Key Takeaways:
- EPS of $7.43 beat consensus by 12 cents on revenue of $1.95 billion
- Medium-term ROE target raised to about 22 percent from roughly 19.5 percent
- Set aside PEN 106 million in El Niño provisions; cost of risk stays in guidance
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Credicorp beats Q2 estimates, lifts ROE target to 22%
Credicorp (BAP) reported second-quarter EPS of $7.43, beating estimates by 12 cents, and lifted its medium-term return-on-equity target to about 22 percent.
"Peru is entering a more favorable environment for growth, with private investment, domestic demand and commodity prices supporting momentum," Chief Executive Gianfranco Ferrari said.
Revenue of $1.95 billion topped the $1.82 billion consensus by 7.1 percent. Return on equity reached 20.3 percent in the quarter and 21.2 percent in the first half. Total loans rose 13.1 percent year over year, with net interest margin at 6.6 percent and the nonperforming-loan ratio down to 4.1 percent.
Shares rose 1.95 percent to $382.44. The higher ROE target reflects structural gains from loan growth, fee income and the Yape digital platform, with 2026 guidance reaffirmed at about 19.5 percent with an upside bias.
Banco de Crédito del Perú, the group's main bank, delivered a 29.2 percent ROE, while microfinance unit Mibanco posted 22.9 percent and insurer Grupo Pacífico 19.1 percent. The investment-management and advisory business reported 23.5 percent. Net interest income rose 13.3 percent, fee income climbed 15.9 percent and foreign-exchange gains advanced 29.8 percent.
Management raised its 2026 loan-growth outlook to about 12 percent on quarter-end balances and now expects fee income to grow in the high teens. The efficiency ratio of 45.4 percent stayed within guidance.
El Niño provisions
The company booked PEN 106 million in additional provisions tied to El Niño risk, adding 27 basis points to the cost of risk of 1.9 percent. Direct exposure to potentially affected clients is about 9 percent of total loans. Management expects full-year cost of risk to remain within guidance even under a severe weather scenario, with the strongest impact likely in the first quarter of 2027.
Yape, the group's digital platform, reached 16 million monthly active users and PEN 1.8 billion in loans, up fourfold year over year, with 5.6 million borrowers. The stock trades at 14.2 times earnings with a PEG ratio of 0.56, according to InvestingPro.
The raised ROE target shows management expects Peru's economic recovery and digital monetization to lift profitability above the 19.5 percent level set last October. Investors will watch the September-October reassessment of El Niño provisions and the digital strategic update scheduled for Nov. 17.
This article is for informational purposes only and does not constitute investment advice.
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