Credi (BAP) Earnings Date & Reports

Key Takeaways

• Credicorp Ltd. (NYSE: BAP) reported 2Q26 net profit attributable to shareholders of S/1.98 billion, up 8.8% year over year but down 3.9% from 1Q26.
• Return on equity (ROE), a measure of profitability, reached 20.3%, down from 21.1% in the prior quarter but above the company's full-year guidance of around 19.5%.
• Net interest income (NII), or income from lending and deposit activity, rose 13.3% year over year to S/4.1 billion.
• Net interest margin (NIM), a key banking profitability gauge, expanded 0.21 percentage points to 6.63%.
• Total loans grew 13.1% year over year to S/159.43 billion, while deposits increased 17.7% to S/182.12 billion.
• Asset quality improved, with the non-performing loan (NPL) ratio at 4.1% versus 5.0% a year earlier, even as loan loss provisions jumped 51.7% from 1Q26 to S/731.21 million.

Earnings Context and Why It Matters

Credicorp is Peru's largest financial holding company and the parent of Banco de Crédito del Perú (BCP), the country's leading bank, alongside businesses in microfinance, insurance, and investment services. Its quarterly results are a closely watched barometer for Peruvian credit demand, deposit trends, and business confidence. The 2Q26 report arrived at a sensitive moment: Peru's economy is still growing, but political uncertainty around the 2026 general elections and questions about funding costs and margins have kept investors focused on whether Credicorp can defend profitability while its loan book keeps expanding. The results provide an updated read on that balance between growth and credit quality.

Reported Results

Credicorp released its 2Q26 results after the market close on Thursday, August 13, 2026, with its conference call following on Friday, August 14. The company reports in Peruvian soles (S/). Net profit attributable to shareholders reached S/1.98 billion, an 8.8% increase year over year but a 3.9% decline from 1Q26.

Net interest income climbed 13.3% year over year to S/4.1 billion, and net interest margin expanded 0.21 percentage points to 6.63%. On the balance sheet, total loans rose 13.1% year over year to S/159.43 billion, while deposits increased 17.7% to S/182.12 billion, underscoring continued franchise momentum.

Asset quality improved, with the NPL ratio easing to 4.1% from 5.0% a year earlier. However, loan loss provisions rose 51.7% from the previous quarter to S/731.21 million, which weighed on sequential profitability. Management maintained its 2026 ROE guidance at around 19.5%; the reported 20.3% ROE remained above that target.

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Market Reaction and Investor Sentiment

Credicorp shares entered the report trading near the upper end of their 52-week range in early August, reflecting optimism built on record first-quarter profitability and a strong Peruvian banking franchise. The 2Q26 release gave investors a mixed but generally constructive picture: resilient loan and deposit growth, improving asset quality, and an ROE above guidance on one side, and a sharp sequential increase in loan loss provisions on the other.

Because the quarterly profit decline was driven by higher credit-loss provisioning rather than weaker revenue, the market is likely to interpret the quarter through the lens of whether that provisioning reflects prudent risk management or the beginning of a more expensive credit cycle. The August 14 conference call was expected to provide additional color on credit trends and the company's outlook for the rest of 2026.

Forward Outlook and Key Factors to Monitor

The most important watch item is provisioning and cost of risk. The 51.7% sequential jump in loan loss provisions raises the question of whether credit costs will keep climbing in the second half of 2026. Management's maintained ROE guidance of around 19.5% signals confidence that profitability can absorb higher provisions, but investors will monitor the NPL ratio and coverage levels closely in the coming quarters.

Loan growth and margins are also central. Credicorp's loan book expanded 13.1% year over year, and the second-quarter NIM of 6.63% remained healthy. Whether these trends persist will depend on Peru's economic momentum, interest rates, and funding costs across the banking system.

Finally, external factors remain in focus. Peru's general elections and broader political landscape, along with weather-related risks such as El Niño, could affect business confidence and agriculture-linked lending. Digital platforms such as Yape also remain a key growth theme as Credicorp continues to build out its digital and payments ecosystem.

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