Credicorp Ltd (BAP) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 8, 2023 10:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, everyone. I would like to welcome all of you to the Credicorp Limited First Quarter 2023 Conference Call. A slide presentation will accompany today's webcast, which is available in the Investors section of Credicorp website. Today's conference call is being recorded. As a reminder, all participants will be in listen only-mode. There will be an opportunity for you to ask questions at the end of today's presentation. [Operator Instructions]

Now, it is my pleasure to turn the conference over to Credicorp's IRO, Milagros Ciguenas. You may begin.

Milagros Ciguenas

Thank you and good morning, everyone. Speaking on today's call will be Gianfranco Ferrari, our Chief Executive Officer, and Cesar Rios, our Chief Financial Officer. Participating in the Q&A session will also be Francesca Raffo, Chief Innovation Officer; Reynaldo Llosa, Chief Risk Officer; Cesar Rivera, Head of Insurance and Pensions; and Carlos Sotelo, CFO at Mibanco.

Before we proceed, I would like to make the following Safe Harbour statement. Today's call will contain forward-looking statements, which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. And I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC.

We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Gianfranco Ferrari will start the call discussing our strategic initiatives, followed by Cesar Rios, who will comment on the macro environment in which we work, our financial performance and provide an update on our outlook for 2023.

Gianfranco, please go ahead.

Gianfranco Ferrari

Thank you, Milagros. Good morning, everyone, and good afternoon to those in Europe. Thank you for joining us on today's earnings call. As you all know, the first quarter of the year presented significant challenges for Peru's economy. The social unrest at the beginning of the year, coupled with the damage and disruption of Cyclone Yaku in the north and central parts of Peru, impacted GDP growth in the first quarter.

We now expect GDP to grow by 1.8% in 2023. Today, we will discuss the impact that these events had on our business, the actions we took in response, as well as our outlook for the full year. Before going to our results, I would like to take a moment to comment on the important progress related to our commitment to drive long-term stakeholder value and to taking a leadership role in corporate governance in Latin America.