A financial holding company based in Lima, Peru, Credicorp owns Banco de Crédito del Perú (BCP), the country's oldest and largest bank, along with insurers, pension funds, and microfinance arms serving individuals and businesses across Latin America. The story traces to 1889, when Italian-Peruvian merchants founded the Banco Italiano; it became BCP in 1942 to shake off its Italian name during World War II. Credicorp itself was created in 1995 in Bermuda to gather these businesses under one roof and list on the New York Stock Exchange.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Credicorp's cost of risk fell to 1.63% in 2025, driving a 25.9% rise in net profit to S/6.9B.
Credit costs fell sharply for the first time in three years. rose 25.9% to S/6,925 million and return on average equity reached 19.05% as provisions for credit losses dropped 31.6% and the declined to 1.63% from 2.42%. The recovery in asset quality leaves Credicorp with its strongest profitability since before the 2023 credit cycle, even as loan growth remains modest.
Key takeaways
The declined to 1.63% from 2.42% in 2024, as provisions for credit losses, net of recoveries, fell 31.6% to S/2,406.3 million, driven by improved payment performance at BCP Stand-alone and Mibanco.
attributable to equity holders rose 25.9% to S/6,925.4 million, with return on average equity reaching 19.05%.
grew 4.3% to S/14,716.5 million, supported by a 9.4% drop in interest expenses from lower rates and a better funding mix.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Credicorp's main market risks are interest rate, foreign exchange, and equity price fluctuations, managed via VaR limits, ALM gap analysis, and sensitivity testing.
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Trading book market risk is measured daily using a 99% one-day historical simulation VaR model, amplified to a 10-day holding period; consolidated VaR was S/28.9 million as of Dec 31, 2025.
Total loans grew 2.9% to S/149,985 million, or 8.5% at a neutral exchange rate, led by Retail Banking and Mibanco, while low-cost deposits expanded 13.5%.
Operating expenses rose 8.6% to S/10,426.8 million, mainly from higher personnel costs at BCP Stand-alone, pushing the up 77 to 46.6%.
BCP entered an agreement to acquire 100% of Helm Bank USA for USD 180 million to enhance cross-border capabilities, and Credicorp completed the acquisition of the remaining 50% stake in its Peruvian health insurance joint venture.
What changed
The , flagged in 2022 at 1.22% and watched through a peak of 2.50% in 2023, declined to 1.63% in 2025 as the credit cycle turned and payment performance improved at both BCP Stand-alone and Mibanco.
Total loan growth, which stalled at 0.7% in 2022, contracted 2.5% in 2023, and grew only 0.5% in 2024, resumed with a 2.9% increase in 2025, led by Retail Banking and Mibanco.
The , which widened 92 in 2023 to 6.01% and another 29 basis points in 2024 to 6.29%, was not reported as a margin figure for 2025; grew 4.3% as lower funding costs offset stable interest income.
Return on average equity rose to 19.05% from 16.47% in 2024 and 15.83% in 2023, exceeding the 16.70% recorded in 2022 before the credit cycle deteriorated.
What to watch
Whether the stabilizes near 1.63% or continues to decline toward the 1.22% level last seen in 2022, as the loan mix shifts toward higher-yielding retail and microfinance segments.
The trajectory of loan growth after the 2.9% increase in 2025, particularly whether Mibanco sustains its recovery and Wholesale Banking disbursements resume.
The impact of Peru's 2026 presidential runoff elections on economic policy, currency stability, and credit demand, given the political instability flagged as a material risk.
The integration and financial contribution of the Helm Bank USA acquisition, and whether it meaningfully expands cross-border fee income.
Banking book interest rate risk is managed through and sensitivity tests; a +100bps parallel shift in USD rates would impact by +S/346.1 million and economic value by +S/676.5 million.
Foreign exchange risk arises from net open monetary and equity positions, primarily in USD; a 10% Sol against the USD would increase the income statement by S/74.5 million and by S/105.2 million.
Equity price risk in non-trading portfolios is assessed via sensitivity tests; a +/-10% change in investment funds would impact profit or loss by S/149.8 million.
The Group states it does not maintain any direct or indirect exposure to cryptoassets and therefore faces no associated price, liquidity, or valuation risk.
Commodity price risk has not been approved for trading, so the Group does not trade these instruments.
Credicorp faces material risks from Peru's political instability, rising crime, global trade tensions, and regulatory changes affecting its core banking, insurance, and pension businesses.
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Peru's deep political instability, marked by multiple presidential removals and a fragmented Congress ahead of 2026 runoff elections, threatens economic policy and operating conditions.
Escalating crime and violence in Peru, with a record homicide rate, directly increases by impairing borrowers' ability to repay loans and disrupting business operations.
Global geopolitical conflicts and U.S. trade policy shifts, including new tariffs and U.S.-China tensions, risk slowing Peru's export-driven economy and fueling inflation and currency .
Regulatory changes, particularly repeated pension fund withdrawal approvals and the new Comprehensive Peruvian Pension System, materially impact Prima AFP's .
Credicorp's increasing investments in digital transformation and AI face execution risk and may fail to achieve targeted efficiencies or gains amid a shortage of specialized talent.
A deterioration in the loan portfolio, especially from increased exposure to higher-risk consumer and SME segments, could significantly harm financial results.
Credicorp is a financial services holding company operating through Universal Banking, Microfinance, Insurance & Pensions, and Investment Management & Advisory across Latin America.
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The company operates four main lines of business: Universal Banking (led by BCP in Peru and Bolivia), Microfinance (Mibanco in Peru and Colombia), Insurance & Pensions (Grupo Pacífico and Prima AFP), and Investment Management & Advisory (Credicorp Capital).
BCP Stand-alone is the leading bank in Peru with close to 29% in loans and 33% in deposits, and its digital payments platform, Yape, reached 15.9 million monthly active users in 2025.
The Microfinance , operating as Mibanco, focuses on small and micro business clients, holding a 20.9% in Peru's micro business loan segment and a 16.79% share among microcredit peers in Colombia.
Grupo Pacífico is the second-largest insurer in Peru with a 25.2% in , and it also operates a private healthcare network of hospitals and outpatient centers under the San Felipe and Sanna brands.
The company's strategy emphasizes sustainable growth decoupled from economic cycles, driven by digital transformation, innovation including a corporate venture capital arm (Krealo), and a new 2025–2030 Sustainability Strategy.
In December 2025, BCP entered an agreement to acquire 100% of Helm Bank USA for USD 180 million to enhance cross-border capabilities, and Credicorp completed the acquisition of the remaining 50% stake in its Peruvian health insurance joint venture.
Credicorp's 2025 net profit rose 25.9% to S/6,925M, driven by lower provisions, higher net interest income, and diversified revenue growth.
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attributable to equity holders increased 25.9% to S/6,925.4 million, with rising to 19.05% from 16.47% in 2024.
grew 4.3% to S/14,716.5 million, as a 9.4% drop in interest expenses from lower rates and a better funding mix offset stable interest income.
, net of recoveries, fell 31.6% to S/2,406.3 million, lowering the to 1.63% from 2.42%, driven by improved payment performance at BCP Stand-alone and Mibanco.
Total loans grew 2.9% (8.5% at a neutral exchange rate) to S/149,985 million, led by Retail Banking and Mibanco, while low-cost deposits expanded 13.5%.
Operating expenses rose 8.6% to S/10,426.8 million, mainly from higher personnel costs at BCP Stand-alone, pushing the up 77 to 46.6%.
The for BCP Stand-alone strengthened to 13.99%, and Credicorp's total regulatory capital ratio stood at 135%, well above the 100% requirement.