Credicorp Ltd. (BAP) 10-Year Financial Performance & Capital Metrics

BAP • • Banking & Credit

Financial ServicesRegional BanksInternational & Latin American BankingLatin American Retail Banking

AboutCredicorp 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.Show more

Net Interest Income $14.07B +9.1%
Total Revenue $27B +6.4%
Net Income $5.5B +13.1%
Return on Equity 16.16% +4.1%
Net Interest Margin 5.49% +1.8%
Efficiency Ratio 35.22% +0.7%
ROA 2.22% +8.3%
Equity / Assets 13.66% -1.5%
Book Value per Share 439.31 +5.7%
Tangible BV/Share 398.00 +6.1%
Debt/Equity 1.07 -5.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Strong NIM of 5.5%
✓Efficient operations: 35.2% efficiency ratio
✓Well capitalized: 13.7% equity/assets
✓Good 3Y average ROE of 16.1%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.91%

5Y8.51%

3Y11.99%

TTM-

Profit (Net Income) CAGR

10Y8.7%

5Y5.22%

3Y15.35%

TTM23.94%

EPS CAGR

10Y8.71%

5Y5.24%

3Y15.37%

TTM23.78%

ROCE

10Y Avg8.56%

5Y Avg7.55%

3Y Avg9.78%

Latest10.08%

Peer Comparison

Latin American Retail Banking

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FBPFirst BanCorp.	3.39B	21.44	11.85	6.16%	25.04%	16.62%	11.64%	0.34
OFGOFG Bancorp	1.84B	41.92	9.91	13%	24.09%	14.59%	11.44%	0.34
BSBRBanco Santander (Brasil) S.A.	46.17B	6.18	7.10	6.31%	10.36%	7.84%		1.13
BAPCredicorp Ltd.	25.3B	318.78	4.61	6.4%	20.38%	17.35%	53.01%	1.07
IFSIntercorp Financial Services Inc.	5.01B	45.00	3.95	0.75%	14.68%	16.41%		1.08
INTRInter & Co, Inc.	2.63B	8.15	3.94	27.12%	9.34%	12.37%	100%	1.31
BBDBanco Bradesco S.A.	18.54B	3.51	2.15	-2%	6.91%	12.1%		4.08
ITUBItaú Unibanco Holding S.A.	40.24B	7.44	1.97	6.27%	12.61%	19.74%		4.09

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	7.2B	7.81B	8.02B	8.46B	9.07B	8.54B	9.32B	11.06B	12.89B	14.07B
NII Growth %	0.13%	0.08%	0.03%	0.06%	0.07%	-0.06%	0.09%	0.19%	0.17%	0.09%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	9.73B	10.72B	10.98B	11.5B	12.36B	11.52B	11.81B	14.98B	18.75B	19.82B
Interest Expense	2.53B	2.91B	2.96B	3.03B	3.29B	2.98B	2.49B	3.92B	5.86B	5.75B
Loan Loss Provision	1.91B	1.83B	1.85B	1.63B	1.9B	6.17B	1.37B	1.95B	3.79B	3.91B
Non-Interest Income+	4.69B	4.65B	5.4B	5.09B	5.59B	6.69B	7.41B	5.64B	6.62B	7.18B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	14.42B	15.37B	16.38B	16.59B	17.95B	18.22B	19.22B	20.63B	25.37B	27B
Revenue Growth %	0.14%	0.07%	0.07%	0.01%	0.08%	0.02%	0.06%	0.07%	0.23%	0.06%
Non-Interest Expense	5.62B	5.74B	6B	6.34B	6.78B	8.85B	10.03B	7.89B	8.87B	9.51B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	4.36B	4.89B	5.57B	5.59B	5.98B	224.16M	5.33B	6.87B	6.85B	7.82B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.29%	0.12%	0.14%	0%	0.07%	-0.96%	22.79%	0.29%	-0%	0.14%
Pretax Income+	4.36B	4.89B	5.57B	5.59B	5.98B	224.16M	5.33B	6.87B	6.85B	7.82B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.2B	1.28B	1.39B	1.52B	1.62B	-109.98M	1.66B	2.11B	1.89B	2.2B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	3.09B	3.51B	4.09B	3.98B	4.27B	346.89M	3.58B	4.65B	4.87B	5.5B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.3%	0.14%	0.16%	-0.03%	0.07%	-0.92%	9.33%	0.3%	0.05%	0.13%
Net Income (Continuing)	3.16B	3.61B	4.18B	4.07B	4.35B	334.14M	3.67B	4.76B	4.96B	5.62B
EPS (Diluted)+	38.84	44.15	51.35	49.99	53.53	4.36	44.99	58.13	61.08	69.09
EPS Growth %	0.3%	0.14%	0.16%	-0.03%	0.07%	-0.92%	9.32%	0.29%	0.05%	0.13%
EPS (Basic)	38.91	44.23	51.49	50.13	53.53	4.37	45.09	58.26	61.08	69.09
Diluted Shares Outstanding	79.61M	79.61M	79.69M	79.69M	79.68M	79.62M	79.68M	79.53M	79.66M	79.62M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	22.04B	16.63B	23.21B	22.14B	25.96B	36.73B	39.32B	34.07B	33.85B	47.51B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	117.85B	124.31B	135.03B	140.35B	140.24B	184.12B	196.52B	182.24B	183.24B	186.1B
Investments Growth %	0.14%	0.05%	0.09%	0.04%	-0%	0.31%	0.07%	-0.07%	0.01%	0.02%
Long-Term Investments	95.81B	101.32B	106.13B	116.63B	114.73B	140.75B	161.42B	152.11B	149.75B	151.22B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	631.43M	636.15M	635.98M	591.33M	865.82M	820.9M	796.86M	772.21M	798.48M	722.36M
Intangible Assets	1.27B	1.32B	1.34B	1.46B	1.67B	1.82B	1.91B	2.13B	2.43B	2.57B
PP&E (Net)	1.67B	1.55B	1.51B	1.6B	2.36B	2.17B	1.9B	1.9B	1.96B	1.99B
Other Assets	8.67B	9.05B	5.45B	7.4B	5.32B	-341.6M	-10.7B	690.22M	2.74B	3.54B
Total Current Assets	46.9B	42.05B	54.93B	49.12B	62.39B	90.5B	86.97B	76.68B	79.99B	94.2B
Total Non-Current Assets	108.58B	114.38B	115.55B	128.15B	125.47B	146.91B	156.47B	158.73B	158.85B	161.21B
Total Assets+	155.48B	156.44B	170.47B	177.26B	187.86B	237.41B	243.44B	235.41B	238.84B	256.09B
Asset Growth %	0.15%	0.01%	0.09%	0.04%	0.06%	0.26%	0.03%	-0.03%	0.01%	0.07%
Return on Assets (ROA)	0.02%	0.02%	0.03%	0.02%	0.02%	0%	0.01%	0.02%	0.02%	0.02%
Accounts Payable	1.35B	1.51B	1.88B	1.54B	1.67B	1.79B	2.93B	3.12B	3.8B	3.65B
Total Debt+	38.65B	38.56B	37.65B	33.32B	32.3B	50.97B	47.71B	39.49B	37.55B	37.49B
Net Debt	16.61B	21.93B	14.45B	11.18B	6.34B	14.24B	8.39B	5.42B	3.7B	-10.02B
Long-Term Debt	23.64B	23.02B	23.85B	23.9B	23.78B	22.29B	25.04B	24.82B	25.23B	26.65B
Short-Term Debt	15.02B	15.54B	13.81B	9.42B	7.69B	27.94B	22.01B	14.09B	11.82B	10.43B
Other Liabilities	9.35B	9.26B	10.56B	12.4B	13.75B	15.58B	15.14B	16.05B	16.27B	17.87B
Total Current Liabilities	105.62B	103.86B	113.66B	116.59B	122.62B	173.24B	175.71B	164.29B	163.61B	176.13B
Total Non-Current Liabilities	33.13B	32.46B	34.55B	36.41B	38.49B	38.72B	40.9B	41.53B	42.12B	44.98B
Total Liabilities	138.75B	136.32B	148.22B	153B	161.11B	211.96B	216.61B	205.82B	205.73B	221.11B
Total Equity+	16.73B	20.12B	22.25B	24.27B	26.75B	25.45B	26.83B	29.6B	33.11B	34.98B
Equity Growth %	0.14%	0.2%	0.11%	0.09%	0.1%	-0.05%	0.05%	0.1%	0.12%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.2%	0.19%	0.19%	0.17%	0.17%	0.01%	0.14%	0.16%	0.16%	0.16%
Book Value per Share	210.12	252.68	279.25	304.52	335.66	319.58	336.77	372.11	415.63	439.31
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	1.32B	1.32B	1.32B	1.32B	1.32B	1.32B	1.32B	1.32B	1.32B	1.32B
Additional Paid-in Capital	284.17M	280.88M	271.95M	246.19M	226.04M	192.63M	228.85M	231.56M	228.24M	176.31M
Retained Earnings	3.09B	3.52B	4.27B	4.18B	4.37B	347.15M	3.18B	4.28B	4.57B	5.64B
Accumulated OCI	762.7M	1.21B	1.46B	708.45M	1.09B	1.87B	235.9M	-650.12M	26.55B	27.42B
Treasury Stock	-208.98M	-209.32M	-208.94M	-207.99M	-207.84M	-208.43M	-207.53M	-207.52M	-208.03M	-208.88M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-1.36B	-1.46B	9.3B	-251.57M	6.93B	12.69B	3.97B	-1.15B	4.08B	14.52B
Operating CF Growth %	0.25%	-0.07%	7.38%	-1.03%	28.56%	0.83%	-0.69%	-1.29%	4.54%	2.56%
Net Income	3.16B	3.61B	4.18B	4.07B	4.35B	346.89M	3.67B	4.76B	4.87B	5.62B
Depreciation & Amortization	400.91M	411.43M	426.42M	436.53M	639.07M	676.93M	690.56M	690.61M	667.12M	722.57M
Deferred Taxes	-117.19M	28.23M	-3.56M	91.1M	-52.44M	-1.15B	547.39M	113.06M	-76.09M	-54.94M
Other Non-Cash Items	1.44B	1.04B	569.43M	1.06B	1.08B	5.56B	1.02B	1.76B	1.75B	2.16B
Working Capital Changes	-6.17B	-6.64B	4.02B	-6.02B	797.62M	7.14B	-2.03B	-8.55B	-3.21B	5.96B
Cash from Investing+	-1.58B	-1.98B	405.67M	-234.09M	726.21M	-1.87B	-3.73B	-1.09B	-1.26B	527.56M
Purchase of Investments	-1.14B	-1.55B	0	0	-1.69B	-2.84B	-3.68B	-1.12B	-1.36B	-176.6M
Sale/Maturity of Investments	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	-375.95M	0	0	0	-5.56M	0
Other Investing	44.52M	-318.49M	-121.1M	-348.62M	-330.95M	-537.49M	-532.86M	-785.79M	-813.32M	-726.37M
Cash from Financing+	100.7M	-1.61B	-2.34B	-1.4B	-3.55B	-2.09B	-465.3M	-1.6B	-2.26B	-1.81B
Dividends Paid	-539.99M	-653.33M	-2.23B	-1.13B	-2.23B	-2.39B	-398.81M	-1.2B	-1.99B	-3.66B
Share Repurchases	-72.97M	-66.53M	-71.01M	-95.41M	-103.22M	-151.96M	-58.91M	-83.61M	-85.58M	-110.89M
Stock Issued	0	0	0	0	0	0	3.75M	9.95M	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	0	-1000K	1000K	1000K	-1000K	-1000K	1000K
Other Financing	46.85M	-489.87M	0	-174.47M	-90.41M	-64.57M	-39.35M	-79.51M	-89.4M	-166.39M
Net Change in Cash+	355.4M	-5.41B	6.58B	-1.05B	3.81B	10.76B	2.56B	-5.17B	-200.35M	13.65B
Exchange Rate Effect	1000K	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K
Cash at Beginning	21.69B	22.04B	16.63B	23.21B	22.16B	25.97B	36.73B	39.29B	34.12B	33.92B
Cash at End	22.04B	16.63B	23.21B	22.16B	25.97B	36.73B	39.29B	34.12B	33.92B	47.57B
Interest Paid	2.32B	2.77B	2.89B	3.03B	3.19B	2.96B	2.23B	2.85B	5.08B	5.85B
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-1.74B	-1.76B	8.89B	-852.82M	6.43B	12.05B	3.33B	-2.05B	2.93B	13.41B
FCF Growth %	0.27%	-0.01%	6.06%	-1.1%	8.54%	0.88%	-0.72%	-1.61%	2.43%	3.58%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.73%	19.08%	19.31%	17.13%	16.72%	1.33%	13.71%	16.47%	15.52%	16.16%
Return on Assets (ROA)	2.13%	2.25%	2.5%	2.29%	2.34%	0.16%	1.49%	1.94%	2.05%	2.22%
Net Interest Margin	4.63%	4.99%	4.7%	4.78%	4.83%	3.6%	3.83%	4.7%	5.4%	5.49%
Efficiency Ratio	38.98%	37.32%	36.61%	38.19%	37.8%	48.57%	52.18%	38.24%	34.96%	35.22%
Equity / Assets	10.76%	12.86%	13.05%	13.69%	14.24%	10.72%	11.02%	12.57%	13.86%	13.66%
Book Value / Share	210.12	252.68	279.25	304.52	335.66	319.58	336.77	372.11	415.63	439.31
NII Growth	13.41%	8.4%	2.72%	5.56%	7.11%	-5.77%	9.08%	18.71%	16.54%	9.1%
Dividend Payout	17.46%	18.59%	54.55%	28.38%	52.36%	689.79%	11.13%	25.74%	40.98%	66.61%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
PERU	11.67B	-	-	-	17.33B	16.13B	17.28B	24.57B
PERU Growth	-	-	-	-	-	-6.93%	7.14%	42.21%
COLOMBIA	286M	-	-	-	-	-	-	1.26B
COLOMBIA Growth	-	-	-	-	-	-	-	-
Bolivia	-	-	-	-	978M	960M	1.08B	1.06B
Bolivia Growth	-	-	-	-	-	-1.84%	12.71%	-1.57%
CAYMAN ISLANDS	512M	-	-	-	17M	72M	502M	734M
CAYMAN ISLANDS Growth	-	-	-	-	-	323.53%	597.22%	46.22%
PANAMA	4.27B	-	-	-	-	295M	384M	356M
PANAMA Growth	-	-	-	-	-	-	30.17%	-7.29%
CHILE	167M	-	-	-	166M	187M	129M	208M
CHILE Growth	-	-	-	-	-	12.65%	-31.02%	61.24%
UNITED STATES	8M	-	-	-	33M	8M	29M	38M
UNITED STATES Growth	-	-	-	-	-	-75.76%	262.50%	31.03%
BERMUDA	-	-	-	-	18M	5.15B	5.39B	-767M
BERMUDA Growth	-	-	-	-	-	28516.67%	4.72%	-114.22%
Colombia	-	-	-	-	601M	193M	855M	-
Colombia Growth	-	-	-	-	-	-67.89%	343.01%	-
Others Countries	-	-	-	-	-	-	11M	-
Others Countries Growth	-	-	-	-	-	-	-	-
Panama	-	-	-	-	309M	-	-	-
Panama Growth	-	-	-	-	-	-	-	-
Peru Country	-	16.63B	18.02B	16.45B	-	-	-	-
Peru Country Growth	-	-	8.31%	-8.68%	-	-	-	-
Bolivia Country	-	750M	809M	853M	-	-	-	-
Bolivia Country Growth	-	-	7.87%	5.44%	-	-	-	-
Colombia Country	-	314M	356M	566M	-	-	-	-
Colombia Country Growth	-	-	13.38%	58.99%	-	-	-	-
Cayman Islands Country	-	285M	354M	340M	-	-	-	-
Cayman Islands Country Growth	-	-	24.21%	-3.95%	-	-	-	-
Chile Country	-	153M	142M	134M	-	-	-	-
Chile Country Growth	-	-	-7.19%	-5.63%	-	-	-	-
United States Of America Country	-	-	10M	33M	-	-	-	-
United States Of America Country Growth	-	-	-	230.00%	-	-	-	-
Panama Country	-	2M	-	18M	-	-	-	-
Panama Country Growth	-	-	-	-	-	-	-	-
Bermuda Country	-	13M	13M	-14M	-	-	-	-
Bermuda Country Growth	-	-	0.00%	-207.69%	-	-	-	-
United States of America Country	-	6M	-	-	-	-	-	-
United States of America Country Growth	-	-	-	-	-	-	-	-
BOLIVIA	813M	-	-	-	-	-	-	-
BOLIVIA Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Credicorp Ltd. (BAP) has a price-to-earnings (P/E) ratio of 4.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Credicorp Ltd. (BAP) grew revenue by 6.4% over the past year. This is steady growth.

Yes, Credicorp Ltd. (BAP) is profitable, generating $6.47B in net income for fiscal year 2024 (20.4% net margin).

Dividend & Returns

Yes, Credicorp Ltd. (BAP) pays a dividend with a yield of 14.44%. This makes it attractive for income-focused investors.

Credicorp Ltd. (BAP) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.

Industry Metrics

Credicorp Ltd. (BAP) has a net interest margin (NIM) of 5.5%. This indicates healthy earnings from lending activities.

Credicorp Ltd. (BAP) has an efficiency ratio of 35.2%. This is excellent, indicating strong cost control.

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