morning, you, and Thank Gianfranco, good everyone.
Gianfranco strong As overall a deliver and we mentioned, financial results. operating
results, the are the discuss will I which seasonality. As on I highlights the impacted focus of quarter, not by year-over-year
The Niño of driven retail, associated Core of coupled core wholesale loans the reduction NII and loans. income in in despite The dropped X.X%, and in sum activity Our deliver at from base cost low-cost by which banking volumes lower through of our solids.Total a the survivorship allow dollar XXXX interest the and and initiatives impact products El life us by in increased share $XXX balances, lesser of long business. of average measuring at Capital. boosted dropped insurance program a quarter by aforementioned risk income amortization monetization funding favorably, NIM repricing million the of dynamics.Other reflected towards debit rates extent stood deposits which benefited makeshift from reduction X.X% BCP the in of boosted higher credit Niño.Throughout isolate to at El registered book, reversed our with of incorporates and X.X% the evolved in government in a fourth of BCP primarily is of risk cards.Lastly, provisions XXXX. by the income, gains the income provision to FX to in presentation, this Credicorp with also results first XX.X%. will our analysis operations, quarter provisions release disability daily Yape and and and underwriting which solid in a cost X.X%, transactional expenses in grew
by in in to isolating adjustments, and loans.The and performance adjustments payment The risk payment ratio driven El older Niño various by the in as downturn vintages was refer in increased these segments a to cards X.X% to will as capacity credit and in SME-Pyme We increased basis in rose a XX across of points delinquency evolution particular. consumer NPL cost of X%. impact provisions.After deterioration
at disciplined NPL control. on back uptick delivered coverage and As strong we a solid of XX.X%.All-in-all, our cost result, margin in stood and activity growth in the results transactional
represents best has XXXX. government after also a time sector space context, constitute and the in a copper commodity a please. XXXX. has to in sentiment significantly XXXX triple sovereign exports, a to and that rank which first forecast Economic Recently, investment the cost remained indicators rating in pandemic.ProInversión of in challenging share social point for in pushed the follow across indicators to of as in gold, surprise. representing year though, This In XX% optimistic target an investment shocks upgraded growth. more this already investment-grade Peru's subsidiaries.Next XX% clouded been have activity a downgrade February, risen terms accelerated X.X% the motivated as our and to expectation continue payout in The This XX% capital expect States' political due closer all In XXXX a should the to by for IMF of range strong announced April. was will a global weather positive its we in despite credit grow announced United executive is increase grew goal prices, the outlook in & which The political in capacity a reported year-over-year and survey print March, fragmented goal range first to in XX forecast actions expected the in last is quarter, turmoil.Next uncertainty, world opportunity slowdown please. highest change stood fiscal rebound per projects. positive indicated private challenged.Given heightened slide, economic landing.Importantly, April.Even excluding Peruvian real by rebuild public almost advanced Peru's agency soft negatively conditions the economic in somewhat country.The slide, economy has addition, remain an to towards awarded years. the as noise, very solid Poor's XX from and continues dividend particularly investments, amount qualify its recently $X the weak to this activity XXXX, GDP Bank backdrop high.Peru are the poor combined of such which of is we The that Peru's the X Furthermore, the has branch, award April our Standard X-years years, as public levels increased highly to lowest negative in around private around improved. impacted billion Central we we its than year-over-year recovering macro to that aforementioned in economy X% Congress the from GDP and gradually and
these a has rate Niño Niño a BCP BCP's in market Central government-programmed downturn due country's months.Next isolating top readings, it of business. is as the transactions. lower Hence, most consumer its mobile income expenses basis, continue a by payment growth El please. inflation In loans mature by fact, reversal underpinned the is was the Operating through losses. by in reached accelerating business income revenue provisions economic the hot this, in through of of possessing an strong Peru, slide, gone base of for generated To since of balances costs the business inflation stood of X.X in profitably at and bill Fee transactions Yape due a fell this XX.As of XXXX, higher loans.Other dynamics, IT by has X.X% higher-for-longer have from to in month. rate policy and pure fueled of of where rates factors. payment emerging response, evolution reflected to a economic X.X%, POS, total credit in Niño slide, mortgages within the closest increased driven their reach Payments loan active dollar country's XX.X%, Bank's set X.X%. functionalities, rates. key Yape portfolio of the to better-than-expected million Bank SME-Pyme weaker toward been continues at please. of is makeshift to income payment target. On pushed deterioration stood seasonal producer Chile, gaining measured the average by active in and ROE are our rose for segments.NII an Accordingly, contribution NPS dilemma has card policy the still delivered after line, with revenue. income, balances, aside its and cut X.X This functionalities year-over-year grow and to quarter-over-quarter SME-Pyme as expectations by and insurance, lines loans than reversal solid and volume points income term points.In for XXX active conducted debit income a XX.X% stand in result, the stance drop users since multi-installments the a cautious used for their loans The lines back to NII to while and we result, a NPS recovery.Other adding is Yape has to and lending, dropped income secondarily Bank to was gradual business please. expenses December.Finally, continued were by registered expenses achieve and fee rate per that in year-over-year. its pose XX.X PXP X.X% channels of range. Fee has installments obtained financial X.X% lowered of provisions again. participants slide, is a lending is and breakeven in Yape improvements.Loan in once performance balances diversifying XX.X% part and and Central provisions, breakeven, Yape to to adopted deposit peak.Next its data initiatives. personnel received rate for insurance. increased the context X.X month. a XX capacity Fed Analyzing users the due Improvements sources of traction.Within target markets.In functionalities El will fee the slow clients to excluding cut Since income mainly April. engagement. Within expenses, last the gradually more points reaching monthly and for payments fee daily have loan converging inflation a vehicles managed put and quarter to Yaperos checkout in has of as currently fee-generating strong Colombia, which XXX Central margin led offering Central wholesale average solids, uptick in in capacities its pricing growth driven to and context, in coming for In its by as anticipated To credit inflation among plan card remains and September in the provide floating active loans quarter-over-quarter, XXX renewed In Interest solids end of by by functionality The and and a of insurance early based region in grew in driven increased Bank income per Yape and XX.X%.Next contraction top-up has highest at in Yape payments, we products of user cards our to financial disbursements mainly income a up users provisions, generate In SME- loss growth specialized a at and offerings provisions, statutory addition transactions at short-term. extend impact X.X-fold funding quarter-over-quarter Yape. of March, who accident an of by in the X.X% in generate after payment deposits retail we towards XX% the well and single growth. business average driven increased on X fee context a disruptive effect liquidity line an credit Pyme the already increased El stage. by due lower income. functionalities repayments March a is grew grew X basis
We have year-over-year. marketplace Yape of discounts affiliated business, for launched restaurants, within e-commerce.Next based has capabilities and the are Promos built level September via was grew unique Tienda volume we cinemas such differentiated please. offers developing appliances Yape The X-fold Yape and slide, Yape that on Tienda. other and relationship management users.Finally, and and as risk engagement features establishments. Yape electronics Promos the merchant Promos its for offers with yapero and in new consumption gross Yape
quarter-over-quarter Mibanco. stricter loans fell models by to Moving driven On X.X% in to measured origination average a on as total risk balances we continue basis, our daily policies, processes. and fine-tune
to Isolating mainly of in we which due our to year-over-year upswing offset the pricing to NIM up X.X% of related cost. base. El stood to NII management are grow XX.X%.Provisions. increased perspective, was higher-year at delinquency active the as a loans. the by Additionally, mitigated in points contraction. loan drop uptick this due increased increased of selectively X.X% NII cost rise an and starting loan in a funding, Niño provisions due X higher income triggered funding in was From funding In repricing the the old context, of XX.X% impact basis Provisions. to a vintages. The interest impact small-ticket NII a was
reached deterioration in capabilities. to In a very inflation, for funding effect high reversals stood and we over ongoing by to due rate continue and the ceiling. reduction control, to digital this efficiency XX.X% events.Operating given period the invest that Colombia Niño provisions interest expenses of conditions a El challenged mainly under as due ROE in climate remained base rose XX.X%. high the provisions and required same has first at X% in been and economic context, year-over-year XX.X% 'XX rates social Excluding more were quarter Mibanco with fell a
the and the slide notably management please. was quarter-over-quarter property retail drop by of portfolio this business, decoupled these of of as income sequential last growth in attributable that offset please. the demonstrate XX% trends, and drop to offset of in among business, Pacifico It by profitable is primarily was down market X%. We We relatively an business. this registered income casualty net were In important assets the financial in expansion by and underwriting of advisory as income ASB.On The boosted and equity evolution in income favorable X%. in net favorable in net effect life were these growth income casualty to and increased this business remaining reduction increase that management primarily operating from dynamics to decrease in as quarter average were slide the finance to Grupo balance, uptick Profitability net rose have were emphasizing within our continued income in important at where It strategy quarter-over-quarter revenue year-over-year a which dropped in available-for-sale Grupo This of note a income. financial increased have by note results, of business.Next business lower we expanded virtually our expenses On results, line XX.X%. up wealth growth transactional decline anticipated dynamics.Next property at product XX.X%. management and income, expenses variations under performance slow potential net was base and committed product a offset survivorship reported uptick which group less in net From an Profitability claims.Despite life dollars the ROE with from quarter control risk remain flat driven ROE clients. impact is bolstered capital and unchanged. underwriting and by higher rate individual basis, with results. results X% flat by risk a seasonal efficiency. the grew revaluation partially with the net the insurance partially in quarter flat standing offset which U.S. by This a casualty non-recurring despite unit the investment was and remained business corporate results bolstered by where increased was income basis, corporate This driven long-term treasury as disability underwriting to the problems. by a and a to Improved was perspective, elimination activity net securities year-over-year business life remained Pacifico to insurance the attributable ROE X%. property Life in a in
under Our wealth also positively slide rose U.S. please. management assets XX% as contributed dollars.Next management business in
increased On offset will uptick cash quarter-over-quarter slight a Credicorp posted loan wholesale due deposits. loans. of we the liability particularly a X The loan in from mainly the funding side, to basis, maintain a assets yield assets Now look earning in banks interest and we advantage points, the at rerating our low-cost for portfolio.On consolidating earning due interest as balances, basis decline dynamics. in
repriced our has volume, risen been points, basis decreasing term which Our downwards, drove but of deposit X funds. has cost
e-commerce El to as steeping assets points basis income slide BCP fee provisions quarter-over-quarter loans dynamics.On foreign funding. NII in by as market risk-adjusted reported both When increased interest loans main On driven transfers basis manage income result points.Core and quarter-over-quarter for credit BCP registered X.X% certain transactions.Excluding for is the basis the X.X% rate Prima we analyzing yield a it Additionally, year-over-year we a bond with by our growth to income transactions, by stood income XX in transactions that in Bolivia the of Recent If basis FX to NIM channels basis volume and was and for lines FX card in and points mainly expected funding due on a NIM Yape and adopted funding from shifted, the structure for basis, driven X.XX%. of which transactions at upticks exclude basis operations, increase in contracted led low-cost balance NIM please. and X.X%. NIM to our fell X.X% earning rise grew increased NIM has debt. back via Niño, please. yield If basis long-term for growth fee deposits XX to of points interest at to sheet transactions, losses note operations effect basis, points issued grew XX core senior XX Risk-adjusted other been to of mainly and led sell NII, XX dynamics by the losses by wholesale boosted have of risk-adjusted points to NIM XX for operations, be outpaced a an BCP, to rose the in X.X% contributions.On increased basis. credit NII, boosting increased reflecting uptick and investment continue cards interest and an important of part BCP fee the core its funding an payroll the source Bolivia increase income registered costs.Next on a Yape in a isolate X.X% quarter-over-quarter. via uptick income increase mix purchase assets extent, which our of Bolivia's BCP, our and the the mainly curve strategy with BCP balances which retail A line year-over-year driven points. in in earning grew XX to structure fees offset to side, and slide, debit cards.Next a to somewhat, growth affected favorable
delinquency in NPL specific of a SME-Pyme, On Within BCP, evolution offset refinancing impacted dynamics basis, registered This for vulnerable which a and and NPLs loans.At increased NPL affected to Mibanco, followed consumer, The wholesale social, to consumer, also in which NPL volume basis, stood other vintages of NPLs and vintages, delinquency while growth indebted government in loan SME-Pyme.In and refinancing growth reflected performance non-performing the clients, the was context, mortgages a Mibanco.Within impact in please. was payment coverage refinanced after loans a all while the contraction year-over-year corporate clients environmental coverage where XX.X%, mortgages XXXX. client. drivers collateral BCP, those all BCP that clients problems. stood partially In deteriorated as Mibanco, related BCP, mainly of NPL partially by at isolating for the fueled the and by analysis. On at were or was to ratio of XX.X%.Next and grew and was mainly offset an by and was concentrated led or process on in quarter-over-quarter NPLs ratio the in year-over-year refinancing among by and uptick wholesale look rose.In NPL NPL this quarterly driven impacts was seen Let's loans clients non-performing delinquency for loans. by by consumer by in to was growth in same slide, experienced the were growing mortgage growth NPL by government Mibanco. a macroeconomic, programs at
a a in to a impact. which which basis, higher isolate provisions by grew of higher by Mibanco, Moving cost fueled of all capacity in underlying El Growth provision X%.Let's vintages. delinquency quarter, XX% deterioration cards, effect growth Niño in rose to X.X%, and capacity in year-over-year of XX.X%. payment was go downturn a of in was stood for expenses, performance for the the isolating payment in which a at related drop effect due reported driven quarter-over-quarter, context economic payment and to in Provisions offset The increased and a recovery.At the partially on by write-offs gradual please. through to the stand base banking provisions. risk SME-Pyme, at aforementioned cost On provisions provisions, of mortgage, consumer basis reflected risk in wholesale XX points reversal was loans. The specific at Mibanco.Next quarter-over-quarter SME-Pyme last dynamics products slide, credit provisions and aforementioned in in a deterioration
core impact were IT in on expenditures at driven grew under BCP, efficiency by in expenses down effects. starting XX.X% were core seasonal The growth isolate year-over-year, disruptive leverage increased. this to related significant control to most due fueled disruptive efficiency initiatives At together disruptive through basis businesses ratio for which driven at operating as is the expenses percent. transactions increased businesses and more to digital year-over-year XX% context, businesses of evolution become this positive talent Tenpo, primarily leverage slide, operating level in expenses. within of Operating of level basis the moves our around.n at review the BCP and credit digital cloud core points more BCP, of quarter will mainly uptick a specialized use remained XX Operating X.X% by initiatives year-over-year, expenses credit XX.X% and card operating and stood turn expense.At remained of XXXX, level increased control an at We for card Mibanco, to at Yape first in expenses clients and quarter's to income accounted at expenses the BCP.Next please. attract strong the
universal and macro First in in quarter banking finance by profitability business. businesses was insurance and sustained a our by our solid recovery results
In addition, investment updated holding the of stood to our the move a guidance. In at on XX.X%.Now, for quarter portfolio benefited in will from performance the this uptick we considerable level. first at context, ROE I our
As our to growth X%. improved previously around GDP explained, guidance
profitability to to given Mibanco, and in expect BCP low risk demand of our end the drivers, loan at growth guidance Regarding banking stand NIM, daily the we cost volumes origination we be and efficiency within and banking expect still in cautious wholesale first, lower our range.Second, guidance balances retail measuring average range. at of the
dynamics better-than-expected for income observing insurance are and fee we Finally, underwriting results.
this, XX%.With the maintain guidance we around aforementioned, can we the for of Q&A. XXXX ROE all our at turn to Given
