Credicorp (BAP) Q2 2026 earnings summary

Executive summary

• ROE reached 20.3% in 2Q26, driven by strong operating performance, accelerated loan growth, and higher risk-adjusted revenues across a diversified business ecosystem; medium-term ROE guidance raised to approximately 22%.

• Net income attributable to shareholders was S/ 1,981.9 million, up 8.8% YoY; net income for 1H26 reached S/ 4,045 million, with ROE at 21.2%.

• Strategic focus on innovation, digital capabilities, and financial inclusion is expanding the revenue base and deepening customer engagement, with Yape reaching over 16 million monthly active users and 7 million financially included clients.

• Confidence in Peru's medium-term outlook is underpinned by improved economic fundamentals, policy continuity, and favorable commodity prices, despite El Niño risks.

Financial highlights

• Loans grew 13.1% YoY, led by BCP and Mibanco, with NPL ratio at 4.1% (down 91 bps YoY) and cost of risk at 1.9%, including S/ 106 million in El Niño-related provisions.

• Net interest income rose 13.3% YoY; NIM at 6.63% (+21 bps YoY); risk-adjusted NIM at 5.5%.

• Fee income grew 15.9% YoY; other core income up 19.7% YoY; gains on FX transactions up 29.8% YoY.

• Efficiency ratio at 45.4% (consolidated), BCP at 38.6%, Mibanco at 48%.

• Total deposits increased 17.7% YoY, with low-cost deposits at 74.4% of total.

Outlook and guidance

• Medium-term ROE guidance increased to approximately 22%; 2026 ROE guidance reaffirmed at around 19.5% with upside bias, subject to El Niño evolution.

• Loan growth outlook raised to around 12% for 2026, with double-digit growth expected in both retail and wholesale segments.

• NIM and risk-adjusted NIM expected at high end of guidance; fee income growth now expected in the high teens.

• Efficiency ratio to remain within guidance; cost of risk guidance for 2026 is 1.7%-2.1%, with El Niño-related provisions already reflected.

• Peru's GDP expected to grow around 3.2%-3.5% in 2026, including El Niño impact.