SECOND QUARTER 1998
(Lima, Peru, August 4, 1998) - Credicorp, Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the second quarter ended June 30, 1998.
Credicorp announced net income of US$25.4 million for the quarter ended June 30, 1998, 16.5% below US$30.4 million in the second quarter of last year, resulting in earnings per share of US$0.313 and US$0.375, respectively. Net income for the six months period ended June 30, 1998, was US$48.1 million, 19.8% below US$60.0 million in the same period of 1997, resulting in earnings per share of US$0.594 and US$0.741, respectively.
I.Credicorp Ltd. and Subsidiaries
(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 second quarter of 1998 with that of 1997, declined in spite of increases in net interest income and non-financial income which were offset by higher provisions for possible loan losses and by increases in operating expenses. During the second quarter of 1998, return on net average shareholders equity ("ROE") was 13.6%, compared to 17.9% in the same period of 1997, on an annual basis. Return on average total assets ("ROA") was 1.3% during the second quarter of 1998, compared to 1.8% in the same period of 1997, annualized.