FOURTH QUARTER 1996
Credicorp Ltd. Announces Financial Results For The Quarter Ended March 31, 1996

(Lima, Peru, February 3, 1997) - Credicorp, Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the quarter ended December 31, 1996.

Credicorp announced net income of US$116.1 million for the year ended December 31, 1996 and of US$26.1 million for the fourth quarter of 1996. Credicorp had earnings per share of US$1.89 for year 1996 and of US$0.43 for the fourth quarter 1996 based on 61.3 million net outstanding shares (which includes the share dividend of March 1996 and excludes 10.2 million shares held by subsidiaries).

Credicorp which owns Banco de Crédito del Peru (BCP), El Pacifico-Peruano Suiza Cia. de Seguros y Reaseguros (PPS) and Atlantic Security Holding Corporation (ASHC), was established through an exchange of shares carried out in October 1995 whereby, respectively, 90.1%, 75.8% and 98.2% of the aforementioned companies were acquired. Subsequently, in accordance with Cayman Islands corporate law, Credicorp acquired the remaining outstanding ASHC shares which, as of March 19,1996, brought Credicorp’s ownership of ASHC to 100%. Credicorp also owns 100% of Inversiones Crédito, a holding company with US$37.3 million in assets, with 40% interest in AFP Union and in other non-financial business companies. On December 20 1996, Credicorp won the bid for the acquisition of Banco Tequendama, established in Bogotá, Colombia, with approximately US$390 million in assets. Since the transfer of shares was effected in January 1997, ,Banco Tequendama’s assets which haves not been consolidated into the current financial statements.

In an effort to facilitate quarter-over-quarter comparisons, consolidated financial statements as of December 31, 1996 have been prepared, on a pro-forma basis, as if Credicorp had been operational since January 1994.

Credicorp’s consolidated financial statements, are summarized as follows:

1. Net income of US$116.1 million for year 1996 representing an increase of 11.5% compared to US$104.2 million earned during year 1995 on the pro-forma statements.

2. Net income for the fourth quarter of 1996 wasof US$26.1 million decreasing from US$32.0 million, pro-forma, for the same period in 1995 mainly because of increased provisions for loan losses.

3. Return on net average shareholder’s equity ("ROE") wasof 18.8% in 1996 and 19.4% in 1995.

4. The return on average assets ("ROA") ofwas 2.1% in year 1996, versus 2.3% inover 1995.

The increase in net profits from year 1995 to 1996 is primarily attributable to growth in the volume of banking operations resulting in increased net interest income. SuchThis increase was partially offset by higher provisions for possible loan losses, lower growth in non-interest income and by increases in operating expenses.

(1) Estimated financial statements prepared as if Credicorp began operating in January 1994.
(2) Based on 61.3 million outstanding shares in both periods. Following a share dividend in March 1996, the total number of shares outstanding increased to 71.5 million. However,as 10.2 million are held by affiliates, as of December 31, 1996 there were 61.3 million net shares outstanding, increasing from 52.0 million net shares outstanding before the dividend.