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Kicking off earnings season, Financiera Efectiva, one of the smaller finance companies in the Peruvian market, reported a 22.5% year-on-year rise in profits in the first quarter on a higher net interest margin (NIM).
The non-bank lender earned 2.9mn soles (US$1.03mn). Compared with the year-ago quarter, its financial income rose by 22.8% and its NIM by 24.2% on a decline in financing costs.
The lender, which holds a 2.3% market share among finance companies as measured by total assets, saw its loan portfolio expand by 28.1% year-on-year through the end of 1Q11.