ProCredit (PCZ) Q1 2026 earnings summary

Executive summary

• Solid start to 2026 with accelerated loan growth, disciplined execution, and focus on higher-yielding client segments and digitalisation initiatives.

• Net result reached €21.7m, with ROE at 8.0% and cost-income ratio at 71.2%.

• Client base in micro segment expanded by 10% quarter-on-quarter, with overall active clients up 4% and retail clients up by 8,600.

• Dividend proposal of EUR 0.47 per share maintained for the upcoming AGM.

• Strategy emphasizes sustainability, prudent risk management, and continued momentum from Q4 2025.

Financial highlights

• Operating income increased by 5% year-on-year to EUR 110.5 million, driven by net interest income growth of 8.6%.

• Loan portfolio increased by 2.6% quarter-on-quarter to EUR 8.0 billion; customer deposits stable at EUR 9.1 billion.

• More than 80% of loan growth came from higher-yielding micro, small, and retail segments.

• Green loan portfolio stands at EUR 1.4 billion, representing 18% of total loans.

• CET1 ratio at 12.9%, leverage ratio at 8.0%, and loan-to-deposit ratio stable at 87%.

Outlook and guidance

• Loan growth for 2026 expected in the 12%-15% range in core markets, with cost-income ratio around 73.4%.

• ROE guidance for the year confirmed at around 7%, reflecting income growth, digital investments, and one-off effects.

• CET1 ratio targeted at around 13% by year-end, with a 1/3 dividend payout ratio.

• Medium-term targets: loan portfolio above EUR 10 billion, ROE of 13%-14%, and cost-income ratio of ~57%.

• Sale of majority stake in Ecuador expected to negatively impact results.