Operating cash flow of $4.6 billion in Q2 2026 comfortably covered $3.9 billion in dividend payments, though the OCF/NI ratio's volatility from -3.96 to 3.33 over ten quarters suggests inconsistent cash generation quarter-to-quarter.
Credicorp Ltd. (BAP) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 5.46B | 8.05B | 14.52B | 4.08B | -1.15B | 3.97B | 12.69B | 6.93B | -251.57M | 9.3B | -1.46B | -1.36B | -1.83B | 2.17B | 9.34B | -4.49B | 9.34B | -1.44B | 1.42B | 4.02B | 1.8B | 4.55B | 2.31B | 1.92B | 538.58M | 635.18M | 652.01M | 986.58M | 752.85M | 507.7M |
| Operating CF Growth % | -135.58% | -44.56% | 255.96% | 454.32% | -128.98% | -68.68% | 82.95% | 2856.16% | -102.7% | 738.16% | -6.98% | 25.35% | -184.15% | -76.78% | 308.25% | -148.05% | 749.33% | -201.19% | -64.64% | 122.68% | -60.32% | 97.01% | 20% | 257.2% | -15.21% | -2.58% | -33.91% | 31.05% | 48.29% | - |
| Net Income | 7.34B | 6.93B | 5.62B | 4.87B | 4.76B | 3.67B | 346.89M | 4.35B | 4.07B | 4.18B | 3.61B | 3.16B | 2.42B | 1.56B | 2.13B | 1.9B | 1.73B | 1.46B | 1.16B | 1.12B | 755.54M | 670.92M | 463.97M | 315.33M | 149.03M | 187.59M | 62.44M | 152.58M | 140.8M | 293M |
| Depreciation & Amortization | 219.8M | 0 | 722.57M | 667.12M | 690.61M | 690.56M | 676.93M | 639.07M | 436.53M | 426.42M | 411.43M | 400.91M | 433.79M | 345.33M | 286.09M | 246.93M | 235.65M | 206.33M | 180.25M | 152.94M | 153.75M | 133.35M | 152.77M | 166.09M | 156.02M | 160.81M | 167.68M | 141.06M | 129.1M | 86.8M |
| Deferred Taxes | 0 | 0 | -54.94M | -76.09M | 113.06M | 547.39M | -1.15B | -52.44M | 91.1M | -3.56M | 28.23M | -117.19M | -252.71M | -29.02M | -42.49M | -23.82M | -46.77M | -24.82M | -13.81M | -44.73M | -14.62M | -39.6M | -20.74M | 15.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.69B | 3.05B | 2.16B | 1.75B | 1.76B | 1.02B | 5.56B | 1.08B | 1.06B | 569.43M | 1.04B | 1.44B | 484.57M | 397.58M | 907.38M | 358.16M | -72.29M | 76.29M | 519.74M | -321.93M | -56.26M | -1.09B | 95.58M | 2.05B | 291.22M | 339.68M | 685.63M | 451.74M | 508.03M | 20.1M |
| Working Capital Changes | -2.4B | -1.93B | 5.96B | -3.21B | -8.55B | -2.03B | 7.14B | 797.62M | -6.02B | 4.02B | -6.64B | -6.17B | -4.97B | -166.94M | 5.99B | -6.99B | 7.28B | -3.16B | -425.54M | 3.12B | 966.29M | 4.87B | 1.62B | -620.99M | -57.69M | -52.91M | -263.74M | 241.19M | -25.08M | 107.8M |
| Cash from Investing | -356.31M | -1.55B | 527.56M | -1.26B | -1.09B | -3.73B | -1.87B | 726.21M | -234.09M | 405.67M | -1.98B | -1.58B | -1.79B | -884.07M | -5.46B | -6.98B | 3.04B | 434.53M | 112.6M | -4.78B | -1.86B | -2.49B | -1.47B | -3.44B | 594.86M | 87.9M | 35M | 308.14M | -1.21B | -2.13B |
| Purchase of Investments | -78.13M | 0 | -176.6M | -1.36B | -1.12B | -3.68B | -2.84B | -1.69B | 0 | 0 | -1.55B | -1.14B | -1.99B | -14.84M | -4.55B | -6.5B | -529.7M | 0 | 0 | -4.62B | -1.33B | -2.18B | 0 | -6.06B | -1.13B | -2.03B | -731.18M | -503.94M | -6.7B | 0 |
| Sale/Maturity of Investments | -62.85M | 0 | 1.74B | 1.25B | 1.01B | 590.61M | 1.6B | 3.26B | 295.99M | 670.62M | 0 | 0 | 0 | 0 | 0 | 0 | 3.99B | 825.24M | 394.06M | 0 | 111.31M | 100.96M | 0 | 2.68B | 1.2B | 1.28B | 306.34M | 146.45M | 7.39B | 0 |
| Net Investment Activity | -140.97M | 0 | 1.56B | -113.81M | -116.48M | -3.09B | -1.24B | 1.57B | 295.99M | 670.62M | -1.55B | -1.14B | -1.99B | -14.84M | -4.55B | -6.5B | 3.46B | 825.24M | 394.06M | -4.62B | -1.21B | -2.08B | 0 | -3.38B | 61.34M | -757.13M | -424.84M | -357.5M | 684.95M | 0 |
| Acquisitions | 335.83M | 0 | 0 | -5.56M | 0 | 0 | 0 | -375.95M | 0 | 0 | 0 | 0 | 731.81M | -58.77M | -502.78M | -217.4M | 0 | -267.94M | 0 | 0 | -428.04M | 61.9M | 0 | 103.78M | 495.02M | 106.15M | 81.7M | 117.03M | 184.95M | 0 |
| Other Investing | 535.17M | -1.55B | -726.37M | -813.32M | -785.79M | -532.86M | -537.49M | -330.95M | -348.62M | -121.1M | -318.49M | 44.52M | -227.08M | -272.74M | 173.92M | 1.38M | -194.96M | 7.97M | 5.58M | 2.85M | -111.31M | -371.93M | -1.34B | -56.12M | 118.9M | 845.02M | 459.84M | 665.64M | -1.89B | -2B |
| Cash from Financing | 2.17B | -1.62B | -1.81B | -2.26B | -1.6B | -465.3M | -2.09B | -3.55B | -1.4B | -2.34B | -1.61B | 100.7M | 339.56M | 147.34M | 619.89M | 3.34B | 1.26B | 943.78M | 715.65M | 1.73B | 238.94M | 804.69M | -2.21M | -372.89M | -96.79M | -224.53M | -116.96M | -1.37B | -117.06M | 2.51B |
| Dividends Paid | -3.97B | -3B | -3.66B | -1.99B | -1.2B | -398.81M | -2.39B | -2.23B | -1.13B | -2.23B | -653.33M | -539.99M | -429.41M | -535.25M | -491.65M | -409.09M | -388.3M | -346.22M | -375.93M | -310.86M | -268.09M | -219.71M | -104.59M | -82.98M | -112.1M | -27.58M | -28.58M | -56.78M | -110.7M | 0 |
| Share Repurchases | -72.35M | -112.41M | -110.89M | -85.58M | -83.61M | -58.91M | -151.96M | -103.22M | -95.41M | -71.01M | -66.53M | -72.97M | -45.62M | -67.04M | -47.36M | -46M | -42.96M | -33.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 9.95M | 3.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -72.35M | -112.41M | -110.89M | -85.58M | -73.66M | -55.16M | -151.96M | -103.22M | -95.41M | -71.01M | -66.53M | -72.97M | -45.62M | -67.04M | -47.36M | -46M | -42.96M | -33.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 0 |
| Other Financing | 23.33B | 13.81B | -166.39M | -89.4M | -79.51M | -39.35M | -64.57M | -90.41M | -174.47M | 0 | -489.87M | 46.85M | -163.62M | 0 | -15.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300.35M | 414.92M | 223.01M | -152.84M | 2.51B |
| Net Change in Cash | -43.54B | -47.57B | 13.65B | -200.35M | -5.17B | 2.56B | 10.76B | 3.81B | -1.05B | 6.58B | -5.41B | 355.4M | -73.46M | 1.75B | 5.18B | -8B | 13.48B | 204.55M | 2.18B | 1.02B | 222.19M | 2.81B | 755.41M | -1.97B | 1B | 498.54M | 570.05M | -75.12M | -654.85M | 913.2M |
| Exchange Rate Effect | -50.81B | -52.45B | 410.26M | -760.65M | -1.33B | 2.78B | 2.03B | -294.87M | 704.97M | -784.68M | -454.12M | 3.2B | 455.38M | -737.42M | 295.54M | 125.6M | -149.6M | 264M | -73.91M | 54.05M | 43.13M | -51.85M | -79.23M | -82.14M | 0 | 0 | 0 | 0 | -85.28M | 18.9M |
| Cash at Beginning | 50.62B | 47.57B | 33.92B | 34.12B | 39.29B | 36.73B | 25.97B | 22.16B | 23.21B | 16.63B | 22.04B | 21.69B | 21.76B | 20.02B | 14.34B | 22.47B | 10.99B | 10.93B | 9.66B | 8.2B | 8.13B | 6.35B | 5.3B | 7.57B | 6.67B | 6.03B | 5.61B | 5.66B | 6.05B | 0 |
| Cash at End | 48.5B | 0 | 47.57B | 33.92B | 34.12B | 39.29B | 36.73B | 25.97B | 22.16B | 23.21B | 16.63B | 22.04B | 21.69B | 21.76B | 20.02B | 14.47B | 24.47B | 11.13B | 11.83B | 9.22B | 8.35B | 9.16B | 6.05B | 5.6B | 7.67B | 6.53B | 6.18B | 5.58B | 5.39B | 913.2M |
| Interest Paid | 0 | 0 | 5.85B | 5.08B | 2.85B | 2.23B | 2.96B | 3.19B | 3.03B | 2.89B | 2.77B | 2.32B | 2.12B | 2.06B | 1.77B | 1.33B | 1.15B | 5.11B | 5.95B | 1.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03B | 663.97M | 1.2B | 669.55M | 493.93M | 413.58M | 391.98M | 260.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 5.17B | 7.74B | 13.41B | 2.93B | -2.05B | 3.33B | 12.05B | 6.43B | -852.82M | 8.89B | -1.76B | -1.74B | -2.37B | 1.29B | 8.75B | -4.75B | 8.91B | -1.55B | 1.13B | 3.86B | 1.69B | 4.45B | 2.2B | 1.9B | 458.19M | 529.03M | 570.31M | 869.55M | 567.9M | 378.9M |
| FCF Growth % | 122.27% | -42.32% | 357.93% | 243.01% | -161.44% | -72.35% | 87.53% | 853.62% | -109.6% | 606.28% | -0.83% | 26.68% | -284.05% | -85.26% | 284.24% | -153.32% | 675.25% | -236.61% | -70.6% | 127.78% | -61.92% | 102.2% | 15.57% | 315.36% | -13.39% | -7.24% | -34.41% | 53.12% | 49.88% | - |
Quick answers to the most common questions about buying BAP stock.
Credicorp Ltd. (BAP) generated $8.05B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Credicorp Ltd. (BAP) generated $7.74B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Credicorp Ltd. (BAP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Credicorp Ltd. (BAP) returned $3.00B to shareholders via cash dividends and spent $112.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Political and climate volatility
Strong Earnings Retention Amidst Volatile Cash Generation
Credicorp's net income of $2.0 billion in Q2 2026 was supported by a robust operating cash flow of $4.6 billion, suggesting the core franchise is generating substantial capital, though the OCF/NI ratio's volatility indicates this generation is not consistent quarter-to-quarter.
The significant swing in operating cash flow from a negative $932.3 million in Q1 2026 to a positive $4.6 billion in Q2 2026 highlights the inherent volatility in a bank's cash flow statement, driven by balance sheet movements rather than operational performance. This pattern suggests that while the bank is generating strong earnings, its ability to convert those earnings into stable, predictable cash flow for capital purposes is subject to significant quarterly fluctuations in loan and deposit activity.
Net Investment Outflows Signal Portfolio Rebalancing
In Q2 2026, Credicorp recorded net cash outflows from investment activities of $183.8 million, driven by $41.0 million in purchases and $142.8 million in sales, indicating a period of portfolio rebalancing or liquidity management rather than net accumulation.
The shift from zero investment activity in most of 2024 and 2025 to active trading in 2026 suggests a change in treasury strategy, possibly to manage duration or liquidity in response to the volatile Peruvian rate environment. The net sale of securities, while modest relative to the balance sheet, may indicate a tactical decision to realize gains or free up capital, which warrants monitoring for its impact on future net interest income.
Loan Loss Provisions Consume Significant Cash Flow
Loan loss provisions of $725.6 million in Q2 2026 represent a substantial cash outflow, consuming over 15% of operating cash flow and aligning with the prior finding of a proactive, cautious provisioning stance amid macro uncertainty.
The provision for loan losses is a non-cash charge on the income statement but appears as a significant cash flow item, reflecting the bank's internal allocation of capital to cover expected credit losses. The high level of provisions relative to net income suggests management is prioritizing balance sheet resilience over near-term cash flow generation, a prudent approach given the noted political and climate risks in Peru.
Dividend Payments Dominate Capital Return
Credicorp paid $3.9 billion in dividends in Q2 2026, a significant cash outflow that appears sustainable given the strong operating cash flow of $4.6 billion in the same period, though the quarterly lumpiness of payments requires monitoring.
The large dividend payment in Q2 2026, compared to zero in Q1 2026, indicates an annual or semi-annual payment schedule. This pattern suggests the bank's capital return policy is focused on periodic, substantial dividends rather than consistent quarterly distributions. The sustainability of this level of payout is supported by the strong Q2 cash generation, but the negative OCF in other quarters implies that the bank must carefully manage its liquidity to meet these obligations.
Cash Flow Statement Obscures Core Earnings Power
The cash flow statement's volatility, with OCF/NI ratios ranging from -3.96 to 3.33 over ten quarters, obscures the underlying stability of Credicorp's earnings, which have grown steadily from $1.1 billion to $2.1 billion per quarter.
For a bank, the statement of cash flows is less informative than the income statement for assessing operational performance, as items like loan originations and deposit flows create large, non-operational swings. The negative OCF in Q4 2024 and Q1 2026, despite positive net income, suggests significant balance sheet expansion or funding activities that are not reflective of the core franchise's profitability. Investors should focus on the income statement's trends in NII and provisions, as highlighted in the prior analysis, rather than the erratic cash flow metrics.