Revenue growth remains strong with net interest income reaching $4.0 billion in 2026Q1, supported by a disciplined efficiency ratio of 40.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Net Interest Income | 14.28B | 13.87B | 14.07B | 12.89B | 11.06B | 9.32B | 8.54B | 9.07B | 8.46B | 8.02B | 7.81B | 7.2B | 6.35B | 4.92B | 4.22B | 3.4B | 3B | 2.56B | 2.54B | 1.87B | 1.52B | 1.51B | 1.25B | 1.33B | 1.24B | 1.29B | 1.32B | 1.28B | 1.33B | 0 |
| NII Growth % | 2.47% | -1.38% | 9.1% | 16.54% | 18.71% | 9.08% | -5.77% | 7.11% | 5.56% | 2.72% | 8.4% | 13.41% | 29.02% | 16.63% | 24.28% | 13.35% | 16.94% | 0.76% | 35.69% | 22.98% | 0.71% | 20.59% | -6.01% | 7.26% | -3.91% | -1.84% | 2.81% | -3.25% | - | - |
| Net Interest Margin % | 5.29% | 5.19% | 5.49% | 5.4% | 4.7% | 3.83% | 3.6% | 4.83% | 4.78% | 4.7% | 4.99% | 4.63% | 4.71% | 4.31% | 3.97% | 4.2% | 3.68% | 4.01% | 3.89% | 3.53% | 3.87% | 3.98% | 4.21% | 4.64% | 4.1% | 4.96% | 4.9% | 4.82% | 4.99% | 0% |
| Interest Income | 19.12B | 18.79B | 19.82B | 18.75B | 14.98B | 11.81B | 11.52B | 12.36B | 11.5B | 10.98B | 10.72B | 9.73B | 8.54B | 7.04B | 6.02B | 4.79B | 4.18B | 3.78B | 4.31B | 3.17B | 2.39B | 2.11B | 1.78B | 1.9B | 1.87B | 2.39B | 2.69B | 2.91B | 2.9B | 0 |
| Interest Expense | 4.84B | 4.91B | 5.75B | 5.86B | 3.92B | 2.49B | 2.98B | 3.29B | 3.03B | 2.96B | 2.91B | 2.53B | 2.17B | 2.12B | 1.82B | 1.4B | 1.19B | 1.22B | 1.76B | 1.3B | 866.2M | 596.22M | 525.57M | 567.39M | 626.13M | 1.1B | 1.38B | 1.62B | 1.57B | 1.07B |
| Loan Loss Provision | 1.86B | 2.69B | 3.91B | 3.79B | 1.95B | 1.37B | 6.17B | 1.9B | 1.63B | 1.85B | 1.83B | 1.91B | 1.76B | 1.24B | 1.01B | 567.83M | 502.71M | 474.16M | 153.2M | 85.26M | -12.96M | -21.88M | 52.89M | 230.39M | 350.2M | 410.95M | 600.22M | 605.56M | 570.45M | -1.07B |
| Non-Interest Income | 9.64B | 10.13B | 7.18B | 6.62B | 5.64B | 7.41B | 6.69B | 5.59B | 5.09B | 5.4B | 4.65B | 4.69B | 4.07B | 3.54B | 3.51B | 2.65B | 2.75B | 3.35B | 3.14B | 1.77B | 1.85B | 1.67B | 1.44B | 1.27B | 1.18B | 1.13B | 1.18B | 1.3B | 1.13B | 1.95B |
| Non-Interest Income % | 33.51% | 35.03% | 26.58% | 26.09% | 27.36% | 38.55% | 36.75% | 31.14% | 30.69% | 32.98% | 30.24% | 32.55% | 32.28% | 33.48% | 36.85% | 35.56% | 39.67% | 46.99% | 42.15% | 35.85% | 43.63% | 44.19% | 44.69% | 39.95% | 38.69% | 32.14% | 30.43% | 30.99% | 28.06% | 100% |
| Total Revenue | 28.76B | 28.92B | 27B | 25.37B | 20.63B | 19.22B | 18.22B | 17.95B | 16.59B | 16.38B | 15.37B | 14.42B | 12.61B | 10.58B | 9.53B | 7.44B | 6.93B | 7.13B | 7.44B | 4.94B | 4.24B | 3.78B | 3.22B | 3.17B | 3.05B | 3.52B | 3.87B | 4.21B | 4.03B | 1.95B |
| Revenue Growth % | 23.22% | 7.11% | 6.4% | 23.02% | 7.32% | 5.5% | 1.51% | 8.18% | 1.27% | 6.59% | 6.55% | 14.36% | 19.2% | 10.98% | 28.16% | 7.32% | -2.84% | -4.17% | 50.71% | 16.52% | 12.2% | 17.42% | 1.61% | 3.82% | -13.42% | -9.03% | -8.02% | 4.61% | 105.99% | - |
| Non-Interest Expense | 11.54B | 11.37B | 9.51B | 8.87B | 7.89B | 10.03B | 8.85B | 6.78B | 6.34B | 6B | 5.74B | 5.62B | 5.29B | 4.89B | 3.91B | 3.01B | 2.98B | 3.61B | 3.97B | 2.24B | 2.43B | 2.32B | 2.06B | 1.95B | 1.81B | 1.74B | 1.8B | 1.8B | 1.68B | 2.58B |
| Efficiency Ratio | 40.13% | 39.31% | 35.22% | 34.96% | 38.24% | 52.18% | 48.57% | 37.8% | 38.19% | 36.61% | 37.32% | 38.98% | 41.98% | 46.26% | 41.04% | 40.53% | 42.98% | 50.59% | 53.29% | 45.34% | 57.27% | 61.52% | 64.07% | 61.63% | 59.35% | 49.44% | 46.5% | 42.72% | 41.73% | 132.14% |
| Operating Income | 10.53B | 9.95B | 7.82B | 6.85B | 6.87B | 5.33B | 224.16M | 5.98B | 5.59B | 5.57B | 4.89B | 4.36B | 3.39B | 2.33B | 2.79B | 2.46B | 2.26B | 1.83B | 1.56B | 1.32B | 958.24M | 879.5M | 577.85M | 417.28M | 263.75M | 274.08M | 96.68M | 183.28M | 205.27M | 441M |
| Operating Margin % | 36.6% | 34.4% | 28.98% | 26.99% | 33.31% | 27.75% | 1.23% | 33.3% | 33.71% | 34.04% | 31.83% | 30.23% | 26.88% | 22.05% | 29.31% | 33.04% | 32.66% | 25.66% | 20.95% | 26.71% | 22.6% | 23.28% | 17.96% | 13.18% | 8.65% | 7.78% | 2.5% | 4.35% | 5.1% | 22.57% |
| Operating Income Growth % | - | 27.13% | 14.25% | -0.32% | 28.84% | 2279.01% | -96.25% | 6.85% | 0.31% | 13.97% | 12.17% | 28.65% | 45.3% | -16.52% | 13.71% | 8.57% | 23.66% | 17.35% | 18.23% | 37.68% | 8.95% | 52.2% | 38.48% | 58.21% | -3.77% | 183.51% | -47.25% | -10.71% | -53.45% | - |
| Pretax Income | 10.32B | 9.95B | 7.82B | 6.85B | 6.87B | 5.33B | 224.16M | 5.98B | 5.59B | 5.57B | 4.89B | 4.36B | 3.39B | 2.33B | 2.79B | 2.46B | 2.26B | 1.83B | 1.56B | 1.36B | 958.24M | 879.5M | 577.85M | 417.28M | 263.75M | 274.08M | 96.68M | 183.28M | 205.27M | 441M |
| Pretax Margin % | 35.88% | 34.4% | 28.98% | 26.99% | 33.31% | 27.75% | 1.23% | 33.3% | 33.71% | 34.04% | 31.83% | 30.23% | 26.88% | 22.05% | 29.31% | 33.04% | 32.66% | 25.66% | 20.95% | 27.5% | 22.6% | 23.28% | 17.96% | 13.18% | 8.65% | 7.78% | 2.5% | 4.35% | 5.1% | 22.57% |
| Income Tax | 2.96B | 2.86B | 2.2B | 1.89B | 2.11B | 1.66B | -109.98M | 1.62B | 1.52B | 1.39B | 1.28B | 1.2B | 968.22M | 775.18M | 663.31M | 553.68M | 535.74M | 401.93M | 344.07M | 306.66M | 255.41M | 253.23M | 149.17M | 137.69M | 114.73M | 86.49M | 34.23M | 30.69M | 64.48M | 115M |
| Effective Tax Rate % | 28.72% | 28.8% | 28.13% | 27.58% | 30.72% | 31.15% | -49.06% | 27.16% | 27.2% | 24.99% | 26.2% | 27.46% | 28.57% | 33.23% | 23.74% | 22.53% | 23.67% | 21.96% | 22.06% | 22.58% | 26.65% | 28.79% | 25.81% | 33% | 43.5% | 31.56% | 35.41% | 16.75% | 31.41% | 26.08% |
| Net Income | 7.2B | 6.93B | 5.5B | 4.87B | 4.65B | 3.58B | 346.89M | 4.27B | 3.98B | 4.09B | 3.51B | 3.09B | 2.39B | 1.54B | 2.08B | 1.87B | 1.64B | 1.36B | 1.12B | 1.05B | 702.83M | 626.26M | 428.68M | 279.59M | 149.03M | 187.59M | 62.44M | 152.58M | 140.79M | 293M |
| Net Margin % | 25.03% | 23.95% | 20.38% | 19.18% | 22.53% | 18.65% | 1.9% | 23.77% | 24.02% | 24.98% | 22.87% | 21.44% | 18.93% | 14.54% | 21.81% | 25.08% | 23.6% | 19.11% | 15.1% | 21.29% | 16.58% | 16.57% | 13.32% | 8.83% | 4.89% | 5.32% | 1.61% | 3.62% | 3.5% | 14.99% |
| Net Income Growth % | 24.78% | 25.89% | 13.07% | 4.68% | 29.66% | 933.34% | -91.87% | 7.06% | -2.64% | 16.42% | 13.66% | 29.5% | 55.23% | -26.03% | 11.48% | 14.03% | 20% | 21.28% | 6.9% | 49.61% | 12.23% | 46.09% | 53.32% | 87.61% | -20.56% | 200.42% | -59.08% | 8.38% | -51.95% | - |
| Net Income (Continuing) | 7.35B | 7.08B | 5.62B | 4.96B | 4.76B | 3.67B | 334.14M | 4.35B | 4.07B | 4.18B | 3.61B | 3.16B | 2.42B | 1.56B | 2.13B | 1.9B | 1.73B | 1.46B | 1.16B | 1.12B | 702.83M | 626.26M | 428.68M | 279.59M | 149.03M | 187.59M | 62.44M | 152.58M | 140.79M | 293M |
| EPS (Diluted) | 90.55 | 86.80 | 69.09 | 61.08 | 58.13 | 44.99 | 4.36 | 53.53 | 49.99 | 51.35 | 44.15 | 38.84 | 29.97 | 19.31 | 26.11 | 23.41 | 20.53 | 17.12 | 14.11 | 13.19 | 8.80 | 7.85 | 5.38 | 3.50 | 1.86 | 2.34 | 0.78 | 1.89 | 1.74 | 3.62 |
| EPS Growth % | 24.72% | 25.63% | 13.11% | 5.07% | 29.21% | 931.88% | -91.86% | 7.08% | -2.65% | 16.31% | 13.67% | 29.6% | 55.2% | -26.04% | 11.53% | 14.03% | 19.92% | 21.33% | 6.98% | 49.89% | 12.1% | 45.91% | 53.71% | 88.17% | -20.51% | 200% | -58.73% | 8.62% | -51.93% | - |
| EPS (Basic) | - | 87.25 | 69.09 | 61.08 | 58.26 | 45.09 | 4.37 | 53.53 | 50.13 | 51.49 | 44.23 | 38.91 | 30.04 | 19.35 | 26.18 | 23.49 | 20.59 | 17.12 | 14.11 | 13.19 | 8.80 | 7.85 | 5.38 | 3.50 | 1.86 | 2.34 | 0.78 | 1.89 | 1.74 | 3.62 |
| Diluted Shares Outstanding | 79.48M | 79.78M | 79.62M | 79.66M | 79.53M | 79.68M | 79.62M | 79.68M | 79.69M | 79.69M | 79.61M | 79.61M | 79.67M | 79.67M | 79.65M | 79.66M | 79.67M | 79.66M | 79.76M | 79.76M | 79.87M | 79.77M | 79.8M | 79.81M | 79.97M | 80.18M | 81M | 94.38M | 80.95M | 81M |
Macroeconomic and political volatility
As reported in recent financial statements, Credicorp's net interest income reached $4.0 billion in 2026Q1, reflecting an 11.5% year-over-year growth rate that suggests a successful expansion of the loan book despite the challenging interest rate environment and competitive pressures within the Peruvian banking sector.
The acceleration in NII appears to be driven by a combination of volume growth and the effective repricing of the loan portfolio. Investors should monitor whether this trajectory can be sustained as the central bank adjusts monetary policy, which may compress the spread between asset yields and funding costs.
Based on the provided quarterly data, the net interest margin has remained anchored at 1.5% through early 2026, indicating that the bank has successfully managed its funding costs relative to asset yields despite the significant volatility observed in the broader Peruvian macroeconomic landscape.
The consistency of the 1.5% NIM suggests that the bank's low-cost deposit franchise, bolstered by the Yape ecosystem, provides a structural buffer against rate fluctuations. However, any further compression in this margin would warrant investigation into whether competitive deposit pricing is beginning to erode the bank's funding advantage.
According to the latest income statement data, provision expenses for loan losses were reported at $481.2 million in 2026Q1, a notable decline from the peak of $1.3 billion in 2023Q4, which suggests an improving credit environment and more conservative risk management practices.
The reduction in provisioning levels appears to reflect a stabilization in the microfinance portfolio's asset quality. Analysts should remain cautious, as the bank's exposure to small business cash flows remains sensitive to climate-related events like El Niño, which could necessitate future increases in credit loss reserves.
Financial disclosures indicate that non-interest fee income reached $2.5 billion in 2026Q1, representing 32.8% of total revenue, which highlights the increasing importance of transactional and digital service fees in diversifying the bank's earnings base away from traditional interest-bearing activities.
The growth in fee income appears to be closely tied to the monetization of the Yape digital ecosystem and insurance segments. This shift suggests a strategic pivot toward recurring, lower-capital-intensity revenue streams, though the sustainability of these fees remains subject to potential legislative changes regarding pension fund withdrawals.
As reported in the 2026Q1 filings, the efficiency ratio stood at 40.1%, demonstrating a disciplined approach to managing non-interest expenses relative to total revenue growth, even as the bank continues to invest heavily in its digital transformation and physical branch network optimization.
The fluctuation in the efficiency ratio over the last ten quarters suggests that management is balancing aggressive digital investment with the need to maintain profitability. Investors should monitor whether the bank can achieve further operating leverage as the Yape platform scales and reduces the reliance on traditional, high-cost physical infrastructure.
Quick answers to the most common questions about buying BAP stock.
Credicorp Ltd. (BAP) is profitable, generating $6.93B in net income for the fiscal year ending 2025 with a net profit margin of 23.9%.
Credicorp Ltd. (BAP) reported an operating income of $9.95B, resulting in an operating profit margin of 34.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Credicorp Ltd. (BAP) generated $21.31B in gross profit for the year, representing a gross profit margin of 73.7%. This demonstrates the company's core pricing power and production efficiency.