Credicorp Capital Peru SAA

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What it is

Credicorp Capital Peru SAA is primarily a securities brokerage, divided into four lines: capital markets, corporate finance and asset management, mutual funds, and securitisation. The capital-markets arm provides brokerage and investment advisory; corporate finance handles loans, leasing, and mergers-and-acquisitions advice; the mutual-funds arm manages investment funds; and securitisation transfers assets into investment trusts on behalf of clients.

The company was formerly known as BCP Capital S.A.A., incorporated in 2012, and is based in Lima, Peru. In 2024 it earned gross profit of PEN 100.2M (≈ US$29.3M; our calculation), driven by a 28% rise in fund-management and wealth-management fees compared with 2023.

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Who owns it

Credicorp Capital Peru SAA is a subsidiary of Credicorp Capital Holding Peru S.A., which is itself part of the Credicorp Ltd. group (NYSE/BVL: BAP) — Peru’s largest financial holding company. The exact ownership percentage of Credicorp Capital Holding Peru S.A. in CRECAPC1 is not disclosed in available sources, though the company trades a small free float on the Lima exchange.

At the Credicorp Ltd. parent level, more than 70% of shares trade on the New York Stock Exchange; the Romero family holds about 13% and Atlantic Security Corporation holds about 15%. The Romero family — one of Peru’s most prominent business dynasties — is therefore the ultimate controlling shareholder of the entire Credicorp group, including this subsidiary.

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Who runs it

Galantino Gallo is the CEO of Credicorp Capital (the group-wide investment-management platform that includes this entity); he previously served as CEO of Prima AFP and before that as Managing Director of Asset Management and Sustainability Lead at Credicorp Capital. The appointment of Gallo, who replaced Eduardo Montero, took effect on 1 January 2026.

At the subsidiary company level, Eduardo Montero served as Gerente General (chief executive) of Credicorp Capital Peru SAA from January 2019 until his move to lead Pacífico Seguros. Ricardo Flores Pérez-Reyes served as Country Head of Credicorp Capital Peru and Chief Operating Officer at the regional Credicorp Capital group level from January 2022.

The name of the current entity-level Gerente General following Montero’s departure is not disclosed in available sources.

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The money, in plain words

In FY2024, revenue reached PEN 258.4M (≈ US$75.5M; our calculation), up 15.7% from the prior year, while earnings of PEN 21.5M (≈ US$6.3M; our calculation) were up more than fourfold — a jump from a very low base in 2023. The company keeps about 8 cents of net profit from every sol of revenue — a net margin of 8.3% (our calculation) — modest but improving sharply.

At a price-to-earnings ratio of roughly 11.1×, the shares trade below the capital-markets industry average of 12.8×. The dividend is generous: the most recent annual dividend was PEN 0.1198 (US$0.04)per share, payable in May 2026, translating to a dividend yield of roughly 9.75% — unusually high, which often signals either a deeply valued stock or a commitment to return most earnings to shareholders rather than reinvest.

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What it is doing now

Credicorp announced a series of CEO changes across Credicorp Capital, Pacífico Seguros, and AFP Prima, effective 1 January 2026 — the most significant leadership shuffle in the investment-banking arm in years. Galantino Gallo now leads the asset-management branch across Peru, Chile, Colombia, and the United States.

In the first quarter of 2026, earnings per share were S/0.057 (US$0.02)— down from S/0.062 (US$0.02)in Q1 2025 — suggesting that the early months of the new leadership have been softer. The board held its Annual General Meeting on 31 March 2026, conducted remotely.

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What to watch

• Leadership transition: A new CEO at the group level and a reorganisation across Credicorp Capital’s management are still bedding in; execution consistency will matter.
• Fee momentum: The 28% rise in fund-management fees in 2024 is the real engine here — watch whether it holds as Peruvian capital-markets activity fluctuates with political risk.
• Governance: The board has no independent directors — all nine are non-independent — a structural concern for minority shareholders and a recurring flag for international governance reviewers.
• Earnings trajectory: Q1 2026 earnings dipped year-on-year; whether the full-year 2025 revenue gain of roughly 19% translates into sustained profit growth will be the key test for the new leadership team.

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This is news, not investment advice.