The sum of the volume and the calculated rate.

(2) Figures for total loans include internal overdue loans. Accrued interest is included.

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7.1.2 Average interest-earning assets, net interest margin (NIM), and yield spread

The following table shows, for each of the periods indicated, the levels of average interest-earning assets, net interest income, gross yield, NIM and yield spread by currency, all on a nominal basis:

2022 2023 2024 (in thousands of Soles, except percentages) Average interest-earning assets (1) Soles 130,306,543 128,570,733 131,397,803 Foreign Currency 97,318,196 96,235,918 103,984,957 Total 227,624,739 224,806,651 235,382,760 Net interest income from interest-earning assets Soles 9,484,789 10,408,159 11,391,153 Foreign Currency 2,301,100 3,374,423 3,723,443 Total (2) 11,785,889 13,782,582 15,114,596 Gross yield (3) Soles 8.72 % 10.37 % 10.45 % Foreign Currency 3.67 % 5.58 % 5.81 % Weighted-average rate 6.56 % 8.32 % 8.40 % NIM (4) Soles 7.28 % 8.10 % 8.67 % Foreign Currency 2.36 % 3.51 % 3.58 % Weighted-average rate 5.18 % 6.13 % 6.42 % Yield spread (5) Soles 6.18 % 6.28 % 7.11 % Foreign Currency 1.68 % 2.56 % 2.53 % Weighted-average rate 4.27 % 4.75 % 5.09 %

(1) Monthly average balances.

(2) Net interest income includes the interest earned on total interest-earning assets and interest paid on total interest-bearing liabilities, as shown in section “7.1 Average statements of financial position and income from interest-earning assets”.

(3) Gross yield is interest income divided by average interest-earning assets.

(4) NIM represents “Net interest income from interest-earning assets” divided by “Average interest-earning assets”, both computed on a monthly basis.

(5) Yield spread on a nominal basis, represents the difference between gross yield on average interest-earning assets and average cost of interest-bearing liabilities.

7.1.3 Interest-earning deposits with other banks

The following table shows the short-term funds deposited with other banks. These deposits are denominated by currency as of the dates indicated. Deposits held in countries other than Peru are denominated in several currencies; however, the majority of these deposits are denominated in US Dollars. All currencies were converted to Soles using the applicable SBS exchange rate as of the dates indicated.

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Year ended December 31, 2022 2023 2024 (in thousands of Soles) Sol-denominated: BCRP 717,206 1,263,461 1,544,567 Commercial banks 504,155 139,083 213,911 Total Sol-denominated 1,221,361 1,402,544 1,758,478 Foreign Currency-denominated: BCRP (US Dollars) 22,945,184 21,434,215 34,385,375 Commercial banks (US Dollars) 2,470,951 2,824,558 3,450,168 Commercial banks (other currencies) 259,720 317,260 525,916 Total Foreign Currency-denominated 25,675,855 24,576,033 38,361,459 Total 26,897,216 25,978,577 40,119,937

7.2 Investment portfolio

As of December 31, 2022, 2023 and 2024, the Group classified its investments in one of the categories defined by IFRS 9 based on the business model for managing the financial assets and the characteristics of the contractual cash flows of the investment.

For information about how we classify and measure investments, refer to Note 3(f) (Financial instruments: Initial recognition and subsequent measurement) to the consolidated financial statements.

The following table shows, for 2022, 2023 and 2024, the fair value of our investments at fair value through profit or loss, investments at fair value through other comprehensive income and the amortized cost of our investments at amortized cost under IFRS 9, in each case, without accrued interest and broken down by type of security at the dates indicated.

Year ended December 31, 2022 2023 2024 (in thousands of Soles) Sol-denominated: Government treasury bonds 15,307,031 17,334,217 18,579,739 Certificates of deposit BCRP 7,019,479 10,935,253 11,435,757 Corporate bonds 4,297,784 4,685,719 4,663,189 Securitization instruments 384,891 402,921 425,251 Negotiable Certificates of Deposit 5,951 - - Subordinated bonds 108,830 111,536 105,326 Equity securities 319,686 290,975 110,657 Restricted mutual funds 350,805 - 306,759 Other investments of debt 73,424 73,986 87,269 Other investments of equity 197,921 337,861 561,210 Total Sol-denominated 28,065,802 34,172,468 36,275,157 Foreign currency- denominated: Government treasury bonds 3,560,187 3,999,661 3,466,781 Certificates of deposit BCRP - 192,666 - Corporate bonds 9,028,802 9,166,657 10,052,151 Securitization instruments 327,900 280,198 285,239 Negotiable Certificates of Deposit 579,807 517,973 448,037 Subordinated bonds 384,994 227,512 132,489 Equity securities 64,489 82,550 108,032 Participation in RAL Funds 167,781 145,414 432,503 Restricted mutual funds 512 334,162 466 Other investments of equity 2,297,427 1,997,585 1,502,536 Other investments of debt 336,166 398,313 369,150 Total foreign currency- denominated 16,748,065 17,342,691 16,797,384 Total securities holdings (1) 44,813,867 51,515,159 53,072,541

(1) Excludes accrued interest, which amounts to S/617.4 million, S/700.4 million and S/753.3 million as of December 31, 2022, 2023 and 2024, respectively. Also excludes provision for credit losses on investment at amortized cost.

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The expected loss provision for marketable securities is debited individually to each security.

The weighted-average yield on our Sol-denominated interest-earning investment securities was 5.1% in 2022, 5.7% in 2023 and 5.4% in 2024. The weighted-average yield on our foreign currency-denominated portfolio was 2.8% in 2022, 3.6% in 2023 and 3.8% in 2024. The total weighted-average yield of our investment securities was 4.2% in 2022, 5.0% in 2023, and 4.9% in 2024.

The weighted-average yield on our Sol-denominated dividend-earning assets was 4.7% in 2022, 7.87% in 2023, and 9.7% in 2024. The weighted-average yield on our foreign currency-denominated portfolio was 22.3% in 2022, 30.0% in 2023 and 31.5% in 2024. The total weighted-average yield of our dividend-earning assets was 7.6% in 2022, 12.2% in 2023 and 16.7% in 2024.

As of December 31, 2024, the investments at fair value through other comprehensive income and investments at amortized cost pledged as collateral amounted to S/6,997.8 million. The following tables show the weighted average yield separate by maturity of investments at fair value through other comprehensive income and at amortized cost in each case, without accrued interest as of December 31, 2024:

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Investments at fair value with changes in other comprehensive income:

Without maturity Within 1 year Weighted average yield (1) After 1 year but within 3 years Weighted average yield (1) Maturing after 3 years but within 5 years Weighted average yield (1) Maturing after 5 years but within 10 years Weighted average yield (1) After 10 years Weighted average yield (1) Total (in thousands of Soles) Sol-denominated: Government treasury bonds - - - 952,426 4.40 % 1,922,293 5.10 % 4,478,773 6.29 % 2,720,980 5.91 % 10,074,472 Certificates of deposit BCRP - 10,887,090 4.62 % 548,667 4.26 % - - - - - - 11,435,757 Corporate bonds - 192,000 5.05 % 930,541 5.99 % 1,060,217 5.80 % 1,471,172 6.56 % 1,008,179 7.50 % 4,662,109 Securitization instruments - - - 7,667 5.29 % 3,761 4.71 % 119,577 8.10 % 294,246 6.46 % 425,251 Negotiable Certificates of Deposit - - - - - - - - - - - - Subordinated bonds - 56,796 4.48 % - - - - 48,530 6.53 % - - 105,326 Other investments of debt - - - 13,889 3.20 % 45,352 2.77 % 20,091 3.42 % 7,937 2.55 % 87,269 Equity securities 110,125 - - - - - - - - - - 110,125 Total Sol-denominated 110,125 11,135,886 2,453,190 3,031,623 6,138,143 4,031,342 26,900,309 Foreign Currency-denominated: Government treasury bonds - 1,240,084 5.25 % 176,612 5.81 % 232,747 6.01 % 307,102 6.55 % 215,638 5.79 % 2,172,183 Corporate bonds - 770,245 5.09 % 2,444,677 5.19 % 1,857,359 5.64 % 2,102,304 6.19 % 2,268,649 6.11 % 9,443,234 Securitization instruments - 310 5.89 % - - 15,530 5.45 % 117,834 8.19 % 150,570 11.50 % 284,244 Negotiable Certificates of Deposit - 155,518 3.61 % 173,665 3.77 % 32,720 4.14 % 16,556 3.90 % 39,348 2.19 % 417,807 Subordinated bonds - 11,065 5.69 % 11,016 5.53 % 6,150 6.24 % 14,925 4.06 % 19,983 6.07 % 63,139 Other investments of debt - 279,287 3.16 % - - - - - - - - 279,287 Equity securities 37,139 - - - - - - - - - - 37,139 Total Foreign Currency-denominated 37,139 2,456,509 2,805,970 2,144,506 2,558,721 2,694,188 12,697,033 Total securities holdings: 147,264 13,592,395 5,259,160 5,176,129 8,696,864 6,725,530 39,597,342

(1) Rates have been presented on a non-taxable equivalent basis.

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Investments at amortized cost:

Without maturity Within 1 year Weighted average yield (1) After 1 year but within 3 years Weighted average yield (1) Maturing after 3 years but within 5 years Weighted average yield (1) Maturing after 5 years but within 10 years Weighted average yield (1) After 10 years Weighted average yield (1) Total (in thousands of Soles) Sol-denominated: Government treasury bonds - - - 332,404 4.40 % 2,198,538 4.86 % 3,766,885 6.25 % 1,787,421 6.96 % 8,085,248 Total Sol-denominated - - 332,404 2,198,538 3,766,885 1,787,421 8,085,248 Foreign Currency-denominated: Government treasury bonds - 12,661 7.79 % 16,413 6.31 % - - - - - - 29,074 Corporate bonds - 248,394 2.70 % 273,374 5.89 % 12,628 6.29 % - - - - 534,396 Subordinated bonds - 19,788 5.81 % 17,615 6.26 % - - 7,360 4.32 % - - 44,763 Negotiable certificates of deposit - 23,889 0.00 % - - - - - - - - 23,889 Other investments of debt - 54,178 5.34 % 2,233 6.58 % - - - - - - 56,411 Total Foreign Currency-denominated - 358,910 309,635 12,628 7,360 - 688,533 Total securities holdings: - 358,910 642,039 2,211,166 3,774,245 1,787,421 8,773,781

(1) Rates have been presented on a non-taxable equivalent basis.

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The maturities of our investment securities classified as fair value through other comprehensive income, as of December 31, 2024, are described in “ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT”.

As of December 31, 2022, 2023 and 2024, the Group had in investments at fair value with changes in other comprehensive income 70,253, 111,613 and 116,499 certificates of deposit of the BCRP, respectively, which are instruments issued at discount through public auction, negotiated in the Peruvian secondary market and payable in soles.

Pursuant to the criteria described below, our management has determined that the unrealized losses of our investments at fair value through other comprehensive income, as of December 31, 2022, 2023 and 2024, amounting to S/2,011.4 million, S/922.8 million and S/708.2 million, respectively, were temporary, and we intend to hold each investment for a sufficient period of time to allow for a potential recovery in fair value. This holding period will last until the earlier of the investment’s recovery or maturity.

As of December 31, 2022, 2023 and 2024, for debt instruments measured at amortized cost or fair value through other comprehensive income, the management establishes a three-stage expected credit loss model, based on whether there has been a significant increase in the credit risk of the financial asset since its initial recognition. These three stages determine the amount of expected credit loss (ECL) to be recognized at each reporting date.

The ECL is an estimate that considers multiple forward-looking macro-economic scenarios that result in more timely recognition of credit losses.

Management considers a number of factors to determine whether to hold an investment, including (i) a quantitative estimate of the expected recovery period (which may extend to maturity), (ii) the severity of the impairment and (iii) its strategy with respect to the security or portfolio. If management determines it is not desirable to hold the security for a sufficient period of time to allow for a potential recovery in the security’s amortized cost, we record the unrealized loss in our consolidated income statement.

7.3 Loan portfolio

Except where otherwise specified, references to loans in this section 7.3 are to our direct loans. Our direct loans are distinct from our indirect loans (which are discussed in Note 18(a) of our consolidated financial statements) and our due from customers on banker’s acceptances (which are discussed in Note 3(n) of our consolidated financial statements).

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7.3.1 Loans by type of loan

The following table shows our loans by type of loan, at the dates indicated:

As of December 31, 2022 2023 2024 (in thousands of Soles) Loans (1) 125,790,501 122,282,426 124,620,531 Leasing receivables 6,174,850 5,735,973 5,260,182 Discounted notes 2,982,291 3,170,887 3,391,576 Factoring receivables 3,976,898 3,431,323 3,243,531 Advances and overdrafts in current account 219,932 321,962 132,231 Refinanced loans 2,100,018 2,407,516 2,241,062 Total performing loans 141,244,490 137,350,087 138,889,113 Internal overdue loans 5,945,779 6,133,167 5,430,132 Accrued interest 1,436,105 1,492,797 1,413,028 Total loans (2) 148,626,374 144,976,051 145,732,273

(1) The credit card loans balance amounts to S/6,187.9 million, S/7,112.3 million and S/6,223.7 million for the years 2022, 2023 and 2024, respectively.

(2) Due to current loans, we had off-balance-sheet items that amounted to S/20,928.1 million, S/20,051.6 million, and S/22,139.3 million, as of December 31, 2022, 2023 and 2024 respectively. See Note 18 to the consolidated financial statements.

The loan portfolio categories set forth in the table above are based on internal classifications, which apply to loans generated by BCP Stand-alone, SEAH, Mibanco, BCP Bolivia, Mibanco Colombia and ASB. We categorize loans as follows:

• Loans: Basic term loans documented by promissory notes and other extensions of credit, such as mortgage loans, credit cards and other consumer loans in various forms, including trade finance loans to importers and exporters on specialized terms adapted to the needs of the international trade transaction.

• Leasing receivables: Transactions that involve our acquisition of an asset and the financial leasing of that asset to a client.

• Discounted notes: Loans discounted at the outset (the client signs a promissory note or other evidence of indebtedness for the principal amount payable at a future date). Discounted loans also include discounting of drafts, where we make a loan supported by a draft signed by one party and discounted by another party, with recourse to both parties.

• Factoring receivables: The sale of title of a company’s account receivables to a bank (or financial company). The receivables are sold without recourse, and the bank cannot recover from the seller in the event that the accounts are uncollectible. For factoring loans, the seller receives funds from the bank prior to the average maturity date based on the invoice amount of the receivable, less cash discounts and allowances for estimated claims and returns, among other items.

• Advances and overdrafts in current account: Extensions of credit to clients by way of an overdraft facility in the client’s checking account. This category also includes secured short-term advances.

• Refinanced loans: Loans that were refinanced because the client was unable to pay at maturity. A loan is categorized as a refinanced loan when the debtor is experiencing payment problems and asks for a new payment schedule that will allow the debtor to comply with the installments. This policy is based on internal models and past experience as well as IFRS.

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• Internal overdue loans: Includes overdue loans and under legal collection loans. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (7) Selected statistical information – 7.3 Loan Portfolio – 7.3.9 Internal overdue Loan Portfolio” for further detail.

7.3.2 Loans by economic activity

The following table shows our total loan portfolio composition, net of unearned interest, based on the borrower’s principal economic activity:

As of December 31, 2022 2023 2024 (in thousands of Soles, except percentages) Amount % Total Amount % Total Amount % Total Economic Activity Mortgage Loans 23,235,575 15.63 22,519,807 15.53 25,092,057 17.22 Commerce 27,514,281 18.51 27,459,996 18.94 27,963,542 19.19 Manufacturing 23,692,696 15.94 22,473,754 15.50 21,698,829 14.89 Consumer Loans 19,913,501 13.4 17,797,051 12.28 19,527,440 13.40 Realty Business and Leasing Services 10,509,631 7.07 10,366,792 7.15 5,022,023 3.45 Communication, Storage and Transportation 6,790,684 4.57 6,689,075 4.61 10,025,110 6.88 Agriculture 5,041,284 3.39 5,173,903 3.57 4,714,818 3.24 Construction 3,778,676 2.54 3,719,611 2.57 3,112,587 2.14 Electricity, Gas and Water 4,965,556 3.34 4,935,557 3.40 5,793,985 3.98 Mining 4,027,209 2.71 4,076,503 2.81 3,709,582 2.55 Hotels and restaurants 2,867,916 1.93 2,866,999 1.98 2,868,637 1.97 Financial Services 4,343,651 2.92 4,393,267 3.03 4,685,749 3.22 Education, Health and Other Services 1,715,239 1.15 1,742,035 1.20 1,816,783 1.25 Fishing 597,439 0.4 607,047 0.42 674,928 0.46 Others 8,196,931 5.53 8,661,857 5.98 7,613,175 5.22 Sub total 147,190,269 99.03 143,483,254 98.97 144,319,245 99.03 Accrued interest 1,436,105 0.97 1,492,797 1.03 1,413,028 0.97 Total 148,626,374 100.00 144,976,051 100.00 145,732,273 100.00

As of December 31, 2024, 90.55% and 6.82% of the loan portfolio was concentrated in Peru and Bolivia, respectively, which represent, separately, more than 51.51% and 3.88% of total assets of the Group, respectively. As of December 31, 2023, 93.05% and 6.49% of the loan portfolio was concentrated in Peru and Bolivia, respectively.

7.3.3 Concentrations of loan portfolio and lending limits

As of December 31, 2024, loans and other off-balance-sheet exposure to our 15 largest customers (considered as economic groups) equaled S/20,397.7 million and represented 14.00% of our total loan portfolio. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru” for the definition of “economic group”. Our total loans and other off-balance-sheet exposure outstanding to each of these customers ranged from S/791.3 million to S/2,399.4 million, including 11 customers with over S/813.9 million. Total loans and other off-balance-sheet exposure outstanding to our 15 largest customers were ranked in the following risk categories as of December 31, 2024: Class A (normal)—99.7%; Class B (potential problems)—0.3%; Class C (substandard)—0.00%; Class D (doubtful)—0.00% percent; and Class E (loss)—0.00%. For further information, see “– 7.3 Loan Portfolio – 7.3.7 Classification of the Loan Portfolio”.

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BCP Stand-alone’s loans to a single borrower are subject to lending limits imposed by Law No. 26702. See “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – (6) Supervision and Regulation – 6.2 Subsidiaries – 6.2.1 Peru”. The lending limits depend on the nature of the borrower involved and the type of collateral received. The sum of BCP Stand-alone’s loans and deposits in either another Peruvian universal bank or Peruvian financial institution, plus any guarantees of third-party performance received by BCP Stand-alone from such institution, may not exceed 30% of BCP Stand-alone’s regulatory capital (as defined by the SBS). The sum of BCP Stand-alone’s loans and deposits in non-Peruvian financial institutions, plus any guarantees of third-party performance received by BCP Stand-alone from such institutions, are limited to 5%, 10% or 30% of BCP Stand-alone’s regulatory capital, depending upon the level of government supervision of the institution and whether the institution is recognized by the BCRP as an international bank of prime credit quality. The limits on lending to non-Peruvian financial institutions increase to 50% of BCP Stand-alone’s regulatory capital if the amount by which such loans exceed the 5%, 10% or 30% limits is backed by certain letters of credit.

BCP Stand-alone’s loans to Directors and employees and their relatives have an aggregate limit of 7% of regulatory capital and an individual limit of 5% of such global limit.

Loans to non-Peruvian individuals or companies that are not financial institutions have a limit of 5% of BCP Stand-alone’s regulatory capital. However, this limit increases to 10% if the additional 5% is guaranteed by a mortgage or certain publicly traded securities. The limit rises to 30% if the additional amount is guaranteed by certain banks or by cash deposits in BCP Stand-alone. Lending on an unsecured basis to individuals or companies residing in Peru that are not financial institutions is limited to 10% of BCP Stand-alone’s regulatory capital. This limit rises to 15% if the additional 5% is guaranteed by a mortgage, certain securities, equipment or other collateral, and to 20% if the additional amount is either backed by certain debt instruments guaranteed by other local banks or a foreign bank determined by the BCRP to be of prime credit quality, or by other highly liquid securities at market value. The single-borrower lending limit for loans backed by a cash deposit at BCP Stand-alone or by debt obligations of the BCRP is 30% of BCP Stand-alone’s regulatory capital.

Considering the regulatory capital of BCP Stand-alone, which amounted to S/30,255.1 million on December 31, 2023, BCP Stand-alone’s legal lending limits varied from S/3,025.5 million to S/15,127.6 million. The Group’s consolidated lending limits, based on our regulatory capital on a consolidated basis of S/26,792.8 million on December 31, 2023, ranged from S/1,339.6 million to S/13,396.4 million. As of December 31, 2024, BCP Stand-alone was in compliance with the lending limits of Law No. 26702.

As of December 31, 2024, we complied with the applicable legal lending limits in each of the jurisdictions in which we operate. These limits are calculated quarterly based upon our consolidated equity plus reserves for impaired loans not specifically identified at quarter-end. We have also set internal lending limits, which are more restrictive than those imposed by law. A limited number of exceptions to our internal limits have been authorized by our Board of Directors based on the credit quality of the borrower, the term of the loan, and the amount and quality of collateral provided. We may, in appropriate and limited circumstances, increase or choose to exceed these internal limits as long as our credit exposure does not exceed the legal lending limits.

We may experience an adverse impact on our financial condition and results of operations if (i) customers to which we have significant credit exposure are not able to satisfy their obligations to us, and any related collateral is not sufficient to cover these obligations, or (ii) a reclassification of one or more of these loans or other off-balance sheet exposure results in an increase in provisions for loan losses.

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7.3.4 Loan portfolio denomination

The following table presents our Sol and foreign currency-denominated loan portfolio at the dates indicated:

As of December 31, 2022 2023 2024 (in thousands of Soles, except percentages) Total loan portfolio: Sol-denominated 96,869,077 65.18 % 93,045,426 64.18 % 93,155,047 63.92 % Foreign Currency-denominated 51,757,297 34.82 % 51,930,625 35.82 % 52,577,226 36.08 % Total loans (1) 148,626,374 100.00 % 144,976,051 100.00 % 145,732,273 100.00 %

(1) Includes accrued interest.

7.3.5 Maturity composition of the performing loan portfolio

The following table sets forth an analysis of our performing loan portfolio on December 31, 2024, by type and by time remaining to maturity. Loans are stated before deduction of the allowance for loan losses.

Maturing Amount at December 31, 2024 Within 12 months After 1 year but within 5 years After 5 years but within 15 years After 15 years (in thousands of Soles, except percentages) Loans 118,396,820 53,791,748 37,718,982 24,903,385 1,982,705 Credit Cards 6,223,711 5,216,915 1,006,796 - - Leasing receivables 5,260,182 2,451,996 2,735,505 72,681 - Discounted notes 3,391,576 3,324,205 1,487 65,884 - Factoring receivables 3,243,531 3,243,531 - - - Refinanced and restructured loans 2,241,062 552,379 1,041,737 536,189 110,757 Advances and overdrafts in current account 132,231 132,231 - - - Total 138,889,113 68,713,005 42,504,507 25,578,139 2,093,462 Internal overdue loans 5,430,132 Accrued interest 1,413,028 Total Loans 145,732,273 % of total performing loan portfolio 100.00 % 49.47 % 30.60 % 18.42 % 1.51 %

7.3.6 Loan portfolio by interest rate type

The following table sets forth the breakdown of our loan portfolio as of December 31, 2024 by interest rate type, currency, and remaining maturity:

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Amount at Maturing December 31, 2024 After 1 year (in thousands of Soles) Variable Rate Sol-denominated 39,101 31,318 Loans 38,589 30,865 Refinanced loans 512 453 Foreign Currency-denominated 4,821,910 3,466,250 Loans 4,691,876 3,345,829 Refinanced loans 37,455 46,944 Internal overdue loans and under legal collection loans 92,579 73,477 Total 4,861,011 3,497,568 Fixed Rate Sol-denominated 95,150,048 52,009,398 Loans 78,796,959 45,804,337 Leasing receivables 1,760,287 992,854 Credit cards 5,104,415 694,285 Discounted notes 1,597,117 - Factoring receivables 1,763,678 - Advances and overdrafts in current account 107,147 - Refinanced loans 1,725,829 1,359,112 Internal overdue loans and under legal collection loans 4,294,616 3,158,810 Foreign Currency-denominated 44,308,186 18,898,541 Loans 34,869,396 15,424,041 Leasing receivables 3,499,895 1,815,332 Credit cards 1,119,296 312,511 Discounted notes 1,794,459 67,371 Factoring receivables 1,479,853 - Advances and overdrafts in current account 25,084 - Refinanced loans 477,266 282,174 Internal overdue loans and under legal collection loans 1,042,937 997,112 Total 139,458,234 70,907,939 Sub total 144,319,245 74,405,507 Accrued interest 1,413,028 Total loans 145,732,273

7.3.7 Classification of the loan portfolio

We classify Credicorp’s loan portfolio in accordance with internal practices (based in SBS criteria). According to these criteria, all loans and other credits are classified into one of four categories based upon the purpose of the loan. These categories are:

(1) Commercial loans, which generally finance the production and sale of goods and services, including commercial leases, as well as credit card debt on cards held by business entities.

(2) Microbusiness loans, which are exclusively targeted for the production and sale of goods and services, are made to individuals or companies with no more than S/300,000 in total loans received from the financial system (excluding mortgage loans).

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(3) Consumer loans, which are generally granted to individuals, including credit card transactions, overdrafts on personal demand deposit accounts, leases, and financing goods or services that are not related to a business activity.

(4) Residential mortgage loans, which are all the loans granted to individuals for the purchase, construction, remodeling, subdivision or improvement of the individual’s home, in each case backed by a mortgage. Mortgage loans made to directors and employees of a company are also considered residential mortgage loans. Mortgage-backed loans generally are considered commercial loans.

The following table sets forth our loan portfolio by class at the dates indicated:

As of December 31, 2022 2023 2024 (In thousands of Soles) Commercial loans 81,668,901 76,820,402 76,921,615 Residential mortgage loans 23,235,574 24,176,918 25,092,057 Small business loans 22,372,293 22,425,750 22,778,133 Consumer loans 19,913,501 20,060,184 19,527,440 Total 147,190,269 143,483,254 144,319,245 Accrued interest 1,436,105 1,492,797 1,413,028 Total loans 148,626,374 144,976,051 145,732,273

We employ a range of policies and practices to mitigate credit risk. Our usual practice is to take security for fund advances. We implement guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types for loans and advances are mortgages over residential properties, liens over business assets (such as premises, inventory and accounts receivable), and liens over financial instruments (such as debt securities and equities).

Long-term financing and lending to corporate entities are generally secured, while revolving individual credit facilities are generally unsecured. In order to minimize credit loss, we seek additional collateral as soon as impairment indicators become apparent.

We determine the appropriate collateral to hold as security for financial assets (other than loans) according to the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, except for asset-backed securities and other similar instruments, which are secured by portfolios of financial instruments.

Our management monitors the market value of collateral, requests additional collateral in accordance with the underlying agreement, and monitors the market value of the additional collateral obtained during its review of the allowance for impairment losses. Our policy is to dispose of repossessed properties in an orderly manner. We use the proceeds to reduce or repay the outstanding claim. In general, we do not use repossessed properties for our own business.

We review our loan portfolio on a continuing basis, and we classify our loans based upon credit risk by assessing the following factors: (i) the payment history of the particular loans, (ii) the history of our dealings with the borrower, (iii) the borrower’s management, (iv) the borrower’s operating history, (v) the borrower’s repayment capability, (vi) the borrower’s availability of funds, (vii) the status of collateral or guarantees, (viii) the borrower’s financial statements, (ix) the general risk of the sector in which the borrower operates, (x) the borrower’s risk classification made by other financial institutions and (xi) other relevant factors.

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In accordance with IFRS 7, we classify our loan portfolio, according to its credit risk quality, in one of the three following levels:

• Loans neither past due nor impaired: this level comprises those direct loans which are zero days past due and which are not in default.

• Past due but not impaired loans: this level comprises those direct loans for which debtors have failed to make a payment on the contractually agreed due date but are not in default.

• Impaired loans: this level comprises all the direct loans in default.

We continually review our loan portfolio to assess the completeness and accuracy of our loan classifications.

We assess financial guarantees and letters of credit in the same way we assess loans.

When a borrower is in a country where there is an increased risk of difficulty servicing external debt, we assess the political and economic conditions in that country and factor additional country risk into our assessment.

When we determine that a loan is uncollectible, it is written off against the provision for loan impairment. We write off these loans after all necessary procedures have been completed and the amount of the loss is determined. Subsequent recoveries of amounts previously written off decrease the amount of the provision for loan impairment in our consolidated income statements.

The following tables show our direct loan portfolio without accrued interest at the dates indicated:

As of December 31, 2024 (in thousands of Soles, except percentages) Level of Risk Stage 1 Stage 2 Stage 3 Total Classification Amount Amount Amount Amount % Total Neither past due nor impaired 116,533,046 14,334,623 - 130,867,669 90.7 Past due but not impaired 1,535,821 2,097,725 - 3,633,546 2.5 Impaired debt - - 9,818,030 9,818,030 6.8 Total (1) 118,068,867 16,432,348 9,818,030 144,319,245 100.0

As of December 31, 2023 (in thousands of Soles, except percentages) Level of Risk Stage 1 Stage 2 Stage 3 Total Classification Amount Amount Amount Amount % Total Neither past due nor impaired 114,266,020 13,720,340 - 127,986,360 89.2 Past due but not impaired 2,023,488 2,555,260 - 4,578,748 3.2 Impaired debt - - 10,918,146 10,918,146 7.6 Total (1) 116,289,508 16,275,600 10,918,146 143,483,254 100.0

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As of December 31, 2022 (in thousands of Soles, except percentages) Level of Risk Stage 1 Stage 2 Stage 3 Total Classification Amount Amount Amount Amount % Total Neither past due nor impaired 113,364,093 19,078,232 - 132,442,325 90.0 Past due but not impaired 1,673,074 2,406,229 - 4,079,303 2.8 Impaired debt - - 10,668,641 10,668,641 7.2 Total (1) 115,037,167 21,484,461 10,668,641 147,190,269 100.0

7.3.8 Classification of the loan portfolio based on the borrower’s payment performance

We classify a loan as internal overdue according to three criteria: (i) the number of days past-due based on the contractually agreed due date; (ii) the banking subsidiary; and (iii) the type of loan. In that sense:

• BCP Stand-alone, SEAH and Mibanco consider loans as internal overdue: (i) after 15 days for corporate, large business and medium business loans; (ii) after 30 days for small and micro business loans and (iii) after 30 days for overdrafts. In the case of consumer, mortgage and leasing loans, the past-due installments are considered overdue after 30 to 90 days; after 90 days, the outstanding balance of the loan is considered overdue.

• Mibanco Colombia considers loans as internal overdue: (i) after 90 days for commercial loans; (ii) after 60 days for micro business loans; (iii) after 60 days for consumer loans and (iv) after 30 days for mortgage loans.

• ASB considers loans as internal overdue when they are 1 or more days past due.

• BCP Bolivia considers loans as internal overdue when they have 30 or more days past due.

Furthermore, with regards to refinanced loans, Credicorp’s policy categorizes a loan as “refinanced” when a debtor is experiencing payment problems and asks for a new payment schedule that will allow the debtor to comply with the installments. This policy is based on internal models and experience as well as IFRS.

Finally, non-performing loans are composed of internal overdue, refinanced, and restructured loans. For further detail on non-performing loans, see Note 30.1(c) to the consolidated financial statements.

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As of December 31, 2022 2023 2024 (in thousands of Soles, except percentages) Current 141,244,490 137,350,087 138,889,113 Internal overdue loans: Overdue up to 90 days 1,264,336 1,459,603 1,046,337 Overdue 90 days or more 4,681,343 4,673,564 4,383,795 Subtotal internal overdue 5,945,779 6,133,167 5,430,132 Total 147,190,269 143,483,254 144,319,245 Accrued interest 1,436,105 1,492,797 1,413,028 Total direct loans 148,626,374 144,976,051 145,732,273 Internal overdue loans amount as % of total loans (1) 4.0 % 4.3 % 3.8 %

(1) Includes overdue loans (overdue loans and under legal collection loans) without accrued interest.

For IFRS 7 disclosure requirements on past-due loans, see Note 30.1 to the consolidated financial statements.

7.3.9 Internal overdue loan portfolio

The following table analyzes our internal overdue loans portfolio by the type of loan at the dates indicated:

As of December 31, 2022 2023 2024 (in thousands of Soles) Internal overdue loan amounts: Loans 5,013,193 5,036,429 4,639,405 Discounted notes 34,338 33,925 32,167 Advances and overdrafts in demand deposits 69,524 166,803 152,566 Leasing transactions 209,015 143,003 128,896 Refinanced and restructured loans 619,709 753,007 477,098 Total internal overdue loans 5,945,779 6,133,167 5,430,132 Less: Allowance for loan losses (1) (8,530,986 ) (8,645,945 ) (8,378,895 ) Total internal overdue loans portfolio net of allowance (2,585,207 ) (2,512,778 ) (2,948,763 )

(1) Includes allowance for direct loans, indirect loans and due from customers on banker’s acceptances (see section “(7) Selected Statistical Information – 7.3.11 Allowance for loan losses”).

7.3.10 Total Non-performing loans

Non-performing loans include internal overdue loans (S/5,430.1 million as of December 31, 2024), as well as current refinanced and restructured loans (S/2,241.1 million as of December 31, 2024). Therefore, non-performing loans amounted to S/7,671.2 million. As of December 31, 2024, our delinquency ratio (internal overdue-loan ratio) was 3.73% and our non-performing loan ratio (including internal overdue and refinanced and restructured loans) was 5.26%. As of December 31, 2023, our delinquency ratio was 4.23% and our non-performing loan ratio was 5.89%. See “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results – (5) Financial Position – 5.1 Total Assets – Portfolio quality”. For the ratio of non-performing loans to total loans and the ratio of allowance for loan losses to non-performing loans (which we refer to as coverage of non-performing loans) as of December 31, 2022, 2023 and 2024, see “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS – 5.A Operating Results – (4) Historical Discussion and Analysis – 4.2 Financial performance.

7.3.11 Allowance for loan losses

The following tables show the changes in our allowance for loan losses during the periods indicated. The first table corresponds to years 2022, 2023 and 2024 under IFRS 9 methodology:

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Year ended December 31, 2022 2023 2024 (In thousands of Soles) Allowance for loan losses at the beginning of the year 9,071,011 8,530,986 8,645,945 Credit loss of the period: New loans and liquidation, net (541,836 ) (817,292 ) (537,802 ) Changes in PD, LGDs, EADs 2,700,391 4,774,435 4,481,103 Write-offs and forgiven (2,575,258 ) (3,461,262 ) (4,070,559 ) Sale of loan portfolio (10,340 ) (343,646 ) (122,418 ) Exchange difference and others (1) (112,982 ) (37,276 ) (17,374 ) Total allowance for loan losses at the end of the year 8,530,986 8,645,945 8,378,895

(1) Corresponds to the effect of fluctuation in the exchange rate for foreign currency loans. Considering that the functional currency is the Peruvian Sol, and that the main impact of foreign currency is the US Dollar; the effects presented in this account are primarily driven by changes in the Sol/US Dollar exchange rate.

For a discussion of the risk elements in the loan portfolio and the factors considered in determining the amount of specific reserves, see “ITEM 4. INFORMATION ON THE COMPANY – 4.B Business Overview – 7.3.7 Classification of the Loan Portfolio” and “– 7.3.8 Classification of the loan portfolio based on the borrower’s payment performance”. The balance of the allowance for loan losses as of December 31, 2022, 2023 and 2024 are included in Note 7(c) to the consolidated financial statements.

As of December 31, 2024, the allowance for loan losses was S/8,378.9 million which meant a decrease of 3.09% compared to S/8,645.9 million in 2023. The allowance for loan losses, as of December 31, 2024, included S/7,994.9 million for direct loans losses and S/383.9 million for indirect loan losses or off-balance-sheet exposure losses as compared to S/8,277.9 million and S/368.0 million, respectively, in 2023. The allowance for indirect loans is included in the “Other liabilities” caption of or consolidated statement of financial position. See Notes 7(c) and 12(a) to the consolidated financial statements. For the ratio of the allowance for loan losses to total loans as of December 31, 2022, 2023 and 2024, see “ITEM 3. KEY INFORMATION – 3.A Selected Financial Data.”

The write-off process is performed with prior approval of our board of Directors and the SBS. Potential write-offs are considered by the board of Directors on a case-by-case basis. Provision for credit losses on loan portfolio, net of recoveries, increased to S/3,519.4 million in 2024 from S//3,622.3 million in 2023.

7.3.12 Allocation of allowance for loan losses

The following table sets forth the amounts of our allowance for loan losses attributable to commercial, microbusiness, consumer, and residential mortgage loans at the dates indicated (see also Note 7(c) to the consolidated financial statements):

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As of December 31, 2022 2023 2024 Allowance for loan losses for: (in thousands of Soles) Commercial loans 3,912,043 3,583,222 3,328,009 Microbusiness 1,970,027 2,067,488 1,948,281 Consumer loans 1,680,768 2,034,614 2,048,478 Residential mortgage loans 968,148 960,621 1,054,127 Total 8,530,986 8,645,945 8,378,895

Credicorp's total allowance for loan losses decreased by 3.09% from December 31, 2023, to December 31, 2024. This was mainly driven by (i) the reversal of El Niño provisions during the year, and (ii) a better payment performance in SMEs and Individuals mainly during the second semester of the year as we reached a turning point particularly in the segments that have been the most impacted in the recent credit cycle.

The main methodological calibrations made at internal credit risk models are in “ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT – 11.4 Managed Risk - a) Credit Risk – Credit Risk Measurement”.

7.3.13 Credit Ratios

The following table sets forth our ratio of allowance for loan losses to total loans outstanding and, for both total loans and each type of loan, net write-offs to average loans outstanding, as well as the components of these ratios, at and for the years ended December 31, 2022, 2023 and 2024.

Year ended December 31, 2022 2023 2024 (in thousands of Soles, except percentages) Allowance for credit losses to total loans outstanding 6.04 % 6.29 % 6.03 % Allowance for credit losses (8,530,986 ) (8,645,945 ) (8,378,895 ) Total loans outstanding 141,244,490 137,350,087 138,889,113 Total net write-offs during the period to average loans outstanding 1.7 % 2.4 % 2.9 % Total net charge-offs during the period (2,432,154 ) (3,324,667 ) (3,887,584 ) Average loans outstanding 141,061,602 137,241,513 136,355,524 Net write-offs during the period to average loans outstanding Loans: Average amount outstanding 139,107,526 135,064,506 133,900,521 Net charge-offs during the period (1,749,392 ) (2,387,523 ) (2,908,945 ) Ratio of net charge-off/average amount outstanding 1.3 % 1.8 % 2.2 % Credit cards: Average amount outstanding 5,746,531 6,426,866 6,260,473 Net charge-offs during the period (208,423 ) (548,932 ) (547,121 ) Ratio of net charge-off/average amount outstanding 3.6 % 8.5 % 8.7 % Leasing receivables: Average amount outstanding 6,254,236 5,896,141 5,511,085 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Discounted notes: Average amount outstanding 2,589,806 2,660,493 2,927,143 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Factoring receivables: Average amount outstanding 3,624,665 3,184,821 2,915,033 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Advances and overdrafts in current account: Average amount outstanding 163,025 253,353 237,659 Net charge-offs during the period - - - Ratio of net charge-off/average amount outstanding 0.0 % 0.0 % 0.0 % Refinanced loans: Average amount outstanding 1,954,076 2,177,007 2,455,003 Net charge-offs during the period (474,339 ) (388,212 ) (431,518 ) Ratio of net charge-off/average amount outstanding 24.3 % 17.8 % 17.6 %

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The ratio of allowance for loan losses to total loans outstanding decreased from 6.29% in 2023 to 6.03% in 2024. This reduction was mainly driven by two factors: (i) the reversal of El Niño provisions during the year, and (ii) a better payment performance in SMEs and Individuals mainly during the second semester of the year due to an increase in households liquidity due to pension funds withdrawal, and as we reached a turning point particularly in the segments that have been the most impacted in the recent credit cycle.

The aforementioned was partially offset by higher charge-offs during the year, mainly at Consumer and Credit Card Segments due to a deterioration in payment capacity among these clients. For more information about Credicorp’s Portfolio quality, please see “5.A Operating results – (5) Financial Position – 5.1 Total Assets”.

7.4 Deposits

The following table presents the components of our deposit base at the dates indicated:

As of December 31, 2022 2023 2024 (in thousands of Soles) Demand deposits: Sol-denominated 21,756,004 22,398,875 25,989,592 Foreign currency-denominated 26,711,244 25,830,448 26,601,360 Total 48,467,248 48,229,323 52,590,952 Savings deposits: Sol-denominated 30,331,360 30,280,631 36,617,684 Foreign currency-denominated 24,437,685 22,095,182 23,140,141 Total 54,769,045 52,375,813 59,757,825 Time deposits: Sol-denominated 18,267,699 19,265,835 20,542,136 Foreign currency-denominated (1) 19,210,570 22,024,176 23,574,302 Total 37,478,269 41,290,011 44,116,438 Severance indemnity deposits Sol-denominated 2,669,127 2,295,879 2,229,080 Foreign currency-denominated 1,155,502 889,724 766,940 Total 3,824,629 3,185,603 2,996,020 Bank certificates Sol-denominated 541,980 504,020 453,199 Foreign currency-denominated 876,760 690,633 648,148 Total 1,418,740 1,194,653 1,101,347 Total deposits: Sol-denominated 73,566,170 74,745,240 85,831,691 Foreign currency-denominated 72,391,761 71,530,163 74,730,891 Total deposits and obligations without interest payable 145,957,931 146,275,403 160,562,582

(1) The presentation of certificates of deposits that were identified as negotiable were modified from term deposits to bonds in 2021

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Our total deposits and obligations without interest payable increased 9.8% from December 31, 2023, to December 31, 2024, which is attributable to an increase in the level of saving and demand deposits, mainly at BCP Stand-alone.

The following table presents the non-interest-bearing demand deposits and the interest-bearing demand deposits at the dates indicated:

As of December 31, 2022 2023 2024 (in thousands of Soles) Sol-denominated: Non-interest-bearing demand deposits 19,707,991 19,825,177 22,326,582 Interest-bearing demand deposits 2,048,013 2,573,698 3,663,010 Total 21,756,004 22,398,875 25,989,592 Foreign currency-denominated: Non-interest-bearing demand deposits 23,638,160 22,409,322 24,833,609 Interest-bearing demand deposits 3,073,084 3,421,126 1,767,751 Total 26,711,244 25,830,448 26,601,360

Deposits are generally insured to mitigate depositor losses in the event of financial institution bankruptcy. The insured value of any deposit will vary depending on the country where the bank is located. As of December 31, 2024, deposits in Peru are insured by the Deposit Insurance Fund up to a maximum of S/121,600 (US$32,306) per depositor; in Colombia they are insured by the “Financial Institutions Guarantee Fund” (Fogafín) up to a maximum of S/42,700 (US$11,344) per depositor; in Bolivia they are insured by the Saver Protection Fund (FPAH) up to a maximum of S/56,300 (US$14,957) per depositor; in Panama deposits are not insured. In Peru, the insurance coverage supports nominal deposits, under any modality, of natural and private non-profit legal persons, as well as demand deposits of other legal persons. These amounts include all insured deposits that a depositor has in the same financial institution. As of December 31, 2022, 2023 and 2024 the total insured deposits of the Group, which were estimated with the methodologies and assumptions used for regulatory requirements, totaled S/53,555.5 million, S/52,688.7 million and S/60,225.3 million, respectively. As of December 31, 2022, 2023 and 2024, the total uninsured deposits, without considering interest, totaled S/92,402.4 million, S/93,586.7 million and S/100,337.3 million, respectively.

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Below are the Group’s aggregate estimated uninsured time deposits as of December 31, 2022, 2023, and 2024:

As of December 31, 2022 2023 2024 (in thousands of Soles) Time deposits: Maturing within 60 days 13,682,607 17,551,941 20,642,795 Maturing after 61 but within 90 days 2,453,651 3,268,967 3,584,523 Maturing after 91 but within 180 days 4,434,455 3,924,564 3,583,118 Maturing after 181 but within 360 days 5,466,573 4,723,712 4,674,141 Maturing after 361 days 6,861,927 5,517,415 5,272,499 Total time deposits 32,899,213 34,986,599 37,757,076

4.C Organizational structure

(1) Credicorp

The following tables show our organizational structure and the organization of our main subsidiaries as of December 31, 2024, indicating in each case its country of incorporation and ownership interest in the identified entities:

(1) Grupo Crédito holds 100% of Tenpo under its control, which is the Fintech group of companies.

(2) Grupo Credito holds 33.66% of Pacífico Compañía De Seguros y Reaseguros S.A.

(3) Pacífico Compañía De Seguros y Reaseguros S.A. holds a 50% of Pacífico S.A. Entidad Prestadora de Salud.

(4) Credicorp Capital Holding Peru S.A. holds 85.35% of Credicorp Capital Peru S.A.A., and Credicorp Capital Ltd holds an additional 12.84% of Credicorp Capital Peru S.A.A.

(5) Grupo Crédito S.A. participates in 5.53% of Credicorp Holding Colombia S.A.S.

(6) Inversiones Credicorp Bolivia S.A. holds 51.95%.

(7) Inversiones Credicorp Bolivia S.A. holds 51.87%.

Grupo Credito holds 4.99% of Mibanco Banco de la Microempresa S.A.

4. D Property, furniture, and equipment, net

As of December 31, 2024, we owned 269 properties (258 in Peru, 10 in Bolivia and 1 in Colombia) and leased 625 properties (450 in Peru, 49 in Bolivia ,120 in Colombia, 3 in Chile, 2 in United States and 1 in Panama), which we use for the operation of our branch network and our business. We own the buildings where our headquarters are located in Lima, Peru and La Paz, Bolivia. As of December 31, 2024, we had 663 bank branches, of which 321 were BCP Stand-alone branches, 46 were BCP Bolivia branches and 285 were Mibanco branches in Peru.

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There are no significant encumbrances on any of our properties, and both our owned and leased properties have multi-risk property insurance. The respective policy is renewed annually and covers our properties against the risks of fire, natural disasters, and socio-political risks among others.

During the year 2024, the principal disbursement was related mainly to computer equipment and the remodeling of its various agencies. For more details on the balance of properties, furniture and equipment in progress, see Note 9 to the consolidated financial statements.