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Credicorp Q1 profit slips to 795.6M Peruvian soles

Credicorp Ltd.on May 5 posted first-quarter net income of about 795.6 million Peruvian soles,down 1.1% from 804.7 million soles earned a year earlier.

The amounts corresponded to EPS of 9.98 soles per share, downfrom 10.09 soles a year ago.

Credicorp, the holding company of Banco de Crédito del Perú, noted that it incurred an after-taxtranslation loss of 27.6 million soles in the quarter. Adjusting forthat item, the company said that net recurring income rose 18.3% year over yearto 823.3 million soles.

Net interest income at the company reached 1.95 billion soles,9.0% higher than the 1.79 billion soles recorded in the year-ago period. Credicorp'snet interest margin was 5.33%, compared to 5.73% a year ago.

Nonfinancial income at Credicorp dropped 13.2% year over yearto 917.6 million soles from 1.06 billion soles. Results from insurance servicesunderwriting grew 23.6% over the year to 118.9 million soles from 96.3 million soles.

Operating expenses at the company ticked up 4.1% to 1.35 billionsoles, compared to 1.30 billion soles a year earlier. Provisions for loan losses,net of recoveries, fell to 453.2 million soles, 9.7% lower than the 502.1 millionsoles booked a year earlier.

Credicorp's return on average equity was 19.4% in the quarter,compared to 22.8% a year earlier. Return on average assets fell to 2.0%, from 2.3%previously.

As of May 5, US$1 was equivalentto 3.32 Peruvian soles.