Credicorp's strong 2Q26 results with accelerating loan growth, improving asset quality, and raised medium-term ROE guidance signal continued operational momentum. The El Niño-related provision headwind (~27 bps on CoR) is a manageable near-term risk. Monitor the August 14 earnings call for details on El Niño evolution and the path to the raised ~22% medium-term ROE target.
Price Chart
Executive Summary
Credicorp reported strong 2Q26 results with net profit attributable to equity holders of S/1,981.9 million, up 8.8% YoY, driven by 13.1% YoY loan growth and resilient NIM of 6.63%. Asset quality improved with NPL ratio declining 91 bps YoY to 4.1%, though provisions increased 27.1% YoY including S/106 million in El Niño-related provisions. The company raised its medium-term ROE expectation to ~22.0% from ~19.5% and reaffirmed 2026 ROE guidance of ~19.5% with upside bias, supported by strong operating momentum and accelerated loan growth across BCP and Mibanco.
Key Facts
- Net profit attributable to Credicorp reached S/1,981.9 million in 2Q26, up 8.8% YoY
- ROE of 20.3% in 2Q26; 1H26 ROE of 21.2%
- Total loans grew 13.1% YoY (14.6% FX-neutral) to S/159.4 billion
- NPL ratio improved 91 bps YoY to 4.1%
- NIM expanded 21 bps YoY to 6.63%
- Medium-term ROE expectation raised to ~22.0% from prior ~19.5%
- 2026 ROE guidance of ~19.5% reaffirmed with upside bias
- Paid record-high ordinary dividend of S/50.0 per share, totaling ~S/4.0 billion
- Yape reached 16.7 million MAU, contributing 8.9% of risk-adjusted revenues
Financial Impact
Net profit attributable to Credicorp of S/1,981.9 million in 2Q26, up 8.8% YoY. Total loans of S/159.4 billion, up 13.1% YoY. NIM of 6.63%, up 21 bps YoY.
Risk Factors
- El Niño phenomenon could materially impact loan portfolio quality and provisions in early 2027
- Inflation at 4.0% YoY above BCRP target range may lead to rate hikes, pressuring funding costs
- BCP Bolivia NPL ratio increased 40 bps YoY due to macroeconomic environment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-033379 |
| Document: ef20080305_6k.htm | 0001140361-26-033379 |
| Document: 0001140361-26-033379-index-headers.html | 0001140361-26-033379 |
| Document: 0001140361-26-033379-index.html | 0001140361-26-033379 |
| Document: 0001140361-26-033379.txt | 0001140361-26-033379 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 9w ago | 6-K | $368.44 $386.29 | ▲ +4.84% | ▲ +5.83% | $368.73 (+0.08%) |
Jun 24, 2026 17w ago | 6-K | $380.41 $387.63 | ▲ +1.90% | ▲ +1.37% | $368.73 (−3.07%) |
Jun 9, 2026 19w ago | 6-K | $349.61 $386.47 | ▲ +10.54% | ▲ +9.10% | $368.73 (+5.47%) |
May 18, 2026 22w ago | 6-K | $303.86 $364.28 | ▲ +19.88% | ▲ +18.30% | $368.73 (+21.35%) |
May 13, 2026 23w ago | 6-K | $326.18 $369.55 | ▲ +13.30% | ▲ +14.15% | $368.73 (+13.05%) |
May 5, 2026 24w ago | 6-K | $326.55 $327.42 | ▲ +0.27% | ▼ −2.51% | $368.73 (+12.92%) |
Apr 27, 2026 25w ago | 20-F | $320.72 $351.75 | ▲ +9.68% | ▲ +4.21% | $368.73 (+14.97%) |
Apr 27, 2026 25w ago | Press Release | $320.72 $351.75 | ▲ +9.68% | ▲ +4.21% | $368.73 (+14.97%) |
Apr 23, 2026 26w ago | Press Release | $323.65 $344.00 | ▲ +6.29% | ▲ +2.26% | $368.73 (+13.93%) |
Apr 1, 2026 29w ago | 6-K | $339.98 $324.17 | ▼ −4.65% | ▼ −14.53% | $368.73 (+8.46%) |
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