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    Alonso Aramburú • BTG Pactual

    Alonso Aramburú's questions to Credicorp Ltd (BAP) leadership

    Alonso Aramburú's questions to Credicorp Ltd (BAP) leadership • Q2 2025

    Question

    Alonso Aramburú from BTG Pactual inquired about asset quality trends at Yape, including its cost of risk and NPL levels, the types and terms of its loans, and its target for lending as a percentage of revenue. He also sought to confirm the implied cost of risk for the second half of the year.

    Answer

    CEO Gianfranco Ferrari explained that Yape's loan portfolio is still small but growing, with a mix of single-installment and multi-installment consumer loans, and that its risk-adjusted NIM is very good. He noted that lending will be the major contributor to Yape's future profit. CFO Alejandro Perez-Reyes confirmed that the full-year cost of risk guidance of 1.8% to 2.2% implies a cost of risk closer to 2% for the second half of the year, up from the 1.6% in the first half.

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    Alonso Aramburú's questions to Credicorp Ltd (BAP) leadership • Q3 2024

    Question

    Alonso Aramburú questioned when Mibanco might relax its strict origination policies to stimulate loan growth, given the commentary about being at a turning point in the credit cycle.

    Answer

    Chief Executive Officer Gianfranco Piero Ferrari de Las Casas responded that as the cost of risk improves, they are already seeing more portfolio activity. He indicated that policies will be relaxed in the coming months as positive trends are confirmed, which should lead to more significant growth.

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    Alonso Aramburú's questions to Intercorp Financial Services Inc (IFS) leadership

    Alonso Aramburú's questions to Intercorp Financial Services Inc (IFS) leadership • Q1 2025

    Question

    Alonso Aramburú from BTG Pactual asked about the potential for additional provisions related to Telefonica and questioned the outlook for the cost of risk, wondering if it would remain near 2.5% or rise toward the 3% guidance as consumer lending increases.

    Answer

    Executive Luis Castellanos López-Torres stated that based on current information, the company feels comfortable with its Telefonica provisions and does not anticipate more in the short term. He, along with an unnamed executive and Michela Ramat, clarified that the 3% cost of risk guidance accounts for the expected growth in the consumer loan portfolio. Michela Ramat added that the current loan mix has resulted in a better-than-expected risk-adjusted NIM, which is helping ROE.

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    Alonso Aramburú's questions to Intercorp Financial Services Inc (IFS) leadership • Q4 2024

    Question

    Alonso Aramburú from BTG Pactual sought to reconcile how Interbank could reach an 18% ROE with a 3% cost of risk, given Q4's 16% ROE was achieved with a lower 2.6% cost of risk. He also requested color on the specific securities driving mark-to-market gains at Inteligo.

    Answer

    Executive Luis Castellanos López-Torres explained the path to an 18% ROE involves rebuilding the higher-yielding consumer loan book, which boosts NIM and fee income, offsetting a slightly higher cost of risk, alongside improved funding costs and efficiency. Executive Bruno Ferreccio del Rio noted Inteligo's gains were broad-based, with the equity portfolio, particularly financials and technology stocks, being the main Q4 contributor.

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    Alonso Aramburú's questions to Banco Santander-Chile (BSAC) leadership

    Alonso Aramburú's questions to Banco Santander-Chile (BSAC) leadership • Q1 2024

    Question

    Alonso Aramburú of BTG Pactual asked if further one-off restructuring provisions are expected this year and sought to confirm if the 15-17% ROE guidance implies an ROE of around 19% for the remainder of the year, given the strong April result.

    Answer

    CFO Emiliano Muratore confirmed that no additional one-off restructuring provisions are expected in 2024. He also agreed that achieving the midpoint of the annual ROE guidance is reasonable, which would necessitate an ROE of approximately 19% for the rest of the year, with the final outcome dependent on the evolution of interest rates.

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