Goldman Sachs Maintains Credicorp Neutral (BAP)

Goldman Sachs maintained its Credicorp BAP Neutral rating in a research report published today. In the report, Goldman Sachs states, "results. Credicorp, the largest bank in Peru, reported 4Q2010 recurring net income of US$129 million, 14.4% below our estimate, and EPADR of US$1.62. Although 4Q2010 results were below expectations we saw some positive highlights such as strong loan growth and lower provisions. However, the higher expenses (even if seasonal) and lower market-related income limited the profitability of the quarter." Shares of Credicorp were at $99.63 in Friday after-hours trading, reflecting no change from Friday's market close.