BAP was recommended by Crisis & Opportunity at $91.80 in Investment Digest 697, dated June 15, 2011.
“Credicorp Ltd. (BAP) is the largest bank in Peru — a country that is under-served in banking. Peru has just five bank branchs and 14 ATMs per 100,000 people. This is less than half of comparable countries like Columbia, Mexico and Brazil.
“Their growth strategy is to create a regional investment bank. They recently bought 51% of the IM Trust of Chile.
“The company banked $189 million in net earnings for the first quarter. This was 8% over Q1, 2011, but flat over last quarter. The total loan book gained 3.7%. Q2 estimates are 11.8% annual revenue growth and 9.2% earnings growth.
“We are very close to breaking the trend-line. I am very temped to bank the 31% gains. That said, GDP growth in Peru is running at 6% and we could get a pop next week. Hold.”
- Christian DeHaemer, Crisis & Opportunity, June 29, 2012