What does Credicorp do and what are its main business segments?

What were the key takeaways from Credicorp’s earnings call?

What is the revenue and EPS growth rate for Credicorp year over year?

What guidance did Credicorp's management provide for the next earnings period?

What is Credicorp's gross profit margin?

What is the market's earnings forecast for Credicorp next quarter?

Did Credicorp beat or miss consensus estimates last quarter?

What factors drove the changes in Credicorp's revenue and profit?

- **Record Performance**: 2025 ROE 19%, highest in 5 years, driven by 3.5% Peru GDP growth and 15%+ revenue streams from digital platforms. 
- **Strategic Expansion**: Helm Bank acquisition bolsters U.S. presence, while Yape lending clients +100% YoY. 
- **Efficiency Gains**: Cost-to-income ratio 46.6% (vs. 49% target), with fee income growth of 11.7% YoY. 
- **Risk Management**: NPL ratio 4.5%, cost of risk 1.8%, and 112.4% NPL coverage ratio. 
- **Digital Momentum**: Yape MAUs +30%, with 66x monthly transactions per user and 62% revenue per MAU growth.

**【CEO Summary Section】**
- Credicorp closed 2025 with record net income, driven by strong macroeconomic conditions in Peru (GDP +3.5%) and favorable commodity prices. 
- Key strategic moves include the $180M acquisition of Helm Bank to strengthen U.S. presence and expand services for Latin American clients. 
- Yape, the digital wallet, reached 16M monthly active users, with lending activity scaling to 4.1M clients. 
- 2026 guidance includes 8.5% loan growth (excluding Bolivia FX impacts) and NIM of 6.4-6.7%. 

**【CFO Financial Commentary】**
- Q4 2025: GAAP net income $420M, ROE 16.9%, NIM 6.6%, and NPL ratio 4.5%. Full year ROE 19%, up from 18.6% excluding one-time gains. 
- Fee income grew 5.2% Q/Q, driven by Yape and BCP transactional services. Risk-adjusted NIM 5.8%, supported by low-cost funding. 
- 2026 outlook: OpEx growth to moderate, efficiency ratio 45-46.5%, fee income growth in low double digits. 

**【Q&A Highlights】**
- **Political Risks**: 42% of voters undecided 2 months before April elections, but stable macro framework provides resilience. 
- **Yape Profitability**: Cost-to-income ratio expected to improve to below BCP's 49% by 2028, with ROE accretion of 50-100bps annually. 
- **Loan Growth Drivers**: Retail lending at BCP (+9.9% mortgages), Mibanco's 11.2% growth, and Yape's triple-digit revenue expansion. 
- **Capital Allocation**: Dividends to be distributed post-March capital reduction to 11-13.5% CET1 targets.

Credicorp Ltd.(BAP)-20260213-2025 Q4 Earnings call transcript

- **Record Performance**: Q3 ROE 19.6%, NIM 6.6%, 7% loan growth vs. 3.4% GDP. 
- **Digital Growth Engine**: Yape at 15.5M users, 20%+ rev growth YoY. Target 18M users & $300M rev by 2028.
- **Resilience & Discipline**: 46.4% efficiency ratio, 1.7% cost of risk. 2025 guidance: ROE ~19%, 6.5% loan growth.
- **Strategic Opportunities**: Bolivia pivot to pro-market gov, $100M+ annual lending potential. 2026 elections unlikely to derail 3%+ GDP.
- **Capital Return**: 58% 2025 payout, targeting high 60s%+ in 2026+ with regular dividend hikes.

**【CEO Summary Section】**
- Emphasized three strategic pillars: digital ecosystem scalability, cross-business synergies, and disciplined execution. 
- Highlighted 30-year track record of resilience, with 14%+ total shareholder return vs. peers.
- Q3 2025 ROE of 19.6%, targeting 19.5% medium-term. 
- Political uncertainty in Peru (7th leadership transition in 10 years) but stable macroeconomic fundamentals (3.4% GDP growth, 1.8% inflation). 
- Yape platform now at 15.5M monthly users (82% of addressable market), with 20%+ revenue growth YoY.

**【CFO Financial Commentary】**
- Q3 2025: 
  - ROE 19.6%, within guidance
  - NIM 6.6% (up 9bps YoY)
  - Loan growth 7% YoY (FX-neutral)
  - Other core income +11.9% YoY (driven by Yape, FX gains)
  - Efficiency ratio 46.4%
- 2025 guidance: 
  - ROE ~19%
  - Loan growth 6.5% YoY
  - NIM stable
  - Cost of risk ~1.8%
- Bolivia revaluation reduced assets by 2.1%, but core Peru business resilient.

**【Q&A Highlights】**
- **Asset Quality**: NPLs at 4.8%, cost of risk 1.7% (down 101bps YoY). Expect gradual increase in 2026 as higher-yield lending expands.
- **Operating Expenses**: 2025 OpEx growth 12.8% (disruptive initiatives 83%). 2026 core OpEx growth to slow, innovation spend maintained.
- **Yape Growth**: Target 18M users by 2028, tripling revenue to $300M+. Lending now 20% of Yape revenue, multi-installment loans profitable.
- **Bolivia Outlook**: New pro-market government could unlock growth; Credicorp sees optionality in $100M+ annual lending potential.
- **Dividends**: 2025 payout 58%, targeting high 60s%+ in 2026+ with regular dividend increases.
- **Political Risks**: 2026 elections unlikely to derail 3-3.5% GDP growth; 2025 pension withdrawals (~$2.5B) to boost consumption but slow loan growth 0.5pts in 2026.


Credicorp Ltd.(BAP)-20251114-2025 Q3 Earnings call transcript

- **Record Q2 Performance**: ROE of 20.7% with 8.2% YoY fee income growth and 5.44% risk-adjusted NIM.
- **Digital Dominance**: Yape reaches 15M monthly users (75% of Peru's economically active population), with lending now 18% of Yape revenue.
- **Updated ROE Guidance**: 2025 target of 19% (up from 18%) with long-term 19.5% driven by retail lending and fee income.
- **SUNAT Resolution**: Confident in legal case despite $1.6B payment, no impact on operations.
- **AI Transformation**: 30%+ productivity gains in operations, embedding AI across client engagement and risk management.

**【CEO Summary Section】**
- Peru's macro environment shows strong momentum with GDP growth of 3.2% for 2025, driven by high export prices (gold, silver, copper) and domestic demand expansion. Credicorp is positioned to benefit from this recovery through its diversified platform and digital infrastructure.
- Q2 ROE reached 20.7%, supported by strong fee income growth (6.2% of risk-adjusted revenues from innovation platforms like Yape) and disciplined risk management. The company expects annual ROE of ~19% for 2025, with a long-term target of 19.5%.
- SUNAT tax dispute: Credicorp paid PEN 1.6 billion in alleged taxes but maintains legal confidence in resolution. This payment impacts cash flow but not operations.
- Strategic focus on AI-driven client engagement, operational efficiency, and scalable innovation (e.g., Yape's 15M monthly users, 75% of Peru's economically active population).

**【CFO Financial Commentary】**
- Q2 net income: ROE of 20.7%, driven by 4.2% YoY growth in net interest income and 8.2% YoY increase in fee income. Risk-adjusted NIM hit 5.44%, up 104bps YoY.
- Loan growth: 6.5% YoY (end-of-period basis), with retail banking (mortgages, consumer loans) and Mibanco leading. NPL ratio improved to 5%, cost of risk fell to 1.6%.
- Digital transformation investments (e.g., Yape, Tempo) are nearing breakeven, with ~150bps ROE impact expected to turn positive from 2026.
- Guidance: 2025 ROE of ~19% (includes 50bps boost from extraordinary gains). Long-term ROE target raised to 19.5% due to higher-yield retail lending and fee income growth.

**【Q&A Key Highlights】**
- **Cost of Risk**: Q2 cost of risk at 1.6% reflects improved risk management. Guidance for 2025 is 1.8%-2.2%, as retail lending acceleration may increase risk but improve risk-adjusted NIM.
- **Branch Network**: Reduced from 450 to 300 branches over 5 years. Branches now focus on client education and commercial engagement rather than transactions.
- **Yape Growth**: Yape revenue doubled YoY (5.5% of total risk-adjusted revenue). Lending now accounts for 18% of Yape revenue, targeting 10%+ of total Credicorp revenue by 2026.
- **Dividend Policy**: No extraordinary dividend in 2025 due to SUNAT payment. Regular dividend policy remains unchanged.
- **AI Impact**: AI tools are driving 30%+ productivity gains in operations and enhancing client engagement through hyper-personalization.

Credicorp (BAP)-15 Aug 25-2025 Q2 Earnings call transcript

- **Peru's Economic Recovery**: Q1 GDP +3.9% driven by private spending and record terms of trade; Credicorp loan growth of 10.2% YoY.
- **Profitability Strong**: ROE of 20.3% (18.4% core), NIM 6.9%, efficiency ratio 45.7%.
- **Digital Growth**: 5.4% of revenues from new businesses, noninterest income up 12% YoY.
- **Capital Management**: Dividend increased to SOL 40, Common Equity Tier 1 ratio 14.5%.
- **2025 Outlook**: Peru GDP +3%, Credicorp targeting 8-10% ROE through disciplined credit expansion.

**【CEO Opening Remarks】**
- Peru's Q1 2025 GDP growth of 3.9% driven by private spending, lower inflation, and record terms of trade. 
- Credicorp well-positioned to benefit from improving macro environment with loan growth in wholesale banking and short-term lending.
- Risk-adjusted NIM improved YoY due to lower provisioning and strong asset quality.
- ROE of 20.3% (18.4% excluding one-off gains), exceeding expectations.
- 5.4% of risk-adjusted revenues from new businesses, advancing toward 10% target by 2026.
- Deposit market share at 41.3%, supported by low-cost funding base.
- Efficiency ratio of 45.7% within guidance range.

**【CFO Financial Highlights】**
- Q1 net income of SOL 1,152 million (SOL 1,112 million excluding one-off gains).
- NIM of 6.9% (6.7% excluding one-off gains), up 20bps YoY.
- Total loans grew 10.2% YoY, deposits up 13.3% YoY.
- Cost of risk at 0.4%, down from 0.7% in Q1 2024.
- Strong capital position with Common Equity Tier 1 ratio of 14.5%.
- Dividend increased to SOL 40 per share.

**【Key Risks & Opportunities】**
- Global trade tensions (e.g., U.S. tariffs) could impact commodity prices and external demand.
- Peru's 2026 elections may create political uncertainty but macro policy remains responsible.
- Digital transformation investments driving noninterest income growth (+12% YoY).
- Sustainability initiatives including green loans and social impact metrics.

**【Outlook】**
- Peru GDP growth expected at ~3% in 2025, supported by high terms of trade and monetary easing.
- Credicorp targeting 8-10% annual ROE through disciplined credit growth and efficiency improvements.
- Risk transformation project to deliver material impact from 2026 onwards.

Credicorp (BAP)-16 May 25-2025 Q1 Earnings call transcript

- **Record Profit & ROE**: 2024 ROE 16.5% (17.2% ex one-off), driven by digital growth and cost control. 
- **2025 Outlook**: 3% GDP growth, 6% loan growth, 17.5% ROE guidance. 
- **Digital Success**: Yape transaction volume +190%, 14M active users. 
- **Risk Management**: NPL ratio 5.3% (down 60bps), cost of risk 2.1%. 
- **Efficiency Focus**: 2025 efficiency ratio 45-47%, targeting 18% ROE by 2026.

**【CEO Opening Remarks】**
- Delivered record profitability of PEN 5.5 billion and ROE of 16.5% (17.2% excluding one-off charges). 
- 2024 GDP growth of 3.2% in Peru, with inflation at 2.2% (lowest in 4 years). 
- Key initiatives: digital transformation (Yape transaction volume +190%), AI adoption (+30% developer productivity), and financial inclusion (5.7M+ unbanked brought into system). 
- 2025 outlook: 3% GDP growth, gradual risk appetite expansion in retail lending. 

**【CFO Financial Highlights】**
- Q4 ROE: 13.3% (17.2% excluding Sartor case charges). 
- NIM: 6.34% (down 9bps vs prior quarter). 
- Cost of risk: 2.1% (down 34bps vs prior quarter). 
- 2025 guidance: 
  - Loan growth (avg daily balances): 3.5% (6% quarter-end). 
  - NIM: 6.2-6.5%. 
  - ROE: ~17.5%. 
  - Efficiency ratio: 45-47% (includes loyalty program accounting change). 

**【Q&A Key Themes】**
1. **Political Risks**: 2026 elections could introduce volatility, but 2025 growth unaffected. 
2. **Sartor Case**: Provisioned PEN 259M (55% of max exposure). No further provisions expected in 2025. 
3. **Efficiency Ratio**: 2025 target 45-47% due to Yape scale-up costs. Longer-term ROE target 18% by 2026. 
4. **Loan Growth**: Industry 5.5%, Credicorp +6% (above market). 
5. **Insurance ROE**: 20-25% medium-term target (down from 23.7% in 2024).

Actual										0.7619	-2.2005	0.367	2.2724	2.2009	2.2883	3.5283	3.3379	3.8739	3.6721	4.1055	3.5315	4.6122	4.863	4.1058	2.8541	5.1089	4.3777	5.1551	3.7378	6.0687	6.4355	6.2777	5.9172
Forecast										3.7837	1.6979	1.2747	1.4909	2.2332	2.4346	2.7663	3.1563	3.9014	3.8014	3.7513	4.0074	4.2255	4.4759	4.2294	2.8604	4.432	4.7491	4.8074	4.3418	5.4267	5.9318	6.2905	6.4996
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-79.86%	-229.60%	-71.21%	+52.42%	-1.45%	-6.01%	+27.55%	+5.75%	-0.70%	-3.40%	+9.44%	-11.88%	+9.15%	+8.65%	-2.92%	-0.22%	+15.27%	-7.82%	+7.23%	-13.91%	+11.83%	+8.49%	-0.20%	-8.96%

Actual	--	--	--	--	--	--	--	--	--	970.51M	841.88M	895.43M	939.82M	881.93M	913.43M	892.45M	979.77M	1.03B	1.03B	1.08B	1.21B	1.18B	1.28B	1.23B	1.30B	1.31B	1.34B	1.41B	1.40B	1.48B	1.59B	1.67B	1.78B
Forecast	--	--	--	--	--	--	--	--	--	975.39M	820.98M	995.35M	932.60M	909.51M	883.95M	867.43M	948.63M	1.06B	1.06B	1.07B	1.19B	1.23B	1.33B	1.31B	1.33B	1.34B	1.35B	1.46B	1.42B	1.52B	1.56B	1.64B	1.75B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.50%	+2.55%	-10.04%	+0.77%	-3.03%	+3.34%	+2.88%	+3.28%	-3.40%	-2.69%	+1.57%	+1.54%	-3.47%	-3.49%	-6.09%	-2.43%	-1.97%	-0.75%	-3.66%	-1.36%	-2.55%	+1.84%	+2.09%	+1.79%

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