Credicorp Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, dated February 27, 2019, reports a material event regarding the Board of Directors' unanimous decisions for Credicorp Ltd. The filing pertains to the approval of the Annual Report and audited consolidated financial statements for the fiscal year ended December 31, 2018. These matters are scheduled for shareholder approval at the Annual General Meeting on March 29, 2019.
Key Financial Metrics
- Net Income (2018): S/3,983,865,263.06
- Accumulated Earnings (prior years as of Dec 31, 2018): S/237,407,560.88
- Outstanding Shares: 94,382,317
- Dividend Declaration: S/1,887,646,340.00 total (S/20.0000 per share)
- Reserve Transfers: S/1,394,353,000.00 to restricted special reserves; S/464,458,362.18 to special reserves.
- Total Restricted Special Reserves (post-transfer): S/13,465,315,766.47
The filing does not provide specific values for revenue, operating margins, cash flow, debt levels, or liquidity ratios.
Material Changes and Corporate Actions
The primary material change is the declaration of a cash dividend for the 2018 fiscal year. The dividend is payable on May 10, 2019, to shareholders of record on April 16, 2019. Payments will be made in US Dollars based on the weighted exchange rate from the Superintendency of Banks, Insurance and Pension Funds on May 8, 2019, without withholding tax at source.
Additionally, the Board approved the reappointment of Gaveglio, Aparicio y Asociados (PricewaterhouseCoopers Peru) as external independent auditors for 2019 and set Board remuneration at US$50,000 annually per Director, with additional fees for committee members.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, revenue outlook, or management commentary regarding future market conditions. The document notes that restricted special reserves cannot be utilized without authorization from the Superintendency of Banks, Insurance and Pension Fund Managers of Peru.
Key Facts for Investor Verification
- Verify the exact US Dollar dividend amount per share once the exchange rate is fixed on May 8, 2019.
- Confirm the record date of April 16, 2019, to ensure eligibility for the dividend.
- Review the full audited financial statements for the year ended December 31, 2018, to analyze revenue, margins, and debt levels not detailed in this summary.
- Monitor the Annual General Meeting on March 29, 2019, for final shareholder approval of the dividend and auditor reappointment.