Credicorp (BAP) Q1 2026 earnings summary

Executive summary

• Achieved record net income of S/2,063 million and ROE of 21.1% in Q1 2026, driven by robust loan growth, improved asset quality, and diversified income streams.

• Strategic focus on digital innovation, financial inclusion, and ecosystem integration, with Yape and neobank platforms expanding regionally.

• Board refresh with new directors specializing in technology, AI, and regulatory oversight, reinforcing governance and transformation priorities.

• Maintained a robust capital base and strong solvency, with CET1 at 11.3%.

• Resilient performance across core businesses, supported by favorable macroeconomic conditions and strong domestic demand.

Financial highlights

• Net income reached S/2,063 million, with ROE at 21.1% for Q1 2026, up from 20.3% in Q1 2025.

• Loans grew 8.2% YoY, led by BCP and Mibanco, with retail and microfinance segments accelerating.

• NIM stood at 6.58%, with risk-adjusted NIM at 5.8%, reflecting improved pricing and portfolio mix.

• Cost of risk declined to 1.3%, below guidance, due to improved payment performance and one-off effects.

• Efficiency ratio at 45.8%, stable YoY, despite increased investments in digital and innovation.

Outlook and guidance

• GDP growth for Peru expected at 3.5% for 2026, with risks tilted to the downside due to political and external uncertainties.

• Loan book projected to grow 8.5% (10.5% FX neutral), driven by retail and microfinance.

• NIM guidance between 6.4% and 6.7%; risk-adjusted NIM expected to remain strong.

• ROE guidance reaffirmed at around 19.5%, with potential to exceed upper end due to strong Q1 performance.

• Innovation portfolio expected to reach 10% of risk-adjusted income by year-end.