Credicorp (NYSE:BAP) Full Year 2024 Results

Key Financial Results

• 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).
• EPS: S/69.24 (up from S/61.22 in FY 2023).

BAP Banking Performance Indicators

• Non-performing loans: 5.32% (down from 5.95% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Credicorp Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 2.0%.

The primary driver behind last 12 months revenue was the Universal Banking - Banco De Crédito Del Perú segment contributing a total revenue of S/12.8b (70% of total revenue). The largest operating expense was General & Administrative costs, amounting to S/8.27b (66% of total expenses). Explore how BAP's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for Credicorp that you need to be mindful of.

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