Credicorp posts 4.4% dip in second-quarter net profit (updated)

Credicorp

08/08/2024 22:32

(Adds quotes, details from statement)
       Aug 8 (Reuters) - Credicorp  BAP.LM , one of Peru's
largest financial holding companies, on Thursday posted a
second-quarter net profit of 1.34 billion soles ($361.27
million), down 4.4% from the same period last year.
        Its return on equity fell to 16.2% for the quarter, from
18.6% a year ago.
  
        The quarter's "solid" ROE was "driven by universal
banking, insurance and investment management and advisory and
supported by an uptick in loan growth and high transactional
activity," Chief Executive Officer Gianfranco Ferrari said in a
statement shared by the company. 
  
        Net interest income, the difference between what banks
earn on loans and dole out to pay down liabilities, increased
8.2%.
  
        The increase was driven by Credicorp's positive balance
sheet dynamics, favorable pricing and low-cost funding
advantage, Chief Financial Officer Alejandro Perez-Reyes said. 
  


($1 = 3.7091 soles)

 (Reporting by Brendan O'Boyle; Editing by Kylie Madry)
 ((Sarah.Morland@thomsonreuters.com))