UPDATE 1-Peru's Credicorp says 3rd-quarter profit up 31 pct
(Recasts, adds context, loan details, net interest income, quote)
LIMA, Nov 5 (Reuters) - Credicorp (BAP.N)(BAP.LM), Peru's largest financial holding company, posted a 31 percent rise in third-quarter net profit on Thursday, boosted by lower loan loss provisions and a strong showing in its insurance sector.
Net income was $121.7 million, up from a $92.6 million profit reported in the same period a year ago, the company said.
Credicorp has a 97.3 percent stake in Banco de Credito, Peru's largest bank.
Credicorp's overall loan portfolio grew 7.5 percent in the third quarter to some $10.7 billion from a year ago, but rose just 0.7 percent from the second quarter of this year.
"Lower loan loss provisions and stronger income generation in our insurance business ... widely compensated for the lack of loan growth and a lower net interest income, leading to the reported improvement in quarterly bottom line results," the company said.
Net interest income rose 7 percent to $214.5 million on the year, but dropped 8.1 percent from the second quarter of 2009.
Insurance-related operating income rose 118.5 percent to $36.0 million on the year, which was 25.6 percent higher than in the second quarter of this year. (Reporting by Dana Ford; editing by Andre Grenon)
