Credicorp (BAP)
NYSE:BAP
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Credicorp
(NYSE:BAP)
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Rating:73Outperform
Price Target:
$383.00
▲(15.38% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by strong fundamental profitability and improving balance sheet metrics, supported by a constructive earnings outlook with maintained guidance and strong Q1 execution. Valuation is supportive with a moderate P/E and attractive dividend yield, while the main constraint is mixed technical momentum and the noted cash-flow volatility/risk normalization factors.
Positive Factors
Digital scale & diversified revenue
Large consumer-facing digital platform (Yape) with rapidly improving monetization materially increases fee and payment revenues. Scale lowers marginal customer acquisition cost, supports cross-sell into lending/wealth, and diversifies income away from pure interest margins, strengthening durable revenue mix over multi-quarter horizons.
Negative Factors
Cash-flow volatility and reporting gaps
Material year-to-year swings in operating and free cash flow reduce predictability of internal funding for investments and dividends. Inconsistent cash-to-earnings coverage metrics hinder forecasting and stress testing, raising the risk that shortfalls force either higher provisioning or reliance on balance-sheet measures in adverse scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital scale & diversified revenue
Large consumer-facing digital platform (Yape) with rapidly improving monetization materially increases fee and payment revenues. Scale lowers marginal customer acquisition cost, supports cross-sell into lending/wealth, and diversifies income away from pure interest margins, strengthening durable revenue mix over multi-quarter horizons.
Read all positive factors
Credicorp (BAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$25.97B
Dividend Yield4.82%
Average Volume (3M)419.99K
Price to Earnings (P/E)12.3
Beta (1Y)0.57
Revenue Growth22.61%
EPS Growth34.04%
CountryUS
Employees38,758
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)90.53
Shares Outstanding79,533,100
10 Day Avg. Volume518,474
30 Day Avg. Volume419,990
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 Cap3.10
Enterprise Value/Revenue2.80
Enterprise Value/Gross Profit3.66
Enterprise Value/Ebitda7.21
Forecast
1Y Price Target
$392.33Price Target Upside18.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)100.89
Revenue Forecast (FY)$25.66B
Credicorp Business Overview & Revenue Model
Company Description
Credicorp Ltd., a financial service holding company, provides various financial, insurance, and health services and products primarily in Peru and internationally. The company's Universal Banking segment offers deposits and current accounts, and v...
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
Neutral
331.94
Price Trends
320.81
Positive
323.17
Negative
288.59
Positive
Market Momentum
4.68
Positive
47.81
Neutral
10.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BAP, the sentiment is Neutral. The current price of 331.94 is above the 20-day moving average (MA) of 326.30, above the 50-day MA of 320.81, and above the 200-day MA of 288.59, indicating a neutral trend. The MACD of 4.68 indicates Positive momentum. The RSI at 47.81 is Neutral, neither overbought nor oversold. The STOCH value of 10.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $25.97B | 12.34 | 19.66% | 4.82% | 22.61% | 34.04% | |
68 Neutral | $18.64B | 8.67 | 17.47% | 10.29% | -1.31% | -42.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $5.79B | 22.13 | 7.28% | 2.37% | 6.98% | 6551.65% | |
64 Neutral | $14.04B | 13.18 | 20.90% | 4.29% | -3.09% | 2.72% | |
61 Neutral | $18.29B | 14.74 | 20.11% | 5.56% | -7.31% | -7.03% | |
58 Neutral | $19.37B | 15.44 | 11.11% | 4.98% | 17.17% | -1.33% |
* Financial Sector Average
BAP
Credicorp
322.50
114.91
55.35%
BCH
Banco De Chile
36.48
7.21
24.62%
BMA
Banco Macro SA
84.94
13.28
18.53%
BSBR
Banco Santander Brasil
5.24
0.34
6.96%
BSAC
Banco Santander Chile
30.02
6.06
25.30%
CIB
Grupo Cibest
70.88
28.54
67.42%
Credicorp Corporate Events
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...
Credicorp Reshapes Board Leadership and Committees for 2026–2029 Term
Apr 1, 2026
On April 1, 2026, Credicorp’s board, following the company’s Annual General Meeting of Shareholders, confirmed a new board slate for the March 2026–March 2029 term, electing Luis Romero Belismelis as chairman and Raimundo Morales...
Credicorp Overhauls Board Lineup and Confirms 2026 Auditor at March AGM
Apr 1, 2026
On March 31, 2026, Credicorp Ltd. held its Annual General Meeting of Shareholders, where it appointed a new Board of Directors to serve from March 2026 to March 2029, naming nine directors including Nuria Aliño Pérez and Maria Inés ...
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.