Peruvian Banks: May data is out: BAP beats, IFS lags, and Compartamos shines

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Peruvian Banks: May data is out: BAP beats, IFS lags, and Compartamos shines

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Peruvian Banks

May data is out: BAP beats, IFS lags, and

Compartamos shines

Industry Overview

Mid-single digit loan growth; slight A/Q deterioration 29 June 2026

May data showed the industry’s loan portfolio grew 4.6% YoY, relatively stable from the Equity

growth observed in April (+4.7%), driven by credit cards and mortgages, offsetting Peru

weaker activity in external loans and current accounts. Meanwhile, NPLs modestly Banks

deteriorated +10bp MoM to 7.6%. Importantly, data from the regulator is under local Ernesto Gabilondo >>

GAAP at bank level (not IFRS) and could differ from reported consolidated data. Research Analyst

Nonetheless, it provides insights into our 2Q26 numbers. As such, company-specific data Merrill+52 55Lynch5201 (Mexico)3428

points to modestly above earnings for BAP on strong core revenue generation and stable ernesto.gabilondo@bofa.com

YoY provision charges, and lower on IFS limited by single-digit NII growth. Lastly, Mario Pierry

Research Analyst

Compartamos kept remarkable earnings growth. BofAS

+1 646 743 0047

BCP + MiBanco – 2Q26 NI modestly above BofAe mario.pierry@bofa.com

April–May results show double-digit NII growth (+13% YoY) and strong fees (+23% YoY), AugustoResearch UeharaAnalyst >>

driven by BCP and MiBanco. Loans grew 10%, while NPLs improved to 4.1% (-10bp Merrill Lynch (Brazil)

+55 11 2188 4651

MoM). Provisions were flat YoY, implying a CoR of 1.6% (vs 1.2% in 1Q26). Opex rose augusto.uehara@bofa.com

13% YoY, mainly from BCP. With bank-level NI at 102% of consolidated NI, YTD net Antonio Ruette >>

income of S$1.4bn suggests 2Q26 net income of S$2.0bn—slightly above our estimates Research Analyst Merrill Lynch (Brazil)