Credicorp Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, dated February 22, 2017, 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, 2016. These matters are scheduled for shareholder approval at the Annual General Meeting on March 31, 2017.
Key Financial Metrics
- Net Income (2016): S/ 3,514,582,247.63
- Total Cash Dividend: S/ 1,159,628,337.82
- Dividend Per Share: S/ 12.2865
- Outstanding Shares: 94,382,317
- Restricted Especial Reserves (Post-Transfer): S/ 11,070,962,766.47
- Transfer to Restricted Especial Reserves: S/ 500,000,000.00
- Transfer to Especial Reserves: S/ 1,854,953,909.81
- Transfer to Retained Earnings: S/ 179,639,012.09
The filing does not provide specific values for revenue, operating margins, total debt, or free cash flow for the period.
Material Changes and Corporate Actions
The primary material event is the declaration of a cash dividend and the allocation of 2016 net income. The Board approved the reappointment of Gaveglio, Aparicio y Asociados (PricewaterhouseCoopers Peru) as independent external auditors for 2017. Additionally, a slate of candidates for the Board of Directors for the 2017–2020 term was approved for shareholder ratification.
Outlook, Risks, and Unusual Items
The dividend payment is scheduled for May 12, 2017, to shareholders of record on April 18, 2017. The dividend will be paid in US Dollars using the weighted exchange rate registered by the Superintendency of Banks, Insurance and Pension Funds on May 10, 2017. The filing notes that restricted especial reserves cannot be utilized without authorization from the regulatory superintendency. No specific forward-looking guidance or new risk factors were disclosed in this specific filing.
Investor Verification Checklist
- Verify the exact US Dollar dividend amount per share once the exchange rate is fixed on May 10, 2017.
- Confirm the record date of April 18, 2017, to ensure eligibility for the dividend.
- Review the full 2016 Annual Report and audited financial statements for detailed revenue and margin analysis not included in this summary.
- Monitor the Annual General Meeting on March 31, 2017, for final shareholder approval of the dividend and board candidates.