Edgar Filing: CREDICORP LTD

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

For the month of May 2015

Commission File Number: 001-14014

CREDICORP LTD.

(Translation of registrant’s name into English))

Clarendon House

Church Street

Hamilton HM 11 Bermuda

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

The information in this Form 6-K (including any exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Lima, Perú, May 07, 2015 – Credicorp (NYSE:BAP) announced its unaudited results for the first quarter of 2015. These results are consolidated according to IFRS standards and are in Nuevos Soles.

First Quarter Results 2015

Credicorp reported net income of S/.804.7 million in 1Q15. This reflects good performance in the main business lines, which reflected the positive effects of fine-tuning efforts displayed in various fronts such as the acquisition of Mibanco and its preparation for the merger with Edyficar; the turnaround of the SME business model; improvement of operating efficiency, restructuring of Grupo Pacifico; and the consolidation of the investment banking business. This result translated into an ROAE and ROAA of 22.8% and 2.3%, respectively.

Although 1Q15’s results include extraordinary and non-recurring income of S/. 107 million (after tax) due to the joint venture (JV) agreement reached between Grupo Pacifico and Banmedica, Credicorp’s profitability, excluding this effect, translated into a solid ROAE and ROAA of 19.9% and 2%, respectively.

The good performance was driven mainly by:

· Loan-book growth of +2.2% QoQ and +15.9% YoY that represented real growth of +0.5% QoQ and + 10.7% YoY. Despite the economic scenario, the loan-book expansion is in line with our estimate for 1Q, considering the seasonality of loans that reached the best growth dynamics in the second half of each year.

· Increase of +4.6% QoQ and +27.8% YoY in net interest income despite low growth in interest income from loans.

· A solid NIM that was situated at 5.75%, 9 bps higher than the 5.66% reported in 4Q14, and 55 bps above the 5.2% observed in 1Q14.

· The significant increase in non-financial income explained by the non-recurring income from the JV with Banmedica, but also due to growth of +6.7% QoQ and +51.6% YoY in gains on foreign exchange transactions, which represent a core-income item that compensated for the low increase in fee income.

· Better operating efficiency, which was reflected in an efficiency ratio of 40.7%. This level, which was in line with expectations, fell below the 43.3% posted in 4Q14 and was similar to the 40.8% registered in 1Q14.

· Improved performance of the insurance business as shown in the reduction of its loss ratio to 56.6% in 1Q15 (vs 63.6% in 4Q14); and the increase in the ratio of underwriting results to net earned premiums that situated at 15.3% in 1Q15 (vs 14.1% in 4Q14). Furthermore, the JV with Banmedica generated a non-recurring and extraordinary income as aforementioned.

· The income generation was more than enough to compensate the higher cost of risk that increased from 2.19% in 4Q14 to 2.46% in 1Q15, due to a more conservative approach in an economic scenario that was less dynamic than what we expected.

Table of Contents

Credicorp (NYSE: BAP): First Quarter Results 2015		3
Executive Summary		3
Credicorp and subsidiaries		5

1.	Interest-Earning Assets (IEA)	7
1.1	Evolution of IEA	7
1.2	Loan Portfolio	8
	Evolution of loans by currency	9
	Evolution of loans by subsidiaries and business lines	9
	Market share in loans	11
	Loan Dollarization	11

2.	Funding Sources	12
2.1	Funding Cost	13
2.2	Loan/Deposits (L/D)	14
2.3	Deposits	14
	Market Share in Deposits	15
	Deposit Dollarization	15
2.4	Other sources of funding	16
2.5	Mutual Funds	16

3.	Portfolio Quality: delinquency and coverage	16
3.1	Provisions and coverage ratios	17
3.2	Delinquency	17

4.	Net Interest Income (NII)	19
4.1	Interest Income	20
4.2	Interest Expenses	20
4.3	Net Interest Margin (NIM)	21

5.	Provisions for loan losses	22

6.	Non-Financial Income	23

7.	Insurance underwriting result	25

8.	Operating expenses and efficiency	26

9.	Regulatory capital	28
9.1	Regulatory Capital –BAP	28
9.2	Regulatory Capital –BCP Stand-alone based on Peru GAAP	30

10.	Distribution channels	31

11.	Economic outlook	31

12.	Appendix	38
12.1	BCP Consolidated financial statements	38
12.2	Mibanco	41
12.3	BCP Bolivia	42
12.4	Atlantic Security Bank	43
12.5	Grupo Pacífico	45
12.6	Prima AFP	48
12.7	EEFF Credicorp	50

Credicorp (NYSE: BAP): First Quarter Results 2015

Executive Summary

Credicorp Ltd.				Quarter						Change %
S/. 000	1Q14			4Q14			1Q15			QoQ			YoY
Net Interest income		1,401,724			1,711,398			1,790,784			4.6	%		27.8	%
Net provisions for loan losses		(364,600	)		(437,258	)		(502,136	)		14.8	%		37.7	%
Net interest income after net provisions for loan losses		1,037,123			1,274,140			1,288,648			1.14	%		24.25	%
Non financial income		884,371			865,920			1,099,260			26.9	%		24.3	%
Insurance services technical result		97,102			103,992			48,997			-52.9	%		-49.5	%
Medical Services gross margin		20,710			23,467			-			-100.0	%		-100.0	%
Operating expenses		(1,128,212	)		(1,524,644	)		(1,295,870	)		-15.0	%		14.9	%
Operating income		911,095			742,875			1,141,036			53.6	%		25.2	%
Core operating income		833,999			879,515			996,811			13.3	%		19.5	%
Non core operating income		77,096			(136,640	)		144,225			-205.6	%		87.1	%
Translation results		(1,002	)		(1,751	)		1,566			-189.4	%		-256.3	%
Income taxes		(230,815	)		(257,220	)		(309,431	)		20.3	%		34.1	%
Net income		679,278			483,903			833,171			72.2	%		22.7	%
Minority Interest		17,154			(11,703	)		28,436			-343.0	%		65.8	%
Net income attributed to Credicorp		662,125			495,606			804,735			62.4	%		21.5	%
Net income/share (S/.)		8.30			6.21			10.09			62.4	%		21.5	%
Total loans		70,447,216			79,889,948			81,620,723			2.2	%		15.9	%
Deposits and obligations		74,533,533			77,160,494			79,142,903			2.6	%		6.2	%
Net shareholders' equity		11,957,909			13,979,455			14,207,531			1.6	%		18.8	%
Net interest margin		5.20	%		5.66	%		5.75	%
Return on average shareholders' equity		22.3	%		14.5	%		22.8	%
Return on average total assets		2.2	%		1.5	%		2.3	%
PDL ratio		2.59	%		2.51	%		2.58	%
PDL over 90 days		1.98	%		1.78	%		1.83	%
NPL ratio (1)		3.27	%		3.33	%		3.40	%
Cost of risk (2)		2.07	%		2.19	%		2.46	%
Coverage ratio of PDLs		161.5	%		164.7	%		164.5	%
Coverage of NPLs		128.0	%		124.5	%		124.8	%
Efficiency ratio		40.8	%		43.3	%		40.7	%
Loss ratio (3)		63.0	%		63.6	%		56.6	%
Underwriting result / net premiums earned (3)		13.6	%		14.1	%		15.3	%
Employees		27,324			32,313			32,577

(1) NPLs: Non-performing loans = Past due loans + Refinanced loans. NPL Ratio = NPLs/Total loans.

(2) Annualized net provisions / Total loans.

(3) Considers Grupo Pacífico's figures before eliminations for consolidation to Credicorp.

Credicorp reported net income of S/.804.7 million in 1Q15. This reflects good performance in the main business lines, which reflected the positive effects of fine-tuning efforts displayed in various fronts such as the acquisition of Mibanco and its preparation for the merger with Edyficar; the turnaround of the SME business model; improvement of operating efficiency; restructuring of Grupo Pacifico; and the consolidation of the investment banking businesses. This result translated into an ROAE and ROAA of 22.8% and 2.3%, respectively.

Although 1Q15’s results include extraordinary and non-recurring income of S/. 107 million (after tax) due to the joint venture agreement reached between Grupo Pacifico and Banmedica, Credicorp’s profitability, excluding this effect, translated into a solid ROAE and ROAA of 19.9% and 2%, respectively.

Credicorp’s NII grew +4.6% QoQ and +27.8% YoY. This was mainly attributable to an increase in interest income on derivatives and securities, and to a lesser extent from interest income on loans. The positive evolution of income was more than enough to offset the interest expense, which in turn grows at a lower pace as an effect of the major use of the funding instruments of the Central Bank. The aforementioned translated into an increase in NIM, which went from 5.66% in 4Q14 to 5.75% in 1Q15. However, it is important to consider that the slight expansion of NIM is based on unsustainable sources and which do not correspond to the core business, but this allowed us to offset the slow growth in interest income on loans, due to the seasonality of this asset in the first half of each year, mainly in the first quarter.

Credicorp’s total loans expanded +2.2% QoQ and +15.9% YoY in accounting balances and +3.9% QoQ and +15.5% YoY in average daily balances. The aforementioned represented an organic growth of +0.5% QoQ and +10.7% YoY in accounting balances and +2.4% QoQ and +10.7% YoY in average daily balance. Moderate growth QoQ was due to seasonality, which characterizes (i) all 4Qs, that register a positive impact of financing loans for Christmas campaigns; and (ii) all 1Qs, which incorporate the effect of payment or amortization of loans issued in the 4Q.

In terms of business segments, Wholesale Banking continued to lead loan expansion (+4.8% QoQ, +20.4% YoY), which was due primarily to medium and long term financing. In Retail Banking (+2.7% QoQ, +11.8%YoY), loan growth was attributable to improvements in the dynamics of the Mortgage, Consumer, and Credit Card segments, which offset the contraction in the SME-Pyme segment, which in turn reflected the seasonality of every 1Q. Mibanco’s loans measured in average daily balances posted a growth (+1.4% QoQ, +x% YoY), similar to BCP Bolivia (+6.5% QoQ, +22.7% YoY) y ASB (+9.4% QoQ +16.8% YoY).

By currency, LC loans grew +6.0% QoQ and +20.2% YoY, in line with higher demand for LC products and with active efforts to dedollarize loans, which began at the end of 2014. The aforementioned compensate the decrease in FC loans (-3.5% QoQ, -x% YoY). At the end of 1Q15, the LC portfolio represented 53.4% of Credicorp’s total loans, which tops the 52.3% reported in 4Q14 and the 51.4% posted in 1Q14. In the banking subsidiaries in Peru, the dedollarization is even more significant as shown in the YoY evolution, therefore in this 1Q15, LC loans represented 53.8% and 93.3% of total loans for BCP and Mibanco, respectively.

Credicorp’s funding cost remained stable QoQ and situated at 1.92% in 1Q15. However, at the banking business level, funding cost decreased from 2.10% in 4Q14 to 2.03% in 1Q15, mainly due to the improvement QoQ in BCP Stand-Alone (1.80% in 1Q15 vs 1.86% 4Q14) and Mibanco (4.18% in 1Q15 vs 4.41% in 4Q14). The aforementioned reduction was due primarily to an increase in the use of BCRP instruments (6% of total funding) as an alternative funding source to term deposits, which contributed significantly to achieve dedollarization goals without affecting NIM.

The loan/deposit ratio at a banking level decreased slightly from 103.4% in 4Q14 vs 102.8% in 1Q15, due to a higher growth rate in deposits (+2.6 % QoQ) vs loans (+2.2% QoQ). In regard to BCP Stand-Alone, L/D ratio drop to 105.7% this Q (vs. 106.1% in the 4Q14 and 1Q14), in terms of L/D ratio by currency, LC ratio posted a 122.4%, while in FC reached 86.9%. The evolution of the LC ratio reflects higher loan growth, which was funded in large part by the use of BCRP instruments, which offer lower costs and easier access in comparison with the cost implied in capturing the volumes needed through LC Time deposits.

In terms of portfolio quality, the PDL ratio and NPL ratio increased slightly (+7 bps) to situate at 2.58% and 3.40%, respectively, at the end of 1Q15. The aforementioned was mainly attributable to an increase in the PDL portfolio in the SME-Pyme, SME-Business, Mortgages and BCP Bolivia business segments. In the case of SME-Pyme, the increase in its PDL ratio reflects not only the maturity of refinanced loans granted in the second half of 2014, but also, the contraction in its loan book, which exacerbated the deterioration of this ratio. The SME-Business’ PDL ratio shows the impact of few large clients that represent isolated cases with a high level of coverage in terms of collateral (above 150%), which minimizes the potential loss. In Mortgages, the higher PDL ratio is still showing the impact of the maturity cycle of MiVivienda portfolio (Government-supported programme) that has reached its peak. In annual terms, the PDL ratio shows a more stable behavior (2.58% in 1Q15 vs 2.59% in 1Q14) and a slight increase of the NPL ratio (3.40% en 1Q15 vs 3.27% en 1Q14), in line with the refinancing efforts displayed in the 2H14.

The PDL and NPL coverage ratios remained stable at 164.5% and 124.8% respectively due to the 14.9% increase in net provisions for loan losses, which in turn generated a higher cost of risk that went from 2.19% in 4Q to 2.46% in 1Q15.

Non-financial income grew +26.9% QoQ andy +24.3% YoY. This was due primarily to higher net gains from investments on subsidiaries, which reflects the income from the JV agreement between Grupo Pacifico and Banmedica. Net gain on foreign exchange transactions also increased this Q (+6.7%), compensating low growth rate in fee income.

Net earned premiums fell 29% QoQ, and are completely explained by the deduction of EPS’s net earned premiums due to the joint venture. From now onwards, the consolidation of EPS is made through the income line “net gain from investments on subsidiaries”. Nevertheless, the aforementioned reduction was attenuated by the expansion of Pacífico Vida’s net earned premiums and the slight increase of P&C’s.

Net claims fell -36.8% QoQ as a result of the EPS effect explained above. This was accentuated by a decrease in P&C’s net claims, which reflected the initiatives that have been implemented, such as pricing model and reducing exposure in the countryside. However, Pacífico Vida registered higher claims as a result of the reserve required for the disability and survivorship insurance business.

Operating efficiency improved due to a decrease in operating expenses (-15.0% QoQ), which was in turn due to: (i) a decrease in administrative and general expenses due to seasonality in 4Q; and (ii) non-recurring expenses in 4Q. In this context, the efficiency ratio fell from 43.3% to 40.9% QoQ. It is important to notice that this ratio has remained stable on a YoY basis.

Credicorp and subsidiaries

Earnings contribution	Quarter								Change %						ROAE
S/. 000	1Q14		4Q14			1Q15			QoQ			YoY			1Q14			4Q14			1Q15
Banco de Crédito BCP(1)		466,928		441,223			579,135			31.3	%		24.0	%		22.8	%		18.6	%		24.2	%
Mibanco (2)		27,682		(3,691	)		39,784			-			43.7	%		18.6	%		-3.7	%		14.4	%
BCB (3)		15,481		14,568			14,326			-1.7	%		-7.5	%		15.6	%		12.5	%		11.9	%
Pacífico Grupo Asegurador (4)		37,916		54,890			168,048			206.2	%		343.2	%		9.6	%		11.8	%		36.4	%
Atlantic Security Bank		29,642		21,616			19,734			-8.7	%		-33.4	%		22.2	%		13.9	%		12.7	%
Prima		38,127		37,086			40,287			8.6	%		5.7	%		32.3	%		26.2	%		30.5	%
Credicorp Capital (5)		16,323		(53,875	)		17,402			132.3	%		6.6	%		10.3	%		-31.1	%		5.4	%
Otros (6)		73,189		(5,333	)		(19,871	)		-272.6	%		-127.2	%		-			-			-
Net income attributable to Credicorp		662,125		495,606			804,735			62.4	%		21.5	%		22.3	%		14.5	%		22.8	%

(1) Includes Banco de Crédito de Bolivia and Mibanco. 1T15 figure does not include the gain on sale of BCI shares, as it is eliminated in the consolidation to Credicorp.

(2) The figure is lower than the net income of Mibanco because Credicorp owns 96.9% of Mibanco (directly and indirectly). Consolidated results of Mibanco and Edyficar

(3) The figure is lower than the net income of BCB because Credicorp owns 97.7% of BCB (directly and indirectly).

(4) The figure is lower than the net income before minority interest of Pacífico because Credicorp owns 98.5% of Pacífico (directly and indirectly). The ROAE without including the income for the join venture with Banmédica is 12.6% for 1Q15.

(5) Includes Credicorp Capital Limited and Credicorp Capital Perú.

(6) Includes Grupo Crédito excluding Prima (Servicorp and Emisiones BCP Latam), others of Atlantic Security Holding Corporation and others of Credicorp Ltd.

This quarter, BCP posted a net contribution of S/. 579 million (not including the gain on sale of BCI shares, as it is eliminated in the consolidation to Credicorp); representing an increase of +31.3% QoQ. The aforementioned, is translated into an ROAE of 24.2% (vs. 18.6% in 4Q14). The better performance is reflected in (i) a +3.8% increase in NII, (ii) +7.8% QoQ increase in gains in fx transactions, and (iii) a -10.3% decrease in operating expenses. The aforementioned attenuated the +14.7 increase of provisions for loan losses. In terms of operating efficiency, seasonal effects explain the operating expenses increase in 4Q14, and the efficiency ratio went from 45.0% in 4Q14 to 39.7% in 1Q15. NIM increased from 5.00% in 4Q14 to 5.06% in 1Q15, due to the increased use of alternative funding, primarily associated with BCRP instruments.

Mibanco reported a net contribution to Credicorp of S /. 39.8 million and ROAE of 14.4% at the end of 1Q15. These results represent a significant improvement compared to 4Q14, due to incurred non-recurring expenses, which were related to the implementation of Edyficar’s business model in Mibanco. During the 1Q15, Mibanco recorded a lower level of operating expenses (-10.1% QoQ). It is important to note that Mibanco’s cost of funding was reduced in -23 bps QoQ, in line with the higher participation in BCRP instruments, which is used as a source of funding. Regarding Mibanco’s loans, reported an increase of + 1.4% QoQ, measured in average daily balances; despite the sale of its Leasing portfolio to BCP, held in the second half of this quarter and is in line with the strategy and consolidation plan.

BCP Bolivia reported a contribution to Credicorp of S / 14.3 million, which represented a reduction of -1.7% QoQ, latter was mainly due to a reduction in non financial income, as a result of lower gains on foreign exchange transactions. This was offset by the lower level of net provisions for loan losses and a decrease in operating expenses, associated with the reduction of the Tax on sales in foreign currency, which in turn reflects the lower volume of sales. Meanwhile, BCP Bolivia’s loans increased + 5.8% QoQ, which helped maintaining its market share QoQ. BCP Bolivia is ranked as the fourth largest bank in the Bolivian financial system.

Credicorp Capital reported a significant improvement of 132.7% QoQ in its contribution to Credicorp, which totaled S/.17.4 million, this was primarily due to the impairment of goodwill incurred in 4Q14. Also, Credicorp Capital’s Non-financial income, excluding the aforementioned effect, fell slightly -9%QoQ due to a lower fee income associated with the fewer transactions registered in the equity market as traded volumes fell. It is important to note that the aforementioned was attenuated by higher income generation in the Corporate Finance due to efforts to structure mid-term financing in Peru and advisory services for M&A in Chile and Peru.

ASB reported a contribution to Credicorp of S/.19.7 million, which represented a decrease of -8.7% QoQ. The results were affected by net losses generated in the trading portfolio whose MtM reflected the drop of their market value. Therefore, ASB’s ROAE decreased to 12.7%, below the 13.9% ROAE reached in 4Q14, and in particular under the 22.2% ROAE detained n 1Q14, which represents a level that reflects the stability and good performance that have characterized the subsidiary in the last years.

Grupo Pacifico reported a contribution to Credicorp of S/168 million in 1Q15, which tops the S/. 54.9 million posted in 4Q14. Although the result in 1Q15 includes extraordinary income due to the share agreement signed between Pacifico and Banmedica, which totaled S/.107 million (after tax), if we exclude this effect, the results still reflect solid growth. The increase in the group’s contribution was due to (i) an improvement in PPS’s underwriting result due to a decrease in the loss ratio for Cars and Property and Casualty business lines, (ii) better performance in the EPS business, particularly in the medical services segment, and (iii) a significant decrease in operating costs, which was in line with the company’s more disciplined approach to spending control. It is important to note that the underwriting result for the Life business contracted slightly this quarter, which was due to non-recurring expenses for claims reserves following the recent award of the 1 tranche of the AFP business.

In 4Q14, Prima AFP remained stable and posted little expansion due to low economic growth in the country. Nonetheless the business continued to post high profitability with net earnings of S/. 40.3 million, which represented a ROAE of 30.5%. Operating efficiency also improved, which was due primarily to a seasonal increase in end-of-year expenses that was not present in 1Q15. Prima AFP’s funds under management totaled S/. 37,956 million. This reflects the fact that the company held 32% of the total funds managed by the private pension system at the end of 1Q, which reflects Prima’s good position in the profitability rankings.

Interest-Earning Assets (IEA)

The IEA grew +3.7% QoQ, which was due mainly to expansion of +13.4% QoQ in investments available for sale and, to an increase in total loans (+2.2% QoQ), which are the Bank’s most profitable assets. In the case of loans, real growth in average daily balances increased +2.4% QoQ.

Interest earning assets			Quarter				% Change
S/. 000	1Q14		4Q14		1Q15		QoQ			YoY
BCRP and other banks		19,569,055		21,053,967		21,767,800		3.4	%		11.2	%
Interbank funds		525,075		107,197		71,600		-33.2	%		-86.4	%
Trading securities		1,818,592		2,824,442		2,847,236		0.8	%		56.6	%
Investments available for sale		18,773,540		15,787,619		17,905,751		13.4	%		-4.6	%
Investment held to maturity		1,034,885		2,669,778		2,640,261		-1.1	%		155.1	%
Total loans		70,447,216		79,889,948		81,620,723		2.2	%		15.9	%
Total interest earning assets		112,168,363		122,332,951		126,853,371		3.7	%		13.1	%

1.1 Evolution of IEA

The +3.7% QoQ growth posted in IEA was reflected mainly in an expansion in Investments available for sale, which was in line with higher investment in Certificates of Deposits (CDs) from BCRP and an increase in BCP’s acquisition of Corporate Bonds. It is important to note that the CDs with BCRP were utilized, in part, in REPO transactions with BCRP, which in turn represented a low-cost funding source for BCP, as we will discuss later in the report.

Another important component that reflects the increase in IEA were Total Loans at Credicorp, which expanded +2.2% QoQ in quarter-end balances and +3.9% QoQ in average daily balances. The difference in growth rates was due to the significant level of loan disbursements at year-end, which was not reflected in the evolution of total loans in average daily balances. In terms of real growth, quarter-end balances expanded 0.5% QoQ while average daily balances grew +2.4% QoQ, as we will discuss later in the report. It is also important to note that moderate growth QoQ in loans was due primarily to seasonality that characterizes: (i) all 4Qs, that register the positive impact on loan expansion of Christmas campaign; and ii) all 1Qs, which incorporate the effect of payment or amortization of loans originated in the 4Qs. As such, 1Qs tend to register the year’s lowest growth rates.

The following chart depicts the main factors that explain growth in average daily loan balances:

As is evident in the chart, real growth accounted for 61.5% of the QoQ increase in loans, while the remaining 38.5% was due to the effect of the appreciation of the US Dollar with regard to the Nuevo Sol in the loan portfolio denominated in foreign currency (FC), which constituted 46.6% of total loans at the end of 1Q15.

If we analyze expansion of total loans in average daily balances, we see that:

Wholesale Banking continued to lead loan growth and accounted for 31.7% of total loan expansion.

ii)

Retail Banking generated 18.9% of total loan growth QoQ, which was in line with an increase in the Mortgage, Credit Cards and Consumer segments.

iii)

Solid growth in the loan portfolio at the ASB and BCP Bolivia subsidiaries and the recovery in Mibanco’s portfolio generated 4.5%, 3.6% and 2.9% respectively of the total increase QoQ.

iv)

The +3.7% appreciation of the US Dollar against the Nuevo Sol in 1Q15, which accounted for 38.5% of the increase in total loans. The aforementioned was due to the fact that 46% of the loan portfolio is denominated in foreign currency (FC).

In YoY terms, loans expanded +15.9% in accounting balances and +15.5% in average daily balances; nevertheless, real growth was +10.7%. This result is in line with our expectations, considering that the large dynamism, particularly in retail banking and microfinance, is concentrated in the second half of the year.

Deposits in BCRP and other banks registered growth of +3.4% QoQ, which was due primarily to an increase in the level of restricted funds due to BCP’s REPO transactions in foreign currency with BCRP. This is in line with the bank’s strategy to improve liquidity levels in local currency.

Trading securities grew slightly QoQ (+0.8%), mainly due to a higher level of investment in BCRP’s Certificates of Deposit and, to a lesser extent, an increase in BCP’s investment in foreign Government Bonds in countries such as Colombia and Mexico.

The aforementioned helped buffer a slight -1.1% QoQ drop in Investments held to maturity given that the group, and BCP in particular, reduced its position in Peruvian Government Bonds.

1.2 Loan Portfolio

	TOTAL LOANS ⁽¹⁾															% Part. by currency
	(Expressed in million Nuevos Soles)															- 1Q15
													% Part. in Total
	1Q14		4Q14		1Q15		QoQ			YoY			loans - 1Q15			LC			FC
BCP Stand-alone		58,244		65,229		67,729		3.8	%		16.3	%		83.3	%		53.8	%		46.2	%
Wholesale Banking		30,002		34,459		36,110		4.8	%		20.4	%		44.4	%		38.1	%		61.9	%
Corporate		18,889		21,828		23,414		7.3	%		24.0	%		28.8	%		40.0	%		60.0	%
Middle-Market		11,112		12,631		12,696		0.5	%		14.2	%		15.6	%		34.5	%		65.5	%
Retail Banking		27,821		30,313		31,118		2.7	%		11.8	%		38.3	%		72.5	%		27.5	%
SME - Business		2,459		3,184		3,237		1.7	%		31.6	%		4.0	%		31.7	%		68.3	%
SME - Pyme		6,986		7,084		6,928		-2.2	%		-0.8	%		8.5	%		90.1	%		9.9	%
Mortgage		10,012		10,951		11,332		3.5	%		13.2	%		13.9	%		64.7	%		35.3	%
Consumer		5,469		5,863		6,120		4.4	%		11.9	%		7.5	%		79.1	%		20.9	%
Credit Card		2,896		3,232		3,501		8.3	%		20.9	%		4.3	%		89.1	%		10.9	%
Others (2)		421		457		501		9.7	%		19.0	%		0.6	%		26.0	%		74.0	%
Mibanco (3)		7,069		7,339		7,443		1.4	%		5.3	%		9.2	%		93.3	%		6.7	%
Bolivia		2,925		3,371		3,590		6.5	%		22.7	%		4.4	%		-			100.0	%
ASB		2,141		2,286		2,500		9.4	%		16.8	%		3.1	%		-			100.0	%

Total loans		70,379		78,225		81,262		3.9	%		15.5	%		100.0	%		53.4	%		46.6	%

For consolidation purposes, loans generated in FC are converted to LC.

(1) Average daily balance.

(2) Includes Work out unit, and other banking.

(3) Includes Edyficar and Mibanco.

Source: BCP.

Evolution of loans by currency

In the analysis of loans by currency, it is important to note growth of +6.0% QoQ in the LC portfolio, which offset the decrease in the FC portfolio (-3.5% QoQ) after the majority of the banking segments of the subsidiaries in Peru posted a contraction in FC loans (BCP stand-alone and Mibanco).

In this context, LC loans increased their share of total loans from 52.3% to 53.4% at the end of 1Q15. The aforementioned reflects (i) better conditions for LC loans, in a scenario marked by cuts in the reference rate and in legal reserve requirements (at the end of March, 3.25% and 8%, respectively); (ii) efforts to de-dollarize loans in line with the measures implemented by BCRP (iii) clients’ preferences for loans in Nuevos Soles due to volatility over the last few quarters.

Evolution of loans by subsidiaries and business lines

BCP stand-alone registered an increase of +3.9% QoQ, which was mainly attributable to expansion in the Corporate Banking portfolio (+7.3% QoQ), followed by an increase in the portfolios for the Mortgage, Credit Card and Consumption segments (+3.5%, +8.3% and +4.4% QoQ respectively).

Growth of +4.8% QoQ in BCP Stand-alone’s Wholesale Banking portfolio was due to:

Excellent dynamism in Corporate Banking, which is in line with an increase in medium and long-term financing, primarily in LC, which helped offset the decrease in the FC portfolio (-1.3% QoQ); and

ii)

Slight 0.5% growth QoQ in Middle-Market loans, which was driven by expansion in the LC portfolio (+10.7% QoQ). This growth was mainly attributable to an increase in medium and long-term financing, following by growth in financing for working capital, which offset the decrease in the FC portfolio (-8.4% QoQ).

Retail Banking portfolio experienced growth of +2.7% QoQ. This was primarily due to expansion in LC loans (+3.3% QoQ), which was in line with growth in loans in the Mortgage, Credit Card and Consumer segments. Variations among business segments in Retail Banking were the result of:

The mortgage segment increased +3.5% QoQ. This was in line with expansion in the LC portfolio (+4.2% QoQ, which represents approximately 64% of total loans) and in traditional BCP Mortgage loans in particular while the FC portfolio fell (-2.4% QoQ) due to the increase in amortization that characterizes 1Q. The latter was associated with an increase in the appreciation of the US Dollar, which increases the value of the debt and prompts clients to take advantage of higher income at year-end to amortize higher cost debt.

ii)

The Consumer segment posted an increase of +4.4% QoQ to continue the upward trend that began in the second semester of 2014 (+3.3% and 3.7% QoQ in 3Q14 and 4Q14 respectively). It is important to note that expansion was led by an increase in the LC portfolio (+5.4% QoQ), which represented approximately 79% of total loans and offset the drop in the FC portfolio (-3.8% QoQ).

iii)

The Credit Card segment expanded +8.3% QoQ; this evolution was due to the +9% QoQ in the LC portfolio. During this same period, FC loans fell -1.1%. Consequently, 89% of total loans in 1Q were in LC, which was similar to the level seen last quarter. It is important to note that this segment will continue to post an upward trend in growth (which began in 4Q14) and improvements in portfolio quality (which began in 2Q14) in line with the adjustment measures that the Bank took in 2012 and 2013 to improve past due ratios.

iv)

The SME-Business segment registered a moderate increase of +1.7% QoQ, which was due to: (1) portfolio re-segmentation in the first few months of every year so that clients from the SME-Pyme segment that have experienced a change in their profile and have demonstrated good credit histories can migrate to the SME Business segment; and (2) better conditions for LC loans. The LC portfolio, which represents approximately 32% of the portfolio, expanded +6.2% QoQ (in 1Q15 it represented approximately 329% of the total) while FC loans fell -18.9% QoQ.

The SME-Pyme segment posted a reduction of -2.2% QoQ given that: (1) all 4Qs tend to be more dynamic due to year-end campaigns, which are paid off in 1Q; (2) client migration from the SME-Pyme to the SME- Business segment; and (4) the risk strategy implemented in this segment as the bank moves to do more business with clients with better risk ratings.

BCP Bolivia continued to post excellent loan growth, registering +6.5% QoQ growth in average daily balances and +5.6% QoQ in quarter-end balances. The aforementioned was due to expansion in the Retail Banking portfolio (60.9% of total loans), which increased +5.6% QoQ. This growth was mainly associated with an increase in loans issued in the Mortgage, SME-Pyme and Consumer segments.

Finally, Mibanco’s portfolio, which was consolidated with Edyficar’s portfolio on March 2, 2015, experienced a slight increase of +1.4% QoQ when measured in average daily balances (this level is lower than that registered by Edyficar in previous quarters: +4.8% in 4Q14 and +6.3% in 3Q14) and a decrease of -1.9% QoQ in terms of quarter-end balances. This evolution was due primarily to:

BCP’s purchase of Mibanco’s portfolio of leasing products in the second half of the quarter, which reflected the bank’s strategy and plan to consolidate Mibanco; and

ii)

A drop in loans in the Microbusiness segment, which was due to seasonal factors in 4Q. The last quarter of every year is much more dynamic than the first quarter of the subsequent year, when amortizations or payments are made on loans taken in 4Q to finance end-of-year campaigns.

	DOMESTIC CURRENCY LOANS ⁽¹⁾												FOREIGN CURRENCY LOANS ⁽¹⁾
	(Expressed in million Nuevos Soles)												(Expressed in million USD)
	1Q14		4Q14		1Q15		QoQ			YoY			1Q14		4Q14		1Q15		QoQ			YoY
BCP Stand-alone		29,340		34,154		36,434		6.7	%		24.2	%		10,287		10,547		10,072		-4.5	%		-2.1	%
Wholesale Banking		9,128		12,191		13,742		12.7	%		50.6	%		7,429		7,570		7,260		-4.1	%		-2.3	%
Corporate		6,006		8,233		9,362		13.7	%		55.9	%		4,585		4,622		4,561		-1.3	%		-0.5	%
Middle-Market		3,122		3,958		4,380		10.7	%		40.3	%		2,844		2,948		2,699		-8.4	%		-5.1	%
Retail Banking		20,052		21,840		22,561		3.3	%		12.5	%		2,765		2,880		2,711		-5.9	%		-2.0	%
SME - Business		717		965		1,026		6.2	%		43.1	%		620		754		612		-18.9	%		-1.4	%
SME - Pyme		6,237		6,383		6,245		-2.2	%		0.1	%		267		238		261		9.6	%		-1.9	%
Mortgage		6,198		7,033		7,326		4.2	%		18.2	%		1,357		1,332		1,300		-2.4	%		-4.2	%
Consumer		4,327		4,595		4,842		5.4	%		11.9	%		407		431		415		-3.8	%		1.9	%
Credit Card		2,575		2,865		3,121		9.0	%		21.2	%		114		125		123		-1.1	%		7.9	%
Others (2)		160		124		131		5.6	%		-18.6	%		93		97		100		3.0	%		8.1	%
Mibanco (3)		6,802		6,788		6,947		2.3	%		2.1	%		95		187		161		-14.0	%		69.5	%
Bolivia		-		-		-		-			-			1,041		1,146		1,165		1.7	%		11.9	%
ASB		-		-		-		-			-			762		777		811		4.4	%		6.5	%

Total loans		36,142		40,942		43,380		6.0	%		20.0	%		12,185		12,657		12,209		-3.5	%		0.2	%

(1) Average daily balance.

(2) Includes Edyficar and Mibanco.

(3) Includes Work out unit, and other banking.

Source: BCP.

Market share in loans

At the end of February 2015, BCP Stand-alone continued to lead the market with a share of 30.5%, which is significantly higher than the level posted by its closest competitor (30.4% at the end of 4Q14).

Wholesale Banking - BCP continued to lead the market, which was in line with an increase in Corporate Banking’s share of loans and despite a decrease in Middle-Market loans, which went from posting shares of 45.5% and 34.4% respectively in December 2014 to registering 46.1% and 33.0%, respectively, in March 2015.

In terms of Retail Banking, BCP continued to lead the market in almost all its segments with the exception of SME-Business and Credit Cards, where it ranks second. The bank’s market share in the Consumer and Credit Card segments increased during the period running from December 2014 to February 2015.

Mibanco (including Edyficar) continued to hold 3.3% of the market (December 2014-February 2015). If we analyze the SME-Pyme segment in Peru, Mibanco consolidated its market position and increased its share from 20.6% in December 2014 to 20.9% in February 2015.

Finally, BCP Bolivia maintained its market share QoQ (10.4% at the end of March 2015 and 10.5% at the end of December 2014) and was situated fourth in the Bolivia financial system.

Loan Dollarization

54% of Credicorp’s loan portfolio is denominated in Nuevos Soles given that 90% of its total loans originate in Peru (BCP and Mibanco).

If we analyze the evolution of dollarization levels in the loan portfolio in terms of average daily balances, we see that the majority of the segments that make up BCP’s portfolio have continued to dedollarize. This is particularly evident in the evolution of Wholesale Banking and is associated primarily with expansion in Corporate Banking’s issuances of medium and long-term financing for working capital. The Consumer and Credit Card segments continue to post the high levels of solarization (79% and 89%, respectively) posted one year ago. The aforementioned was due to the loan dedollarization process. This was driven by improvements in LC credit terms and the devaluation of the Nuevo Sol, which has been in play since 2013 and has made financing in foreign currency more expensive.

Funding Sources

Credicorp’s banking business slightly decreased its funding cost^[1] from 2.10% at the end of 4Q14 to 2.03% at the end of 1Q15. This was in line with the increase in the use of BCRP instruments as an alternative source of funding to time deposits. The loan/deposit ratio decreased slightly from 103.4% in 4Q14 to 102.8% in 1Q15 due to higher growth in deposits (+2.6% QoQ) vs. loans (+2.2% QoQ).

Funding	Quarter									% Change
S/.000	1Q14			4Q14			1Q15			QoQ			YoY
Non-interest bearing deposits		19,288,739			20,574,593			21,498,770			4.5	%		11.5	%
Demand deposits		4,616,870			4,682,123			6,385,890			36.4	%		38.3	%
Saving deposits		19,684,479			21,208,831			22,368,542			5.5	%		13.6	%
Time deposits		24,432,572			23,668,110			22,436,049			-5.2	%		-8.2	%
Severance indemnity deposits (CTS)		6,251,380			6,763,832			6,204,360			-8.3	%		-0.8	%
Interest payable		259,493			263,005			249,293			-5.2	%		-3.9	%
Total customer deposits		74,533,533			77,160,494			79,142,904			2.6	%		6.2	%
Due to banks and correspondents		10,596,684			16,141,403			17,892,989			10.9	%		68.9	%
Bonds and subordinated debt		15,075,214			15,096,612			15,560,444			3.1	%		3.2	%
Other liabilities *		10,979,760			12,426,878			13,458,895			8.3	%		22.6	%

Total funding		111,185,191			120,825,387			126,055,232			4.3	%		13.4	%
Funding cost		1.86	%		1.91	%		1.92	%

Funding cost - Business banking		1.92	%		2.10	%		2.03	%
L/D - Business banking		94.2	%		103.4	%		102.8	%

*Includes acceptances outstanding, reserves for property and casualty claims, reserve for unearned premiums, reinsurance payable and other liabilities.

¹ Funding cost is calculated using the following formula:

*Average of period-beginning and period-ending balances.

2.1 Funding Cost

The banking business’ funding cost slightly decreased from 2.10% in 4Q14 to 2.03% in 1Q15. This was attributable to an increase in the use of BCRP instruments as well as to the positive evolution of low-cost deposits, such as Demand and Savings deposits, +5.5% and +36.4%, respectively. All the aforementioned helped offset the -5.2% QoQ decrease in time deposits.

If we analyze the funding cost by subsidiary, we find that BCP continues to be the largest contributor to Credicorp with approximately 73% of interest expenses and 77% of total liabilities. BCP continued to reduce is funding cost (1.86% in 4Q14 vs. 1.80% in 1Q15) after restructuring its funding structure to alternative sources of funding and low-cost deposits.

Mibanco’s funding cost was situated at 4.18% (vs. 4.41% in 4T14) due primarily to lower interest expenses (-3.3%), specifically in terms of time deposits. It is important to note the increase in the use of BCRP instruments as a funding source, which has improved the total funding cost.

	BCP Stand-Alone			Mibanco*			BCP Bolivia			ASB			Banking business			Credicorp**

Funding cost 1Q14		1.87	%		1.53	%		2.60	%		2.27	%		1.92	%		1.86	%
Funding cost 4Q14		1.86	%		4.41	%		2.20	%		2.34	%		2.10	%		1.91	%
Funding cost 1Q15		1.80	%		4.18	%		2.09	%		2.30	%		2.03	%		1.92	%

* 1Q14 figure includes Mibanco and Edyficar liabilities but not expenses, since the consolidation took place at the end of 1Q14,

** Includes banking business results, other subsidiaries and consolidation adjustments.

An analysis of the funding structure reveals that the share of deposits in total funding remained relatively stable between 2011 and the first half of 2014 (if we compare on the first quarter of every year) and represented between 67% and 69% of total funding. The aforementioned was due to an increase in the share of alternative sources of funding, BCRP instruments in particular, which not only has accompanied growth in LC loans and loan de-dollarization but also helped Credicorp reduce its funding cost YoY.

2.2 Loan/Deposits (L/D)

The baking business’ loan/deposit ratio (L/D) was situated at 102.8% at the end of 1Q15, which was slightly better than the level registered in 4Q14 (103.4%) due to an increase in the pace of growth of total deposits (+2.6% QoQ) vs. growth in total loans (+2.2 QoQ).

In the particular case of BCP Stand-alone, its L/D ratio also reduced slightly QoQ. However, if we analyze the L/D ratio by currency, the level LC ratio was situated at 119.3% (114.9% in 4T14). The latter is explained by the significant increase of LC loans as compared to the increase in LC deposits. The expansion of the LC loans reflects not only the effect of higher demand of LC loans but also the de-dollarization process.

The table below shows the evolution of L/D ratios of Credicorp’s banking business and its subsidiaries:

Loan/Deposit Ratio

	BCP Stand-Alone*			Mibanco			BCP Bolivia			ASB			Banking Business

L/D 1Q14		106.1	%		138.2	%		77.8	%		52.8	%		94.2	%
L/D 4Q14		106.1	%		138.2	%		77.8	%		52.8	%		103.4	%
L/D 1Q15		105.7	%		143.9	%		75.1	%		55.1	%		102.8	%

* At 1Q15, the L/D ratio in local currency was 119.3% and in foreign currency 92.5%.

When analyzing this ratio, it is important to note that there is a significant number of deposits (S/.80,103 million as of March 2015), that are administered by BCRP and the Banco de la Nacion that are not part of the Peruvian financial system. The aforementioned is due to the measures that the Central Government took several years ago and the fact that BCRP has been using mechanisms to control liquidity in Nuevos Soles to prevent higher volatility in the exchange rate, which could affect the System’s delinquency levels. If this restriction were not in place, BCP Stand-alone would be in the position to capture these funds and the global and LC L/D ratio would improve to approximately 80% and 91%, respectively.

2.3 Deposits

If we analyze the evolution of total deposits QoQ, we see that they remain as the main funding source and represent 62.8% of total liabilities (63.9% in 4Q14). In this context, total deposits expanded only +2.6% QoQ, which was due primarily to growth of +36.4% QoQ in demand deposits followed by a +5.5% QoQ increase in savings deposits. This was attributable to the campaigns launched by this segment and to seasonal factors linked to employee profit sharing payments during this period.

Savings deposits fell -5.2% QoQ, which was due primarily to maturities and withdrawals at Mibanco and BCP by individuals and corporate clients. CTS deposits fell -8.3% QoQ due to seasonal factors that are present every 4Q given that CTS deposits are made in November.

It is important to note that the aforementioned was accentuated by appreciation of the US Dollar given that 54% of Credicorp’s total deposits are denominated in this currency. In this context, the real growth in total deposits was only +0.57% QoQ.

In annual terms, deposits grew +6.2% YoY, due primarily to the increase of +13.6% in savings deposits. Additionally, an increase of +11.5% is evident in non-interest bearing deposits while demand deposits grew +38.3%. All of the aforementioned was mitigated by a drop in time deposits, which is in line with the restructure in Credicorp’s funding sources to less expensive funding alternatives.

Market Share in Deposits

At the end of February 2015, BCP Stand-alone continued to lead the deposit market with a share of 30.7%; 27.3% in LC deposits and 34.8% in FC deposits. In this context, BCP continued to lead the market for different types of deposits.

Mibanco’s market share held at 2.6% from December to February 2015. BCP Bolivia held its position as the fifth-ranked bank in the Bolivian financial system with a market share of 10%.

Deposit Dollarization

54% of Credicorp’s total deposits were in FC at the end of 1Q15. This is explained because approximately 89% of total deposits are from Peru.

If we analyze the YoY evolution of the 4 types of deposits at BCP, in terms of average daily balances, we see that Time and CTS deposits continue to de-dollarize; nevertheless, deposits with lower tenor, such as Demand and Savings deposits, have registered a larger share of funds in FC.

2.4 Other sources of funding

Other sources of funding increased +7.4% QoQ. This was primarily due to a higher level of Due to banks and correspondents (+ 10.9% QoQ), followed by an increase in the level of Other Liabilities (+8.3% QoQ).

The evolution of Due to Banks and Correspondents is explained mainly due to a higher level of debt with BCRP, associated to an increase of REPO transactions this quarter, which represented 6% of total liabilities. It is important to note that the lower level in 4Q14 was due to payments of Repo and Swap transactions at the end of the period; nevertheless, BCRP has increased its supply of this type of instruments to improve liquidity levels in Nuevos Soles, attenuate exchange rate volatility, and encourage loans in LC.

The Other Liabilities line expanded due to: (i) the increase in the distribution of BCP dividend payments to shareholders for the 2014 period as agreed on the General Shareholders Meeting held at the end of the quarter; and (ii) profit share payments to be paid for 2014.

2.5 Mutual Funds

Credicorp Capital Fondos Peru maintained its leadership position QoQ with a market share of 41.2% in terms of funds under management despite a slight decline of -1.9% QoQ in the fund level. This is in line with a decrease in fund levels system-wide, which was due to campaigns at financing institutions in Peru to promote alternative products such as time deposits. It is important to note that at the end of March 2015, capture campaigns were directed at the higher income segments.

Credifondo Bolivia’s funds under management grew +40.2% QoQ and maintained the growth levels reported in 4Q14 (+34.1% QoQ) when commercial agreements were finalized with strategic clients. This helped to increase Credifondo Bolivia’s market share from 10% in 4Q14 (6th largest competitor) to 11.7% in 1Q15 (4th largest competitor). It is important to note that approximately 500 bps of this increase was due to the US Dollar’s appreciation against the Nuevo Sol.

Mutual funds	Quarter						Change %
S/. 000	1Q14		4Q14		1Q15		QoQ			YoY
Mutual funds in Peru		6,549,518		8,008,149		7,856,447		-1.9	%		20.0	%
Mutual funds in Bolivia		185,419		250,354		351,087		40.2	%		89.3	%
Total mutual funds		6,881,832		8,258,503		8,207,534		-0.6	%		19.3	%

Portfolio Quality: delinquency and coverage

The PDL ratio increased slightly (+7 bps QoQ) and situated at 2.58% at the end of 1Q15. This was due mainly to an increase in PDL portfolios in the SME-Pyme and SME-Business portfolios. This also reflects the maturity of refinanced loans, which was exacerbated by a contraction in SME-Pyme loans and a low loan growth in the SME-Business segment. The latter reflects the stricter risk guidelines that were implemented last year and the seasonality present every 1Q. YoY, the PDL ratio remained stable.

Loan quality	Quarter									% Change
S/. 000	1Q14			4Q14			1Q15			QoQ			YoY
Total loans		70,447,216			79,889,948			81,620,723			2.2	%		15.9	%
Reserve for loan losses (RLL)		2,946,798			3,308,220			3,466,341			4.8	%		17.6	%
Charge-Off amount		352,160			413,010			371,580			-10.0	%		5.5	%
Past due loans (PDL)		1,824,140			2,009,109			2,107,829			4.9	%		15.6	%
Refinanced loans		478,835			647,678			669,847			3.4	%		39.9	%
Non-performing loans (NPLs)		2,302,975			2,656,787			2,777,676			4.6	%		20.6	%
PDL ratio over 90 days		1.98	%		1.78	%		1.83	%
PDL ratio		2.59	%		2.51	%		2.58	%
NPL ratio		3.27	%		3.33	%		3.40	%
Coverage of PDLs		161.5	%		164.7	%		164.5	%
Coverage of NPLs		128.0	%		124.5	%		124.8	%

3.1 Provisions and coverage ratios

The stock of provisions grew +4.8% QoQ, which was due primarily to an increase in net provisions for loan losses at BCP in 1Q15. This was in line with the increase of SME-Pyme, SME-Business, and Mortgage delinquencies; the deterioration of the debt-service capacity of a few and isolated borrowers in Wholesale Banking; and a more conservative approach in a less dynamic economic scenario, as will be explained later.

The coverage ratio of PDLs remained stable QoQ, which was in line with the fact that there was little variation in growth in the PDL portfolio (+4.9% QoQ) or in the provisions stock (+4.8% QoQ). The YoY analysis shows a higher level of coverage for the PDL portfolio of 164.5% at the end of 1Q15 vs. 161.5% at the end of 1Q14. This was in line with lower growth in the PDL portfolio in comparison to the increase in the stock of provisions.

The coverage ratio of NPLs increased slightly from 124.5% at the end of 4Q14 to 124.8% at the end of 1Q15. This was due to lower growth in the NPL loan portfolio (+4.6% QoQ) in comparison to the increase in the stock of provisions (+4.8% QoQ). The YoY analysis shows that the coverage ratio of NPLs fell 320 bps due to higher growth in the NPL loan portfolio in comparison to the stock of provisions, which was due to on-going refinancing campaigns in the SME-Pyme, Credit Card, Consumer and SME-Business segments in the second half of 2014.

3.2 Delinquency

The PDL ratio posted a slight deterioration of +7 bps QoQ and situated at 2.58% in 1Q15. This reflects higher growth in the PDL portfolio (+4.9% QoQ) in comparison to the increase in total loans (+2.2% QoQ). The variation in the PDL portfolio was due primarily to the evolution of the SME-Pyme, SME-Business and Mortgage segments, as we will discuss later in this report. It is important to note that the PDL ratio at the end of 4Q14 was the lowest level recorded in 2014 (2.51%), as a result not only due to the improvement of new vintages but also the effect of refinance loans and the better performance of total loans at end of every year.

The PDL ratio over 90 days reported an increase of +5 bps QoQ and situated at 1.83% at the end of 1Q15. In an analysis YoY, this ratio shows an improvement of 16 bps (198% in 1T14).

The NPL portfolio (including refinanced loans) increased +4.6% QoQ, which fell below the +7.6% QoQ reported in 4Q14. This was reflected in a NPL ratio of 3.40% in 1Q15, higher than 3.33% in 4Q14 and 3.27% in 1T14, which in turn reflects the on-going efforts to offer clients refinancing options during the first quarter of this year, the maturity of refinanced loans (mentioned above and that impacted our PDL portfolio) and the lower pace of growth of total loans.

The following chart shows the evolution of the PDL ratio by business line and product:

An analysis of the evolution of BCP’s PDL ratio by products indicates improvements in:

The PDL ratio of Wholesale Banking, which fell -6 bps QoQ to situate at 0.26% at the end of 1Q15. However, this quarter wholesale banking showed a slight deterioration, which was in turn associated with specific and isolated cases related to the Gas and Hydrocarbon sector. This was offset by the regularization of loan erroneously included in the PDL portfolio, showing a favorably evolution of the PDL ratio.

ii)

The PDL ratio for the Consumer portfolio improved QoQ, going from 2.35% in 4Q14 to 2.16% in 1Q15 due to a decrease in the PDL portfolio after refinancing packages in 4Q14, which improved the portfolio quality. The aforementioned was accompanied by the expansion in loans.

iii)

The Credit Card segment also continued to improve its PDL ratio, which was situated at 4.12% at the end of 1Q15. This figure reflects a -14 bps decline QoQ given that loan growth in this segment outpaced the slight expansion registered in the PDL portfolio. The aforementioned reflects the adjustment measures implemented in 2012 and 2013 to improve PDL ratios.

A degree of deterioration was evident in the PDL ratio of some of BCP’s business segments such as:

The Mortgage loan portfolio posted an increase in its PDL ratio, which was situated at 1.79% in 1Q15 versus 1.73% in 4Q14, which was in line with expansion in PDL portfolio due to Nuevo Sol devaluation, which makes loans more expensive for clients (35.3% of the portfolio is in FC).

ii)

The SME-Business portfolio registered an increase in its PDL ratio, which was situated at 4.88% at the end of 1Q15. The latter reflects the increase in delinquency of a few large clients that represented isolated cases, but with a high level of coverage in terms of guarantees (on average 150%).

iii)

The SME-Pyme portfolio registered an increase in its PDL ratio, which was situated at 11.54% in 1Q15 versus 10.61% in 4Q14. The increase was due primarily to maturity of refinance loans granted in August 2014, which was exacerbated by the reduction in total loans. The evolution of SME-Pyme portfolio reflects the impact of risk policies implemented in this segment to develop business with clients that have better risk ratings, and amortization or payment of loans originated in the 4Q.

Mibanco’s PDL ratio increased 39 bps, going from 5.61% at the end of 4Q14 to 6% at the end of 1Q15. This is mainly explained by the portfolio deterioration as part old vintages mature. The aforementioned was accentuated by the contraction QoQ of the loan book, which in turn is mainly explained by the transfer of the Leasing portfolio to BCP. The latter accounts for 10 bps of the increase QoQ in the PDL ratio.

BCP Bolivia registered an increase in its PDL ratio at the end of 1Q15 to situate at 1.63%. Despite this increase, BCP Bolivia’s PDL ratio falls below that of the Bolivian financial system, which is situated at 1.79%.

Net Interest Income (NII)

Credicorp’s NII grew +4.6% QoQ and +27.8% YoY due to an increase in interest income on derivatives followed by higher interest income on trading securities. The expansion posted QoQ in NII in comparison to a less substantial increase in average interest-earning assets (+3.1% QoQ), led to rise in NIM from 5.66% in 4Q14 to 5.75% in 1Q14.

Net interest income	Quarter									% Change
S/.000	1Q14			4Q14			1Q15			QoQ			YoY
Interest income		1,898,337			2,282,651			2,382,639			4.4	%		25.5	%
Interest on loans		1,648,912			2,064,935			2,077,123			0.6	%		26.0	%
Interest and dividends on investments		44,934			3,512			18,538			427.8	%		-58.7	%
Interest on deposits with banks		12,252			10,318			7,615			-26.2	%		-37.8	%
Interest on trading securities		184,391			194,771			218,722			12.3	%		18.6	%
Other interest income		7,848			9,115			60,641			565.3	%		672.7	%
Interest expense		496,613			571,253			591,855			3.6	%		19.2	%
Interest on deposits		165,336			228,594			208,817			-8.7	%		26.3	%
Interest on borrowed funds		87,750			122,316			184,441			50.8	%		110.2	%
Interest on bonds and subordinated note		172,417			184,723			177,792			-3.8	%		3.1	%
Other interest expense		71,110			35,619			20,805			-41.6	%		-70.7	%
Net interest income		1,401,724			1,711,398			1,790,784			4.6	%		27.8	%

Average interest earning assets		107,883,814			121,104,893			124,913,732			3.1	%		15.8	%
Net interest margin *		5.20	%		5.66	%		5.75	%
Net interest margin after provisions		3.85	%		4.21	%		4.14	%

*Annualized.

4.1 Interest Income

Interest income increased +4.4% QoQ, mainly as a result of an increase in interest income on derivatives, which is registered in Other interest income line, and followed by higher interest income on securities.

Interest income on derivates grew (+565.3% QoQ) due to net gains on forwards that correspond to transactions made BCRP (swaps cambiarios), which we cover with forwards made with private institutional clients (mainly foreign clients). It is important to note that these instruments were mostly taken through BCP and are in line with BCRP’s monetary policy to reduce the exchange rate volatility.

Growth in interest income on trading securities (+12.3% QoQ) was mainly associated with an increase in interest income on investments, which was in line with the increase in BCP’s investments available for sale (+16.4% QoQ), specifically in BCRP Certificates of Deposit. In addition, Grupo Pacifico reported a significant growth in interest income on trading securities, which is consequent with the positive evolution seen in Life business’ investments, specifically in fixed income instruments. Growth in the latter was due to the fact that the company invested its funds to ensure stable and long-term profitability to cover its clients’ needs. The evolution of investments will be discussed in greater detail in the section of interest-earning assets.

Interest and dividends on investments increased +427.8% QoQ, which was due primarily to higher income from dividends relative to investments in Edelnor and to a lesser extent to investment in Inversiones Centenario, which was in line with the seasonality that characterizes this line in the first quarter of every year.

The growth of 0.6% QoQ that was registered in Interest income on loans was mainly due to a +3.9% QoQ expansion in total loans, measured in average daily balances. The aforementioned was led by the expansion in Corporate Banking loans, characterized by obtaining lower margins.

In regard to Retail Banking, and in particular the SME-PYME segment, although average active rates remained stable, the portfolio contracted due to the strategy to avoid penetrating riskier segments. Accordingly, the interest income declined in this segment.

Mibanco’s interest income on loans fell as a result of the sold of its Leasing products to BCP, in line with its strategy and consolidation plan.

In the YoY analysis, the interest income grew +25.5%. This was mainly attributable to an increase in interest income on loans (+26% YoY), which was due to (i) Mibanco’s income contribution; which was incorporated as of 2Q14; and (ii) the 15.8% expansion in Credicorp’s loan portfolio. The aforementioned was accompanied by higher interest income on investments in BCRP’s exchange rate swaps.

4.2 Interest Expenses

Interest expenses increased +3.6% QoQ, which was primarily due the higher interest expenses on due to banks and correspondents (+50.8% QoQ). This was in turn associated with an increase in BCRP instruments, mainly at BCP and Mibanco, to obtain the necessary liquidity in local currency to accompany loan growth and dedollarize the loan portfolio. It is important to note that for the first time in Credicorp’s history, LC portfolio represented 54.3% of Credicorp’s total loans.

The aforementioned was attenuated by lower interest expenses on deposits (-8.7% QoQ). This was in line with a decrease in time deposits (-5.2%) to favor BCRP instruments, the latter offers a lower cost to the organization. It is important to note that both savings and time deposits maintained their growth levels (+5.5% QoQ and +36.4% QoQ respectively) accompany the efforts to grow at a lower cost. More details on the evolution of deposits can be found in the Liabilities section.

The YoY analysis reveals that interest expenses increased +19.2% due to higher interest expenses on due to banks and correspondents (+110.2% YoY) and on deposits (+26.3% YoY). The increase in the participation of due to banks and correspondents of the total funding is even more evident in the annual comparison, which, as we will explain later in the report, contributed to keeping funding costs within desirable levels.

4.3 Net Interest Margin (NIM)

Global NIM was situated at 5.75% in 1Q15, which tops the figure registered in 4Q14 (5.66%). The aforementioned was due to higher growth in net interest income (+4.6% QoQ) in comparison to the expansion reported in average interest-earning assets (+3.1% QoQ). The increase in the participation of alternative funding of the total funding was primarily associated with BCRP instruments; which has contributed to improving the margin given that they are not subject to the implicit costs relative to legal reserve requirements.

The NIM on loans dropped from 8.73% in 4Q14 to 8.39% at the end of 1Q15. This was due to a decrease in the growth pace of interest income on loans (0.6% QoQ) as described earlier in the report.

After Edyficar’s merger with Mibanco, the new Mibanco reported an improvement in the NIM (14.1%). This was attributable to the fact that this business offers better margins, which has improved due to a slight decline in the funding cost.

The table below shows net interest margins for each of Credicorp’s main subsidiaries:

NIM Breakdown	BCP			Mibanco*			BCP Bolivia			ASB			Pacífico**			Credicorp***

NIM for 1Q14		4.85	%		12.11	%		4.66	%		2.11	%		5.01	%		5.20	%
NIM for 4Q14		5.00	%		14.08	%		4.54	%		2.17	%		4.62	%		5.66	%
NIM for 1Q15		5.06	%		14.10	%		4.59	%		2.15	%		5.15	%		5.75	%

NIM : Annualized Net interest income / Average period end and period beginning interest earning assets.

* Mibanco consolidated

** Pacifico's NIM arises from Pacifico Voda's financial income from their investments.

**Credicorp also includes Credicorp Capital, Prima, Grupo Crédito and Eliminations for consolidation purposes.

² NIM on loans is calculated as follow:

NIM on loans =	[Interest on loans – (Total Financial expense * share of loans with total earning assets)] *4
	Total Average loans of the beginning and closing balances for the reporting period.

The share of loans within total earnings assets is calculated by dividing the average of the beginning and closing balances of total loans for the reporting period, by the average of the beginning and closing balances of the interest earning assets for the reporting period.

Provisions for loan losses

Net provisions for loan losses increased +14.8% QoQ, in line with the slight deterioration in the PDL ratio posted by SME-Pyme and SME-Business at BCP; and the deterioration of the debt-service capacity of a limited number of borrowers in Corporate Banking. The aforementioned was reflected in the cost of risk which was situated at 2.46% at the end of 1Q15.

Provision for loan losses	Quarter									Change
S/. 000	1Q14			4Q14			1Q15			QoQ			YoY
Provisions		(405,954	)		(494,345	)		(624,264	)		26.3	%		53.8	%

Loan loss recoveries		41,353			57,087			122,127			113.9	%		195.3	%
Net provisions, for loan losses		(364,601	)		(437,258	)		(502,137	)		14.8	%		37.7	%
Cost of risk (1)		2.07	%		2.19	%		2.46	%		+ 27 bps			+ 39 bps

Annualized net provisions / Net Interest Income		26.01	%		25.55	%		28.31	%		+ 276 bps			+ 230 bps

(1) Annualized net provisions / Total loans

Net provisions for loan losses at Credicorp increased +14.8% QoQ, which was due primarily to an increase in BCP’s provisions level:

Increase in SME-Pyme and SME-Business delinquency.

ii)

The deterioration in the debt-service capacity of a limited number of cases of corporate clients in the following sectors: (1) Gas and Hydrocarbons and (2) Construction, which was due to a reputational problem that began in Brazil. Nevertheless, it is important to note that none of the construction sector clients have recorded any default on their obligations with BCP.

iii)

A lower economic growth in Peru for the first months of the year, after the significant slowdown reported in 2014.

The cost of risk reported a deterioration of 27 bps, which was due primarily to higher growth in annualized net provisions vs total loans, which only expanded +2.2%. The aforementioned was attributable to seasonal factors, as discussed earlier in the report. This scenario appears once again when we analyze the ratio of annualized net provisions to net interest income, which increased +276 bps mainly due to a lower growth pace in NII (+3.7% QoQ) versus expansion in annualized net provisions.

Non-Financial Income

Non-financial income increased +26.9% QoQ and +24.3% YoY. This was due primarily to an increase in net gains on sales of securities, which include the non-recurring income generated by the joint venture between Grupo Pacífico and Banmédica. Net gains on foreign exchange transactions also increased this quarter, although to a lesser extent.

Non financial income	Quarter							% Change
S/.000	1Q14		4Q14			1Q15		QoQ			YoY
Fee income, net		609,105		685,363			685,950		0.1	%		12.6	%
Net gain on foreign exchange transactions		132,189		187,945			200,446		6.7	%		51.6	%
Net gain on sales of securities		119,518		(38,271	)		24,886		548.7	%		-79.2	%
Net gain from subsidiaries(1)		-		-			146,818		-			-
Other income		23,559		30,883			41,160		33.3	%		74.7	%
Total non financial income		884,371		865,920			1,099,260		26.9	%		24.3	%

(1) Mainly includes the JV between Grupo Pacífico and Banmédica.

In 1Q15, Net gains from Grupo Pacífico and Banmédica joint venture were registered due to:

Non-recurring income of S/.144.2 million as a result of the positive impact of the company’s net worth.

ii)

The contribution of 50% of the net of net generated by the EPS, which amounted to S/.5 million in 1Q15; and

iii)

A deduction of 50% of the net earnings generated by medical services. The deduction in 1Q15 totaled S/. 2.4 million.

The increase QoQ of Net gains on sales of securities was due primarily to higher income on sales of Sovereign Bonds and Government Bonds from Colombia in the banking business followed by an increase in income generation at Credicorp Capital. The latter was due to management of the proprietary position in Fixed Income and Derivatives, Currencies, Shares Positions and Positions in the Market Making Fund in the Colombian market. An analysis of the YoY evolution reveals a decline of -79.2%, which was primarily due to the sale of a share package in Alicorp in 1Q14.

Net gains on foreign exchange transactions increased +6.7% QoQ due to higher activity, which was, to a large extent, tied to appreciation in the US Dollar against the Nuevo Sol. The YoY analysis of this item reveals an increase of +51.6%, which was also attributable to higher volatility in 4Q14 with regard to the same period last year, when the US Dollar appreciated only 0.46% against the Nuevo Sol. BCP continues to be the main contributor to this line and currently represents 87% of the Credicorp’s foreign exchange transactions.

Fee income, which is considered core income for the business, registered a slight increase in 1Q15. This was due to higher income from the asset management business, Prima AFP and ASB. The aforementioned was offset by a decrease in BCP’s income level, which in turn was due primarily to seasonal factors at year-end when the transaction level peaks, and by lower income at Credicorp Capital. In the YoY comparison, fee income grew+12.6% due to on-going income generation at the different Credicorp’s subsidiaries.

The following chart shows the breakdown of Credicorp’s fee income by subsidiary:

Fee income from banking business, that represent 72% of Credicorp’s total fee income, fell -1.8% QoQ due to a decrease in fee income in Corporate Finance (-43.4% QoQ). This was in line with the perfomance of Credicorp Capital and follow by a lower fee income from credit cards (-6.7% QoQ), the latter was primarily associated with the fact that clients are gradually migrating to on-line statements. It is important to note that although income generation was solid, the volume transactions were higher in the previous period due to seasonal factors at year-end. Therefore, Fee income from banking business posted an 8.7% YoY growth.

Next, we have a breakdown of Fee income from banking business:

Fee Income	Quarter						Change %
S/. 000	1Q15		4Q14		1Q15		QoQ			YoY
Miscellaneous Accounts (1)		134,002		145,561		148,616		2.1	%		10.9	%
Credit Cards (2)		61,846		60,528		56,476		-6.7	%		-8.7	%
Drafts and Transfers		25,629		30,742		29,979		-2.5	%		17.0	%
Personal loans (2)		19,305		23,912		27,006		12.9	%		39.9	%
SME loans (2)		16,018		19,786		19,087		-3.5	%		19.2	%
Insurance (2)		13,618		18,500		17,191		-7.1	%		26.2	%
Mortgage loans (2)		11,157		12,324		12,909		4.7	%		15.7	%
Off-balance sheet (3)		44,388		34,503		39,365		14.1	%		-11.3	%
Payments and Collections (3)		70,440		89,500		87,617		-2.1	%		24.4	%
Commercial loans (3)		14,965		11,978		14,790		23.5	%		-1.2	%
Foreign trade (3)		9,855		10,248		10,528		2.7	%		6.8	%
Corporate Finance		19,373		19,676		11,135		-43.4	%		-42.5	%
ASB		5,095		5,854		6,627		13.2	%		30.1	%
Others (4)		31,388		46,009		38,306		-16.7	%		22.0	%
Total fee income		477,081		529,119		519,632		-1.8	%		8.9	%

(1) Saving accounts, current accounts and debit card.

(2) Mainly Retail fees.

(3) Mainly Wholesale fees.

(4) Includes fees from BCP Bolivia, Edyficar, network usage and other services to third parties, among others.

Source: BCP.

Prima AFP’s Fee income represents more than 15% of Credicorp’s total fee income. It is important to note that this income registered a slight increase QoQ and YoY despite (i) an increase in the market share of the AFP that won the tender process that gives the exclusive right to capture new affiliates, and (ii) the low economic growth of the country, which directly affects pension funds industry, whose income is based on the remuneration levels of their affiliates.

In regard to Credicorp Capital’s fee income, which represents approximately 13% of Credicorp’s total fee income, it is important to note that although it registered an increase in income generation in Corporate Finance, which was related to projects to structure mid-term financing in Peru and advisory services for M&A in Chile and Peru, this was not enough to offset the lower income levels reported in other businesses. The decrease reported in the Capital Markets was due to a drop in transactions in the equity market, which was in line with a decrease in traded volumes. The aforementioned was further accentuated by the non-recurring income registered in 4Q14 in the Asset Management business; this was associated with the sale of a real estate project in Chile.

It is important to note that the eliminations among subsidiaries within fee income, registered in Others, are mainly due to the Bancassurance business, where commissions are received from the banking subsidiaries (BCP and Mibanco) for the sale of Pacifico insurance, which are eliminated when Credicorp’s consolidated it’s results.

Insurance underwriting result

The insurance underwriting result fell -12.2% QoQ and -6.0% YoY. This was due primarily to the accounting effect generated by registering the EPS business as an investment in securities after joint venture with Banmedica. The aforementioned was attenuated by an improvement in P&C’s evolution, which was attributable to the initiatives that the company has taken to make some products more profitable.

Insurance services technical result	Quarter									% Change
S/.000	1Q14			4Q14			1Q15			QoQ			YoY
Net premiums earned		518,498			569,851			404,496			-29.0	%		-22.0	%
Net claims incurred		(336,830	)		(375,056	)		(237,205	)		-36.8	%		-29.6	%
Net technical commissions and Expenses		(84,565	)		(90,802	)		(118,294	)		30.3	%		39.9	%
Total Insurance services technical result		97,102			103,992			48,997			-52.9	%		-49.5	%

Net earned premiums fell 29% QoQ, and are completely explained by the deduction of EPS’s net earned premiums due to the joint venture. Nevertheless, the aforementioned was attenuated by the expansion of Pacífico Vida’s net earned premiums and the slight increase of P&C’s. The improvement in Pacífico Vida’s net earned premiums was a result of higher level of individual annuities and due to the tranche obtained from the tender of disability and survivorship insurance for pension funds. PPS registered a slight increase due to a reserves release and a decrease in ceded premiums, which helped offset lower generation of premiums due to a seasonal effect at year-end, when large P&C and car insurance are renewed.

Net Premiums by business

(S/. Million)

Net claims fell -36.8% QoQ as a result of EPS effect This was accentuated by a decrease in P&C’ net claims in particular in car insurance, which reflected the initiatives that have been implemented to make these products more profitable, such as pricing model and reducing exposure in the country side. However, Pacífico Vida registered higher claims as a result of the reserve required for the disability and survivorship insurance business.

Net claims per business

(S/. Million)

The acquisition cost, which is composed of commissions and the net underwriting expense, fell -23.7% QoQ due to the aforementioned effect generated by EPS.

An analysis of the underwriting result by subsidiary reveals that the Life business’s result declined due to the need to higher claims that outpaced net earned premiums as explained it before. Conversely, P&C achieved a better underwriting result that showed the positive impact of the strategies implemented in 2014 in terms of pricing, risk assessment and underwriting.

Operating expenses and efficiency

The decrease in operating expenses (-15.0% QoQ) was due to: (i) lower administrative and general expenses, which was mainly attributable to seasonality in 4Q; and (ii) the fact that in 4Q, non-recurring expenses were incurred that will be explained later in this report. Consequently, the efficiency ratio² was situated at 40.7%, which falls below the 43.3% reported in 4Q14. In YoY terms, operating expenses increased +14.9%, which was in line with Credicorp’s businesses organic growth as well as the incorporation of Mibanco’s results.

Operating expenses	Quarter									% Change
S/. (000)	1Q14			4Q14			1Q15			QoQ			YoY
Salaries and employees benefits		607,232			680,338			715,195			5.1	%		17.8	%
Administrative, general and tax expenses		391,462			566,463			431,167			-23.9	%		10.1	%
Depreciation and amortizacion		94,789			129,616			108,393			-16.4	%		14.4	%
Other expenses		34,728			148,227			41,115			-72.3	%		18.4	%
Total operating expenses		1,128,212			1,524,644			1,295,870			-15.0	%		14.9	%
Reported efficiency ratio		40.8	%		43.3	%		40.7	%

³ Efficiency ratio is calculated using the following formula:

Operating expenses fell -15.0% QoQ due to:

(i)

the decrease in Administrative and General Expenses (-23.9% QoQ), which was due mainly to a seasonal effect at year-end;

(ii)

the decline in Depreciation and Amortization expenses (-16.4% QoQ) due to the amortization of the Edyficar brand in 4Q14, after the fusion with Mibanco; and

(iii)

the reduction in Other Expenses (-72.3%) due to the fact that in 4Q14, non-recurring expenses were recorded that were associated with (i) implementing Edyficar’s business model in Mibanco, (ii) the decision to close Tarjeta Naranja; and (iii) lower valuations of Calls and Puts at Credicorp Capital due to the acquisition of IM Trust and Credicorp Capital Colombia.

The YoY evolution of operating expenses (+14.9%), was due to higher expenses in Salaries and Employee Benefits (+17.8%) followed by Administrative and General Expenses (+10.1%). This scenario was mainly attributable to the incorporation of Mibanco and business organic growth.

In this context, administrative and general expenses fell -23.9% QoQ, which was fundamentally due to lower expenses in (i) Marketing (-36.4% QoQ), which was in line with seasonality in the last quarter of 2014; followed by (ii) Consultants (-55.2%) given that this item posts the majority of its expenses at year-end. The decrease in expenses was also due, in a lesser extent, to (iii) Systems (-13.3% QoQ) due to a decrease in expenses for maintenance and support for computer equipment.

When analyzing, it is important to keep in mind that 43.4% of Credicorp’s administrative and general expenses are incurred in US Dollars. As such, if we exclude the appreciation of the dollar in 1Q15 (3.68%), these expenses fall even more (-25.1% QoQ).

The table below contains details on Administrative and General Expenses:

Administrative and General Expenses	Quarter										Change
S/. (000)	4Q14		%			1Q15		%			QoQ
Marketing		87,279		15	%		55,543		13	%		-36.4	%
Systems		51,613		9	%		44,752		10	%		-13.3	%
Systems Outsourcing		51,399		9	%		45,597		11	%		-11.3	%
Channels		42,984		8	%		41,288		10	%		-3.9	%
Insfrastructure		53,565		9	%		53,777		12	%		0.4	%
Communications		30,701		5	%		25,504		6	%		-16.9	%
Consulting		36,755		6	%		16,482		4	%		-55.2	%
Rent		40,135		7	%		40,648		9	%		1.3	%
Minor Expenses		71,435		13	%		49,154		11	%		-31.2	%
Others*		44,190		8	%		7,934		2	%		-82.0	%
Taxes and Contributions		56,407		10	%		50,488		12	%		-10.5	%
Total Administrative and General Expenses		566,463		100	%		431,167		100	%		-23.9	%

* Others include ASB, BCP Bolivia, Grupo Credito and eliminations for consolidation

The aforementioned, helped offset the increase (+5.1% QoQ) in salaries and employee benefits expense. This was due primarily to the fact that in 4Q14, few provisions were set aside for Additional Profit Sharing (PUA by its Spanish initials). The YoY analysis reveals that this item registered an increase of +17.8%, which was in line with an increase in the number of employees due to the acquisition of Mibanco and business organic growth.

Other expenses, which are not included in the efficiency ratio, fell -72.3% QoQ. This was primarily due to the fact that more expenses were incurred in 4Q14 due to (i) the implementation of Edyficar’s model in Mibanco (S/. 39.6 million), which generated expenses for system migration, branch closings, staff liquidation, among others; (ii) the decision to close Tarjeta Naranja (S/. 25.8 million); and (iii) a decrease in the valuation of Calls and Puts in Credicorp Capital due to the acquisition of IM Trust and Credicorp Capital Colombia (S/. 24.0 million).

Depreciation and Amortization fell -16.4% QoQ due to the fact that in 4Q14, the Edyficar brand was amortized. In the YoY analysis this line increased +14.4% due to business growth, which was primarily attributable to the acquisition of Mibanco.

The following table shows the composition of the efficiency ratio by subsidiary:

	BCP Stand Alone			Mibanco ⁽¹⁾			BCP Bolivia			ASB			PGA			Prima			Credicorp Capital			Credicorp
1Q14		43.8	%		56.2	%		62.3	%		21.5	%		19.7	%		41.6	%		99.4	%		40.8	%
4Q14		45.0	%		61.1	%		61.7	%		27.3	%		18.7	%		45.6	%		107.5	%		43.3	%
1Q15		39.7	%		60.5	%		65.3	%		28.0	%		16.4	%		41.9	%		74.7	%		40.7	%
Var. 1Q15 / 1Q14		-420 bps			+430 bps			+300 bps			+ 650 bps			-330 bps			+30 bps			-2,470 bps			-10 bps
Var. 1Q15 / 4Q14		-530 bps			-60 bps			+360 bps			+ 70 bps			-230 bps			-370 bps			-3,280 bps			- 260 bps

(1) Includes Edyficar

The efficiency ratio was situated at 40.7% at the end of 1Q15, which fall below the figure posted in 4Q14 (43.3%). This ratio fell due to a decrease in general and administrative expenses (QoQ), which was basically due to the fact that expenses for marketing campaigns in the last quarter of 2014 were high and fewer expenses for consultancy were registered this quarter.

It is important to note that the deterioration in the efficiency ratio of BCP Bolivia (65.3% in 1Q15 vs. 61.7% in 4Q14) was due to a drop in income for foreign exchange transactions because US Dollars are currently scarce in the Bolivian exchange rate market.

On the other hand, the improvement in Grupo Pacifico’s efficiency ratio (16.4% in 1Q15 vs 18.7% in 4Q14) was attributable to i) the accounting effect generated by registering the EPS business’ results in a different line after the JV with Banmedica, the latter resulted in a reduction of Grupo Pacifico’s income and expense; and (ii) to the better performance in the management and control of their resources.

Regulatory capital

9.1 Regulatory Capital –BAP

Regulatory Capital and Capital Adequacy Ratios			Balance as of				% Change
S/. 000	Mar 14		Dec 14		Mar 15 ⁽⁵⁾		Mar 15/Dec 14			Mar 15/ Mar 14
Total Regulatory Capital (A)		15,576,434		16,163,065		17,561,388		8.7	%		12.7	%

Tier I (1)		9,265,997		9,423,143		10,478,862		11.2	%		13.1	%
Tier II (2) + Tier III (3)		6,310,437		6,739,922		7,082,526		5.1	%		112.2	%

Total Regulatory Capital Requirements (B)		12,191,973		14,160,347		14,959,180		5.6	%		22.7	%
Regulatory Capital Ratio (A) / (B)		1.28		1.14		1.17		2.8	%		-8.1	%
Required Regulatory Capital Ratio (4)		1.00		1.00		1.00

(1) Tier II = Capital + Restricted capital Reserves + tier I capital stock and reserves from minority interest - Goodwill - (0.5 x Investment in equity and subordinated debt of financial and insurance companies) + Perpetual subordinated debt.

(2) Tier II = Subordinated debt + minority interest tier II capital stock and reserves + Loan loss reserves - (0.5 x Investment in equity and subordinated debt of financial and insurance companies).

(3) Tier III = Subordinated debt covering market risk only.

(4) Regulatory Capital / Total Regulatory Capital Requirements (legal minimum = 1.00).

(5) Preliminary figures

In general terms Credicorp has maintained a comfortable capitalization level that is equivalent to 1.17 times the capital required by the Peruvian regulator. This ratio slightly increased above the figure reported at the end of 4Q14, mainly because regulatory capital grew at a higher rate (+8.7% QoQ) than regulatory capital requirements (+5.6% QoQ). The increase QoQ in regulatory capital resulted from i) a smaller deduction from our regulatory capital due to our reduced participation in EPS business down to 50%; and ii) the increase in reserves made in March 2015 as part of the distribution of net income generated in 2014.

A YoY analysis, shows a reduction in the regulatory capital ratio (1.28 in 1Q14 vs. 1.17 in 1Q15) as a result of higher increase in capital requirements (+ 22.7% YoY) than in regulatory capital (+ 12.7% YoY). The increase in the former came from the Financial Consolidated Group, and it is mainly explained by higher risk weighted assets (RWAs) from credit risk at BCP stand-alone, which in turn are related to loan growth of +18.3% YoY (measured in year-end balances and based on results in Peru GAAP).

It is also important to note that Tier 1 represents 59.7% of Credicorp’s total regulatory capital (similar to 58.3% in 4Q14).

Additionally, the majority of the capital requirement (93.9%) is associated with its financial business, and in particular more than 75% of the group’s total regulatory capital requirement is concentrated in BCP

9.2 Regulatory Capital –BCP Stand-alone based on Peru GAAP

Regulatory Capital and Capital Adequacy Ratios				Balance as of						% Change
S/. 000	1Q14			4Q14			1Q15			1Q15 / 4Q14			1Q15 / 1Q14
Capital Stock		4,722,752			4,722,752			5,854,051			24.0	%		24.0	%
Legal and Other capital reserves		2,761,777			2,761,777			3,157,732			14.3	%		14.3	%
Accumulated earnings with capitalization agreement		-			1,000,000			-			-1.00			-
Loan loss reserves (1)		866,640			1,007,150			1,040,271			3.3	%		20.0	%
Perpetual subordinated debt		702,000			746,500			774,000			3.7	%		10.3	%
Subordinated Debt		3,956,638			4,146,707			4,240,862			2.3	%		7.2	%
Unrealized profit (loss)		-			-			-			-			-
Investment in subsidiaries and others, net of unrealized profit and net income		(1,410,688	)		(1,559,037	)		(1,691,429	)		8.5	%		19.9	%
Investment in subsidiaries and others		1,948,908			2,186,066			1,823,790			-16.6	%		-6.4	%
Unrealized profit and net income in subsidiaries		538,219			627,029			132,361			-78.9	%		-75.4	%
Goodwill		(122,083	)		(122,083	)		(122,083	)		0.0	%		0.0	%
Total Regulatory Capital		11,477,035			12,703,767			13,253,404			4.3	%		15.5	%

Tier 1 (2)		7,628,212			8,642,942			8,884,166			2.8	%		16.5	%
Tier 2 (3) + Tier 3 (4)		3,848,823			4,060,825			4,369,238			7.6	%		13.5	%

Total risk-weighted assets		76,152,247			87,938,922			91,100,741			3.6	%		19.6	%
Market risk-weighted assets (5)		1,796,780			1,189,463			1,414,538			18.9	%		-21.3	%
Credit risk-weighted assets		69,331,182			80,572,032			83,221,663			3.3	%		20.0	%
Operational risk-weighted assets		5,024,285			6,177,426			6,464,540			4.6	%		28.7	%

Total capital requirement		8,843,183			10,546,528			10,866,089			3.0	%		22.9	%
Market risk capital requirement (5)		179,678			118,946			141,454			18.9	%		-21.3	%
Credit risk capital requirement		6,933,118			8,057,203			8,322,166			3.3	%		20.0	%
Operational risk capital requirement		502,429			617,743			646,454			4.6	%		28.7	%
Additional capital requirements		1,227,958			1,752,636			1,756,015			0.2	%		43.0	%

Capital ratios
Tier 1 ratio (6)		10.02	%		9.83	%		9.75	%
Common Equity Tier 1 ratio (7)		6.92	%		7.45	%		7.84	%
BIS ratio (8)		15.07	%		14.45	%		14.55	%
Risk-weighted assets / Regulatory Capital (9)		6.64			6.92			6.87

(1) Up to 1.25% of total risk-weighted assets.

(2) Tier 1 = Capital + Legal and other capital reserves + Accumulated earnings with capitalization agreement + 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).

(3) Tier 2 = Subordinated debt + Loan loss reserves - (0.5 x Investment in subsidiaries).

(4) Tier 3 = Subordinated debt covering market risk only. Tier 3 exists since 1Q10.

(5) It includes capital requirement to cover price and rate risk.

(6) Tier 1 / Risk-weighted assets

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

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

(9) Since July 2012, Risk-weighted assets = Credit risk-weighted assets * 1.00 + Capital requirement to cover market risk * 10 + Capital requirement to cover operational risk * 10 * 0.8 (since July 2013)

At the end of 1Q15, the BIS ratio was situated at 14.55%. This figure is higher that the one reported at the end of 4Q14 (14.45%) and was due to the +4.3% QoQ increase in regulatory capital, which outweighed the increase in RWAs (+3.6% QoQ). It is important to note that the increase in regulatory capital was due primarily to agreements made in the Annual General Meeting of March 2015, where a capital and legal reserves increase was made. On the other hand, the increase in RWAs, was due to credit risk (+3.3% QoQ), which was in line with the +3.6% growth posted in BCP loans (measured in quarter-end balances and based on results in local accounting).

Tier 1 ratio fell, going form 9.83% in 4Q14 to 9.75% in 1Q15. This was due primarily to the evolution of RWAs versus the evolution of Tier 1 (+2.8% QoQ). Tier 1 Common Equity ratio, which is considered the most stringent capital ratio, registered a slight QoQ improvement, going from 7.45% in 4Q14 to 7.84% in 1Q15 due to a smaller a deduction because of the transfer of BCI Chile to Credicorp, besides the exercise’s retained earnings growth.

10.

Distribution channels

Distribution channels at BCP, Mibanco and BCP Bolivia posted a total of 8,132 points of access at the end of 1Q15, which represents a decline of -31.5% QoQ. The aforementioned was due primarily to the terms of agreements that Mibanco had for Mibanco Agents, until 2014, and to shut downs of this bank’s ATMs to develop synergies after the consolidation. Consequently, Mibanco now has access to BCP’s distribution channels.

Additionally, BCP cut the number of Agentes BCP by -7.4% QoQ. The reduction was made mostly outside Lima, and is part of the bank’s efforts to make these channels more profitable.

	Balance as of						Change %
	1Q14		4Q14		1Q15		QoQ			YoY
Branches		415		437		448		2.5	%		8.0	%
ATMs		2,153		2,226		2,229		0.1	%		3.5	%
Agentes BCP		5,653		5,157		4,774		-7.4	%		-15.5	%
Total BCP's Network		8,221		7,820		7,451		-4.7	%		-9.4	%
Branches (1)		195		328		327		-0.3	%		-
ATMs		-		72		-		-100.0	%		-
Agentes Mibanco		-		3,298		-		-100.0	%		-
Total Mibanco's Network		195		3,698		327		-91.2	%		-
Total Peru's Network		8,416		11,518		7,778		-32.5	%		-
Branches		46		46		46		0.0	%		0.0	%
ATMs		50		62		61		-1.6	%		22.0	%
Agentes BCP Bolivia		244		247		247		0.0	%		1.2	%
Total Bolivia's Network		340		355		354		-0.3	%		4.1	%
Total BCP Consolidated Network		8,756		11,873		8,132		-31.5	%		-7.1	%

(1) Includes Edyficar for 1Q14 and 4Q14.

Source: BCP

11.

Economic outlook

Economic activity

We have revised our forecast for GDP growth in 2015 downward from 4.0% to 3.5%. This year, economic growth will top 2014’s figure (2.4%) and 2016 would show even higher growth

We have revised our estimate after accounting for the following:

The global economy performed below expectations during the first quarter, especially in China, where growth came at 7.0% (its weakest in six years). As a result, export prices fell and depreciatory pressures increased.

According to the latest Survey of Macroeconomic Expectations conducted by the Central Bank, 14 out of 20 confidence indicators fell in March (compared to February).

Public investment fell 28.7% YoY in 1Q15. Despite central government investment growing 19% YoY in the first three months of 2015, the decline at the sub-national level was greater than expected, falling 51% YoY and 49% YoY at the regional and local levels, respectively, as new authorities took office at the beginning of the year.

Quarterly results

GDP will grow between 1.5% and 2.0% YoY in 1Q15. Nonetheless, with a recovery in the primary sectors (fishing, mining, agriculture and livestock), an upturn in public investment and the development of big infrastructure projects, GDP could grow around 5.0% YoY in 4Q15, which compares favorably with the 1.0% expansion posted in 4Q14. Risk factors to monitor in 2015: the El Niño phenomenon, low budget execution of public expenditure, the delay of private investment projects and development on concession projects and the pre-electoral year (Apr-16: next presidential elections).

Primary and non-primary sectors

The primary sectors will show a clear recovery (3.8%) after falling 2.3% in 2014; this will add 1.1 percentage points to economic growth in 2015.

The fishing sector will improve significantly as the anchovy biomass increases. Nonetheless, the possibility of a weak to moderate El Niño poses a risk for the fishing industry. Mining production will grow more than 5.0% this year due to an increase in production at copper mines such as Toromocho and Antamina, and the fact that operations are slated to begin at the Constancia project.

The non-primary sector will show a different dynamic, growing at a similar pace as in 2014 (3.6% YoY). Construction will improve on an annual basis. The implementation of infrastructure projects and expected increases in government spending over the upcoming quarters will be the main drivers. In contrast, commerce and services, being more vulnerable to changes in consumption, may continue to decelerate in line with the reduction in household spending due to lower consumer confidence and slower job growth. In this context, commerce and services will grow 3.4% and 5.0% respectively.

2015 GDP Growth (contribution in percentage points)	GDP (% change YoY)

Private investment and private consumption

This may be the fourth consecutive year that the terms of trade fall (-0.7%), which will have a negative impact on national income and private investment and, consequently, on employment and consumption.

Private investment can grow 1.5% in 2015 (after falling 1.6% in 2014), led by infrastructure investment (explained mainly by Line 2 of the Metro, the Energy Node in the South and Peruvian South Pipeline), which will offset the decline in mining investment. Nevertheless, there is a risk of delays: work in the Metro, which was slated to start at the beginning of the year, is expected to take place in the second semester.

The reduction in personal income taxes and lower fuel prices will be key factors in mitigating the deceleration in private consumption, which grew 3.6% in the 4Q14 (at the slowest pace since 2Q09). Job creation in Lima grew 0.1% MoM in March.

Fiscal accounts

The Ministry of Economy and Finance (MEF) aims to achieve a fiscal deficit of 2% of GDP this year. An increase in the deficit with regard to 2014 (-0.1% of GDP) will be attributable to a decrease in structural and transitory revenues. MEF expects a fiscal “impulse” of one point of GDP (0.8 points in lower tax revenues and 0.2 points in increased spending), which is similar in magnitude to the fiscal policy response of 2009. Due to implementation problems at the sub-national level, the fiscal deficit could be lower. Peru’s public debt is equivalent to 20% of GDP while fiscal savings represent 15% of GDP. The Ministry of Economy and Finance (MEF) aims to achieve a fiscal deficit of 2% of GDP this year.

On November 2014, MEF launched a fiscal stimulus plan equivalent to 2.2% of GDP that includes measures to increase spending (1.4% of GDP) and cut taxes (income tax for lower income workers was reduced along with the corporate income tax rate, which was reduced from 30% to 28% to encourage reinvestment of profits; alongside these measures, the tax rate on dividends was increased).

External accounts

In 2015, lower international prices could generate a current account deficit of roughly -3.8% of GDP in 2015, similar to 2014 levels (4.1% of GDP).

In 2015 the trade deficit will be US$ 1,031 million, below the US$ 1,480 million deficit recorded in 2014. We expect exports to reach US$ 37.0 billion (-5.9% compared to 2014) due to a drop in international metal prices (export prices will fall 8.8%). Nonetheless, as new mining projects begin operations (Constancia), existing projects ramp up production (Toromocho, Antamina) and fishing improves (the probable occurrence of El Niño represents a downside risk), export volumes could grow 3.8%. Imports are expected to reach US$ 38.0 billion (-10% compared to 2014), due to lower prices (import prices will fall 8.2%), especially in the case of oil (-47% since its peak in June 2014).

Lower international prices mean that the country will continue to run a trade deficit, which will contribute to a current account deficit of 3.8% of GDP in 2015. This level will be slightly lower than that recorded in 2014 (4.1%). It is also important to note that last year a windfall tax was recorded for income from non-domestic companies (US$ 570.8 million in 3Q14 and US$ 435.7 million in 4Q14).

Inflation

In March 2015, inflation was 3.07%, above the Central Bank’s target range (2.0% +/- 1.0%). In April upside surprises could register to food supply shocks (natural disasters and sea warming could affect agriculture and fishing, respectively) and the partial rise in fuel prices. We expect inflation to stand around 2.5% by year-end (within the BCRP’s target range: 1 – 3%) as negative supply shocks dissipate, although the impact of the El Niño phenomenon and greater depreciation could pose upside risks.

Monetary policy

BCRP left its reference rate unchanged at 3.25% in a context where the economy is still weak, inflation is at the upper limit of the target range of BCRP and upward pressures are piling up on the exchange rate. The central bank also modified its policy stance from dovish to neutral. The decision reflected concerns about the impact that the El Niño might have on inflation and growing depreciatory pressures.

Given loan dollarization (39%) levels, the risks of an accelerated depreciation have limited more aggressive monetary policy measures. In response, BCRP has been implementing measures to reduce loan dollarization by 10.0% by year-end (compared to Sep-13 levels).

In addition, the chief economist of the central bank, Adrián Armas, suggested that further policy measures will likely respond to incoming data. Nevertheless, the Central Bank is likely to continue with further cuts in reserve requirements, currently at 7.0% (the legal limit is 6.0%)

The exchange rate could reach United Stated dollars / Nuevos soles 3.25

The depreciatory pressures observed in the second half of 2014 rose significantly in 1Q15: the local currency has depreciated more than 5.0% YTD (12% YoY), going from United Stated dollars / Nuevos soles 2.97 to United Stated dollars / Nuevos soles 3.13 by the end of April.

By the end of the year we expect the exchange rate to reach United Stated dollars / Nuevos soles 3.20 - 3.25. BCRP is expected to allow more exchange rate volatility in the future and will decrease its intervention in the exchange rate market as the de-dollarization process continues.

Peru	2010			2011			2012			2013			2014			2015e
GDP (US$ million)		146,819			171,527			192,614			203,868			201,423			194,234
Real GDP (% change)		8.5			6.5			6.0			5.8			2.4			3.5
GDP per capita (US$)		5,205			5,883			6,550			6,674			6,586			6,257
Internal demand (% change)		14.9			7.7			8			7			2.0			2.9
Total consumption (% change)		8.7			6.0			6.1			5.4			4.1			4.0
Gross fixed investment (as % GDP)		25.1			24			25.8			26.6			25.8			25.4
Public Debt (as % GDP)		24.3			22.1			20.4			19.6			20.1			-
System loan growth (% change)⁽¹⁾		18.8			17			12.3			17.6			13.9			-
Inflation⁽²⁾		2.1			4.7			2.6			2.9			3.2			2.5
Reference Rate		3.0			4.25			4.25			4.0			3.5			-
Exchange rate, end of period		2.809			2.696			2.550			2.795			2.98			3.20
Exchange rate, (% change)		-2.8	%		-4.0	%		-5.4	%		9.6	%		6.5	%		7.4	%
Fiscal balance (% GDP)		-0.2			2			2.3			0.9			-0.1			-1.5
Trade balance (US$ million)		6,998			9,224			5,234			257			-1,480			-1,031
Exports		35,803			46,376			46,367			42,474			39,326			37,166
Imports		28,815			37,152			41,135			42,217			40,807			38,197
Current account balance (US$ million)		-3,545			-3,177			-6,281			-8,829			-8,234			-7,381
(As % GDP)		-2.4			-1.9			-3.3			-4.4			-4.1			-3.8
Net international reserves (US$ million)		44,105			48,816			63,991			65,663			62,308			60,455
(As % GDP)		30	%		28	%		33	%		32	%		31	%		31	%
(As months of imports)		18			16			19			19			18			19

12.

Appendix

12.1 BCP Consolidated financial statements

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In S/. thousands, IFRS)

	As of									Change %
	Mar-14			Dec-14			Mar-15			QoQ			YoY

ASSETS
Cash and due from banks		22,823,078			24,774,780			26,100,819			5.4	%		14.4	%
Cash and BCRP		19,188,564			18,547,244			16,505,236			-11.0	%		-14.0	%
Deposits in other Banks		3,130,694			6,196,766			9,548,727			54.1	%		205.0	%
Interbanks		498,207			30,002			40,993			36.6	%		-91.8	%
Accrued interest on cash and due from banks		5,613			768			5,863			663.4	%		4.5	%

Marketable securities, net		1,311,669			1,967,385			2,182,561			10.9	%		66.4	%

Loans		68,322,000			77,521,459			79,930,967			3.1	%		17.0	%
Current		66,499,323			75,513,882			77,824,712			3.1	%		17.0	%
Past Due		1,822,677			2,007,577			2,106,255			4.9	%		15.6	%
Less - net provisions for possible loan losses		(2,945,030	)		(3,307,250	)		(3,465,241	)		4.8	%		17.7	%
Loans, net		65,376,970			74,214,209			76,465,726			3.0	%		17.0	%

Investment securities available for sale and held to maturity		11,725,243			9,697,529			10,782,342			11.2	%		-8.0	%
Property, plant and equipment, net		1,488,120			1,582,040			1,771,321			12.0	%		19.0	%
Due from customers acceptances		135,841			167,654			169,480			1.1	%		24.8	%
Other assets		4,214,967			3,728,026			4,508,501			20.9	%		7.0	%

Total assets		107,075,888			116,131,623			121,980,750			5.0	%		13.9	%

LIABILITIES AND NET SHAREHOLDERS' EQUITY

Deposits and obligations		70,904,942			72,863,246			75,240,706			3.3	%		6.1	%
Demand deposits		21,940,574			23,788,719			26,887,935			13.0	%		22.5	%
Saving deposits		19,690,923			21,214,171			22,311,656			5.2	%		13.3	%
Time deposits		22,791,626			20,864,602			19,623,112			-6.0	%		-13.9	%
Severance indemnity deposits (CTS)		6,251,380			6,763,832			6,204,360			-8.3	%		-0.8	%
Interest payable		230,439			231,922			213,643			-7.9	%		-7.3	%

Due to banks and correspondents		12,613,264			17,805,105			19,456,759			9.3	%		54.3	%
Bonds and subordinated debt		12,294,925			12,891,764			13,400,119			3.9	%		9.0	%
Acceptances outstanding		135,841			167,654			169,480			1.1	%		24.8	%
Other liabilities		2,300,086			2,315,760			3,433,348			48.3	%		49.3	%

Total liabilities		98,249,058			106,043,529			111,700,412			5.3	%		13.7	%

Net shareholders' equity		8,479,823			9,930,296			10,130,944			2.0	%		19.5	%
Capital stock		4,429,372			4,429,372			5,560,671			25.5	%		25.5	%
Reserves		2,542,915			2,542,915			2,938,870			15.6	%		15.6	%
Unrealized Gains and Losses		433,993			378,253			100,750			-73.4	%		-76.8	%
Retained Earnings		631,001			631,001			671,420			6.4	%		6.4	%
Income for the year		442,542			1,948,755			859,233			-55.9	%		94.2	%

Minority interest		347,007			157,798			149,394			-5.3	%		-56.9	%

Total liabilities and net shareholders' equity		107,075,888			116,131,623			121,980,750			5.0	%		13.9	%

Off-balance sheet		45,235,647			59,119,238			60,665,354			2.6	%		34.1	%

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES

QUARTERLY INCOME STATEMENT

(In S/. thousands, IFRS)

	Quarter									Change %
	1Q14			4Q14			1Q15			QoQ			YoY

Interest income and expense
Interest and dividend income		1,757,227			2,151,241			2,226,357			3.5	%		26.7	%
Interest expense		(466,230	)		(539,436	)		(553,005	)		2.5	%		18.6	%
Net interest and dividend income		1,290,997			1,611,805			1,673,352			3.8	%		29.6	%
Net provision for loan losses		(365,020	)		(437,827	)		(502,165	)		14.7	%		37.6	%

Non financial income
Fee income		471,986			523,265			513,006			-2.0	%		8.7	%
Net gain on foreign exchange transactions		125,967			173,979			187,566			7.8	%		48.9	%
Net gain on sales of securities		2,173			5,656			409,819			-			-
Other		10,782			16,914			14,739			-12.9	%		36.7	%
Total non financial income, net		610,908			719,814			1,125,130			56.3	%		84.2	%

Operating expenses
Salaries and employees benefits		(472,524	)		(537,658	)		(582,921	)		8.4	%		23.4	%
Administrative expenses		(298,278	)		(469,831	)		(327,197	)		-30.4	%		9.7	%
Depreciation and amortization		(72,936	)		(100,638	)		(87,011	)		-13.5	%		19.3	%
Other		(25,526	)		(78,071	)		(67,067	)		-14.1	%		162.7	%
Total operating expenses		(869,264	)		(1,186,198	)		(1,064,196	)		-10.3	%		22.4	%

Operating income		667,621			707,594			1,232,121			74.1	%		84.6	%
Translation result		(1,947	)		11,449			(1,342	)		-111.7	%		-31.1	%
Income taxes		(186,813	)		(273,761	)		(369,743	)		35.1	%		97.9	%
Minority interest		(743	)		6,512			(1,805	)		-127.7	%		142.9	%
Net income		478,118			451,794			859,231			90.2	%		79.7	%

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES

SELECTED FINANCIAL INDICATORS

				Quarter
	1Q14			4Q14			1Q15

Profitability
Net income per common share (US$ per share)(1)		0.10			0.10			0.18
Net interest margin on interest earning assets (2)		5.4	%		5.94	%		5.98	%
Return on average total assets (2)(3)		1.9	%		1.6	%		2.9	%
Return on average shareholders' equity (2)(3)		22.8	%		18.6	%		34.3	%
No. of outstanding shares (millions)		4,722.75			4,722.75			4,722.75

Quality of loan portfolio
PDL ratio		2.67	%		2.59	%		2.64	%
NPL ratio		3.37	%		3.43	%		3.47	%
Coverage of PDLs		161.6	%		164.7	%		164.5	%
Coverage of NPLs		128.0	%		124.6	%		124.8	%
Cost of risk (4)		2.14	%		2.26	%		2.51	%

Operating efficiency
Oper. expenses as a percent. of total income - reported (5)		44.7	%		48.0	%		42.0	%
Oper. expenses as a percent. of av. tot. Assets (2)(3)(5)		3.3	%		3.9	%		3.4	%

Capital adequacy
Total Regulatory Capital (S/. Million)		11,477,035			12,703,767			13,253,404
Tier 1 ratio		10.02	%		9.83	%		9.75	%
Common Equity Tier 1 ratio		6.92	%		7.45	%		7.84	%
BIS ratio (6)		15.07	%		14.45	%		14.55	%

Average balances (millions of S/.) (3)
Interest earning assets		96,083			108,569			111,849
Total Assets		102,783			114,966			119,056
Net shareholders´equity		8,393			9,722			10,031

(1) Shares outstanding of 4,722 million is used for all periods since shares have been issued only for capitalization of profits and inflation adjustment.

(2) Ratios are annualized.

(3) Averages are determined as the average of period-beginning and period-ending balances.

(4) Cost of risk is calculated as following: (Net provisions * 4) / Total loans

(5) Total income includes net interest income, fee income and net gain on foreign exchange transactions. Operating expenses includes personnel expenses, administrative expenses and depreciation and amortization.

(6) Regulatory Capital/ risk-weighted assets. Risk weighted assets include market risk and operational risk

12.2 Mibanco

Mibanco	Quarter						% Change
S/. 000	4Q14*			1Q15			QoQ

BALANCE SHEET

Cash and fue from banks		1,427,064			1,266,468			-11.3	%
Interbanks		19,442			-			-
Investment securities available for sale		1,304,469			1,442,203			10.6	%

Loans		7,630,980			7,481,224			-2.0	%
Current		7,029,978			6,879,553			-2.1	%
Refinance		86,628			74,560			-13.9	%
Past-due		428,227			448,953			4.8	%
Less: net provision for possible loan losses		-817,295			-807,722			-1.2	%
Net loans		6,813,685			6,673,502			-2.1	%
Property, plant and equipment, net		165,200			244,480			48.0	%
Other assets		688,432			698,682			1.5	%
TOTAL ASSETS		10,418,293			10,325,335			-0.9	%

Deposits and obligations		5,523,160			5,198,017			-5.9	%
Interbanks		202,488			249,608			23.3	%
Due to banks and correspondents		2,518,729			2,541,083			0.9	%
Bonds ans subordinated debt		767,396			743,046			-3.2	%
Other liabilities		263,870			421,980			59.9	%

TOTAL LIABILITIES		9,275,642			9,153,733			-1.3	%

EQUITY		1,142,650			1,171,602			2.5	%
QUARTERLY INCOME STATEMENT

Interest income		466,475			457,226			-2.0	%
Interest expense		-100,559			-97,258			-3.3	%
Net interest income		365,916			359,968			-1.6	%

Net provisions for laon losses		-107,321			-86,533			-19.4	%

Net interest income after provisions		258,595			273,435			5.7	%

Non financial income		14,511			19,596			35.0	%
Fee income		9,466			9,314			-1.6	%
Net gain on sale of securities		158			460			191.0	%
Other income		4,888			9,822			101.0	%

Operating expenses		-260,683			-234,258			-10.1	%
Salaries and employees benefits		-153,679			-147,217			-4.2	%
Administrative and general expenses		-45,394			-61,953			36.5	%
Depreciation and amortization		-25,958			-16,384			-36.9	%
Other operatin expenses		-35,652			-8,703			-75.6	%

Traslation result		-8,548			-745			-91.3	%

Income taxes		-14,403			-16,493			14.5	%

NET INCOME		-10,528			41,535			-494.5	%
RATIOS
Loans / Deposits		142.5	%		148.2	%
PDL ratio		5.61	%		6.00	%
NPL ratio		6.75	%		7.00	%
Coverage of PDL		190.9	%		179.9	%
Efficiency ratio		60.5	%		62.1	%
ROAE		-0			14.4	%
Tier 1 ratio**		12.1	%		11.8	%
BIS ratio**		16.4	%		16.8	%
Branches		328			327
Employees		9,302			9,379

* Figures Proforma - Unaudited, according to IFRS, of Mibanco and Edyficar.

** Peru GAAP

12.3 BCP Bolivia

BCP Bolivia	Quarter									% Change
S/. 000	1Q14			4Q14			1Q15			QoQ			YoY
BALANCE SHEET
Cash and fue from banks		783,575			620,346			785,254			26.6	%		0.2	%
Investment securities available for sale		1,086,426			1,138,062			1,241,118			9.1	%		14.2	%
Loans		2,984,290			3,525,271			3,730,027			5.8	%		25.0	%
Current		2,927,278			3,455,947			3,650,833			5.6	%		24.7	%
Refinance		13,583			20,882			18,405			-11.9	%		35.5	%
Past-due		43,428			48,442			60,789			25.5	%		40.0	%
Less: net provision for possible loan losses		-112,682			-130,823			-139,402			6.6	%		23.7	%
Net loans		2,871,608			3,394,448			3,590,626			5.8	%		25.0	%
Property, plant and equipment, net		35,433			40,331			41,107			1.9	%		16.0	%
Other assets		48,874			52,686			57,461			9.1	%		17.6	%
TOTAL ASSETS		4,825,916			5,245,873			5,715,565			9.0	%		18.4	%
		-			-
Deposits and obligations		4,232,683			4,533,033			4,969,327			9.6	%		17.4	%
Due to banks and correspondents		31,561			30,118			29,637			-1.6	%		-6.1	%
Bonds ans subordinated debt		29,482			31,069			32,767			5.5	%		11.1	%
Other liabilities		123,086			153,382			197,665			28.9	%		60.6	%
		-			-
TOTAL LIABILITIES		4,416,812			4,747,602			5,229,396			10.1	%		18.4	%
		-			-
EQUITY		409,103			498,271			486,169			-2.4	%		18.8	%
QUARTERLY INCOME STATEMENT
Interest income		67,398			81,323			82,328			1.2	%		22.2	%
Interest expense		-16,690			-25,869			-26,022			0.6	%		55.9	%
Net interest income		50,708			55,454			56,306			1.5	%		11.0	%

Net provisions for laon losses		-3,147			-8,935			-5,142			-42.5	%		63.4	%

Net interest income after provisions		47,561			46,519			51,164			10.0	%		7.6	%

Non financial income		23,450			29,111			21,277			-26.9	%		-9.3	%
Fee income		18,976			19,474			17,708			-9.1	%		-6.7	%
Net gain on foreign exchange transactions		2,370			7,883									-100.0	%
Net gain on sale of securities		1,792			741			562			-24.1	%		-68.6	%
Other income		311			1,014			134			-86.8	%		-57.0	%

Operating expenses		-46,269			-52,123			-50,748			-2.6	%		9.7	%
Salaries and employees benefits		-21,240			-20,740			-23,403			12.8	%		10.2	%
Administrative and general expenses		-20,995			-27,439			-23,677			-13.7	%		12.8	%
Depreciation and amortization		-2,632			-2,934			-3,121			6.4	%		18.6	%
Other operatin expenses		-1,403			-1,011			-547			-45.9	%		-61.0	%

Traslation result		99			-138			-147			6.1	%		-247.9	%

Income taxes		-8,998			-8,460			-6,886			-18.6	%		-23.5	%

NET INCOME		15,842			14,908			14,661			-1.7	%		-7.5	%
RATIOS
Loans / Deposits		70.5	%		77.8	%		75.1	%
PDL ratio		1.46	%		1.37	%		1.63	%
NPL ratio		1.91	%		1.97	%		2.12	%
Coverage of PDL		259.5	%		270.1	%		229.3	%
Efficiency ratio		62.3	%		61.7	%		65.3	%
ROAE		15.6	%		12.5	%		11.9	%
Branches		46			46			46
Agentes		50			62			61
ATM		244			247			247
Employees		1647			1,662			1,650

12.4 Atlantic Security Bank

ASB	Quarter						Change %
US$ million	1Q14		4Q14		1Q15		QoQ			YoY
Net interest income		9.5		9.7		9.7		0.1	%		2.1	%
Dividend income		0.2		0.7		0.3		-58.8	%		32.2	%
Fees and commissions from services		1.8		2.0		2.2		6.7	%		19.1	%
Net gains on foreign exchange transactions		0.0		-0.4		-0.5		20.0	%		-
Total earnings		11.6		12.0		11.7		-3.1	%		0.7	%
Net Provisions		0.0		-2.6		-1.4		-47.5	%		-
Net gains from sale of securities		1.4		1.0		-1.4		-245.5	%		-197.9	%
Other income		0.0		0.3		0.1		-69.1	%		343.4	%
Operating expenses		-2.5		-3.3		-2.6		-21.3	%		6.7	%
Net income		10.6		7.4		6.4		-13.7	%		-39.5	%
Net income/share		0.2		0.1		0.1		-13.7	%		-39.5	%
Contribution to Credicorp		10.6		7.4		6.4		-13.7	%		-39.5	%
Total loans		822.4		844.1		856.3		1.5	%		4.1	%
Total investments		873.8		887.5		902.4		1.7	%		3.3	%
Total assets		1,880.3		1,899.1		1,909.9		0.6	%		1.6	%
Total deposits		1,560.9		1,612.7		1,569.0		-2.7	%		0.5	%
Net shareholder's equity		180.3		212.0		189.8		-10.5	%		5.3	%

Interest earning assets

Interest earning assets*	Quarter						% Change
US$ million	1Q14		4Q14		1Q15		QoQ			YoY
Due from banks		145		132		113		-14.6	%		-21.9	%
Loans		822		844		856		1.5	%		4.1	%
Investments		786		779		805		3.3	%		2.5	%
Total interest-earning assets		1,753		1,755		1,774		1.1	%		1.2	%

(*) Excludes investments in equities and mutual funds.

Liabilities

Liabilities	Quarter						% Change
US$ million	1Q14		4Q14		1Q15		QoQ			YoY
Deposits		1561		1613		1569		-2.7	%		0.5	%
Borrowed Funds		82		51		88		72.2	%		6.8	%
Other liabilities		57		23		64		170.5	%		11.3	%
Total Liabilities		1,700		1,687		1,720		2.0	%		1.2	%

Assets under management and Deposits

Portfolio distribution as of March 2015

12.5 Grupo Pacífico

GRUPO PACIFICO (PGA)

(In thousand Nuevos Soles)

				Quarter						% Change
	1Q14			4Q14			1Q15			QoQ			YoY
Results
Written premiums		745,001			838,033			638,961			-23.8	%		-14.2	%
Ceded Premiums		95,043			140,153			86,369			-38.4	%		-9.1	%
Unearned premium reserves		114,947			107,815			141,995			31.7	%		23.5	%
Net earned premiums		535,010			590,066			410,598			-30.4	%		-23.3	%
Direct claims		380,299			388,997			253,515			-34.8	%		-33.3	%
Reinsurance ceded		-43,469			13,968			-21,240			-252.1	%		-51.1	%
Net claims		336,830			375,029			232,274			-38.1	%		-31.0	%
Paid commissions		115,194			122,076			115,057			-5.7	%		-0.1	%
Commissions received		-8,675			10,886			-12,790			-217.5	%		47.4	%
Net commissions		106,519			111,190			102,266			-8.0	%		-4.0	%
Underwriting expenses		29,761			40,674			24,816			-39.0	%		-16.6	%
Underwriting income		10,801			20,081			11,459			-42.9	%		6.1	%
Net underwriting expenses		18,960			20,593			13,357			-35.1	%		-29.6	%
Underwriting result before Medical Services		72,701			83,254			62,700			-24.7	%		-13.8	%

Medical Services gross margin		20,710			23,434			-			-100.0	%		-100.0	%

Financial income		70,211			75,221			79,541			5.7	%		13.3	%
Gains on sale of securities		11,875			2,389			855			-64.2	%		-92.8	%
Net property and rental income		5,339			6,679			7,934			18.8	%		48.6	%
(-) Financial expenses		7,102			9,272			3,494			-62.3	%		-50.8	%
Financial income, net		80,322			75,017			84,836			13.1	%		5.6	%

Salaries and benefits		58,398			57,588			38,608			-33.0	%		-33.9	%
Administrative expenses		68,012			82,677			50,126			-39.4	%		-26.3	%
Third party services		27,998			30,714			21,923			-28.6	%		-21.7	%
Management expenses		15,178			15,328			6,335			-58.7	%		-58.3	%
Provisions		14,279			19,863			12,596			-36.6	%		-11.8	%
Taxes		6,957			8,589			5,297			-38.3	%		-23.9	%
Other expenses		3,601			8,182			3,976			-51.4	%		10.4	%
Opertating expenses		126,410			140,265			88,734			-36.7	%		-29.8	%

Gain from Pacífico and Banmédica Join venture, net of tax		-						146,819			-			-

Other income		32,999			12,656			26,035			105.7	%		-21.1	%
Traslations results		490			2,122			4,177			96.8	%		752.8	%
Income tax		-11,846			-469			-44,615			9402.8	%		276.6	%

Net Income before minority interest		39,156			56,688			170,568			200.9	%		335.6	%
Minority interest		4,924			7,785			6,925			-11.0	%		40.6	%

Net income		34,232			48,904			163,643			234.6	%		378.0	%

Balance (end of period)
Total assets		7,895,296			8,656,376			8,785,361			1.5	%		11.3	%
Invesment on securities (1)		4,909,974			5,455,950			6,293,815			15.4	%		28.2	%
Technical reserves		5,136,815			5,549,005			5,624,277			1.4	%		9.5	%
Net equity		1,452,715			1,715,720			1,879,396			9.5	%		29.4	%

Ratios
Ceded		12.8	%		16.7	%		13.5	%
Loss ratio		63.0	%		63.6	%		56.6	%
Commissions + underwriting expenses, net / net earned premiums		23.5	%		22.3	%		28.2	%
Underwriting results / net premiums earned		13.6	%		14.1	%		15.3	%
Operating expenses / net premiums earned		23.6	%		23.8	%		21.6	%
Return on equity (2)(3)		9.6	%		11.8	%		36.4	%
Return on written premiums		4.6	%		5.8	%		25.6	%

Combined ratio of PPS + PS (4)(5)		99.3	%		100.4	%		107.3	%
Net claims / net earned premiums		68.6	%		70.6	%		70.7	%
General expenses and commissions / net earned premiums		30.7	%		29.8	%		36.5	%

(1) Doesn´t include investments in real estate.

(2) Annualized.

(3) Average are determined as the average of period - beginning and period ending.

(4) Without consolidated adjustments.

(5) EPS includes M édica, Doctor+, Clínica San Borja, Análisis Clínicos, Oncocare, Prosemedic, Clínica El Golf, Clínica Sanchez Ferrer and Centro Odontológico Americano.

In 2015, Grupo Pacifico signed an agreement with Banmedica to participate as equal partners in the Health Insurance and Health Services business. This partnership includes the private health insurance business (Medical assistance), which is sold through PPS, health insurance for payroll employees, which is sold by the EPS, and the subsidiaries that provide medical services. In exchange, Banmedica contributed US$ 57 million to the partnership along with its holdings, the Clínica San Felipe and Laboratorios ROE, which are both leading companies in the Peruvian health market.

This meant, that the group gave up its majority control over EPS. As such, this company and the medical subsidiaries will no longer consolidate with PPS and PV on the accounting balance, and will now be reported as an investment in securities. As we discussed early in the report, this partnership produced an extraordinary gain of S/. 107 million (after deferred taxes) due to the revaluation of this investment.

EPS

In 1Q15, EPS reported earnings of S/. 10.1 million, which tops the loss of - S/. 1.6 million reported in 4Q14. The improvement in this result was due, in order of importance, to the favorable evolution of medical subsidiaries followed by the insurance business.

Medical Subsidiaries

In 1Q15, the medical subsidiaries reported a significant increase in sales (+38% QoQ) due to the inclusion of income from Clinica San Felipe and Laboratorios Roe as well as higher occupancy levels in the clinics’ three main lines.. Consequently, the underwriting result registered an increase of 44% QoQ.

General expenses fell due to the improvement in expense efficiency levels as a result of: a) a spending control policy; b) a delay in procurement; and c) a decrease in uncollectible invoices.

In this context, the consolidated businesses reported before minority interest earnings of S/.7.4 million, which compares favorably with the loss of -S/. 0.3 million reported in 4Q14. This was due to the entry of two new business units; strategies to improve the underwriting result; and strict spending control in the rest of the businesses.

Insurance

In 1Q15, the insurance business reported net earnings of S/. 3.6 million, which compares favorably with the loss of - S/. 1.1 million registered in 4Q14. The aforementioned was due primarily to a significant improvement in the underwriting result (+39.6% QoQ) that was attributable to (i) higher premium turnover in the SCTR (Complementary Insurance for High Risk) and Group Health due to pricing adjustments and (ii) an improvement in the loss ratio, which was in line with the decrease in claims in the summer season.

It is important to note that Group Health and Obligatory insurance constituted 66.4% of EPS’s underwriting result while SCTR represented 33.6%.

General expenses registered a slight decline due to lower expenses for personnel, provisions for uncollectibles, and taxes.

EPS

(In thousand Nuevos Soles)

			Quarter				% Change
	1Q4		4Q14		1Q15		QoQ			YoY
Results
Written premiums		182,866		197,060		201,796		2.4	%		10.4	%
Ceded Premiums		-472		-182		-190		4.3	%		-59.8	%
Unearned premium reserves		-1,972		764		-1,797		-335.1	%		-8.9	%
Net earned premiums		180,422		197,643		199,810		1.1	%		10.7	%
Direct claims		-144,747		-171,332		-166,510		-2.8	%		15.0	%
Reinsurance ceded		789		-		-		-			-
Net claims		-143,958		-171,332		-166,510		-2.8	%		15.7	%
Paid commissions		-8,823		-7,910		-9,376		18.5	%		6.3	%
Commissions received		-		-		-		-			-
Net commissions		-8,823		-7,910		-9,376		18.5	%		6.3	%
Underwriting expenses		-3,949		-3,836		-3,438		-10.4	%		-12.9	%
Underwriting income		168		175		90		-48.2	%		-46.3	%
Net underwriting expenses		-3,781		-3,661		-3,347		-8.6	%		-11.5	%
Underwriting result		23,860		14,740		20,577		39.6	%		-13.8	%

Financial income		858		585		796		36.1	%		-7.2	%
Gains on sale of securities		256		-0		-
Net property and rental income		37		86		346		304.2	%		841.9	%
(-) Financial expenses		-574		-282		-302		7.0	%		-47.4	%
Financial income, net		577		388		840		116.6	%		45.7	%

Salaries and benefits		-10,813		-10,538		-9,947		-5.6	%		-8.0	%
Administrative expenses		-4,836		-5,454		-5,295		-2.9	%		9.5	%
Third party services		-6,932		-6,497		-6,870		5.7	%		-0.9	%
Management expenses		-1,559		-1,100		-1,138		3.5	%		-27.0	%
Provisions		-772		-1,324		-817		-38.3	%		5.9	%
Taxes		-329		-501		-187		-62.8	%		-43.3	%
Other expenses		4,755		3,969		3,718		-6.3	%		-21.8	%
Opertating expenses		-15,650		-15,991		-15,242		-4.7	%		-2.6	%

Other income		29		950		487		-48.7	%		1592.6	%
Traslations results		-5		-168		111		-166.1	%		-2563.6	%
Income tax		-2,313		-1,008		-3,156		213.2	%		36.4	%

Net income before medical services		6,498		-1,089		3,618		-432.3	%		-44.3	%
		-		-		-
Net income of medical services		355		-517		6,459		1348.4	%		1719.9	%
		-		-		-
Net income EPS		6,853		-1,606		10,077		-727.3	%		47.0	%

12.6 Prima AFP

Prima				Quarter						% Change
S/. 000	1Q14			4Q14			1Q15			QoQ			YoY
BALANCE SHEET

Cash and fue from banks		123,175			167,654			207,917			24.0	%		68.8	%
Investment securities available for sale		291,865			326,989			333,943			2.1	%		14.4	%
Intangible		289,678			281,909			278,059			-1.4	%		-4.0	%
Property, plant and equipment, net		5,164			3,944			3,670			-6.9	%		-28.9	%
Other assets		153,591			132,264			147,644			11.6	%		-3.9	%
TOTAL ASSETS		863,473			912,761			971,233			6.4	%		12.5	%
		-			-
Deposits and obligations		4,929			1,767			-			-100.0	%		-100.0	%
Due to banks and correspondents		67,756			64,913			60,701			-6.5	%		-10.4	%
Other liabilities		347,088			250,120			448,996			79.5	%		29.4	%
		-			-
TOTAL LIABILITIES		419,773			316,799			509,697			60.9	%		21.4	%
		-			-
EQUITY		443,701			595,962			461,536			-22.6	%		4.0	%
QUARTERLY INCOME STATEMENT

Fee income		97,247			97,534			98,394			0.9	%		1.2	%

Administrative expenses		-35,456			-38,532			-37,012			-3.9	%		4.4	%

Depreciation and amortization		-5,016			-5,498			-4,880			-11.2	%		-2.7	%

Other income/ expenses		-627			-2,204			956			-143.4	%		-252.5	%

Traslation result		9			50			-95			-290.9	%		-1160.6	%

Income taxes		-18,031			-14,263			-17,076			19.7	%		-5.3	%

NET INCOME		38,127			37,086			40,287			8.6	%		5.7	%
RATIOS
Efficiency ratio		36.5	%		39.5	%		37.6	%
ROAE		32.3	%		26.2	%		30.5	%

Funds under Management

Funds under management	Dec 14		% share			Mar 15		% share
Fund 1		4,424		12.0	%		4,599		12.1	%
Fund 2		24,264		66.0	%		25,228		66.5	%
Fund 3		8,053		21.9	%		8,129		21.4	%
Total S/. Million		36,741		100	%		37,956		100	%

Source: SBS.

Nominal Profitability over the last 12 months

	Dec 14 / Dec 13			Mar 15/ Mar 14
Fund 1		7.80	%		9.2	%
Fund 2		9.60	%		11.1	%
Fund 3		7.60	%		8.7	%

AFP Commissions

Fee based on flow	1.60%	applied to the affiliates' monthly remuneration
Mixed fee
Flow	1.19%	applied to the affiliates' monthly remuneration (since February 2015. Before 1.51%)
Balance	1.25%	applied to the new balance since february 2013 for new affiliates to the system and beginning June 2013 for old affiliates who have chosen this commission scheme.

Main Indicators

Quarterly main indicators and	Prima		Sistema		Part.			Prima		Sistema		Part.
market share	4Q14		4Q14		4Q14 %			1Q15		1Q15		1Q15%
Affiliates		1,460,015		5,727,865		25.5	%		1,457,713		5,789,608		25.2	%
New affiliations (1)		1		58,817		0.0	%		-		71,671		0.0	%
Funds under management (S/. Million)		36,741		114,503		32.1	%		37,957		118,500		32.0	%
Collections (S/. Million) (1)		688		2,084		33.0	%		714		2,146		33.3	%
Voluntary contributions (S/. Million) (2)		256		580		44.1	%		267		591		45.2	%
RAM (S/. Million) (3)		2,048		6,165		33.2	%		2,076		6,310		32.9	%

Source: SBS

(1) Accumulated to the quarter. Prima AFP's ne affiliations correponds to fishing workers.

(2) 1Q15 figures as of february 2015.

(3) Prima estrimates as of march 2015.

(3) Prima AFP estimate: average of aggregated income during the last 4 months excluding special collections and voluntary contribution fees.

12.7 EEFF Credicorp

CREDICORP LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In S/. thousands, IFRS)

				As of
	Mar-14			Dec-14			Mar-15			QoQ			YoY

ASSETS
Cash and due from banks
Non-interest bearing		3,274,105			4,351,596			4,928,093			13.2	%		50.5	%
Interest bearing		20,094,130			21,161,164			21,839,400			3.2	%		8.7	%
Total cash and due from banks		23,368,234			25,512,760			26,767,493			4.9	%		14.5	%

Trading securities, net		1,818,592			2,824,442			2,847,236			0.8	%		56.6	%

Loans		70,447,216			79,889,948			81,620,723			2.2	%		15.9	%
Current		68,623,076			77,880,838			79,512,894			2.1	%		15.9	%
Past due		1,824,140			2,009,109			2,107,829			4.9	%		15.6	%
Less - net provisions for possible loan losses		(2,946,798	)		(3,308,220	)		(3,466,341	)		4.8	%		17.6	%
Loans, net		67,500,418			76,581,728			78,154,382			2.1	%		15.8	%

Investments securities available for sale		18,773,541			15,787,619			17,905,751			13.4	%		-4.6	%
Investments held to maturity		1,034,885			2,669,778			2,640,261			-1.1	%		155.1	%
Reinsurance assets		570,200			468,137			455,668			-2.7	%		-20.1	%
Premiums and other policyholder receivables		561,438			578,297			622,377			7.6	%		10.9	%
Property, plant and equipment, net		2,104,130			2,062,744			1,904,196			-7.7	%		-9.5	%
Due from customers on acceptances		135,841			167,654			169,480			1.1	%		24.8	%
Investments in Associates		48,985			81,274			559,867			588.9	%		1042.9	%
Other assets		8,096,915			8,716,979			8,837,181			1.4	%		9.1	%

Total assets		124,013,179			135,451,411			140,863,892			4.0	%		13.6	%


LIABILITIES AND NET SHAREHOLDERS EQUITY
Deposits and Obligations
Non-interest bearing		19,288,739			20,574,593			21,498,770			4.5	%		11.5	%
Interest bearing		55,244,794			56,585,901			57,644,133			1.9	%		4.3	%
Total deposits and Obligations		74,533,533			77,160,494			79,142,903			2.6	%		6.2	%

Due to banks and correspondents		10,596,684			16,141,403			17,892,989			10.9	%		68.9	%
Acceptances outstanding		135,841			167,654			169,480			1.1	%		24.8	%
Reserves for property and casualty claims		1,024,244			780,867			800,687			2.5	%		-21.8	%
Reserves for unearned premiums		4,106,277			4,616,192			4,813,537			4.3	%		17.2	%
Reinsurance payable		159,396			220,910			329,464			49.1	%		106.7	%
Bonds and subordinated debt		15,075,214			15,096,612			15,560,444			3.1	%		3.2	%
Other liabilities		5,554,002			6,641,255			7,345,728			10.6	%		32.3	%
Total liabilities		111,185,191			120,825,387			126,055,232			4.3	%		13.4	%

Capital stock		1,318,993			1,318,993			1,318,993			0.0	%		0.0	%
Treasury stock		(207,444	)		(208,184	)		(209,671	)		0.7	%		1.1	%
Capital surplus		289,090			302,941			259,859			-14.2	%		-10.1	%
Reserves		9,314,193			9,316,314			11,133,305			19.5	%		19.5	%
Unrealized gains		580,953			789,940			853,673			8.1	%		46.9	%
Retained earnings		662,125			2,459,451			851,372			-65.4	%		28.6	%

Minority Interest		870,078			646,570			601,129			-7.0	%		-30.9	%

Total liabilities and net shareholders´ equity		124,013,179			135,451,411			140,863,892			4.0	%		13.6	%

Contingent credits		46,828,040			60,364,716			61,809,100			2.4	%		32.0	%

CREDICORP LTD. AND SUBSIDIARIES

QUARTERLY INCOME STATEMENT

(In S/. thousands, IFRS)

	Quarter									Change %
	1Q14			4Q14			1Q15			QoQ			YoY

Interest income and expense
Interest and dividend income		1,898,336			2,282,651			2,382,638			4.4	%		25.5	%
Interest expense		(496,613	)		(571,253	)		(591,854	)		3.6	%		19.2	%
Net interest income		1,401,724			1,711,398			1,790,784			4.6	%		27.8	%

Net provisions for loan losses		(364,600	)		(437,258	)		(502,136	)		14.8	%		37.7	%

Non financial income
Fee income		609,105			685,363			685,950			0.1	%		12.6	%
Net gain on foreign exchange transactions		132,189			187,945			200,446			6.7	%		51.6	%
Net gain on sales of securities		119,518			(38,271	)		24,886			165.0	%		-79.2	%
Net gain from subsidiaries		-			-			146,818			-			-
Other		23,559			30,883			41,160			33.3	%		74.7	%
Total non financial income, net		884,371			865,920			1,099,260			26.9	%		24.3	%

Insurance premiums and claims
Net premiums earned		518,498			569,851			404,496			-29.0	%		-22.0	%
Net claims incurred		(336,830	)		(375,056	)		(237,205	)		-36.8	%		-29.6	%
Net technical commissions and Expenses		(84,565	)		(90,802	)		(118,294	)		30.3	%		39.9	%
Total Insurance services technical result		97,102			103,992			48,997			-52.9	%		-49.5	%

Medical Services gross margin		20,710			23,467			-			-			-

Operating expenses
Salaries and employees benefits		(607,232	)		(680,338	)		(715,195	)		5.1	%		17.8	%
Administrative, general and tax expenses		(391,462	)		(566,463	)		(431,167	)		-23.9	%		10.1	%
Depreciation and amortization		(94,789	)		(129,616	)		(108,393	)		-16.4	%		14.4	%
Other		(34,728	)		(148,227	)		(41,115	)		-72.3	%		18.4	%
Total operating expenses		(1,128,212	)		(1,524,644	)		(1,295,870	)		-15.0	%		14.9	%

		911,095			742,875			1,141,036			53.6	%		25.2	%
Operating income
Translation result		(1,002	)		(1,751	)		1,566			189.4	%		256.3	%
Income taxes		(230,815	)		(257,220	)		(309,431	)		20.3	%		34.1	%

Net income		679,278			483,903			833,171			72.2	%		22.7	%
Minority interest		17,154			(11,703	)		28,436			343.0	%		65.8	%
Net income attributed to Credicorp		662,125			495,606			804,735			62.4	%		21.5	%

CREDICORP LTD. AND SUBSIDIARIES

SELECTED FINANCIAL INDICATORS

				Quarter
	1Q14			4Q14			1Q15

Profitability
Net income per common share (S/. per share)(1)		8.30			6.21			10.09
Net interest margin on interest earning assets (2)		5.20	%		5.66	%		5.75	%
Return on average total assets (2)(3)		2.2	%		1.5	%		2.3	%
Return on average shareholders' equity (2)(3)		22.3	%		14.5	%		22.8	%
No. of outstanding shares (millions)(4)		79.76			79.76			79.76

Quality of loan portfolio
PDL ratio		2.59	%		2.51	%		2.58	%
NPL ratio		3.27	%		3.33	%		3.40	%
Coverage of PDLs		161.5	%		164.7	%		164.5	%
Coverage of NPLs		128.0	%		124.5	%		124.8	%
Cost of risk (5)		2.07	%		2.19	%		2.46	%

Operating efficiency
Oper. expenses as a percent. of total income (6)		40.8	%		43.3	%		40.7	%
Oper. expenses as a percent. of av. tot. assets(2)(3)(6)		3.7	%		4.1	%		3.6	%

Average balances (millions of S/.) (3)
Interest earning assets		107,884			121,040			124,593
Total assets		119,278			134,053			138,158
Net shareholder´s equity		11,895			13,697			14,093

(1) Based on Net Income attributed to BAP. Number of shares outstanding of 79.8 million in all periods.

(2) Ratios are annualized.

(3) Averages are determined as the average of period-beginning and period-ending balances.

(4) Net of treasury shares. The total number of shares was of 94.38 million.

(5) Cost of risk is calculated as following: (Net provisions * 4) / Total loans .

(6) Total income includes net interest income, fee income, net gain on foreign exchange transactions and net premiums earned. Operating expenses excludes other expenses.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 08, 2015

	CREDICORP LTD. (Registrant)

	By:	/s/ Miriam Bottger
		Miriam Bottger
		Authorized Representative