Peru's Credicorp posts profit boost as low-cost deposits climb

reuters11-08

UPDATE 1-Peru's Credicorp posts profit boost as low-cost deposits climb

Updates with additional detail from report

Nov 7 (Reuters) - Credicorp BAP.LM, one of Peru's largest financial holding companies, posted a 23% climb in third-quarter net profit on Thursday as its low-cost deposits grew in the firm's deposit base.

Net profit was up to 1.52 billion soles ($405.33 million) in the third quarter, while Credicorp's overall deposit base grew 4%.

Low-cost deposits - or deposits to checking and savings accounts - made up a larger share of the base, Credicorp said in its earnings statement, growing around 14% to close the quarter at nearly 70% of the total.

Such deposits are called low cost as banks pay out little to no interest on them.

Credicorp's loan book shrank just over 1% from the year-ago quarter, with one unit rolling out stricter credit guidelines. Non-performing loans also fell, with corporate and small-business clients paying back more debts.

Consumer and credit-card clients, however, increased in delinquency.

($1 = 3.7500 soles)

(Reporting by Kylie Madry; Editing by Aida Pelaez-Fernandez)

((Kylie.Madry@thomsonreuters.com;))

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