Credicorp Earnings Call Transcripts
Fiscal Year 2026
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Record net income and ROE of 21.1% in Q1 2026, driven by strong loan growth, digital innovation, and improved asset quality. Outlook remains positive, with robust domestic demand and continued investment in digital platforms, though political and weather-related risks persist.
Fiscal Year 2025
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Record net income and 19% ROE in 2025 were driven by strong loan growth, digital innovation, and diversified revenue streams. 2026 guidance targets 8.5% loan growth, stable margins, and improved efficiency, with digital initiatives like Yape expected to further boost profitability.
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ROE reached 19.6% with strong core business and digital platform growth, notably from Yape and Mibanco. Asset quality improved, NIM rose to 6.6%, and guidance for loan growth and profitability remains robust despite political and pension-related uncertainties.
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The event outlined a strategy centered on digital innovation, financial inclusion, and ecosystem synergies to drive growth and resilience. Key initiatives include scaling Yape, expanding insurance and supply chain finance, and leveraging AI and data for efficiency. ROE is targeted at 19.5% with a 42% cost-to-income ratio over the next three years.
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Q2 2025 saw strong results with ROE at 20.7%, robust loan and fee income growth, and continued digital transformation. Guidance for 2025 was raised, with sustainable ROE now targeted at 19.5%, supported by retail lending and innovation platforms like Yape.
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ROE reached 20.3% (18.4% excluding extraordinary gains) on strong operating results, improved asset quality, and robust loan growth, especially in wholesale and retail. Guidance for 2025 remains cautious due to global uncertainties, but loan and fee income growth are expected to accelerate.
Fiscal Year 2024
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Record net income and strong ROE in 2024, with robust Q4 performance and improved asset quality. Outlook for 2025 is positive, targeting higher loan growth, resilient margins, and a sustainable ROE of 18% by 2026.
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Record net income and ROE were achieved, driven by improved asset quality, cost control, and digital growth. Guidance for 2024 is reaffirmed, with expectations for lower cost of risk and higher loan growth in 2025. Expansion and innovation initiatives continue to support resilience.
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Innovation initiatives are set to exceed 10% of risk-adjusted revenues by 2026, led by Yape, Tenpo, Culqi, and iO, while maintaining disciplined investment boundaries. Digital transformation has driven strong ROE and efficiency gains, with Yape's lending poised to become a major revenue driver.
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Q2 2024 delivered a 16.2% ROE, robust loan growth, and resilient NIM, driven by universal banking, insurance, and digital initiatives like Yape, which reached breakeven. Microfinance remains challenged, but overall guidance for 2024 is reaffirmed, with a focus on efficiency and digital transformation.