What is Credicorp's gross profit margin?

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

What is Credicorp's latest dividend and current dividend yield?

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

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

Did Credicorp beat or miss consensus estimates last quarter?

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

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

- **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.


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