Credicorp (BAP) Q2 2026 earnings summary

Executive summary

• Q2 ROE was 20.3%, supported by accelerating loans and stronger risk-adjusted revenues; medium-term ROE outlook rose to ~22%.

• Net income attributable to shareholders was S/ 1,981.9 million, up 8.8% YoY and down 3.9% QoQ.

• Loans grew 13.1% YoY and 4.3% QoQ, led by BCP and Mibanco, with the NPL ratio improving to 4.1%.

• Innovation contributed 9.9% of risk-adjusted revenues; Yape reached 16.7 million MAU and 8.9% of risk-adjusted revenues.

• Digital initiatives supported financial inclusion, reaching 7 million financially included clients.

Financial highlights

• Net interest income rose 13.3% YoY; other core income increased 19.7%, including fee income growth of 15.9% and FX transaction gains of 29.8%.

• Deposits increased 17.7% YoY; low-cost deposits were 74.4% of total deposits and 62.4% of the funding base.

• Provisions rose 27.1% YoY and 51.7% QoQ, including S/ 106 million for El Niño risk; reported cost of risk was 1.9%.

• First-half ROE was 21.2%; operating expenses rose 13.5% YTD, driven by core-business growth and innovation investment.

• Insurance underwriting result declined 17.9% YoY amid higher claims and less favorable reinsurance.

Outlook and guidance

• 2026 loan growth guidance rose to ~12%; NIM guidance is 6.4%-6.7%, cost of risk 1.7%-2.1%, and efficiency ratio 45.0%-46.5%.

• 2026 ROE guidance was reaffirmed at ~19.5% with an upside bias; medium-term ROE outlook increased to ~22%.

• NIM and risk-adjusted NIM are expected at the high end of guidance; fee-income growth outlook was raised to high teens.

• 2026 Peru GDP growth is expected at ~3.5%, including estimated El Niño effects; El Niño provisions are reflected in cost-of-risk guidance.