Credicorp Shaking Off The Pandemic And Getting Back To Business As Usual

 

The past six months or so have been pretty good ones for Peru, with copper prices at a decade-long high and the overall economy recovering from the pandemic-driven downturn. Better still, my concerns about the government that I raised in my last article on Credicorp (BAP) haven't come to pass - while I'd still argue that President's Castillo's preferred/espoused policies are bad, he hasn't been able to actually do much and it seems like the Congress of Peru is holding the line.

Since that last article, Credicorp shares are over 50% higher, handily beating U.S. banks, the broader Peruvian market, and most other Latin American banks as well. I continue to believe that this is a well-run bank with good leverage to under-banked Peruvians, and still priced for double-digit returns, but I wouldn't expect the same pace of gains in the near term.

 

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Credicorp Shaking Off The Pandemic And Getting Back To Business As Usual