Credicorp (BAP) Q3 2025 earnings summary

Executive summary

• Strategy centers on digital ecosystem expansion, business synergies, and disciplined execution for sustainable growth and long-term value creation.

• ROE reached 19.6% for 3Q25, with strong results in Universal Banking, Insurance & Pensions, and steady progress in Microfinance.

• Digital platforms like Yape, Tenpo, and Guarda are driving new revenue streams and financial inclusion, with Yape reaching 15.5 million MAU and lending now 20% of Yape revenues.

• Innovation portfolio contributed 7.4% of risk-adjusted revenues, on track for 10% by 2026.

• Profitability supported by broad-based business strength and innovation.

Financial highlights

• Net income for 9M25 reached S/ 5,501 million, with ROE at 20.1%.

• FX-neutral loan growth was 7% year-over-year, led by retail banking and Mibanco.

• Net interest income rose 2.7% year-over-year; NIM reached 6.57%, up 14 bps YoY.

• Fee income increased 8.2% YoY; FX transaction gains up 23.4% YoY.

• Efficiency ratio at 46.4% for 3Q25, 45.7% for 9M25.

Outlook and guidance

• 2025 guidance: real GDP growth around 3.0%-3.4%, loan portfolio growth ~6.5%, NIM 6.2%-6.5%, cost of risk 1.8%-2.2%, efficiency ratio 45%-47%, ROE around 19%.

• Medium-term ROE target reaffirmed at ~19.5%.

• Fee income and insurance underwriting results expected to grow at low double digits.