Peru's Credicorp fourth-quarter net income falls 24 pct

LIMA Wed Feb 5, 2014 10:54pm EST

LIMA Feb 5 (Reuters) - Peru's biggest financial holding company, Credicorp, said on Wednesday that its fourth-quarter net income fell 24.3 percent on the year to $151.6 million on one-time costs related to regulations and taxes.

Credicorp's net profit for the year 2013 came in at $567.1 million - 28 percent less than what it reported in 2012, it said in a statement.

The company said currency and market volatility hit its financial businesses earlier in 2013, and that non-recurrent costs like a $14.5 million IFRS-required impairment loss pushed up operating expenses in the fourth quarter.

Credicorp controls Peru's largest bank, Banco de Credito , and also owns a pension fund and an insurance company.