Credi (BAP) Earnings Date & Reports

Key Takeaways

• Credicorp Ltd. (BAP) is scheduled to report second-quarter 2026 earnings on Thursday, August 13, after the market close, with a conference call set for Friday, August 14, at 10:30 a.m. ET.
• Analyst consensus projects earnings of approximately $7.31 to $7.36 per share on revenue of roughly $1.82 billion, reflecting year-over-year growth from Q2 2025 EPS of $6.41.
• The company enters this report with strong momentum after posting record net income and a consolidated return on equity (ROE) of 21.1% in Q1 2026, which handily exceeded consensus estimates.
• Investors will focus on the performance of Yape, Credicorp's digital payments platform, which reached 16.4 million monthly active users and continues to scale its revenue contribution toward the company's 10% innovation revenue target for 2026.
• Key macro risks heading into the print include Peru's inflation trajectory, election-related uncertainty, and potential El Niño weather impacts on the domestic economy.
• The stock trades near its 52-week high with a year-to-date gain of roughly 41%, raising the bar for market reaction to the upcoming release.

Earnings Context and Why It Matters

Credicorp's Q2 2026 report arrives at a pivotal moment for both the company and investors tracking Latin American financials. As Peru's largest financial services holding company — encompassing universal banking through Banco de Crédito del Perú (BCP), microfinance via Mibanco, insurance and pensions, and investment banking — Credicorp serves as a bellwether for the Andean region's economic health. The company has delivered a remarkable run over the past year, with shares surging more than 64% in the trailing 12 months, powered by record profitability, expanding digital revenues, and disciplined risk management. With management's full-year 2026 guidance calling for ROE of approximately 19.5%, loan growth of around 8.5%, and a net interest margin (NIM) of 6.4% to 6.7%, this report will test whether the company's first-quarter outperformance was sustainable or benefited from temporary tailwinds.

Earnings Expectations

Wall Street expects Credicorp to deliver another strong quarter. The consensus earnings estimate sits between $7.31 and $7.36 per share, according to data from multiple analyst trackers, representing an increase from the $6.41 reported in the year-ago period. Revenue is forecast to land near $1.82 billion, up from approximately $1.59 billion in Q2 2025. These estimates imply year-over-year earnings growth of roughly 14% to 15%, a pace that reflects both Credicorp's underlying business momentum and Peru's GDP growth, which management pegs at approximately 3.5% for 2026.

Heading into the release, Credicorp's recent earnings track record is mixed but tilted positive. In Q1 2026, the company beat consensus by a wide margin — reporting EPS of $7.59 versus expectations of approximately $7.26 — driven by record net income, resilient NIM of 6.6%, and a 10.9% year-over-year increase in net interest income. However, Q4 2025 results fell short of forecasts, with EPS of $5.93 missing consensus by roughly 8%, highlighting some quarter-to-quarter variability. For Q2 2026, investors will be watching several critical metrics beyond the headline numbers: loan growth trends (Q1 showed 8.2% year-over-year expansion), the non-performing loan (NPL) ratio (which improved to 4.3% in Q1), cost of risk (1.3% in Q1), and the pace of fee income growth, which accelerated 15.6% year-over-year in the prior quarter.

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Market Reaction and Investor Sentiment

Credicorp shares enter the Q2 earnings event trading near elevated levels. As of the most recent close, the stock sits at approximately $387, not far from its 52-week high of $413.25 and well above the 200-day moving average near $351. The impressive year-to-date rally of more than 41% reflects broad-based optimism about Peru's macroeconomic recovery and Credicorp's digital transformation story — particularly the rapid monetization of Yape, which now accounts for 17% of group fee income. Analyst sentiment remains broadly constructive, with a consensus "Moderate Buy" rating and eight of thirteen covering analysts assigning Buy-equivalent ratings. Price targets range from JPMorgan's $415 neutral view to Morgan Stanley's bullish $480 overweight target. Still, the elevated valuation — the stock trades at roughly 15 times trailing earnings — leaves limited room for disappointment. In Q1, despite a sizable earnings beat, the stock's reaction was relatively muted, suggesting that high expectations are already partially discounted. Key risk factors that could pressure sentiment include any signs of NIM compression, deteriorating asset quality in the microfinance segment, softer-than-expected loan demand, or political turbulence ahead of Peru's upcoming electoral cycle.

Forward Outlook and Key Factors to Monitor

Beyond the Q2 print, several interconnected themes will shape Credicorp's trajectory through the remainder of 2026. Management's full-year guidance — particularly the ROE target of approximately 19.5% with potential upside — provides a framework for evaluating whether the company can convert first-half momentum into sustained outperformance.

The digital ecosystem remains the most closely watched growth driver. Yape's evolution from a peer-to-peer payments app into a broader lending and financial services platform is central to Credicorp's long-term strategy. With 16.4 million monthly active users and revenue per user up 65% year-over-year in Q1, the platform's contribution to group risk-adjusted revenues — already at 9% — is on track to reach the 10% target by year-end. Any commentary on Yape's credit portfolio performance, user engagement trends, or new product rollouts will carry significant weight.

On the macro front, Peru's GDP growth trajectory and inflation path will influence credit demand and funding costs. Management has acknowledged that recent indicators point closer to 3.2% GDP growth rather than the 3.5% assumed in guidance, which could modestly pressure loan volume targets. Additionally, the cost-of-risk outlook bears watching: Q1's consolidated cost of risk of 1.3% benefited from favorable conditions, and management has signaled expectations for a modest increase toward the lower end of its guided range as the year progresses.

Finally, capital allocation decisions — including the PEN 50 per share ordinary dividend declared in Q1 — underscore management's confidence in the balance sheet. With low-cost deposits representing nearly 64% of the funding base and a strong capital position, Credicorp retains meaningful flexibility to return capital to shareholders while continuing to invest in digital innovation and market expansion across the Andean region.

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