Credicorp (BAP) Q3 2025 earnings summary

Executive summary

• Strategy centers on digital ecosystem expansion, business synergies, and disciplined execution for sustainable growth and impact.

• Delivered robust 3Q25 results, highlighting strong execution, diversified income, and favorable operating momentum.

• Net income rose 14.1% YoY to S/1,738.7 million, with ROE at 19.6% for 3Q25, reflecting strong performance across all business lines and a growing innovation portfolio.

• Innovation portfolio contributed 7.4% of risk-adjusted revenues, advancing toward a 10% target for 2026.

• Yape, the digital payments platform, reached 15.5 million monthly active users, contributing 6.6% of risk-adjusted revenues, with lending now 20% of Yape revenues.

Financial highlights

• ROE reached 19.6% for the quarter and 20.1% for 9M25, with NIM at 6.57% (+14bps YoY).

• Net interest income rose 2.7% YoY, total loans grew 4.4% YoY (FX neutral: 7.0%), and fee income increased 8.2% YoY.

• NPL ratio improved to 4.8% (-105bps YoY), cost of risk fell to 1.7% (-71bps YoY).

• Efficiency ratio at 45.7% for 9M25, within guidance.

• Insurance underwriting result up 33.1% YoY, mainly from Life business and Banmedica consolidation.

Outlook and guidance

• 2025 guidance: real GDP growth around 3.0%-3.4%, loan portfolio growth ~6.5%, NIM 6.2%-6.6%, cost of risk 1.8%-2.2%, efficiency ratio 45%-47%, ROE around 19%.

• Medium-term ROE target reaffirmed at ~19.5%.

• Fee income and insurance underwriting results expected to grow at low double digits.

• Efficiency ratio expected to remain in line with guidance, with continued investment in innovation and digital capabilities.