Gianfranco you, and Thank morning, everyone. good
comment favorable by retail banking. a quarter-over-quarter growth focus the year-over-year brief I mentioned, will contraction on a results. lower delivered bank sequential evolution. and Gianfranco in dynamics, financial the on was structural with a BCP On will banking offset loan but a start at wholesale we basis, As in
at this source system Nonetheless, XX% maintained On funding market leadership in the higher shifting towards our deposit the we fell share. and the Credicorp. side, deposits with Low-cost funding undisputable deposits. across continued mix yield position
quality impact the deteriorated, challenging in a the the of first reflecting of macro dynamics half Asset year-over-year year from metrics perspective.
partially and costs. measuring rates Structural at retail daily by structural by offset banking driven XX.X%, BCP average X.X% and funding primarily dynamics the loan interest Mibanco. and balances, rose loans fueled higher grew raising by NII
metrics by a X.X%, are asset The cost XXX by challenging managing backdrop. SME-Pyme to our of mainly with quality points and driven structural We risk individuals increased BCP basis Mibanco.
by increased insurance driven loan. basis at increased a for ratio expenses for Allowances Operating the and core mainly in reflected stable X.X% were and The equivalent while which and XX.X% disruptive loan The result result efficiency XX%, losses XXX rose of life cashflow. BCP and Pacifico. stood expenses fueled X.X%, at to the business BCP initiatives points improved profitability by operating year-over-year structural increased and property income XX.X%. underwrite
In positive of present note updated Banking this, second expect Having I and year. Insurance ROE softer results is Universal results the when in quarter, businesses. order, a and summary, over sound capital a of XX.X% by guidance, this we mainly base said driven as the I in our an half caution explain were will of
slide, Next please.
the of first and into sector semester significant decline. production These the which Las the marked and contraction El social reported the decline events at a most increased fishing this For Peruvian offset in fly Quellaveco copper dynamics, climate the temporary hopefully, growth year-over-year attributable to is Bambas partially represents Costero, the pushed registered to production in after to recovery year, with last manufacturing expected quarter launch mining in XXXX. have could a economy agricultural negative rates period. impacted cycles Nino This years, and by of by in excluding of economic at the second growth first pandemic should in and terrain, quarter, lead XX activity impact decline the X.X% wealth the the
inflation year-over-year are by XX% a in has in investment private a last already Chile dropped consumption. driven half the Central banks Price X% of private cycles first easing and year. is quarter sharp X.X% this decline finally Brazil sluggish expectation Bank in have pressures fell demand in expected in growth in materially suit follow red cutting the and and Peru the and to Central started LatAm. Domestic
is expected Peru be GDP in while outlook, grow X.X%, expected this to our X% is Colombia around to slow GDP to flat. Chile is Regarding growth expected to growth year. GDP
we are XX%, impacting our Costero July XX% In official that probability phenomenon businesses. its statement Nino it's during assigned will be moderate last it that Nino of El El be and the on and know, will weather of Costero monitoring you As XXXX, weak evolution strong. a summer XX XX% closely it and XX the will
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Next despite slide, please. BCP context. results favorable were this
key increased retail. activity, drop slight and a in NII wholesale dynamics. drop primarily X% in more origination the banking quarter economic guidance in This conservative downturn a Regarding despite reflects in X.X% volumes. loan
ability to transactional a to funding costs. our mitigate reflects base approach a disciplined raising NII leverage funding and Our pass-through to
remain provisions year leveraged channels levels, BCP are levels high the more at payment of fee POS the as recessive higher inflation income vulnerable segments, of jobs. cards transactional rose on the sub in high loans digital the environment affected consumer stable of credit half back first particularly in and capacity and which through a and
On NII. the X.X% structural and by banking rates a primarily a provisions. interest drove by segment evolution a was which raising uptick driven retail was XX.X% SME-Pyme in in uptick Additionally, card loans SMEP pure mortgages. in credit increase XX.X% year-over-year growth in income through increase in loans, by and basis, driven This was net
low XXX.X% increased provisions loss Loan over base. a
economic expenses and disrupted loans, cards Additionally, in were IT driven increase provisions initiatives. by mainly and conditions. in expenses which Operating and investment growth an by SMP, was by affected on X.X%, marketing consumer credit grew driven
low. has withdraws efficiency banks while have offset Since remains daily and increase stable. year, XXX Bank dropped Bolivia, Bolivia the partially Encino reserves reached ROE basis risk and nonrecurring XX.X%. this in our U.S. at Consequently, materially, of remains expense Bolivia Central ratio points in dollar regardless This At appetite reversal. a was dropped XX%, by stood BCP BCP and tax BCP's limits beginning U.S.
please. Yape have needs continues to to slide, use targets: Peru; the in in continuously base, daily by and payment the monetization of apparels. finally its the towards please meet in present incongeneration. main be engagement be financial months XX network second, active and to the allowed Yape its launched last pursuing the medium-term Features one, apparels grow Next progress loose
from risen Monthly to average monthly million XX.X% has mark Currently, the level active users income. year. at just this reached the generate for X.X X users million XX.X% in transaction group X
Our months, drivers main be at transactions three million XX% to to X June monetization grew months. just of monthly continue mobile XX the transactions in end in past the rooted total top-up
have aforementioned at In at unit micro growing volume June. grew month PENX.X, end the merchant at million last payments per end of towards breakeven. Yape user stood user months, start is promos, while X.Xx end X.Xx at to notably PENXX transactions. the and X To and Utilities PENX.X per are active monthly million context, of cash gross loans the active in disbursements moving revenue the and X.X grown cost The and per June, of the the the stand per June stand rose of month economics at XX%.
pricing Next year and structural slide, first on an from offset rose in impact early recover a challenging a funding of cost. interest difficult began uptick quarter. quarter start the please. this income disbursement basis, a bolster this X.X% a Net quarter-over-quarter loan recovered loan profitability after Mibanco's the II Disciplined after to
in NIM stood growth capacity. points Other rose payment to after reflect in bancassurance risk dropped models increased Mibanco's high deterioration XX.X%. after due Consequently, client slightly to rose level provision at X.X% a disbursements. better main fine-tuned expense fee the basis payment behavior, were XX and income alongside but
fueled raising which mitigated in From rose macroeconomic X% downturn a loans to by interest outlook. factors impact structural of payment a rate the and those rose funding XX.X% the uptick rose the due NII a quarter-over-quarter costs. in challenging pass-through, an more agro. [indiscernible] performance Non-interest income and year-over-year are to in and same perspective, provision outlined
and the stands ratio at Operating expenses X.X% XX.X%. rose efficiency
deterioration in Colombia ROE inflation, funding interest ceilings Finally, Mibanco high costs, quarter. is the to rate facing X.X% a expectations. rebounded lower high and in economic
adopted believe accordingly, have market. untap our that We in potential exists strategy Colombian and the we microfinance
the Grupo XX.X% Next Pacifico quarter slide, was please. stood this high and driven at Life business. by
associates. on This insurance last high net base the gain a deteriorated for net a reflected income from a health result evolution quarter. back corporate dynamics, lower quarter-over-quarter Regarding of over particularly downturn
In primarily property Group from by upswing business, prices Life, up, to Life and and due was pensions, business and which by and benefited the in results more and the secondarily an life service profitability [indiscernible]. insurance better improved the Life rotor driven Year-over-year favorable income through insurance volume dynamics. Credit the from
also rose in results, claims insurance for improvement offset X.X% In this casualty result property the in cars. results business, expenses contributed downturn Reduced partially and assistance improvement. the a router medical by and which the an the was through to for
Next please. slide,
via a department been As you income portfolios has improve to basis, ROE in On medium focus boosted quarter-over-quarter ASV structural investments. Nonetheless, the was cash the managed know, by surplus treasury mainly profitability is to by recent quarters term. short-term uptick primarily our with on businesses strategy in in income. the and recurring nonrecurring driven
of terms Management wealth management under income the while under Asset management, growth, assets drop remains grew stable. level recurring management the assets businesses, and In in X.X% business
Year-over-year, driven by gains income same quarter-over-quarter. Department, generated which dynamics the capital on Treasury the increased we markets by XX%, business, proprietary mainly seen via Colombia in the and income reported portfolio earnings fixed the
growth, grew Regarding fees. income recurring businesses, outflows drop slightly assets generate under contracted homes lower XX% while these by management, as assets under and X% management outflows income funds driven decreased wealth and third-party in management
slide, Next please.
by BCP, Mibanco in Now look loans Growth a increased and basis, we at On measured banking X.X% was Banking with balances average X.X% contraction dynamics. in daily a fell offset at consolidated our will restructural BCP. wholesale FX in or neutral. Credicorp's Retail quarter-over-quarter
Our X.X% or neutral. constructed FX deposit with base X.X%
has driven and Low-cost measured but loans in with was a to at currently balances XX.X% FX drop structure fueled offset On by daily Mibanco. our partially risen evolution banking system-wide, X.X% low-cost which neutral. primarily total was increased Deposit a deposits. average This share dropped growth time represent XX.X% in has or year in deposits, by deposits. retail balances, by basis, fallen X.X% BCP deposits our and X.X% market of structural
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to X.X% year-over-year Different core me NII. XX In this context, XXX X.XX%. to quarter-over-quarter to discuss quarter-over-quarter rose at and volume on explain let rose net pass-throughs. year-over-year early Risk-adjusted X.X% Now income XX.X% and marginally in and grew points quarter-over-quarter discipline income the increased interest points to NII year-over-year. of was dynamics Core dynamics. basis stand basis margin the X.XX%. attributable and back NIM XX%
kick basis, fees availability. SF the impact, X.X% of transaction on intercity If and quarter-over-quarter business flat we results in increased note strategy remained that income foreign transactions the fees. for [indiscernible] fee foreign have income this to transaction. FX Bolivia, framework to for been and year-over-year elimination the a result a has pension by due Bolivia the lines We're of important income analyzing offset It adjusted X.X% currency and both fee on chances our affected we the excluding fee exclude at lower by of is restrictions impact our -- fee to while driven in contracted transaction which in
slide, Next please.
structural dynamics nonperforming look at loans. the Let's of
earlier, have of year, the a and consequently contraction demand, in with quarter the impacted events and client adverse high inflation indicated notably payment quarter. interest high this portfolio first internal quality coupled in rates performance As
volumes reported fell risk poorer loans where credit In on the was service quarter capacity after the basis, due quarter-over-quarter the tourist this sale Wholesale partially collateralized and and vulnerable in refinance loan indebtedness extract of provisioned. energy been fell cards which ticket hotel offset increased in garment first Mibanco nonperforming to uptick where an banking, growth subsegment a scenario, the and due loan by in a previously aforementioned and by state over SME-Pyme, portfolio a low had loans Banking. in was by to debt year-over-year loans a retail of structural in delinquent consumer segment stable performance basis, nonperforming by On in The delinquent a sectors driven the sector employment. reprogram served
by context, unsecured delinquent those the was of stood products. review the banking, XXX% and mix details. as retail first to refer a the quarter was and the Please for coverage it's during loans this portfolio structural seen in Omnibanco our NPL the portfolio retail by to ratio, more factors analysis X collateralized banking sale partially in offset The In quarter nonperforming evolution in Appendix driven the of the same to important of structural coverage analyze ratio year. at terms of
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loan Moving on consistently the provisions will portfolio small cost retail. have indicated as of and the cost shift of towards risk, our that we we our risk increase mix
the a high in further at at cards Mibanco have payment client in of inflation cost Provisions impacted risk as and loans capacity has in consumer macroeconomic as level remain Additionally, BCP increased recessive by conditions. credit and bio BCP, been high events. while and are more hit the affected Mibanco payment vulnerable year most leveraged were by clients first the impacted, a subsegments, have stable the the at of clients were first capacity half severely of quarter jobs which
drove at segment structural at cost context, this of provisions stood BCP the X.X%. quarter-over-quarter. SME uptick Additionally, In risk the in
client metrics, closely refined have Mivan, implemented for monitoring and guidelines SME-Pyme segmentation risk by individuals, our origination profile gradually are asset quality stricter our We have and a
Nonetheless, recent on quality measures fully will the of asset materialize. take impact time metrics some to
at impact basis page primarily on We efficiency evolution year, view first in this in the initiatives will the driven at isolate Credicorp an Operating grew half the seasonal expenses BCP of be accumulated XX.X% level. of and by to the core effects. disruptive businesses of
through not and deposit offset digital by capacities core dynamics software tax of and by to expenses. more talent. sales other to to enhance expenses nonrecurring digital and At usage Marketing more results. attract businesses a security specialized aforementioned and partially move in expense IT license growth in The boost of tick advertisement fueled usage and more product car were and related cloud driven mainly digital, increasing client improve a an expenses become and expenses in BCP, growth applications, to IT
Expenses level long grew by Mibanco expenses at lower in credit leadership operating ensure remain disruptive income increased a at strong stand-alone, BCP initiatives term. XX% Operating to at core at pace. the but remained leverage control, market under slightly
basis Our half, driven year efficiency and down income XX.X% XXX first stood this BCP to by compared last Pacifico. at ratio points and high and
and that quarter, by points by ROE Similar nasal quarter XX.X%. our stands at was for basis in have low quarter please. and was to this and due relatively benefited resilience driven XX.X%. of strong the semester accounted rate fact and slide, a the businesses. Note effective results banking this to income year-over-year due expanded business profitability XXX at Next to the performance Axent strong we larger previous record testament our ROE Meanwhile, insurance in our to tax a semester revenue adapt to of All circumstances. insurance for mix results the BCP. to challenging are in all, these that ability interest the from share
will guidance. to updated I move Now our
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a Our Costero week updated for GDP scenario the which macro moderate XXXX year-end. around is El to scenario X%, of of a now growth incorporate Nino at
coupled taking segment our credit particularly Regarding of card loan client all sluggish and at loans, and part borrowing on at our events the SME in internal a the of climate BCP. demand social growth, capacity, consumer first with are the year,
Accordingly, we adopted a those stringent origination guidance segments. in
wholesale to X% expected between in stands In a which and addition, at in downturn daily measured for dynamics loans lower led demand structural loan which These activity. X% has growth, weakened, in average reflects balances. banking business now
the cost by triggered impact Our higher wholesale the initially yield of of funds remains loan which in from share higher offset NIM a X.X% was reduction X.X% than as a mix. positive portfolio, the will expected unchanged between we total in loan and guidance
macro driven of X.X%, performance. the on of stand impact largely conditions BCP the cost X.X% by the to expect between and We risk
the a cycle develop before BCP solid have future restrictions Mibanco acceleration during of as likely Note an marked investment and of credit loan are BCP. efficiency started dynamics Mibanco in to deterioration achieved levels by its front context We this second diverging semester businesses. in that on to
XX%. ongoing input XX% efficiency efforts the are in expected to an between aforementioned Our results partially [indiscernible] ratio to and and offset headwinds
quality of now but -- XX.X%, deterioration we El Costero. risk asset in ROE our maintain remain around associated guidance with acknowledge Finally, Nino downside
comments, to these like Q&A would the session. I With start
