According to a JPMorgan Chase & Co. report, Credicorp Ltd., the Lima-based parent company of Banco de Credito del Peru, may gain up to 32% by the end of this year as the Peru's economy continue to grow.
JPMorgan has now included Credicorp, owner of Peru's biggest bank, in its list of heavyweights for the region after a worrying dip of 27% since April. JPMorgan said the country's banking industry's earnings would be supported Peru's by economic growth.
"We like the long-term secular growth story for financial services penetration in Peru. Credicorp will sustain healthy profitable levels, on average, in the coming years." Saul Martinez, an analyst at JPMorgan, said in the note to clients dated yesterday.
According to economic estimates compiled by Bloomberg, Peru's gross domestic product could increase 5.75% in 2013 and higher to 6% in 2014. The estimates show that Peru's growth is the fastest among major Latin American countries, second only to Panama.
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