Credicorp (BAP): Key takeaways from NDR with CFOs: Long-term structural upside, but El Niño is a short-term risk

Research evidence excerpt

Credicorp (BAP): Key takeaways from NDR with CFOs: Long-term structural upside, but El Niño is a short-term risk

Equity Research

17 July 2026 | 6:01PM EDT

Credicorp (BAP): Key takeaways from NDR with CFOs: Long-term

structural upside, but El Niño is a short-term risk

Structurally constructive outlook with upside risks Tito Labarta

+1(212)357-6760 | tito.labarta@gs.com

We hosted Credicorp’s outgoing (Alejandro Peres-Reyes) and incoming (Ignacio Goldman Sachs & Co. LLC

Belaunde) CFOs, along with Rogelio Icaza from the IR team for a non-deal roadshow Tiago Binsfeld, CFA

on the West Coast. Management presented a structurally constructive tone +55(11)3371-4574tiago.binsfeld@gs.com|

anchored around three pillars: 1) a favorable political outlook with less volatility Goldman Sachs do Brasil CTVM S.A.

Juliana Oharaunder a prospective Fujimori administration, 2) a multi-year pent-up loan growth +55(11)3372-0202 |

opportunity as credit penetration normalizes back to 2019 levels, and 3) the Yape juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

digital ecosystem as a structural differentiator driving financial inclusion, increased

fee income, and stronger unit economics. That said, the potential for a severe El Niño

is a near-term swing factor, whose severity – and associated provisioning – is unlikely

to be known until at least September-October 2026. Still, management sees

potential upside risks to its mid-term ~20% ROE guidance with a formal update

expected on its 2Q26 earnings call. While management presented a constructive

outlook with possible upside risks, we think this is mostly reflected in valuation.

Indeed, the stock is trading at 12.1x 2027E P/E and 2.5x 2026E P/BV, a premium to

most banks in the region, keeping us Neutral.

Favorable political backdrop