6-K
CREDICORP LTD (BAP)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
For the month of July 2025
Commission File Number: 001-14014
CREDICORP LTD.
(Translation of registrant’s name into English)
Of our subsidiary
Banco de Credito del Peru:
Calle Centenario 156
La Molina 15026
Lima, Peru
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
July 2, 2025
Securities and Exchange Commission - SEC
Re.: MATERIAL EVENT
Dear Sirs:
We hereby notify you as a Material Event that on July 1, 2025, Fitch Ratings released an update of Credicorp Ltd.’s (Credicorp) credit rating report, affirming Credicorp’s Long Term Foreign Currency rating at ‘BBB’ and maintaining its stable outlook.
The information in this Form 6-K regarding the rating of Fitch Ratings has been disclosed in Peru in conformity with Peruvian law (Article 30 of the Capital Markets Law, approved by Supreme Decree 020-2023-EF, and by the Regulation of the Disclosure of Material Events and Reserved Information approved by Resolution 005-2014-SMV/01 of the Peruvian Capital Markets Superintendency). The ratings of Fitch Ratings do not necessarily represent the opinion of Credicorp, nor should they be seen as a recommendation to buy shares or any other securities of Credicorp. Credicorp accepts no liability for the completeness, timeliness, accuracy or selection of such information.
The information in this Form 6-K (including any exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the ‘Exchange Act’) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
Sincerely,
/s/ Milagros Cigüeñas
Authorized Representative
Credicorp Ltd.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 2, 2025
| CREDICORP LTD.<br><br> <br>(Registrant) | |
|---|---|
| By: | /s/ Milagros Cigüeñas |
| Milagros Cigüeñas | |
| Authorized Representative |
Exhibit 99.1
Credicorp Ltd.
Update
Key Rating Drivers
IDRs Driven by Those of Main Subsidiary: Credicorp Ltd.’s Issuer Default Ratings (IDRs) are driven primarily by the IDRs of its main subsidiary, BCP, which boasts a strong business and financial profile. Credicorp’s Foreign-Currency Long-Term IDR of ‘BBB’ with a Stable Rating Outlook is equalized to BCP’s rating, mainly due to Credicorp’s low double leverage and strong liquidity management.
Low Double Leverage: Credicorp’s double leverage was low at 99.2% at YE24; this compares to the 2021-2024 average of 100.4%. The bank holding company has a long track record of significant dividend flows (particularly from BCP), which provide the majority of its liquidity.
Strong Corporate Strategy: Credicorp is a non-operating holding company that maintains an integrated business platform comprising leading Peruvian and Bolivian banking, insurance, pension, and asset and wealth management companies, as well as entities in the microfinance (SME) sector in Peru and Colombia.
Consistent Performance: Credicorp’s capital structure benefits from its subsidiaries’ sound performance, which allows it to maintain consistent dividend flows. Consolidated profitability at YE24 improved, benefiting from loan portfolio growth and asset quality improvement, a stronger net interest margin primarily due to an increase in low-cost deposits, and significant gains from trading.
Senior Debt Ratings: The senior global debt rating is at the same level as Credicorp’s Long-Term IDRs of ‘BBB’, as the likelihood of default on the notes is the same as that of Credicorp.
| Banks<br><br> <br>Bank Holding Companies<br><br> <br>Bermuda | ||
|---|---|---|
| Ratings | ||
| Foreign Currency | ||
| Long-Term IDR | BBB | |
| Short-Term IDR | F2 | |
| Outlooks | ||
| Long-Term Foreign-Currency | ||
| IDR | Stable | |
| Highest ESG Relevance Scores | ||
| Environmental | 2 | |
| Social | 3 | |
| Governance | 3 | |
| Applicable Criteria | ||
| Bank Rating Criteria (March 2025) | ||
| Related Research | ||
| Fitch Affirms Banco de Credito del Peru at<br><br> <br>‘BBB’; Outlook Stable (June 2025)<br><br> <br>Latin American Banks Outlook 2025<br><br> <br>(December 2024)<br><br> <br>Global Banks Mid-Year 2025 Outlook<br><br> <br>Compendium (June 2025) | ||
| Analysts | ||
| Ricardo Aguilar<br><br> <br>+52 81 4161 7086<br><br> <br>ricardo.aguilar@fitchratings.com<br><br> <br>Larisa Arteaga<br><br> <br>+57 601 241 3270<br><br> <br>larisa.arteaga@fitchratings.com | ||
| Update │ July 1, 2025 | fitchratings.com | 1 |
| --- | --- | --- |
| Banks<br><br> <br>Bank Holding Companies<br><br> <br>Bermuda |
|---|
| Rating Sensitivities | ||
|---|---|---|
| Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade | ||
| • | Credicorp’s IDRs are at the same level as BCP’s and would move in tandem with any rating action on its main operating subsidiary. However,<br> Fitch could also downgrade Credicorp’s ratings (separately from any action on BCP) if there is a material and sustained increase of its double-leverage metrics (above 1.2x), and if there is a material weakening of the holding<br> company’s liquidity position and management. | |
| • | A change in the dividend flows from the operating companies or debt levels at the holding company that affects its debt coverage ratios could<br> also be detrimental to Credicorp’s ratings. | |
| Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade | ||
| • | Credicorp’s ratings would move in tandem with positive rating actions on its main operating subsidiary, BCP. | |
| Other Debt and Issuer Ratings | ||
| --- | --- | |
| Rating level | Rating | |
| Senior unsecured: long term | BBB | |
| Source: Fitch Ratings, Fitch Solutions, Credicorp Ltd. | ||
| Credicorp Ltd. | ||
| --- | --- | --- |
| Update │ July 1, 2025 | fitchratings.com | 2 |
| Banks<br><br> <br>Bank Holding Companies<br><br> <br>Bermuda |
|---|
Financials
| Summary Financials and Key Ratios | ||||
|---|---|---|---|---|
| Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
| Year end | Year end | Year end | Year end | |
| ( mil.) | (PEN mil.) | (PEN mil.) | (PEN mil.) | |
| Audited - <br> unqualified | Audited -<br><br> <br>unqualified | Audited - <br><br> unqualified | Audited -<br><br> <br>unqualified | |
| Summary income statement | ||||
| Net interest and dividend income | 3,780 | 12,938.0 | 11,518.1 | 9,362.0 |
| Net fees and commissions | 1,085 | 3,804.5 | 3,640.3 | 3,493.7 |
| Other operating income | 894 | 3,065.2 | 2,173.7 | 1,434.3 |
| Total operating income | 5,759 | 19,807.7 | 17,332.1 | 14,290.0 |
| Operating costs | 2,731 | 9,262.5 | 8,620.6 | 7,740.1 |
| Pre-impairment operating profit | 3,029 | 10,545.2 | 8,711.5 | 6,549.9 |
| Loan and Other Impairment Charges | 950 | 3,626.6 | 1,869.8 | 1,219.0 |
| Operating profit | 2,079 | 6,918.6 | 6,841.7 | 5,330.9 |
| Other non-operating items (net) | 17 | -70.3 | 14.2 | 1.9 |
| Tax | 590 | 1,888.4 | 2,110.5 | 1,661.0 |
| Net income | 1,506 | 4,959.9 | 4,745.4 | 3,671.8 |
| Other comprehensive income | -21 | 581.6 | -891.0 | -1,660.0 |
| Fitch comprehensive income | 1,485 | 5,541.5 | 3,854.4 | 2,011.8 |
| Summary balance sheet | ||||
| Assets | ||||
| Gross loans | 39,028 | 144,976.0 | 148,626.4 | 147,597.4 |
| - Of which impaired | 1,174 | 4,673.6 | 4,620.5 | 4,203.7 |
| Loan loss allowances | 2,141 | 8,277.9 | 7,872.4 | 8,477.3 |
| Net loan | 36,887 | 136,698.1 | 140,754.0 | 139,120.1 |
| Interbank | 10,744 | 3,621.9 | 3,942.9 | 8,047.6 |
| Derivatives | 242 | 987.7 | 1,478.7 | 1,661.6 |
| Other securities and earning assets | 15,442 | 56,015.4 | 50,597.3 | 53,860.8 |
| Total earning assets | 63,316 | 197,323.1 | 196,772.9 | 202,690.1 |
| Cash and due from banks | 2,018 | 30,309.1 | 30,241.0 | 31,273.1 |
| Other assets | 3,249 | 11,208.0 | 9,739.7 | 10,883.5 |
| Total assets | 68,583 | 238,840.2 | 236,753.6 | 244,846.7 |
| Liabilities | ||||
| Customer deposits | 43,048 | 146,510.3 | 145,602.0 | 148,268.9 |
| Interbank and other short-term funding | 4,402 | 17,723.8 | 15,511.1 | 23,342.4 |
| Other long-term funding | 5,865 | 21,154.6 | 24,818.9 | 25,035.2 |
| Trading liabilities and derivatives | 219 | 892.0 | 1,536.7 | 1,862.7 |
| Total funding and derivatives | 53,534 | 186,280.7 | 187,468.7 | 198,509.2 |
| Other liabilities | 5,682 | 19,452.4 | 19,705.2 | 19,300.1 |
| Preference shares and hybrid capital | N.A. | N.A. | N.A. | N.A. |
| Total equity | 9,367 | 33,107.1 | 29,579.7 | 27,037.4 |
| Total liabilities and equity | 68,583 | 238,840.2 | 236,753.6 | 244,846.7 |
| Exchange rate | 1 = PEN3.734 | USD1 = PEN3.726 | USD1 = PEN3.809 | USD1 = PEN3.9849 |
| N.A. – Not applicable<br><br> <br>Source: Fitch Ratings, Fitch Solutions, Credicorp Ltd. |
All values are in US Dollars.
| Credicorp Ltd. | ||
|---|---|---|
| Update │ July 1, 2025 | fitchratings.com | 3 |
| Banks<br><br> <br>Bank Holding Companies<br><br> <br>Bermuda |
|---|
| Summary Financials and Key Ratios | ||||
|---|---|---|---|---|
| Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
| Ratios (annualized as appropriate) | ||||
| Profitability | ||||
| Operating profit/risk-weighted assets | N.A. | N.A. | N.A. | N.A. |
| Net interest income/average earning assets | 6.5 | 6.5 | 5.7 | 4.4 |
| Non-interest expense/gross revenue | 47.7 | 47.0 | 50.0 | 54.5 |
| Net income/average equity | 16.6 | 15.9 | 17.1 | 14.3 |
| Asset quality | ||||
| Impaired loans ratio | 3.0 | 3.2 | 3.1 | 2.9 |
| Growth in gross loans | 0.5 | -2.5 | 0.7 | 7.2 |
| Loan loss allowances/impaired loans | 182.4 | 177.1 | 170.4 | 201.7 |
| Loan impairment charges/average gross loans | 2.4 | 2.5 | 1.2 | 0.9 |
| Capitalization | ||||
| Common equity Tier 1 ratio | N.A. | N.A. | N.A. | N.A. |
| Fully loaded common equity Tier 1 ratio | N.A. | N.A. | N.A. | N.A. |
| Fitch Core Capital ratio | N.A. | N.A. | N.A. | N.A. |
| Tangible common equity/tangible assets | 12.5 | 12.7 | 11.4 | 10.0 |
| Basel leverage ratio | N.A. | N.A. | N.A. | N.A. |
| Net impaired loans/common equity Tier 1 | -11.6 | -20.2 | N.A. | N.A. |
| Net impaired loans/Fitch Core Capital | N.A. | -12.1 | -12.2 | -17.6 |
| Funding and liquidity | ||||
| Gross loans/customer deposits | 90.7 | 99.0 | 102.1 | 99.6 |
| Gross loans/customer deposits + covered bonds | N.A. | N.A. | N.A. | N.A. |
| Liquidity coverage ratio | N.A. | N.A. | N.A. | N.A. |
| Customer deposits/total non-equity funding | 80.7 | 79.0 | 78.2 | 75.3 |
| Net stable funding ratio | N.A. | N.A. | N.A. | N.A. |
| N.A. – Not applicable<br><br> <br>Source: Fitch Ratings, Fitch Solutions, Credicorp Ltd. | ||||
| Credicorp Ltd. | ||||
| --- | --- | --- | ||
| Update │ July 1, 2025 | fitchratings.com | 4 |
| Banks<br><br> <br>Bank Holding Companies<br><br> <br>Bermuda |
|---|
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|---|---|---|
| Credicorp Ltd. | ||
| --- | --- | --- |
| Update │ July 1, 2025 | fitchratings.com | 5 |