CREDICORP (BAP) Company Report

Analyst Coverage

Research analysts who have asked questions during CREDICORP earnings calls.

Brian Flores

Citigroup Inc.

8 questions for BAP

Also covers: BBAR, BBD, BDORY +6 more

Andrés Soto

Santander Investment Securities Inc.

7 questions for BAP

Also covers: BCH, CIB, IFS

Renato Meloni

Autonomous Research

6 questions for BAP

Also covers: BBD, BDORY, ITUB +3 more

Yuri Fernandes

JPMorgan Chase & Co.

6 questions for BAP

Also covers: AVAL, BBD, BCH +13 more

Carlos Gomez-Lopez

HSBC

5 questions for BAP

Also covers: BBAR, BBD, BDORY +9 more

Tito Labarta

Goldman Sachs

5 questions for BAP

Also covers: BBAR, BBD, BDORY +14 more

Alonso Aramburú

BTG Pactual

4 questions for BAP

Also covers: BMA, BSAC, CIB +2 more

Daniel Vaz

Banco Safra

4 questions for BAP

Also covers: BBD, BSBR, CIB +5 more

Ernesto Gabilondo

Bank of America Merrill Lynch

4 questions for BAP

Also covers: BCH, BMA, BSAC +4 more

Carlos Gomez

HSBC

3 questions for BAP

Also covers: BBAR, BMA, BSBR +4 more

Lindsey Shema

The Goldman Sachs Group, Inc.

3 questions for BAP

Also covers: BCH, BMA, BSAC +2 more

Ernesto María Gabilondo Márquez

Bank of America

2 questions for BAP

Also covers: BCH, BSAC, IFS

Marcelo Mizrahi

Bradesco BBI

1 question for BAP

Also covers: BSBR, INTR, ITUB +2 more

Nicolas Riva

Bank of America

1 question for BAP

Also covers: AVAL, BDORY, BMA +2 more

Renato Maloney

Autonomous Research

1 question for BAP

Thiago Bovolenta Batista

UBS

1 question for BAP

Also covers: BBD, BSBR, INTR +3 more

Latest news

Recent press releases and 8-K filings for BAP.

Credicorp Reports Strong 4Q25 Results and Announces Helm Bank Acquisition

BAP

Earnings

M&A

New Projects/Investments

Credicorp Ltd. reported strong financial results for 4Q25, with net income attributable to Credicorp increasing 40.9% YoY to S/1,587.0 million and a Return on Equity (ROE) of 16.9% for the quarter and 19.0% for FY25.
The company saw robust growth in its core banking operations, with Total Loans increasing 2.9% YoY and Total Deposits rising 5.3% YoY, contributing to a 5.8% YoY increase in Net Interest Income (NII) and a record-high Risk-Adjusted NIM of 5.55%.
Asset quality improved significantly, as evidenced by a 71 bps YoY decline in the NPL ratio to 4.5% and a 31 bps YoY decrease in the Cost of Risk to 1.8%.
Strategically, Credicorp signed an agreement to acquire 100% of Helm Bank and continued to advance its innovation portfolio, which contributed 8.1% of risk-adjusted revenues.

Feb 17, 2026, 9:03 PM

6-K

Credicorp Reports Strong Q4 and Full-Year 2025 Results, Provides Positive 2026 Guidance, and Announces Helm Bank Acquisition

BAP

Earnings

Guidance Update

M&A

Credicorp reported strong financial performance for Q4 and full year 2025, achieving a Return on Equity (ROE) of 16.9% for Q4 and 19% for the full year (or 18.6% adjusted for an extraordinary gain), alongside record high net income.
For 2026, the company provided positive guidance, expecting an ROE of around 19.5%, total loan book growth of approximately 8.5%, and a Net Interest Margin (NIM) between 6.4% and 6.7%.
Strategic digital initiatives are advancing, with the innovation portfolio's risk-adjusted revenues reaching 8.1% by Q4 2025. Yape, a key platform, ended the year with nearly 16 million monthly active users, and its lending activity now accounts for 23% of revenues.
Credicorp strengthened its U.S. offering by acquiring 100% of Helm Bank for $180 million, adding over $1 billion in assets and a fully licensed FDIC-insured bank.

Feb 13, 2026, 2:30 PM

Transcript

Credicorp Reports Strong Q4 and Full-Year 2025 Results, Announces Helm Bank Acquisition, and Provides Positive 2026 Guidance

BAP

Earnings

M&A

Guidance Update

Credicorp reported a 19.0% Return on Equity (ROE) for FY25 and a 16.9% ROE for Q4 2025 , driven by strong operating performance and diversified income sources, with Universal Banking contributing 75.4% of earnings.
The company announced an agreement to acquire 100% of Helm Bank for US$180 million, a strategic step to reinforce cross-border value creation and expand its U.S. banking platform.
Credicorp provided a positive outlook for 2026, with guidance including an ROE of around 19.5%, Loan Portfolio Growth around 8.5%, and a Net Interest Margin (NIM) between 6.4% and 6.7%.
Asset quality improved with an NPL Ratio of 4.5% in Q4 2025 and a Coverage Ratio of 112.4% , while low-cost deposits increased to 61.4% of the total funding base.
The innovation portfolio contributed 8.1% of risk-adjusted revenues , with its digital ecosystem showing significant scale, including S/ 15.9 million Monthly Active Users (MAU) in Peru and +2.5 million Tenpo clients in Chile.

Feb 13, 2026, 2:30 PM

Presentation

Credicorp Reports Strong Q4 and Full-Year 2025 Results, Provides Positive 2026 Guidance

BAP

Earnings

Guidance Update

M&A

Credicorp delivered a strong financial performance for the full year 2025, achieving a record high net income and a Return on Equity (ROE) of 19% (or 18.6% when adjusted for the Banmedica transaction).
The company provided a positive outlook for 2026, with guidance for an ROE of around 19.5%, total loan book growth of approximately 8.5%, and a Net Interest Margin (NIM) projected to be between 6.4% and 6.7%.
Strategic initiatives saw significant progress, including Yape reaching nearly 16 million monthly active users and its lending activities contributing 23% of its revenues. Credicorp also announced an agreement to acquire 100% of Helm Bank for $180 million, which will enhance its U.S. offerings.
Peru's economy exceeded expectations in 2025, with GDP growing around 3.5%, and a similar performance is anticipated for 2026.

Feb 13, 2026, 2:30 PM

Transcript

Credicorp Reports Strong Q4 and Full-Year 2025 Results, Provides Positive 2026 Guidance

BAP

Earnings

Guidance Update

M&A

Credicorp delivered strong financial performance in Q4 and full year 2025, achieving a record high net income and a full-year Return on Equity (ROE) of 19%.
The company issued positive guidance for 2026, projecting a total loan book growth of approximately 8.5%, Net Interest Margin (NIM) between 6.4% and 6.7%, and an ROE of around 19.5%.
Strategic initiatives advanced significantly, including the acquisition of Helm Bank for $180 million to enhance its U.S. offering , and the continued growth of its digital ecosystem, with Yape reaching nearly 16 million monthly active users and contributing 7.2% to risk-adjusted revenue in Q4 2025.
The operating environment was favorable, with Peru's economy exceeding expectations in 2025, as GDP grew around 3.5% fueled by strong domestic demand and resilient consumption.

Feb 13, 2026, 2:30 PM

Transcript

Credicorp Ltd. Responds to SMV Regarding Non-Disclosure of Political Contributions

BAP

Legal Proceedings

Credicorp Ltd. (BAP) is involved in a judicial proceeding against the Peruvian Superintendency of the Securities Market (SMV) concerning the non-disclosure of political contributions.
The SMV has charged Credicorp with "very serious infringements" for failing to disclose US$3.65 million in contributions to the FUERZA 2011 political party during the 2011 presidential campaign and 180 UIT in contributions to the Peruanos por el Kambio party in 2016.
The company's argument that these contributions lacked materiality was rejected, with the SMV and Superior Court asserting the information's relevance to investors.
The public disclosure of these contributions in November 2019 led to a share price drop of up to 2.46% on the NYSE for BAP.

Feb 9, 2026, 9:53 PM

6-K

Credicorp Ltd. Reports Strong Q3 2025 Financial and Operating Results

BAP

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Credicorp Ltd. reported net income attributable to Credicorp of S/1,738.7 million in Q3 2025, marking a 14.1% increase year-over-year, with Return on Equity (ROE) at 19.6%.
The company achieved a record-high risk-adjusted Net Interest Margin (NIM) of 5.53%, an increase of 60 basis points year-over-year, alongside an improved NPL Ratio of 4.8% (down 105 bps YoY) and a Cost of Risk that declined 71 bps YoY to 1.7%.
Total Loans grew 4.4% year-over-year (7.0% FX Neutral) and Total Deposits increased 5.9% year-over-year (10.8% FX Neutral).
The innovation portfolio, notably Yape, contributed 7.4% of risk-adjusted revenues in Q3 2025, with Yape reaching 15.5 million Monthly Active Users (MAU).

Nov 17, 2025, 5:56 PM

6-K

Credicorp Reports Strong Q3 2025 Results with Robust ROE and Positive Outlook for Peru

BAP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Credicorp reported a Return on Equity (ROE) of 19.6% for Q3 2025, surpassing its medium-term target of 19.5%. The company achieved 7% year-over-year FX-neutral loan growth and an efficiency ratio of 46.4%.
Peru's GDP growth for 2025 is projected at 3.4%, with domestic demand expected to grow 6%. Inflation is forecasted at 1.8% for 2025 and 2% for 2026, staying within the central bank's target range.
The digital platform Yape reached 15.5 million monthly active users and contributed 6.6% of Credicorp's risk-adjusted revenue in Q3 2025. Yape's revenues are expected to triple by 2028, and it is projected to contribute around 15% of Credicorp's net results in the next three years or so.
Credicorp reaffirmed its medium-term target of an ROE of 19.5% and an efficiency ratio around 42% over a three to four-year period, underpinned by scalable platforms and disciplined growth.

Nov 14, 2025, 2:30 PM

Transcript

Credicorp Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance

BAP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Credicorp reported a Return on Equity (ROE) of 19.6% for Q3 2025, with an efficiency ratio of 46.4% and FX-neutral loan growth accelerating to 7% year-over-year.
Asset quality continued to improve, with the NPL ratio contracting to 4.8% and the cost of risk falling to 1.7%.
The digital platform Yape reached 15.5 million monthly active users and contributed 6.6% to Credicorp's risk-adjusted revenue this quarter, with a target to triple its revenue by 2028.
Credicorp reaffirmed its full-year 2025 ROE guidance at around 19% and maintains medium-term targets of a 19.5% ROE and an efficiency ratio around 42%. Peru's GDP growth for 2025 is projected at 3.4%.

Nov 14, 2025, 2:30 PM

Transcript

Credicorp (BAP) Reports Strong Q3 2025 Results and Reaffirms Medium-Term Targets

BAP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Credicorp reported a strong Q3 2025 with a Return on Equity (ROE) of 19.6% and a year-to-date ROE of 20.1% (or 19.3% adjusted for the Banmedica transaction). The efficiency ratio for the quarter was 46.4%, with a year-to-date figure of 45.7%.
The company reaffirmed its medium-term targets of an ROE of 19.5% and an efficiency ratio around 42% over a three to four-year period.
For 2025, Peru's GDP growth is projected at 3.4%, and Credicorp expects its loan book to grow around 6.5% year-over-year. The cost of risk is anticipated to be at the lower end of guidance, around 1.8%.
Digital platform Yape reached 15.5 million monthly active users and contributed 6.6% of Credicorp's risk-adjusted revenue in Q3 2025, with lending making up 20% of Yape's revenue.