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Peru's Credicorp says 3Q profits up 31.4 pct

Peruvian financial company Credicorp reports 3Q net income up 31.4 percent to US$122 million

  • On 8:30 pm EST, Thursday November 5, 2009

LIMA, Peru (AP) -- Peruvian financial holding company Credicorp Ltd. says profit rose 31.4 percent in the third quarter as growth in local currency loans and its insurance business offset lower interest rates.

In a report Thursday, the Lima-based company says net income in July-September was $122 million, or $1.53 a share, up from $92.6 million, or $1.16 a share, in the same span of 2008.

Net interest income totaled $215 million, up from $200 million the previous year but down from $234 million in the previous quarter -- after Peru's central bank slashed interest rates to boost stagnant growth.

Credicorp's insurance business grew 119 percent from a year ago.

Credicorp stock traded in the U.S. held steady at $72 a share, before the earnings report.

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