BAP vs IFS: How Credicorp and Intercorp Financial Services Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: IFS is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BAP and IFS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BAP and IFS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Credicorp is a Bermuda-incorporated holding company headquartered in Lima that owns Peru's largest bank and most of the country's financial plumbing. It runs four lines of business: Universal Banking through Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia; Microfinance through Mibanco in Peru and Colombia; Insurance and Pensions through Grupo Pacífico and the private pension manager Prima AFP; and Investment Management and Advisory through Credicorp Capital, BCP's wealth management arm and ASB Bank Corp. The group's most interesting asset is not a balance sheet line at all: Yape, BCP's payments wallet, reached roughly 16 million monthly active users and has extended credit to over 4.1 million clients, and now contributes about 8% of group risk-adjusted revenue. In May 2026 Peru's banking regulator (the SBS) cleared BCP to acquire 100% of Helm Bank USA, adding a Miami-based dollar banking footprint for Latin American clients.

Full BAP guide

Intercorp Financial Services is one of Peru's largest financial groups and reports in three segments. Interbank is the banking business and the bulk of earnings, running retail and commercial lending, deposits, cards and payments through a national branch and digital network. Interseguro is the insurance arm, weighted toward annuities and life products, which makes it sensitive to interest rates and to the reserves it holds against long-dated liabilities. Inteligo is the wealth management business, managing assets for high net worth Peruvian clients and earning fee income that is steadier than lending spreads. The parent is part of the wider Intercorp group, a Peruvian conglomerate with interests spanning retail, education and real estate, and the shares list on both the NYSE and the Lima exchange.

Full IFS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BAP drivers: Yape turning from a payments app into a lender; Retail loan mix shifting margins upward.
• IFS drivers: Peruvian credit cycle normalisation; Interseguro and the annuity book.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Peruvian political risk is the dominant variable and it is not hypothetical: two presidents were removed between October 2025 and February 2026, and the April 2026 general election produced a fragmented result with a contested count and calls for annulment. For IFS, country concentration is the dominant risk: essentially all of the group's earnings are Peruvian, and Peru has produced repeated political instability, presidential turnover and periodic pension withdrawal legislation that alters savings behaviour overnight.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BAP if you believe its drivers more; IFS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BAP and IFS guides.

BAP. Trailing EPS of ~$25.98 grew roughly 25% year over year, so the ~14.9x multiple is being paid on already-elevated earnings rather than on a depressed base. Q1 2026 net income of ~S/2.06 billion at ~21.1% ROE is the record quarter that multiple discounts, and the next print (2Q26) was scheduled for August 13, 2026. The ~3.8% yield is the part of the return that does not depend on the multiple holding.

IFS. IFS reports in Peruvian soles while the NYSE line trades in US dollars, so every ratio above depends on which currency the denominator is in. First quarter 2026 profit of roughly S/ 602 million was a record and up about 35% year over year, with management guiding to full year return on equity above 17%. The double digit earnings multiple sits below US regional bank averages, which is the standard emerging market discount rather than a comment on the quality of this quarter's results.

Headline figures (approximate, August 2026): BAP shows share price ~$387, market cap ~$30.7B, revenue (ttm) ~$6.3B, net income (ttm) ~$2.07B; IFS shows total assets ~S/ 102 billion (~$29 billion), net income (trailing twelve months) ~$598 million (~S/ 2.1 billion), return on equity ~19% annualised in Q1 2026, market capitalisation ~$6.6 billion.

BAP and IFS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BAP and IFS exposure against your real portfolio. It is not an investment adviser.