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Quarterly Results: Davivienda (BUY) 4Q13 ignites better earnings visibility expected to last at least until 2Q14

Price: COP 24,800; Target Price: COP 30,560.

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March 14, 2014 (www.investorideas.com newswire) Davivienda recorded a historic COP 851 bn in net income during 2013, after the first year consolidating the operations acquired from HSBC in Central America. Earnings for the quarter beat our estimates by 27%. Major drivers for EPS growth (66% 4Q13/4Q12; 22% FY13/FY12) were inorganic growth (Central America added COP 130 bn of net income), lower provisions expenses and healthy organic loan growth that exceeded expectations.

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This healthy earnings release ignites better visibility that could last at least until 2Q14: we expect earnings in 1H14 to increase by 70% y/y, given the strong negative effect of the sovereign yield curve displacement in 2Q13’s results.

For charts, tables and the full report, see the attached file.

Regards,
Credicorp Capital

La información contenida en este mensaje es confidencial y para conocimiento exclusivo del destinatario. La información y opiniones contenidas en este mensaje pertenecen únicamente al remitente, excepto cuando en el cuerpo del mensaje se establezca lo contrario y el remitente esté autorizado para enviar dicha información con carácter definitivo y oficial de Credicorp Capital. La información relacionada con su cuenta, los extractos, informes financieros y de productos, sólo será vinculante en la medida en que sea remitida por los canales y en los formatos que Credicorp Capital determine. Las opiniones, conclusiones o cualquier otra clase de información contenida en este correo no relacionadas con los fines del negocio de Credicorp Capital, deben entenderse como personales y bajo ninguna circunstancia son avaladas por Credicorp Capital. Si usted ha recibido este mensaje por error por favor proceda a eliminarlo, y notificar al remitente. De cualquier manera, usted no debe usar, divulgar, revelar, distribuir, imprimir, copiar o adulterar en forma parcial o total este mensaje. Credicorp Capital no se hace responsable por la eventual transmisión de virus o programas dañinos por este medio. Credicorp Capital, no se responsabiliza por eventuales daños o alteraciones como consecuencia de la recepción o uso del presente mensaje.

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