Abstract

Credicorp will report second-quarter 2026 results on August 13, 2026 Post-Mkt; this preview outlines the latest consensus for revenue, margins, net income, and EPS, compares the previous quarter, and frames the key segment trends and valuation drivers ahead of the print.

Market Forecast

The market currently expects Credicorp’s second-quarter revenue of 6.24 billion US dollars, EBIT of 2.81 billion US dollars, and EPS of 24.98, implying year-over-year growth of 11.53%, 21.23%, and 18.25%, respectively; forecasts for margins are not disclosed, and the company has not provided gross margin guidance. Segment commentary suggests stable universal banking dynamics with resilient fee income and moderating credit costs; the most promising growth engine remains universal banking via Banco de Crédito del Perú with revenue of 4.06 billion US dollars and a solid year-over-year trajectory implied by higher net interest income.

Last Quarter Review

In the previous quarter, Credicorp reported revenue of 5.21 billion US dollars, GAAP net profit attributable to shareholders of 2.06 billion US dollars with a net profit margin of 34.48%, and adjusted EPS of 25.90; gross margin was not disclosed and year-over-year detail was limited in the company’s top-line results. The quarter featured robust profitability with quarter-on-quarter net profit growth of 30%, aided by disciplined operating costs and credit provisioning. Main businesses were led by universal banking at Banco de Crédito del Perú with 4.06 billion US dollars in revenue, followed by Microfinance - Mibanco at 0.54 billion US dollars and Insurance and Pension Funds - Pacífico Seguros and Subsidiaries at 0.43 billion US dollars.

Current Quarter Outlook

Main business: Universal Banking – Banco de Crédito del Perú

Universal banking remains the core earnings driver by scale, supported by broad-based loan growth, solid transaction volumes, and resilient deposit franchises. With an expected revenue mix contribution above 70%, the business benefits from pricing power on retail and SME loans and relatively stable funding costs in domestic currency. Short-term equity sensitivity suggests that a benign rate path supports NIM stability; the key watch items are credit cost normalization in consumer lending and the pace of fee recovery in payments and wealth-adjacent products.

Most promising business: Universal Banking outperformance within Retail and SME

Within universal banking, the most attractive pocket is the retail and SME portfolio, where spreads and cross-sell density support better incremental returns. The bank’s digital acquisition funnels and analytics-driven underwriting improve origination quality, while cross-sales into cards, payments, and insurance lift fee income. Execution risks include rising delinquency in unsecured consumer credit amid slower household income growth and competition for time deposits that could pressure funding costs.

Stock-price drivers this quarter

Share performance into and after the print will likely hinge on three variables: net interest margin resilience, credit cost trends, and fee-income momentum. A stable NIM and contained provisioning can sustain double-digit EPS growth even if top-line expansion slows, while a stronger fee line would point to improving customer activity. Guidance or qualitative commentary on capital return, including ordinary dividends and potential buybacks, could offer another lever for valuation support if asset quality remains sound.

Analyst Opinions

Most institutional commentary skews bullish, emphasizing strong core profitability, resilient asset quality, and improving operating leverage ahead of the quarter. Several well-followed brokerage analysts highlight upside risk to EPS if credit costs undershoot conservative assumptions and if fee income from payments and wealth regains momentum; they also see manageable sensitivity to rate moves given a well-matched balance sheet. The constructive stance reflects expectations that the universal banking franchise will continue to deliver solid returns, positioning Credicorp to meet or exceed consensus on August 13, 2026.