Jun 2026 (Q2 FY26) — Aug 14, 2026
Credicorp Ltd. Q2 FY26 — Medium-Term ROE Target Raised to 22% Amid Strong Performance
Read the full callCredicorp (BAP) earnings
- Jun 2026 (Q2 FY26)
- Dec 2024
Credicorp earnings: last reported Fri, 14 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
6 of 9 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Yape users with a loan disbursed | 5 million | Dec 2024 | the number of clients receiving loan disbursements increased to $5.6 million. | Achieved |
| Efficiency Ratio (medium-term) | around 42% | Sep 2025 | going to be around 40% cost-to-income in the midterm. | Revised Up |
| Cost of Risk | 1.7% to 2.1% | Dec 2025 | Under the scenario currently assessed, we expect full year 2026 cost of risk to remain within guidance. | On Track |
3 of CREDICORP LTD's 34 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Reported a strong Q2 FY26 ROE of 20.3%, reflecting a diversified business model.
- Raised medium-term ROE expectation to approximately 22%, up from 19.5%.
- Loan growth accelerated to 13.1% year-over-year (quarter-end balances).
- Yape's risk-adjusted revenue contribution increased to 8.9% of Credicorp's total.
- Net interest income increased 13.3% year-over-year, driven by lower interest expenses and higher yield loan mix.
Qualified
- Registered $106 million in additional provisions related to El Nino risk in Q2 FY26.
- El Nino is expected to cause short-term volatility and potentially moderate loan growth and fee income in 2027.
- Peru's primary GDP estimated to have fallen by nearly 5% year-over-year in Q2 FY26 due to El Nino-related disruptions.
Price
$383.95 −1.62% · −$6.31
Performance +51.1% 1Y
1Y: $254.06 on 17 Oct 2025 → $383.95. High $402.27 (30 Jul 2026), low $247.85 (21 Nov 2025).
- Previous close
- $390.26
- 52-week range
- $247.85 – $402.27
- One year
- +51.42%
Overview
- Symbol
- BAP
- Sector
- Financials
- Industry
- Commercial Banks, NEC
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 9 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Yape users with a loan disbursed | 5 million | Dec 2024 | the number of clients receiving loan disbursements increased to $5.6 million. | Achieved |
| Efficiency Ratio (medium-term) | around 42% | Sep 2025 | going to be around 40% cost-to-income in the midterm. | Revised Up |
| Cost of Risk | 1.7% to 2.1% | Dec 2025 | Under the scenario currently assessed, we expect full year 2026 cost of risk to remain within guidance. | On Track |
Claimed
- Reported a strong Q2 FY26 ROE of 20.3%, reflecting a diversified business model.
- Raised medium-term ROE expectation to approximately 22%, up from 19.5%.
- Loan growth accelerated to 13.1% year-over-year (quarter-end balances).
- Yape's risk-adjusted revenue contribution increased to 8.9% of Credicorp's total.
- Net interest income increased 13.3% year-over-year, driven by lower interest expenses and higher yield loan mix.
Qualified
- Registered $106 million in additional provisions related to El Nino risk in Q2 FY26.
- El Nino is expected to cause short-term volatility and potentially moderate loan growth and fee income in 2027.
- Peru's primary GDP estimated to have fallen by nearly 5% year-over-year in Q2 FY26 due to El Nino-related disruptions.
The full ledger
Open CREDICORP LTD’s full ledger
A free account opens 5 company ledgers a month. All 34 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 15, 2026
Credicorp Ltd. Q1 FY26 — record net income, 21.1% ROE on strong credit and Yape scaling
Read the full callDec 2025 (Q4 FY25) — Feb 13, 2026
Credicorp Ltd. Q4 FY25 — Strong Performance Driven by Digital Growth and Strategic Acquisitions
Read the full callEvery analysed call
Credicorp earnings calls (BAP)
Financials
What the filings say
| Line item | Dec 2016 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 136,319 | 152,997 | 161,113 | 211,961 | 216,611 | 205,819 | 205,733 | 221,112 |
| Fixed assets | 1,552 | 1,481 | 1,428 | 1,375 | 1,309 | 1,281 | 1,358 | 1,439 |
| Total assets | 156,435 | 177,263 | 187,859 | 237,406 | 243,444 | 235,414 | 238,840 | 256,089 |
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 9,507 | -252 | 6,934 | 12,686 | 3,973 | -1,151 | 4,080 | 14,522 |
| Cash from investing | 250 | -59 | 726 | -1,872 | -3,728 | -1,095 | -1,255 | 528 |
| Cash from financing | -2,394 | -1,445 | -3,552 | -2,088 | -465 | -1,601 | -2,264 | -1,810 |
| Capital expenditure | -144 | -181 | -135 | -98 | -108 | -193 | -322 | -310 |
| Free cash flow | 9,363 | -433 | 6,799 | 12,587 | 3,865 | -1,344 | 3,757 | 14,212 |
BAP operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | 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 | 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 | — | <15MYape 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 | 15.5MYape 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 | <16MYape, 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 | 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.
Insider filings
2 filings between May 21, 2026 and Jun 5, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.48M
2 sales by 2 insiders
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Cavero Diego Antonio | — | $1.12M | Jun 5, 2026 |
| Perez-Reyes Alejandro | — | $362.1K | May 21, 2026 |
Latest filings (2)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 5, 2026 | Cavero Diego Antonio CEO Head Universal Banking | Sale | 3,500 | $1.12M |
| May 21, 2026 | Perez-Reyes Alejandro CFO | Sale | 1,073 | $362.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for CREDICORP LTD
Free account. Everything above stays public.
Write why you follow CREDICORP LTD and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading