A Look At Credicorp (NYSE:BAP) Valuation After Record Earnings And Growing Digital Platform Yape

Credicorp (BAP) is back in focus after reporting record first quarter 2026 net income of S/2,063.2 million, along with improved asset quality metrics and a larger revenue contribution from its digital payments platform Yape.

See our latest analysis for Credicorp.

The record first quarter, higher dividend and upcoming leadership changes have kept Credicorp in the spotlight, with the stock showing a 16.36% year to date share price return and a very large 219.70% five year total shareholder return, although shorter term share price momentum over the last three months has faded slightly.

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With return metrics, dividend growth and digital momentum all in play, the question now is whether Credicorp’s current valuation leaves a margin of safety or if the stock is already pricing in much of its future growth.

Most Popular Narrative: 7% Undervalued

Credicorp's most followed valuation narrative places fair value at about $359.80, compared with the last close at $333.27. This frames the stock as modestly undervalued and closely tied to long term earnings power and dividends.

The group's strategic shift toward a more diversified, fee-generating, and digitally enabled business model is reducing earnings volatility, increasing cross-sell opportunities in insurance, pensions, and wealth management, and positioning Credicorp for more resilient and consistent net earnings growth.

Read the complete narrative.

Want to see what is baked into that fair value? Revenue, margins and earnings are all wired into a single story. The exact mix may surprise you.

Result: Fair Value of $359.80 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this story can change quickly if Peru’s political and regulatory risks flare up or if Yape’s higher risk lending leads to weaker asset quality.

Find out about the key risks to this Credicorp narrative.

Next Steps

With both risks and rewards in the mix, sentiment on Credicorp is clearly mixed. It makes sense to move quickly and form your own view using the 3 key rewards and 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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