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Banco de Crédito del Perú to boost credit card lending

Banco de Crédito del Perú, or BCP, aims to boost growth in 2017 by recovering market share in retail segments such as credit card lending, the CEO of its holding company reportedly said according to SEMANAeconómica.

Speaking during a presentation of Credicorp Ltd.'s quarterly earnings, which is the bank's holding company, Walter Bayly said BCP would be seeking more opportunities in areas where its exposed to risk, after maintaining a conservative lending policy for three years due to a vulnerable environment in its consumer and SME segments.

"We have been overly cautious because we wanted to keep our portfolio within risk parameters," the executive reportedly said. "When reviewing our portfolio we identified that there might be an opportunity to grow in the credit card market."

Bayly also said the wholesale banking segment was "very tight" due to increased competition in that market, according to the report in SEMANAeconómica.

BCP contributed earnings for its holding company of 721.6 million Peruvian soles in the second quarter, up 25.8% from the 573.7 million soles earned a year earlier.

As of Aug. 9, US$1 was equivalent to 3.25 Peruvian soles.