FOURTH QUARTER
1997
Credicorp Ltd.
Announces Financial Results For The Quarter Ended December 31, 1997
(Lima, Peru, February 3, 1998) - Credicorp, Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the fourth quarter ended December 31, 1997.
Credicorp announced net income of US$23.5 million for the quarter ended December 31, 1997, 9.6% below US$26.1 million in the fourth quarter of last year, resulting in earnings per share of US$0.320 and US$0.354, respectively. Net income for the twelve month period ended December 31, 1997, was US$110.1 million, 5.2% below US$116.1 million in year 1996, resulting in earnings per share of US$1.496 and US$1.578, respectively.
|
Credicorp
Ltd. and Subsidiaries |
|||||
 |
Three months ended |
Nine months ended |
|||
|
31.12.96 |
30.09.97 |
31.12.97 |
31.129.96 |
31.12.97 |
|
|
Net interest income |
85,5 |
95,6 |
98,6 |
318,9 |
390,5 |
|
Provisions for possible loan losses, net |
22,2 |
21,9 |
23,8 |
57,8 |
89,7 |
|
Other income |
74,2 |
96,0 |
81,9 |
276,1 |
347,2 |
|
Claims on insurance activities |
17,7 |
23,1 |
20,9 |
65,9 |
77,1 |
|
Operating expense |
81,4 |
105,3 |
100,4 |
315,4 |
402,0 |
|
Income before income tax and result from exposure to inflation |
38,4 |
41,2 |
35,3 |
155,9 |
168,9 |
|
Translation result |
3,6 |
(2,2) |
(1,0) |
15,8 |
(3,0) |
|
Income Tax |
(13,0) |
(9,8) |
(10,6) |
(42,6) |
(43,2) |
|
Minority Interest |
(2,9) |
(2,8) |
(2,2) |
(13,0) |
(12,7) |
|
Net Income |
26,1 |
26,5 |
23,5 |
116,1 |
110,1 |
|
Net Income per share (1) |
0,354 |
0,360 |
0,320 |
1,578 |
1,496 |
(1) Based on 73.59 million outstanding shares in all periods. Following a share dividend in March 1997, the total number of shares outstanding increased to 85.80 million. However, as 12.21 million are held by affiliates as treasury shares, the net consolidated outstanding shares are 73.59 million, increasing from 61.32 million net shares before the dividend.
During the fourth quarter of 1997, return on net average shareholders’ equity ("ROE") was 12.9%, compared to 16.0% in the same period of 1996, on an annual basis. Return on average total assets ("ROA") was 1.3% during the fourth quarter of 1997, compared to 1.7% in the same period of 1996, annualized.
