FIRST QUARTER 1999
Credicorp Ltd. Announces Financial
Results For The Quarter Ended March 31, 1999
(Lima, Peru, May 4, 1999) - Credicorp Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the quarter ended March 31, 1999.
Credicorp announced consolidated net income for the quarter ended March 31, 1999, of US$1.5 million, below US$22.8 million in the first quarter of 1998, resulting in net income per share of US$0.019 and US$0.281, respectively.
| Credicorp
Ltd. and Subsidiaries Summary of Results (In US $ Millions, except net income per share) |
|||
| Three months ended | |||
| 31.03.98 | 31.12.98 | 31.03.99 | |
| Net interest income | 94.2 | 98.4 | 91.0 |
| Provisions for possible loan losses, net | 26.3 | 54.8 | 51.1 |
| Other income | 89.3 | 88.1 | 81.0 |
| Claims on insurance activities | 23.8 | 20.7 | 20.6 |
| Operating expense | 103.3 | 113.5 | 104.0 |
| Translation result | 3.1 | 5.7 | 11.2 |
| Income before income tax and minority interest | 33.2 | 3.2 | 7.5 |
| Income tax | (7.5) | (1.0) | (4.2) |
| Minority interest | (2.9) | (1.0) | (1.8) |
| Net income | 22.8 | 1.3 | 1.5 |
| Net income per share (1) | 0.281 | 0.016 | 0.019 |
(1) Based on 81.00 million outstanding shares in all periods. The total number of shares outstanding is 94.38 million. However, as 13.38 million are held by affiliates as treasury shares, the net consolidated outstanding shares are 81.00 million
Net income, comparing the first quarter of 1999 with that of 1998, declined principally due to higher provisions for possible loan losses.
