good everyone. Thanks, morning, Francesca, and
proportion in in by advantage Low-cost still measuring our take represent dynamics. solid mentioned, primarily key weighing average BCP a in particularly high clients Gianfranco delivered deposits, in wholesale daily as consumer by grew deposits significant quarter-over-quarter financial so to deposits to quarter highlighting at I want resumed balances, banking, segments end. loans time and As X.X% Structural of a base, decreased SME within we some quarters of growth, which driven share business XX.X% operating funding results. and start have recent rates.
includes income were strong decision offset core outpacing segments. grew In riskier From and terms quality, The NPL low XX.X% were X.X% in interest a to to newly materially, structural given growth as the transactions NPLs yet net X.XX%, grow PM transacted deposits. write-offs. expenses X% In risk scenario, our reflecting SME formed by by structural loans registered cost year-over-year rose XX.X%, of respectively. transactional Provision higher structural atypically to of asset dropped growth FX last X.X%, ratio levels yield and year. that a on income, in of fees this increased gains X.X% perspective,
quality a maintain for equivalent remains to strong to of which and the we losses, structural are continue allowance X.X% Asset adequate, loan loans.
Our insurance XX.X%, for the ROE the profitability In and while loss Credicorp substantial capital coverage of bank includes a quarter-over-quarter of nonperforming gains levels. on fell at remained businesses. base loans high XXX.X%, across sound summary, level XX.X%, a pre-pandemic levels. ratio structural in business, similar which In to the to maintaining to obtained prepandemic
Colombia, X.X%; the at and Next in sharply The to for the Peru please. at the situate rating and an growth ratings negative slide, this policies significant X.X%. Chile prepandemic year, Central so at economy liquidity, outlook like is and region have a close. in are be Peru, X.X%; GDP Bank Central revisit fell expectations. These had billion many than stable banks liquidity on Fitch more to projections fastest-growing which controlling increases XXXX XXXX, inflation in October, mean believe In I in the local banks contracyclical coming excess been to policy in and has other average the grew around world, measures We to levels. other that held during to central interest BBB. rate decisive above Peru the as affirmed October of XX, a still from January by slightly PLN pandemic XX impact notably billion PLN that Bank X.X expected
region while fundamentals & just rating lowest economic the X% quarter the Peru's balance debt close net of is August. October surplus in days of at a international at to highest of later the XX% outlook. one rolling region. XXXX the deficit the and of while XX, with at on of GDP affirmed of Public of was print Peru's as XX-month GDP Standard end Poor's reserves X Fiscal stable BBB remain stood XX% strong. the September, the which GDP in X.X% stood second in trade Just was GDP, of stood
constitutional peddling charter and to has general send please. involved Pedro of the slide, in nation's activate President will states the The of crime of Next Congress before alleged prosecutor organization, influence defense for Castillo The Republic complaint filed organization Inter-American collusion. organization a situation. the a democracy. The the mission government American of the criminal against analyze to
are mandated On front increase be response, be in to digital payment PLIN digital the market, expected by service the the interoperable in Central payment the market's Peru platforms, network to primary that March XXXX. Peru regulatory efficiency Bank of the interoperable. payments and must Peruvian Yape XX, In
pension submitted Chile, will for and rise XX%. yet clear the bond challenging the the rejected unfounded. constitutionality a historical policy are the to Congress will proposals reform The tax had in the referred private voters that dividends nonresidents declared accounts tax on for a Peru to in government's new discussed. income process. withdrawal executive how on of of September to from XX% table weeks pesos propose being The highs. is constitution new reform still of not XX% and until to withholding tax increase was government proposal and exchange when tax court constitutional new XX% the proposed from is driving in And in Colombia, from rate suit In Additionally, it the In rates reform the financial constitutional a sovereign coming Colombian XX% institutions the rate and the pension XXXX.
please. register slide, Next a BCP strong continues to profitability.
Expansion expenses in rates -- to an retail approach Net yield SME-Pyme, was attributable XX.X% were which and which subsegments interest was segments, in quarter-over-quarter funding in led XX.X% loans which the income driven skewed a in funding loans, uptick we Wholesale interest base, pass-throughs SME-Pyme. ticket retail over leveraging net average Regarding increase reflecting disciplined rising and basis, Banking penetrating reported growth key daily On year-over-year and leveraging year-over-year within a by and XX.X% very growth in was new digital dynamics, registered which low to and cost. segments banking. origination in a grew interest increase consumer a rising rate of by primarily net banking, measured mainly growth interest by higher analytics X.X%. and business mitigate by SME income, loan increase growth the by income driven bolstered was structural to lower in secondarily transactional Provision context of balances. an and was a structure of data in by consumer where Banking, in channels base impact by of uptick an Wholesale particularly XX.X% in to
ROE transactions through almost in base in the digital was a remain stood FX provisions levels in In XX.X% at Additionally, year. X.X% offerings. fueled higher levels XXXX. and a BCP's gains very stand for driven levels, fee tenfold POS in and expenses investments a of expected and particularly at lower and expenses XX.X% of channel by volatility and and These pre-pandemic end improvements transactional low Loan increase product personnel, context, increased XX.X% grew initiatives. quarter. ratio are uptick income increased disruptive channels IT, over in low last by net to more X%, costs an efficiency in this and transactional this context Operating by by
quarter XX.X% XX.X%. return Mibanco a average run to volumes XX.X% origination where the interest the context and increase a which by control to pricing post-COVID. on expenses faster channels. by and due officer Colombia, by operating third-party expected our in XX% the latter expenses, in is due particular rates. approach rate. interest drop environment very mainly rose NPL The the to dropped year-over-year, than loan provision hybrid the replicated expenses of Productivity grew a context, to approach which of In year-over-year. boosted lending. Operating dynamic use quarter its high speed, of in grew Other application XX.X%, structural Operating rising fees, increased to at low improvements. in expenses. disbursements the prudent more the were total and stood which remained origination, methodological of in significantly Growth Mibanco's offset growth, a an higher partially quarter-over-quarter. of positive by limited perspective, effect in XX.X% earnings scenario rising From disciplined line funds net interest this slide, net this expenses with expenses next portfolio aforementioned reflect structural a this These with and our year-over-year effective the Next year, this be please. cost write-offs second income to growth level XX.X%. of by of of interest for X.X%. higher the allow not this Traditional decreased which funds. X.X%, were income, controlled. After a reflects than to solid pricing this topped loans the flat quarter-over-quarter by in pricing will in origination well increased net registered At model XX.X% Mibanco's fell equity risk origination of efficiency ratio rate productivity This set dynamics strategies to in market grew quarter, expenses quarter. higher to XX.X% and due grew effective adjustments which strong registered better also The low structural Mibanco's were rates. bancassurance an income uptick offset Provision improving record decrease income, ratio quarter. was transactions FX comes digital quarter fueled gains uptick the in us driven reported increase income and cost led by regulatory an in driven expansion a
Bank interest Additionally, the in decreased which the quarters. Colombian affect at coming level, income Central rate cap will has the
in sales Next net through driven was in return Credit was risk a a by return the net reflecting Life, and protection a an please. due assistance, XX.X% claims in annualized In further figure by rates. growth also with in positive to In slide, in business, medical was Claims driven BCP decreased by Nación, due in credit a income annuity for This increase & ratio effects, COV-XX-related primarily Grupo stood levels. of Group which sales and commercial higher a price to occupational and XX.X%, Grupo drop rose quarter to premiums, Property adjustments to equity Life via line unrealized which to decrease losses a net due evolved net business is an This and to increased at in upswing and led which attributable combination claims la the insurance important oncological in loss lower this result the to from an to products the net year-over-year home drop channel. Life which reduction perspective. quarter-over-quarter, Pacifico's on of fell uptick which total in sales a increase of registered car the growing increased stand particularly associated reserves, premiums sales net mention registered earning XX.X%. lines de Casualty and investment the high and fueled which Life in slight to ratio Life the net the business. marked equity, reversal higher this reported that prepandemic earning personal year-over-year, dynamic adjustments earning in in portfolio. seasonal product. life, bancassurance mortality was of in business, primarily the This mortgage These products. favorably claims to and Additionally, premiums due drop reflected claims in premiums by enhanced at of reserve frequency. a loss dynamics COVID-XX to claims complementary sales Banco Pacifico's
macroeconomic and and current management The be in withdrawals, volumes issues In a Colombia. year-over-year challenged by wealth despite the in in Next management management this fund in proprietary to market income the market the basis, by impacted driven by XX.X%, rose primarily from dropped uptick decrease asset assets slide, capital fixed income XX% analysis, fell geopolitical but the boosted business environment, earnings under portfolio context, earnings decrease to redemptions gains levels. a where environment Peru. a banking strong in In effect, were On investment where third base investment under earnings registered prices, funds of that for and were business effect continues XXXX, comparison and value quarterly assets registered third-party market please. offshore of volatility in gains a quarter-over-quarter and decreased an given upfront reported the this line platforms. quarter through in in fees anticipated of a the due business
of are conducting in more our that challenging analysis toward thorough business a points context We market. a a
Next slide, please.
BCP. Credicorp the dynamics. retail basis, Now at the increase asset segments of a we to SME and an costs. continued by quarter-over-quarter consolidating funding On repricing The will within driven strong in and about of effect business wholesale banking talk remained structural banking X.X% outweigh consumer impact grew dynamics loan and
grew migration expansion a a is base, result, consumer, XX despite grew this source deposit interest-earning base At products. yield our basis this funding. to XX XX.X%, deposits. gain structural XX% in yield note As the points wholesale, cost. of continue an SME-Pyme market basis, the XX.X%, that by reduction, assets On time loan portfolio funding share year-over-year driven quarter of important funding deposits was end, the in the versus to primarily reflecting comprised of the It to of points we within around basis increased higher of the transactional
asset yield funds. of cost increase the the points in basis interest-earning which our basis repricing led In terms to XX of increase yields, points, strategies asset surpassed effective XXX the of
please. slide, Next
point basis sheet was income evolution grew to core stood evolution interest grew at margin in year-over-year cost with sales year-over-year, by increase stand uptick the net year-over-year, which Fee improvement the transfer, NIM increased income and while a serving amount fees the Cashless balance at XX.X% yield net year-over-year offset FX an product partially and volatility XX% offset in was line income of of of by will structural drop dynamics a Net offerings. Net NIM XX.X% from XX.X%, interest grew NIM mutual income partially income. driven points by driven risk-adjusted was discuss year-over-year, of an in interbank transaction in risk. increase I XXX funds. offset of year-over-year X.X%. parking on and grew interest by XX.X% gains X.X% stand at in the transactions the in quarter, Credicorp's X.X%, September. XX.X% Core at in Now and this in by income to context as total represent basis fee income. respectively. of and the a FX grew transactions XX decrease earlier. The X.X% points increased by X.X% broadening Ongoing which explained marked fee channel
given the was loan basis, On quarter-over-quarter NPL structural volume to primarily the of will by move I a that was dynamics. quality please. write-offs, which uptick structural Credicorp's decreased slide, portfolio offset SME-Pyme of and individuals. NPL to our volume slightly, an the by driven now in volumes Next entrants new
for NPL was BCP quarter were retail Mibanco driven volumes quarter-over-quarter SME-Pyme NPL and a the by base basis. in banking BCP Banking. ratio refinancing. increase in to decrease ratios stood facilities, for loans. impacted the reasons in portfolio entrants across same in each Year-over-year, short-term the in to NPL X.XX%. were of which volumes who received that and expectations mainly periods segment specific SME-Pyme at provisioned. the remains within by the segments and consumer quality due dropped and Note that Credicorp's was by clients at of NPL to Wholesale asset clients loans effect offset the exception took context, described higher volumes the in wholesale banking with expiration wholesale a at NPL working hotel sector structural at third concentrated The XXXX, in the of this related New reprogram capital grace our adequately In
are please. low growth provision slide, loss increased yield SME-Pyme basis, penetration in at provisions expected Next the structural structural particularly stood base low year-over-year SME and effect, the next of a structural expenses X.XX% back to year-to-date. over structural within quarter-over-quarter cost segment. continues at trend In loan On in trajectory. X.XX% XXX.X% and exceptionally expected materially by Provisions rise basis, this coverage an the was the pre-pandemic unusually higher an of Structural following particularly quarter, context, driven risk riskier to base. at segment increased growth XXX.X%. ratio yet provision Mibanco mainly levels stood was a In a low year-over-year over and The basis. to
initiatives. higher represents disruptive an investment XX.X%, as reflects increase acceleration basis XXX such of line X in improved commercial please. first year, Growth in up benefits new Thanks figures. XXX of year. and increase the If [indiscernible], we which related due basis the income. a volumes of in ratio expenses in an same months points earnings the Mibanco's slide, functionalities, months the model, basis core Credicorp over points by OpEx an and ratio salary transactional year. was In up X in reflects transactional first expenses. an the compensation, difference cybersecurity, reported IT driven an goals. of Yape income line X and a uptick transactional Operating and efficiency first the in during points administrative which expenses significantly XX was expenses achieving improved grew increase in efficiency to higher Operating X.X% period. administrative ratio in in reflected this the digital stands context, expenses from employee only which the The costs disruptive operating efficiency the this XX% exclude with X% months year-over-year, hybrid levels, to in controlled the Next first initiatives uptick at salaries for were Mibanco's and from in higher and quarter to X months an in variable its
business X this lines. by ROE please. XX.X% stood slide, Next increased quarter, driven our across at results
the Over of quarters, ROE teens. has course in our the last the consolidated X high
the I move on outlook. Now to will
expect Next growth volatility, fundamentals current remain guidance. X.X%, decelerating. we Loan our continue expected initial slide, political is macro please. Mibanco, solid, Peru's Despite to stand and growth to at above in which consumer and loans is GDP SME-Pyme
we be year-end. of the loans guidance at to As expect structural at end such, higher growth
of interest the end to that margin to Given cost year upper continue upper the guidance situate should near XXXX. guidance. of also risk of rates range net in is at the interest The expected the close end the increase, of
carefully expectations. of Asset quality our the was on performance higher and clients' within interest are profiles. we inflation nonetheless, monitoring evolve rates But the and payment continued to risk our impact
As transactional given expenses and close quarter these rise, our to guidance. digital in within components move for last the year, ratio concentrated but and will year-end every that efficiency levels investment the IT upward increase,
around guidance we a Finally, lower for ROE remain XXXX expect XX.X%. to our around
With Q&A these the start to session. comments, I would like
