THIRD QUARTER 1998
Credicorp Ltd. Announces
Financial Results For The Quarter Ended September 30, 1998
(Lima, Peru, October 29, 1998) - Credicorp Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the third quarter ended September 30, 1998.
Credicorp announced consolidated net income for the nine month period ended September 30, 1998, of US$40.8 million, 52.8% below US$86.5 million in the same period of 1997, resulting in net income per share of US$0.504 and US$1.068, respectively. In the quarter ended September 30, 1998 a net loss of US$7.3 million was obtained, resulting in a per share loss of US$0.090, compared to net income of US$26.5 million in the third quarter of last year or US$0.327 per share.
CREDICORP LTD. AND SUBSIDIARIES
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Credicorp Ltd.
and Subsidiaries |
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Three months ended |
Nine months ended |
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30.09.97 |
30.06.98 |
30.09.98 |
30.09.97 |
30.09.98 |
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Net interest income |
95.6 |
106.9 |
97.1 |
291.9 |
298.1 |
|
Provisions for possible loan losses, net |
21.9 |
41.0 |
48.5 |
65.8 |
115.7 |
|
Other income |
96.0 |
92.7 |
73.9 |
265.3 |
255.9 |
|
Claims on insurance activities |
23.1 |
21.3 |
22.4 |
56.1 |
67.4 |
|
Operating expense |
105.3 |
108.7 |
105.5 |
301.6 |
317.4 |
|
Translation result |
(2.2) |
11.6 |
4.9 |
(4.0) |
19.5 |
| Income before income tax and minority interest |
39.1 |
40.2 |
(0.4) |
129.6 |
73.0 |
|
Income Tax |
(9.8) |
(11.3) |
(5.8) |
(32.6) |
(24.6) |
|
Minority Interest |
(2.8) |
(3.6) |
(1.0) |
(10.4) |
(7.5) |
|
Net Income |
26.5 |
25.4 |
(7.3) |
86.5 |
40.8 |
|
Net Income per share (1) |
0.327 |
0.313 |
(0.090) |
1.068 |
0.504 |
(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 third quarter of 1998 with that of 1997, declined principally due to higher provisions for possible loan losses and decreased non-interest income due to losses in the sale of securities, which were partly offset by higher translation gains.
