FIRST QUARTER 1998
Credicorp
Ltd. Announces Financial Results For The Quarter Ended March 31, 1998
(Lima, Peru, May 5, 1998) - Credicorp, Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the first quarter ended March 31, 1998.
Credicorp announced net income of US$22.8 million for the quarter ended March 31, 1998, 23.1% below US$29.6 million in the first quarter of last year, resulting in earnings per share of US$0.281 and US$0.366, respectively.
During the first quarter of 1998, return on net average shareholders’ equity ("ROE") was 12.1%, compared to 17.9% in the same period of 1997, on an annual basis. Return on average total assets ("ROA") was 1.2% during the first quarter of 1998, compared to 1.8% in the same period of 1997, annualized.
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Credicorp Ltd. and
Subsidiaries |
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|
Three months ended |
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|
31.03.97 |
31.12.97 |
31.03.98 |
|
|
Net interest income |
94,5 |
98,6 |
94,2 |
|
Provisions for possible loan losses, net |
18,3 |
23,8 |
26,3 |
|
Other income |
79,4 |
81,9 |
89,3 |
|
Claims on insurance activities |
13,7 |
20,9 |
23,8 |
|
Operating expense |
96,2 |
100,4 |
103,3 |
| Income before income tax and result from exposure to inflation |
45,8 |
35,3 |
30,1 |
|
Translation result |
0,1 |
1,0 |
3,1 |
|
Income Tax |
(12,2) |
(10,6) |
(7,5) |
|
Minority Interest |
(4,0) |
(2,2) |
(2,9) |
|
Net Income |
29,6 |
23,5 |
22,8 |
|
Net Income per share (1) |
0,366 |
0,291 |
0,281 |
(1) Based on 80.95 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 13.44 million are held by affiliates as treasury shares, the net consolidated outstanding shares are 80.95 million, increasing from 73.59 million net shares before the dividend.
