Credicorp Stock Earnings Reports

Credicorp reported a strong Q1 2026 driven by broad-based operating momentum across its ecosystem. Key takeaways: macro & risks — Peru GDP momentum remains solid (domestic demand >4%); inflation rose to 4% and geopolitical/El Niño and election uncertainty are downside risks, but management expects institutional checks to preserve macro stability. Strategy — management is executing a four‑pillar "decoupling" strategy: (1) expand in underpenetrated markets, (2) scale an integrated digital ecosystem (consolidated neobank unit for Yape/Eo/Tenpo), (3) unlock cross‑subsidiary synergies (data & risk analytics), and (4) preserve returns via disciplined risk & capital management. Financial highlights — record net income and ROE of 21.1%; loan balances +8.2% y/y (driven by BCP retail & wholesale and Mibanco); NIM 6.6% (risk‑adjusted NIM ~5.8%); low‑cost deposits gained share (63.9% of funding; low‑cost share at BCP 41.2%); NPL ratio improved to 4.3% and NPL coverage rose to ~113.8%; cost of risk 1.3% (below guidance) but expected to normalize toward the lower end of guidance as retail origination accelerates. Digital & innovation — Yape continues rapid scale (16.4m MAUs, 67 transactions/month per user, revenue/MAU +65% y/y) and represented 8% of group risk‑adjusted revenues this quarter (17% of group fee income). Capital & shareholder return — announced an ordinary dividend of PEN 50/share supported by strong solvency. Guidance — reaffirmed 2026 Peru GDP ~3.5% (skewed down), consolidated loan growth ~8.5% (10.5% FX‑neutral), NIM 6.4–6.7%, and ROE guidance ~19.5% (management believes outcomes could land on the upper side, but remains cautious given political/El Niño risks).