Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$371, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Banks industry in South America. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$370 per share. Recent Insider Transactions • Jun 10
Insider recently sold US$1.1m worth of stock On the 5th of June, Diego Cavero Belaunde sold around 4k shares on-market at roughly US$319 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.5m more than they bought in the last 12 months. Duyuru • May 20
Credicorp Ltd. announces Annual dividend, payable on June 12, 2026 Credicorp Ltd. announced Annual dividend of USD 50.0000 per share payable on June 12, 2026, ex-date on May 18, 2026 and record date on May 18, 2026. New Risk • May 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: S/25.90 (vs S/22.39 in 1Q 2025) First quarter 2026 results: EPS: S/25.90 (up from S/22.39 in 1Q 2025). Revenue: S/5.76b (up 22% from 1Q 2025). Net income: S/2.06b (up 16% from 1Q 2025). Profit margin: 36% (down from 38% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 12
Upcoming dividend of S/50.00 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 12 June 2026. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Peruvian dividend payers (12%). Lower than average of industry peers (6.5%). Declared Dividend • Apr 27
Dividend of S/50.00 announced Shareholders will receive a dividend of S/50.00. Ex-date: 18th May 2026 Payment date: 12th June 2026 Dividend yield will be 15%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (49% payout ratio) and is expected to be covered in 3 years' time (52% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to US$338. The fair value is estimated to be US$277, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Duyuru • Apr 03
Credicorp Ltd. Announces Board and Committee Changes Credicorp Ltd. appointed María Inés Álvarez (Independent), Juan Paredes Manrique (Independent), and Manuel Romero Valdez (Non-Independent) to the Company’s Board of Directors for the period from March 2026 to March 2029. These new directors succeed Antonio Abruña Puyol, Alexandre Gouvêa, and Patricia Lizárraga Guthertz, who have decided to retire from the Board. During Credicorp’s Board meeting held on April 1, 2026, in accordance with the Company’s Bye-laws, the Board appointed Mr. Luis Enrique Romero Belismelis as Chairman of the Board and Mr. Raimundo Morales Dasso as Vice Chairman of the Board. Additionally, the Board approved the composition of the Board Committees as follows: Audit Committee: Juan Paredes Manrique (Chair), María Teresa Aranzabal Harreguy (Member), Nuria Aliño Pérez (Member); Sustainability Committee: María Teresa Aranzabal Harreguy (Chair), Nuria Aliño Pérez (Member), Pedro Rubio Feijóo (Member), Leslie Pierce Diez-Canseco (Member), Manuel Romero Valdez (Member); Risk Committee: Pedro Rubio Feijóo (Chair), Luis Romero Belismelis (Member), Raimundo Morales Dasso (Member), Juan Paredes Manrique (Member), María Inés Álvarez Arnao (Member); Compensation & Nominations Committee: Nuria Aliño Pérez (Chair), Luis Romero Belismelis (Member), Raimundo Morales Dasso (Member), María Teresa Aranzabal Harreguy (Member), Pedro Rubio Feijóo (Member). Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Director Pedro Rubio Feijoo was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 31
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to US$335. The fair value is estimated to be US$271, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Buy Or Sell Opportunity • Mar 11
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to US$344. The fair value is estimated to be US$271, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: S/87.26 (vs S/69.24 in FY 2024) Full year 2025 results: EPS: S/87.26 (up from S/69.24 in FY 2024). Revenue: S/20.9b (up 15% from FY 2024). Net income: S/6.93b (up 26% from FY 2024). Profit margin: 33% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 30
Credicorp Ltd., Annual General Meeting, Mar 31, 2026 Credicorp Ltd., Annual General Meeting, Mar 31, 2026, at 15:00 SA Pacific Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: S/5.18b (up 11% from 3Q 2024). Net income: S/1.74b (up 14% from 3Q 2024). Profit margin: 34% (in line with 3Q 2024). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Buy Or Sell Opportunity • Aug 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to US$255. The fair value is estimated to be US$211, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 8.5%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • Aug 17
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: S/5.19b (up 22% from 2Q 2024). Net income: S/1.82b (up 36% from 2Q 2024). Profit margin: 35% (up from 31% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Banks industry in South America. New Risk • Jun 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: S/22.38 (vs S/19.00 in 1Q 2024) First quarter 2025 results: EPS: S/22.38 (up from S/19.00 in 1Q 2024). Revenue: S/5.05b (up 16% from 1Q 2024). Net income: S/1.78b (up 18% from 1Q 2024). Profit margin: 35% (in line with 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 15
Upcoming dividend of S/40.00 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Peruvian dividend payers (13%). Lower than average of industry peers (7.0%). Upcoming Dividend • May 12
Upcoming dividend of S/40.00 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 4.7%. Lower than top quartile of Peruvian dividend payers (13%). Lower than average of industry peers (7.0%). Declared Dividend • Apr 28
Final dividend of S/40.00 announced Shareholders will receive a dividend of S/40.00. Ex-date: 16th May 2025 Payment date: 13th June 2025 Dividend yield will be 22%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (48% forecast payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 25
Credicorp Ltd. Declares Cash Dividend for Fiscal Year 2024, Payable on June 13, 2025 Credicorp Ltd. announced that its Board of Directors declared a cash dividend of PEN 40.00 per share for a total of PEN 3,775,292,680.00 in line with the Company’s Bye-Laws and taking into account the total net income attained in the 2024 financial year of PEN 5,501,254,379.37. The cash dividend will be paid out on June 13, 2025, without withholding tax at source, to shareholders of record on May 19, 2025. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: S/69.24 (vs S/61.22 in FY 2023) Full year 2024 results: EPS: S/69.24 (up from S/61.22 in FY 2023). Revenue: S/18.2b (up 13% from FY 2023). Net income: S/5.50b (up 13% from FY 2023). Profit margin: 30% (in line with FY 2023). Non-performing loans: 5.32% (down from 5.95% in FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Duyuru • Jan 31
Credicorp Ltd., Annual General Meeting, Mar 27, 2025 Credicorp Ltd., Annual General Meeting, Mar 27, 2025, at 15:00 SA Pacific Standard Time. New Risk • Jan 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 3.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: S/4.54b (up 12% from 3Q 2023). Net income: S/1.52b (up 23% from 3Q 2023). Profit margin: 34% (up from 30% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in South America. Upcoming Dividend • Sep 13
Upcoming dividend of S/11.00 per share Eligible shareholders must have bought the stock before 20 September 2024. Payment date: 18 October 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Peruvian dividend payers (14%). Lower than average of industry peers (7.1%). Duyuru • Aug 30
Credicorp Ltd. Announces Special Cash Dividend, Payable on October 18, 2024 Credicorp Ltd. announced that its Board of Directors unanimously agreed to declare a special cash dividend of PEN 11.0000 per share for a total of PEN 1,038,205,487.00 in line with the Company´s Bye-Laws. The cash dividend will be paid out on October 18, 2024, without withholding tax at source, to shareholders of record on September 23, 2024. The dividend will be paid in US Dollars using the weighted exchange rate reported by the Peruvian Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for transactions at the close of business on October 16, 2024. The US Dollar dividend amount will be rounded up to four decimals. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: S/4.35b (up 5.4% from 2Q 2023). Net income: S/1.34b (down 4.4% from 2Q 2023). Profit margin: 31% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • May 13
Upcoming dividend of S/35.00 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Lower than top quartile of Peruvian dividend payers (12%). Lower than average of industry peers (7.1%). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: S/19.02 (vs S/17.35 in 1Q 2023) First quarter 2024 results: EPS: S/19.02 (up from S/17.35 in 1Q 2023). Revenue: S/4.35b (up 7.8% from 1Q 2023). Net income: S/1.51b (up 9.2% from 1Q 2023). Profit margin: 35% (in line with 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 29
Dividend of S/35.00 announced Shareholders will receive a dividend of S/35.00. Ex-date: 17th May 2024 Payment date: 14th June 2024 Dividend yield will be 21%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (41% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 27
Credicorp Ltd. Raises Annual Dividend, Payable on June 14, 2024 Credicorp Ltd. announced to its shareholders and the market that the Board of Directors declared a dividend of PEN 35.0 per share on the issued shares of the common stock of Credicorp, an increase from the prior annual dividend of PEN 25.0 per share. The cash dividend will be paid out on June 14th, 2024, without withholding tax at source, to shareholders of record on May 20th, 2024. Buy Or Sell Opportunity • Mar 21
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to US$177. The fair value is estimated to be US$142, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Mar 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to US$173. The fair value is estimated to be US$143, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Feb 16
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to US$168. The fair value is estimated to be US$135, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: S/61.17 (vs S/58.26 in FY 2022) Full year 2023 results: EPS: S/61.17 (up from S/58.26 in FY 2022). Revenue: S/16.2b (up 4.6% from FY 2022). Net income: S/4.87b (up 5.0% from FY 2022). Profit margin: 30% (in line with FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Jan 27
Credicorp Ltd., Annual General Meeting, Mar 27, 2024 Credicorp Ltd., Annual General Meeting, Mar 27, 2024, at 20:00 Paraguay Standard Time. Agenda: To consider Presentation by the Chairman of the Board of the Annual and Sustainability Report of Company for the financial year ended December 31, 2023; to present the Board of the audited individual (standalone) and consolidated financial statements of Company and its subsidiaries for the financial year ended December 31, 2023, including the report of the external auditors of Company thereon; and to consider appointment of the external auditors of Company to perform such services for the 2024 financial year and delegation of the power to set and approve fees for such audit services to the Board of Directors. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$151, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Banks industry in South America. Total returns to shareholders of 2.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$146 per share. Reported Earnings • Nov 06
Third quarter 2023 earnings released: EPS: S/15.50 (vs S/16.38 in 3Q 2022) Third quarter 2023 results: EPS: S/15.50 (down from S/16.38 in 3Q 2022). Revenue: S/4.07b (up 2.1% from 3Q 2022). Net income: S/1.24b (down 4.9% from 3Q 2022). Profit margin: 30% (down from 33% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Nov 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Peruvian stocks, typically moving 3.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.7% average weekly change). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: S/17.63 (vs S/14.10 in 2Q 2022) Second quarter 2023 results: EPS: S/17.63 (up from S/14.10 in 2Q 2022). Revenue: S/4.13b (up 14% from 2Q 2022). Net income: S/1.40b (up 25% from 2Q 2022). Profit margin: 34% (up from 31% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 11
Upcoming dividend of US$6.74 per share at 2.9% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Peruvian dividend payers (15%). Lower than average of industry peers (5.7%). Reported Earnings • May 09
First quarter 2023 earnings released: EPS: S/17.36 (vs S/14.30 in 1Q 2022) First quarter 2023 results: EPS: S/17.36 (up from S/14.30 in 1Q 2022). Revenue: S/4.03b (up 15% from 1Q 2022). Net income: S/1.38b (up 22% from 1Q 2022). Profit margin: 34% (up from 32% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 14
Full year 2022 earnings released: EPS: S/58.25 (vs S/45.09 in FY 2021) Full year 2022 results: EPS: S/58.25 (up from S/45.09 in FY 2021). Revenue: S/15.5b (up 18% from FY 2021). Net income: S/4.63b (up 29% from FY 2021). Profit margin: 30% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Leslie Diez Canseco was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: S/16.33 (vs S/14.64 in 3Q 2021) Third quarter 2022 results: EPS: S/16.33 (up from S/14.64 in 3Q 2021). Revenue: S/4.05b (up 13% from 3Q 2021). Net income: S/1.30b (up 12% from 3Q 2021). Profit margin: 32% (in line with 3Q 2021). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: S/14.11 (vs S/8.80 in 2Q 2021) Second quarter 2022 results: EPS: S/14.11 (up from S/8.80 in 2Q 2021). Revenue: S/3.72b (up 24% from 2Q 2021). Net income: S/1.12b (up 60% from 2Q 2021). Profit margin: 30% (up from 23% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 18%, compared to a 30% growth forecast for the industry in Peru. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 12
Upcoming dividend of S/15.00 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 10 June 2022. Payout ratio is a comfortable 9.8% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Peruvian dividend payers (24%). Lower than average of industry peers (4.3%). Reported Earnings • May 11
First quarter 2022 earnings released: EPS: S/14.25 (vs S/8.32 in 1Q 2021) First quarter 2022 results: EPS: S/14.25 (up from S/8.32 in 1Q 2021). Revenue: S/3.66b (up 36% from 1Q 2021). Net income: S/1.14b (up 72% from 1Q 2021). Profit margin: 31% (up from 25% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 30% growth forecast for the industry in Peru. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 17% per year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Leslie Diez Canseco was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 01
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: S/45.09 (up from S/4.37 in FY 2020). Revenue: S/13.1b (up 76% from FY 2020). Net income: S/3.58b (up S/3.24b from FY 2020). Profit margin: 27% (up from 4.7% in FY 2020). The increase in margin was driven by higher revenue. Non-performing loans: 5.03% (up from 4.65% in FY 2020). Revenue exceeded analyst estimates by 3.9%. Over the next year, revenue is forecast to grow 23%, compared to a 29% growth forecast for the banks industry in Peru. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 16% share price gain to US$157, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Banks industry in South America. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$129 per share. Reported Earnings • Nov 10
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: S/3.54b (up 85% from 3Q 2020). Net income: S/1.16b (up S/1.06b from 3Q 2020). Profit margin: 33% (up from 5.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to S/101, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Banks industry in South America. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$76.78 per share. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to S/125, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Banks industry in South America. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$76.58 per share. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improved over the past week After last week's 20% share price gain to S/146, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Banks industry in South America. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$84.98 per share. Reported Earnings • May 11
First quarter 2021 earnings released: EPS S/8.32 (vs S/2.64 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: S/2.70b (up 26% from 1Q 2020). Net income: S/660.8m (up 216% from 1Q 2020). Profit margin: 25% (up from 9.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 11
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S/7.42b (down 41% from FY 2019). Net income: S/346.9m (down 92% from FY 2019). Profit margin: 4.7% (down from 34% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 11
New 90-day high: US$167 The company is up 40% from its price of US$119 on 12 November 2020. The Peruvian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$74.80 per share. Is New 90 Day High Low • Jan 12
New 90-day high: US$167 The company is up 37% from its price of US$122 on 13 October 2020. The Peruvian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$110 per share. Valuation Update With 7 Day Price Move • Nov 28
Market bids up stock over the past week After last week's 16% share price gain to S/154, the stock is trading at a trailing P/E ratio of 66.6x, up from the previous P/E ratio of 57.6x. This compares to an average P/E of 23x in the Banks industry in Peru. Total return to shareholders over the past three years is a loss of 17%. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS S/1.32 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: S/1.95b (down 37% from 3Q 2019). Net income: S/104.6m (down 90% from 3Q 2019). Profit margin: 5.4% (down from 36% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 17% per year. Is New 90 Day High Low • Oct 29
New 90-day low: US$116 The company is down 9.0% from its price of US$127 on 31 July 2020. The Peruvian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$37.63 per share. Is New 90 Day High Low • Oct 14
New 90-day low: US$122 The company is down 6.0% from its price of US$130 on 16 July 2020. The Peruvian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$45.34 per share. Is New 90 Day High Low • Sep 24
New 90-day low: US$124 The company is down 9.0% from its price of US$136 on 26 June 2020. The Peruvian market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$46.33 per share. 
