November 8, 2012 / 8:26 PM / 5 years ago

Peru's Credicorp reports 33 percent jump in Q3 net profit

* Holding company says banking expansion bearing fruit

* Peru’s economy expected to grow healthy 6 pct this year

LIMA, Nov 8 (Reuters) - Peru’s largest financial holding company, Credicorp, reported a 33 percent increase in third-quarter net income on Thursday as it expands banking services in South America’s fastest-growing economy.

The company controls Peru’s largest bank, Banco de Credito , and also owns a pension fund and insurance company.

Credicorp’s earnings fell 1.3 percent in the second quarter year-on-year after the company raised provisions for loan losses. Net profits rebounded between July and September to $227.5 million from $170.9 million for the same period in 2011.

The company said the result was due to efforts to expand banking penetration as the local economy defies the global slowdown by growing at an annual rate of about 6 percent.

“This is a clear reflection of the evolution of the Peruvian economy that continues to grow faster than other countries in the region as well as developed countries,” a statement said.

Credicorp said net income from interest reached $415.2 million in the third quarter, up 25.6 percent from the same period a year ago.

Peru’s central bank has tightened reserve requirements several times this year to slow the country’s rapid credit expansion.

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