Credicorp, one of Peru's biggest financial holding firms, on Friday posted an 18% year-on-year rise in its first-quarter net profit, propelled by strong results in its insurance business and improvement in its universal banking sector.
The South American lender, which also offers microfinance, pensions and investment banking services, recorded a net profit of 1.38 billion soles ($374.82 million), ahead of Refinitiv analysts' forecasts of 1.24 billion soles.
Its return on average equity (ROAE) rose to 18.7% for
the quarter, up from 17.0% in the year-ago quarter.
"We achieved this result despite social unrest and severe climatic events in Peru, which negatively affected GDP growth," Chief Financial Officer Cesar Rios said in a statement.
One of the region's fastest growing economies in recent
years, Peru's economy was stunted by nationwide protests that
began in December following the ouster of former President Pedro
Castillo, as well as a destructive cyclone last month.
($1 = 3.6924 soles)
(Reporting by Kylie Madry; Editing by Brendan O'Boyle)
