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Credicorp Ltd (NYSE:BAP), a leading financial services holding company with a market capitalization of $14.75 billion and a "GOOD" financial health rating according to InvestingPro, has filed a Form 6-K with the United States Securities and Exchange Commission today, providing a report of foreign private issuer pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934.
The document, dated February 14, 2025, outlines the operational updates of Credicorp's subsidiary, Banco de Credito del Peru. The submission includes a comprehensive report of the bank's activities and financial status, although the specifics of these updates were not disclosed in the filing. The company has demonstrated strong financial performance, generating revenues of $4.68 billion in the last twelve months, with a healthy return on equity of 16%.
Credicorp Ltd, headquartered in Hamilton, Bermuda, operates principally in Peru and is involved in a wide range of financial services including banking, insurance, and asset management. The company's business address is Clarendon House, 2 Church Street, P.O. Box HM 666, Hamilton, HM CX, with a business phone number of 5113135140.
The filing ensures compliance with SEC regulations and provides transparency to investors and the public regarding the company's operations. It is important to note that the information in this Form 6-K, including any exhibits, is not considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
This report is an essential communication between Credicorp Ltd and its stakeholders, providing updates that could influence investor decisions. For investors seeking deeper insights, InvestingPro reveals that Credicorp has maintained dividend payments for 26 consecutive years and currently offers a 5% dividend yield. The document was signed by authorized representative Milagros Cigüeñas on behalf of Credicorp Ltd.
Investors and interested parties should note that this article is based on a press release statement and should refer to the full Form 6-K filing for a more detailed understanding of Credicorp Ltd's operational updates and financial position. For comprehensive analysis and additional insights, including 8 more exclusive ProTips and detailed financial metrics, explore the full company research report available on InvestingPro.
In other recent news, Credicorp's stock price target has been revised by Citi analysts, lowering it from $225 to $215, while maintaining a Buy rating on the shares. This adjustment comes ahead of Credicorp's fourth-quarter results for 2024, with analysts predicting that macroeconomic tailwinds will continue to promote a healthier risk appetite and asset quality. These predictions stem from the monthly performance trends observed at Banco de Credito del Peru and, to a lesser extent, at MiBanco.
The upcoming earnings report is also influenced by the provisioning case of Sartor, a factor that Citi has included in a sensitivity analysis. This analysis examines the potential impact on Credicorp's earnings for both the fourth quarter of 2024 and the full year. Despite the downward price target revision, analysts project a net interest margin resilience, positive loan growth, and a decrease in the cost-of-risk as catalysts for an estimated 12% year-over-year earnings growth in 2025.
The adjustment in Credicorp's price target is primarily attributed to the Sartor provisioning case and new foreign exchange assumptions. Citi's reiteration of the Buy rating indicates confidence in Credicorp's potential for continued growth and profitability. These are recent developments that investors will be closely monitoring in the upcoming earnings report.
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