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

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Nov 3 (Reuters) – Credicorp, one of Peru’s largest financial holding companies, posted an 11.9% rise in net profit in the third quarter as it made more loans and benefited from higher interest rates high, the company said in a statement Thursday.

The company, which also operates in Bolivia, Chile, Colombia and Panama, posted a net profit of 1.30 billion soles ($328.5 million).

Structural loan growth rose 10.3% year-on-year, he said.

Credicorp, which offers universal banking, microfinance, insurance, retirement and investment banking services through a number of subsidiaries, achieved a return on average equity (ROAE) of 19.6% for the trimester.

Chief executive Gianfranco Ferrari said in a statement that rapid and early action by Latin American central banks to adjust monetary policies had helped the region, along with favorable commodity prices.

“If it weren’t for the political noise and changes in course by governments, we might be in a much better position to address long-term structural issues,” he said in a statement.

Credicorp posts solid results this year

despite a series of political crises

in the world’s second-largest copper-producing country, where President Pedro Castillo is battling attempts to oust him from an opposition-led congress.

($1 = 3.9575 soles) (Reporting by Valentine Hilaire and Aida Pelaez Fernandez, editing by Sarah Morland)

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