Credicorp (BAP)
NYSE:BAP
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Credicorp
(NYSE:BAP)
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Rating:73Outperform
Price Target:
$365.00
▲(9.96% 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
Strong profitability and margin expansion
Credicorp has materially improved operating profitability and net margins through 2025, with sustained revenue growth and an operating margin near 31%. This durable improvement supports internal capital generation, resilience to cyclical shocks and greater capacity to fund growth and dividends over the medium term.
Negative Factors
Volatile cash-flow generation
While free cash flow rebounded strongly in 2025, historical swings and intermittent negative operating cash in 2022 indicate cash-generation inconsistency. This volatility complicates forecasting, constrains predictable capital deployment and raises sensitivity to cyclical slowdowns or one-off working-capital events.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margin expansion
Credicorp has materially improved operating profitability and net margins through 2025, with sustained revenue growth and an operating margin near 31%. This durable improvement supports internal capital generation, resilience to cyclical shocks and greater capacity to fund growth and dividends over the medium term.
Read all positive factors
Credicorp (BAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$25.16B
Dividend Yield4.82%
Average Volume (3M)408.26K
Price to Earnings (P/E)11.4
Beta (1Y)0.51
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. Volume393,626
30 Day Avg. Volume408,258
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 Cap2.94
Enterprise Value/Revenue2.57
Enterprise Value/Gross Profit3.35
Enterprise Value/Ebitda6.60
Forecast
1Y Price Target
$379.00Price Target Upside14.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)99.42
Revenue Forecast (FY)$25.53B
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 mainly through the earnings of its operating subsidiaries across banking, insurance, wealth/asset management, and capital markets. Its core revenue model is centered on: (1) Net interest income from banking and lending: Credi...
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
Negative
331.94
Price Trends
315.42
Negative
315.89
Negative
282.06
Positive
Market Momentum
-3.36
Positive
45.26
Neutral
-8.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BAP, the sentiment is Negative. The current price of 331.94 is above the 20-day moving average (MA) of 308.37, above the 50-day MA of 315.42, and above the 200-day MA of 282.06, indicating a neutral trend. The MACD of -3.36 indicates Positive momentum. The RSI at 45.26 is Neutral, neither overbought nor oversold. The STOCH value of -8.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $25.16B | 11.42 | 19.66% | 4.82% | 22.61% | 34.04% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.82B | 0.02 | 5.81% | 2.37% | -23.62% | -22.31% | |
64 Neutral | $14.43B | 13.38 | 20.90% | 4.29% | -3.09% | 2.72% | |
64 Neutral | $16.79B | 10.86 | 17.47% | 10.29% | -0.51% | -19.76% | |
58 Neutral | $18.36B | 15.60 | 20.11% | 5.56% | -7.31% | -7.03% | |
58 Neutral | $20.14B | 17.87 | 11.11% | 4.98% | 17.17% | -1.33% |
* Financial Sector Average
BAP
Credicorp
303.86
114.09
60.12%
BCH
Banco De Chile
36.48
6.60
22.09%
BMA
Banco Macro SA
72.58
-17.10
-19.07%
BSBR
Banco Santander Brasil
5.40
0.34
6.72%
BSAC
Banco Santander Chile
30.54
6.11
25.01%
CIB
Grupo Cibest
64.02
22.55
54.37%
Credicorp Corporate Events
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 ...
Credicorp Files Audited 2025 IFRS Financials Ahead of March Shareholder Vote
Mar 2, 2026
On March 2, 2026, Credicorp reported that its board approved the audited consolidated and separate financial statements for the fiscal year ended December 31, 2025, along with the unqualified opinion of external auditor Tanaka, Valdivia y Asociado...
Credicorp Publishes Documentation Ahead of March 31 Virtual Shareholders’ Meeting
Mar 2, 2026
Credicorp Ltd. has confirmed that its Annual General Meeting of Shareholders will be held virtually on March 31, 2026, at 3:00 p.m. Peru time. The company had previously set this date through board resolutions disclosed in late January and Februar...
Credicorp Board Clears 2025 Results, Bolsters Reserves Ahead of March AGM
Feb 27, 2026
On February 26, 2026, Credicorp’s board approved the company’s Annual and Sustainability Report and the audited standalone and consolidated financial statements for the year ended December 31, 2025, which will be presented at the March...
Credicorp Updates Dividend Policy, Sets 25% Profit Payout Benchmark
Feb 26, 2026
On February 26, 2026, Credicorp’s board of directors approved an amendment to the group’s dividend policy, setting a target to distribute no less than 25% of consolidated net profit in annual cash dividends, based on the latest audited...
Credicorp Posts Strong 4Q25 Results, Signs Deal to Acquire Helm Bank and Advances Regional Digital Push
Feb 17, 2026
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 tran...
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.