Credicorp Q1 2026 Earnings: Resilient Growth Amid Political and Macro Uncertainty

Credicorp reported strong performance in its Q1 2026 earnings call, maintaining a 2026 GDP growth forecast of approximately 3.5% for Peru, despite a slight downside skew to 3.2%. The bank highlighted resilient macroeconomic fundamentals, driven by favorable export prices, with copper trading near $66.5 per pound, and dynamic domestic demand growing above 4%. However, the outlook is tempered by geopolitical tensions in the Middle East affecting energy prices and inflation, which rose to 4% year-over-year. Politically, the upcoming presidential runoff introduces uncertainty due to differing economic visions, including potential state interventionism. Nevertheless, Credicorp expresses confidence in institutional stability, citing the Senate's role as a counterweight to radical policy shifts. The bank also announced board refreshments, adding directors with expertise in technology and AI. Regionally, operations in Colombia remain resilient, while Chile faces softened growth. Credicorp plans to execute its decoupling strategy through differentiated growth anchors, relying on robust governance and structural safeguards to navigate the mixed operating environment.