Credicorp, Ltd. BAP reported 2Q earnings of $162M ($2.03/share) which was well ahead of JP Morgan's estimate of $128M ($1.61/share). Revenues benefited from $26M pretax on non-recurring realized gains and securities, according to JP Morgan, which forecasts a positive outlook for the next quarter.
Credicorp's core trends were positive, according to JP Morgan, as loan growth accelerated and asset quality and operating efficiency improved, net interest margins increased, and insurance results reported exceptionally well. Loan growth was up 6.5% q/q and 19% y/y, compared to JP Morgan's estimates of 4.0% q/q and 16.9% y/y, respectively.
JP Morgan maintains its "neutral" rating for Credicorp but has raised the price target from $100 to $120.
Credicorp, Ltd. closed yesterday at $98.03.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Posted In: Analyst ColorEarningsNewsPrice TargetMarketsAnalyst RatingsCredicorpDiversified BanksFinancialsJP Morgan
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in