Credicorp Ltd. (NYSE:BAP) Builds Reserves And Shows Defensive Momentum Into The Next Month

Credicorp presents a defensive near-term setup: corporate governance items and reserve actions coincide with mixed momentum indicators and a fair-valued WMDST appraisal, suggesting range-bound price action with asymmetric downside risk in the coming weeks.

Recent News

On January 29, 2026 the board set a virtual Annual General Meeting for March 31, 2026 and established a February 13, 2026 record date for voting. On February 26, 2026 the board approved the company’s Annual and Sustainability Report and audited financial statements for presentation at the AGM. On February 27, 2026 Credicorp announced director nominees for the 2026 AGM and published related meeting documentation ahead of the March 31 virtual meeting.

Technical Analysis

ADX / DI+ / DI-: ADX at 13.82 indicates no established trend; DI+ shows a peak-and-reversal while DI- shows a dip-and-reversal, which together create a bearish directional bias for price momentum.

MACD: MACD stands negative at -3.19 with a peak-and-reversal and sits below the signal line (-2.07), reflecting bearish momentum and a lack of bullish MACD crossover to support immediate upside.

MRO: MRO reads -7.27 (decreasing), which implies the current price sits below its internal target and creates technical scope for mean-reversion upward pressure, even as other momentum gauges weaken.

RSI: RSI at 53.1 with a decreasing trend shows waning upside momentum from neutral territory rather than clear overbought or oversold conditions.

Price vs Moving Averages & Bands: The close at $319.43 lies below the 20-day average ($328.51) and the 50-day average ($341.61) but above the 200-day average ($277.59). The 12-day EMA shows a peak-and-reversal, and price sits marginally below the 1x Bollinger lower band ($321.88), signaling short-term weakness inside a broader longer-term support band.

Ichimoku & Volatility: Price sits below the cloud’s SenkouA ($343.15) and below the Kijun-sen ($337.92) while above SenkouB ($316.12), indicating a cautious technical posture with an intra-cloud environment and mixed trend confirmation. Short-term volatility (42-day beta 1.49) exceeds long-term beta (52-week 0.71), pointing to elevated recent sensitivity to news or flows.

 


Fundamental Analysis

Earnings And Guidance Context: Reported EPS equaled $5.93 versus an estimate of $6.45, producing an EPS surprise of -8.06%. Earnings growth shows a QoQ decline of -9.92% and a year-over-year decrease of -68.49%, while WMDST’s forward EPS sits at $8.08. These figures indicate near-term earnings pressure relative to prior periods and higher forward expectations embedded in consensus forward EPS.

Revenue And Profitability: Revenue growth stands at 0.59% sequentially and shows a year-over-year decrease of -38.49%. Cash conversion metrics report cash conversion to earnings of 0.0 and a reported cost of debt of 3.948%.

Valuation: The current PE ratio equals 52.10, below the industry peer mean of 61.57 and inside the industry peer range; forward PE equals 33.21, below the industry peer mean of 45.38. PEG reads negative at -6.24 versus an industry peer mean of -3.60, reflecting negative near-term earnings growth in the denominator. WMDST values the stock as fair-valued.

Balance & Capital Notes: Invested capital shows a reported negative $60,612,382,000 figure in the statements provided. Cost of debt and forward estimates suggest funding costs remain moderate relative to U.S. dollar yields embedded in the reporting period.

Valuation Summary: A PE of 52.10 sits below the industry peer mean but remains elevated versus the company’s forward PE of 33.21, implying some decline in near-term earnings already priced into forward consensus; WMDST’s fair-valued designation reflects that forward earnings expectations and current price roughly offset the mixed momentum picture.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2025-12-31
REPORT DATE: 2026-02-11
NEXT REPORT DATE: 2026-05-13
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INCOME STATEMENT REVENUE
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COSTS
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PROFITABILITY
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EARNINGS
 EPS Estimate $ 6.45
 EPS Actual $ 5.93
 EPS Difference $ -0.52
 EPS Surprise -8.062 %
 Forward EPS $ 8.08
 
BALANCE SHEET ASSETS
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EQUITY
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VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
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VALUATION
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CAPITAL STRUCTURE
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PRICE-BASED VALUATION
 Price To Book (P/B) —
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Price To Book IPRWA —
 Price To Earnings (P/E) 52.097
Price To Earnings QoQ 32.241 %
Price To Earnings YoY 297.183 %
Price To Earnings IPRWA high: 87.915
median: 61.871
mean: 61.572
BAP: 52.097
low: 37.244
 PE/G Ratio -6.242
 Price To Sales (P/S) —
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FORWARD MULTIPLES
Forward P/E 33.214
Forward PE/G -3.98
Forward P/S —
EFFICIENCY OPERATIONAL
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ASSET & SALES
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CASH CYCLE
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Cash Conversion Cycle Days IPRWA high: 83.413
mean: 13.496
low: 10.154
median: 10.154
BAP: 0
CAPITAL DEPLOYMENT
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CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital —
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 Invested Capital $ -60.61 B
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LIQUIDITY
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COVERAGE & LEVERAGE
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 Cost Of Debt 3.948 %
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TIMING / LIQUIDITY
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DIVIDENDS
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PERFORMANCE GROWTH
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 Revenue Growth 0.585 %
Revenue Growth QoQ 0.0 %
Revenue Growth YoY -38.486 %
Revenue Growth IPRWA high: 5.65 %
median: 3.449 %
mean: 2.759 %
BAP: 0.585 %
low: -1.639 %
 Earnings Growth -8.346 %
Earnings Growth QoQ -991.667 %
Earnings Growth YoY -68.489 %
Earnings Growth IPRWA high: 12.184 %
BAP: -8.346 %
median: -8.679 %
mean: -16.218 %
low: -45.133 %
MARGINS
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CASH FLOW
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 Cash Flow To Earnings 0.0
VALUE & RETURNS
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Six-Week Outlook

Expect a range-bound market structure over the next six weeks with a bearish technical bias unless MACD crosses above its signal line or DI+ reasserts strength. Short-term indicators (12-day EMA peak-and-reversal, price below the 20- and 50-day averages, and a marginal breach below the 1x Bollinger lower band) favor episodic downside pressure. The negative MRO suggests technical room for mean reversion, which could produce intermittent intrarange rallies toward the consensus price target mean of $347.69, while governance items and reserve planning may sustain defensive flows. Volume currently trails short- and medium-term averages, so expect lower conviction moves; monitor directional indicator behavior for a clearer breakout or breakdown signal.

About Credicorp Ltd.

Credicorp Ltd. (NYSE:BAP) represents a prominent financial services group headquartered in Lima, Peru, with roots tracing back to 1889. The company delivers a comprehensive suite of financial services through its four primary segments: Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Equity Management. Within the Universal Banking segment, Credicorp provides a range of services including loans, credit facilities, and deposit accounts for both individual and corporate clients. The Insurance and Pensions division offers extensive insurance coverage, addressing needs in commercial property, transport, life, and health, while also managing private pension funds. The Microfinance segment supports small and microenterprises by providing customized loan solutions and financial management services to foster growth and sustainability. In the Investment Banking and Equity Management sector, Credicorp offers brokerage and investment management services, facilitating capital market transactions and managing mutual funds for a diverse clientele, including corporations and institutional investors. Credicorp’s strategic approach and dedication to service excellence have positioned it as a reliable financial partner, promoting economic growth and financial inclusion both in Peru and internationally.



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