Credicorp Ltd (BAP)

Price$382.53Cached quoteAs of 2026-09-04 23:34 UTC

AI: Fair-priced

Price checkThe shares look fairly priced after a strong rerating, with little obvious margin for error.

Recent market data places Credicorp around 14–15 times profits from the latest twelve months, versus roughly 9 times at the end of 2024 and 11 times at the end of 2025. The latest annual dividend was about $14.64 per share, implying a yield near 4% at the observed market price. That valuation is reasonable for a bank generating profit equal to around 20% of shareholder capital, but it is no longer obviously cheap. Sustained high profitability and steady credit quality now look necessary.

Big pictureEarnings have recovered strongly, but the business still shows clear sensitivity to economic shocks.

The supplied history shows net income rising from S/4.27 billion in 2019 to S/5.50 billion in 2024, after collapsing to S/0.35 billion in 2020. First-half 2026 net income reached S/4.05 billion, up 12.4% from a year earlier, showing that the recovery has continued. Operating cash flow swung from negative S/1.15 billion in 2022 to positive S/14.52 billion in 2024, but bank cash flow is heavily shaped by deposit and loan movements. Earnings, credit losses, and capital are better durability measures here.

Business strengthStrong capital, improving loan quality, and rising digital income support durable returns.

At June 2026, BCP’s common equity tier 1 ratio, a measure of core loss-absorbing capital, was 11.7% versus its 11% internal appetite; Mibanco stood at 15.9% versus 15%. Problem loans were 4.1% of loans, down 0.91 percentage points from a year earlier, while total loans grew 13.1%. Yape also reached 16.7 million monthly active users, with S/11.1 of revenue per user against S/6.0 of expense. These figures support both balance-sheet resilience and a broader earnings base.

What could change the storyHigher returns could justify the premium, while weather losses or weaker credit quality could undo it.

The bull case is that loan growth and digital monetization keep profit relative to shareholder capital near or above 20%; management lifted its medium-term expectation to about 22%. The bear case is rising credit losses: second-quarter provisions included about S/106 million for El Niño risk, taking the annualized loan-loss charge to 1.9% of average loans. Capital returns are meaningful too: 2024 dividends were S/3.66 billion, while S/111 million of buybacks roughly matched S/105 million of share-based employee pay, limiting dilution pressure.

AI: News

Second-quarter profit beatCredicorp grew profit and loans, then raised its longer-term profitability goal, supporting expectations for stronger earnings.

On August 13, Credicorp reported second-quarter net income of S/1.98 billion, up 8.8% from a year earlier, and first-half net income of S/4.05 billion, up 12.4%. Loans grew 13.1% year over year, while profit relative to shareholder capital was 20.3%. Management raised its medium-term target to about 22% from roughly 19.5%, although 2026 guidance stayed around 19.5% with an upside bias. Shares rose about 3% in the next session; the timing suggests favorable reception but does not prove causation.

Fitch credit upgradeFitch raised Credicorp’s long-term credit rating one notch, supporting confidence in its ability to borrow.

On June 8, Fitch upgraded Credicorp’s long-term foreign-currency rating to BBB+ from BBB and kept a stable outlook; the short-term rating remained F2. BBB+ is still investment grade, indicating relatively strong capacity to meet obligations. The upgrade does not directly increase earnings, but it can improve lender confidence and help stabilize wholesale funding costs, which matters for a financial group that relies on market and deposit funding. I found no reliable evidence tying a specific stock move to the rating change.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	PEN23.99B	PEN27.47B	PEN25.66B	PEN20.92B	PEN19.45B	PEN18.41B	PEN19.67B	PEN18.00B	PEN17.60B	PEN16.82B	PEN15.77B
Net income	PEN6.93B	PEN5.62B	PEN4.96B	PEN4.76B	PEN3.67B	PEN334.1M	PEN4.35B	PEN4.07B	PEN4.18B	PEN3.61B	PEN3.16B
Net profit margin	28.87%	20.47%	19.33%	22.75%	18.88%	1.81%	22.12%	22.62%	23.76%	21.46%	20.07%
Basic EPSper basic share	PEN 87.25	PEN 69.24	PEN 61.22	PEN 58.44	PEN 45.09	PEN 4.37	PEN 53.66	PEN 50.13	PEN 51.49	PEN 44.23	PEN 38.91
Diluted EPSper diluted share	PEN 87.08	PEN 69.09	PEN 61.08	PEN 58.32	PEN 44.99	PEN 4.36	PEN 53.53	PEN 49.99	PEN 51.35	PEN 44.15	PEN 38.84

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BAP
Holder	Shares held
Romero Belismelis Luis Enrique	9.36M
Romero Valdez Manuel Enrique	8.65M
BlackRock, Inc.	4.96M
Capital World Investors	4.4M
FMR LLC	3.93M
Dodge & Cox	2.61M
BAILLIE GIFFORD & CO	2.59M
JPMORGAN CHASE & CO	2.43M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.13M
ROYAL BANK OF CANADA	1.63M
Westwood Global Investments, LLC	1.58M
STATE STREET CORP	1.36M
Harding Loevner LP	1.28M
GOLDMAN SACHS GROUP INC	925.19K
SCHRODER INVESTMENT MANAGEMENT GROUP	871.32K
LAZARD ASSET MANAGEMENT LLC	850.62K
PZENA INVESTMENT MANAGEMENT LLC	836.57K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	810.17K
BANK OF NOVA SCOTIA	799.05K
Invesco Ltd.	789.48K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)2$1.48M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4	Cavero Diego AntonioCEO Head Universal Banking	SellCommon Shares	3.5K	$319.00	$1.12M	7.3K
May 21, 2026Form 4	Perez-Reyes AlejandroCFO	SellCommon Shares	1.1K	$337.50	$362.1K	1.7K

Review ownership filings at SEC.gov ↗

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Credicorp Ltd (BAP)

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