...Strong Asset Quality: Sound risk management policies and diversification allowed Banco de Credito del Peru S.A. (BCP) to maintain a very strong asset quality 90-day PDLs below 1.9% of the gross portfolio for more than five years and ample reserves that covered PDLs 2.3 times (x) at year-end (YE) 2014. Even if it is expected to decline, asset quality should continue to compare well regionally. Consistent, Sound Performance: BCP shows strong and consistent performance based on resilient margins, improving efficiency and moderate credit cost. The bank has generated an operating ROAA above 2% for the past few years. BCP's strong profitability reflects the bank's positive environment, strong franchise, and focused management. Diversified Balance Sheet and Revenues: BCP is well diversified on both sides of the balance sheet with little credit concentration and ample, low-cost deposits. In addition, the bank has a stable, recurrent, diversified revenue stream. Continued expansion in all segments...
