Credi (BAP) Earnings Date & Reports

Key Takeaways

• Credicorp reported second-quarter 2026 earnings per share (EPS) of $7.29, ahead of the $7.20 consensus estimate.
• Return on equity (ROE) — a measure of profitability relative to shareholder capital — reached 20.3%, above the company's prior full-year target.
• Total loan growth accelerated to 13.1% year over year, led by BCP (Banco de Crédito del Perú) and Mibanco.
• Management raised its medium-term ROE target to roughly 22% and lifted its 2026 loan growth outlook to around 12%.
• Asset quality kept improving, with the non-performing loan (NPL) ratio — loans at risk of default — falling to 4.1%.
• The company booked about PEN 106 million in additional provisions tied to El Niño weather risk.

Earnings Context and Why It Matters

Credicorp Ltd. is Peru's largest financial holding company, operating through Banco de Crédito del Perú (BCP), microfinance lender Mibanco, insurance and pension businesses, and its fast-growing digital payments platform, Yape. Its results serve as a broad barometer of Peru's consumer and business economy, which has been expanding on strong domestic demand. After a record first quarter, investors were watching closely to see whether lending momentum, margins, and asset quality could hold up. The second-quarter report matters because it signals whether Credicorp's growth is durable and whether its digital ecosystem is becoming a meaningful earnings contributor — both key to the company's long-term profitability targets.

Reported Results

Credicorp reported second-quarter 2026 EPS of $7.29, beating the consensus estimate of $7.20. Reported revenue came in at about $2.17 billion, above the roughly $1.72 billion analysts had expected and up about 12.3% year over year. ROE reached 20.3% for the quarter, exceeding prior guidance and reflecting strength across the diversified business model.

Net interest income rose 13.3% year over year, while the net interest margin (NIM) — the spread between what the bank earns on loans and pays on deposits — held at 6.6%. Total loans increased 13.1% year over year, driven by BCP and Mibanco. Fee income grew 15.9%, with Yape contributing 8.9% of the group's risk-adjusted revenues. Asset quality improved, as the NPL ratio declined to 4.1%. The cost of risk rose to 1.9%, including a 27-basis-point impact from roughly PEN 106 million in El Niño-related provisions. The efficiency ratio stood at 45.4%.

AI Screener

Tickeron's AI Screener is an AI-powered stock and ETF discovery tool that helps traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics. The screener can help identify trade ideas, trending stocks, breakout candidates, and market opportunities more efficiently than manual screening — a useful complement when reviewing earnings-driven moves like Credicorp's. Explore the AI Screener to build a watchlist tailored to your strategy.

Market Reaction and Investor Sentiment

Investor sentiment around Credicorp has been broadly constructive, supported by accelerating loan growth, improving asset quality, and rising digital fee income. The second-quarter beat and upward revisions to guidance — including a higher medium-term ROE target of roughly 22% and a raised 2026 loan growth outlook — reinforced confidence in the company's growth story. At the same time, management struck a cautious tone on near-term risks, citing El Niño, elevated inflation around 4%, and a primary-sector economic slowdown in Peru. These factors kept the outlook balanced, with investors weighing strong operating momentum against weather-related and macroeconomic uncertainty heading into the second half of the year.

Forward Outlook and Key Factors to Monitor

Looking ahead, Credicorp's raised targets set a higher bar for execution. Management now expects 2026 loan growth of around 12% and fee income growth in the high teens, while raising its medium-term ROE expectation to approximately 22%.

A central item to monitor is the potential severity of El Niño. The company has already set aside about PEN 106 million in provisions, and a severe weather event could push the cost of risk toward the upper end of its guidance range and weigh on 2027 loan growth. The strongest impact is expected in the first quarter of 2027.

Investors should also watch the scaling of Yape, which continues to expand its revenue per user and loan book, and whether operating expenses — up 13.5% year over year due to technology and innovation investments — begin to moderate relative to income growth. Peru's inflation and political environment remain additional factors that could influence consumer spending and credit demand in the quarters ahead.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations