Peruvian Capital 4 Letters
Peruvian Capital 4 Letters – What is the name of the Sapa Inca who transformed the Kingdom of Peru into the Empire of Peru in 1438?
What is the name of the Spanish explorer and conquistador who conquered the Inca Empire in 1532 with only 180 men?
Peruvian Capital 4 Letters
Crossword puzzles have been published in newspapers and other publications since 1873. They consist of a grid of squares where the player aims to write words both horizontally and vertically.
Pdf) The Travels Of Joseph Beal Steere In Brazil, Peru And Ecuador (1870 1873)
Next to the crossword will be a series of questions or clues which relate to the different rows or lines of boxes in the crossword. The player reads the question or clue and tries to find a word that answers the question with the same number of letters as there are boxes in the related crossword row or line.
Some of the words will share letters so they must match. The words can vary in length and complexity, as can the tracks.
The great thing about crosswords is that they are completely flexible, no matter what age or reading level you need. You can use many words to create a complex crossword puzzle for adults, or just a few words for younger children.
Crosswords can use any word you like, uppercase or lowercase, so there are literally countless combinations you can create for templates. It’s easy to adapt the template to your students’ age or learning level.
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For a quick and easy ready-made template, simply search through the existing 500,000+ templates. With so many to choose from, you’re sure to find the right one for you!
Once you’ve chosen a theme, choose tracks that match your students’ current difficulty level. For younger children, this can be as simple as asking “What color is the sky?” with the answer “blue”.
Crossword puzzles are a good exercise for students’ problem-solving and cognitive skills. Not only do they have to solve a clue and think of the right answer, but they also have to consider all the other words in the crossword to make sure the words fit together.
If this is the first time you are using a crossword with your students, you can create a FAQ template for them to give them the basic instructions.
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Crossword puzzles are a great resource for students learning a foreign language as they test their reading, comprehension and writing at the same time. When learning a new language, this type of test that uses multiple different skills is great for reinforcing student learning.
We have full support for crossword templates in languages such as Spanish, French and Japanese with diacritics including over 100,000 images so you can create an entire crossword in your target language including all titles and clues. I have long been a fan of Credicorp (NYSE:BAP), a well-run leading Peruvian bank, and I have been impressed by the company’s ability to navigate challenges in the political and macroeconomic environment in Peru while continuing to maintain a good lending share and invest in growth drivers such as digital banking. However, I haven’t been a big fan of operating conditions in Peru, and I’m not entirely surprised that Credicorp shares are around 20% lower than at my last write-up as the macroeconomic situation in Peru has become more challenging.
It is easier to be bullish on Credicorp at this lower valuation, although I still see economic and political risk as important factors in investment analysis. Weak business confidence and low real wage growth are not major underlying trends in the near term, nor is a 20% approval rating for the president or a significant increase in the price of credit default swaps for Peru since the start of the year. Overall, I like the double-digit prospective returns here, but investors should go in with their eyes open regarding the above-average risks and volatility here.
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Credicorp’s second quarter was more “okay” than “good,” with positive loan and interest margin trends offset by some shortfalls in fee-based lines and higher costs.
Revenue was up 21% yoy and 4% qoq, with net interest income up 19% yoy and 8% qoq on a stronger than expected 46bp qoq improvement in net interest margin (to 46bp). Although Credicorp is not a particularly asset-sensitive bank, rate hikes have exceeded previous expectations. Fee-based income increased 7% year-over-year and 3% year-on-year.
Operating costs were up 10% y-o-y and 5% qoq and this was a notable contributor to a modest loss on the pre-provision line. Spending was driven significantly by ongoing investment in IT (including digital banking) and customer loyalty initiatives – both of which appear to be worth upfront investment in pursuit of improved long-term efficiency.
Pre-delivery profit was up 35% y/y and 3% qoq, but missed about 1% – not a big deal, but you’d still rather see a beat. Provisioning costs were somewhat higher than expected on the sell side, mainly driven by management’s caution on deteriorating macro outlook, although underlying loss-making trends are not of concern at present.
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Credicorp had 15% year-on-year and 4% qoq-adjusted loan growth in constant currency in the second quarter, which was solid against management and sell-side expectations. Mibanco, a segment of Credicorp that focuses on microfinance transactions, saw growth of 20% y-o-y and 8% qoq loan growth, while SMEs (small to medium business loans) saw 22% and 8% qoq loan growth. Growth in business loans was also healthy (up 16.5% year-on-year and 3%), with the middle market (up 21% year-on-year and 3% relative) standing out slightly.
Mortgage demand was weaker (up 8% y-o-y and 2.5% qoq) and the Bolivian segment saw loans fall more than 1% y-o-y (flat qoq). Reactiva loans (a program in Peru that is largely similar to the US PPP program, remaining around 10% of the loan balance).
Credit quality is somewhat mixed. The 90-day non-performing loan ratio fell both annually (down 65bp) and sequentially (down 18bp) to 4.9%, but risk costs are heading towards the high end of management’s expectations and the bank is seeing moderate NPL build-up within small/mid-sized companies working capital lending. At the same time, Mibanco’s credit quality is trending positively, with the NPL ratio down 570bp year-on-year and 60bp qoq to 6.1%.
Healthy loan demand and improved credit quality comes despite some notable challenges in the macro environment. While the Peruvian economy has been helped by higher commodity prices, copper prices are already about 25% below their highs, and business confidence in Peru is relatively low at around 34 in July – down from close to 45 at the start of the year (number above 50 indicating positive sentiment about the near-term outlook for the Peruvian economy). At the same time, Peru remains stuck with low real wage growth, and real GDP growth is only expected to be in the neighborhood of 2.5% to 3% over the next few years.
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The political situation is also still unstable. There have been ongoing clashes between the legislative and executive branches, and President Castillo’s approval rating currently hovers around 20%.
Between macro challenges and the risk of new rounds of political unrest, the price of 5-year credit default swaps for Peru has risen from around 75 at the start of the year to over 131 recently.
It is difficult for a bank to dramatically outperform its home economy, especially when it is a bank with around 30%-33% loan and deposit shares. Still, I do not ignore the ongoing improvements at Credicorp and the efforts to create better long-term returns. The bank continues to see growth in the number of customers using its digital banking services (and decline in transaction costs per unit) and businesses such as Yape (a digital wallet) continue to grow with a 95% year-over-year increase in active users and a 227% year-over-year increase in monthly transactions.
I remain cautious about the near-term economic situation in Peru, but I also still believe that Credicorp can generate long-term core earnings growth in the neighborhood of 8%-9% (from pre-pandemic levels). I also believe that the bank can and will maintain ROEs in the mid to high teens, with earlier digital investments allowing for improved operational leverage.
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Between discounted long-term core earnings and ROE-driven P/BV in the shorter term, I think the fair value of Credicorp ADRs is in the $150s, with the shares also priced for long-term annualized total returns in the low-to-mid range. -teenagers. That’s an attractive potential return from what I believe is a well-run bank with low execution risk, but I would again caution investors not to ignore macro risks. While Credicorp has been a well-run bank for some time, the share price chart highlights how that is not always enough to prevent significant withdrawals.
Stephen Simpson is a freelance financial writer and investor. Used close to 15 years on the street (sell-side, buy-side, stocks, bonds); now a semi-retired raccoon rancher. The last part is not entirely true. Probably.
Disclosure: I/we have no shares, options or similar derivatives