Mibanco S.A.—a member of the Credicorp Group—has again earned Fitch Ratings’ top-tier assessment, solidifying its status with AAA(Col) for long-term and F1+(Col) for short-term credit, complemented by a Stable outlook. This marks the second consecutive year that the institution secures the highest local ratings, underscoring the bank’s robust fundamentals and steady performance in the Colombian financial landscape.
The rating action also serves as formal confirmation of the bank’s Gender Bond, issued on the Colombian Stock Exchange earlier in the year, and highlights the ongoing investor confidence in Mibanco’s financial strategy and governance framework. The affirmation reinforces the bank’s position as a reliable partner within Colombia’s microfinance sector and signals continued access to capital markets under favorable terms.
In commenting on the credit verdict, the leadership at Mibanco emphasized pride in maintaining premier ratings from Fitch Ratings across a period spanning recent economic headwinds. The executives noted that the recognition reflects the institution’s disciplined risk management, disciplined growth trajectory, and commitment to fulfilling the financial goals of thousands of Colombians who rely on Mibanco as a trusted ally. With this affirmation, the bank reiterates its ambition to sustain dynamic expansion while upholding the highest standards of credit quality.
Fitch Ratings also pointed to the strategic significance of Mibanco within the Credicorp Group as a driver of international expansion in the microfinance segment. As of December 2021, the bank accounted for a meaningful share of the Group’s overall microfinance portfolio, indicating its pivotal role in Credicorp’s regional growth plan and its contribution to the group’s cross-border ambitions.
According to the rating agency, Mibanco’s portfolio quality aligns with a high-risk, high-pid business model focused on microcredit, underscoring prudent management of credit risk despite the inherent exposure of the microfinance segment. By year-end 2021, the bank’s 30-day overdue rate stood at 6.0%, a metric that Fitch considered alongside the institution’s strong controls and proactive provisioning. The agency also highlighted portfolio growth exceeding 20 percent, paired with a notable improvement in provision expenses over the preceding year, reinforcing confidence in Mibanco’s capacity to manage credit cycles and sustain profitability.
These outcomes reinforce the market’s perception of Mibanco as a stable, resilient financial partner within Colombia’s microfinance ecosystem. The rating affirmation signals continued access to favorable funding channels and supports the bank’s credibility with both retail and institutional investors who seek consistent risk-adjusted returns in the region. The sustained high ratings are seen as a catalyst for ongoing investment in financial inclusion initiatives, digital platforms, and responsible lending practices that align with Credicorp’s broader strategic objectives.
In summary, Fitch Ratings’ ongoing AAA and F1+ assessments, together with the Stable outlook, affirm Mibanco’s leadership position in Colombia’s microfinance space and validate the bank’s strategic ties to Credicorp’s international expansion plans. The ratings reflect a combination of disciplined risk management, a solid asset portfolio, and a growth-oriented business model that remains attractive to investors seeking stability and long-term value in the region. The continued recognition by Fitch reinforces the bank’s role as a cornerstone of financial empowerment for Colombian clients and a key driver of Credicorp’s regional strategy.