PERU · BUSINESS
Key Facts
- Who Credicorp, a Lima-based financial group, trades on the New York Stock Exchange as BAP.
- Profit Third-quarter profit was S/1.93 billion (about US$566 million), up 11.0% on a year earlier.
- Why it matters The group set aside money for flood losses from El Niño, a climate pattern.
- Outlook Management kept its 2026 return on equity target near 19.5%, and a longer-term goal near 22%.
- Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 53.9 points (November 2026 edition).
Credicorp, a Peruvian bank group, had a strong quarter even as it braced for floods. Credicorp, the Lima-based owner of Banco de Crédito del Perú (BCP), reported on Monday 9 November 2026 that profit for July to September rose 11.0% to S/1,929.4 million (about US$566 million).
For US readers, Credicorp matters because its shares trade on the New York Stock Exchange under the ticker BAP. Our report on the new Peru central bank board members shows the policy backdrop for the bank.
What Happened
Credicorp said net income attributable to its shareholders reached S/1,929.4 million (about US$566 million), which is 11.0% above the third quarter of 2025 and 2.6% below the second quarter of 2026. Its return on equity, a measure of profit against shareholder capital, was 19.9%.
Loans grew 14.8% from a year earlier and 4.2% from the previous quarter. Deposits rose 14.3% over the year, and cheap deposits such as current and savings accounts made up 73.2% of the total.
Net interest income, the gap between what the bank earns on loans and pays on deposits, grew 17.7% in a year. The net interest margin, or profit per sol of earning assets, widened by 36 basis points (0.36 percentage points) to 6.9%.
Bad Loans and the El Niño Cushion
The share of loans that are overdue and risky, called the NPL ratio, fell by 91 basis points in a year to 3.9%. Credicorp holds provisions worth 120.9% of those loans.
Provisions, money set aside for expected losses, rose 37.4% in a year. The company said it raised them because its quarter-end review moved its base case for El Niño, a warm-water climate pattern that can bring floods to Peru, to “Very Strong”.
The cost of risk, which is provisions as a share of loans, stood at 2.0%. Its CET1 ratio, a core measure of capital strength, was 11.9% at BCP and 15.1% at Mibanco, its small-business lender.
Yape and the Digital Push
Yape, Credicorp’s mobile wallet, had 17.0 million monthly active users, up 9.8% in a year. It made up 9.8% of Credicorp’s risk-adjusted revenue, against 6.4% a year earlier, as the wallet earns more from each user.
Yape’s loan book nearly quadrupled in a year to S/2.3 billion (about US$680 million). Credicorp’s “innovation portfolio”, its digital and new-business units, supplies 10.7% of risk-adjusted revenue, meaning revenue after loan-loss costs.
What It Means for You
If you own BAP shares or a Peru fund, the report shows earnings still growing while the bank pays for a possible flood. Provisions made now can cushion losses later, but they also reduce profit today.
The release estimates that Peru’s economy grew about 3.3% in the third quarter. It says inflation ended September at 4.5%, the highest since September 2023, while the central bank held its policy rate at 4.25% as of October.
Soles are converted here at 3.407 per US dollar (RT market data, 12 November 2026). For a closer look at Peru’s banking rules, see our report on Peru’s penalties for lending accounts used in extortion.
What Is Not Known
It is not known how severe El Niño will be or how much damage it will cause to borrowers. Credicorp’s extra provisions are an estimate, not a loss that has already happened.
The company did not say that profit will keep rising at this pace. The next quarterly report will show whether the 2026 return target of about 19.5% holds.
More: Peru news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Did Credicorp Earn in the Third Quarter?
Credicorp earned S/1,929.4 million (about US$566 million), up 11.0% on a year earlier. That gave a return on equity of 19.9%.
Why Did Credicorp Raise Provisions?
It raised provisions by 37.4% over the year after judging that El Niño is likely to be “Very Strong”. El Niño is a warm-water climate pattern that can bring floods to Peru.
What Is Yape?
Yape is Credicorp’s mobile wallet in Peru, with 17.0 million monthly active users. It supplied 9.8% of Credicorp’s risk-adjusted revenue in the quarter.
Can US Investors Buy Credicorp?
Credicorp shares trade on the New York Stock Exchange under the ticker BAP and in Lima. This article is not investment advice.
Sources: Credicorp Ltd., Earnings Release 3Q26 (Form 6-K filed with the US Securities and Exchange Commission), 9 November 2026; RT market data, USD/PEN, 12 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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