Earnings Review · 14 August 2026
Credicorp Had a Strong Quarter. Why a Values-Conscious Book Still Steps Aside.
The print
Revenue $6.23B vs $7.36 expected.
Did the flow confirm the move?
Underlying money flow is negative: sellers in control on balance going in.
Give the business its due
The business itself is genuinely strong: revenue growing about 26%, net margins near 33%, a moderate competitive moat.
The valuation lens
Our framework labels the valuation STRONG. Fair value lands near $462 against a $395 share price, a margin of safety of about 17%. The trailing multiple sits around 15 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
If the theme is what draws you, Saturna Sustainable Equity Fund ETF (AMAL) sits in the same industry (Banks – Regional) and clears our principled screen, the place to look instead of chasing a name that does not.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. We do not confuse a strong quarter with a suitable holding.
This is analysis, not financial advice. Always manage your risk.
