Credicorp (BAP.N): Potential double-digit growth ahead: Reiterating Buy

研报英文原文证据摘录

Credicorp (BAP.N): Potential double-digit growth ahead: Reiterating Buy

Credicorp (BAP.N)

20 July 2026 Citi Research

Updating estimates ahead of 2Q26

Credicorp reports on August 13th AMC, with conference call scheduled for August

14th. We anticipate a solid quarter in terms of growth (in line with the ~8.5%YoY

guidance) with higher provisioning during the quarter on: (1) normalization of cost-

of-risk due to portfolio mix tilted towards consumer; (2) some provisioning already

to address any potential damage from El Nino (we expect provisioning pressures

until 4Q25). Despite the moving parts, we think BAP’s guidance for 2026 should

remain unchanged, suggesting ~19.5% levels of ROE.

We are adjusting our 2Q26 and 2026 estimates slightly downwards on the short-

term provisioning pressures, although we are adjusting our 2027 estimates

upwards by 2%, anticipating higher (low-teens) loan growth ahead. We reiterate

our Buy rating and introduce our new TP of US$440, up from US$370 on the

estimate change and higher credit growth and sustainable ROE assumptions (we

assume a 21% ROE in the mid-term).

The trends until May 2026 for the system (see Peru Diversified Banks: May: Solid

growth and ROE; BAP and Compartamos with solid trends) show resilient growth,

particularly in the consumer segment, with improving delinquency and profitability

for the Peruvian banking sector.

Figure 1. Earnings estimates vs. consensus

(S/mn) CitiE QoQ YoY Bloomberg Difference vs. consensus

Citi (2Q26) 1,991 -4% 9% 2,008 -1%

Citi (2026) 8,028 n.a. 15% 8,013 0%

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

Source: Citi Research, Bloomberg consensus

Figure 2. Changes in estimates

New Old New Old

Income Statement 2026E 2026E Chg 2027E 2027E Chg