Credicorp maintains 2026 guidance as lending and fee growth meet El Niño risks

Transcript intelligence

What changed

Compared with Q2, management maintained rather than raised 2026 guidance. Q3 ROE was 19.9%, and the loan book grew 14.8% year over year; management also described improved asset quality and fee income growth above 20%. El Niño exposure was quantified at 8% of the loan portfolio, while Yape reached 17 million monthly active users but transaction-volume growth slowed amid market saturation.

Guidance delta

2026 guidance was maintained, with management citing El Niño risks. The prior quarter analysis reported that guidance had been raised, including a higher loan-growth outlook and a medium-term ROE target of approximately 22%; this quarter’s analysis says Q3 ROE keeps Credicorp on track for that target.

Key takeaways

• Q3 ROE was 19.9%; management said this keeps Credicorp on track for its medium-term 22% target.
• The loan book grew 14.8% year over year, led by retail lending at BCP and Mibanco.
• The NPL ratio fell to 3.9%, coverage rose to 120.9%, and risk-adjusted NIM improved to 5.7%.
• Fee income grew more than 20% year over year, while Yape transaction growth slowed despite 17 million monthly active users.
• Management maintained 2026 guidance and said no extraordinary dividend payout would be declared.

Management priorities

• Expand Yape services, including cross-border payments and additional lending products.
• Scale Tenpo and Eo credit-card businesses in Chile, subject to execution and licensing progress.
• Continue investment in digital capabilities and risk-management technology.
• Provide a strategic update on ecosystem integration and growth initiatives.