Credicorp Ltd. Q2 2026 Earnings: Revenue Beats $1.95 Billion Estimates as ROE Target Rises

Quick Verdict

This overview covers the highlights of the Credicorp Ltd. Q2 2026 Earnings results. Credicorp (NYSE: BAP) reported Q2 2026 EPS of $7.43, ahead of the $7.31 consensus estimate, and revenue of $1.95 billion, above the $1.82 billion forecast. Shares rose about 1.95% to $382.44 following the report as management lifted its medium-term ROE objective to approximately 22%.

About Credicorp Ltd.

Credicorp Ltd. is a Peru-focused financial-services holding company listed on the New York Stock Exchange under ticker BAP. The group operates through its principal businesses: Banco de Crédito del Perú (BCP), its universal bank; Mibanco, its microfinance franchise; Grupo Pacífico, its insurance and pensions business; and investment-management, wealth-management, payments, and digital-finance operations including Yape. The company has built a diversified earnings model spanning lending, deposits, payments, insurance, capital markets, and asset management.

The Q2 report underscores that digital ecosystem monetization is becoming more material. Yape, Credicorp’s payments and financial-services platform, exceeded 16 million monthly active users, with users making an average of 69 monthly transactions. Yape’s contribution to Credicorp’s risk-adjusted revenue rose to 8.9%, from 5.3% a year earlier.

Credicorp’s reported valuation context included a 14.22 P/E ratio shortly after earnings. Its shares were trading below the reported 52-week high of $413.25 but substantially above the $230.45 low.

Top Financial Highlights

1. Revenue was $1.95 billion, exceeding the $1.82 billion consensus estimate by approximately $130 million, or 7.1%.
2. Diluted EPS was $7.43, beating consensus of $7.31 by $0.12, or about 1.6%.
3. Consolidated return on equity reached 20.3% in Q2 2026; first-half ROE was 21.2%.
4. Net income attributable to shareholders was PEN 1.98 billion, up 8.8% year over year, although down 3.9% sequentially.
5. Core income increased 15.1% year over year to PEN 5.8 billion.
6. Net interest income rose 13.3% year over year to PEN 4.1 billion, helped by lower interest expense and a higher-yield loan mix.
7. Fee income increased 15.9% year over year to PEN 1.2 billion, supported by transaction activity at BCP and Yape.
8. Foreign-exchange transaction gains rose 29.8% year over year to PEN 489 million.
9. Quarter-end loans expanded 13.1% year over year, led by BCP’s retail and wholesale businesses and Mibanco.
10. Net interest margin was 6.6%, up 21 basis points year over year; risk-adjusted NIM was 5.5%.
11. The consolidated NPL ratio improved to 4.1%, while NPL coverage rose to 117.3%.
12. Cost of risk was 1.9%, including roughly PEN 106 million of incremental El Niño-related provisions; excluding this reserve build, cost of risk was 1.6%.
13. The efficiency ratio was 45.4% in Q2, while the first-half efficiency ratio was 45.6%, within management’s 45.0%–46.5% guidance range.
14. BCP delivered a 29.2% ROE; Mibanco reported 22.9%; Grupo Pacífico recorded 19.1%; and investment management and advisory produced 23.5% ROE.
15. Yape loans reached PEN 1.8 billion, roughly four times the prior-year level, while revenue-generating payment transactions grew 42% year over year.
16. Full-year 2026 loan-growth guidance was raised to around 12%, from approximately 8.5% previously. Fee-income growth guidance was raised to the high teens.
17. Management reaffirmed 2026 ROE guidance of roughly 19.5%, with an upside bias, and raised its medium-term ROE target to approximately 22%.

Portfolio Quality and Cost of Risk

(Source: credicorp.gcs-web.com)

• The image presents the Cost of Risk (%) trend for Mibanco, BCP Stand Alone, and Credicorp across 2Q25, 1Q26, and 2Q26, together with the NPL Coverage Ratio.
• Mibanco continues to carry the highest credit risk profile, with cost of risk moving from 5.4% in 2Q25 to 4.8% in 1Q26, before rising to 5.1% in 2Q26. Credicorp’s cost of risk followed a similar pattern, declining from 1.6% to 1.3% and then increasing to 1.9%. BCP Stand Alone remained the lowest-risk segment, moving from 1.2% in 2Q25 to 0.8% in 1Q26 and then to 1.4% in 2Q26.
• The NPL Coverage Ratio improved consistently, increasing from 109.5% in 2Q25 to 113.8% in 1Q26 and 117.3% in 2Q26. This indicates that although the cost of risk increased sequentially in 2Q26 across all three businesses, the overall provisioning position strengthened. The higher NPL coverage provides a larger buffer against potential credit losses and suggests improved protection against deterioration in asset quality.

Beat or Miss?

Credicorp’s reported figures vary across market-data services because of differences in currency translation, accounting-feed timing, and adjusted-versus-reported EPS conventions. The earnings-call reporting used here reflects the consensus comparison of $7.43 EPS and $1.95 billion revenue. Seeking Alpha’s summary instead listed $7.38 EPS and $1.90 billion revenue, while still showing a revenue beat. The company’s own operating disclosure is largely in Peruvian soles.

Source: consensus comparison and operating metrics reported following Credicorp’s Q2 call.

What Leadership Is Saying

CEO Gianfranco Ferrari tied the higher long-term profitability objective to a structurally stronger franchise rather than solely to favorable short-term macroeconomic conditions:

“We now believe Credicorp has the capacity to deliver a medium-term return on equity of approximately 22%. This reflects a more stable operating environment, but more importantly, the structural transformation of our ecosystem.”

Ferrari also emphasized that the company sees Peru’s macro environment as a tailwind for investment, credit demand, and financial activity:

“We believe Peru is entering a more favorable environment for growth.”

CFO Alejandro Pérez-Reyes framed the weather event as a manageable short-term risk, while acknowledging that it has already required additional provisioning:

“El Niño is a transitory event that periodically affects Peru. While it may create short-term volatility, it does not alter our long-term view of the Peruvian economy or its underlying strength.”

Historical Performance

The company’s core-income growth, loan expansion, and improving asset quality supported profitability, although the available public summaries provide a more complete first-half comparison than a full standalone Q2 income-statement bridge. Therefore, figures below use directly disclosed current-quarter or first-half values and clearly label where a like-for-like Q2 prior-year value was not supplied in the accessible materials.

Competitor and Subsidiary Performance

A direct peer-company comparison is not included in Credicorp’s earnings materials, and comparable Q2 2026 statements from Peruvian banking peers were not provided in the input. The most decision-useful company-specific comparison is therefore across Credicorp’s main operating platforms, which illustrates how earnings diversification is supporting group-level resilience.

BCP remains the key banking earnings engine. Mibanco showed the greatest disclosed improvement in profitability, while investment management and advisory benefited from recurring-business expansion and higher trading activity. Grupo Pacífico remained profitable but faced a difficult comparison because Q2 2025 included life-insurance provision reversals.

How the Market Reacted?

The immediate market reaction was positive but measured. BAP rose approximately 1.95% to $382.44 from the prior $375.14 close after the release, as investors responded to the EPS and revenue beats and the upgrade in the medium-term ROE target. Another contemporaneous market report placed shares at $381.00, up 1.56%, while the August 14 regular-session close was reported at $386.98, up 3.16%; the differences reflect intraday timing.

Investor sentiment appears constructive because Credicorp paired higher growth expectations with stronger asset quality and higher profitability ambitions. The principal counterweight is El Niño exposure: management booked PEN 106 million in extra provisions, estimates roughly 9% of total loans are directly exposed to potentially affected clients, and expects credit costs to rise in the second half while remaining within guidance.