Credicorp Reports Q1 2025 ROE of 20.3% and Record Risk-Adjusted NIM Amid Peru's 3.9% GDP Growth

Credicorp, the Peruvian financial services group, reported a return on equity of 20.3 per cent for the first quarter of 2025, with the comparable figure reaching 18.4 per cent when an extraordinary gain related to the Empresas Banmedica acquisition is excluded from the calculation. The group also posted a risk-adjusted net interest margin of 5.24 per cent — a record high for the institution, up 39 basis points year-over-year — driven by lower provisioning as payment performance and the economic backdrop improved. The efficiency ratio for the quarter stood at 45.7 per cent, up from 42.8 per cent a year earlier as operating expenses rose 15.6 per cent, though in line with full-year guidance.

Peru's economy expanded by 3.9 per cent in the first quarter of 2025.

FEE INCOME GROWTH AND YAPE'S RISING CONTRIBUTION

Fee income rose 16 per cent year-over-year in the quarter, driven primarily by BCP Stand-alone, including fees from Yape, Credicorp's digital payments platform. Yape contributed 4.8 per cent of the group's risk-adjusted revenues during Q1 2025.

Net interest income grew 4.3 per cent year-over-year, supported by a reduction in the cost of funding. Low-cost deposits accounted for 71.8 per cent of the group's total deposit mix. Foreign exchange transaction gains rose 12.6 per cent.

DIVIDEND

After the quarter closed, on 24 April 2025, the board declared an ordinary cash dividend of PEN 40 per share based on 2024 results.