Credicorp 2026年第二季度电话会议要点

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

14 August 2026

Credicorp

2Q26 Conference Call Highlights

Neutral

BAP, BAP US

Price (13 Aug 26):$375.14

Latin American Financials

Please see below what we consider Credicorp’s conference call highlights.

Yuri R Fernandes AC

ROE

(1-212) 622-3400

J.P. Morgan Securities LLC

Medium-term ROE guidance increased to ~22% (vs. prior 19.5%).

Guilherme Grespan

Key drivers include higher penetration (beyond lending, including

investments and insurance), higher risk-adjusted margins, higher fee income,

monetization of the innovation portfolio (mainly Yape), and positive operating

leverage.

(55-11) 4950-3058

Banco J.P. Morgan S.A.

Disruptive initiatives (mainly Yape) were described as already ROE accretive,

with further improvement expected.

Loan growth and margins

Loan growth 2026 guidance was raised to ~12% (from 8.5%).

Loan growth could be lower in 2027 if El Niño impacts materialize.

Fernanda Sayao

(55-11) 4950-6588

Banco J.P. Morgan S.A.

Diego Marquez Antonio

(52-55) 5339-94899

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Management expects double-digit loan growth in both wholesale and retail,

excluding potential El Niño impacts

Yape growth is expected to be driven by longer duration and larger ticket sizes,

with growth supported by existing customers migrating to multi-installment

loans and repeat borrowing (2nd or 3rd loans).

Asset quality

CoR guidance was reiterated at 1.7–2.1% despite the additional El Niño

provisioning this quarter.

Base case assumes a strong El Niño; management mentioned some ~9% of the

total loan portfolio as being exposed.

Under a severe El Niño scenario, management expects results to shift from the

low end toward the mid-to-upper end of the CoR range (still within guidance).

Management expects lower origination and reduced risk appetite in selected

exposed segments/geographies.

The PEN 106 mn additional provisions were determined as follows: wholesale

assessed client-by-client and segment-by-segment; retail assessed by

geography and client profile.

Management doesn't expect the additional provisioning in 2Q26 to be the runrate and expects to adjust as the scenario evolves.

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