olivLaw · US equity research
Credicorp Ltd. BAP
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
Credicorp Ltd. is a Bermuda-domiciled financial group that coordinates universal banking, microfinance, insurance and pensions, and investment management businesses in Peru, Colombia, Chile, Bolivia, Panama and the United States. Its 2025 net profit attributable to equity holders reached S/6,925.4 million, and its return on average equity was 19.05%, which makes the group relevant to investors in Latin American emerging markets.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Credicorp Ltd. (BAP) stock was 359.21 USD (+2.26% on the day), with beta 0.69, 52-week range 247.85–402.27 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 346.48 – 400.11
- in the lower half of the band · %B 0.24 · band width 14.4%
- SMA 50 / 200
- 377.19 / 359.57
- mixed trend
- MACD (12, 26, 9)
- -7.30 / -4.65
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −2.0% | −3.0 pp | — |
| 3 months | −9.0% | −2.2% | −6.9 pp | — |
| 6 months | +10.0% | +4.3% | +5.7 pp | — |
| Year to date | +25.2% | +10.6% | +14.6 pp | — |
| 1 year | +39.6% | +10.5% | +29.1 pp | +16.8% |
| 3 years | +195.5% | +73.7% | +121.8 pp | +123.9% |
| 5 years | +181.3% | +61.7% | +119.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.6 bn | 18.0 bn | 19.7 bn | 18.4 bn | 19.5 bn | 20.9 bn | 25.7 bn | 27.5 bn |
| Revenue YoY | +4.6% | +2.3% | +9.3% | −6.4% | +5.6% | +7.5% | +22.7% | +7.0% |
| Net income | 4.1 bn | 4.0 bn | 4.3 bn | 346.9 m | 3.6 bn | 4.6 bn | 4.9 bn | 5.5 bn |
| Net income YoY | +16.4% | −2.6% | +7.1% | −91.9% | +933.3% | +29.7% | +4.7% | +13.1% |
| Diluted EPS | 51.35 | 49.99 | 53.53 | 4.36 | 44.99 | 58.32 | 61.08 | 69.09 |
| Diluted EPS YoY | +16.3% | −2.6% | +7.1% | −91.9% | +931.9% | +29.6% | +4.7% | +13.1% |
| net % | 23.2% | 22.1% | 21.7% | 1.9% | 18.4% | 22.2% | 19.0% | 20.0% |
| Free cash flow | 9.4 bn | -433.0 m | 6.8 bn | 12.6 bn | 3.9 bn | -1.3 bn | 3.8 bn | 14.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 47.6 bn PEN
- Financial debt
- unavailable PEN
- Net debt
- unavailable PEN
- Equity
- 35.0 bn PEN
- Total assets
- 256.1 bn PEN
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 16.2%
- ROA
- 2.2%
- FCF margin
- 51.7%
Financial statements (source on every figure)
Revenue and net income (PEN)
Income statement · PEN
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 6.0 bn | 224.2 m | 5.3 bn | 6.9 bn | 6.8 bn | 7.8 bn | SEC (XBRL)· 25 Apr 2025verified |
| Net income | 4.3 bn | 346.9 m | 3.6 bn | 4.6 bn | 4.9 bn | 5.5 bn | SEC (XBRL)· 25 Apr 2025verified |
| Diluted EPS | 53.53 | 4.36 | 44.99 | 58.32 | 61.08 | 69.09 | SEC (XBRL)· 25 Apr 2025verified |
| Dividend per share | 5.10 | 7.44 | 1.02 | 3.37 | — | 7.84 | SEC (XBRL)· 25 Apr 2025derived |
Balance sheet · PEN
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 26.0 bn | 36.7 bn | 39.3 bn | 34.1 bn | 33.9 bn | 47.6 bn | SEC (XBRL)· 25 Apr 2025verified |
| Total assets | 187.9 bn | 237.4 bn | 243.4 bn | 235.4 bn | 238.8 bn | 256.1 bn | SEC (XBRL)· 25 Apr 2025verified |
| Total liabilities | 161.1 bn | 212.0 bn | 216.6 bn | 205.8 bn | 205.7 bn | 221.1 bn | SEC (XBRL)· 25 Apr 2025verified |
| Equity | 26.7 bn | 25.4 bn | 26.8 bn | 29.6 bn | 33.1 bn | 35.0 bn | SEC (XBRL)· 25 Apr 2025verified |
| Shares outstanding at year end | 94.4 m | 94.4 m | 94.4 m | 94.4 m | — | 94.4 m | SEC (XBRL)· 25 Apr 2025verified |
Cash flow · PEN
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 481.2 m | 702.1 m | 96.5 m | 318.5 m | 540.4 m | 740.0 m | SEC (XBRL)· 25 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
36% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 16.5% | 84 (vs peers) | 44% |
| ROA · Quality | 2.2% | 100 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 15.4% | 100 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | 12.2% | 100 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality89/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CREDICORP LTD (BAP). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: YoY growth 7.0%; net margin 20.0%; ROE 16.5%.
The estimated value range is 410.31–616.98 PEN per share (median of 4 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 16.5%
- ROA: 2.2%
- EPS CAGR 3Y: 15.4%
- Revenue CAGR 3Y: 12.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +195% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
1- and 3-year price returns: for BAP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (17 Sept 2026), 6-K (17 Aug 2026), 6-K (24 Jun 2026), 6-K (10 Jun 2026), 6-K (09 Jun 2026), 6-K (18 May 2026).
In brief
Credicorp Ltd. is a Bermuda-domiciled financial group that coordinates universal banking, microfinance, insurance and pensions, and investment management businesses in Peru, Colombia, Chile, Bolivia, Panama and the United States. Its 2025 net profit attributable to equity holders reached S/6,925.4 million 1, and its return on average equity was 19.05% 1, which makes the group relevant to investors in Latin American emerging markets.
SWOT
Strengths
- Diversification across four lines of business and several countries reduces reliance on any single segment.
- A leading position in the Peruvian banking system, with a presence of more than a century, supports deposits and client relationships.
- A rising return on average equity shows the group's capacity to generate profit.
Weaknesses
- Concentration of activity in Peru exposes the group to that country's political and economic risks.
- Operating expenses grew faster than income, which weighed on efficiency.
- The microfinance segment carries a high cost of risk, although it is declining.
Opportunities
- The Helm Bank USA acquisition could open access to international clients in the United States.
- Digital development through Yape, Tenpo and Tyba could widen the client base and fee income.
- Economic growth in Peru and lower interest rates could support credit demand.
Threats
- Political instability in Peru, with frequent changes of president, may weigh on investor confidence.
- Lower interest rates could compress lending margins.
- Regulation in Peru and the United States may affect compliance costs and the approval of acquisitions.
Risks
- Political instability in Peruhigh
Frequent changes of president and tensions in Congress could affect the business environment and economic policy.
- Geographic exposurehigh
Most operations are in Peru, so results are sensitive to local economic developments.
- Loan portfolio qualitymedium
A weaker economic cycle could push provisions up again, especially in microfinance.
- Acquisition integrationmedium
The Helm Bank USA acquisition depends on regulatory approvals and could face delays or additional conditions.
- Cost pressurelow
Rising personnel and administrative expenses could reduce operating efficiency.
Investment thesis
What would need to be true (bull case)
- Higher returns on equity and a lower cost of risk point to improved profitability, and Prima AFP and Grupo Pacífico show strong results.
- Diversification across business lines and countries could cushion shocks from any single market.
- If the digital expansion and the US acquisition proceed, the group could grow fee income and international clients.
What would break the thesis
- Heavy exposure to Peru leaves the group vulnerable to political instability and possible regulatory changes.
- Operating efficiency has weakened because expenses grew faster than income.
- Lower interest rates could compress lending margins, and a weaker economy could bring higher provisions back.
What to watch
- Completion of the Helm Bank USA acquisition and regulatory approvals2026
- Trend in the cost of risk in microfinanceQ1 2027
- Political and economic stability in Peru2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (17 Sept 2026), 6-K (17 Aug 2026), 6-K (24 Jun 2026), 6-K (10 Jun 2026), 6-K (09 Jun 2026), 6-K (18 May 2026).
The business
Credicorp is a holding company that coordinates the strategy and administration of its subsidiaries, including BCP, Mibanco, Grupo Pacífico, Prima AFP and Credicorp Capital 1. Its activity is organized in four lines of business: Universal Banking, Microfinance, Insurance and Pensions, and Investment Management and Advisory 1. The company is listed on the New York Stock Exchange and the Lima Stock Exchange under the code BAP 1.
The group also includes Krealo, its corporate venture capital arm, which invests in digital companies such as Tenpo, Tyba and Culqi 1. In December 2025 BCP agreed to acquire Helm Bank USA, a Florida community bank, to enhance cross-border capabilities 1. Completion depends on regulatory approvals in the United States and Peru 1.
Market context
Trends
- Lower funding costsmixed
Lower market rates reduced deposit costs, and the share of low-cost deposits in the funding mix rose 1. If rates stay low, the net interest margin could remain stable.
- Improving loan qualitytailwind
Lower provisions for credit losses, down 31.6% from 2024, reflect better payment performance in the Individuals and SME-Pyme segments 1. If this trend continues, pressure on profitability could ease.
- Digitalization and paymentstailwind
Growth in commissions and transactional activity, along with the development of Yape and Tenpo, points to a digital orientation 1. This direction could support fee income.
- Rising operating costsheadwind
Operating expenses grew faster than income, slightly raising the efficiency ratio 1. If this pace persists, margins could come under pressure.
Competitive position
The group competes with other universal banks in Peru and the region, as well as with microfinance institutions, insurers and pension fund administrators. The primary source does not name every competitor explicitly but highlights competition in banking, microfinance and asset management 1.
In investment management, Credicorp Capital competes in Colombia, Chile and Peru, while ASB Bank Corp. in Panama operates in cross-border banking services 1. The intensity of competition depends on regional developments in the financial sector.
- Other universal banks in Peru
Competitors in universal banking; not explicitly named in the source.
- Microfinance institutions in Colombia
Competitors of Mibanco Colombia in SME and micro-enterprise lending.
- Insurance companies in Peru
Competitors of Grupo Pacífico in general and health insurance.
- Pension fund administrators in Peru
Competitors of Prima AFP in pension fund administration.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Here Are Wednesday’s Top Wall Street Analyst Research Calls: Airbnb, Booking Holdings, Credicorp, Dutch Bros, Expedia, Hartford Financial Services, Group, Meritage Homes, Patchex, Yum! Brands, and MoreYahoo Finance — News · 16 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 17 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)10 Jun 2026
- Current report (foreign issuer)09 Jun 2026
- Current report (foreign issuer)18 May 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)01 May 2026
- Annual report (foreign issuer)27 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Credicorp Ltd. · 27 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.