Core Revenues

As explained before, despite a healthy growth in interest income following loan growth and a further shift towards more profitable loan portfolios, increased interest expense led to a net drop in net interest income of 6.2% QoQ. Though less significant in absolute terms, an important drop of 12.1% QoQ of gains in FX-transactions resulted from the reduced FX activity given the normalization of the political scenario and the narrowing of the FX-transaction spread. On the other hand, fee income shows healthy growth of 7.3% QoQ. The latter was however not enough to offset the NII drop described above, resulting in a net drop of core revenues of 2.4% QoQ, though still showing a 9.3% growth YoY.  

Partly compensating for the increased interest expenses, loan provisions were only US$ 1.9 million for 3Q06, while recoveries from previously charged-off loans reached US$ 9.3 million, higher than projected. Thus the net effect is a positive net provision line of US$ 7.4 million for 3Q06 vs. US$ -1.3 million of net provisions in 2Q06.    

In fact, economic expansion and growing consumer confidence resulted in further improvement of portfolio quality, leading to lower provisioning requirements and lower past due loans. Thus, past due loans ratio reached only 1.52% at September 2006, down from 1.65% at June 2006 and 2.53% a year ago. The coverage ratio was at 221.62% as of September 2006, up from 219.38% at June 2006 and 175.25% a year ago. In absolute terms, past due loans reached US$ 83.8 million, 5.6% lower than in June 2006 and 26.6% lower than in September 2005.    

Total loan portfolio continued showing a healthy expansion, reaching by September 2006 US$ 5,514 million, which reflects a 2.4% loan growth QoQ and 22.1% YoY. As expected, growth is mainly concentrated in the SME segment (PYMES) with 6.1% QoQ and 31.1% YoY, Personal Banking,  which includes mortgages, credit cards and consumer loans, grew 5.4% QoQ and 21.9% YoY, Corporate Banking grew 2.3% QoQ and 20.4% YoY, and Middle Market reported a drop in the portfolio of 1.6% QoQ though still showing 21.2% growth YoY. 

The main funding source for BCP’s loan growth is its deposit base. This grew 0.6% QoQ and 20.4% YoY when comparing quarterly balance sheet numbers. However, when measuring monthly average balances; growth reaches an important 6.0% QoQ. Mutual funds managed by BCP grew also 9.0% QoQ and 17.3% YoY.

While operating income dropped 2.4% QoQ, operating costs (excluding other expenses) grew 4.5% QoQ. This led to a deterioration of the efficiency ratio to 52% for 3Q06, compared to 48.6% in 2Q06 and 49.5% in 3Q05.

On a cumulative basis, net income for the first 9 months of 2006 reached US$ 180.1 million, 32% higher than the net income of US$ 136.4 million reached in the same period of 2005. On the same cumulative comparison, net interest income is 15.1% higher, provisions are 76% lower, and the efficiency ratio remains below the 50% target for the year at 49.7%. Finally, ROAE for the first 9 months of 2006 reached 28.7%, an improvement compared to 23.8% ROAE for the first 9 months of the previous year. 

5

 

II.1 Interest Earning Assets

A re-allocation of funds from BCRP has occurred during the 3Q06 after a more stable political scenario.

Interest Earning Assets		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
BCRP and Other Banks			2,008,805			2,536,908			1,359,070			47.8	%		-20.8	%
Interbank funds			206			1,918			1,495			-86.2	%		-89.3	%
Trading Securities			67,817			41,897			63,796			6.3	%		61.9	%
Available For Sale Securities			950,332			752,476			1,121,280			-15.2	%		26.3	%
Current Loans			5,430,468			5,296,554			4,400,155			23.4	%		2.5	%
Total interest earning assets			8,457,628			8,629,753			6,945,797			21.8	%		-2.0	%

After the political instability generated by the uncertainties of the electoral process during the first half of the year, the political scenario has stabilized through the policies implemented by the central government, generating more confidence in the economy and thus favoring further investments in general. As a result, excess liquidity accumulated by BCP in very liquid / low-return securities (such as deposits at the Central Bank-BCRP), have been reallocated to fund our loan expansion. Thus, deposits at BCRP dropped 21% QoQ and 48% YoY, while investments in securities grew significantly as did current loans. Nevertheless, total interest earning assets dropped 2% QoQ by approximately US$ 172 million in spite of loan and portfolio investment growth. 

As of September 2006, deposits at BCRP and other banks represented 24% of total interest earning assets, decreasing from 29% represented in last June and increasing from 20% represented in September 2005. Likewise, total investments (trading securities and investment available for sale) as of September 2006; make up for 12% of total interest earning assets vs. 9% of last June. Total loans, which make up for 64% of total IEA, are higher compared to 62% of last June.

Loan Portfolio

Loan growth is more accurately measured by comparing monthly average balances, which reflect growth in the retail segment in line with trends and expectations reaching 5.6% QoQ and 24.6% YoY. The strongest growth is reported in consumer loans at 9.7% QoQ and 27.4% YoY, followed by SME loans at 6.1% QoQ and 31% YoY, and mortgages growing at 3.8% QoQ and 16.6% YoY.

6

---

                   

In 3Q06 the Middle Market segment showed a drop of 1.6% QoQ. This is mainly the result of a decrease in loans for international trade business due to the end of the fishing season. However, on a yearly basis, this segment grew 21.2%, which is about 3 times GDP growth YoY. With respect to Corporate Banking, it continued growing, mainly in medium and long-term financing. Thus, Corporate Banking grew 2.3% QoQ and 20.4% YoY

   

Market Share

Loan portfolio evolution per segment and product measured by market share is also consistent with loan growth and expectations. BCP’s market share in Credit Cards increased 60 bps QoQ, reaching 17.3%, while consumer credit and personal loans grew 30 bps, to a market share of 12.4%. Similarly, in mortgage loans (Mi Vivienda and traditional mortgages), BCP reached a 37.4% market share, up 50 bps QoQ, as well as in SME loans (PYMES) where it reached a market share of 17.8%, 40 bps up QoQ.

7

---

This quarter, the de-dollarization of loans denoted some improvement QoQ, with 26% in Nuevos Soles vs. 74% in U.S. Dollars as of September 2006, compared to 24% vs. 76% respectively in June 2006. This way, improved confidence in the local currency, coupled with the increase in more attractive financial products offered in local currency are contributing  to the de-dollarization process of our portfolio and the economy in general.

II.2 Deposits and Mutual Funds

Solid deposit growth continues providing low cost funding to support loan growth.

Deposits and Obligations		Quarter									Change
US$(000)			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Non-interest bearing deposits			1,721,237			1,777,777			1,445,784			19.1	%		-3.2	%
Demand deposits			640,093			499,889			566,061			13.1	%		28.0	%
Saving deposits			1,768,181			1,726,641			1,587,334			11.4	%		2.4	%
Time deposits			2,608,251			2,664,939			1,990,998			31.0	%		-2.1	%
Severance indemnity deposits (CTS)			684,988			714,963			578,442			18.4	%		-4.2	%
Interest payable			32,317			28,018			23,168			39.5	%		15.3	%
Total customer deposits			7,455,066			7,412,227			6,191,786			20.4	%		0.6	%
Mutual funds in Perú			1,161,376			1,065,034			990,111			17.3	%		9.0	%
Mutual funds in Bolivia			54,225			57,811			55,681			-2.6	%		-6.2	%
Total customer funds			8,670,667			8,535,072			7,237,578			19.8	%		1.6	%

In terms of quarterly balances, deposits growth reached only 0.6% QoQ and 20.4% YoY. However, measuring monthly average balances, deposits growth is 6% QoQ, confirming its role as a solid source of funds for loan expansion. During 3Q06, deposits grew in volume, but its cost also increased as rates rose. Time deposits, savings and CTS deposits all registered increases in rates as a result of competitive pressure to retain clients. Despite these rate increases, BCP continues having the lowest cost of funds in the system.

Based on these monthly average balances, market share of deposits as of September 2006 was 36.0% vs. 36.3% in June and 34.2% in September 2005. Market share of demand deposits was 39.6% and 41.6%, in local currency and US Dollars respectively. Time deposits market share was 15.2% and 38.0% in Soles and Dollars, and for Savings deposits these reached 31.3% and 42.9%, respectively. In CTS deposits, BCP maintains its leadership with a 55.5% market share.

8

---

Currency composition of BCP’s deposits as of September 2006, reach 28% in local currency and 72% in US Dollars, compared to 27% and 73% respectively as of June 2006.

BCP, through its subsidiary Credifondo, continues being the mutual fund market leader with a 50.6% market share as of September 2006. Mutual funds of BCP continue showing consistent growth, reaching US$ 1,161 million in terms of administered funds, 9% larger than in June 2006 and 17% larger YoY.

II.3 Net Interest Income

Interest expenses increased at a higher rate compared to interest income due to higher deposit interest rates during the last quarter

Net interest income		Quarter									Change
US$000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Interest income			174,830			174,360			139,099			25.7	%		0.3	%
Interest on loans			137,090			128,072			113,494			20.8	%		7.0	%
Interest and dividends on investments			657			2,600			-			100	%		-74.7	%
Interest on deposits with banks			21,703			22,686			7,582			186.2	%		-4.3	%
Interest on trading securities and other			15,380			21,002			18,023			-14.7	%		-26.8	%
Interest expense			(67,767	)		(60,213	)		(38,558	)		75.8	%		12.5	%
Interest on deposits			(47,509	)		(40,988	)		(26,755	)		77.6	%		15.9	%
Interest on borrowed funds			(12,701	)		(8,544	)		(4,421	)		187.3	%		48.7	%
Other interest expense			(7,557	)		(10,681	)		(7,382	)		2.4	%		-29.2	%
Net interest income			107,063			114,148			100,541			6.5	%		-6.2	%
Average interest earning assets			8,543,953			8,557,659			6,872,234			24.3	%		-0.2	%
Net interest margin			5.01	%		5.34	%		5.85	%

Interest on loans, the main element of net interest income, reflects healthy growth of 7% QoQ, proportionately higher than the 2.6% total loan growth, reflecting the good loan growth reported in the retail segment which contributes to a continuation of the portfolio shift towards higher yielding loans. Despite this excellent performance, a drop in interest on trading securities (lower yields on indexed CD’s), offsets the achieved growth in interest on loans leaving total interest income fairly flat QoQ.

Furthermore, during the 3Q06 we faced increased interest expense due to the rise in interest rates on deposits following some competitive pressure to retain and attract clients and maintain market share. Average rates on total deposits have been rising in the last months, reaching 2.60% in September 2006 vs. 2.43% in June (up 17bps).

On the other hand, throughout the year BCP has incurred additional debt in order to extend the duration of its funding and to lock in very attractive fixed long term funding, through different internationally-placed transactions. This is nevertheless more expensive funding than BCP’s traditional deposit base, but responds on the other hand to a conservative asset & liability management to cover mismatches in funding.  Furthermore, BCP entered into interest rate SWAP transactions which led to losses in 3Q06 that increased our cost of borrowed funds, after having reported gains in 2Q06.  This explains a QoQ differential in the cost of borrowed funds of around US$ 2 million.  Though interest on borrowed funds grows 48.7% QoQ, altogether interest expense grew 12.5% QoQ and 75.8% YoY. All these developments led to the drop in net interest income of 6.2% QoQ. On a yearly basis, NII is still 6.5% higher.

9

---

As a result of this evolution in interest income and expenses and despite the slight drop in interest earning assets, NIM dropped to 5.01%, from 5.34% in 2Q06 and 5.85% in 3Q05.

II.4 Provisions for loan losses, net of recoveries

3Q06 shows continued improvement in portfolio quality with past due loans ratio reaching 1.52% and coverage ratio reaching 221.62%.

Provisión for loan losses		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Provisions			(1,881	)		(10,525	)		(3,638	)		-48.3	%		-82.1	%
Loan loss recoveries			9,273			9,213			6,615			40.2	%		0.6	%
Total provisions, net of recoveries			7,392			(1,312	)		2,976			148.3	%		-663.3	%
Total loans			5,514,218			5,385,246			4,514,320			22.1	%		2.4	%
Reserve for loan losses (RLL)			185,608			194,570			200,068			-7.2	%		-4.6	%
Bcp’s Charge-Off amount			11,366			12,024			14,666			-22.5	%		-5.5	%
Past due loans (PDL)			83,750			88,692			114,165			-26.6	%		-5.6	%
PDL/Total loans			1.52	%		1.65	%		2.53	%
Coverage			221.62	%		219.38	%		175.25	%

The more stable political situation following the electoral process together with an increase in consumer confidence, generated a positive impact on provisions, recoveries of written-off loans and loan quality ratios.

The ratio of past due loans continued dropping despite loan growth and the significantly riskier retail and SME business expansion, reaching 1.52% at the end of 3Q06, from 1.65% in 2Q06 and 2.53% in 3Q05. This indicator is a true reflection of the high quality of BCP’s portfolio, as evident also by the 5.6% QoQ drop in absolute terms of past due loans down to US$ 83.8 million in 3Q06.

Reserves for loan losses also increased improving the coverage ratio to 221.6% in 3Q06 vs. 219.38% in 2Q06 and 175.25% in 3Q05.

This portfolio improvement led to lower provisioning requirements. In fact, the improved loan portfolio quality justified some provisioning reversals, leading to total provisions for the quarter of only 1.76% of NII compared to 9.22% in 2Q06 and 3.62% in 3Q05. Total provisions in 3Q06 decreased 82% QoQ, mainly due to a drop in provisions for commercial loans. This is the result of some reversals of provisions, which is a consequence of the improved quality of loan portfolio and a reduction in volume of PDL.  

10

---

Thus, total provisions (new provisions plus provision reversals) during 3Q06 reached only US$ 1.9 million and were 82% lower than in 2Q06. Furthermore, recoveries from previously charged off loans were expected to drop from the high levels of recoveries from previous periods. However, these were still high in 3Q06 at US$ 9.2 million, maintaining a similar level as in 2Q06. Therefore, net provisions for the quarter turned positive, resulting in a US$ 7.4 million income for 3Q06.

II.5 Non financial income

Transactional business shows a steady growth according to BCP’s strategy.

Non financial income		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Fee income			59,441			55,399			53,048			12.1	%		7.3	%
Net gain on foreign exchange transactions			9,674			11,010			7,636			26.7	%		-12.1	%
Net gain on sales of securities			3,112			1,056			4,796			-35.1	%		194.7	%
Other income			1,950			3,522			4,639			-58.0	%		-44.6	%
Total non financial income			74,176			70,987			70,119			5.8	%		4.5	%

Fee Income grew a solid 7.3% QoQ and 12.1% YoY as a result of the increased number of transactions. Monthly average volume growth of transactions of around 20% YoY to 24 million, confirms our strategy of reducing certain transaction fees in order to achieve a volume expansion, thus contributing to increase banking penetration. It is interesting to observe monthly average volume growth of transactions in the different distribution channels. Teller transactions, which make up 33% of total transactions, grew 1% QoQ and 10.1% YoY, whereas transactions through electronic channels (through ViaBCP-Internet-, ATMs, Telephone Banking, Agente Via BCP) which represent 48.1% of total transactions, grew 4.5% QoQ and 28.4% YoY, and other channels such as automatic debits, POS, ATMs of other bank networks and Telecrédito, grew 3% QoQ and 20.3% YoY. This increased number of transactions reflects the fee income growth despite the reduction in transaction fees for some products which were geared to increase banking penetration.

This volume growth was only possible due to an also important expansion in distribution channels.  Emphasis was placed on the expansion of not only traditional channels (16 more branches throughout 2006), as well as new, cost-effective and more accessible channels, such as the innovative “Agente ViaBcp”, which is expected to grow to over 440 agents expanding this way our points of attention by over 30% in one year.

Furthermore, fee income from commercial placements also reflected important growth of 31% due to among others, a better fee structure of BCP’s leasing transactions, becoming more competitive in the market. Fees from Credibolsa, our capital markets agent also benefited from increased capital markets activity growing over 63% QoQ.

11

---

Fee Income		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Saving Account			6,910			6,474			6,172			12.0	%		6.7	%
Demand Deposits			7,146			6,841			6,683			6.9	%		4.5	%
Credit cards			6,989			6,533			6,391			9.4	%		7.0	%
Fund transfer services			6,169			5,986			5,175			19.2	%		3.1	%
Collection fees			4,199			4,113			3,988			5.3	%		2.1	%
Billings & payments			5,128			4,576			4,265			20.2	%		12.1	%
Contingent and foreign trade			5,925			5,483			4,893			21.1	%		8.1	%
Debit card			2,686			2,506			2,569			4.6	%		7.2	%
Brokerage and fees			1,645			1,569			1,484			10.8	%		4.8	%
Commercial loans			2,580			1,968			1,971			30.9	%		31.1	%
Insurance			1,370			1,424			1,342			2.1	%		-3.8	%
Distribution channels and Others			3,033			2,841			3,504			-13.4	%		6.8	%
Personal loans, Mortgages and SME loans			1,710			1,795			1,704			0.4	%		-4.7	%
Credibolsa			1,463			897			619			136.3	%		63.1	%
Credifondo			2,489			2,393			2,289			8.7	%		4.0	%
Total fee income			59,441			55,398			53,048			12.1	%		7.3	%

On the other hand, net gains on FX transactions dropped 12.1% QoQ. This was the result of tighter FX margins that were geared to attract customers from street transactions, and also the reduction in FX activity following a normalization of markets after the political uncertainties of the first half of the year.

Net gains on sale of securities reached a US$ 2.1 million profit contribution, in line with the recovery of the Lima Stock Exchange, which grew by 30.5% QoQ.

The 44.6% QoQ drop in other non-financial income is explained by a difference in income since the previous quarter included a reimbursement from the Peruvian IRS (SUNAT) related to taxes from the year 2001. This line is certainly less predictable.

II.6 Operating Expenses and Efficiency

The efficiency ratio has deteriorated to 52.03% during the 3Q06 due to an increase in operating expenses.

Operating expenses		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Salaries and employees benefits			46,370			44,284			37,907			22.3	%		4.7	%
Administrative, general and tax expenses			36,756			34,575			33,073			11.1	%		6.3	%
Depreciation and amortizacion			8,533			8,877			8,778			-2.8	%		-3.9	%
Other expenses			21,007			11,942			19,418			8.2	%		75.9	%
Total operating expenses			112,666			99,678			99,175			13.6	%		13.0	%
Efficiency Ratio			52.03	%		48.59	%		49.47	%

12

---

Though cost controls have been very effective in the previous periods, the excellent performance of Credicorp’s stock and its very strong appreciation led to a significant increase of provisions required by the Stock Appreciation Rights Program which is part of senior management’s compensation plan. Thus, Other Expenses grew 75.9% QoQ and 8.2% YoY, this being the main reason behind the 13.0% increase of total operating expenses. The increase in salaries and employees benefits responds to some real increase, fueled by the expansion in the retail business. Besides the real increases, there is also a currency translation effect, since most operating costs are fixed in Nuevos Soles and given its appreciation, resulted in a higher U.S. Dollar amount.

			3Q06			2Q06			Change
Other Provisions *			-2,117			-1,871			13.1	%
Provision for Stock Appreciation Rights			-16,392			-8,807			86.1	%
Other			-2,498			-1,263			97.7	%
TOTAL			-21,007			-11,942			75.9	%

*	Includes provisions for account receivables, realized assets, assets seized, contingencies and country risk.

It should be mentioned however, that we have entered a hedging program to avoid future income volatility generated by these provisions. However, the strong appreciation of Credicorp’s stock occurred during a short time span, when the hedge was being implemented and thus we were only able to partially benefit from it. It is therefore noteworthy, that the hedge has avoided an additional US$ 5.1 million in provisions that would have been otherwise necessary. The full hedge should be in place by the end of the year.

While operating income dropped 2.4% QoQ, operating costs grew 13% QoQ. This led to a deterioration of the efficiency ratio to 52% for 3Q06, compared to 48.6% in 2Q06 and 49.5% in 3Q05.

13

---

II.7 Shareholders’ Equity and Regulatory Capital

Shareholders’ equity		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Capital stock			364,706			364,706			364,706			0.0	%		0.0	%
Reserves			242,889			242,889			210,928			15.2	%		0.0	%
Unrealized Gains and Losses			46,428			39,102			47,149			-1.5	%		18.7	%
Retained Earnings			56,337			56,337			80,427			-30.0	%		0.0	%
Net income for the year			180,062			127,225			136,363			32.0	%		41.5	%
Total shareholders’ equity			890,422			830,259			839,573			6.1	%		7.2	%
Return on average equity (ROAE)			24.57	%		33.77	%		23.08	%

BCP’s shareholders’ equity reached US$890 million as of September 2006. Due to this increase in shareholders’ equity and the decrease in this quarter’s net income, ROAE was 24.57%, compared to 33.77% in 2Q06 and 23.08% in 3Q05. Despite that, ROAE for the first nine months of 2006 was 28.56% higher than the 23.75% for the same period of 2005.

The ratio of regulatory capital to risk weighted assets for BCP unconsolidated as of September 30, 2006 reached 10.44% with a Tier I ratio of 12.5%. Risk weighted assets include US$ 326 million of market risk, which require US$29.6 million of regulatory capital. Regulatory capital includes a reduced US$ 23.4 million subordinated debt.  During the last months of the year, the capital adequacy ratio of BCP has grown due to higher growth of direct and contingent loans, exceeding the internal limit of 10.5%. For this reason, BCP decided to issue in October 2006, subordinated bonds of about US$ 120 million in the international capital markets.

14

---

Nevertheless, the BIS ratio at BCP is still above the minimum requirements by Basel I and Peruvian authority regulations (10.4%). Local regulations establish a minimum of 9.1% capital, while Basel I suggests a minimum of 8%.

Regulatory Capital and Capital Adequacy Ratios		Quarter									Change
US$ 000			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Capital Stock, net			395,977			394,762			384,727			2.9	%		0.3	%
Legal and Other capital reserves			280,941			280,079			240,874			16.6	%		0.3	%
Generic Contingency loss reserves			52,786			39,073			41,398			27.5	%		35.1	%
Subordinated Debt			23,389			25,882			41,073			-43.1	%		-9.6	%
Total			753,093			739,795			708,072			6.4	%		1.8	%
Less: Investment in multilateral organization and banks			(144,816	)		(139,069	)		(150,652	)		-3.9	%		4.1	%
Total regulatory capital			608,277			600,726			557,420			9.1	%		1.3	%
Risk-weighted assets			5,501,521			5,263,409			4,290,591			28.2	%		4.5	%
Market Risk			29,643			33,002			17,617			68.3	%		-10.2	%
Capital Ratios:
Regulatory capital as a percentage of risk-weighted assets			10.44	%		10.68	%		12.43	%
Ratio of risk-weighted assets to regularoy capital			9.58			9.37			8.04

15

---

Awards

Banco de Crédito del Perú

At the annual Banks of the Year awards organized by Latin Finance Magazine, BCP was named Best Bank in Peru - Banco del Año - Perú 2006, recognizing the bank’s excellence and leadership among the highest ranking financial institutions of the region.

In addition, on October 13, 2006, the rating agency FITCH Ratings assigned an Investment Grade - BBB- rating to Banco de Crédito del Perú (“BCP”) as long-term issuer of debt in U.S. dollars and Soles (Long-term foreign and local currency Issuer Default Ratings – IDRs). This rating placed BCP’s foreign currency issues one notch above the Peruvian government’s Global Bond rating of BB+ assigned by FITCH Ratings. Under the methodology used by FITCH Ratings, the highest possible rating that can be obtained by a local private corporation in Peru is BBB-; being Banco de Crédito del Perú the first Peruvian company to obtain such rating, which is another step towards obtaining an Investment Grade Rating for the country.

16

---

III. Banco de Crédito de Bolivia

III.1 Bolivian Financial System

Bank deposits slightly increased QoQ, reaching US$ 3,008 million as of September 2006, from US$ 2,840 million as of June 2006, an increase of 6.0% vis-á-vis the US$2,839 million as of September 2005. The system’s total loans reached US$ 2,728 million, 2.9% more than the US$ 2,650 million achieved in June 2006. It is also noteworthy that the quality of loan portfolio improved with past due loan ratios decreasing QoQ from10.5% to 10.1%. The coverage of past due loans with provisions was 83.8%, greater that the 83.0% level reached in the previous quarter.

III.2 Net Income

Net income of BCB reached US$ 3.5 million, 6.1% higher than the net income of US$ 3.3 million registered in 2Q06, and similar to the US$ 3.5 million in 3Q05. This way, BCB continues with the upward trend experienced during the last year, showing an ROE as of September 2006 of 21.0%, significantly higher than the 10.9% ROE of the system, and with a past due loan ratio of 4.3%, a much better level than the 10.1% of the system. Altogether, BCB shows a consistent and solid recovery, with profitability and loan quality ratios superior to those of the Bolivian banking system.

III.3 Assets and Liabilities

Total loans as of June 2006 were US$ 379.8 million, reflecting a 5.4% QoQ growth. This is the result of a well diversified loan growth in the different business segments.

As mentioned above, BCB’s loan portfolio quality is superior to the system. Past due loans over total loans reached 4.3% as of September 2006. This represents a further improvement from 4.9% past due ratio for 2Q06, and an even more significant progress compared to the 10.1% of the system.

On the other hand, BCB’s total deposits also increased 9.0% QoQ and 21.2% YoY, mainly due to a new savings campaign, since June 2006, with a very appealing interest rate (4.8%), which led to a migration of clients from mutual funds (Credifondo) to BCB’s savings accounts.

The following chart presents figures and indicators of BCB:

Banco de Crédito de Bolivia		Quarter									Change
US$ million			3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Total Loans			379.8			360.3			334.5			13.5	%		5.4	%
Past due loans			16.4			17.7			23.1			-29.0	%		-7.3	%
Loan loss reserves			-24.6			-25			-26.9			-8.6	%		-1.6	%
Total Assets			576.8			531.9			505.9			14.0	%		8.4	%
Deposits			451.3			414			372.5			21.2	%		9.0	%
Shareholders net equity			66.3			62.8			61.9			7.1	%		5.6	%
Net income			3.5			3.3			3.5			0.0	%		6.1	%
PDL/Total loans			4.3	%		4.9	%		6.9	%
Coverage ratio of PDLs			149.9	%		141.4	%		116.4	%
ROAE			21.0	%		20.7	%		14.2	%
Branches			54			51			48
ATMs			138			134			121
Employees			1084			1062			901

17

---

IV. Atlantic Security Holding Corporation

Net income for Atlantic Security Holding Corporation (ASHC) of US$ 3.8 million for 3Q06 reflected growth of 4.2% YoY and 25.4% QoQ.

Core revenues however, fell 17.1% QoQ as a result of lower yields in asset composition, but remained still 1.3% higher YoY.  Margins tightened and asset growth slowed with respect to the first half of 2006.  Additionally, reduced fees and commissions’ income and negative net foreign exchange transactions placed a further drag on 3Q06 core revenues.  Despite this drop in core revenues, stable operating expenses, provision reversals, net gains from sale of securities and other income contributed to reverse the effect and resulted in the reported increase in net income for the quarter.

ASHC		Quarter									Change %
(US$ Million)		3Q06			2Q06			3Q05			3Q06 / 3Q05			3Q06 / 2Q06
Net interest income			3.1			3.3			3.0			2.1			-6.8
Dividend income			0.1			0.2			0.1			137.8			-47.1
Fees and commissions from services			1.3			1.7			1.2			13.7			-22.9
Net gains on foreign exchange transactions			-0.2			0.0			0.1			-429.9			-1,113.3
Core Revenues			4.3			5.2			4.3			1.3			-17.1
Total provisions, net of recoveries			0.4			-0.2			-0.2			300.0			363.2
Net gains from sale of securities			0.4			-0.2			1.4			-67.2			383.3
Other income			0.6			0.0			0.2			277.4			25,282.8
Operating expenses			-2.0			-1.9			-2.0			-2.5			-5.9
Net income			3.8			3.0			3.6			4.2			25.4
Net income/share			0.1			0.1			0.1			4.2			25.4
Total loans			132.7			118.6			130.6			1.6			11.9
Total investments available for sale			691.4			634.4			556.9			24.1			9.0
Total asset			1,367.8			1,337.6			1,003.4			36.3			2.3
Total deposits			1,164.1			1,143.1			821.3			41.7			1.8
Shareholder’s equity			171.4			162.7			161.8			6.0			5.4
Net interest margin			1.02	%		1.15	%		1.53	%
Efficiency ratio			37.5	%		37.7	%		34.1	%
Return on average equity			9.1	%		7.4	%		9.1	%
PDL / Total loans			0.00			0.00			0.00
Cover ratio			1.9	%		3.0	%		2.2	%
BIS ratio			16.94	%		17.05			16.88	%

Although net interest income rose 2.1% YoY, on a QoQ comparison net interest income fell by 6.8%.  As previously mentioned, asset growth has slowed, posting 2.3% QoQ and 36.3% YoY. This reduced growth is best explained by the political uncertainty related to the Peruvian electoral process during the first semester of 2006, which largely dissipated during this quarter.

As far as asset composition is concerned, the trend toward lower yielding – less risky assets has continued through 3Q06.  The yield curve, on the other hand, has remained steady for the most part of the quarter, although it has shifted from flat to slightly negative, further tightening margins. This was evidenced by the drop in net interest margin from 1.15% in 2Q06 to 1.02% in 3Q06.  Once rates begin to ease and the yield curve once again turns positive, ASHC should generate higher margins. 

Fees and commissions grew 13.7% YoY, but fell 22.9% QoQ.  The reduction is best explained mostly by lower commission fees vis-a-vis the 2Q06 during which extraordinary growth in the asset management business leading to higher fee income for that quarter. Therefore, the fees and commission income posted for 3Q06 is in-line with expected values.

Net income received increased US$ 400,000 due to net gains from the sale of securities.  Provision reversals, reflecting improvements in the quality of investments, contributed an additional US$ 400,000.  Other income of US$ 600,000 refers to the reversal of provisions from previous accounting periods.  Finally, operating expenses remained stable, reflected by an unchanged efficiency rating.

18

---

Interest Earning Assets

Interest earning assets reached US$ 1.2 million, as shown in the table below.  Although growth is evident, the variation of 41.3% YoY vs. 2.3% QoQ illustrates that the rate of growth is now lower than that recorded during the first half of 2006.  The rebalancing of the investment portfolio towards less risky and more liquid securities is clearly demonstrated by the graphs below.

INTEREST EARNING ASSETS*		Quarter									Change
(US$ Million)		3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06
Due from banks			463			506			239			93.5	%		-8.5	%
Loans			133			119			131			1.6	%		11.9	%
Investments			631			575			498			26.6	%		9.8	%
Total interest-earning assets			1,226			1,199			868			41.3	%		2.3	%

(*)	Excludes investments in equities and mutual funds.

Asset Management Business

Third party managed funds include customer deposits, mutual funds and securities custody. These funds grew 9.9% QoQ and 46.1% YoY, reaching US$ 2.5 billion in 3Q06. Some migration from time deposits to mutual and investment funds is expected, but both continue to grow independently.  Time deposits currently grow at a slower rate than mutual and investment funds (deposits 1.8% QoQ and mutual and investment funds 18.0%).

19

---

V. Prima AFP

Pension Fund Market

In 3Q06, growth from affiliated pensioners was slightly lower (+2.2% reaching 3.78 million affiliates) due to a higher migration rate, which continued increasing to approximately 60,000 per month.  The solid return on administered funds once again generated strong growth in the total administered funds (+12.9%) reaching US$ 12.9 billion.  Competition within the system continued to increase, affecting the operating expenses of the business, as well as the number of sales people which grew to 5,443.

There was a recovery in operating income to US$ 5.0 million during the quarter, mainly due to double collections in August.  As a result of high returns on investments, as well as the good returns of the system’s legal reserves, the system’s net profit reached US$ 13.4 million for 3Q06.

Private Pension Fund System:  Main Indicators

		3Q06			2Q06			1Q06			2005			2004
Affiliates mm			3.831			3.775			3.693			3.637			3.397
% Change			1.50	%		2.2	%		1.6	%		7.1	%		6.4	%
Contributors mm (1)			n.d.			1.387			1.377			1.367			1.304
% Change			n.d.			0.80	%		0.7	%		4.9	%		4.7	%
Contributor-to-Affiliate ratio (2)			n.d.			37	%		37	%		39	%		40	%
Sales force			5,443			4,798			4,355			3,989			1,115
Assets under management (US$ mm)			12,855			11,385			10,290			9,494			7,894
% Change (3)			12.9	%		10.6	%		8.4	%		20.3	%		24.1	%
Income (US$ mm)			51.3			40.3			49.0			182.8			182.5
Operating expenses (US$ mm)			46.3			41.0			35.5			105.6			84.0
Operating income (US$ mm)			5			(0.7	)		13.5			77.2			98.5
Net Income (US$ mm)			13.4			3.5			13.8			63.7			71.0

(1)	Average affiliates 12 months.
(2)	Based on average affiliates.
(3)	Quarter Variation for 1Q2006.
(4)	First Quarter includes a double collecting month.

Prima AFP

In 3Q06, Prima AFP continued to grow while maintaining its high portfolio quality.  The number of affiliates surpassed 125,000.  The contributors’ ratio remained high at 89%.

PRIMA AFP: Main indicators

			3Q06			2Q06			1Q06			4Q05			3Q06/2Q06
Funds under management US$mm			929			713			533			255			30.3	%
Affiliates (1)			125,840			97,068			73,794			51,838			29.6	%
Contributors (2)			93,352			72,152			49,506			19,401			29.4	%
Adjusted contributor-to-affiliate ratio (3)			89	%		89	%		90	%		84	%		—

(1)	According to Superintendencia de Banca y Seguros, does not include June’s sales.
(2)	Company estimates of affiliates whose commissions were paid in the month.  Does not include contributors that are still in the transfer process from another Pension Fund Manager.
(3)	Takes into account the transfer process.

PRIMA reached these results via the expansion of its sales force to over 1,000, following the trend within the industry.

20

---

PRIMA AFP: Evolution of sales force

                                 Source: SBS

Prima’s market share in terms of administered funds and income continued to grow.

PRIMA AFP: Administered Fund (US$ mm) and Monthly Revenues (US$ thousands) (1)

	Source: SBS
(1)	There was a non traditional credit in payment on March.

For 3Q06, Prima again reported losses, despite its continued growth in income, better returns on invested reserves and the consolidation of Union Vida’s results into Prima’s results. Prima’s increased commercial expenses related to intense competitive pressure resulting from the acquisition of AFP Union Vida and extensive related pre-merger expenses which included a loss of US$ 2.3 million of Prima’s deferred taxes, made it difficult to break-even. On its Balance Sheet a US$ 112 million increase in capital was recorded, which added to the US$ 29 million in funding from BCP provided to acquire 99.97% of AFP Union Vida shares.  This operation mainly explains the increase in equity, assets and liabilities, though it should be noted that the Company purchased its Headquarters’ building for US$ 7.2 million via a BCP loan.

21

---

Main indicators of Prima’s results are in the following chart:

PRIMA AFP: Main Financial indicators (US$ m) (1)

			3Q06			2Q06			1Q06			4Q05			3Q06/2Q06
Income			8,587			4,823			2,298			428			78.0	%
Operating Losses			(12,310	)		(8,314	)		(4,314	)		(11,086	)		48.1	%
Net Losses			(7,097	)		(4,909	)		(2,668	)		(7,646	)		44.6	%
Current Assets			1,580			1,294			5,324			6,995			22.1	%
Total Assets			173,323			21,430			21,807			18,229			708.8	%
Total Liabilities			45,262			3,181			3,244			2,810			1322.9	%
Net Worth			128,061			18,248			18,563			15,419			601.8	%

(1)	End of period numbers.

New Merger Developments

On August 24, 2006 the payment of 99.97% of the shares of AFP Union Vida was concluded.  The merger is tentatively scheduled to be completed on December 1, 2006.  Among the main advances made during the quarter were the investment policy alignment, communications to affiliates, the reduction of commissions to 1.5%, sales force adjustments, the definition of systems that will be enforced after the merger, as well as the establishment of a smooth communication process and inter-action with UV’s personnel.

Once the merger is completed, the company will achieve a market share between 25% and 29% as observed in the following chart:

					PRIMA			Union Vida			Total
Affiliates			Number			125,840			846,159			971,999
			%			3.30	%		22.10	%		25.40	%
Contributors			Number			93,352			261,541			354,893
			%			6.70	%		18.70	%		25.30	%
Income			US$ mm			8.59			30.39			38.98
			%			6.20	%		21.80	%		28.00	%
FUM			US$ mm			929			2749			3678
			%			7.20	%		21.40	%		28.60	%
Salaries			US$ mm			72.8			149.5			222.3
			%			9.10	%		18.70	%		27.80	%

(1)	Figures as of september 2006.  Salaries are estimated over july and august collection.
Source: SBS.

22

---

VI. EL PACIFICO PERUANO SUIZA AND SUBSIDIARIES (PPS)

Results obtained by PPS for 3Q06 show a continued recovery from 2005, which was characterized by higher claims and business management problems. This improvement led to better Underwriting Results and Net income, which were above those reported in 2Q06.

VI.1 Net Income

Net consolidated income before minority interest for 3Q06 reached US$ 6.6 million, (US$ 6.1 million in 2Q06), showing an increase of 8% QoQ, and 80% with respect to the US$ 3.7 million reported in 3Q05. However, Credicorp’s contribution for 3Q06 (after consolidated adjustments and minority interest of Credicorp), reached US$ 4.6 million, 68% higher than the US$ 2.7 million obtained in 2Q06 and 91% above the contribution in 3Q05.

These improved results represent the recovery in earnings within the Health (EPS) business, which reached net income of US$ 1.3 million in 3Q06 after reporting a loss of US$ 353 thousand in 3Q05. In addition, there was an important increase of 67% (3Q06 vs. 3Q05) in net income within the Property & Casualty business (PPS) as well as an increase of 12% in net income in the Life Insurance (PV) business.

VI.2 Revenue and Operating Expenses

During 3Q06, earnings related to Total Premiums increased 8% compared to 3Q05. Technical Reserves in the Life Insurance business decreased significantly due to a reduction in Life Annuities premiums, leading to a decrease in the technical reserve of US$ 2.7 million. In addition, the Net Earned Loss Ratio (NEL) reached 68.5%, 6.6 pp lower than 3Q05, which led to 86% increase in the underwriting result compared to 3Q05. On the other hand, despite an increase in operating expenses, the ratio of expenses to Net Premiums Earned decreased from 24.5% in 3Q05 to 23% in 3Q06 best explained by an increase of 16% in net premiums earned.

Net Premiums Earned reached US$ 67.4 million, 16% higher than 3Q05. This is the result of an 8% increase in Total Premiums, fueled mostly by an 11% increase in the P&C business (PPS), mainly in Fire, Automotive and Transportation. Also contributing to this growth was the performance of Health (PS) which grew 4.8% as well as Life (PV), which increased 5.6%.

It is important to note that the decrease of 10% in Reserves with respect to 3T05. Though P&C business’s (PPS) grew 11% in total premiums leading to an increase in reserves of US$ 1.3 million, reserves in Life Insurance (PV) decreased by US$ 2.7 million mainly as a result of a drop in Life Annuities due to a market reduction thus resulting in the overall drop.

US$ MM		3Q06			3Q05			Change
Total Gross Premium			95.7			88.6			8	%
Retained Premium			80.2			72.4			11	%
Reserve Adjustments			12.9			14.4			-10	%
Net Premiums Earned			67.4			58.0			16	%

Net Earned Loss Ratio (NEL) for 3Q06 was 68.5%, 6.6 percentage points below 3Q05 and 10.0 percentage points below previous 2Q06.  Although NEL for General Insurance fell to 56% in this quarter, 5.0 points below 3Q05, a stronger effect in the general NEL ratio comes from the decrease in the Reserve Adjustments in Pacifico Vida, which decreased the segment’s ratio to 75% compared to 90% in 3Q05.  The Health Segment (EPS) also had a favorable effect in the NEL ratio, decreasing since it drops to 81% compared to 84.5% in 3Q05.

Net Claims reached US$ 46.1 millions, 5.8% higher than 3Q05 and 4.7% higher than 2Q06.  However, the proportionately higher growth of net premiums earned led to improved NEL ratios.

Financial Income for 3Q06 reached US$ 6.6 million, 4.7% above 3Q05.  This improvement is the result of increased returns achieved on investments via PPS and PV due to the expanded investment portfolio for both funds.  Other Income includes earnings on security sales, which was US$ 1.0 million higher than those recorded in 2Q06. In total, other income was 12% higher than the same period in 2005.

23

---

Salaries and Employees Benefits grew 25% QoQ as a result of provisions for the profit sharing annual payment at PPS and PV.

General Expenses and Other Operating Expenses decreased 11.6% QoQ, as expenses in 3Q06 normalized after different write-offs which amounted to US$ 2.0 million in 2Q06, including the depreciation of PPS office building and certain losses from previous exercises.

VI.3 Business Lines

Total contribution to BAP
(In US$, thousands)

		PPS			PV (after Minority Interest)			EPS			Net Income			Adjustments for Consolidation			Total Contribution to BAP
3Q05			1,502			1,554			(353	)		2,703			(304	)		2,399
4Q05			(3,741	)		5,732			(1,283	)		708			197			905
1Q06			49			1,459			1,433			2,941			(252	)		2,689
2Q06			2,303			2,231			204			4,738			(2,008	)		2,730
3Q06			2,500			1,740			1,278			5,519			(933	)		4,586
Change 3Q06/2Q06			9	%		-22	%		527	%		17	%					68	%
Change 3Q06/3Q05			67	%		12	%		462	%		104	%					91	%

Property & Casualty (PPS)

Premiums for this segment dropped 4.5% QoQ, though were still 11% higher YoY.

Underwriting Results were flat QoQ,  which together with a slight reduction in costs and a still low claims ratio, led to Net Earnings for PPS ,of US$ 2.5 million, 8.6% higher QoQ, a significant and consistent improvement.

Life (PV)

Total Premiums increased 4.4% QoQ and 5.6% YoY, with underwriting results significantly better for 3Q06 at US$ 1.4 million, i.e. US$ 1.8 million above 3Q05. Financial income was also better this quarter. However, increased expenses and a US$ 2.5 million expense for profit sharing resulted in a contribution 22% below the previous quarter.

Health (EPS)

Total Premiums at EPS reflected 3.6% QoQ and 4.8% YoY. However, Net Earned Loss ratio improved to 81% vs. 84.5% in 2Q05, leading to Underwriting Result of US$ 2.3 million. Though this underwriting result was lower QoQ, in the absence of the extraordinary costs reported last quarter, earnings contribution was higher at US$ 1.3 million.

VI. 4 Claims

Net Claims continue an improving trend with a 5.8% decrease YoY reaching US$ 46 million. NEL ratio was 68.5% for the Consolidated Insurance business. In General Insurance, the losses were 5% below 3Q05, while Life and Health were 15.0 and 3.5 points lower, respectively.  Lower losses in General Insurance were due to reduced claims in the Fire, Civil Responsibility and Marine Hull businesses.

24

---

On the other hand, claims in the Life segment increased by US$ 1.1 million, basically due to claims in Individual Annuities and Disability and Survivor benefits.

VI.5 Investment Portfolio

Financial Income reached US$ 9.9 million in 3Q06, 4.7% above the results for 3Q05, best explained by a larger administered portfolio.

On the other hand, the PPS portfolio increased 22% as a result of stock valuations and the purchase of commercial paper and bonds, which was in-line with the new investment policy approved by the Board of Directors in August 2006.

The consolidated administered Portfolio of Securities and Real Estate reached US$ 750 million as of September 30, 2006 compared to the US$ 623 million reported as of for September 30, 2005.

VI.6 Market Share

The poor results of PPS in 2005 were also reflected in its market share. Thus, throughout 2005, PPS lost an important participation in the different business segments, which could not yet be reversed.

The combined P&C and Life markets up to September 30, 2006, reached US$ 835 million, reflecting 12.9% higher premiums compared to the previous year. Market share of total premiums for PPS and PV was 27.3% compared to 27.7% in September 2005. Market Share for P&C was 30.2% lower than 30.4% as of September 2005 and for Life was 23.7% as of September 2006.

Health fees in the Health Insurance market grew 10.6% YoY to a total US$ 104.8million as of September 2006. Health fees in Pacifico Salud (EPS) reported a market share of 55%.

25

---

ECONOMIC OUTLOOK

Economic activity

The Peruvian economy showed a good development during the 3Q06, with growth rates over 9% in July and August, accumulating an advance of 7.25% for the year.  Growth continue to be driven by the construction sector (+15.3%), along with private investment and good perspective regarding public investment.  On the other hand, internal demand generate an advance in other non-primary sectors like commerce (+9.6%) and services (+7.7%), while among primary sectors, mining productions obtained not encouraging results (+1.7% in July and -1.5% in August), mainly due to minor mineral laws that have driven main mining companies to increase their exploration activities in order to find larger reserves and regain higher extraction levels observed in previous periods.   Regarding expense, private investment has accelerated and is pushing demand, surpassing export, which has begun to slow down.

Gross Domestic Product
(annualized percentage variation)

                                 Source: INEI

External Sector

As of August 2006, the trade balance surplus continue growing reaching annualized terms of US$ 7,418 MM, versus US$ 5,260 MM at the end of 2005.  Even though exports show a slight de-acceleration, they are still growing at an annual rate of over 30%, but only in terms of price, since in real terms this growth has stalled, mainly because of the decline in export volume of products such as oil (-9.2% between January and August regarding 2005) and mineral products such as zinc (-11.1%), tin (-7.3%) and copper (-0.8%).  On the other hand, imports have been growing at an annual rate of 20% due to higher internal demand.  The most dynamic component of this growth so far in 2006 are imports of capital assets (+33.5%), specifically the ones destined towards construction (+46.4%) and also for industry (+30.6%) and transport equipment (+40.8%), while import of machinery destined fro agriculture (-21.9%) has declined.  International reserves have continued growing and reached US$ 15,175 MM in September (US$ 14,097 MM at the close of 2005).

Exports and Imports
(annualized percentage variation)

                                 Source: BCRP

26

---

Prices and exchange rate

Accumulated inflation up to 3Q06 was 1.35% due to a rise and negative price variations in the last months, associated to a relative recovery of agriculture production (which has influenced the lower food prices) and to exchange rate stability.  These two factors have helped the annualized terms of inflation reach 1.99%, within the range forecasted by the Central Bank of Peru.  The downwards pressure of the exchange rate upon the conclusion of the presidential elections, have accentuated, so that in July, and specially August, the Central Bank of Peru has increased its intervention in the exchange market, buying foreign currency for an average daily amount of US$ 2,236 MM during the 3Q06, amount which represents 80% of the buying in 2005.

Consumer price index and Exchange rate
(annual percentage variation)

                                        Source: INEI, BCR

Fiscal Aspects

Central Government Déficit 1/
(annualized, expressed in thousands of millions of Nuevos Soles)

                                   1/ Negative indicates surplus
                                   Source: BCR

Central government operations have continued improving, so that since April, surplus levels have been reached (S/. 2,786 MM), situation that will be maintained throughout the year, according to official estimates.  This has been principally due to a heavy increase in current revenues, especially income tax.  This result was not only because of the regularization of taxes due, but because of greater tax revenue in the third category tax, associated to a continued economic growth and favorable international prices for mining companies.  There has been a slight recovery of public expenses, due to approved salary increase and a still slow recovery of capital expenses.  This way, more resources than the foreseen are now available, so the challenge for the new government will be to apply their announced politics of infrastructure and decentralization, but staying in control over the expense rate to avoid a deterioration fo the fiscal results once the expansive phase of the economic cycle is over.

27

---

Banking System

As of September, multiple banking outstanding loans reached US$ 14,628 MM, which represents an increase of 22.5% compared to the same month in 2005, and explained by the higher consumer loans (+35.3%), small companies (+30.4%) and mortgages (+17.3%), even though commercial loans, which increased in 20.4% showed significant dynamism.  Such dynamism showed an important reduction of matured loans, which reached a record level of 1.86% of the gross total.

In the same period, loans in US$ Dollars grew only 11.3%, while loans in Nuevos Soles grew at a greater rate (+54.7%), which translates in the continuing process of de-dollarization of the loan portfolio which has been observed in recent years (with it, US$ Dollar loans represent 74.1% as of September 2005 against 67.3% as of September 2006) presented in a more volatile foreign exchange context (during election period) of relative increase in foreign exchange loans for local currency loans, even long-term loans, such as the “Mi Vivienda” costs of loans.  The loan rate in Soles reached 23.9% on 3Q06 (25.6% on 3Q05), while the loan rate in US$ Dollars remained at 10.6%, a similar level was observed in the past months (10% on 3Q05).

On the other hand, deposits reached in September US$ 17,131 MM, which indicates a growth annual rate of 14.3% compared to September 2005.  In this period, the dollarization of deposits almost maintained its stability, reducing from 64.8% to 64.4%, which reflects the preference for dollars as saving instrument.  The deposit rate in Soles increased from 2.6% on September 2005 to 3.3% on September 2006, while deposit rate in US$ Dollars, for the same period, increased from 1.6% to 2.1%.

Main Financial Indicators

		2005															2006
			1Q			2Q			3Q			4Q			Year			1Q			2Q			Year (F)
GDP (US$ MM)			18,208			21,363			19,475			20,314			79,360			20,288			24,193			90,921
Real GDP (var. %)			5.9			5.9			6.3			7.7			6.4			7.3			6.0			6.1
GDP per-cápita (US$)			2,610			2,724			2,809			2,871			2,871			2,947			3,049			3,290
Domestic demand (var. %)			4.1			4.6			6.1			7.1			5.5			10.3			7.2			8
Consumption (var. %)			4.0			4.4			4.5			4.7			4.4			5.3			5.4			4.8
Private Investment (var. %)			6.3			12.3			14.7			19.8			13.6			22.6			15.8			10
CPI (annual change, %)			1.9			1.5			1.1			1.5			1.5			2.5			1.8			2.5
Exchange rate, eop (S/. per US$)			3.26			3.25			3.34			3.43			3.43			3.36			3.26			3.23
Devaluation (annual change, %)			-5.8			-6.3			0.1			4.5			4.5			2.9			0.2			-5.8
Exchange rate, average (S/. per US$)			3.26			3.26			3.27			3.39			3.3			3.34			3.29			3.27
Non-Financial Public Sector (% of GDP)			2.3			2.7			-0.6			-5.3			-0.3			3.9			5.6			0.8
Central government current revenues (% of GDP)			15.8			16.2			15.4			15.4			15.7			17.8			18.3			16.9
Tax Income (% of GDP)			13.9			14.2			13.1			13.2			13.6			15.2			16.4			14.7
Non Tax Income (% of GDP)			1.9			2.0			2.2			2.2			2.1			2.6			1.9			2.2
Current expenditures (% of GDP)			12.0			11.0			13.3			15.0			12.8			11.8			10.7			12.8
Capital expenditures (% of GDP)			0.8			1.2			2.0			3.4			1.9			0.8			1.3			2.2
Trade Balance (US$ MM)			1,089			1,059			1,386			1,726			5,260			1,247			2,147			8,175
Exports (US$ MM)			3,749			4,063			4,544			4,980			17,336			4,627			5,769			23,098
Imports (US$ MM)			2,660			3,004			3,158			3,254			12,076			3,380			3,622			14,923
Current Account Balance (US$ MM)			143			142			380			440			1,105			-83			596			1,442
Current Account Balance (% of GDP)			0.8			0.7			2.0			2.2			1.4			-0.4			2.5			1.6

Source: BCR, INEI, Estimations: BCP

Company Description:

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru. It primarily operates via its four principal Subsidiaries: Banco de Credito del Peru (BCP), Atlantic Security Holding Corporation (ASHC), El Pacífico-Peruano Suiza Compañía de Seguros y Reaseguros (PPS) and Grupo Credito.  Credicorp is engaged principally in commercial banking (including trade finance, corporate finance and leasing services), insurance (including commercial property, transportation and marine hull, automobile, life, health and pension fund underwriting insurance) and investment banking (including brokerage services, asset management, trust, custody and securitization services, trading and investment).  BCP is the Company’s primary subsidiary.

28

---

Safe Harbor for forward-looking statements

This material includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934.  All statement other than statements of historical information provided herein are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. 

The Company cautions readers that actual results could differ materially from those expected by the Company, depending on the outcome of certain factors, including, without limitation: (1) adverse changes in the Peruvian economy with respect to the rates of inflation, economic growth, currency devaluation, and other factors, (2) adverse changes in the Peruvian political situation, including, without limitation, the reversal of market-oriented reforms and economic recovery measures, or the failure of such measures and reforms to achieve their goals, and (3) adverse changes in the markets in which the Company operates, including increased competition, decreased demand for financial services, and other factors.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, including, without limitation, changes in the Company’s business strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

29

---

CREDICORP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In US$  thousands, IFRS)

			Sept. 2006			As of June 2006			Sept. 2005			Sept. 06/ Sept. 05			Sept 06/ June 06
Assets
Cash and due from banks
Non-interest bearing			447,091			411,860			308,701			44.8	%		8.6	%
Interest bearing			2,248,202			2,845,909			1,453,372			54.7	%		-21.0	%
Total cash and due from banks			2,695,293			3,257,769			1,762,073			53.0	%		-17.3	%
Marketable securities, net			70,534			52,463			88,829			-20.6	%		34.4	%
Loans			5,592,231			5,501,004			4,651,259			20.2	%		1.7	%
Current			5,504,991			5,408,449			4,533,513			21.4	%		1.8	%
Past Due			87,240			92,555			117,746			-25.9	%		-5.7	%
Less - Reserve for possible loan losses			(188,198	)		(198,228	)		(202,985	)		-7.3	%		-5.1	%
Loans, net			5,404,033			5,302,777			4,448,274			21.5	%		1.9	%
Investments securities available for sale			2,803,636			2,418,583			2,761,967			1.5	%		15.9	%
Reinsurance assets			37,880			43,044			27,989			35.3	%		-12.0	%
Premiums and other policyholder receivables			69,835			62,580			59,235			17.9	%		11.6	%
Property, plant and equipment, net			239,705			241,642			238,511			0.5	%		-0.8	%
Due from customers on acceptances			50,761			36,173			50,756			0.0	%		40.3	%
Other assets			486,987			315,856			363,567			33.9	%		54.2	%
Total Assets			11,858,664			11,730,887			9,801,202			21.0	%		1.1	%
Liabilities and shareholders’ equity
Deposits and Obligations
Non-interest bearing			1,721,411			1,788,809			1,440,388			19.5	%		-3.8	%
Interest bearing			6,253,175			6,133,399			5,285,108			18.3	%		2.0	%
Total deposits and Obligations			7,974,586			7,922,208			6,725,496			18.6	%		0.7	%
Due to banks and correspondents			924,499			1,116,907			463,054			99.7	%		-17.2	%
Acceptances outstanding			50,761			36,173			50,756			0.0	%		40.3	%
Reserves for property and casualty claims			528,258			515,016			448,234			17.9	%		2.6	%
Reserve for unearned premiums			90,029			91,226			72,418			24.3	%		-1.3	%
Reinsurance payable			33,502			14,168			27,350			22.5	%		136.5	%
Bonds and subordinated debt			406,734			409,563			406,832			0.0	%		-0.7	%
Other liabilities			445,090			317,336			331,739			34.2	%		40.3	%
Minority interest			108,288			92,306			104,815			3.3	%		17.3	%
Total liabilities			10,561,747			10,514,903			8,630,694			22.4	%		0.4	%
Net Shareholder’s equity			1,296,917			1,215,984			1,170,508			10.8	%		6.7	%
Total liabilities and net shareholder’s equity			11,858,664			11,730,887			9,801,202			21.0	%		1.1	%
Contingent Credits			3,567,370			3,218,616			3,101,817			15.0	%		10.8	%

30

---

CREDICORP LTD. AND SUBSIDIARIES
QUARTERLY INCOME STATEMENT
(In US$ thousands, IFRS)

		Quarter									Change						Nine months ended						Change
		3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06			Sept.06			Sept.05			Sept.06/Sept.05
Interest income and expense
Interest and dividend income			197,173			199,779			157,064			25.5	%		-1.3	%		571,199			447,150			27.7	%
Interest expense			(76,506	)		(69,769	)		(43,384	)		76.3	%		9.7	%		(205,545	)		(125,250	)		64.1	%
Net interest and dividend income			120,667			130,010			113,679			6.1	%		-7.2	%		365,653			321,900			13.6	%
Provision for loan losses			9,795			(251	)		4,886			100.5	%		-3999.7	%		5,997			10,086			-40.5	%
Non financial income
Fee income			63,935			54,734			51,246			24.8	%		16.8	%		174,218			151,102			15.3	%
Net gain on foreign exchange transactions			9,515			11,393			7,585			25.4	%		-16.5	%		31,095			21,053			47.7	%
Net gain on sales of securities			6,616			664			7,241			-8.6	%		895.8	%		12,857			8,703			47.7	%
Other			5,220			5,720			6,541			-20.2	%		-8.7	%		18,254			16,962			7.6	%
Total non financial income, net			85,286			72,513			72,614			17.5	%		17.6	%		236,424			197,819			20.7	%
Insurance premiums and claims
Net premiums earned			65,521			62,269			57,176			14.6	%		5.2	%		186,521			163,703			13.9	%
Net claims incurred			(9,553	)		(9,215	)		(9,042	)		5.7	%		3.7	%		(32,429	)		(31,201	)		3.9	%
Increase in cost for life and health policies			(36,585	)		(34,834	)		(34,549	)		5.9	%		5.0	%		(105,692	)		(97,763	)		8.1	%
Total other operating income, net			19,383			18,220			13,584			42.7	%		6.4	%		48,400			34,739			39.3	%
Operating expenses
Salaries and employees benefits			(61,676	)		(57,024	)		(49,557	)		24.5	%		24.5	%		(172,532	)		(146,882	)		17.5	%
Administrative, general and tax expenses			(41,739	)		(38,503	)		(36,546	)		14.2	%		8.4	%		(116,961	)		(102,692	)		13.9	%
Depreciation and amortization			(10,115	)		(11,116	)		(9,743	)		3.8	%		-9.0	%		(32,549	)		(29,415	)		10.7	%
Merger Expenses			(271	)		—			—			100.0	%		100.0	%		(271	)		—			—
Other			(35,504	)		(23,461	)		(32,350	)		9.8	%		51.3	%		(81,345	)		(75,131	)		8.3	%
Total operating expenses			(149,305	)		(130,104	)		(128,195	)		16.5	%		14.8	%		(403,658	)		(354,119	)		14.0	%
Income before translation results,workers’ profit sharing and income taxes			85,827			90,387			76,569			12.1	%		-5.0	%		252,817			210,424			20.1	%
Translation result			832			3,448			(5,702	)		-114.6	%		-75.9	%		9,501			(3,668	)		-359.0	%
Workers’ profit sharing			(3,669	)		(3,372	)		(3,588	)		2.3	%		8.8	%		(9,731	)		(8,182	)		18.9	%
Income taxes			(27,671	)		(21,924	)		(16,723	)		65.5	%		26.2	%		(74,134	)		(53,185	)		39.4	%
Net income			55,319			68,539			50,556			9.4	%		-19.3	%		178,453			145,389			22.7	%
Minority interest			3,997			4,105			2,990			33.7	%		-2.6	%		11,513			7,844			46.8	%
Net income attributed to Credicorp			51,321			64,434			47,566			7.9	%		-20.4	%		166,940			137,545			21.4	%

31

---

CREDICORP LTD. AND SUBSISIARIES
SELECTED FINANCIAL INDICATORS

		Quarter									Nine months ended
		3Q06			2Q06			3Q05			September 06			September 05
Profitability
Net income per common share (US$ per share)(1)			0.64			0.81			0.60			2.09			1.72
Net interest margin on interest earning assets (2)			4.88	%		5.28	%		5.76	%		5.00	%		5.54	%
Return on average total assets (2)(3)			1.74	%		2.21	%		1.98	%		1.44	%		1.46	%
Return on average shareholders’ equity (2)(3)			16.34	%		21.68	%		16.80	%		18.35	%		16.86	%
No. of outstanding shares (millions)(4)			79.76			79.76			79.76			79.76			79.76
Quality of loan portfolio
Past due loans as a percentage of total loans			1.56	%		1.68	%		2.53	%		1.56	%		2.53	%
Reserves for loan losses as a percentage of total past due loans			215.72	%		214.17	%		172.39	%		215.72	%		172.39	%
Reserves for loan losses as a percentage of total loans			3.37	%		3.65	%		4.36	%		3.37	%		4.36	%
Operating efficiency
Oper. expense as a percent. of total income (5)			43.73	%		41.27	%		41.73	%		42.51	%		42.42	%
Oper. expense as a percent. of av. tot. assets(2)(3)(5)			3.85	%		3.65	%		3.98	%		3.70	%		3.95	%
Average balances (millions of US$) (3)
Interest earning assets			9,893.05			9,856.15			7,896.56			9,741.93			7,750.66
Total Assets			11,794.78			11,677.23			9,630.98			11,602.91			9,427.53
Net equity			1,256.45			1,188.62			1,132.37			1,206.97			1,086.86

(1)	Based on Net Income attributed to BAP. Number of shares outstanding of 79.8 million in all periods.
(2)	Ratios are annualized.
(3)	Averages are determined as the average of period-beginning and period-ending balances.
(4)	Net of treasury shares. The total number of shares was of 94.38 million.
(5)	Total income includes net interest income, fee income, net gain on foreign exchange transactions and net premiums earned.
	Operating expense does not include  Other expenses.

32

---

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In US$ thousands, IFRS)

		As of									Change
		Sept. 06			Jun. 06			Sept.05			Sept. 06/  Sept. 05			Sept. 06/  Jun.06
ASSETS
Cash and due from banks			2,452,360			2,947,296			1,666,248			47.2	%		-16.8	%
Cash and BCRP			1,994,080			2,545,326			1,375,020			45.0	%		-21.7	%
Deposits in other Banks			454,960			397,164			287,597			58.2	%		14.6	%
Interbanks			206			1,918			1,495			-86.2	%		-89.3	%
Accrued interest on cash and due from banks			3,114			2,888			2,136			45.8	%		7.8	%
Marketable securities, net			67,817			41,897			63,796			6.3	%		61.9	%
Loans			5,514,218			5,385,246			4,514,320			22.1	%		2.4	%
Current			5,430,468			5,296,554			4,400,155			23.4	%		2.5	%
Past Due			83,750			88,692			114,165			-26.6	%		-5.6	%
Less - Reserve for possible loan losses			(185,608	)		(194,570	)		(200,068	)		-7.2	%		-4.6	%
Loans, net			5,328,609			5,190,676			4,314,251			23.5	%		2.7	%
Investment securities available for sale & permanent			1,357,617			1,074,966			1,601,828			-15.2	%		26.3	%
Property, plant and equipment, net			187,808			194,392			202,410			-7.2	%		-3.4	%
Due from customers acceptances			50,761			36,173			50,714			0.1	%		40.3	%
Other assets			272,564			233,991			284,443			-4.2	%		16.5	%
Total Assets			9,717,537			9,719,390			8,183,691			18.7	%		0.0	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits and obligations			7,455,066			7,412,227			6,191,786			20.4	%		0.6	%
Demand deposits			2,361,330			2,277,666			2,011,845			17.4	%		3.7	%
Saving deposits			1,768,181			1,726,641			1,587,334			11.4	%		2.4	%
Time deposits			2,608,251			2,664,939			1,990,998			31.0	%		-2.1	%
Severance indemnity deposits (CTS)			684,988			714,963			578,442			18.4	%		-4.2	%
Interest payable			32,317			28,018			23,168			39.5	%		15.3	%
Due to banks and correspondents			507,526			732,961			380,935			33.2	%		-30.8	%
Bonds and subordinated debt			432,114			426,330			428,551			0.8	%		1.4	%
Acceptances outstanding			50,761			36,173			50,714			0.1	%		40.3	%
Other liabilities			381,648			281,440			292,133			30.6	%		35.6	%
Total liabilities			8,827,115			8,889,131			7,344,118			20.2	%		-0.7	%
NET SHAREHOLDERS’ EQUITY			890,422			830,259			839,573			6.1	%		7.2	%
Capital stock			364,706			364,706			364,706			0.0	%		0.0	%
Reserves			242,889			242,889			210,928			15.2	%		0.0	%
Unrealized Gains and Losses			46,428			39,102			47,149			-1.5	%		18.7	%
Retained Earnings			56,337			56,337			80,427			-30.0	%		0.0	%
Income for the year			180,062			127,225			136,363			32.0	%		41.5	%
TOTAL LIABILITIES and NET SHAREHOLDERS’ EQUITY			9,717,537			9,719,390			8,183,691			18.7	%		0.0	%
CONTINGENT CREDITS			3,234,918			2,973,700			2,817,670			14.8	%		8.8	%

33

---

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
QUARTERLY INCOME STATEMENT
(In US$ thousands, IFRS)

		Quarter ended														Change										Nine months ended												Change
		3Q06			2Q06						3Q05					3Q06/ 3Q05				3Q06/ 2Q06						Sept. 06						Sept. 05						Sept. 06/ Sept. 05
Interest income and expense
Interest and dividend income			174,830			174,360						139,099						25.7	%			0.3			%		506,475						394,864						28.3		%
Interest expense			(67,767	)		(60,213		)				(38,558		)				75.8	%			12.5			%		(180,464				)		(111,646				)		61.6		%
Net interest income			107,063			114,148						100,541						6.5	%			-6.2			%		326,011						283,218						15.1		%
Provision for loan losses, net of recoveries			7,392			(1,312		)				2,976						148.3	%			-663.3			%		1,241						5,189						-76.1		%
Non financial income
Banking services commissions			59,441			55,399						53,048						12.1	%			7.3			%		170,148						154,746						10.0		%
Net gain on foreign exchange transactions			9,674			11,010						7,636						26.7	%			-12.1			%		31,152						20,979						48.5		%
Net gain on sales of securities			3,112			1,056						4,796						-35.1	%			194.7			%		3,513						6,056						-42.0		%
Other			1,950			3,522						4,639						-58.0	%			-44.6			%		8,809						9,429						-6.6		%
Total non financial income			74,176			70,987						70,119						5.8	%			4.5			%		213,622						191,209						11.7		%
Operating expenses
Salaries and employees benefits			(46,370	)		(44,284		)				(37,907		)				22.3	%			4.7			%		(131,743				)		(116,500				)		13.1		%
Administrative expenses			(36,756	)		(34,575		)				(33,073		)				11.1	%			6.3			%		(103,963				)		(95,014				)		9.4		%
Depreciation and amortization			(8,533	)		(8,877		)				(8,778		)				-2.8	%			-3.9			%		(26,476				)		(26,713				)		-0.9		%
Other			(21,007	)		(11,942		)				(19,418		)				8.2	%			75.9			%		(43,301				)		(43,790				)		-1.1		%
Total operating expenses			(112,666	)		(99,678		)				(99,175		)				13.6	%			13.0			%		(305,482				)		(282,017				)		8.3		%
Income before translation results,workers’ profit sharing and income taxes			75,964			84,145						74,461						2.0	%			-9.7			%		235,391						197,599						19.1		%
Translation result			705			2,985						(5,155		)				-113.7	%			-76.4			%		8,422						(4,417				)		-290.7		%
Workers’ profit sharing			(3,708	)		(2,636		)				(3,603		)				2.9	%			40.7			%		(9,213				)		(8,197				)		12.4		%
Income taxes			(20,123	)		(17,150		)				(19,057		)				5.6	%			17.3			%		(54,538				)		(48,623				)		12.2		%
Net income			52,837			67,344						46,646						13.3	%			-21.5			%		180,062						136,363						32.0		%

34

---

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
SELECTED FINANCIAL INDICATORS

		Quarter ended									Nine months ended
		3Q06			2Q06			3Q05			September 06			September 05
Profitability
Net income per common share (US$ per share)(1)			0.041			0.052			0.036			0.140			0.106
Net interest margin on interest earning assets (2)			5.01	%		5.34	%		5.85	%		5.17	%		5.66	%
Return on average total assets (2)(3)			2.17	%		2.78	%		2.31	%		2.50	%		2.33	%
Return on average shareholders’ equity (2)(3)			24.57	%		33.77	%		23.08	%		28.56	%		23.75	%
No. of outstanding shares (millions)			1,287			1,287			1,287			1,287			1,287
Quality of loan portfolio
Past due loans as a percentage of total loans			1.52	%		1.65	%		2.53	%		1.52	%		2.53	%
Reserves for loan losses as a percentage of total past due loans			221.62	%		219.38	%		175.25	%		219.38	%		181.69	%
Reserves for loan losses as a percentage of total loans			3.37	%		3.61	%		4.43	%		3.61	%		4.85	%
Operating efficiency
Oper. expense as a percent. of total income (4)			52.03	%		48.59	%		49.47	%		49.72	%		51.91	%
Oper. expense as a percent. of av. tot. assets(2)(3)(4)			3.77	%		3.62	%		3.95	%		3.64	%		4.06	%
Capital adequacy (5)
Total Regulatory Capital (US$ Mn)			608.2			600.7			557.4			608.2			557.4
Risk-weighted assets  (US$ Mn) (6)			5,828			5,626			4,484			5,828			4,484
Regulatory capital / risk-weighted assets (6)			10.4	%		10.7	%		12.4	%		10.4	%		12.4	%
Average balances (millions of US$) (3)
Interest earning assets			8,544			8,558			6,872			8,411			6,675
Total Assets			9,718			9,690			8,076			9,603			7,817
Net equity			860			798			808			841			765

(1)	Shares outstanding of 1,287 million is used for all periods since shares have been issued only for capitalization of profits and inflation adjustment.
(2)	Ratios are annualized.
(3)	Averages are determined as the average of period-beginning and period-ending balances.
(4)	Total income includes net interest income, fee income and net gain on foreign exchange transactions.
	Operating expense includes personnel expenses, administrative expenses and depreciation and amortization
(5)	Capital adequacy is calculated under peruvian GAAP’s.
(6)	Risk-weighted assets include market risk assets

35

---

EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES
SELECTED FINANCIAL INDICATORS
(In US$ thousands, IFRS)

		Quarter ended									Change						Nine months ended						Change
		3Q06			2Q06			3Q05			3Q06/3Q05			3Q06/2Q06			Sept. 06			Sept. 05			Sept.06/05
Results
Total gross Premiums			95,748			96,059			88,561			8.1	%		-0.3	%		285,038			261,628			8.9	%
Net Premiums Earned			67,373			64,069			58,021			16.1	%		5.2	%		192,235			166,497			15.5	%
Net claims			46,138			44,049			43,591			5.8	%		4.7	%		138,121			128,964			7.1	%
Underwriting Results			11,912			11,819			6,393			86.3	%		0.8	%		27,740			15,625			77.5	%
Financial Income			9,889			12,188			9,442			4.7	%		-18.9	%		33,885			28,406			19.3	%
Other Income			3,742			3,473			3,338			12.1	%		7.7	%		11,604			9,076			27.8	%
Salaries and employees benefits			9,570			7,662			7,653			25.0	%		24.9	%		24,430			20,091			21.6	%
General Expenses			4,634			4,947			4,918			-5.8	%		-6.3	%		14,939			14,062			6.2	%
Other Operating Expenses			11,682			13,503			11,448			2.0	%		-13.5	%		38,321			31,103			23.2	%
Translation Results			109			414			-336			-132.4	%		-73.7	%		866			590			46.9	%
Income Tax			2,504			3,877			-801			-412.7	%		-35.4	%		6,251			1,455			329.5	%
Net Income before minority interest			6,586			6,106			3,656			80.2	%		7.9	%		16,527			8,895			85.8	%
Net Income after minority interest			5,520			4,738			2,703			104.2	%		16.5	%		13,198			6,310			109.2	%
Balance
Total Assets			946,283			865,933			802,786			17.9	%		9.3	%		946,283			802,786			17.9	%
Investment on Securities and real State			750,125			693,431			623,191			20.4	%		8.2	%		750,125			623,191			20.4	%
Technical Reserves			618,776			606,242			520,652			18.8	%		2.1	%		618,776			520,652			18.8	%
Net Equity			209,923			178,340			195,823			7.2	%		17.7	%		209,923			195,823			7.2	%
Ratios
Net underwriting results			12.4	%		12.3	%		7.2	%		—			—			9.7	%		6.0	%		—
Net earned loss ratio			68.5	%		68.8	%		75.1	%		—			—			71.9	%		77.5	%		—
Return on average equity (1)(2)			11.9	%		11.1	%		6.0	%		—			—			8.9	%		5.0	%		—
Return on total premiums			5.8	%		4.9	%		3.1	%		—			—			4.6	%		2.4	%		—
Net equity / Total assets			22.2	%		20.6	%		24.4	%		—			—			22.2	%		24.4	%		—
Increase in Technical reserves			16.0	%		20.4	%		19.8	%		—			—			16.0	%		24.1	%		—
Expenses / Net premiums earned			23.0	%		23.0	%		24.5	%		—			—			22.5	%		22.7	%		—
Expenses / average assets (1)(2)			7.0	%		7.1	%		7.5	%		—			—			6.5	%		6.9	%		—
Combined Ratio PPS + PS			99.5	%		100.4	%		101.6	%		—			—
- Claims / Net premiums earned			66.0	%		64.9	%		70.9	%		—			—
- Expenses and commissions / Net premiums earned			33.5	%		35.6	%		30.6	%		—			—

(1)	Average are determined as the average of period-beginning and period-ending balances
(2)	Annualized

36

---

SIGNATURE

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 17, 2006

	CREDICORP LTD.
	By:	/S/ Guillermo Castillo
		Guillermo Castillo
		Authorized Representative

37

---

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

38

---