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BAP · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Credicorp Ltd. (BAP) stock moving?
Credicorp reported Q3 2026 results on Nov 9. EPS of $7.19 missed the $7.51 estimate by about 4%, while sales of $1.844B narrowly beat. Net income reached S/ 1,929.4M, up 11.0% YoY but down 2.6% QoQ, with ROE of 19.9%. Management reaffirmed FY26 ROE guidance of 19.5% and its 22% medium-term target. Total loans rose 14.8% YoY, the NPL ratio improved 91 bps to 3.9%, and risk-adjusted NIM widened to 5.7%. Cost of risk was 2.0% after added El Niño provisions, and deposits fell 0.6% QoQ. On the market side, the stock fell from $371.05 on Oct 22 to a $344.03 low on Nov 5, and then gapped down to open at $336.20 on Nov 10. It recovered to close at $367.80 (+3.3%) on about 797K shares, roughly 2.4 times the recent daily average, with the close above the $363.93 VWAP. That intraday reversal on heavy volume offsets the EPS miss in the short term, though the medium-term outlook depends on whether loan growth and asset quality hold through the El Niño cycle.
News behind the analysis
- Credicorp Reports Third Quarter 2026 Financial ResultsCredicorp reported Q3 2026 results, with EPS below analyst estimates while revenue exceeded expectations. The company's 6-K release reported net income up 11.0% YoY and ROE of 19.9%.
- Credicorp Q3 EPS $7.19 Misses $7.51 Estimate, Sales $1.844B Beat $1.840B EstimateQ3 EPS of $7.19 fell short of the $7.51 consensus, while sales of $1.844B edged past the $1.840B estimate. The gap on EPS was about 4%, and the revenue beat was marginal.
- Credicorp Ltd. Announces 3Q26 Earnings Release and Conference Call ScheduleCredicorp scheduled its Q3 2026 results for November 9, 2026, with a conference call on November 10, 2026.
About Credicorp LTD
Credicorp is the largest financial services group in Peru, also operating in Chile, Colombia, Bolivia and Panama. It owns Banco de Crédito del Peru (BCP), the microfinance lender Mibanco, the insurer and pension manager Pacífico, an investment banking arm, and Yape, a fast-growing digital wallet that is moving into lending.
How it makes money
Most of its revenue is net interest income, meaning the gap between what it earns on loans to businesses and consumers and what it pays depositors. Its interest margin has been high, roughly 6.5% as of mid-2026. The rest comes from fees on payments, cards and transactions, from insurance premiums and pension fund management, and from investment banking and wealth management. Yape made up roughly 9% of risk-adjusted revenue in Q2 2026. BCP is by far the biggest contributor to profits.
What usually moves BAP
- Peru's economic growth and political stability
- Peruvian interest rates and the sol exchange rate
- Loan losses, including weather shocks such as El Niño
- Yape digital growth and how much money it makes
- Dividend payouts