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UPDATE 1-Peru's Credicorp 4th-quarter profit soars 807 pct
February 5, 2010 / 12:13 AM / 8 years ago

UPDATE 1-Peru's Credicorp 4th-quarter profit soars 807 pct

(Recasts, adds context, loan details, net interest income)

LIMA, Feb 4 (Reuters) - Credicorp, Peru’s largest financial holding company, posted a 807 percent rise in fourth-quarter net profit on Thursday, recovering from a $43.5 million charge in the fourth quarter of 2008 and lifted by loan growth.

Net income was $122.3 million, up from a $13.5 million profit reported in the same period a year ago, the company said.

Credicorp (BAP.N) (BAP.LM) has a 97.3 percent stake in Banco de Credito, Peru’s largest bank.

The company, which also has operations in Bolivia, took a $43.5 million provision in its 2008 fourth-quarter results for exposure that one of its units had to Bernard Madoff, the U.S. financier imprisoned for running a $65 billion Ponzi scheme.

Credicorp’s overall loan portfolio grew 9.9 percent in the fourth quarter to some $11.6 billion from a year ago and rose 8.6 percent from the third quarter of last year.

Net interest income increased 11.1 percent to $238 million on the year and rose 10.9 percent from the third quarter of 2009.

Insurance-related operating income grew 122 percent to $45 million on the year, which was 25 percent higher than in the third quarter of 2009. (Reporting by Dana Ford; editing by Andre Grenon)

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