(Lima, Peru, August 7, 1997) - Credicorp, Ltd. ("Credicorp") (NYSE:BAP;LSE:BAPC1) today announced its financial results for the second quarter ended June 30, 1997.
Credicorp announced net income of US$30.4 million for the quarter ended June 30, 1997, 0.8% below US$30.6 million in the second quarter of last year, resulting in earnings per share of US$0.413 and US$0.416, respectively. Net income for the six months period ended June 30, 1997, was US$60.0 million, 3.2% above US$58.2 million in the same period of 1996, resulting in earnings per share of US$0.816 and US$0.790, respectively. Per share calculations are based on 73.6 million net outstanding shares (which includes the share dividend of March 1997 and excludes 12.2 million shares held by subsidiaries).
(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 heldby affiliates as treasury shares, the net consolidated outstanding shares are 73.59 million, increasingfrom 61.32 million net shares before the dividend.
Net income, comparing the second quarter of 1997 with that of 1996, remained substantially the same 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. Return on net average shareholders equity ("ROE") was 17.9%, on an annual basis, during the second quarter of 1997 compared to 21.0% in the same period of 1996. Return on average total assets ("ROA") was 1.8%, annualized, during the second quarter of 1997 compared to 2.2% in the same period of 1996.