CREDICORP (BAP) Company Report

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.

Nov 14, 2025, 2:30 PM

Transcript

BAP Reports Robust Q3 2025 Results with Strong Profitability and Improved Asset Quality

BAP

Earnings

Guidance Update

New Projects/Investments

BAP reported a strong Return on Equity (ROE) of 19.6% for Q3 2025 and 20.1% for 9M25 , reaffirming its medium-term ROE target at approximately 19.5%.
The company achieved higher margins with a Risk-Adjusted Net Interest Margin (NIM) of 5.5% in Q3 2025 and a NIM of 6.6% , supported by a low funding cost of 2.4%.
Asset quality improved significantly, with the Non-Performing Loan (NPL) Ratio decreasing to 4.8% (down 105bps YoY) and the Cost of Risk at 1.7% (down 71bps YoY) for Q3 2025. Total NPLs were 6970 S/ millions in September 2025.
FX Neutral Loan Growth expanded by 7.0% year-over-year , contributing to diversified income streams, with Fee Income up 8.2% YoY and Gains on FX Transactions up 23.4% YoY.
The Efficiency Ratio for Q3 2025 was 46.4% , aligning with the 9M25 result of 45.7% and falling within the 2025 guidance range of 45.0% – 47.0%.

Nov 14, 2025, 2:30 PM

Presentation

Credicorp Highlights 30 Years of Growth and Future Digital Expansion

BAP

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Credicorp has delivered a 14.1% annualized Total Shareholder Return (TSR) since its inception 30 years ago, driven by strategic pillars of purpose, innovation, culture, and governance, with a strong emphasis on digital capabilities and AI.
The digital platform Yape is a significant growth driver, boasting 15.3 million active users as of August this year and processing 56.8 million transactions monthly. Yape is expanding its lending business to the informal segment and is successfully pursuing international expansion, including in Bolivia.
Credicorp's insurance arm, Pacifico, aims to double its client base to 15 million by 2030 and increase its contribution to Credicorp's net income from 8% (end of 2024) to 10%.
The company has demonstrated its ability to decouple from macro-economic cycles, achieving 19% annual growth from 2021 to 2025, significantly outpacing Peru's nominal GDP growth of 6% over the same period.
Innovation initiatives, including Tempo (a neobank in Chile) and Tiva (a wealthtech with over $1 billion in assets under management), are projected to contribute 10% of risk-adjusted revenue by 2026.

Oct 9, 2025, 1:00 PM

Transcript

Credicorp Outlines Growth Strategy and Digital Transformation at Investor Day 2025

BAP

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Credicorp highlighted Peru's strong macro performance from 2004-2024, including a 4.2% GDP Growth CAGR and 2.5% average inflation, outperforming other LatAm countries and the USA.
The company's BCP loan portfolio has shifted significantly towards retail, from 30% in 2004 to 56% in 2024, with digital payments and digital clients also seeing substantial growth.
Yape, a key digital platform, anticipates multiplying revenues 3X by 2028 and aims to increase disbursed clients to 8 million by the same year, up from approximately 3 million in June 2025.
Credicorp is committed to financial inclusion, targeting 8.0 million financially included Peruvians by 2028, an increase from 6.1 million as of June 2025.
The company is heavily investing in digital transformation, data, and AI capabilities to enhance customer experience, automate services, and drive growth across its businesses, including deploying AI in customer engagement, sales, and productivity.

Oct 9, 2025, 1:00 PM

Presentation

Credicorp Ltd. Hosts Investor Day 2025, Outlines Strategic Growth Initiatives

BAP

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Credicorp Ltd. held its Investor Day 2025 on October 9, 2025, outlining strategic priorities focused on accelerating digital transformation, integrating sustainability, and ensuring top talent.
The company targets expanding financial inclusion to 8.0 million Peruvians by 2028, up from 6.1 million as of June 2025.
Key growth initiatives include multiplying Yape's revenues 3x by 2028 and Bancassurance contributing 10% of Credicorp's Net Income by 2027.
Credicorp has delivered a 30-year average annualized Total Shareholder Return (TSR) of 13.5%, surpassing regional peers, and achieved 19.0% Net Income growth from 2021-2025 (annualized).
Enhanced risk capabilities have resulted in an 80% increase in origination volumes for SME digital products and a 46% reduction in BCP provisions in one year.

Oct 9, 2025, 12:45 PM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for CREDICORP.

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