Credicorp FY 2025 earnings snapshot

Credicorp (NYSE:BAP) has just posted another set of hefty numbers for FY 2025, with Q3 2025 revenue at S/5.3b and basic EPS of S/21.89, while trailing twelve month EPS sits at S/81.43. The group has seen revenue move from S/18.2b and EPS of S/69.24 on a trailing basis in Q4 2024 to S/20.4b and S/81.43 by Q3 2025, which puts the focus on how efficiently those earnings are being generated through its margins.

See our full analysis for Credicorp.

With the headline figures on the table, the next step is to see how these results line up against the most common stories around Credicorp, highlighting where the numbers back the narrative and where they raise fresh questions.

Margins stay firm above 31%

• On a trailing basis, Credicorp is reporting a 31.6% net profit margin, slightly above the 30.4% margin cited for the prior year in the data, with Q3 2025 net income at S/1,738.7m on S/5,291.7m of revenue.
• Supporters of the bullish narrative argue that digital growth and efficiency gains can underpin strong profitability, and the current numbers partly line up with that view:
  • The net interest margin of 6.57% in Q3 2025, compared with 6% in Q1 2025, sits alongside a trailing 12 month net income of S/6,465.1m, which fits with the story of solid earnings on the existing book.
  • At the same time, the bullish case expects margins to ease from 31.6% to 30.4% over several years, so the current 31.6% level gives them some room, but also means any pressure on credit costs or expenses would show up quite quickly against this high starting point.

Credicorp’s recent margin performance gives bulls real numbers to point to, while also setting a high bar for the future they are arguing for. 🐂 Credicorp Bull Case

Credit costs and 4.9% NPLs in focus

• Non performing loans are reported at S/6,979.6m on a trailing basis, which equates to a 4.9% ratio, and Q3 2025 shows S/6,979.6m of non performing loans against a loan book of S/143,445.9m.
• Critics in the more cautious narrative highlight that pushing further into higher yielding retail and microfinance could strain asset quality, and the current figures give some weight to that concern:
  • The 4.9% bad loan ratio is flagged as high in the data, and sits alongside a cost to income ratio of 46.4% in Q3 2025, so there is not unlimited room for higher provisions without eating into that 31.6% net margin.
  • The analysis also points to an unstable dividend record, so for cautious investors a relatively high non performing loan level plus uneven payouts makes the credit and capital side of the story something to track closely rather than assume away.

For readers who are wary about asset quality and payouts, these credit metrics line up closely with what the cautious side has been warning about. 🐻 Credicorp Bear Case

Mixed valuation versus earnings strength

• The shares trade at a P/E of 13.6x based on trailing EPS of S/81.43, slightly below a peer average of 14.1x but above the US Banks industry average of 11.8x, while the cited DCF fair value of S/520.09 sits above the current share price of S/329.81.
• Consensus narrative commentary talks about earnings growth and digital investments supporting a more resilient business model, and the current valuation picture both supports and challenges that:
  • On one side, trailing earnings grew 23.9% over the past year and the five year CAGR cited is 22.4%, which helps explain why the P/E is above the broader US Banks industry even though the ratio is only slightly below peers.
  • On the other, earnings are forecast in the data to grow around 12.9% per year, below the referenced wider market, so investors weighing the S/329.81 share price against the S/520.09 DCF fair value and the 327.20 analyst target have to decide how much of that past growth they expect to continue.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Credicorp on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers differently? Take a couple of minutes to test your own view against the data and turn it into a clear narrative: Do it your way

A great starting point for your Credicorp research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

See What Else Is Out There

Credicorp’s higher 4.9% non performing loan ratio, cost to income at 46.4% and flagged dividend instability may leave you questioning the overall risk profile.

If those credit concerns and uneven payouts make you want something steadier, you might like our 85 resilient stocks with low risk scores designed to highlight companies where risk indicators look more comfortable.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.