Credicorp Reports Record 1Q26 Net Income and 21.1% ROE
BAP sits 60% above its 52-week low of $193.13 on light trading volume (0.3× avg).
Summary
Credicorp reported record-high first-quarter 2026 net income and a 21.1% ROE, driven by strong loan and deposit growth, improved asset quality, and significant progress in its digital innovation initiatives.
Key Events · Earnings and Guidance · BAP
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Record-High Net Income and ROE
Net income attributable to Credicorp reached S/2,063 million, up 16.1% year-over-year and 30.0% quarter-over-quarter, with Return on Equity (ROE) hitting a record 21.1%.
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Improved Asset Quality
The Non-Performing Loan (NPL) ratio declined to 4.3% (down 83 bps YoY and 28 bps QoQ), and the Cost of Risk stood at 1.3%, reflecting strengthened risk management and better payment behavior.
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Strong Loan and Deposit Growth
Total loans increased 8.2% year-over-year, and total deposits expanded 13.3% year-over-year, with low-cost deposits representing 74.9% of the total funding base.
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Robust Net Interest Income (NII) and Risk-Adjusted NIM
Net Interest Income (NII) grew 10.9% year-over-year, and Risk-Adjusted Net Interest Margin (NIM) rose to 5.8%, supported by resilient margins and lower funding costs.
Analysis · BAP · Finance
This filing details Credicorp's strong first-quarter 2026 financial results, showcasing record profitability and significant operational improvements. The company achieved a record 21.1% Return on Equity (ROE) and a 16.1% year-over-year increase in net income, driven by robust loan and deposit growth, particularly in low-cost deposits. Asset quality improved significantly with a lower Non-Performing Loan (NPL) ratio and reduced Cost of Risk. The continued growth of its innovation portfolio, Yape, further diversifies revenue streams and strengthens the company's digital ecosystem. These results indicate strong execution of its strategy and a favorable operating environment.
At the time of this filing, BAP was trading at $309.88 on NYSE in the Finance sector, with a market capitalization of approximately $24.6B. The 52-week trading range was $193.13 to $380.20. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.