MIBANCO-Banco de la Micro Empresa S.A.

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What it is

Mibanco was constituted in March 1998 as the first financial institution in Peru to specialise exclusively in microfinance and micro/small businesses. Its products cover savings and current accounts, consumer and commercial loans, mortgages, fixed-term deposits, credit cards, and related insurance.

The bank operates across more than 100 agencies spanning 20 of Peru’s 25 departments — though that figure is outdated: by the end of 2024, Mibanco had 285 branches nationwide, with 206 outside Lima and Callao, and was present in all 24 departments of the country, making it the third most-branched financial institution in Peru after Banco de la Nación and BCP.

Total assets as of the latest quarter stood at S/ 17,062 MM (~US$5.0 B), against total liabilities of S/ 13,028 (US$4 k)MM. The bank’s trailing twelve-month net profit margin is approximately 19.2%, though the full-year 2024 audited figure, based on S/ 312 (US$92)MM net profit on S/ 3,147 (US$924)MM in financial revenue, works out to ~9.9% (our calculation).

Who owns it

Banco de Crédito del Perú (BCP) holds a controlling stake of 94.93% in Mibanco, meaning the free float — the shares actually tradeable on the Lima exchange — is just over 5%. BCP is itself part of Credicorp Ltd., Peru’s largest financial holding company, which is listed on both the New York Stock Exchange and the Lima exchange; Credicorp is 13.1% owned by the Romero family, with the remaining 86.9% held by institutional investors.

In other words, a small investor who buys MIBANC1 on the Lima exchange is buying a thin slice of a bank that is firmly, and deliberately, a subsidiary of the country’s most powerful financial group.

Who runs it

Javier Ichazo is the CEO of Mibanco and Head of Microfinance at Credicorp. He began his career at BCP in 1996, later serving as Business Manager there from 2004 to 2017 before moving to lead Mibanco.

Ichazo was also recognised by MERCO among Peru’s 100 business leaders with the best corporate reputation in 2024.

His tenure is ending: Credicorp’s board approved the appointment of Alejandro Pérez-Reyes Zarak as the new CEO of Mibanco, effective October 1, 2026, succeeding Ichazo, who will step down. Pérez-Reyes Zarak currently serves as Chief Financial Officer of both Credicorp and BCP.

The board itself has nine members, three of them independent, and the 2024 audit was conducted by Ernst & Young through its local representative Tanaka, Valdivia & Asociados.

The money, in plain words

Financial revenue in the most recent full quarter was S/ 524 MM (~US$154 M), up from S/ 498 (US$146)MM the prior quarter, and net profit moved from S/ 110 (US$32)MM to S/ 128 (US$38)MM over the same period. For the full year 2024, Mibanco earned S/ 312 MM (~US$92 M) on S/ 3,147 MM (~US$924 M) in financial revenues — a net margin of ~9.9% and a return on equity of 11.5% (our calculation and Apoyo & Asociados figure respectively).

The dividend yield on MIBANC1 reached 17.09% in 2024, with a payout ratio of 167% — meaning the bank paid out more in dividends than it earned in net profit that year, drawing on reserves; generous for shareholders, but a number to watch. The share price on the BVL is PEN 1.85 (~US$0.54).

Loan quality is the main pressure point: total assets are S/ 17,062 MM (~US$5.0 B), but the share of problem loans rose to 8.3% of the portfolio at end-2024 from 7.9% a year earlier, reflecting the difficulty small borrowers faced in a high-rate environment — though provisioning coverage of over 101% means every bad sol is at least nominally set aside.

What it is doing now

During 2025, BCP reported that Mibanco was a key driver of its gross financial margin growth, contributing positively even as the parent group navigated falling interest rates and shifting funding costs. The board-approved succession of a new CEO from October 2026 signals deliberate, structured renewal rather than disruption.

In 2024, Mibanco was recognised by MERCO as one of the 100 companies with the best corporate reputation in Peru, and it holds a national long-term bond rating of AA(pe) with stable outlook from Apoyo & Asociados (a Fitch affiliate) — investment grade, reflecting confidence that its BCP parent would step in if needed.

What to watch

• Loan quality: Problem loans edged up to 8.3% in 2024; if Peru’s economic recovery falters or political instability returns, micro-borrowers are the first to feel it.
• CEO transition: Alejandro Pérez-Reyes Zarak takes the top job in October 2026, succeeding the long-serving Javier Ichazo — a smooth handover matters in a bank built on deep client relationships.
• Payout sustainability: A dividend payout above 100% of earnings is not permanently sustainable; watch whether the 2025 board normalises the distribution policy.
• Rate cycle: Peru’s central bank cut its benchmark rate to 4.75% in early 2025; lower funding costs should widen margins, but also intensify competition for micro-lending clients.

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This is news, not investment advice.