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Credicorp
(NYSE:BAP)
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Rating:80Outperform
Price Target:
$461.00
▲(38.88% Upside)
Action:Reiterated
Date:07/11/26
BAP scores well primarily on strong technical momentum and solid underlying fundamentals (improving profitability/ROE and better leverage). The score is held back by cash-flow volatility and the earnings-call risk items (macro uncertainty, potential cost-of-risk normalization, and higher expense/investment run-rate). Valuation is supportive but not a major catalyst based on the provided P/E and dividend yield.
Positive Factors
Diversified Financial Franchise
Credicorp's multi-product, multi-subsidiary model (banking, insurance, pensions, microfinance, payments) creates durable revenue diversification and cross-sell opportunities. This reduces single-market cyclicality, stabilizes fee and interest income, and supports capital allocation flexibility across cycles.
Negative Factors
Home‑Market Sovereign / Political Risk
Credicorp's heavy Peru exposure means sovereign and domestic political shocks materially affect credit metrics, regulatory outcomes and economic growth. Sovereign constraints can cap rating upside, increase funding cost sensitivity, and amplify downside to loan growth and asset quality across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Financial Franchise
Credicorp's multi-product, multi-subsidiary model (banking, insurance, pensions, microfinance, payments) creates durable revenue diversification and cross-sell opportunities. This reduces single-market cyclicality, stabilizes fee and interest income, and supports capital allocation flexibility across cycles.
Read all positive factors
Credicorp (BAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.06B
Dividend Yield3.78%
Average Volume (3M)478.48K
Price to Earnings (P/E)14.5
Beta (1Y)0.61
Revenue Growth22.61%
EPS Growth34.04%
CountryUS
Employees51,509
SectorFinancial
Sector Strength70
IndustryBanks
Share Statistics
EPS (TTM)90.53
Shares Outstanding79,533,100
10 Day Avg. Volume269,164
30 Day Avg. Volume478,483
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)2.10
Price to Sales (P/S)2.66
P/FCF Ratio9.95
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$406.50Price Target Upside22.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)100.98
Revenue Forecast (FY)$25.61B
Credicorp Business Overview & Revenue Model
Company Description
Credicorp Ltd., together with its subsidiaries, provides various banking services and products in Peru, Bermuda, Colombia, Bolivia, Panama, Chile, the United States, the Cayman Islands, and Mexico. It operates through Universal Banking; Insurance,...
How the Company Makes Money
Credicorp makes money by earning income across multiple financial businesses:
1) Banking (primarily through Banco de Crédito del Perú and related banking entities)
- Net interest income: The bank collects interest on loans (consumer, SME, corpora...
Credicorp Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance: record net income and ROE, robust loan growth, improved asset quality, expanding digital revenues (notably Yape), and disciplined capital returns. Management balanced these achievements with clear acknowledgment of near-term risks — inflation, election uncertainty, El Niño/weather impacts, higher operating and innovation investments, and some one-off drivers to asset-quality improvements. Guidance was maintained (loans ~8.5% growth, NIM 6.4–6.7%, ROE ~19.5% target with potential to be on the upper side), reflecting confidence but prudent caution given external uncertainties.Positive Updates
Record Profitability and ROE
Credicorp reported record net income with a consolidated ROE of 21.1% for Q1 2026, exceeding expectations and reflecting strong fundamentals across core businesses.
Negative Updates
Macro and Political Uncertainty
Geopolitical tensions (Middle East) and domestic presidential elections increase uncertainty; management noted GDP 2026 expectation held at ~3.5% but tracking closer to 3.2% in recent indicators and outlook skewed to the downside.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Profitability and ROE
Credicorp reported record net income with a consolidated ROE of 21.1% for Q1 2026, exceeding expectations and reflecting strong fundamentals across core businesses.
Read all positive updates
Company Guidance
Guidance reiterated a constructive but cautious outlook: Peru GDP growth is maintained at ~3.5% for 2026 (recent indicators nearer 3.2%), total loan book growth is guided to ~8.5% (≈10.5% FX‑neutral), NIM is expected between 6.4–6.7% (Q1 NIM 6.6%), risk‑adjusted NIM to remain within guidance (Q1 ~5.81%), cost of risk should increase modestly toward the lower end of the guidance range after a Q1 consolidated cost of risk of 1.3% (BCP 0.8%; Mibanco improvement −29 bps), efficiency guidance unchanged with Q1 consolidated efficiency at 45.8% (BCP 38.6%; Mibanco 49.2%), fee income is expected to grow in the low double digits (Q1 fee +15.6%), insurance underwriting result to fall high single digits (ex‑D&S: high single‑digit growth), ROE guidance reaffirmed at ~19.5% for 2026 though Q1 ROE was 21.1% and management sees upside to the upper side of the target, a PEN50/share ordinary dividend was declared, innovation risk‑adjusted revenues at 9% in Q1 with a 10% year‑end target, NPL ratio was 4.3% with coverage at 113.8%, and low‑cost funding momentum continues (low‑cost funding market share ~41.2%; low‑cost deposits ~63.9% of the funding base).Credicorp Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
73
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.76B | 28.92B | 27.00B | 25.37B | 20.63B | 19.22B |
| Gross Profit | 22.06B | 21.31B | 17.33B | 15.72B | 14.76B | 15.36B |
| EBITDA | 11.19B | 10.85B | 8.55B | 7.52B | 7.51B | 6.02B |
| Net Income | 7.20B | 6.93B | 5.50B | 4.87B | 4.65B | 3.58B |
Balance Sheet | ||||||
| Total Assets | 269.90B | 267.34B | 256.09B | 238.84B | 235.41B | 243.44B |
| Cash, Cash Equivalents and Short-Term Investments | 43.29B | 44.52B | 81.72B | 67.34B | 64.20B | 74.42B |
| Total Debt | 31.39B | 34.54B | 37.49B | 37.55B | 39.49B | 47.71B |
| Total Liabilities | 230.51B | 230.00B | 221.11B | 205.73B | 205.82B | 216.61B |
| Stockholders Equity | 38.78B | 36.60B | 34.35B | 32.46B | 29.00B | 26.29B |
Cash Flow | ||||||
| Free Cash Flow | 6.67B | 7.74B | 13.41B | 2.93B | -2.05B | 3.33B |
| Operating Cash Flow | 6.94B | 8.05B | 14.52B | 4.08B | -1.15B | 3.97B |
| Investing Cash Flow | -663.84M | -1.55B | 527.56M | -1.26B | -1.09B | -3.73B |
| Financing Cash Flow | 1.00B | -1.62B | -1.81B | -2.26B | -1.60B | -465.30M |
Credicorp Technical Analysis
Positive
331.94
Price Trends
356.58
Positive
337.60
Positive
307.34
Positive
Market Momentum
9.26
Positive
54.91
Neutral
43.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BAP, the sentiment is Positive. The current price of 331.94 is below the 20-day moving average (MA) of 387.02, below the 50-day MA of 356.58, and above the 200-day MA of 307.34, indicating a neutral trend. The MACD of 9.26 indicates Positive momentum. The RSI at 54.91 is Neutral, neither overbought nor oversold. The STOCH value of 43.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BAP.
Credicorp Risk Analysis
Credicorp disclosed 17 risk factors in its most recent earnings report. Credicorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Credicorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $31.06B | 14.48 | 19.66% | 4.82% | 22.61% | 34.04% | |
68 Neutral | $21.65B | 8.95 | 17.47% | 10.29% | -1.31% | -42.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $15.53B | 14.75 | 20.90% | 4.29% | -3.09% | 2.72% | |
61 Neutral | $20.37B | 16.94 | 20.11% | 5.56% | -7.31% | -7.03% | |
60 Neutral | $6.09B | 24.89 | 7.28% | 2.37% | 6.98% | 6551.65% | |
58 Neutral | $19.49B | 31.35 | 11.11% | 4.98% | 17.17% | -1.33% |
* Financial Sector Average
BAP
Credicorp
386.85
170.87
79.11%
BCH
Banco De Chile
40.11
12.64
46.00%
BMA
Banco Macro SA
90.56
29.59
48.53%
BSBR
Banco Santander Brasil
5.37
0.84
18.62%
BSAC
Banco Santander Chile
33.02
9.89
42.77%
CIB
Grupo Cibest
80.82
36.59
82.73%
Credicorp Corporate Events
Credicorp Wins Fitch Upgrade to BBB+ on Strong Subsidiary Performance and Liquidity
Jun 24, 2026
On June 23, 2026, Fitch Ratings issued an updated credit rating report on Credicorp Ltd., expanding on its June 8 decision to upgrade the company’s long-term foreign-currency issuer rating to BBB+ with a Stable Outlook, while affirming its s...
Credicorp Sets FX Rate and Confirms June 12, 2026 Dividend Payout
Jun 10, 2026
On June 10, 2026, Credicorp reported that the weighted exchange rate set by Peru’s Superintendence of Banking, Insurance and AFP was S/3.4158 per US dollar for calculating a previously approved dividend. Based on this rate, the company confi...
Credicorp Wins Fitch Upgrade to BBB+ on Strength of Banco de Credito del Peru
Jun 9, 2026
On June 8, 2026, Fitch Ratings upgraded Credicorp Ltd.’s Long-Term Foreign Currency Issuer Default Rating to BBB+ from BBB, with a Stable Outlook, while affirming its Short-Term IDR at F2. The move follows similar upgrades for main subsidiar...
Credicorp Delivers Record 1Q26 Earnings and Boosts Dividend Amid Strong Loan Growth
May 18, 2026
In the first quarter of 2026, Credicorp posted record net income of S/2,063 million, a 16.1% year-on-year increase that lifted return on equity to 21.1%, driven by broad-based strength across banking, microfinance and digital businesses. Loan volu...
Credicorp Announces Sweeping Leadership Changes Across Microfinance, Finance and Audit Functions
May 13, 2026
On May 13, 2026, Credicorp’s board approved a series of senior leadership changes aimed at reshaping its microfinance, finance and audit functions. The company accepted the resignation of Javier Ichazo as Head of Microfinance, effective Sept...
Credicorp’s BCP Wins Key Peruvian Approval to Acquire 100% of Helm Bank USA
May 5, 2026
On May 5, 2026, Credicorp reported that Peru’s Superintendence of Banking, Insurance and Private Pension Fund Administrators granted Banco de Crédito del Perú authorization to acquire 100% of Helm Bank USA. The acquisition will be ...
Credicorp’s BBB- Rating Affirmed With Stable Outlook as Sovereign Risk Caps Upside
May 1, 2026
On April 30, 2026, SP Global Ratings affirmed Credicorp Ltd.’s long-term issuer credit rating at BBB- with a stable outlook, updating its figures as of December 2025 and underscoring the group’s strong business position, adequate capit...
Credicorp Approves S/4.72 Billion Cash Dividend from 2025 Earnings
Apr 23, 2026
On April 23, 2026, Credicorp’s board approved a cash dividend distribution drawn from its 2025 net income of S/6.93 billion, which had been allocated to voluntary reserves and retained earnings earlier in the year. The move signals confidenc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.