Credicorp Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, dated February 24, 2016, reports a material event regarding the Board of Directors' 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, 2015. These matters are scheduled for shareholder approval at the Annual General Meeting on March 31, 2016.
Key Financial Metrics
- Net Income (2015): S/ 3,092,303,116.51
- Dividend Declaration: Total cash dividend of S/ 773,085,558.55
- Dividend Per Share: S/ 8.1910 (equivalent to US$ 2.3160 per share)
- Outstanding Shares: 94,382,317
- Exchange Rate Used: S/ 3.5367 per US$
- Reserve Transfers: S/ 1,250,000,000.00 to restricted especial reserves; S/ 1,066,370,347.56 to especial reserves.
The filing does not provide specific values for revenue, operating margins, cash flow, debt levels, or liquidity ratios beyond the net income figure.
Material Changes and Board Actions
The Board unanimously approved the 2015 audited financial statements and the appointment of Gaveglio, Aparicio y Asociados (PricewaterhouseCoopers Peru) as independent external auditors for 2016. A significant capital allocation decision was made to distribute a substantial portion of the 2015 net income as a cash dividend and to transfer over S/ 2.3 billion to various reserves.
Outlook, Risks, and Unusual Items
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of specific risks and contingencies. The primary focus is the formal notification of the dividend declaration and the approval of past financial results. The dividend payment is scheduled for May 13, 2016, to shareholders of record as of April 18, 2016.
Investor Verification Checklist
- Verify the record date (April 18, 2016) and payment date (May 13, 2016) for the US$ 2.3160 per share dividend.
- Confirm the total net income of S/ 3.09 billion for the 2015 fiscal year in the full Annual Report.
- Review the impact of the S/ 2.3 billion transfer to restricted and especial reserves on future capital availability.
- Check the upcoming Annual General Meeting on March 31, 2016, for final shareholder ratification of these Board decisions.