Peru's economy didn't have a great performance in 2014, and the sluggish performance of the country's largest bank, Credicorp (NYSE:BAP),
reflects that to a certain extent. While Credicorp has continued to
enjoy good organic loan growth and expense control, there are reasons to
be concerned about credit quality and the sustainability of the
company's loan growth. It's also a little more challenging to get
excited about the valuation today. Unless the company can find a path
back to over 20% ROE, the shares only seem about 10% undervalued today.
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Credicorp Needs A Little Self-Improvement
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