Reuters Summit-Peru's Banco de Credito sees "flat" '09 profits

(For other news from the Reuters Latin American Investment Summit, click here)

LIMA, May 4 (Reuters) - Peru's Banco de Credito (CRE.LM), the country's largest bank, expects profits to hold "flat" this year against 2008, Chief Executive Walter Bayly said on Monday.

Bayly, who spoke at the Reuters Latin American Investment Summit in Lima, said the bank's total loan portfolio is likely to grow between 10 percent and 15 percent in 2009, down from 27 percent a year ago. He predicted a 20 percent rise in the bank's mortgage sector, versus 27 percent growth in 2008.

"Flat against last year - marginally above if we're lucky," Bayly said about the bank's projected 2009 profits.

"The corporation's profits will grow because of the other subsidiaries, not because of the bank this year," he said, referring to expected expansion at Credicorp (BAP.N) (BAP.LM), which has a 97.3 percent stake in the bank and is scheduled to announce its first quarter earnings later this week. (For summit blog: blogs.reuters.com/summits/) (Reporting by Dana Ford)