Credicorp (BAP) Q2 FY25 earnings call

Earnings call· Jun 2025 (Q2 FY25)· Financials· Aug 15, 2025

Source: earnings call transcript

Credicorp delivered a solid Q2 FY25, driven by an improving Peruvian macro environment, robust digital platform growth led by Yape, and disciplined risk management. The company raised its full-year and long-term ROE guidance, reflecting confidence in its diversified business model and accelerating innovation. While a significant payment to SUNAT impacted current-year capital return plans, management remains focused on sustainable, higher-quality growth through enhanced fee generation and strategic digital investments.

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BAP operating KPIs by quarter

BAP operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	This call Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Net interest margin	—	6.2% In this context, NIM remained resilient at 6.2% despite a year-over-year contraction in asset yields. Source: earnings call transcript	6.4% In this context, NIM remained resilient at 6.4%. Source: earnings call transcript	—	6.6% In this context, NIM stood at 6.6%. Source: earnings call transcript	6.6% In this context, NIM stood at 6.6%. Source: earnings call transcript	6.6% Against this backdrop, NIM stood at 6.6%. Source: earnings call transcript	0 pt
Net interest margin BCP	6% NIM decreased 20 basis points to stand at 6%. Source: earnings call transcript	5.8% NIM remained resilient at 5.8% despite decreasing interest rates, cautioned by a lower cost funding structure. Source: earnings call transcript	6% NIM stood at 6% due to an improvement in the asset mix and a drop in the funding cost. Source: earnings call transcript	6.1% NIM stood at 6.1%, increasing 10 basis points on the tail of a shift in the asset mix. Source: earnings call transcript	6.1% NIM remained relatively stable at 6.1%, reflecting resilience in the context of lower interest rates. Source: earnings call transcript	6% NIM rose 21 basis points to stand at 6%, mainly due to a decrease in the funding cost while the yield on interest-earning assets remained resilient in an environment of lower interest rates. Source: earnings call transcript	6.1% NIM stood at 6.1% as the loan portfolio shifted to a higher yield mix, while funding costs remained stable. Source: earnings call transcript	+0.1 pt
Active accounts Yape	<40M Yape reported close to 40 million active users, around 69% of the economically active populatio. Source: earnings call transcript	—	<15M Yape continues to lead Peru's digital financial services landscape with nearly 15 million monthly active users at the end of the second quarter. Source: earnings call transcript	15.5M Yape continues to generate value across the Credicorp ecosystem with 15.5 million monthly active users, which is the equivalent of 82% of the economically active population. Source: earnings call transcript	<16M Yape, our most mature disruptive initiative, closed the year with nearly 16 million monthly active users who engage with the platform an average of 66 times per month. Source: earnings call transcript	—	—	—
Net interest margin Mibanco	14.2% NIM rose 30 basis points to 14.2%, boosted by a drop in the cost of funding after the funding rate decline. Source: earnings call transcript	13.9% NIM contracted due to a less favorable asset mix and stood at a strong 13.9%. Source: earnings call transcript	14.4% NIM rose to a peak of 14.4%, its highest level since before the pandemic, boosted by a shift in the mix towards small ticket, higher-yield loans. Source: earnings call transcript	—	15.2% NIM peaked at 15.2%, boosted by a shift in the mix towards small ticket, higher-yield loans. Source: earnings call transcript	14.9% Our active pricing management, coupled with the decrease in the cost of funding, boosted NIM which stood at a strong 14.9%. Source: earnings call transcript	15.2% As a result, NIM rose 23 basis points to stand at 15.2%. Source: earnings call transcript	+0.3 pt
Efficiency ratio	—	45.7% Our efficiency ratio is at 45.7% within our guidance range as strategic investments in innovation and digital capabilities continue to drive diversified income streams and scalable growth through deeper market penetration. Source: earnings call transcript	44.2% Our efficiency ratio came in at 44.2%, within our expected range, highlighting the scalability of our digital investments and our disciplined approach to cost control. Source: earnings call transcript	46.4% Lastly, from an operational standpoint, our efficiency ratio came in at 46.4%, well within our expected range, reflecting the leverage in our digital capabilities and our disciplined cost management. Source: earnings call transcript	49% From an operational standpoint, our efficiency ratio came in at 49% in the fourth quarter, well within our expected range. Source: earnings call transcript	45.8% Our efficiency ratio is at 45.8% with our guidance -- within our guidance range. Source: earnings call transcript	45.4% Our efficiency ratio stood at 45.4%, while investments in innovation and digital capabilities continue to broaden our revenue base. Source: earnings call transcript	-0.4 pt
Efficiency ratio BCP	—	37.7% The efficiency ratio stood at 37.7% this quarter. Source: earnings call transcript	—	38.7% The efficiency ratio stood at 38.7% at the end of the third quarter. Source: earnings call transcript	—	38.6% In this context, operating expenses and personnel expenses, in particular led the efficiency ratio to stand at 38.6%. Source: earnings call transcript	—	—
Efficiency ratio Mibanco	—	52.9% Operating expenses remained under control and efficiency stood at 52.9%. Source: earnings call transcript	—	51.4% Operating expenses remained under control and efficiency stood at 51.4%. Source: earnings call transcript	—	49.2% Efficiency improved despite these investments and stood at 49.2% at quarter end. Source: earnings call transcript	—	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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