Credicorp (BAP) AI Stock Analysis

• Market Cap: $27.52B
• Dividend Yield: 4.82%
• Average Volume (3M): 575.72K
• Price to Earnings (P/E): 14.1
• Beta (1Y): 0.52
• Revenue Growth: 8.72%
• EPS Growth: 27.70%
• Country: US
• Employees: 38,758
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 5.95
• Shares Outstanding: 79,533,100
• 10 Day Avg. Volume: 653,551
• 30 Day Avg. Volume: 575,715
• PEG Ratio: 0.46
• Price to Book (P/B): 2.01
• Price to Sales (P/S): 2.54
• P/FCF Ratio: 9.95
• Enterprise Value/Market Cap: 2.81
• Enterprise Value/Revenue: 2.77
• Enterprise Value/Gross Profit: 3.67
• Enterprise Value/Ebitda: 7.18
• 1Y Price Target: $352.50
• Price Target Upside: 0.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: $369.00 ▲(5.35% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

Overall score is driven primarily by strong fundamentals (profitability recovery, improving leverage) and a positive earnings outlook (stable NIM, growth guidance, improving asset quality, strong capital and dividend intent). Valuation is supportive with a moderate P/E and solid yield. The main offsets are cash-flow volatility and mixed near-term technical momentum.

Positive Factors

Profitability Improvement

Sustained margin expansion and strong operating profitability reflect improved core banking and insurance economics, driving durable return on equity. Higher margins give flexibility to absorb credit cycles, support dividend capacity and reinvestment in strategic initiatives over the medium term.

Diversified Franchise & Digital Scale

A multi‑product model (banking, insurance, pensions, asset management) plus fast‑scaling digital platforms reduces reliance on single revenue streams. Yape and Tenpo expand high‑margin transactional and lending opportunities, while cross‑border deals broaden addressable markets and fee diversification long term.

Strong Capital Position & Shareholder Policy

Elevated CET1 ratios provide a durable buffer against credit shocks and support planned loan growth. Management’s intent to repatriate excess capital for dividends signals capital discipline and strengthens investor confidence while preserving capacity for organic expansion and regulatory compliance.

Negative Factors

Historical Leverage & Earnings Sensitivity

Although leverage has improved materially, the bank’s historically high leverage and still‑meaningful balance sheet gearing can amplify earnings volatility and credit losses in downturns. This structural sensitivity constrains downside resilience and requires ongoing capital management to sustain growth.

Cash‑Flow Volatility and Metric Inconsistencies

Irregular operating and free cash flow across years reduces predictability of internally generated funds for lending and dividends. Inconsistent cash‑coverage reporting weakens transparency, complicating confident capital allocation and making long‑term cash conversion assumptions less reliable.

Country FX & Regulatory/Judicial Risk

Meaningful exposure to Bolivia’s FX/devaluation risk can materially dent consolidated loan growth and translate into credit losses when realized. Coupled with ongoing regulatory/judicial matters elsewhere, this creates structural geopolitical and legal uncertainty that can affect multi‑year earnings visibility.

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 various credits and financial instruments to individuals and legal entities. Its Insurance and Pensions segment issues insurance policies to cover losses in commercial property, transportation, marine vessels, automobile, life, health, and pensions, as well as provides private pension fund management services. The company's Microfinance segment manages loans, credits, deposits, and current accounts of the small and microenterprises. Its Investment Banking and Wealth Management segment offers its services to corporations, institutional investors, governments, and foundations; engages in structuring and placement of issues in the primary market, as well as the execution and negotiation of operations in the secondary market; and structures securitization processes for corporate customers and manages mutual funds. The company was founded in 1889 and is headquartered in Lima, Peru.

How the Company Makes Money

Credicorp generates revenue through multiple streams, primarily from its banking and insurance operations. The banking segment earns money through interest income from loans provided to customers, fees for various banking services, and commissions on financial transactions. The insurance division generates revenue from premiums collected on policies sold, as well as investment income derived from the capital reserves held by the insurance companies. Additionally, Credicorp benefits from asset management fees through its investment management services. Strategic partnerships with other financial institutions and technology companies further enhance its service offerings and customer reach, contributing to its overall financial performance.

Credicorp Financial Statement Overview

Summary

Strong recent profitability and revenue growth with improving leverage and solid ROE, offset by notable cash-flow volatility (including weak 2022) and some inconsistencies in provided cash coverage fields that reduce confidence in cash-conversion consistency.

Income Statement

Revenue has grown steadily from 2020 to 2025 (with a particularly strong step-up in 2023 and 2025), and profitability has improved materially versus 2020. Net profit margin expanded to ~22.9% in 2025 (from ~20.4% in 2024 and ~1.9% in 2020), supported by strong operating profitability (2025 operating margin ~31%). The main watch-out is some margin variability across the cycle (notably the 2020 profitability trough), even though recent-year performance is strong.

Balance Sheet

Leverage has improved meaningfully over time, with debt-to-equity declining to ~0.86 in 2025 from ~2.04 in 2020, alongside rising equity and asset growth. Returns on equity are solid and improving (about 18.1% in 2025 vs. ~16.0% in 2024). The key weakness is that leverage remains meaningful for a regional bank (and was high historically), which can amplify earnings volatility in weaker environments.

Cash Flow

Cash generation is generally strong, with positive free cash flow in most years and a sharp rebound in 2025 free cash flow (+~69.9% growth). However, cash flow has been volatile (including negative operating and free cash flow in 2022 and very large swings year-to-year), which reduces confidence in consistency. Also, some provided cash-to-earnings coverage fields appear inconsistent in 2025 (shown as 0.0 despite positive cash flow), limiting interpretability of those specific ratios.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	30.29B	27.00B	25.37B	20.63B	19.22B
Gross Profit	23.10B	17.33B	15.72B	14.76B	15.36B
EBITDA	10.22B	8.55B	7.52B	7.51B	6.02B
Net Income	6.53B	5.50B	4.87B	4.65B	3.58B
Balance Sheet
Total Assets	267.36B	256.09B	238.84B	235.41B	243.44B
Cash, Cash Equivalents and Short-Term Investments	0.00	81.72B	67.34B	64.20B	74.42B
Total Debt	32.94B	37.49B	37.55B	39.49B	47.71B
Total Liabilities	228.27B	221.11B	205.73B	205.82B	216.61B
Stockholders Equity	38.37B	34.35B	32.46B	29.00B	26.29B
Cash Flow
Free Cash Flow	7.74B	13.41B	2.93B	-2.05B	3.33B
Operating Cash Flow	8.05B	14.52B	4.08B	-1.15B	3.97B
Investing Cash Flow	-1.55B	527.56M	-1.26B	-1.09B	-3.73B
Financing Cash Flow	-1.62B	-1.81B	-2.26B	-1.60B	-465.30M

Credicorp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 350.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 350.25 is below the 20-day moving average (MA) of 352.25, above the 50-day MA of 318.90, and above the 200-day MA of 260.58, indicating a neutral trend. The MACD of 6.61 indicates Positive momentum. The RSI at 57.75 is Neutral, neither overbought nor oversold. The STOCH value of 68.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BAP.

Credicorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BAP	74 Outperform	$27.52B	14.15	18.88%	4.82%	8.72%	27.70%
BSAC	72 Outperform	$16.75B	15.06	24.13%	4.29%	12.43%	56.30%
CIB	70 Outperform	$20.11B	19.93	17.06%	10.29%	-6.79%	16.13%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BCH	67 Neutral	$21.43B	17.13	20.74%	5.56%	-11.64%	-8.75%
BMA	65 Neutral	$5.58B	19.69	7.66%	2.37%	-55.81%	-78.94%
BSBR	64 Neutral	$25.28B	23.60	9.34%	4.98%	1.13%	-11.93%

Credicorp Corporate Events

Credicorp Posts Strong 4Q25 Results, Signs Deal to Acquire Helm Bank and Advances Regional Digital Push

Credicorp reported unaudited financial results for the three- and twelve-month periods ended December 31, 2025, released on February 12, 2026, showing robust performance driven by expanding lending, improving asset quality and growing fee and transactional income. Net income attributable to Credicorp rose 40.9% year-on-year to S/1,587 million in 4Q25, with a return on equity of 16.9%, while risk-adjusted net interest margin hit a record 5.55% and the innovation portfolio contributed 8.1% of risk-adjusted revenues, underscoring the group’s strategic pivot toward digital and diversified income streams.

Loan balances grew 2.9% year-on-year and 3.6% quarter-on-quarter, or 8.5% and 3.1% respectively excluding currency and non-cash effects, led by Banco de Crédito del Perú’s retail and wholesale segments and continued momentum at Mibanco. Deposits increased 5.3% year-on-year and 7.6% quarter-on-quarter, with low-cost deposits reaching 73% of total deposits, supporting a 6.62% net interest margin and lower funding costs.

Asset quality strengthened as the non-performing loan ratio fell 71 basis points year-on-year to 4.5% and provisions declined 13.1%, pushing cost of risk down to 1.8%, while IFRS CET1 ratios remained solid at 13.99% for BCP and 17.30% for Mibanco. Other core income rose 13.7% and insurance underwriting results advanced 2.6% year-on-year despite quarterly normalization, reflecting steady execution of Credicorp’s revenue diversification strategy.

The company’s digital platforms continued to scale, with Yape reaching 15.9 million monthly active users in 4Q25 and generating 7.2% of risk-adjusted revenue, including a rising share from lending. In a key strategic move, Credicorp also signed an agreement to acquire 100% of Colombia’s Helm Bank, reinforcing its cross-border growth ambitions, while subsidiary Tenpo secured a Chilean banking license in January 2026 and surpassed 2.5 million clients, becoming the country’s first neobank.

The most recent analyst rating on (BAP) stock is a Buy with a $412.00 price target. To see the full list of analyst forecasts on Credicorp stock, see the BAP Stock Forecast page.

Credicorp Explains Non-Disclosure of Supreme Court Ruling in Ongoing Dispute With Peruvian Market Regulator

On February 9, 2026, Credicorp reported that it had responded to a request from Peru’s Superintendency of the Securities Market (SMV) for information on an ongoing judicial proceeding over the nullity of an administrative act brought by the company against the regulator. The case stems from a 2021 SMV sanction and fine related to past non-disclosure of political contributions, which Credicorp paid in December 2021 and has already reflected in its 2021 audited financial statements.

Credicorp disclosed that the Permanent Civil Chamber of the Supreme Court upheld on November 26, 2025, a 2023 first-instance ruling rejecting its nullity claim, and that this appellate decision was formally notified to the company on January 29, 2026. The group argued it had not treated that ruling as a material event because it is not yet final: Credicorp retains the right to file a cassation appeal with the Supreme Court’s Constitutional and Social Chamber until February 12, 2026, and is evaluating that option, while maintaining that only a judgment closing all remedies would trigger mandatory market disclosure under current SMV guidance.

The most recent analyst rating on (BAP) stock is a Buy with a $412.00 price target. To see the full list of analyst forecasts on Credicorp stock, see the BAP Stock Forecast page.

Credicorp Sets March 31, 2026 Virtual AGM to Approve 2025 Results and Governance Matters

On January 29, 2026, Credicorp Ltd.’s board of directors set March 31, 2026, as the date for its Annual General Meeting of Shareholders, to be held virtually via a web portal, with a fallback date of April 7, 2026 if quorum is not achieved, and established February 13, 2026 as the record date for shareholders entitled to participate and vote. The AGM agenda will cover the presentation of Credicorp’s 2025 annual and sustainability report, audited standalone and consolidated financial statements for the year ended December 31, 2025, the appointment of directors, the determination of board and committee remuneration, and the appointment of external auditors for the 2026 financial year, underscoring the company’s focus on corporate governance, transparency, and oversight of its financial reporting and leadership.

The most recent analyst rating on (BAP) stock is a Buy with a $412.00 price target. To see the full list of analyst forecasts on Credicorp stock, see the BAP Stock Forecast page.

Credicorp Secures Operating License for Tenpo Bank Chile

On January 19, 2026, Credicorp announced that Chile’s Financial Market Commission (CMF) granted operating authorization to its subsidiary Tenpo Bank Chile, following up on information first disclosed in February 2025. The license allows Tenpo Bank Chile to operate exclusively as a banking institution, with a regulatory requirement to begin operations within one year of the authorization date, marking a key step in Credicorp’s regional banking expansion and potentially strengthening its competitive position in Chile’s financial sector and broader Latin American digital banking market.

The most recent analyst rating on (BAP) stock is a Buy with a $364.00 price target. To see the full list of analyst forecasts on Credicorp stock, see the BAP Stock Forecast page.

Credicorp to Acquire Florida-Based Helm Bank USA for US$180 Million

On December 29, 2025, Credicorp, through its subsidiary Banco de Crédito del Perú, announced it had signed a Stock Purchase Agreement to acquire 100% of Helm Bank USA, a Florida-based community bank supervised by the state’s Office of Financial Regulation and insured by the FDIC, for a purchase price of US$180 million, subject to customary closing adjustments. As of the end of September 2025, Helm Bank held a US$648.2 million loan portfolio, US$1.14 billion in total assets, and US$106.8 million in shareholders’ equity, and the deal—conditional on regulatory approvals in the United States from the OFR and Federal Reserve and in Peru from the SBS—positions Credicorp to strengthen its presence in the U.S. banking market and broaden its cross-border capabilities for clients, though the transaction’s completion timing will depend on satisfaction of these approvals and other standard closing conditions.

The most recent analyst rating on (BAP) stock is a Buy with a $310.00 price target. To see the full list of analyst forecasts on Credicorp stock, see the BAP Stock Forecast page.