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; medium-term ROE guidance raised to approximately 22%.

• Innovation portfolio contributed 9.9% of risk-adjusted revenues, with Yape's engagement and monetization strengthening and financial inclusion reaching 7 million clients.

• Loans grew 13.1% year-over-year, led by BCP and Mibanco, with improved asset quality (NPL ratio at 4.1%).

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

• Confidence in Peru's medium-term outlook, supported by improved economic fundamentals, policy continuity, and favorable commodity prices.

Financial highlights

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

• Fee income up 15.9% YoY; FX transaction gains up 29.8% YoY; other core income up 19.7% YoY.

• Efficiency ratio at 45.4%-45.6%; operating expenses grew 13.5% YoY.

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

• Net income for 1H26 reached S/ 4,045 million, with ROE at 21.2%.

Outlook and guidance

• 2026 Peru GDP growth expected at 3.2%-3.5%, including El Niño impact.

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

• Fee income growth now expected in the high teens; efficiency ratio to remain within guidance.

• 2026 ROE guidance reaffirmed at around 19.5%, with upside potential depending on El Niño severity; medium-term ROE target set at 22%.

• NIM and risk-adjusted NIM expected at high end of guidance; cost of risk guidance for 2026 is 1.7%-2.1%.