Credicorp (BAP) Q1 2026 earnings summary

Executive summary

• Net income reached a record S/2,063 million in Q1 2026, up 16.1% YoY, with ROE at 21.1% driven by robust loan growth, improved asset quality, and diversified income streams.

• Strategic focus on digital innovation, financial inclusion, and scaling neobank platforms across Peru, Chile, and Bolivia, with Yape reaching 16.4M MAUs and contributing significantly to fee income.

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

• Maintained a robust capital base and strong solvency, with CET1 at 11.3% at BCP Stand-alone and 15.7% at Mibanco.

• Resilient performance across core businesses, with strong contributions from BCP, Mibanco, and Yape.

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 (9.1% FX-neutral), led by BCP and Mibanco; NPL ratio declined to 4.3%, down 83bps YoY.

• Net interest income up 10.9% YoY; NIM at 6.58%; fee income rose 15.6% YoY; FX gains up 30.6% YoY; other core income increased 19.5%.

• Deposit growth strong, with low-cost deposits at 63.9% of funding base, up 487bps YoY.

• Efficiency ratio at 45.8%, stable YoY, with operating expenses up 13.1% YoY, mainly from IT and innovation investments.

• Dividend increased to S/50 per share.

Outlook and guidance

• 2026 GDP growth for Peru expected at 3.5%, with risks tilted to the downside.

• Loan book projected to grow 8.5% (10.5% FX-neutral); NIM expected between 6.4% and 6.7%; cost of risk anticipated at 1.7%-2.1%.

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

• Fee income expected to grow in low double digits; insurance underwriting result to drop by high single digits (excluding DNS, high single-digit growth).

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