Peruvian lender Creditcorp’s profit rises on higher interest rates, higher loans

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November 3 (Reuters)Credicorp, one of Peru’s largest financial holding companies, posted an 11.9% increase in net profit in the third quarter. issued more loans and benefited from higher interest rates, The company said in a statement Thursday.

The company, which also has operations in Bolivia, Chile, Colombia and Panama, posted a net profit of 1.3 billion soles ($328.5 million).

Structural loan growth increased by 10.3% year-on-year, said.

Credicorpprovides universal banking, microfinance, insurance, pension and investment banking services through numerous subsidiaries and posted an average return on equity (ROAE) of 19.6% for the quarter.

In a statement, CEO Gianfranco Ferrari said quick and early steps by Latin American central banks to adjust monetary policy helped support commodity prices and helped the region.

Had it not been for the political turmoil and government shifts, it would have been in a much better position to resolve its long-term structural problems.

Credicorp delivers solid results this year Despite a series of political crises In the world’s second-largest copper producer, President Pedro Castillo is fighting to oust him from the opposition-led Congress.

($1 = 3.9575 soles)

(Reporting by Valentine Hilaire and Aida Pelaez Fernandez; Editing by Sarah Morland)

((Valentine.Hilaire@thomsonreuters.com;))

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