Credicorp (BAP) Q4 2025 earnings summary

Executive summary

• Achieved record net income of S/6,925 million and ROE of 19.0% in 2025, supported by diversified revenue streams across banking, insurance, asset management, and digital platforms.

• Peru's economy outperformed with 3.5% GDP growth, robust domestic demand, and record exports, supporting business momentum.

• Strategic M&A included full ownership of the medical insurance business and the acquisition of Helm Bank in Florida for $180 million, enhancing cross-border capabilities.

• Digital initiatives, especially Yape, scaled to 15.9 million monthly active users, with lending now 23% of platform revenue and significant growth in financial inclusion.

• Entering 2026 with strong momentum, disciplined execution, and a focus on sustainable long-term value creation.

Financial highlights

• Full-year ROE reached 19.0% (16.9% in Q4); net income for FY25 was S/6,925 million, with core income and fee income both rising year-over-year.

• NIM for the year stood at 6.62%, with risk-adjusted NIM at 5.55%, both up year-over-year.

• Efficiency ratio for 2025 was 46.6%, with guidance to improve further.

• Loan growth was 3.8% (7.8% FX-neutral) at BCP and 11.2% at Mibanco; total loans reached S/149,985 million.

• NPL ratio improved to 4.5%, with NPL coverage at 112.4% and cost of risk at 1.8%.

Outlook and guidance

• 2026 ROE expected around 19.5%, with loan book growth guided at 8.5%, mainly from retail banking and Mibanco.

• NIM expected between 6.4% and 6.7%; risk-adjusted NIM between 5.3% and 5.6%.

• Cost of risk guidance set at 1.7%–2.1%.

• Efficiency ratio targeted at 45%–46.5% for 2026, with further improvement to 42% mid-term.

• Real GDP growth expected at 3.5% in 2026, with domestic demand exceeding 4%.