Exhibit 99.1

	|	Earnings Release 1Q / 2024

Table of Contents

	Operating and Financial Highlights	03
	Senior Management Quotes	05
	First Quarter 2024 Earnings Conference Call	06
	Summary of Financial Performance and Outlook	07
	Financial Overview	12
	Credicorp’s Strategy Update	13
	Analysis of 1Q24 Consolidated Results

	|	Earnings Release 1Q / 2024
Operating and Financial Highlights

Credicorp Ltd. Reports Financial and Operating Results for 1Q24

ROE stood at 18.2%, including a reversal for provisions at BCP and Mibanco, in a context of weak loan growth and a gradual improvement in the economy.

The resilience of Risk-Adjusted NIM reflects a disciplined strategy for interest rate management, backed by our position as leader in low-cost funding and a reduction in provisions.

Diversification of income sources with YoY increases of 9.4% in Net Interest Income (NII) and 8.7% in Other Core Income.

Controlled Cost of Risk, which rose 30 bps YoY to stand at 2.3%, while the NPL Ratio increased 77 bps to situate at 6.2%.

Efficiency ratio improved 70 bps YoY to 43.6%, mainly reflecting positive operating leverage at BCP.

Lima, Peru – May 09, 2024 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama today reported its unaudited results for the quarter ended March 31, 2024. Financial results are expressed in Soles and are presented in accordance with International Financial Reporting Standards (IFRS).

1Q24 OPERATING AND FINANCIAL HIGHLIGHTS

	|	Earnings Release 1Q / 2024
Operating and Financial Highlights

	|	Earnings Release 1Q / 2024
Senior Management Quotes

SENIOR MANAGEMENT QUOTES

	|	Earnings Release 1Q / 2024
First Quarter 2024 Earnings Conference Call

FIRST QUARTER 2024 EARNINGS CONFERENCE CALL

Date: Friday May 10th, 2024

Time: 10:30 am ET (9:30 am Lima, Perú)

Hosts: Gianfranco Ferrari – Chief Executive Officer, Cesar Rios - Chief Financial Officer, Francesca Raffo – Chief Innovation Officer, Reynaldo Llosa - Chief Risk Officer, Diego Cavero – Head of Universal Banking, Cesar Rivera - Head of Insurance and Pensions, Carlos Sotelo - Mibanco CFO and Investor Relations Team.

To pre-register for the listen-only webcast presentation use the following link:
https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10188428&linkSecurityString=fc4fdee 944

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Those unable to pre-register may dial in by calling:

1 844 435 0321 (U.S. toll free)

1 412 317 5615 (International)
Participant Web Phone: Click Here
Conference ID: Credicorp Conference Call

The webcast will be archived for one year on our investor relations website at:
https://credicorp.gcs-web.com/events-and-presentations/upcoming-events

For a full version of Credicorp´s Fourth Quarter 2023 Earnings Release, please visit:
https://credicorp.gcs-web.com/financial-information/quarterly-results

	|	Earnings Release 1Q / 2024
Summary of Financial Performance and Outlook

	|	Earnings Release 1Q / 2024
Summary of Financial Performance and Outlook

	|	Earnings Release 1Q / 2024
Summary of Financial Performance and Outlook

	|	Earnings Release 1Q / 2024
Summary of Financial Performance and Outlook

Contributions and ROE by subsidiary in 1Q24

(S/ millions)

	|	Earnings Release 1Q / 2024
Summary of Financial Performance and Outlook

Financial Overview

	|	Earnings Release 1Q / 2024
Financial Overview

(1) Net Interest Margin = Net Interest Income (Excluding Net Insurance Financial Expenses) / Average Interest Earning Assets

(2) Funding Cost = Interest Expense (Does not include Net Insurance Financial Expenses) / Average Funding

(3) Internal Overdue Loans: includes overdue loans and loans under legal collection, according to our internal policy for overdue loans. Internal Overdue Ratio: Internal overdue loans / Total loans

(4) Non-performing loans (NPL): Internal overdue loans + Refinanced loans. NPL ratio: NPL / Total loans.

(5) Cost of risk = Annualized provision for loan losses, net of recoveries / Average Total loans. Cost of risk = Annualized provision for loan losses, net of recoveries / Average Total loans.

(6) Operating Income = Net interest, similar income and expenses + Fee Income+ Net gain on foreign exchange transactions + Net Gain From associates + Net gain on derivatives held for trading + Result on exchange differences + Insurance Underwriting Result

(7) Operating Expenses = Salaries and employee benefits + Administrative expenses + Depreciation and amortization + Association in participation + Acquisition cost

(8) Efficiency Ratio = Operating Expenses / Operating Income

(9) Regulatory Capital / Risk-weighted assets (legal minimum = 10% since July 2011).

(10) Tier 1 = Capital + Legal and other capital reserves + Accumulated earnings with capitalization agreement + (0.5 x Unrealized profit and net income in subsidiaries) - Goodwill - (0.5 x Investment in
subsidiaries) + Perpetual subordinated debt (maximum amount that can be included is 17.65% of Capital + Reserves + Accumulated earnings with capitalization agreement + Unrealized profit and net
income in subsidiaries - Goodwill).

(11) Common Equity Tier I = Capital + Reserves – 100% of applicable deductions (investment in subsidiaries, goodwill, intangibles and net deferred taxes that rely on future profitability) + retained earnings + unrealized gains.

(12) These shares are held by Atlantic Security Holding Corporation (ASHC).

(13) Common Equity Tier I calculated based on IFRS Accounting.        

	|	Earnings Release 1Q / 2024
Credicorp’s Strategy Update

Credicorp’s Strategy

Credicorp continues to invest in technology in both its core businesses and disruptive initiatives to maintain a competitive advantage and ensure sustainability. Credicorp aims to solidify its position by understanding market trends and meeting customer needs.

Main KPIs of Credicorp’s Strategy

(1) Figures for March 2022, December 2023, and March 2023        

(2) Monetary Transactions conducted through Retail Banking, Internet Banking, Yape, and Telecredito/Total Retail Monetary Transactions in Retail Banking.

(3) Disbursements generated through leads/Total disbursements. Figures differ from what was previously reported due to a methodological change.

(4) Disbursements conducted through alternative channels/Total disbursements.

(5) Number of loans disbursed/ Total relationship managers        

(6) Amount transacted through Mobile Banking, Internet Banking, Yape y POS/ Total amount transacted through Retail Banking Minorista.

(7) Units sold by Retail Banking through digital channels/ Total number of units sold by Retail Banking.    

	|	Earnings Release 1Q / 2024
Credicorp’s Strategy Update

Disruptive Initiatives: Yape

Yape is making progress towards its goal of reaching breakeven in 2024. Thanks to new functionalities, Yape’s monthly active users (MAU) stood at 11.5, an NPS OF 78 and higher engagement with 1,127 million transactions conducted in 1Q24, which translated into an average of 36 transactions a month per MAU and a TPV of S/50.4 billion. As a result, Yape reached 8.6 million users who generated income, with the average monthly income per active yapero S/3.7, while the expense per active yapero stood at S/3.9.

In 1Q24, the drivers of monetization that stood out for each of Yape’s lines of business were:

Payments:

Financial:

Marketplace:

Main KPIs of Yape

(1) Yape users that have made at least one transaction over the last month.

(2) Total Payment Volume

(3) Net Promoting Score

	|	Earnings Release 1Q / 2024
Credicorp’s Strategy Update

Integrating Sustainability in Our Businesses

For more information on our sustainability strategy, program and initiatives, see “Sustainability Strategy 2020-25”. Among the milestones reached in the first quarter of this year, we published our Annual and Sustainability Report 2023, which was developed according to GRI and SASB standards. We would like to report on the progress we have made in our Sustainability Program:

Environmental Front – Driving environmental sustainability through the financial sector and ESG risk management

Social Front – Expanding financial inclusion and education in finance and entrepreneurship

Financial Inclusion: Yape continued to affiliate microbusinesses in intermediate-size cities and smaller population centers in the regions; the app is now present in 12 departments. Also, 72.9 thousand people obtained their first loan from the Financial System through Yape; 43% of them were women. Lastly, the “Agente Móvil” at BCP has traveled 10.8 thousand km and posted a historic high of 15 thousand transactions completed in rural and urban locations in the departments of Arequipa, Cusco and Moquegua.

Financial Education: BCP continued to promote improvements in the financial behavior (Credit Risk, Day-to-Day and Savings Habits) of 64 thousand clients in the first quarter, thanks to its Financial Education through Business initiatives. More than 114 thousand clients from Mibanco received on-line or on-site training on business management, entrepreneurship and finance in 1Q24 through different education strategies at the bank, including the Basic Program for Digit Advice and Powerful Women and Pymes (Programa Básico Asesoría Digital, Mujeres Poderosas y Pymes). Prima’s web-based education program “Ahorrando a Fondo” reported 26 thousand sessions this quarter, posting an organic increase.

The table below shows our progress in other initiatives and platforms on the social front:

(2)  Stock of financially included clients through BCP since 2020: (i) New clients with savings accounts or affiliated to Yape. (ii) New clients without debt in the financial system or BCP products in the last twelve months. (iii) Clients with 3 monthly average transactions in the last three months.

(3) Non-cumulative. Figure for the period.

(4) Up to February.

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

1.1. Loans

Total Loans (in Average Daily Balances) (1)(2)

For consolidation purposes. Loans generated in Foreign Currency (FC) are converted into Local Currency (LC). (1) Includes Workout unit and other banking. For Quarter-end balance figures, please refer to “12. Annexes – 12.3 Loan Portfolio Quality” (2) Internal Management Figures

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
01. Loan Portfolio

Evolution of Loan Dollarization (in Average Daily Balances) (1)(2)

For consolidation purposes. Loans generated in Foreign Currency (FC) are converted into Local Currency (LC). (1) Includes Workout unit and other banking. For Quarter-end balance figures, please refer to “12. Annexes – 12.3 Loan Portfolio Quality”. (2) Internal Management Figures

At the end of March 2024, the dollarization level of total loans rose 14 bps QoQ (35.1% in Mar 24). This evolution was driven by a drop in loans in LC, particularly in Corporate Banking and to a lesser extent in SME-Pyme and Mibanco.

YoY, the dollarization level of the total portfolio increased 109 bps due to a drop in total loans in LC (-4.8%), which was spurred primarily by amortizations of Government Program Loans and to a lesser extent by growth in total loans in FC (+1.1%).

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
01. Loan Portfolio

Evolution of the Dollarization Level of Structural Loans (in Average Daily Balances)

(1) The FC share of Credicorp’s loan portfolio is calculated including BCP Bolivia and ASB Bank Corp., however the chart shows only the loan books of BCP Stand-alone and Mibanco.

(2) The year with the historic maximum level of dollarization for Wholesale Banking was 2012, for Mibanco was 2016, for Credit Card was in 2021 and for the rest of segments was 2009.

* For dollarization figures in the quarter-end period, please refer to “12. Annexes – 12.3 Loan Portfolio Quality.

Evolution of Loans in Quarter-end Balances

Total loans fell 2.9% QoQ and 3.0% YoY in quarter-end balances. This evolution was fueled by the same factors as those discussed in the analysis of average daily balances.

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

(1) Includes Demand Deposits and Saving Deposits.

QoQ our Total Deposit balance rose 0.1%, driven primarily by:

The aforementioned was partially offset by:

YoY, Total Deposits fell 0.5% (+0.1%, FX neutral). The following dynamics stood out:

The aforementioned was partially offset by:

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
02. Deposits

Volumes for low-cost deposits dropped 1.0% QoQ and 1.3% YoY. Notwithstanding, these deposits continued to account for a significant portion our total deposits with a 67.4% share at quarter-end (-70 bps QoQ and -50 bps YoY).

Dollarization Level of Deposits

Deposits by Currency and Type

(measured at quarter-end balances)

Loan / Deposit Ratio (L/D ratio)

L/D Ratio Local Currency	L/D Ratio Foreign Currency

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
02. Deposits

Market Share of Deposits in the Peruvian Financial System

At the end of March 2024, the MS of Total Deposits at BCP and Mibanco in Peru stood at 31.1% and 2.5% (-132 bps and +0 pbs vs March 2023) respectively. With this figure, BCP continued to lead the market.

The balance reported by the financial system for low-cost deposits rose in YoY terms. BCP reported a reduction of 1.0%. This decline was primarily driven by a drop in balances for Savings Accounts, which was partially offset by growth in the balance for Demand Deposits. In this context, BCP continued to lead the low-cost deposit market with an MS of 38.8% at the end of March 2024 (-172 bps vs March 2023).

The financial system reported an +8.1% increase in its balance for Time Deposits vs March 2023; BCP, also registered growth, albeit more moderate, of +6.5% vs March 23. In this context, BCP’s market share fell 28 bps to stand at 18.8% at the end of March 2024.

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

3.1. IEAs

QoQ, IEAs rose 0.6%. Growth was driven primarily by an uptick in Cash and due from banks, which was partially offset by a drop in the loan balance. The increase registered in Cash and due from banks was spurred by an increase in liquidity at BCP, but also reflected the impact of a drop in loan disbursements over the period. Liquidity maintained in the balance sheet was capitalized primarily through BCRP deposits, registered in the Cash and due from banks account. The investment balance rose 0.7% over the period, driven by an increase in the position of BCRP Certificates of Deposits (BCRP CDs); the position in sovereign bonds, which increased significantly in previous quarters, reported no major shifts this quarter.

YoY, IEAs increased 1.6% due to a strategy implemented last year to increase investments via government bonds to take advantage of favorable interest rates and increase the duration of IEAs. As in the case of the QoQ analysis, the recent rise in the balance for Available funds also contributed to growth in IEA YoY, albeit to a lesser extent, while loans contracted.

(1) Effective 1Q23, Funding includes Repurchase agreements with clients.

QoQ, funding balance increased 0.4%. This growth was driven mainly by an increase in the balance of Bonds and Issued Notes, which was fueled by a corporate bond issuance at BCP for US$ 800 million in the month of January. The aforementioned was partially offset by a drop in the balance of Due to Banks and Correspondents, which had registered growth in 4Q23 to obtain short-term financing prior to the bond issuance, and to a lesser extent by a decline in BCRP instruments.

YoY, the funding balance rose 0.4%, driven upward by growth in the balance of Bonds and Issued Notes. This increase, which was spurred by the same factors as those seen QoQ, was partially offset by a drop in the balance of BCRP Instruments. This decrease was spurred mainly by a drop in demand for BCRP repurchase agreements, as they are currently offered at relatively high rates, and secondarily by the expiration of the balance of BCRP repurchase agreements associated to government program loans (GP).

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

(1) For further detail on the NIM and Cost of Funds calculation, please refer to Annex 12.7

QoQ, Net interest income (NII) rose 2.3%. This evolution was driven primarily by growth in Interest and similar income, which rose on the back of an increase in deposits in other banks after BCP moved to capitalize on surplus liquidity, mainly through FC overnight deposits in BCRP, in a context of slower lending activity. An uptick in income from securities, buoyed by growth in BCRP Certificates of Deposit (BCRP CDs), also bolstered financial income over the quarter, albeit to a lesser extent. Interest and similar expenses, had a positive impact on NII, driven mainly by the balance of term deposits. It is important to note that term deposits, which have been trending upward since 2023, have been renewed at lower rates. The expiration of Due to Banks and correspondents, which constituted short-term positions, also led interest expenses to drop. It is important to note the reductions in expenses for deposits and due to banks and correspondents were partially offset by an uptick in expenses for interest on bonds, which were impacted by the bond issuance that BCP made in January.

YoY, NII rose 9.4% due to an increase in Interest and similar income. This evolution was primarily driven by growth in income from loans, which reflects the positive impact of a shift in the portfolio mix toward a higher share of retail loans and a reduction in wholesale loans. Higher income from securities also contributed, albeit to a lesser extent, to the uptick in income, via an increase in positions in sovereign bonds under a strategy rolled out in 2023 to capitalize on liquidity surpluses. The uptick in Interest and similar expenses partially offset growth in income over the period. These expenses rose given that the share term deposits in the mix rose while the share of low-cost deposits fell, leading to an uptick in the cost of funding.

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
04. Net Interest Income (NII)

Net Interest Margin

Net interest margin dynamics by currency

(1) The yield calculation includes “Financial Expense associated with the insurance and reinsurance activity, net”

QoQ Analysis

QoQ, Net Interest Income (NII) increased 2.3%. This evolution was driven by growth in NII in LC while growth in FC dropped over the period. IEAs in LC represented 58% of total IEAs and accounted for 77.8% of Net Interest Income in 1Q24.

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
04. Net Interest Income (NII)

Dynamics in Local Currency (LC)

NII in LC rose 3.2% due to the following dynamics:

Average IEA in LC rose 1.5%, driven primarily by Cash and equivalents, followed by Investments, while loan volumes dropped. At the income level, the highest contributor was investments, which were buoyed by attractive yields on BCRP CDs. In contrast, interest income on loans fell due to the negative volume effect generated by a drop in loan volumes at both BCP and Mibanco. In this context, the yield on IEAs in LC fell 10.7% to 10.5%.

On the funding side, the LC balance dropped 1.5% QoQ due to a reduction in average balances for deposits and for BCRP and due to banks. This reduction in the funding cost was driven by a more favorable mix, following the expiration of term deposits and debt obligations that had been assumed at relatively high rates. In this context, the funding cost in LC fell from 3.3% to 3.0%.

Dynamics in Foreign Currency (FC)

NII in FC dropped 0.5% QoQ due to the following dynamics:

Average IEA in FC dropped 0.3% QoQ due to a reduction in loan volumes (-2.3%), which was driven primarily by a decrease in the balances of loans in Wholesale Banking and Mibanco. This was partially offset by an increase in Cash and equivalents after BCP moved to capitalize on liquidity surpluses in a context marked by a decrease in lending. Accordingly, despite the drop in the average balance of IEAs in FC, interest income rose 3.2% QoQ and the IEA yield increased from 6.1% to 6.3%.

Average funding in FC rose 1.4% QoQ, which was driven primarily by growth in the average balances for bonds and issued notes and to a lesser degree, in deposits. The increase in the balance of bonds and notes, which was fueled by a bond issuance at BCP, led to a more expensive funding mix, which was reflected in the increase in interest expenses (+7.5%). This translated into a higher cost of funding in FC, which rose from 2.7% to 2.9%.

YoY Analysis

YoY, NII increased 6.6%, driven by upticks in NII in LC and FC:

Dynamics in local currency (LC)

NII in LC rose 4.5% YoY due to the following dynamics:

Average IEA in LC increased 3.4%. This evolution was driven primarily by investments and secondarily by Cash and equivalents, while loans dropped. Despite volume dynamics, loans were the highest contributor to growth in interest in LC due to a positive mix effect, where retail loans registered a higher share of total loans while the share of wholesale loans fell. Investments also contributed to growth in interest income, albeit to a lesser extent, through an increase in the position in government bonds in 2023. In this scenario, IEA in LC increased 49 bps YoY to 10.5%.

Average funding in LC dropped 2.1% YoY, fueled by a reduction in debt balances in BCRP and due to banks and correspondents. This evolution was driven by a reduction in the BCRP repurchase agreements balance after i) positions in these instruments were not renewed in a context marked by an upswing in demand and higher rates, and ii) the remaining balance associated to GP loans expired. The aforementioned was partially offset by an increase in the average balances for issuance, after BCP’s bond issuance, and deposits; both increases were similar in magnitude. These dynamics led interest expenses to rise 3.9%, driven by an uptick in the cost of the funding mix following the BCP issuance and by the fact that growth in deposits was concentrated in term deposits over the last 12 months. In this context, the funding cost rose 17 bps.

Foreign Currency Dynamics (FC)

NII in FE increased 7.6% YoY due to the following dynamics:

Average IEA in FC dropped 1.4% YoY, which was driven primarily by a contraction in Cash and equivalents funds and secondarily, by a decrease in loans. Notwithstanding, growth in rates in dollars over the period made it possible to renew part of the loan portfolio

	|	Earnings Release 1Q / 2024	Analysis of 1Q24 Consolidated Results
04. Net Interest Income (NII)

at higher rates. Income from Cash and equivalents was also bolstered by higher rates over the year, which offset the negative volume effect. In this context, the yield on IEAs in FC rose from 5.3% to 6.3%.

Average funding in FC increased 1.9% YoY, driven primarily by an uptick in the balance of obligations with BCRP and due to banks and correspondents. Notwithstanding, interest expenses rose 25.5%, fueled mainly by more expensive deposits, which reflected an increase in the share of term deposits within the mix. In this scenario, the funding cost increased 58 bps YoY.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

05 Portfolio Quality and Provisions

Total Portfolio Quality (in Quarter-end balances)

QoQ, the NPL portfolio increased 2.7%. This growth was led by Individuals and Wholesale Banking and partially offset by a contraction in SME-Pyme at BCP Stand-alone, followed by Mibanco. Write-offs remained high, registering an increase of 8.1%, and were concentrated primarily in SME-Pyme, Consumer and Credit Cards, which continue to write off overdue loans in higher risk segments.

QoQ, at BCP Stand-Alone, growth in NPLs occurs particularly through: (i) Consumer, due to an uptick in refinancing to assist clients in the most vulnerable segments, who are highly leveraged and lack stable employment; this was partially offset by an increase in write-offs; (ii) Mortgage, due to an increase in overdue loans held by clients that registered delinquency for consumer products; (iii) Wholesale, due to refinancing for a corporate client. The aforementioned was partially offset by (iv) SME-Pyme, which was impacted by a contraction in loan volumes via an increase in honoring processes for Government loans. If we exclude this effect, the NPL portfolio increases due to growth in refinancing to contain rising delinquency (for clients with good long-term payment potential) and to an increase in overdue loans, which was concentrated in older vintages. At Mibanco, the increase in NPLs was driven by an uptick in delinquency in old vintages related to clients affected by macroeconomic, social and environmental impacts in 2023.

YoY, the NPL portfolio increased 10.8%, led by Individuals and SME-Pyme at BCP Stand-Alone, followed by Mibanco. Growth in write-offs (+40.4%) was driven by Credit Cards, Consumer and SME-Pyme, which were impacted by an increase in write-offs of overdue loans in the highest risk segment.

YoY, at BCP Stand-Alone, growth in NPLs occurs particularly through (i) Consumer, due to the dynamics described for the QoQ evolution, coupled with an uptick in overdue loans in old vintages; (ii) Mortgage, due to the dynamics described for the QoQ evolution and among clients that had received refinancing in 2023; (iii) SME-Pyme, due to an uptick in overdue loans, which was concentrated in older vintages, partially offset by an increase in honoring programs for Government Loans. At Mibanco, growth in NPLs was driven by the same dynamics described for the QoQ evolution.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

5.2 Provisions and Cost of Risk

Provisions and Cost of Risk in the Total Portfolio

(1) Provisions for credit losses on loan portfolio, net of annualized recoveries / Average Total Loans. Provisions include the impact of the “El Niño” Phenomenon.

This quarter, provisions include a reversal of provisions set aside in 4Q23 for anticipated impacts for the “El Niño” Phenomenon for approximately S/ 250 million. In this context, the Cost of Risk (CoR) stood at 2.3%. Next, we will explain the quarterly and yearly dynamics for provisions by isolating this impact.

QoQ, provisions rose 16.0%, driven primarily by (i) Mortgage, due to a base effect for reversals for specific subproducts; (ii) SME- Pyme, via growth in write-offs that was not 100% provisioned and due to a deterioration in the payment capacities of clients in a context of gradual economic recovery; this was partially offset by growth in amortization of Government Loans (GP); (iii) Mibanco, due to further deterioration in old vintages.

In this scenario, if we isolate the “El Niño” effect, the Cost of Risk (CoR) rose 45 bps QoQ to stand at 3.0%.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

QoQ Cost of Risk Evolution		YoY Cost of Risk Evolution
(1) Others include BCP Bolivia, Mibanco Colombia, ASB and eliminations.		(1) Others include BCP Bolivia, Mibanco Colombia, ASB and eliminations.

Coverage Ratio of NPLs (in Quarter-end balances)

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

QoQ, NPL Coverage Ratio at BCP Stand-Alone, excluding Government Programs, fell 488 bps and stood at 95.0%. This evolution is driven mainly by:

YoY

the NPL Coverage Ratio at Credicorp fell 659 bps, fueled mainly by BCP Stand-alone and Mibanco. Next, we will analyze this evolution at BCP Stand-alone and Mibanco by isolating the effect of the NPL portfolio of Government Programs.

YoY, the NPL Coverage Ratio at BCP Stand-alone, excluding Government Programs, contracted 10 pps, due to the following dynamics:

YoY, the NPL Coverage Ratio at Mibanco, excluding Government Programs, contracted 45 pps and stood at 99.6%. The contraction in the NPL Coverage Ratio is driven by (i) the calibration of risk models to clarify the client's payment behavior, an adjustment made in 2Q23; (ii) growth of the loan portfolio in lower risk segments, where the level of expected losses was significantly lower than the figure seen one year ago.

1 To calculate the collateralized percentage of the portfolio, value of collateral considers the present value of the minimum between the realizable value, the lien value and the commercial value; adjusted for recoveries.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

06. Other Income

6.1. Other Core Income

It is important to note that, since 2023, Other Core Income has been affected by our operation in BCP Bolivia, which has adapted its fee structure for foreign transfers to offset the losses reported for FX sale-purchase transactions.

If we exclude income from the aforementioned transactions, other recurring income rose 1.3% and 8.5% QoQ and YoY respectively. This growth was fueled primarily by growth in net fee income.

Net Fee Income by Subsidiary

(1) Correspond mainly to the eliminations of Bancasseguros between Pacífico, BCP, and Mibanco

If we exclude fee income from BCP Bolivia, Net fee income was driven by the following dynamics:

QoQ, Net fee income rose 3.1%, spurred primarily by growth in the fee level at BCP Stand-alone, which we will discuss in the next chapter, and secondarily by Prima, which reported an uptick in payroll contributions. This quarter, net Fee Income growth was offset by a drop in fee income Credicorp Capital, which registered an unusually high level in 4Q23.

YoY, the 9.2% increase in Net fee income was mainly attributable to growth in fee income at BCP Stand-alone, which we will discuss in the next chapter, and by the increase reported by Credicorp Capital through its Wealth Management business, via growth in AUMs, and by an uptick in fees from its Brokerage business as our strategy to focus more on recurring businesses begins to bear fruit.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

BCP Stand-alone Net Fee Income

Composition of fee income in BCP Stand-alone(*)

(*) This table corresponds to management numbers.

(1) Corresponds to fees from credit and debit cards; payments and collections. It is not comparable with the same line of previous reports given the change in details.

(2) Corresponds to fees from Account maintenance, interbank transfers, national money orders, and international transfers.

(3) Corresponds to fees from retail and wholesale loan disbursements.

(4) Use of third-party networks, other services to third parties, and Commissions in foreign branches.

QoQ, Net fee income rose 1.3%, driven mainly by growth in the fee volume generated by:

YoY, Net fee income grew 10.5%, spurred primarily by growth in total fees received through:

6.2 Other Non-Core Income

(1) Includes gains on other investments, which are mainly attributable to the Banmedica result.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Other Non-Core Income QoQ evolution (Thousand of soles)	Other Non-Core Income YoY evolution (Thousand of soles)

(1) Others includes: Grupo Crédito, Credicorp Stand-alone, eliminations and others.

QoQ, Other Non-Core Income fell, primarily due to a drop in the Gain on Securities, which reflected the devaluation of the trading portfolio at BCP Stand-alone and a downgrade within Pacífico's local fixed income portfolio.

YoY, Other Non-Core Income rose due to growth in the Gain on Derivatives, which reflects the gains generated by Credicorp Capital’s trading strategies in Colombia and Chile and the gains registered by ASB via its currency hedging strategy.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

07. Insurance Underwriting Results

QoQ, the Insurance Underwriting Result dropped 2.9%. This evolution was spurred primarily by a deterioration in the Total Reinsurance Result (+85.7%) and secondarily by a decrease in the Life Insurance Service Result (-10.3%). The aforementioned was partially offset by an improvement in the P & C Service Result (+82.8%).

YoY, the Insurance Underwriting Result fell 5.8%, driven mainly by a deterioration in the Total Reinsurance Result (+62.4%) and secondarily by a drop in the Life Insurance Service Result (-20.9%). The aforementioned was partially offset by an improvement in the P & C Service Result (+78.3%).

P & C Insurance

Income from Insurance Services		Expenses for Insurance Services

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

QoQ, the Insurance Underwriting Result rose 57.7% due to the following dynamics:

YoY, the Insurance Underwriting Result rose 62.1% due to the following dynamics:

Life Insurance

Income from Insurance Services		Expenses for Insurance Services

QoQ, the Insurance Underwriting Result dropped 15.5% due to the following dynamics:

YoY, the Insurance Underwriting Result fell 22.1% due to the following dynamics:

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

08 Operating Expenses

Total operating expenses

Our analysis of expenses focuses on year-over-year movements to eliminate the effects of seasonality between quarters.

Operating expenses rose 6.9% YoY due to:

Administrative and general expenses

Administrative and general expenses rose 6.4% YoY, driven primarily by higher expenses for IT and system outsourcing at BCP as well as disruptive initiatives at the Credicorp level.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Operating expenses for Core Businesses and Disruption (1)

(1) Management figures.

(2) Includes disruptive initiatives at the subsidiaries and Krealo.

(3) Includes Credicorp Capital, ASB, Prima, BCP Bolivia, Mibanco Colombia, and other entities within the Group.

The 6.9% YTD increase reported for operating expenses at Credicorp was driven by disruptive initiatives, which drove 42.0% of the aforementioned uptick, and by core businesses at BCP, which accounted for 38.3% of the YTD variation.

Disruption expenses represented 11.3% of total expenses and rose 31.8% in 1Q24. These expenses are mainly associated with disruptive initiatives such as Yape, where growth in transactions and new product development led to higher IT-related expenses. In 1Q24, Yape and Tenpo were the largest contributors to expenses and 60% of the total expenses for disruptive initiatives.

Growth in the core business at BCP corresponds to:

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

09 Operating Efficiency

Efficiency ratio (1) reported by subsidiary

(1) Operating expenses / Operating income (under IFRS 17). Operating expenses = Salaries and employees benefits + Administrative expenses + Depreciation and amortization + Association in participation + Acquisition cost. Operating income = Net interest, similar income, and expenses + Fee income + Net gain on foreign exchange transactions + Net gain from associates + Net gain on derivatives held for trading + Net gain from exchange differences + Net Insurance Underwriting Results.

YoY movements will be considered in the analysis to eliminate seasonal effects between quarters.

The efficiency ratio improved this quarter. This evolution was led by an increase in core income at BCP, which was attributable to a shift in the mix toward a higher percentage of Retail Loans and to the fact that expenses remained under control.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

10 Regulatory Capital

10.1 Regulatory Capital at Credicorp

Capital analysis of Financial Group.

In 2022, the Superintendency of Banking, Insurance, and AFP (SBS) established the legal bases to align the country’s regulato ry framework with the capital standards set by Basel III. The entity issued resolutions that modified both the structure and composition of regulatory capital and capital requirements for companies in the financial system. Most of these changes were implemented beginning in 2023. For more details, we suggest you refer to our 1Q23 Quarterly Report.

In 2024, with the objective to continue aligning local regulation with Basel III, the SBS modified the structure and composition of Total Regulatory Capital for financial conglomerates. These changes included incorporating the following elements in the calculation of Total Regulatory Capital: (i) Retained Earnings1 and (ii) Unrealized Gains/Losses2, as well as deductions of Net Intangible Assets & DTAs.

Two minimum capital requirements have been included: minimum required for Common Equity Tier 1 Capital (CET 1) and minimum Tier 1 Total Regulatory Capital (Tier 1).

1 Includes Accumulated Earnings solely from Financial Entities Supervised by the SBS, according to the current regulation.

2 Includes Unrealized Losses attributable to Available-For-Sale Investments in debt instruments issued by the Peruvian Government, other Governments with Investment Grade Ratings, the Peruvian Central Bank and other instruments, in accordance with current regulation.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

10.2 Analysis of Capital at BCP Stand-alone

The IFRS CET 1 ratio at BCP Stand-alone dropped 135 bps QoQ to close 1Q24 at 11.86%, which remains above our internal appetite of 11%. The decline this quarter was attributable to a decrease in the balance of Retained Earnings, which was impacted by the declaration of dividend. The RWA level fell 1.3% due to a contraction in the loan portfolio. YoY, the IFRS CET 1 ratio decreased by 7 bps, which was attributable to an increase in RWAs.   Finally, under the parameters of current regulation, the Regulatory Global Capital Ratio stood at 16.12% (-134 bps QoQ). This ratio compares favorably with the minimum of 12.57% required by the regulatory as of March 2024, which attests to our prudent solvency management. QoQ and YoY, the evolution of the Regulatory Global Capital Ratio was driven by the same dynamics as those seen for IFRS CET 1.

The local CET 1 ratio stood at 11.72%, which compares favorably with the 6.68% minimum required as of March 2024.

10.3 Analysis of Capital at Mibanco

As of 1Q24, IFRS CET 1 at Mibanco stood at 16.06% (-231 bps TaT), while our internal appetite stands at 15%. This drop was driven primarily by a decrease in Retained Earnings, which were impacted by dividend payments. RWA levels fell 1.1% due to a contraction in the loan portfolio. YoY, this ratio fell 32 bps due to the same dynamics explained in the QoQ analysis.   The Regulatory Global Capital Ratio at Mibanco stood at a very comfortable 18.03% (-73 bps QoQ), while the minimum required by the regulator was 12.80%. This variation was fueled by the same dynamics that spurred the evolution of the IFRS CET 1 Ratio. The local CET 1 ratio stood at 15.69%, versus the 6.68% minimum required as of March 2024.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

11 Economic Outlook

Peru: Economic Forecast

Sources: INEI, BCRP y SBS.

(1) Financial System, Current Exchange Rate

(2) Inflation target: 1% - 3%

(3) Negative % change indicates depreciation.

(4) Grey area indicate estimates by BCP Economic Research as of May 2024

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Main Macroeconomic Variables

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Regarding external accounts, the 12-month accumulated trade balance surplus to February 2024 stood at USD 18 billion, a historic high. In the same period, exports grew 4.8% YoY to USD 68 billion, while imports fell 9.4% YoY to USD 50 billion due to lower import volumes of industrial supplies and construction materials, as well as lower commodity prices, mainly for oil and food.

In March 2024, gold prices reached a record high (2,230 dollar per ounce), copper prices reached their highest print in a year (4.12 dollar per pound) while WTI oil prices rose to a level not seen since October 2023 (83.2 dollar per barrel).

Terms of trade grew 2.5% YoY in February 2024 as the 5.2% YoY drop in import prices (lower oil and agricultural commodity prices) topped the 2.8% YoY decline registered for export prices, which was driven by lower prices for copper, zinc and coffee. In February, terms of trade fell 4.2% compared with the end of 2023 (highest since the end of 2021).

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

This material includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. Forward-looking statements are not assurances of future performance. Instead, they are based only on our management’s current views, beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.

Many forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “would”, “may”, “should”, “will”, “see” and similar references to future periods. Examples of forward-looking statements include, among others, statements or estimates we make regarding guidance relating to losses in our credit portfolio, efficiency ratio, provisions and non-performing loans, current or future market risk and future market conditions, expected macroeconomic events and conditions, our belief that we have sufficient capital and liquidity to fund our business operations, expectations of the effect on our financial condition of claims, legal actions, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, strategy for customer retention, growth, governmental programs and regulatory initiatives, credit administration, product development, market position, financial results and reserves and strategy for risk management.

We caution readers that forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those that we expect or that are expressed or implied in the forward-looking statements, depending on the outcome of certain factors, including, without limitation, adverse changes in:

● The occurrence of natural disasters or political or social instability in Peru;

● The adequacy of the dividends that our subsidiaries are able to pay to us, which may affect our ability to pay dividends to shareholders and corporate expenses;

● Performance of, and volatility in, financial markets, including Latin-American and other markets;

● The frequency, severity and types of insured loss events;

● Fluctuations in interest rate levels;

● Foreign currency exchange rates, including the Sol/US Dollar exchange rate;

● Deterioration in the quality of our loan portfolio;

● Increasing levels of competition in Peru and other markets in which we operate;

● Developments and changes in laws and regulations affecting the financial sector and adoption of new international guidelines;

● Changes in the policies of central banks and/or foreign governments;

● Effectiveness of our risk management policies and of our operational and security systems;

● Losses associated with counterparty exposures;

● The scope of the coronavirus (“COVID-19”) outbreak, actions taken to contain the COVID-19 and related economic effects from such actions and our ability to maintain adequate staffing; and

● Changes in Bermuda laws and regulations applicable to so-called non-resident entities.

See “Item 3. Key Information—3. D Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission for additional information and other such factors. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based only on information currently available to us. Therefore, you should not rely on any of these forward-looking statements.

We undertake no obligation to publicly update or revise these or any other forward-looking statements that may be made to reflect events or circumstances after the date hereof, whether as a result of changes in our business strategy or new information, to reflect the occurrence of unanticipated events or otherwise.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

12 Appendix

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

12.1. Physical Point of contact

12.2. Loan Portfolio Quality

Portfolio Quality Ratios by Segment

Wholesale Banking

SME-Business

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

SME-Pyme

Mortgage

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Consumer

Credit Card

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Mibanco

BCP Bolivia

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

12.3. Net Interest Income (NII)

NII Summary

(1) Annualized. For further detail on the new NIM calculation due to IFRS17, please refer to Annex 12.1.7

Net Interest Margin (NIM) and Risk Adjusted NIM by Subsidiary

NIM: Annualized Net interest income (excluding Net Insurance Financial Expenses) / Average period end and period beginning interest-earning assets.

Risk-Adjusted NIM: (Annualized Net interest income (excluding Net Insurance Financial Expenses) - annualized provisions) / Average period end and period beginning interest-earning assets.

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

12.5. Regulatory Capital

Regulatory Capital and Capital Adequacy Ratios
(S/ Thousands, IFRS)

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Regulatory and Capital Adequacy Ratios at BCP Stand-alone
(S/ thousands, IFRS)

Capital Ratios under Local Regulation

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Regulatory Capital and Capital Adequacy Ratios at Mibanco
(S/ thousands, IFRS)

Capital Ratios under Local Regulation

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

Common Equity Tier 1 IFRS
BCP Stand-alone

Mibanco

	|	Earning Release 1Q / 2024	Analysis of 1Q24 Consolidated Results

12.6. Financial Statements and Ratios by Business

12.6.1. Credicorp Consolidated

Consolidated Statement of Financial Position
(In S/ thousands, IFRS)