Credicorp Ltd (0U8N.L) Q3 2025 Earnings Report

Credicorp Ltd reported QQ3 2025 results showing solid profitability and robust cash generation even as top-line revenue declined year-over-year. Net income of PEN 1.739 billion produced a net margin near 32.9% with an operating margin of 51.1%, underscoring strong cost discipline and a high-quality earnings base in a challenging macro backdrop for Peru. QoQ dynamics were mixed: revenue fell 28.7% sequentially, but operating income rose 5.6% QoQ, aided by controlled operating expenses and favorable mix. The company’s balance sheet remains conservatively leveraged, with a low debt ratio (about 6.4%) and meaningful free cash flow per share (PFCS) supporting shareholder returns at a modest dividend payout (6.28%). Valuation sits in a reasonable range relative to regional peers, with a price-to-earnings around 10.6x and price-to-book around 2.01x, signaling potential for multiple expansion if macro conditions improve and loan growth stabilizes. Management commentary is not included in the provided transcript data, limiting forward guidance specifics in this report. Investors should monitor Peru’s macro trajectory, credit quality, and regulatory evolution as the primary drivers of medium-term performance.