UPDATE 1-Peru's Credicorp posts 9% rise in first-quarter profit, El Nino provisions reversed [Yahoo! Finance]
Credicorp Ltd. (BAP)
Last credicorp ltd. earnings: 2/6 04:00 pm
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Source: Yahoo! Finance
first-quarter net profit of 1.512 billion soles ($409.76 million), up 9% from the year-ago period as the bank freed up funds previously retained due to the El Nino weather phenomenon. The group reversed around 250 million soles in funds previously set aside for provisions, meant to cover potential losses on non-payment of loans. Executives said in February that the periodic El Nino effect, which warms the Pacific Ocean and fuels tropical cyclones, floods and rainfall across the Americas and elsewhere, had begun to fade. Net interest income, the difference between what banks earn on loans and dole out to pay down liabilities, increased 9.4%, driven by a shift in the loan book toward retail and a repricing of dollar-denominated loans. Credicorp's return on equity (ROE) dipped slightly to 18.2% in the quarter, though the firm has said it is targeting a "sustainable" ROE at 18% by 2025. Its cost of risk, an indicator of expected losses, meanwhile rose 30 basis points year-ov
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