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Credicorp Q2 net income up 5.3% YOY

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Credicorp Q2 net income up 5.3% YOY

Credicorp Ltd. on Aug. 7 reported net income of 920.2 million Peruvian soles, 5.3% higher year over year from 874.2 million soles.

Net income per share translated to 11.54 soles in the quarter, up from 10.96 soles a year ago.

Net interest income for the quarter was up 3.6% annually to 1.97 billion soles, compared to 1.90 billion soles in the second quarter of 2016. Credicorp's net interest margin before provisions was 5.26% in the quarter, up from 5.19% a year earlier.

Meanwhile, non-financial income was down to 1.05 billion soles in the quarter, from 1.07 billion soles a year earlier. Return on average equity slipped to 18.2%, from 20.4%. Return on average assets improved slightly to 2.3%, from 2.2%.

Provisions for loan losses, net of recoveries, fell 10.5% yearly to 433.2 million soles, from 483.9 million soles. Operating expenses were slightly up to 1.45 billion soles, from 1.41 billion soles in the year-ago period.

Credicorp's unit Banco de Crédito del Perú contributed earnings of 721.6 million soles in the relevant quarter, up 25.8% from the 573.7 million soles earned a year earlier. The subsidiary's results included 85.4 million soles from Mibanco Banco de la Microempresa SA.

Credicorp's total loans were slightly up to 93.67 billion soles, compared to 91.66 billion soles. Its 90-day non-performing loan ratio deteriorated to 2.25% in the quarter, from 2.05% a year earlier.

As of Aug. 7, US$1 was equivalent to 3.24 Peruvian soles.