Peru's largest bank, Banco de Crédito del Perú (BCP), reported net income of US$138mn in 2Q11, up 5.2% year-on-year and 2.7% quarter-on-quarter, according to the latest financial statements from parent company Credicorp (NYSE: BAP).
"It hasn't been the most spectacular quarter, quarter-on-quarter, but given the volatility of the market and the uncertainty... I think we have come out extremely well," Walter Bayly, Credicorp general manager, said during a conference call with investors.
The growth was driven by the rapid expansion of the credit portfolio, which grew 26.3% in 2Q11 in comparison with the same quarter last year.
Some of the top-line growth, however, was offset by rising net provisions, which increased to US$60mn in the quarter from US$40mn in 1Q11. The trend was met negatively by the analysts, who showed some disappointment at below-consensus results.
BCP's efficiency ratio worsened slightly to 48.7% in 2Q11, up from 47.7% in 1Q11 and 48.0% in 2Q10.