Abstract
Credicorp will post its Q4 2025 results on February 12, 2026 Post Market, covering consolidated banking, microfinance, insurance, and investment management operations; this preview synthesizes recent performance, company forecasts, and institutional views to frame the key themes for revenue, margins, and earnings per share.
Market Forecast
For the current quarter, Credicorp’s revenue is forecast at USD 5.98 billion with an estimated year-over-year growth of 11.48%, EBIT at USD 2.43 billion with an estimated year-over-year increase of 32.83%, and EPS at USD 21.80 with an estimated year-over-year increase of 33.25. Forecast margin detail by gross profit margin and adjusted net profit margin is not available from company guidance in the collected data. The universal banking franchise remains the primary revenue engine with broad-based loan and fee contributions in Peru and Bolivia, while microfinance and insurance continue to support diversified earnings. The most promising segment is Universal Banking – Banco de Crédito del Perú, which generated USD 3.42 billion last quarter and continues to show resilient YoY growth supported by core lending and transactional services.
Last Quarter Review
In the previous quarter, Credicorp reported consolidated revenue of USD 4.99 billion, GAAP net profit attributable to the parent company of USD 1.74 billion with quarter-on-quarter change of -4.58%, a net profit margin of 32.86%, and adjusted EPS of USD 21.80; gross profit margin was not disclosed in the collected dataset. A notable highlight was robust EBIT performance of USD 3.11 billion, running ahead of the prior estimate and demonstrating operating leverage across retail and corporate banking. The main business highlights included Universal Banking – Banco de Crédito del Perú at USD 3.42 billion revenue, Microfinance – Mibanco at USD 0.43 billion, and Insurance and Pension Funds – Pacífico Seguros and Subsidiaries at USD 0.31 billion, reflecting stable contributions across segments.
Current Quarter Outlook
Main Business: Universal Banking – Banco de Crédito del Perú
Banco de Crédito del Perú anchors Credicorp’s earnings profile, driven by core NIM dynamics, credit growth, and fee-based services across payments, cards, and treasury. With the bank contributing USD 3.42 billion last quarter, the franchise benefits from scale, diversified loan books, and efficient funding. Into the current quarter, market expectations point to revenue normalization coupled with resilient asset quality in key retail and SME portfolios. Management’s forecast implies EBIT strength, aligning with sector-wide stabilization in credit costs and disciplined expense control. The reported net profit margin of 32.86% in the last quarter underscores operating efficiency; maintaining that margin range depends on pricing power, deposit mix, and loan repricing cadence. Specific gross margin guidance is unavailable, but the revenue base’s mix suggests that interest-related income and service fees will continue to dominate. The quarter’s focus will be sustaining loan yields while managing funding costs amid competitive deposit markets, with an eye on preserving the consolidated NIM and fee momentum.
Most Promising Business: Microfinance – Mibanco
Mibanco’s microfinance platform is positioned for cyclical recovery, supported by risk-adjusted growth in small business lending and enhanced collections processes. With USD 0.43 billion revenue last quarter, the segment’s outlook is tied to disciplined underwriting, geographic diversification, and improved borrower resiliency. The current quarter’s forecast implies margin expansion at the consolidated level; translating that into microfinance will depend on credit cost moderation, measured loan growth, and fee traction. Demand indicators in micro and small enterprise lending remain constructive when credit risks are contained, suggesting potential upside if asset quality trends stabilize further. Operational investments in analytics and customer engagement can improve unit economics, while portfolio rotation away from higher-risk cohorts supports steadier NPLs. The key sensitivity for this quarter is how provisioning requirements trend; if they ease, Mibanco’s contribution can lift group EBIT beyond estimates.
Stock Price Drivers This Quarter
The stock’s performance this quarter will hinge on the revenue print relative to the USD 5.98 billion forecast, EPS delivery versus the USD 21.80 estimate, and signs of margin durability amid competitive funding dynamics. Investors will parse net interest-related margins and fee growth within Universal Banking for signals of pricing power and loan demand. Asset quality disclosures—NPLs, cost of risk, and provisioning—remain critical for gauging sustainability of the projected EBIT increase of 32.83% YoY. Microfinance provisioning trends and insurance claim ratios can influence consolidated profitability and multiple expansion. Finally, capital allocation updates, including dividend stance and potential growth investments, will color sentiment following the quarter’s release.
Analyst Opinions
Recent institutional views on Credicorp cluster around neutral-to-cautious. Goldman Sachs maintained a Hold rating with a USD 293.00 price target, emphasizing balanced risk-reward as earnings visibility improves but valuation reflects near-term margin sensitivities. Bank of America Securities reaffirmed a Hold rating with a USD 264.00 price target, highlighting the need for confirmation of asset quality normalization and sustainable fee growth before upgrading sentiment. The balance of collected opinions is weighted toward Hold, suggesting the majority view expects an in-line quarter, with a focus on the EPS print and provisioning commentary to reassess trajectory. In this context, the majority perspective is that the stock should trade around fundamentals pending confirmation of the forecasted EBIT uplift and revenue trajectory, and clarity on credit costs, particularly within microfinance. The neutral stance implies investors will look for consistency in margins and disciplined expense trends to justify multiple stability.
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