Credicorp (BAP)
NYSE:BAP
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Credicorp
(NYSE:BAP)
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Rating:74Outperform
Price Target:
$381.00
â–˛(14.78% Upside)
Action:ReiteratedDate:04/17/26
The score is primarily driven by strong and improving fundamental profitability and balance-sheet leverage trends, supported by a constructive earnings outlook and capital/dividend positioning. Valuation is also supportive with a moderate P/E and solid yield. Offsetting factors are cash-flow volatility and mixed near-term technical momentum.
Positive Factors
Improving Profitability
Credicorp's material margin expansion to ~22.9% in 2025 and a ~31% operating margin reflect durable improvements in core banking economics, supporting sustained internal capital generation, higher return on equity and greater flexibility to fund growth, dividends and reserves over the medium term.
Negative Factors
Volatile Cash Flow Conversion
Despite recent free cash flow rebounds, the historical volatility (notably negative operating and free cash flow in 2022) undermines confidence in consistent cash conversion, which can constrain reliable dividend pacing, investment funding and stress resilience across economic cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability
Credicorp's material margin expansion to ~22.9% in 2025 and a ~31% operating margin reflect durable improvements in core banking economics, supporting sustained internal capital generation, higher return on equity and greater flexibility to fund growth, dividends and reserves over the medium term.
Read all positive factors
Credicorp (BAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$25.74B
Dividend Yield4.82%
Average Volume (3M)388.76K
Price to Earnings (P/E)11.8
Beta (1Y)0.51
Revenue Growth17.33%
EPS Growth32.48%
CountryUS
Employees38,758
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)5.69
Shares Outstanding79,533,100
10 Day Avg. Volume551,105
30 Day Avg. Volume388,763
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)2.10
Price to Sales (P/S)2.54
P/FCF Ratio9.95
Enterprise Value/Market Cap3.13
Enterprise Value/Revenue2.88
Enterprise Value/Gross Profit3.83
Enterprise Value/Ebitda7.49
Forecast
1Y Price Target
$408.00Price Target Upside22.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)99.33
Revenue Forecast (FY)$25.44B
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:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive outlook: clear loan growth momentum (double-digit at BCP/Mibanco), improving asset quality, stable NIM expectations, growing fee income, strong capital buffer and a shareholder-friendly dividend approach. Manageable idiosyncratic issues were highlighted (Ruta del Lima exposure is small and largely provisioned) and a material external risk in Bolivia (FX/devaluation) is explicitly incorporated into consolidated guidance. Short-term macro supports (pension withdrawals) are positive, with longer-term pension-system concerns noted. Overall, positive operational momentum and capital strength outweigh the identified risks.Positive Updates
Overall Loan Growth Guidance
Credicorp guidance of ~8.5% loan growth for 2026 for the consolidated group; BCP and Mibanco alone are expected to deliver double-digit loan growth, and at constant exchange rates BCP+Mibanco growth is around 11%.
Negative Updates
Bolivia FX and Sovereign/Local Book Headwind
The Bolivia loan book poses a material FX/devaluation risk that is explicitly included in the consolidated 8.5% guidance; a potential devaluation could materially reduce Credicorp's consolidated loan growth when it materializes.
Read all updates
Q4-2025 Updates
Positive
Negative
Overall Loan Growth Guidance
Credicorp guidance of ~8.5% loan growth for 2026 for the consolidated group; BCP and Mibanco alone are expected to deliver double-digit loan growth, and at constant exchange rates BCP+Mibanco growth is around 11%.
Read all positive updates
Company Guidance
Management guided 2026 loan growth for Credicorp at around 8.5% (this is a group-wide number that includes Yape and a Bolivia FX headwind; excluding Bolivia and at constant FX BCP + Mibanco are expected to grow in double digits — roughly 11%), with NIM expected to remain in the mid- to high‑6% range and fee income to grow at low double digits; asset quality is improving and cost of risk is expected to remain within target. They noted pension withdrawals of PEN25 billion (BCP captured a little north of PEN11 billion) could lift GDP by up to ~0.4% if fully consumed, add ~0.5% to deposits/local funding in 2026 while potentially subtracting ~0.4% from credit, and Yape’s loan book is expected to roughly triple over the next couple of years (still a small share of group loans). Capital metrics are healthy (group CET1 ~14%, Mibanco ~17%) with internal targets of ~11% for BCP and ~14.5% for Mibanco and excess capital to be repatriated to the holding for dividends in March; Ruta del Lima exposure is <1% of the portfolio, ~80% provisioned with an expected near‑term recovery of ~5–10% of the bond and possible longer‑term arbitration upside, and cost‑to‑income is expected to fall (upper guidance below this year’s result) while continued investment in digital initiatives will persist.Credicorp Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
73
Positive
Cash Flow
62
Positive
| 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 | 267.34B | 256.09B | 238.84B | 235.41B | 243.44B |
| Cash, Cash Equivalents and Short-Term Investments | 44.52B | 81.72B | 67.34B | 64.20B | 74.42B |
| Total Debt | 34.54B | 37.49B | 37.55B | 39.49B | 47.71B |
| Total Liabilities | 230.00B | 221.11B | 205.73B | 205.82B | 216.61B |
| Stockholders Equity | 36.60B | 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
Neutral
331.94
Price Trends
339.60
Negative
319.82
Positive
285.61
Positive
Market Momentum
1.28
Positive
47.28
Neutral
29.51
Neutral
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 below the 20-day moving average (MA) of 337.47, below the 50-day MA of 339.60, and above the 200-day MA of 285.61, indicating a neutral trend. The MACD of 1.28 indicates Positive momentum. The RSI at 47.28 is Neutral, neither overbought nor oversold. The STOCH value of 29.51 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $25.74B | 11.79 | 19.28% | 4.82% | 17.33% | 32.48% | |
73 Outperform | $19.23B | 8.44 | 17.70% | 10.29% | -6.84% | -41.87% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $19.55B | 16.34 | 21.25% | 5.56% | -6.63% | -2.02% | |
65 Neutral | $5.00B | 18.14 | 4.69% | 2.37% | -23.62% | -22.31% | |
57 Neutral | $22.25B | 9.97 | 11.15% | 4.98% | 11.64% | -7.89% | |
56 Neutral | $15.99B | 12.58 | 21.37% | 4.29% | 21.55% | 18.91% |
* Financial Sector Average
BAP
Credicorp
319.94
130.28
68.69%
BCH
Banco De Chile
37.97
8.99
31.04%
BMA
Banco Macro SA
74.12
-11.66
-13.59%
BSBR
Banco Santander Brasil
5.94
1.08
22.17%
BSAC
Banco Santander Chile
33.42
9.19
37.93%
CIB
Grupo Cibest
69.42
29.28
72.93%
Credicorp Corporate Events
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...
Credicorp Explains Non-Disclosure of Supreme Court Ruling in Ongoing Dispute With Peruvian Market Regulator
Feb 9, 2026
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 ...
Credicorp Sets March 31, 2026 Virtual AGM to Approve 2025 Results and Governance Matters
Jan 29, 2026
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, ...
Credicorp Secures Operating License for Tenpo Bank Chile
Jan 20, 2026
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 Tenp...
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.