Credicorp Ltd. Q2 2026 Earnings Recap

Credicorp’s shares rose modestly by 0.8% following Q2 results that broadly met expectations, reflecting steady execution and confidence in Peru’s improving economic outlook, though the market showed little enthusiasm amid cautious near-term risks related to El Nino.

Key Takeaways

• Reported a return on equity of 20.3%, driven by a diversified business model and solid core performances.
• Risk-adjusted net interest margin stood at 5.5%, supported by low-cost funding and a healthy portfolio mix.
• Innovation contributed 9.9% of risk-adjusted revenues, indicating ongoing progress in diversifying earnings.
• Efficiency ratio remained at 45.4%, with continued investments in digital capabilities and customer engagement.
• Management reiterated confidence in Peru’s medium-term outlook and increased medium-term ROE target from ~19.5% to ~22%, but noted El Nino as a manageable near-term risk.