Credicorp, the parent of Peru's largest lender Banco de Credito del Peru, reported second-quarter 2026 earnings per share of $7.29, ahead of the $7.20 average analyst estimate compiled by Zacks Investment Research, and raised its medium-term return on equity target to approximately 22%, while reaffirming 2026 ROE guidance of around 19.5%.
Chief executive Gianfranco Ferrari attributed the higher target to stronger loan growth, improved portfolio quality, a low-cost funding base and increasing contributions from digital and fee-based businesses.
PROFIT AND REVENUE BEAT CONSENSUS
The quarterly print topped Wall Street expectations on both the top and bottom lines, with EPS of $7.29 against the $7.20 average estimate of analysts surveyed by Zacks Investment Research. Revenue net of interest expense of $1.79 billion also topped Street forecasts, according to Zacks data.
Credicorp is the dominant financial services holding in Peru, combining universal banking through BCP with microfinance operations, the Pacifico insurance business, Prima pension fund management and the Mibanco microlender. In the quarter, other core income rose 19.7% year on year, and Yape lifted its share of risk-adjusted revenues to 8.9%.
Net income was S/1,981.9 million, for a quarterly ROE of 20.3%, with loans up 13.1% year on year and net interest income up 13.3%.
ROE AMBITION RAISED
The most closely watched element of the release was the higher medium-term ROE goal. Credicorp said it now expected a medium-term return on equity of around 22%, while reaffirming its 2026 ROE guidance of around 19.5%, with a bias to the upside.
Management also cited a more predictable economic environment in Peru, stronger loan growth, improved portfolio quality, a low-cost funding base and rising contributions from digital and fee-based businesses.
Credicorp distributed a record ordinary dividend of S/50 per share, about S/4.0 billion in total.
Ferrari said the company had become more confident in Peru's medium-term economic outlook, pointing to recovering business confidence and growth in private investment and domestic demand. Peru's central bank has held its policy rate at 4.25% since September 2025.
Yape, the group's digital platform, reached 16.7 million monthly active users in the quarter.