Credicorp Ltd. Form 6-K Summary
Business Context and Reporting Period
Credicorp Ltd., a Bermuda-based financial holding company, filed this Form 6-K on October 25, 2017, to report a material event to the Superintendencia del Mercado de Valores (SMV) in Peru. The filing details a Board of Directors decision made on October 25, 2017, regarding a special cash dividend distribution.
Key Financial Metrics and Dividend Details
- Special Cash Dividend Total: S/1,481,802,376.90 (Peruvian Soles).
- Dividend Per Share: S/15.7000.
- Outstanding Shares: 94,382,317.
- Registration Date: November 14, 2017.
- Payment Date: November 24, 2017.
- Currency: US Dollars (calculated using the weighted exchange rate from November 22, 2017).
- Tax Status: No withholding tax at source.
Material Changes and Funding Sources
The filing does not report changes in revenue, profit, or operating margins for a specific period. Instead, it highlights a material capital return event. The dividend is funded by:
- Proceeds from the sale of non-strategic investments executed in recent months.
- Current liquidity surpluses retained by Credicorp.
- Freely available optional reserves.
Management Commentary, Outlook, and Risks
Management attributes the decision to the company's financial strength and significant capital gains in recent years. The Board confirmed that the dividend payment will not affect capital requirements, ensuring they remain above regulatory limits and within Risk Appetite levels. Credicorp stated its intention to continue investing in recurring business to ensure long-term profitability and optimize capital structure.
Key Facts for Investor Verification
- Verify the exact US Dollar amount per share based on the exchange rate on November 22, 2017.
- Confirm the impact of the S/1.48 billion payout on the company's total liquidity position post-payment.
- Review the specific non-strategic investments sold to fund this dividend to understand asset portfolio changes.
- Check subsequent filings for confirmation of the dividend payment on November 24, 2017.