Grupo Credito S.A. Tax Assessment Canceled, Credicorp to Pursue Legal Action

Credicorp's subsidiary, Grupo Credito S.A., had a significant tax assessment and fine totaling S/1,577,174,872.00 canceled by the Peruvian Tax Authority. Despite the cancellation, Grupo Credito intends to pursue legal action to challenge the resolutions. Analysts rate Credicorp as a Hold with a $225.00 price target and the stock exhibits strong financial performance and bullish technical indicators.

Peruvian financial services holding company Credicorp Ltd. (NYSE: BAP) has announced a significant development in its ongoing tax dispute with the Peruvian Tax Authority (SUNAT). On July 2, 2025, Credicorp reported that the total amount of approximately S/ 1.6 billion soles related to tax assessment and fine resolutions issued by SUNAT on June 27, 2025, has been cancelled [1].

This cancellation comes as part of Credicorp's ongoing legal battle with SUNAT. Despite the cancellation, the company maintains its position on the case's merits and plans to challenge the resolutions through legal channels. Credicorp has reaffirmed its decision to exercise all legal rights available to challenge the resolutions, expressing confidence in a favorable outcome [1].

The cancellation of the resolutions does not alter Credicorp's position regarding the case's merits and resolves any potential misperception of outstanding obligations to the Peruvian State. The company has made clear that while the payment has been made, it remains committed to full regulatory and tax compliance, as well as safeguarding the interests of its employees, clients, and shareholders [1].

Credicorp operates across Peru, Chile, Colombia, Bolivia, and Panama, with a diversified business portfolio organized into four lines of business: Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Management & Advisory [1]. The company's commitment to regulatory compliance and stakeholder interests underscores its resolve in the ongoing tax dispute.

Analysts currently rate Credicorp as a Hold with a $225.00 price target, reflecting a cautious stance on the company's recent developments. However, the stock exhibits strong financial performance and bullish technical indicators, suggesting a positive outlook despite the ongoing legal dispute [2].

For further information, investors and financial professionals can contact the IR team at investorrelations@credicorpperu.com.

References:
[1] https://www.ainvest.com/news/credicorp-tax-dispute-resolved-peruvian-tax-authority-cancels-1-6-billion-assessment-2508/
[2] https://www.stocktitan.net/news/BAP/credicorp-ltd-credicorp-ltd-updates-on-tax-dispute-with-vbssl1gpf5b9.html