Credi (BAP) Earnings Date & Reports

Key Takeaways

• Analysts expect Q1 2026 EPS of $6.92, up from $6.02 in the year-ago quarter.
• Consensus revenue forecast stands at $1.55 billion, building on strong 2025 performance.
• Investors focus on net interest margin (NIM, the spread between interest earned on loans and interest paid on deposits), projected around 7%, and loan portfolio expansion.
• 2026 guidance targets 8.5% loan growth and ROE (return on equity, a measure of profitability relative to shareholders' equity) near 19.5%.
• Earnings release set for May 14 after market close, with conference call on May 15.

Earnings Context and Why It Matters

Credicorp (BAP), Peru's leading financial services holding company with operations in Chile, Colombia, Bolivia, and Panama, enters Q1 2026 earnings on the heels of a banner 2025. The company posted record net income up 26% to S/7,083 million and ROE of 19%, fueled by robust loan growth and digital innovation via platforms like Yape. This report matters as it will signal progress toward 2026 targets amid Peru's stabilizing economy and political uncertainties. Investors seek confirmation of sustained demand for loans, resilient asset quality with non-performing loans (NPLs) at lows, and fee income growth from new businesses aiming for 10% of revenues. A strong showing could affirm BAP's 65% stock gain over the past year, while misses might highlight emerging market risks.

Earnings Expectations

Wall Street consensus calls for Q1 2026 EPS of $6.92, a rise from $6.02 year-over-year, with revenue at $1.55 billion. Estimates have held steady, per MarketBeat and Zacks data. Key metrics in focus include NIM around 7% and quarterly loan growth tracking the full-year 8.5% target. In Q4 2025, EPS of $5.93 missed $6.37 expectations, triggering a 2.36% stock drop before recovery on full-year strength. Historically, beats have driven 5-10% upside, underscoring volatility potential. Coverage ratios and cost of risk (1.7-2.1%) will also draw scrutiny versus prior quarters' improvements.

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Market Reaction and Investor Sentiment

Heading into earnings, sentiment around Credicorp (BAP) is cautiously optimistic. Shares trade near $319, up 12% year-to-date and 66% over 12 months, buoyed by 2025 records. Analysts maintain Buy ratings with targets around $360, implying upside. Risks include Peru's political noise and NIM pressures from funding costs. Past beats sparked rallies, while Q4's miss caused a brief dip—suggesting potential for sharp moves post-report.

Forward Outlook and Key Factors to Monitor

Post-Q1, attention will turn to alignment with 2026 guidance: 8.5% loan portfolio growth (double-digit at BCP and Mibanco), NIM stable at 6.4-6.7%, cost of risk 1.7-2.1%, and ROE around 19.5%. Digital channels like Yape are expected to boost revenues toward 10% from innovation units.

Asset quality remains key, with NPLs at historic lows and coverage over 112%. Peru's projected 3.5% GDP growth supports demand, but political risks ahead of 2026 elections warrant watching.

Cost-to-income efficiency targeting 45-46.5% and diversification across markets will signal resilience. Upcoming catalysts include Q2 loan trends and macro updates during the May 15 call.

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