4Q11 Fixed Income Presentation March 2012
PERU’S ECONOMY AND BANKING SYSTEM 2
Highlights Low Country Risk Perception Strong Economic Metrics EMBIG (12Month average) EMBI spread (pbs) 300 418 250 BBB- BBB 200 BBB BBB- A+ 150 201 201 195 173 145 100 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 PEN / USD Chile Colombia Peru Mexico Brazil Latam 2.90 Source: BCRP, S&P 2.85 2.80 Improved Credit Ratings 2.75 2.70 FC-LT Rating Outlook Date S&P BBB Stable Aug 30 th , 2011 2.65 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Moody's Baa3 Positive Mar 21 st , 2011 Fitch BBB Stable Nov 10 th , 2011 Annual inflation (%) 6.65 Fitch upgraded Peru’s foreign currency long -term rating to 4.74 BBB on November 10 th , 2011 3.93 3.73 3.48 2.48 On August 30 th , S&P upgraded Peru’s foreign currency long- 2.08 1.52 1.49 1.14 term credit rating to BBB 0.25 Moody’s changed its outlook on Peru from stable to positive (0.13) on March 21th, 2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: BCRP, SBS, Bloomberg 3
Economic and social indicators GDP Growth Controlled Fiscal Balance 5-Year Average Real GDP Growth (%) 5-Year Average Fiscal Balance/GDP (%) 3.4 7.2 1.2 1.0 0.9 5.4 4.9 4.6 4.6 4.5 4.4 4.2 4.2 (0.5) 3.6 (0.1) 3.5 3.3 2.8 (0.8) (1.0) (1.0) (1.6) (1.9) (2.2) 1.9 (3.5) (2.5) 1.5 (2.6) Peru Chile Mexico Colombia Brazil Peru Chile Mexico Colombia Brazil '01-'05 '06-'10 '11-'15E '01-'05 '06-'10 '11-'15E Decreasing Indebtedness Improving Poverty Indicators 5-Year Average External Debt/GDP (%) Poverty as a % of Total Population 71 48.7 58 44.5 54 53 45 44 39.3 42 38 36.2 35 34 34.8 28 31.3 21 12 9 6 2005 2006 2007 2008 2009 2010 Peru Chile Mexico Colombia Brazil '01-'05 '06-'10 '11-'15E Source: EIU, INEI 4 Note: EIU data as of August 2011
Peruvian Banking System Banking System Loans (USD Bn) Loans & Deposits penetration (As a % of GDP) Dic’10– Dic’11 Growth: 21.9% 44.8 42.0 41.2 68 59 38.1 36.8 44 34.7 33.1 31.1 30 28 27 27 26 20 16 Mar-10 Jun-10 Sep-10 Dic-10 Mar-11 Jun-11 Sep-11 Dic-11 Chile Brazil Colombia Peru Mexico Note: Data as of June 30, 2011 Banking System Deposits (USD Bn) Net Income (USD Bn) Dic’10 – Dic’11 Growth: 13.3% 47.6 1.6 44.6 44.7 42.7 1.3 42.0 1.1 1.1 38.7 36.5 35.5 2008 2009 2010 2011 Mar-10 Jun-10 Sep-10 Dic-10 Mar-11 Jun-11 Sep-11 Dic-11 Source: SBS as of December 31, 2011. 5
Peruvian Banking System II Past due loans / Total loans Dollarization Loans Deposits 66.3% 1.56% 1.49% 1.47% 61.8% 60.3% 1.27% 51.2% 57.0% 55.0% 50.0% 48.5% 2008 2009 2010 2011 2008 2009 2010 2011 Profitability Regulatory Capital / RWAs ROAE ROAA 31.1% 13.6% 13.5% 13.5% 24.5% 24.5% 24.2% 11.9% 2.56% 2.27% 2.35% 2.32% 2008 2009 2010 2011 2008 2009 2010 2011 Source: BCRP, EIU, SBS and Felaban 6
BANCO DE CRÉDITO DEL PERÚ - BCP 7
BCP Highlights Net Loans (USD Bn) Deposits (USD Bn) YoY Growth: 17.9% YoY Growth: 4.3% 66% 16.4 17.8 17.1 13.9 14.5 14.0 11.2 10.2 57% 62% 55% 57% 60% 52% 50% 2008 2009 2010 2011 2008 2009 2010 2011 % of USD denominated deposits % of USD denominated loans Net Income (USD MM) BCP´s Distribution Network & Transaction Breakout YoY Growth: 24.0% 533.8 86% 80% 76% 6,504 430.5 425.0 73% 5,002 319.9 4,081 3,064 2008 2009 2010 2011 2008 2009 2010 2011 Branches ATM's Agents Electronic Transactions Source: BCP as of December 31, 2011. 8
Asset Structure Assets (USD Bn) Investments 1.3; 5% 5.5; 21% 11% Peruvian Central Bank certificated notes Cash and due 6% from banks Peruvian Bonds Investments Foreign government bonds 10% Net loans 3.5; 13% Corporate and leasing bonds 4% 58% Other assets Listed equity securities 16.4; 61% 11% Other Loans by Business Unit & Dollarization Loans by economic sector Other 75% 76% 72% 75% 18% Communication, storage and 5% 44% 13% transportation 37% 36% 8% 32% Mining 9% 9% 10% Leaseholds and real estate 61% 62% 66% activities 68% 70% 20% 16% Electricity, gas and water Commerce 39% 34% 32% 30% 30% Manufacturing 2008 2009 2010 2011 Retail Wholesale Mortgage Microbusiness Dollarization Retail banking Dollarization Wholesale banking Consumer Commercial Source: BCP as of December 31, 2011. 9
Asset Quality PDL & Coverage Ratios (%) PDL by Days Overdue (%) Overdue 16-119 days / Total Loans Overdue 120 days or more / Total Loans PDL / Total loans Refinanced Loans / Total Loans PDL Coverage ratio Overdue 90 days / Total Loans(1) 303% 300% 195% 196% 199% 0.96% 0.97% 200% 1.13% 0.96% 0.98% 0.97% 100% 0.56% 0.47% 0.51% 0% 0.41% 0.41% 0.44% 0.60% 0.53% 1.50% 1.41% -100% 1.35% 0.47% 0.33% 0.70% -200% 2008 2009 2010 2011 2008 2009 2010 2011 PDL by Product (%) PDL by Currency (%) Commercial Microfinance Consumer Mortgage Nuevos Soles 6.85% Foreign currency 2.42% 2.23% 2.21% 5.55% 5.25% 3.35% 2.81% 2.67% 2.60% 1.12% 0.88% 1.69% 0.81% 0.71% 1.40% 1.31% 1.15% 0.48% 0.71% 0.71% 0.54% 0.56% 0.33% 2008 2009 2010 2011 2008 2009 2010 2011 Source: SBS, BCP as of December 31, 2011. 10 (1) As per Basel II definition
Liabilities & Funding Structure Total Deposits (USD Bn) Liabilities (USB Bn) 3.0; 12% 3.1; 13% 7; 37% 4; 24% 0.5; 2% Deposits Demand deposits Due to banks Savings deposits Bonds issued 2; 10% CTS deposits Other liabilities Time Deposits 5; 29% 17.8; 73% Deposits by Business Unit & Dollarization Deposits / Loans 65.8% 170% 189% 61.4% Nuevos Soles 60.0% 53.7% Foreign currency 51.1% 58.0% Total 120% 50.0% 50.0% 49.7% 40.0% 147% 44% 42% 43% 50% 70% 143% 137% 138% 30.0% 123% 136% 58% 57% 20.0% 56% 50% 20% 133% 115% 10.0% 121% 2008 2009 2010 2011 107% 100% -30% 0.0% Wholesale Retail Dollarization Wholesale Dollarization Retail 2008 2009 2010 2011 Equity $2bn Others $1bn Source: BCP as of December 31, 2011. 11
Funding Structure & Maturity Profile Average Rates Core Deposits(%) (1) Nuevos Soles 84% Total deposits Due to banks and issued bonds Foreign currency 5.82% Total 5.39% 5.02% 4.94% 75% 71% 69% 3.06% 66% 65% 64% 63% 2.07% 60% 61% 1.22% 0.94% 59% 59% 2008 2009 2010 2011 2008 2009 2010 2011 Maturity Profile (MM USD) 1,299 Long Term Foreign Currency Short Term Foreign Currency Long Term Local Currency 1,026 808 743 558 540 216 241 258 119 38 2012 2013 2014 2015 2016 2017 2018 2019 2020 Equity $2bn 2021 2022+ Others $1bn Source: BCP as of December 31, 2011 12 (1) % Core Deposits / Total deposits
Capital Management Regulatory Capital (USD MM) BIS Ratio (%) (1) 2,671 765 14.5 1,964 14.5 1,888 12.8 11.5 405 438 1,303 283 1,907 1,559 1,450 1,020 2008 2009 2010 2011 2008 2009 2010 2011 Tier I Tier II and III Tier I Common (2) /RWA (%) Tier II + Tier III / Regulatory Capital (%) 28.6% 9.3 9.1 8.5 23.2% 8.1 21.7% 20.6% 2008 2009 2010 2011 2008 2009 2010 2011 Source: BCP as of December 31, 2011. 13 (1) Regulatory Capital / Risk Weighted Assets Tier I Common = Capital + Reserves – 100% of applicable deductions + retained utilities adjusted by average payout (2)
P&L Highlights Net Income (US$MM) Fees Breakdown Net income Fees/Revenues 51% 50% 50% 9% 16% Other 48% 49% 19% 12% 48% 3% 9% FX transactions 46% 47% 46% 45% Gains from sales 45% of securities 70% 64% 44% Fees and 43% commissions 425 320 431 534 42% 2008 2009 2010 2011 2010 2011 Net Interest Margin Provisions / Gross Financial Margin (%) Nuevos Soles Foreign currency Weighted-average 10.06% 22.7% 21.7% 8.10% 21.1% 7.75% 5.60% 4.98% 4.81% 4.87% 4.51% 12.6% 3.78% 3.31% 2.84% 1.53% 2008 2009 2010 2011 2008 2009 2010 2011 Source: BCP as of December 31, 2011. 14
Key Financial Indicators ROAA (%) (1) ROAE (%) (1) 2.6 37.8 Avg. Avg. 2.0 1.9 2.1 27.6 1.7 25.2 24.1 20.9 2008 2009 2010 2011 2008 2009 2010 2011 Net Interest Margin (%) (2) Efficiency (%) (3) 56.2 54.4 52.9 Avg. 52.6 45.3 5.0 4.8 4.8 Avg. 4.5 4.8 2008 2009 2010 2011 2008 2009 2010 2011 Source: SBS and ASBANC as of December 31, 2011 (1) BCP shareholder’s equity and total asset averages computed as the average of month -end balances 15 (2) Net interest income reported to SBS, as a percentage of average interest-earning assets. Average earning interest assets computed on a monthly basis (3) Efficiency calculated as administrative expenses plus depreciation and amortization divided by total operating revenue
BCP’s Competitive Position Leading Financial Institution in Peru # 1 in Loans Rank Market Share (%) 34% Commercial Loans 1 36% 24% Microfinance Loans 1 22% Consumer Loans 1 25% 15% Mortgage Loans 1 35% 11% Total Loans 1 34% Total Deposits 1 34% BCP BBVA Scotiabank Interbank Shareholders Equity 1 33% # 1 in Asset Quality (Substandard Loans (1) /Total Loans) # 1 in Deposits 34% 2.8% 23% 2.3% 2.2% 15% 2.1% 10% BCP BBVA Scotiabank Interbank BCP BBVA Interbank Scotiabank Source: SBS and ASBANC as of December 31, 2011 16 (1) Substandard loans includes past due, refinanced and restructured loans
APPENDIX 17
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