Equity Profile

BAP

Credicorp Ltd.

FinancialsDiversified Banks$25.6B

Nov5Wed

Pre-Earnings Brief

UpcomingQ2-2018After Close5:00 PM EST

Company Snapshot

Credicorp Ltd. (BAP) is a leading financial services company in Peru, providing a range of banking and insurance services....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and performance, which investors closely monitor.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its business and capture market share, which is vital for investor confidence.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

BAP Q2-2018 Earnings Preview

Context

Company Snapshot

Credicorp Ltd. (BAP) is a leading financial services company in Peru, providing a range of banking and insurance services. With a market cap of $26 billion, it plays a crucial role in the financial sector, especially as consumer spending and economic conditions evolve in the region.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+4.83%

Avg Stock Reaction

-0.05%

Last Quarter Recap

In Q1 2018, Credicorp reported an EPS of $13.01, but there were no analyst estimates available for comparison. The stock reacted negatively, dropping 2.92% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are watching closely for any signs of growth in earnings and revenue, particularly in light of the mixed performance in previous quarters.

Bull Case

If Credicorp shows strong loan growth and improved profitability, it could signal a robust recovery in the Peruvian economy, leading to a positive market reaction.

Bear Case

Conversely, if the company fails to meet expectations for loan growth or shows signs of increased credit risk, it could lead to a significant decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected loan growth percentage for Q2 2018?

Loan growth is a critical indicator of the company's health and demand for credit, which investors will closely evaluate.

How does management view the current economic conditions in Peru?

Management's perspective on the economy will provide insights into future performance and risk factors that could impact the stock.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for strong loan growth due to economic recovery signals, which could lead to better-than-expected earnings.

Supporting Evidence

The options market is pricing an 8.05% move, indicating expectations of volatility that may not align with actual performance.

Credicorp's historical EPS surprise rate has been strong, suggesting potential for positive surprises.

Recent economic indicators in Peru show signs of recovery, which could boost loan demand.

Key Risk

If loan growth comes in below 5%, it could challenge the optimistic outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The key debate this quarter revolves around the company's ability to grow its loan portfolio amidst changing economic conditions.

Bull Confirmed If

Demonstrating loan growth of over 10% year-over-year would confirm the bull case.

Bear Confirmed If

A loan growth rate below 5% would likely confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±8.05%

Historical Avg

±1.1%

Pricing rich

The options market is pricing in an expected move of about 8.05%, suggesting that traders anticipate significant volatility around the earnings report.

Options are pricing ±8.1% while BAP has averaged ±1.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

39.9%

Calls (100)P/C Ratio: 0.20Puts (0)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

This setup has occurred 30 times across Financials in the last 2 years. 12 of 25 faded and 13 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 2.4%, with a raw directional average of -0.0% (roughly flat historical bias).

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Top holders trimming

Institutional

80.97%

of float

Insider

14.62%

of float

Holders

680

institutions

Top Holders· as of Dec 2025

Blackrock Inc.
4,048,826 sh · $1.3B
4.29%
2.5%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Credicorp beats expectations, history suggests the stock could react positively, with an average 1-day move of around -0.26%.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.

Miss

Should the company miss expectations, history indicates a potential decline, with an average move of -0.26% when they miss.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on loan growth projections for the upcoming quarters.
2Management's commentary on economic conditions in Peru and their impact on business.
3Insights into credit risk management and any changes in lending standards.
4Discussion of competitive pressures in the banking sector.
5Any strategic initiatives that could drive future growth.

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Company Snapshot

Credicorp Ltd. (BAP) is a leading financial services company in Peru, providing a range of banking and insurance services....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and performance, which investors closely monitor.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its business and capture market share, which is vital for investor confidence.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

BAP Q2-2018 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+4.83%

Avg Stock Reaction

-0.05%

Last Quarter Recap

In Q1 2018, Credicorp reported an EPS of $13.01, but there were no analyst estimates available for comparison. The stock reacted negatively, dropping 2.92% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are watching closely for any signs of growth in earnings and revenue, particularly in light of the mixed performance in previous quarters.

Bull Case

If Credicorp shows strong loan growth and improved profitability, it could signal a robust recovery in the Peruvian economy, leading to a positive market reaction.

Bear Case

Conversely, if the company fails to meet expectations for loan growth or shows signs of increased credit risk, it could lead to a significant decline in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected loan growth percentage for Q2 2018?

Loan growth is a critical indicator of the company's health and demand for credit, which investors will closely evaluate.

How does management view the current economic conditions in Peru?

Management's perspective on the economy will provide insights into future performance and risk factors that could impact the stock.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for strong loan growth due to economic recovery signals, which could lead to better-than-expected earnings.

Supporting Evidence

The options market is pricing an 8.05% move, indicating expectations of volatility that may not align with actual performance.

Credicorp's historical EPS surprise rate has been strong, suggesting potential for positive surprises.

Recent economic indicators in Peru show signs of recovery, which could boost loan demand.

Key Risk

If loan growth comes in below 5%, it could challenge the optimistic outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The key debate this quarter revolves around the company's ability to grow its loan portfolio amidst changing economic conditions.

Bull Confirmed If

Demonstrating loan growth of over 10% year-over-year would confirm the bull case.

Bear Confirmed If

A loan growth rate below 5% would likely confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±8.05%

Historical Avg

±1.1%

Pricing rich

The options market is pricing in an expected move of about 8.05%, suggesting that traders anticipate significant volatility around the earnings report.

Options are pricing ±8.1% while BAP has averaged ±1.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

39.9%

Calls (100)P/C Ratio: 0.20Puts (0)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Top holders trimming

Institutional

80.97%

of float

Insider

14.62%

of float

Holders

680

institutions

Top Holders· as of Dec 2025

Blackrock Inc.
4,048,826 sh · $1.3B
4.29%
2.5%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Credicorp beats expectations, history suggests the stock could react positively, with an average 1-day move of around -0.26%.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further guidance.

Miss

Should the company miss expectations, history indicates a potential decline, with an average move of -0.26% when they miss.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on loan growth projections for the upcoming quarters.
2Management's commentary on economic conditions in Peru and their impact on business.
3Insights into credit risk management and any changes in lending standards.
4Discussion of competitive pressures in the banking sector.
5Any strategic initiatives that could drive future growth.