# Credicorp (BAP.US)

Canonical: https://gigainvestors.com/s/BAP

Analysis as of: 2026-10-16T07:27:02.984Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: PEN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $388.42 per share; close as of 2026-10-15.

Estimated value: low $287.18 per share, central $358.98 per share, high $478.63 per share. Buy at or below the central value $358.98 per share. Valuation as of 2026-10-16T07:27:02.984Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.32×

Chart: Net income; fiscal year observations.

- FY2016: PEN 3.5B

- FY2017: PEN 4.1B

- FY2018: PEN 4.0B

- FY2019: PEN 4.3B

- FY2020: PEN 347M

- FY2021: PEN 3.6B

- FY2022: PEN 4.6B

- FY2023: PEN 4.9B

- FY2024: PEN 5.5B

- FY2025: PEN 6.9B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 17.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 15.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 19.9%

- FY2017: 20.7%

- FY2018: 18.3%

- FY2019: 18.0%

- FY2020: 1.5%

- FY2021: 15.2%

- FY2022: 17.4%

- FY2023: 16.6%

- FY2024: 17.7%

- FY2025: 22.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 16.0%

- Book return interval: 10 years

- Starting book value per share: PEN 178.44

- Ending book value per share: PEN 383.54

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 28.9%

- FY2017: 24.4%

- FY2018: 16.2%

- FY2019: 18.7%

- FY2020: 6.5%

- FY2021: 5.2%

- FY2022: 18.0%

- FY2023: 17.5%

- FY2024: 18.5%

- FY2025: 8.0%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.75×

- Book value created per share: PEN 205.10

- Earnings retained per share after dividends and buybacks: PEN 274.60

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.3% a year forever · "Fee Income Growth: 16% increase, driven by transactional activity at Yape and BCP." (finance.yahoo.com, May 2025) · net income +25.9%

Story as of 2026-10-16T09:58:22.217Z; price observation 2026-10-15.

The price assumes profits grow 6.3% a year forever

- 2025-08-15: Credicorp earnings beat by $0.87, revenue topped estimates ([investing.com](https://www.investing.com/news/earnings/credicorp-earnings-beat-by-087-revenue-topped-estimates-4194940))

### Net income · FY2025

net income +25.9%; source https://www.sec.gov/Archives/edgar/data/1001290/000100129026000008/bap-20251231.htm; observed 2026-04-27.

- FY2016: PEN 3.5B 

- FY2017: PEN 4.1B 

- FY2018: PEN 4.0B 

- FY2019: PEN 4.3B 

- FY2020: PEN 347M 

- FY2021: PEN 3.6B 

- FY2022: PEN 4.6B 

- FY2023: PEN 4.9B 

- FY2024: PEN 5.5B 

- FY2025: PEN 6.9B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are PEN 28.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1001290/000100129026000008/bap-20251231.htm#000100129026000008 (filed 2026-04-27); FY2025: revenue 28555000000.

### Why customers stay

It earns 17.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); 10-year return on tangible equity observations [[2016,0.19861506732382259],[2017,0.20688718032054482],[2018,0.1828841784721777],[2019,0.17992604617429614],[2020,0.015210412889392648],[2021,0.15200647347451243],[2022,0.17365245042405852],[2023,0.16643141383786042],[2024,0.17713243143462531],[2025,0.2264134269813292]]; median 0.17852923880446073. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back PEN 112.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); Dividend observations: [[2016,653326000],[2017,2232244000],[2018,1130427000],[2019,2233321000],[2020,2392844000],[2021,398808000],[2022,1196422000],[2023,1994037000],[2024,3664648000],[2025,2998917000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1001290/000100129026000008/bap-20251231.htm (filed 2026-04-27); FY2025: cash repurchases 112409000 PEN.

### Are managers owners

Insiders own 14.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAP.US SharesStats.PercentInsiders = 14.665000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); Price 388.42; FX 0.29082; original perpetual distributable cash 49.37418830065402; discount 0.1; growth 0.06303228092890119. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $148.68 per share

- 2016-11: $156.69 per share

- 2016-12: $157.86 per share

- 2017-01: $163.68 per share

- 2017-02: $164.62 per share

- 2017-03: $163.30 per share

- 2017-04: $153.66 per share

- 2017-05: $167.52 per share

- 2017-06: $179.39 per share

- 2017-07: $185.14 per share

- 2017-08: $202.84 per share

- 2017-09: $205.02 per share

- 2017-10: $209.44 per share

- 2017-11: $211.03 per share

- 2017-12: $207.43 per share

- 2018-01: $231.63 per share

- 2018-02: $216.45 per share

- 2018-03: $227.04 per share

- 2018-04: $232.49 per share

- 2018-05: $221.42 per share

- 2018-06: $225.12 per share

- 2018-07: $228.77 per share

- 2018-08: $218.02 per share

- 2018-09: $223.08 per share

- 2018-10: $225.71 per share

- 2018-11: $219.29 per share

- 2018-12: $221.67 per share

- 2019-01: $242.78 per share

- 2019-02: $243.09 per share

- 2019-03: $239.95 per share

- 2019-04: $236.90 per share

- 2019-05: $223.80 per share

- 2019-06: $228.91 per share

- 2019-07: $217.99 per share

- 2019-08: $207.12 per share

- 2019-09: $208.44 per share

- 2019-10: $214.04 per share

- 2019-11: $211.19 per share

- 2019-12: $213.13 per share

- 2020-01: $206.58 per share

- 2020-02: $181.27 per share

- 2020-03: $143.07 per share

- 2020-04: $149.02 per share

- 2020-05: $137.82 per share

- 2020-06: $133.67 per share

- 2020-07: $127.17 per share

- 2020-08: $130.48 per share

- 2020-09: $123.99 per share

- 2020-10: $114.68 per share

- 2020-11: $153.91 per share

- 2020-12: $164.02 per share

- 2021-01: $150.33 per share

- 2021-02: $160.01 per share

- 2021-03: $136.57 per share

- 2021-04: $119.40 per share

- 2021-05: $137.47 per share

- 2021-06: $121.11 per share

- 2021-07: $100.96 per share

- 2021-08: $106.63 per share

- 2021-09: $110.94 per share

- 2021-10: $129.66 per share

- 2021-11: $118.00 per share

- 2021-12: $122.07 per share

- 2022-01: $143.22 per share

- 2022-02: $151.25 per share

- 2022-03: $171.87 per share

- 2022-04: $138.89 per share

- 2022-05: $140.38 per share

- 2022-06: $119.91 per share

- 2022-07: $129.40 per share

- 2022-08: $128.89 per share

- 2022-09: $122.80 per share

- 2022-10: $146.36 per share

- 2022-11: $153.55 per share

- 2022-12: $135.66 per share

- 2023-01: $134.30 per share

- 2023-02: $127.42 per share

- 2023-03: $132.39 per share

- 2023-04: $135.48 per share

- 2023-05: $129.45 per share

- 2023-06: $147.64 per share

- 2023-07: $157.05 per share

- 2023-08: $141.43 per share

- 2023-09: $127.97 per share

- 2023-10: $124.96 per share

- 2023-11: $125.53 per share

- 2023-12: $149.93 per share

- 2024-01: $148.43 per share

- 2024-02: $170.88 per share

- 2024-03: $169.43 per share

- 2024-04: $165.61 per share

- 2024-05: $165.32 per share

- 2024-06: $161.33 per share

- 2024-07: $170.64 per share

- 2024-08: $178.35 per share

- 2024-09: $180.97 per share

- 2024-10: $184.13 per share

- 2024-11: $185.47 per share

- 2024-12: $183.32 per share

- 2025-01: $183.10 per share

- 2025-02: $183.02 per share

- 2025-03: $186.16 per share

- 2025-04: $202.19 per share

- 2025-05: $211.81 per share

- 2025-06: $223.52 per share

- 2025-07: $237.00 per share

- 2025-08: $257.20 per share

- 2025-09: $266.28 per share

- 2025-10: $261.00 per share

- 2025-11: $257.21 per share

- 2025-12: $287.00 per share

- 2026-01: $356.83 per share

- 2026-02: $346.38 per share

- 2026-03: $339.18 per share

- 2026-04: $324.17 per share

- 2026-05: $342.63 per share

- 2026-06: $389.58 per share

- 2026-07: $400.58 per share

- 2026-08: $366.38 per share

- 2026-09: $379.87 per share

- 2026-10: $388.42 per share

## Annual estimated value (USD per share)

- FY2016: low $206.45 per share, central $258.07 per share, high $344.09 per share

- FY2017: low $230.84 per share, central $288.55 per share, high $384.73 per share

- FY2018: low $242.44 per share, central $303.05 per share, high $404.07 per share

- FY2019: low $247.75 per share, central $309.69 per share, high $412.92 per share

- FY2020: low $231.87 per share, central $289.84 per share, high $386.45 per share

- FY2021: low $225.31 per share, central $281.64 per share, high $375.52 per share

- FY2022: low $236.20 per share, central $295.26 per share, high $393.67 per share

- FY2023: low $259.75 per share, central $324.69 per share, high $432.92 per share

- FY2024: low $268.74 per share, central $335.92 per share, high $447.90 per share

- FY2025: low $264.42 per share, central $330.53 per share, high $440.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1001290/000100129026000008/bap-20251231.htm); period 2025-12-31, filed 2026-04-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 255,436 BAP shares; USD 99,513,000 reported position value; 1.08% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 2,614,315 BAP shares; USD 1,018,485,000 reported position value; 0.53% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 836,569 BAP shares; USD 325,911,000 reported position value; 0.96% of portfolio; reduce; quarter 2026 Q2.

# BAP — Credicorp Ltd.

Held by 3 investors · USD 1,443,909,000 total · 2026 Q2 · reported price USD 389.58 (split-adjusted).
Page: https://gigainvestors.com/s/BAP

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 1,018,485,000 | 0.5% | reduce -23.34% |
| Richard Pzena (https://gigainvestors.com/PIM) | USD 325,911,000 | 1.0% | reduce -8.28% |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 99,513,000 | 1.1% | add +4.21% |
| John Rogers (https://gigainvestors.com/AI) | USD 2,572,984 | 0.0% | sold |

## Total held by quarter

- 2021 Q4: USD 40,079,365 · 1 holder · USD 122.07
- 2022 Q1: USD 57,166,024 · 1 holder · USD 171.87
- 2022 Q2: USD 47,842,291 · 1 holder · USD 119.91
- 2022 Q3: USD 47,511,074 · 1 holder · USD 122.80
- 2022 Q4: USD 55,195,442 · 1 holder · USD 135.66
- 2023 Q1: USD 107,221,205 · 2 holders · USD 132.39
- 2023 Q2: USD 41,580,148 · 1 holder · USD 147.64
- 2023 Q3: USD 37,088,905 · 1 holder · USD 127.97
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 1,186,549,635 · 3 holders · USD 169.43
- 2024 Q2: USD 1,107,637,734 · 4 holders · USD 161.33
- 2024 Q3: USD 1,232,461,390 · 4 holders · USD 180.97
- 2024 Q4: USD 1,252,343,614 · 4 holders · USD 183.32
- 2025 Q1: USD 1,226,848,759 · 4 holders · USD 186.16
- 2025 Q2: USD 1,456,246,882 · 4 holders · USD 223.52
- 2025 Q3: USD 1,643,917,283 · 4 holders · USD 266.28
- 2025 Q4: USD 1,488,854,000 · 4 holders · USD 287.00
- 2026 Q1: USD 1,551,726,079 · 4 holders · USD 339.18
- 2026 Q2: USD 1,443,909,000 · 3 holders · USD 389.58