Credicorp 2Q26: ROE 20.3%, Medium-Term ROE Target Raised to ~22%
BAP sits 64% above its 52-week low of $230.453.
Summary
Credicorp reported 2Q26 net income of S/1,981.9 million, up 8.8% YoY, with ROE of 20.3%. Management raised its medium-term ROE target to ~22% and reconfirmed 2026 guidance.
Key Events · Earnings and Guidance · BAP
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2Q26 Net Income Up 8.8% YoY
Net income attributable to Credicorp reached S/1,981.9 million, up 8.8% YoY, with ROE of 20.3% for the quarter and 21.2% for 1H26.
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Medium-Term ROE Target Raised to ~22%
Management increased its medium-term ROE expectation to around 22.0% from prior ~19.5%, while reconfirming 2026 ROE guidance of around 19.5% with an upside bias.
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Loan Growth Accelerates to 13.1% YoY
Total loans expanded 13.1% YoY (14.6% FX-neutral), led by BCP's Retail and Wholesale Banking and continued growth at Mibanco.
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Asset Quality Improves; El Niño Provisions Add 27bps to CoR
NPL ratio declined 91bps YoY to 4.1%. Cost of Risk rose to 1.9% including S/106 million in additional El Niño-related provisions; underlying CoR was 1.6%.
Analysis · BAP · Finance
A strong quarter for Credicorp, with net income up 8.8% YoY and ROE of 20.3%, driven by accelerated loan growth, lower funding costs, and improving asset quality. Management raised its medium-term ROE expectation to around 22% from ~19.5%, a meaningful upgrade that signals confidence in sustained profitability. The quarter also included S/106 million in additional El Niño-related provisions, which pushed Cost of Risk to 1.9%, but underlying credit trends remain favorable with NPLs at 4.1%. Yape's monetization continues to scale, now contributing 8.9% of risk-adjusted revenues.
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At the time of this filing, BAP was trading at $378.28 on NYSE in the Finance sector, with a market capitalization of approximately $30.1B. The 52-week trading range was $230.45 to $413.25. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.