UPDATE 1- Peruvian lender Credicorp’s profits rise on higher interest rates and higher loans

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Nov 3 (Reuters) – Credicorp, one of Peru’s largest financial holding companies, said its third-quarter net profit rose 11.9%.

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

Growth in structured loans increased by 10.3% year-on-year, it said.

Creditcorp, which provides universal banking, microfinance, insurance, pension and investment banking services through a number of subsidiaries, posted a return on equity (ROAE) of 19.6% in the fourth 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.

“Were it not for the political turmoil and the change in government policy, we would be in a much better position to resolve 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)

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