FOURTH QUARTER
1998
Credicorp
Ltd. Announces Financial Results For The Quarter and Year Ended December
31, 1998
(Lima, Peru, February 2, 1999) - Credicorp Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the fourth quarter and year ended December 31, 1998.
Credicorp announced consolidated net income for the twelve month period ended December 31, 1998, of US$42.1 million, 61.8% below US$110.1 million in 1997, resulting in net income per share of US$0.520 and US$1.359, respectively. In the quarter ended December 31, 1998 net income was US$1.3 million compared to net income of US$23.5 million in the prior year quarter, resulting in net income per share of US$0.016 and US$0.291, respectively.
I. CREDICORP LTD. AND SUBSIDIARIES
|
Credicorp
Ltd. and Subsidiaries |
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|
Three months ended |
Twelve months ended |
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|
31.12.97 |
30.09.98 |
31.12.98 |
31.12.97 |
31.12.98 |
|
|
Net interest income |
98.6 |
97.1 |
98.4 |
390.5 |
396.5 |
|
Provisions for possible loan losses, net |
23.8 |
48.5 |
54.8 |
89.7 |
170.6 |
|
Other income |
81.9 |
73.9 |
88.1 |
347.2 |
344.0 |
|
Claims on insurance activities |
20.9 |
22.4 |
20.7 |
77.1 |
88.1 |
|
Operating expense |
100.4 |
105.5 |
113.5 |
402.0 |
430.9 |
|
Translation result |
1.0 |
4.9 |
5.7 |
(3.0) |
25.2 |
|
Income before income tax and minority interest |
36.3 |
(0.4) |
3.2 |
165.9 |
76.2 |
|
Income Tax |
(10.6) |
(5.8) |
(1.0) |
(43.2) |
(25.6) |
|
Minority Interest |
(2.2) |
(1.0) |
(1.0) |
(12.7) |
(8.5) |
|
Net Income |
23.5 |
(7.3) |
1.3 |
110.1 |
42.1 |
|
Net Income per share (1) |
0.291 |
(0.090) |
0.016 |
1.359 |
0.520 |
(1) Based on 81.00 million outstanding shares in all periods. Following a share dividend in March 1998, the total number of shares outstanding increased to 94.38 million. However, as 13.38 million are held by affiliates as treasury shares, the net consolidated outstanding shares are 81.00 million, increasing from 73.59 million net shares before the dividend.
Net income, comparing the fourth quarter of 1998 with that of 1997, declined principally due to higher provisions for possible loan losses.
