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For additional information please contact:
Jose N. Hung		Alfredo Montero
Phone: (511) 313-2123		Phone: (305) 448-0971
E-mail: jhung@bcp.com.pe		E-mail: amontero@bcpmiami.com

CREDICORP LTD. ANNOUNCES FINANCIAL RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2005

HIGHLIGHTS

• Results for the third quarter 2005 continue showing a strong earnings generation recovery, reaching a year-on-year increase in 3Q05 results of 44.4% with US$47.6 million, and 43.5% for year-to-date results with total earnings as of September 30, 2005, reaching US$137.5 million.
  
  
• Higher earnings generation is the result of loan growth as the country’s economic recovery and growth continues, improved NIM, and a clear strategy for Credicorp’s banking operations to develop its retail and transactional business leading to steady growth of its fees for banking services and contributing to its NIM growth.
  
  
• Efficient cost controls have also led to a definite improvement in the corporation’s efficiency ratio from 48.72% to 42.28%, for the year-to-date comparison.
  
  
• Credicorp has also benefited this quarter and throughout the year, of its conservative loan provisioning policy applied during the past loan crisis, leading to low provision requirements and recoveries of previously charged-off loans, as its loan portfolio quality improves significantly.
  
  
• The improved results of Credicorp’s overall banking business were strong enough to offset the downturn in the insurance business with its drop in earnings contribution to Credicorp to US$2.7 million for the quarter, compared to US$3.6 million for the same quarter of 2004, and US$6.3 million year-to-date’s results compared to US$11.1 million in 2004.
  
  
• The improved earning generation was also strong enough to support an extraordinary provision for Credicorp’s Stock Options Plan resulting from the strong appreciation of our stock in the market.
  
  
• The initial results of the newly started Pension Fund business through Prima AFP are better than expected with a portfolio growth that exceeds its target.

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Credicorp (NYSE:BAP; LSE:BAPC1) reported a consolidated net attributable income for the nine month period ended September 30, 2005 of US$137.5 million, 43.5% above net profit in the first nine months of 2004 of US$95.9 million, or US$1.72 and US$1.20 per share, respectively. Net attributable income in third quarter 2005 was US$47.6 million, or US$0.60 per share, 44.4% above net income of US$32.9 million, or US$0.41 per share, in the third quarter of 2004.

Results in the first nine months of 2005 and in the third quarter are higher than profits in the same periods of 2004 mainly because of higher NIM combined with loan volume growth and growth of non-interest income. Credicorp’s results this quarter also benefited from its previous conservative loan loss reserve policy since the significant and continuing improvement of the quality of loans led to further recoveries of previously charged-off loans that exceeded provision requirements. This is reflected in the reversed loan loss provision expense. These income improvements were stronger than the related increase in operating expense and translation losses, due to Nuevo Sol devaluation.

As mentioned, loan loss provisions, net of recoveries, had a positive effect in the current quarter’s results and also cumulative through September 2005. Loan quality improvement is noted through a lower past-due loan ratio, that decreased from 4.8% at September 2004, to 2.5% at the end of September 2005, and by the improved coverage of overdue loans by provisions which improved from 122.0% to 172.4%, respectively.

I. CREDICORP LTD. AND SUBSIDIARIES

CREDICORP LTD. AND SUBSIDIARIES
SUMMARY OF RESULTS

		Three months ended						Nine months ended
(In U.S.$ millions)		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Net interest income		93.5		104.7		114.3		276.4		322.8
Provisions for possible loan losses, net(1)		3.8		(1.9)		(4.9)		10.9		(9.9)
Other income		64.7		63.2		72.5		180.4		197.6
Premiums, net of claims on insurance		18.3		8.4		13.6		37.8		34.7
Other expenses		124.5		115.8		128.7		340.8		354.6
Merger costs		0.5		0.0		0.0		3.7		0.0
Translation result		(0.2)		1.3		(5.7)		3.9		(3.7)
Income before profit sharing
and income tax		47.5		63.7		70.9		143.0		206.8
Employee profit sharing(2)		(1.6)		(1.7)		(3.6)		(4.4)		(8.2)
Income Tax		(10.8)		(13.7)		(16.7)		(35.1)		(53.2)
Net Income		35.1		48.3		50.6		103.5		145.4
Minority Interest		(2.1)		(1.9)		(3.0)		(7.6)		(7.8)
Net Income attributable to shareholders		32.9		46.4		47.6		95.9		137.5
Net attributable income per share (US$) (3)		0.41		0.58		0.60		1.20		1.72
(1) Net of income from recoveries of charged-off loans.
(2) Previously reported as part of personnel expenses.
(3) Applies 79.8 million net outstanding shares in all periods. Treasury shares amount to 14.6 million, which are netted from 94.4 million total outstanding shares.

Operating Changes

Prima AFP began operating in the first week of August 2005. During year 2005 it is expected to run operating losses for approximately US$10 million. In third quarter 2005, losses were US$3.1 million, and of US$3.5 million cumulative through September 2005.

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Net Income from Subsidiaries

Credicorp’s principal subsidiaries contributed to consolidated net income as follows:

(US$Mn)		3Q04		2Q05		3Q05		9m04		9m05
Banco de Crédito BCP(1)		US$32.0		US$42.6		US$44.2		US$85.3		US$130.5
Atlantic		2.8		3.0		3.6		9.3		10.0
PPS		3.0		0.1		2.4		7.7		4.7
Banco Tequendama		0.9		-.-		-.-		1.9		-.-
Credicorp and others(2)		-5.8		0.7		-2.7		-8.3		-7.7
Net income due to shareholders		US$32.9		US$46.4		US$47.6		US$95.9		US$137.5
(1) Includes Banco de Crédito de Bolivia.
(2) Includes Grupo Crédito (formerly Inversiones Crédito), Credicorp Securities and others.

In the third quarter of 2005, the Credicorp and others concept contributed net losses of US$2.7 million, mainly due to the above mentioned losses at Prima AFP.

In the current quarter, the contributions to Credicorp’s net attributable income from Banco de Crédito BCP and from Pacífico Peruano Suiza, are the results obtained under IFRS rules in U.S. Dollars, net of minority interests and of eliminations for consolidation purposes.

In Section II, BCP reports net income of US$46.6 million, which net of US$2.3 million of minority interest and consolidation adjustments, results in its US$44.3 million contribution.

In the case of PPS (Section IV), its net income according to IFRS is US$2.7 million, of which US$0.3 million for minority interests are deducted to reach its US$2.4 million contribution.

The contribution of Atlantic Security Holding Corporation of US$3.6 million in the current quarter is the same as net income in its own records. Atlantic’s September 2005 year-to-date contribution of US$10.0 million is below US$21.7 million net income shown in its books (see Section III) because of the elimination, for consolidation purposes, of US$11.7 million of dividends received from Credicorp.

Banco Tequendama, which sale was only registered last March 2005 due to regulatory delays, did not contribute to Credicorp’s net income since the fourth quarter of 2004 as its sale price was fixed prior to that period.

I.1 INTEREST INCOME AND OTHER INCOME

Note: For comparison purposes, in periods prior to 2005, income from recoveries of previously charged-off loans, which were reported in the Other non-interest income concept, have been reclassified into the Provision for possible loan losses concept, with no effect on net income. Additional minor reclassifications, also with no effect on net income, have been made affecting the captions of Commissions for banking services, Net premiums earned, and Other expenses.

Net interest income in the third quarter of 2005 was US$114.3 million, increasing over US$93.5 million earned in the third quarter of 2004, mostly due to higher interest earning assets, compounded by an increase in interest margins.

During the current quarter U.S. Dollar loan rates continued their positive trend and increased slightly, widening their spread over deposit rates. During third quarter 2005, the net interest margin (net interest income over average interest earning assets), on an annualized basis, was 5.79%, above 5.19% in the year-ago quarter, and increases also compared to 5.42% in the preceding second quarter.

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The volume of interest earning assets, as an average of quarter-end balances, reached US$7.9 billion in third quarter 2005, increasing 2.1% during the current quarter and is 9.6% higher compared to US$7.2 billion in the third quarter of 2004, mainly due to higher investments and loans.

Non-interest income, without including premiums and health fees, was US$72.5 million in the third quarter of 2005, 12.0% higher than US$64.8 million in the same period of 2004, principally due to improved results on sale of securities and higher fees on banking services. Non-interest income components were as follows:

								3Q05 vs.		3Q05 vs.
(In US$Mn)		3Q04		2Q05		3Q05		2Q05		3Q04
Commissions for banking services		49.5		51.6		51.2		-0.7%		3.4%
Gains from sale of securities		3.2		0.9		7.1		676.1%		122.6%
Gains from foreign exchange		6.6		7.2		7.6		5.3%		15.4%
Other non-interest income		5.5		3.5		6.5		87.9%		18.3%
Total Non-Interest Income		64.8		63.2		72.5		14.7%		12.0%

The altogether better results of Credicorp’s banking activities was strong enough to offset the downturn of the insurance business with its drop in earnings compared to the previous year.

Net revenue from the insurance activity, premiums and health fees net of claims and health costs, were as follows:

								3Q05 vs		3Q05 vs
(In US$ Mn)		3Q04		2Q05		3Q05		2Q05		3Q04
Net premiums earned and
Health fees		66.9		53.2		57.2		7.5%		-14.6%
Less:
Net claims and health costs incurred		8.7		11.4		9.0		-20.6%		4.5%
Increase in costs for future benefits for
Life and health policies		40.0		33.4		34.5		3.5%		-13.6%
Sub-total: Claims and costs		48.7		44.8		43.5		-2.6%		-10.3%
Net revenue from insurance activities		18.3		8.4		13.6		61.8%		-25.9%

In the preceding chart, comparing third quarter 2005 figures with the year-ago quarter significant declines are noted which are mainly due to the merger in third quarter 2004 of Novasalud EPS, which was acquired by PPS in March 2004. In third quarter 2004, Premiums and health fees, as well as Claims and health costs, generated by Novasalud from March through August 2004 were retroactively registered in third quarter 2004.

I.2 OTHER NON-INTEREST EXPENSES

Note: For comparison purposes, in prior periods, expense for Legal employee profit sharing, which was previously reported within the Salaries and employee benefits concept, have been reclassified into a separate line item, with no effect on net income.

Other non-interest expenses amounted to US$128.7 million in third quarter 2005, 2.9% over expenses in the same period of the previous year, and increase 11.2% with respect to the preceding second quarter 2005, mainly due to higher provisions for appreciation of stocks awarded under the stock options plan. Credicorp’s other expense components had the following variations:

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								3Q05 vs.		3Q05 vs.
(% change and US$Mn)		3Q04		2Q05		3Q05		2Q05		3Q04
Salaries and employee benefits		48.4		49.4		49.6		0.3%		2.4%
General, administrative, and taxes		37.2		31.6		36.5		15.6%		-1.7%
Depreciation and amortization		12.4		9.4		9.7		3.4%		-21.2%
Other		26.5		25.3		32.8		29.8%		23.7%
Merger costs		0.5		0.0		0.0		N/A		N/A
Total Other Expenses		125.0		115.8		128.7		11.2%		2.9%

In the Merger costs concept, we have a US$0.5 million expense in the 2004 third quarter, which was related with the Solución Financiera de Crédito merger.

Starting with 2005 reports, the determination of the efficiency ratio has been simplified by using only specific line items that are shown in the income statement (see Table No. 2). Additionally, the reclassifications noted at the beginning of this section affected the ratio. The efficiency ratio will be determined based on the following concepts:

- In the numerator or “operating expenses”: i) salaries and personnel expenses, ii) general expenses, and iii) depreciation and amortization.

- In the denominator: i) net interest income, ii) fees and commissions on banking services, iii) gains on foreign exchange transactions, and iv) net premiums earned.

In this way, the efficiency ratio improved from 45.3% to 41.5% comparing the third quarters of 2004 and 2005, respectively.

“Operating expenses” as a percentage of average total assets also improved from 4.5% in third quarter 2004, to 4.0% in the current quarter.

I.3 ASSETS AND LIABILITIES

Credicorp’s totals assets reached US$9.8 billion at September 30, 2005, increasing 3.7% since the end of June 2005, and are 11.3% higher than the balance at September 2004, mainly due to investment portfolio growth and, to a lesser extent, to the loan portfolio growth.

The loan portfolio as of September 30, 2005 reached US$4.7 billion, increasing 2.6% compared to US$4.5 billion in September 2004, but decreases by 3.0% compared to the balance in June 2005.

Loan quality indicators are shown in the following table:

(In US$Mn)		30.09.04		30.06.05		30.09.05
Total loans		4,531.6		4,793.4		4,651.3
Past due loans		215.0		127.4		117.7
Loan loss reserves(1)		262.4		227.8		203.0
Past due / Total loans		4.8%		2.7%		2.5%
Reserves / Past due		122.0%		178.7%		172.4%

The balance of past due loans decreased from US$127.4 million to US$117.7 million during the current quarter partly due to charge-offs amounting to US$14.7 million.

 

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Deposits and other obligations reached US$6.7 billion at September 30, 2005, increasing 8.4% over US$6.2 billion of last September 2004, and by 2.8% from US$6.6 billion at June 2005. Due to banks and correspondents grew 32.6% compared to the balance at September 2004, but slightly declined by 0.8% during this quarter.

Credicorp’s net equity amounted to US$1.2 billion at September 30, 2005, increasing 16.9% compared to equity at September 2004.

Third party funds under management, which amounted to US$2.0 billion at the end of September 2005, increased 8.5% during the current quarter, and are 14.7% higher than funds of US$1.7 billion at September 2004.

I.4 PERUVIAN ECONOMIC SITUATION

Economic Activity

During third quarter 2005 the Peruvian GDP continued with a strong growth rate, sustaining a positive trend that started in the final months of 2004. In the month of July 2005, GDP grew 4.9% and 6.7% in August, growing a cumulative 5.9% in the first eight months of 2005, compared with 4.4% in the same period of 2004. After increasing 6.1% and 5.7% in the first and second quarters, respectively, growth is expected at 6% in third quarter 2005. Growth in total year 2004 was 4.8% .

It is important to note the improved growth prospects of sectors related to domestic demand, like construction, non-primary manufacturing, retail and services. GDP performance was driven by higher activity in non-primary manufacturing (mainly textiles, intermediate and durable goods), oil and natural gas, and the agriculture sub-sector.

Cumulative through August 2005 all GDP sectors grow except Fishing, although the decline is slight at 0.4% . Highest performance is noted in the Oil and Gas sub-sector which grew 35.4%; non-primary manufacturing, up by 8.2%; the agriculture sub-sector, which grew 6.0% due to improved weather conditions; and, the retail sector with 6.6%, construction, that grew 6.2%, and services with 5.7% . Metals mining production, that declined during the first months of the year, due to lower zinc, gold and iron output and a poor performance of copper, recovered through August to a 1.8% increase.

Public Finance

In second quarter 2005, the Public Sector budget had a surplus of 2.7% (of GDP), compared to a surplus of 1.1% in the same quarter of 2004. Given seasonality of public expenditures, a budget deficit is expected to be run in the second half of 2005, and also noting that the fiscal year has a target of a 1.0% deficit. Total 2004 deficit was below the target of 1.5%, resulting at only 1.1% .

The surplus in second quarter 2005 was mainly due to increased Central Government revenue which, after being 14.9% of GDP in second quarter 2004, grew to 16.8% of GDP in this period. This increase exceeded current expense and capital expenditures growth, which remained at 13.0% and 2.3% of GDP, respectively.

Higher revenue is due to increased Central Government tax collections, which cumulative through August 2005 increased 14.2%, in nominal terms, compared with the same 2004 period. It should be noted a 27% increase of Income Tax revenue, mainly from corporations, and the 19% growth in case of tax on imports and the related value-added tax (IGV). Through August 2005, non-financial expenses increased 9% (nominal), while capital expenses grew 5%.

Prices and Devaluation

 

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In the third quarter of 2005, the consumer price index (“IPC”) in Peru decreased 0.2%, compared to increases of 0.5% both of the first two quarters of this year, with which inflation reached 0.9% in the first nine months of 2005. Inflation was 1.1% in the twelve months prior to September 2005, remaining by the bottom of the range of 1.5% to 3.5%, targeted by the Central Bank for total 2005. Deflation in the current quarter, was mainly due to lower food prices, but were partly offset by price increases of certain public services, mainly communication and transportation.

The wholesale price index (“IPM”) increased 1.3% in third quarter 2005, higher than 0.6% and 0.3% in the preceding two quarters. The IPM grew 2.2% in the first nine months of 2005. In the current quarter local and imported components of the wholesale price index grew at approximately the same rate.

The average bank market Nuevos Soles exchange rate in Peru was S/.3.344 at September 30, 2005, increasing 2.8% during the quarter, compared to declines of 0.3% and 0.6% in the preceding two quarters. The exchange rate devalues 1.9% from S/.3.282 at the end of December 2004. The currency devalued mostly during September, month during which no Central Bank intervention in the currency market was required, and when its net purchases of foreign exchange amounted to only US$33 million. During 2005, cumulative purchases of foreign exchange, through September, reached US$3,130 million, compared to US$2,340 million purchased during total 2004.

International Reserves

International reserves of the Central Bank decreased during third quarter 2005, due in part to the pre-payment of foreign debt to Paris Club countries. Reserves reached US$13,695 million at September 30, 2005, compared to US$13,818 million at June 2005, but they continue above reserves of US$12,631 million at December 31, 2004.

The Trade Balance had a US$2,962 million cumulative surplus in the eight month period through August 2005, increasing compared to a US$1,644 million surplus in the same period of 2004. Cumulative through August 2005, exports grew 36% versus a 25% increase in imports. Exports, which reached US$10,754 million as of August 2005, grew on increased volume and prices, especially of molybdenum, copper, oil and gas, and non-traditional textiles, agricultural and fishing exports. Imports through August 2005 amounted to US$7,792 million, increasing mainly due to higher imports of durable goods and raw materials, while consumer goods also increased significantly.

Financial System

Commercial bank’s deposit volumes continued a positive growth trend during third quarter 2005, based on U. S. Dollar figures translated at historical exchange rates, while loan balances had a slight decline. Deposits at September 30, 2005 in the twelve operating commercial banks in the system, including their foreign branches, reached US$16.0 billion, according to the Asociación de Bancos del Peru (ASBANC), higher by 1.5% compared to deposits at June 30, 2005, in Dollar terms, and grew by 12.1% compared to the year-ago balance at September 30, 2004.

As of September 30, 2005, total loans in the banking system were US$11.7 billion, 0.8% lower than loans at June 30, 2005, but grow 12.0% over September 30, 2004 loan balances. In the current quarter, local currency loans, that were 26.1% of total loans (23.6% at September 2004), grew 7.0% since last June to reach US$3.1 billion, while foreign currency loans decreased 3.3% to US$8.7 billion.

As of September 30, 2005, the Peruvian bank's past due ratio was 2.7%, improving from the 3.0% rate in June 2005 and from 4.6% in September 30, 2004. Commercial banks’ past due loans decreased 11.4% since last June to US$318 million, and are lower by 34.5% compared to bad loans at September 30, 2004. At September 30, 2005, loan loss provisions were US$656 million, decreasing 8.5% during the current quarter. The system-wide past due loan coverage ratio was

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206.6% at September 30, 2005, improving from 200.0% as of June 2005, and is also higher than the ratio of 155.7% at September 30, 2004.

Interest rates

During the third quarter 2005 while commercial banks’ interest rates on loans and deposits in local currency remained almost unchanged, foreign currency interest rates continued with a slight increasing trend. Local currency average loan rates (TAMN) slightly decreased to 25.8% in third quarter 2005, from 25.9% in the preceding second quarter. Local currency deposits rates (TIPMN) remained almost unchanged at 2.6% . In the year-ago third quarter of 2004, TAMN was 25.1% and TIPMN was 2.4% .

During third quarter 2005 foreign currency loan rates (TAMEX) increased to 9.9%, from 9.6% in the preceding second quarter, while deposit rates (TIPMEX) increased to 1.6% from 1.4%, respectively. In the year-ago third quarter of 2004, TAMEX was 8.9% and TIPMEX was 1.1% .

Private Pension Funds and Mutual Funds

Managed assets in private pension funds continued increasing and grew 13.2% in the third quarter of 2005, in U.S. Dollar terms, reaching US$9.6 billion as of September 30, 2005, after increasing 3.8% in the second quarter of 2005, and are 31.7% higher than funds at September 2004. In the twelve months prior to September 2005, the funds had a return of 18.5% in real terms.

Mutual funds balances grew for the second consecutive quarter, after suffering declines in prior periods due to volatility of prices and valuations in capital markets and to the increase in interest rates. Total mutual funds amounted to US$2.0 billion at the end of the third quarter 2005, increasing 5.3% in the quarter, and are 10.5% above the balance at September 2004. Total funds had a return in Dollar terms of 0.6% in the quarter, and of 3.5% during the year since September 2004.

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II. BANCO DE CREDITO DEL PERU AND SUBSIDIARIES (“BCP”)

II.1 NET INCOME

From financial statements prepared according to IFRS rules and in U.S. Dollars, consolidated net income in the first nine months of 2005 was US$136.4 million, 53.8% higher than profits of US$88.7 million in the same period of 2004. Net income in the third quarter of 2005 was US$46.6 million, increasing 40.2% compared with net income of US$33.3 million in the same year-ago quarter, and are 5.3% above profits of US$44.3 million in the preceding second quarter 2005.

September year-to-date net income and third quarter 2005 net income improve compared to the same prior year periods mainly due to higher net interest income and increased non-financial income. These improvements offset increases in operating expenses, income taxes, and the translation loss.

In the current quarter a translation loss of US$5.2 million is reported, compared to a loss of US$0.8 million in the year-ago quarter. See II.9. --Note on Inflation Adjusted Accounting.

Financial income continued increasing during the current quarter principally due to higher volume of investments, while loan volume remained almost unchanged combined with higher NIM.

Cumulative through September 2005 and in third quarter 2005, loan loss provisions had a net positive effect on results, due to recoveries exceeding required reserve additions. Loan quality continued to improve, with the past due ratio declining to 2.6% in September 2005, and past due coverage increasing to 175.2% .

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
SUMMARY OF RESULTS (1)

(In U.S.$ millions, except net income per share)

		Three months ended						Nine months ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Net interest income		77.8		91.8		100.1		228.0		283.2
Provisions for loan losses, net		1.8		0.9		(3.0)		8.9		(5.2)
Other income		59.2		61.3		70.6		163.9		191.2
Other expenses		90.6		94.0		99.2		260.8		282.0
Merger costs		0.5		0.0		0.0		3.7		0.0
Translation result		(0.8)		0.4		(5.2)		1.4		(4.4)
Income before income tax		43.3		58.6		69.3		119.9		193.2
Employee profit sharing(2)		1.6		1.7		3.6		4.2		8.2
Income Tax		8.4		12.5		19.1		27.0		48.6
Net Income		33.3		44.3		46.6		88.7		136.4
Net income contributed to Credicorp		32.0		42.6		44.2		85.3		130.5
(1) Financial statements prepared according to IFRS, in U.S. Dollars.
(2)Previously reported as part of personnel expenses.
(3) Based on 1,287 million outstanding shares in all periods.

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II.2 NET INTEREST INCOME

Interest income, net of interest payments, in the third quarter of 2005 reached US$100.1 million, increasing 28.7% compared to US$77.8 million net interest income in the same period of last year, and grew 9.0% compared to net interest income in the preceding second quarter.

Increased net interest income, compared to the year-ago third quarter, is mostly due to higher average interest earning assets, combined with net interest margin growth. Average interest earning assets reached US$7.0 billion during third quarter 2005, a 15.1% growth comparing with the third quarter of last year, mainly due to growth of the loan portfolio and investments. Interest earning assets grew 1.7% compared to the average in the preceding second quarter, mainly due to higher investments and available funds.

During the third quarter of 2005, the net interest margin was 5.72%, higher than 5.34% in the preceding second quarter, and also increases from 5.12% during the third quarter of 2004. During the current quarter, the net interest margin grew mostly due to higher U.S. Dollar loan rates, following international trends, while deposit rates grew at a slower pace. Both, loan and deposit rates in local currency declined, with the net interest margin in this currency remaining almost unchanged.

II.3 NON-INTEREST INCOME

Note: For comparison purposes, in periods prior to 2005, income from recoveries of previously charged-off loans, which were reported in the Other non-interest income concept, have been reclassified into the Provision for possible loan losses concept, with no effect on net income.

Non-interest income, which include fee revenue and other non-interest items, in the third quarter of 2005 amounted to US$70.6 million, 19.1% higher than US$59.2 million earned during the third quarter of 2004, mostly due to higher gains on securities transactions, increased revenue on banking services and recoveries of provisions on foreclosed assets.

In the third quarter of 2005, fees from banking services amounted to US$53.5 million, 7.6% higher than fees in the same period of 2004, due to increased revenue in various concepts, being noteworthy those of credit and debit cards, fund transfers and for loan disbursement fees.

In the quarter, fees on the most important banking services had the following growth rates:

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(In US$ Mn.)		3Q04		3Q05		Growth
Savings accounts		5.8		6.2		6.1%
Demand deposits		6.6		6.7		2.2%
Credit cards		6.1		6.4		5.2%
Fund transfer services		4.4		5.2		17.6%
Collections fees		3.7		4.0		7.8%
Billings and payments		3.9		4.3		10.6%
Contingent and foreign trade		2.6		2.7		5.8%
Contingent credits		2.0		2.2		7.4%
Debit cards		1.7		2.6		56.5%
Corporate Finance		3.1		1.6		-47.7%
Brokerage		3.6		2.8		-22.0%
Commercial loans		1.1		2.0		77.4%
Insurance		1.2		1.3		9.5%
Mortgage loans		0.5		0.8		68.5%
Channels and services		0.5		0.6		18.9%
Master account		0.4		0.4		-10.1%
Personal loans		0.3		0.2		-25.1%
Micro-business credit		0.5		0.7		31.1%
Other		1.8		2.8		57.3%
Total		49.7		53.5		7.6%

In the third quarter of 2005, securities transactions resulted in a gain of US$4.8 million, compared with gains in the 2004 3Q of US$1.6 million. The general index of the Lima Stock Exchange, after declining 2.9% in second quarter 2005, increased 25.6% in the third quarter, which compares with the increase of 13.6% in the same year-ago period.

Gains from foreign exchange operations, which are the result of the foreign exchange buy-sell margin, were US$7.6 million in the third quarter of 2005, 18.7% higher than revenue in the same quarter of 2004, mainly due to increased transactions volume, which offset a slight decrease in the buy-sell margins.

The Other Income caption, that mainly registers reversals of prior year expenses and provisions and recoveries of certain operating costs, increased from US$1.5 million in the third quarter of 2004 to US$4.6 million in the current period, mostly due to recoveries of provisions for lower value of foreclosed assets.

II.4 OTHER NON-INTEREST EXPENSES

Note: For comparison purposes, in prior periods, expense for Legal employee profit sharing, which was previously reported within the Salaries and employee benefits concept, has been reclassified into a separate line item, with no effect on net income.

Non-interest expenses during the third quarter of 2005 were US$99.2 million, 8.8% above US$91.1 million in the same period in 2004, mainly because of an increased Other expense caption.

In this quarter, approximately 38% of non-interest expenses were attributable to employee salaries and other expenses related to personnel, which increased 3.8% to US$37.9 million, when compared to the third quarter of 2004. At the end of September 2005 the number of employees stood at 7,494, decreasing from 7,575 employees as of June 2005, and also compared to 7,667 employees at September 2004, mainly due to reduced positions in retail offices.

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General and Administrative expenses, which represented 30% of non-interest expenses, reached US$30.0 million in the third quarter of 2005, growing 5.2% compared to expenses in the 2004 period. In the current quarter, higher expenses are mostly related to third party fees and marketing. In this quarter, the most significant general and administrative expenses were:

(In US$ Mn.)		3Q04		3Q05		Chnge.
Office supplies and operating costs		3.5		3.8		9.1%
Communications		2.4		2.0		-16.0%
Third party fees		4.0		5.6		40.4%
Insurance and security		2.0		1.9		-6.1%
Transport of currency and securities		3.7		3.5		-5.2%
Systems and maintenance		6.0		5.6		-6.4%
Advertising and marketing		4.4		4.9		11.2%
Other G&A		2.5		2.7		6.7%
Total G&A		28.5		30.0		5.2%

The Other caption within Other Non-Interest Expenses, increased from US$12.9 million in the third quarter of 2004 to US$19.4 million in the current quarter, mainly due to higher provisions for appreciation of stocks awarded under the stock option plan.

Starting with 2005 reports, the determination of the efficiency ratio has been simplified by using only specific line items that are shown in the income statement (see Table No. 5). The efficiency ratio will be determined from the following concepts:

- In the numerator or “operating expenses”: i) salaries and personnel expenses, ii) general expenses, iii) depreciation and amortization, and iv) taxes other than income taxes.

- In the denominator: i) net interest income, ii) fees and commissions on banking services, and iii) gains on foreign exchange transactions.

The Efficiency ratio improved from 58.0% to 49.5% comparing the third quarters of 2004 and 2005, respectively.

The ratio of “operating expenses” as a percentage of average total assets, also improved from 4.5% third quarter 2004 to 4.0% in the current period.

As mentioned in the note at the beginning of this section, the profit sharing expense was reclassified, decreasing operating expenses. Prior period ratios have been recalculated accordingly.

II.5 ASSETS AND LIABILITIES

Total assets of BCP reached US$8.2 billion at the end of September 2005, growing 2.7% with respect to June 2005, and by 17.6% compared to assets at September 2004, mainly due to higher investments and increased performing loans.

Consolidated total loans were US$4.5 billion at the end of September 2005, decreasing 2.7% during the current quarter, but are 9.5% above loans at September 2004.

At September 30, 2005, the loan portfolio, net of provisions, represented 52.2% of total assets, lower than 54.9% at the preceding quarter. At the end of the third quarter of 2005, the Nuevos Soles portion of the loan portfolio was 18.6%, higher than 16.7% in June 2005, and is also over 16.9% at September 2004.

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As of September 30, 2005 total deposits, which do not include bonds and subordinated debt (see Table No. 6), were US$6.2 billion, increasing 1.3% compared to second quarter 2005 deposits, and are 12.9% over deposits in the year-ago quarter.

During the third quarter 2005, both demand deposits and savings deposits increased 1.4%, while time deposits increased by 1.2% . Deposits denominated in Nuevos Soles were 27.6% of total deposits, decreasing during the current quarter from 28.0% at June 2005, but remains over 23.4% at the end of September 2004.

BCP's subsidiaries had the following loan, net of provisions, and deposit contributions:

		Loans, net						Total Deposits
(In % and US$ Mn.)		30.09.04		30.06.05		30.09.05		30.09.04		30.06.05		30.09.05
Banco de Crédito del Perú		88.1%		88.9%		88.5%		91.8%		91.8%		91.9%
Banco de Crédito de Bolivia		7.0%		6.8%		7.2%		5.7%		5.8%		5.7%
Crédito Leasing		4.9%		4.3%		4.3%		2.5%		2.4%		2.4%
TOTAL%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%
Total BCP		US$3,817		US$4,376		US$4,278		US$5,466		US$6,089		US$6,169

Loan Portfolio

Loan portfolio composition by business segment developed as follows:

(In % of total and US$ Mn)		30.09.04		30.06.05		30.09.05
Corporate		41.6%		40.6%		39.0%
Middle market		26.1%		26.0%		25.0%
Retail:		32.3%		33.4%		36.0%
- small business		9.0%		8.8%		9.9%
- home mortgage		16.3%		17.3%		18.0%
- consumer		3.3%		3.6%		4.0%
- credit cards		3.7%		3.7%		4.1%
Total		100.0%		100.0%		100.0%
Total Loans		US$4,090		US$4,601		US$4,479

During the current quarter, loan balances decreased 2.7%, where middle market loans declined by 6.4% to US$1,119 million, and corporate loans decreased by 6.7% to US$1,745 million, while retail loans increased by 5.2% to US$1,615 million. Retail loans by product performed as follows:

								30.09.05 vs		30.09.05 vs
(% change and US$ Mn)		30.09.04		30.06.05		30.09.05		30.06.05		30.09.04
Small business loans		366		403		442		9.50%		20.61%
Mortgage loans		668		797		806		1.09%		20.62%
Consumer loans		137		166		179		7.91%		30.60%
Credit card loans		150		169		189		11.83%		26.05%
Total Retail		1,321		1,535		1,615		5.22%		22.27%

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Contingent Credits and Managed Funds

At September 30, 2005 contingent credits were US$2,868 million, 20.7% above the June 2005 figure, mainly due to increased foreign currency forwards operations, as shown in the next chart:

								30.09.05 vs		30.09.05 vs
(% change and US$ Mn)		30.09.04		30.06.05		30.09.05		30.06.05		30.09.04
- Guarantees and Stand-by LCs		579		644		640		-0.5%		10.7%
- Letters of Credit		164		249		173		-30.5%		5.7%
- Acceptances		49		38		51		32.9%		3.6%
- Foreign currency forwards		344		597		1,130		89.3%		228.9%
- Other contingent accounts		516		849		874		3.0%		69.3%
Total Contingent Credits		1,651		2,377		2,868		20.7%		73.7%

Third party funds managed by several subsidiaries of BCP amounted to US$1,044.6 million as of September 30, 2005, increasing 5.0% compared to funds at June 2005.

Market share

According to preliminary statistics from the Peruvian Banking Association (ASBANC) for Peruvian commercial banks as of September 30, 2005, Banco de Crédito del Perú had a total loan market share of 33.6% (34.5% at June 30, 2005 and 34.0% at September 30, 2004), and 37.1% of deposits (36.6% at June 30, 2005 and 36.1% at September 30, 2004).

BCP’s market share in Peruvian mutual funds, through its subsidiary Credifondo, was 50.3% as of September 30, 2005 (50.5% at June 30, 2005 and 51.6% at September 30, 2004).

II.6 LOAN QUALITY

The ratio of past due loans as a percentage of total loans improved to 2.6% at September 30, 2005, from 2.7% at June 2005, and also compared to the ratio of 5.0% at September 2004. The ratio of past due, refinanced and restructured loans as a percentage of total loans improved to 6.6% during third quarter 2005 from 7.3% in June 2005, and also compared to 9.9% at September 2004.

Consolidated past due loans amounted to US$114.2 million at September 30, 2005, decreasing 7.7% from the balance of US$123.7 million at June 2005, and are also 44.0% below US$203.7 million past due loans at September 2004.

At the end of September 2005, refinanced loans amounted to US$182.1 million, lower than the balance at June 2005 that was US$212.7 million, and also compared to the balance of US$200.1 million in third quarter 2004.

At the end of the third quarter 2005, outstanding balances of loan loss provisions totaled US$200.0 million, decreasing 11.0% compared to the balance at June 2005, and also decreases 26.8% with respect to September 2004, mainly due to charge-offs.

The coverage ratio of loan provisions to past due loans was 175.2% at the end of third quarter 2005, lower than 181.7% at June 2005, but improves compared to 134.1% in the year-ago quarter. The coverage ratio of provisions over the sum of past due loans and refinanced loans was 67.5% in September 2005, higher than 66.8% at last June, but remains similar to 67.7% in September 2004.

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Of total provisions outstanding at the end of the current quarter, US$60.3 million correspond to generic provisions assigned to loans in the Normal (A) risk category, increasing from the balance at September 30, 2004 of US$50.6 million.

Loans believed to be unrecoverable, fully provisioned in prior periods, were charged-off during the third quarter 2005 amounting to US$14.7 million, of which approximately 56% were related to consumer and mortgage loans. This compares to charge-offs in the second quarter of 2005 of US$23.0 million, and US$22.5 million in the year-ago third quarter.

Loans classified as Substandard (i.e., Deficient, Doubtful and Loss) were 7.0% of the loan portfolio in September 2005, decreasing from 8.3% in June 2005 and from 12.2% in September 2004. The loan classification is as follows:

(% of Total loans and US$Mn)				30.09.04		30.06.05		30.09.05
A:		Normal		79.7%		84.1%		86.2%
B:		Potential Problem		8.1%		7.6%		6.8%
C:		Deficient		4.8%		2.9%		2.1%
D:		Doubtful		4.4%		3.6%		3.3%
E:		Loss		3.0%		1.8%		1.6%
		Total		100.0%		100.0%		100.0%
		Total Loans		US$4,090		US$4,601		US$4,479

Loan loss provision expense, net of recoveries, had a positive effect of US$3.0 million in third quarter 2005, with recoveries of previously charged-off loans exceeding provision requirements, due to improved loan quality. In the year-ago third quarter of 2004, net provisions resulted in an expense charge of US$1.8 million, while in the preceding second quarter 2005 the provision expense was US$0.9 million. In third quarter 2005, recoveries of charged-off accounts, which are shown within the net loan loss expense caption, amounted to US$6.5 million, compared to recoveries of US$4.3 million in the same year-ago period, and US$4.6 million in the preceding second quarter.

II.7 CAPITAL ADEQUACY

At the end of the third quarter of 2005, BCP’s unconsolidated ratio of risk-weighted assets to regulatory capital was 8.0 to 1.0 (12.4%), while the corresponding consolidated ratio was 7.1 to 1.0 (14.0%) . Peruvian regulations limit risk-weighted assets, including market-risk exposure, to a ratio of 11.0 to 1.0 (9.1%) .

At September 30, 2005, risk-weighted assets include US$193.8 million of market-risk exposure (US$283.2 million at September 2004) whose coverage required US$17.6 million of regulatory capital.

As of September 30, 2005, BCP’s consolidated “regulatory capital” was US$699.9 million, remaining similar to the preceding quarter. Regulatory capital included US$41.1 million of subordinated debt in the current period, remaining almost unchanged since June 2005, and also to the September 2004 balance.

		BCP unconsolidated				BCP consolidated
(In US$ Mn.)		30.09.04		30.09.05		30.09.04		30.09.05
Regulatory capital		551.0		557.4		682.4		699.9
Risk weighted assets		4,352.6		4,484.4		4,828.1		4,996.9
Weighted assets / Capital		7.9		8.0		7.1		7.1
Capital / Weighted Assets		12.7%		12.4%		14.1%		14.0%

 

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II.8 BANCO DE CREDITO DE BOLIVIA (BCB)

Below are brief comments on the Bolivian subsidiary, which is consolidated within BCP:

Bolivian economic activity

It is expected that Bolivian economic activity will continue a moderate recovery during 2005. GDP growth reached 4.0% during the first and second quarters of 2005. GDP growth improved from 2.5% in 2003, to 3.6% in 2004, and should exceed 4% during 2005.

Higher growth is mainly due to increased exports of minerals, oil and gas, and of agricultural products, while domestic demand and consumption remained stagnant. Cumulative through August 2005, exports grew 19% to US$1,730 million, generating a trade surplus of US$265 million. Through August, imports amounted to US$1,465 million, growing 25% due to higher imports of raw materials and capital goods.

During third quarter 2005 inflation was negligible, compared to 1.8% in the preceding second quarter, and reached 5.5% in the year ended in September 2005. In June 2005 inflation was affected by massive protests that interrupted road transport. Nevertheless, the exchange rate strengthened during the current quarter, declining to 8.08 Bolivianos per Dollar at September 30, 2005, from 8.10 in June, and is only slightly above the 8.05 exchange rate at the beginning of the year.

Bolivian banking system

Banking deposits grew to US$2,840 million at September 2005, from US$2,672 million in June 2005, and from US$2,559 million at the beginning of the year.

Loan volume in the banking system increased during the current quarter to US$2,581 million as of September 2005, growing 1.0% over loans of US$2,556 million at June 2005, and are 6.7% over loans of US$2,420 million at year-end 2004. The System-wide past due loan ratio was 13.7% in September 2005, lower than 14.0% in December 2004. The coverage of past-due loans with provisions decreased to 74.7% at September 2005, from coverage of 84.3% in December 2004.

BCB highlights

BCB’s market share in deposits at September 2005 was 13.2%, increasing from 13.0% at the end of December 2004. In terms of loans, BCB had a 13.0% market share at September 2005, slightly below 13.1% it had last December 2004. In this way, BCB remained in the fourth position in terms of deposits and loans, out of twelve banks in the system.

As of September 30, 2005, BCB had total loans of US$335.4 million, increasing from US$320.8 million in December 2004. Loan quality continued to improve. At the end of the third quarter 2005, BCB’s past due loans reached US$23.1 million, or 6.9% of total loans, lower than 11.0% at December 2004. Coverage of past due loans with loan loss provisions was 116.4% as of September 2005, increasing from 100.6% in December 2004. Net equity at the Bolivian subsidiary amounted to US$61.9 million as of September 2005, increasing from US$59.8 million at the beginning of the year.

Cumulative through September 2005, net loan loss provisions resulted in a positive effect in net income of US$0.3 million, compared also to a US$0.7 million net positive recovery during the first nine months of 2004.

In BCB´s own records, net income in third quarter 2005 was US$3.5 million and of US$2.1 million in the preceding second quarter, compared to US$1.1 million in each of the corresponding year-ago quarters.

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BCB’s main financial figures are shown in the following chart.

Banco de Crédito de Bolivia (“BCB”)
Key Financial Figures

(In US$Mn)		30.09.04		30.06.05		30.09.05
Total Loans		301.9		325.4		335.4
Past-due loans		42.9		28.0		23.1
Loan loss reserves		35.7		29.4		26.9
Total assets		431.7		469.1		493.0
Deposits		334.4		371.0		379.2
Net equity		57.5		58.5		61.9
Net income, cumulative		2.6		3.0		6.5
Past-due loans / Total loans		14.2%		8.6%		6.9%
Loss reserves / Past-due loans		83.3%		105.2%		116.4%

II.9 NOTE ON INFLATION ADJUSTED ACCOUNTING

Inflation adjustment accounting rules were required by Peruvian GAAP until December 31, 2004. Starting January 1^st, 2005, Peruvian authorities decreed the suspension, with legal and tax effects, of further inflation adjustments, which is a consequence of international guidelines for low inflation countries as experienced recently in Perú.

Following the elimination of inflation adjusted accounting, starting with fiscal 2005 Credicorp and its subsidiaries report their financial statements prepared in accordance with IFRS and in U. S. Dollars.

The inflation adjustment index, based on the wholesale price inflation, and the exchange rate, are shown in the following chart:

		30.09.04		30.06.05		30.09.05
Inflation – wholesale prices
(last twelve months)		6.0%		1.0%		2.2%
Inflation adjustment index
(at December 31, 2004)		1.000		1.000		1.000
Exchange rate (Soles per US$1)		S/.3.342		S/.3.253		S/.3.344
Devaluation / (revaluation)
(last twelve months)		(4.02)%		(6.28)%		0.06%

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III. ATLANTIC SECURITY HOLDING CORPORATION AND SUBSIDIARIES (“ASHC”)

Net Income

In the first nine months of 2005, Atlantic contributed US$10.0 million to Credicorp’s consolidated net attributable income, above US$9.3 million contributed in the same period in 2004. In the quarter ended September 30, 2005, Atlantic contributed US$3.6 million to consolidated profits, higher than US$2.8 million contributed in the year-ago third quarter. Improved net income is mainly due to higher non-interest income that offset decreased financial income.

For September year-to-date, ASHC’s records show net income of US$21.7 million, higher than its US$10.0 million contribution, due to the elimination in the consolidation process of dividends received from Credicorp of US$11.7 million.

Financial and non-financial income

Net interest income, before risk provisions and not including dividend income, was US$3.0 million in the third quarter of 2005, below US$3.4 million in the same quarter of last year. Net interest income as a percentage of interest earning assets, without considering dividends, was 1.5% during third quarter 2005, lower than the 1.9% margin in the third quarter 2004, and also compared to 1.6% margin in the preceding second quarter. Compared with the year-ago quarter, the margin decreased mainly because during 2004 the investment portfolio grew its lower risk and lower return segments, compounded by higher funding costs due to increasing interest rates.

During the third quarter of 2005 provision charges against income for market risk amounted to US$200 thousand, while no credit risk provision was required. In the year-ago third quarter no provision was required.

Non-interest income, which includes fee income, realized gains on securities transactions before risk provisions and others, amounted to US$2.7 million in the third quarter of 2005, higher than US$1.3 million in the same year-ago quarter, mainly due to increased gains on securities. Fee income was US$1.2 million in the current period, compared to US$1.0 million fee revenue in the year-ago quarter.

The ratio of operating expenses over average assets improve to 0.8%, annualized, in the third quarter of 2005, from the ratio of 0.9% in the same period in 2004. This ratio declines to 0.4% in third quarter of 2005, when funds under management are included within total assets, lower than 0.5% in the year-ago quarter.

Assets and liabilities

The loan portfolio, net of provisions, was US$130.6 million as of September 30, 2005, decreasing compared to US$154.5 million at the end of September 2004. As of September 30, 2005, the loan portfolio had no past dues, improving from a 2.4% past due ratio at September 2004.

The securities portfolio increased to US$618.8 million at September 2005, from US$500.5 million last September 2004, and also grew compared to US$555.5 million at the end of June 2005.

Deposits amounted to US$821.3 million at September 30, 2005, increasing from the balance of US$688.7 million at the end of the year-ago third quarter, and also compared to US$747.1 million at the end of June 2005.

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Funds under management were US$900.5 million at September 30, 2005, 27.0% higher than US$708.8 million at September 2004, and grew 12.9% compared to US$797.3 million at June 2005, mostly due to additions to the client base as well as to higher valuations of the portfolio.

Net equity reached US$161.8 million at the end of September 2005, increasing over US$146.5 million at September 2004, due to current period’s earnings and net of US$10.0 million dividends paid to Credicorp in second quarter 2005. The equity account of reserves for market value of investments amounted to US$9.0 million at the end of September 2005, increasing from US$7.7 million at the beginning of the quarter, but remains similar to the balance at September 30, 2004.

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IV. EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES (“PPS”)

Net income

Based of IFRS accounting principles, in U.S. Dollars, PPS contributed to Credicorp in the first nine months of 2005, a net income of US$4.7 million, compared to US$9.3 million in the same year-ago period. Contributed net income in the third quarter of 2005 was US$2.4 million, improving from US$0.1 million in the preceding second quarter 2005, but declines compared to US$3.0 million in the third quarter of 2004.

In the first nine months of 2005, net income decreased compared to the same 2004 period, mainly due to higher claims on marine hull risks.

Comparing third quarter figures with the same year-ago quarter, significant declines are noted in Premiums and health fees, as well as in Claims and health costs, which are mainly because results in August 2004 included retroactively operations from March though July of Novasalud EPS. Novasalud EPS was acquired in March 2004, and merged with Pacífico Salud in August 2004.

Revenue and operating expense

Total premiums and Pacífico Salud health fees in the third quarter of 2005 were US$88.6 million, 15.3% lower than premiums of US$104.5 million in the same year-ago quarter. The decline is due mainly to the merger of Novasalud EPS which caused, as mentioned above, the registering of US$24.0 million in fees for operations from March through July 2004. Without considering this effect, total premiums grew 10.1% .

Retained premiums decrease 2.9% to US$72.4 million compared to the preceding second quarter 2005, and are 18.0% lower than retained premiums in third quarter 2004.

Cumulative through September 2005, net premiums earned and health fees, net of reinsured premiums and reserves, were US$166.5 million, increasing 15.0% compared to the same prior year period.

Additions to technical reserves for premiums grew by US$14.4 million in the third quarter of 2005, 29.3% lower than additions in the preceding second quarter 2005, and also 21.0% lower compared to reserve additions in the third quarter of last year. Most of reserves in the third quarter of 2005 were established by Pacífico Vida, for its life annuities and life insurance lines.

Net consolidated underwriting results was US$6.4 million in the third quarter of 2005, decreasing from US$11.9 million in the same prior year quarter, but improves from US$2.0 million in the preceding quarter. Cumulative through September 2005, net consolidated underwriting results reached US$15.6 million, 26.8% below the year-ago period, mostly due to higher claims in the current year. As of September 2005 claims reached US$129.0 million, higher than US$104.4 million in the first nine months of 2004.

The ratio of net underwriting results (net premiums and health fees less reserves and claims as a percentage of total premiums) was 7.2% in the third quarter of 2005, higher than 2.2% in the preceding second quarter, but is below the 11.4% ratio in the 2004 3Q.

Financial results reached US$9.4 million in third quarter 2005, lower than US$10.2 million in the preceding second quarter, but increases compared to US$9.0 million in third quarter 2004.

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Exchange difference resulted in a loss of US$0.3 million in third quarter 2005, compared to the loss of US$0.6 million in the same period of 2004.

Operating expenses over net premiums earned, decreased from 19.8% to 18.9% comparing the third quarters of 2004 and 2005, respectively. The ratio of operating expenses over average assets declined from 8.8% to 5.8%, in these same periods.

Business lines

Comparing cumulative results through September 2005 and 2004, consolidated total premiums and fees consisted of:

i)	general insurance lines, amounting to 46.9% of total premiums and grew 4.4%;
ii)	fees at Pacífico Salud, were 21.7% of total premiums and increased 12.5%; and,
iii)	Pacífico Vida, which amounted to 31.4% of the total and decreased 1.0%.

Cumulative through September 30, 2005, growth of Pacífico Salud and the health and medical assistance insurance line (31.4% of total premiums) was 12.5%; fire insurance lines (12.8% of total premiums) decreased 7.6%; while the automobile insurance line (5.3% of total premiums) grew 6.5% compared to the prior year period.

Through September 2005, group life insurance and individual life insurance policies (11.5% of total premiums) grew 17.3%; life annuities (12.2% of total premiums) decreased 25.8%, because of the very high level in the past year which was favored by the change in early retirement rules; while pension fund benefits insurance (6.5% of total premiums) increased 44.4%, compared to the prior year.

Claims

Net insurance claims and health services costs incurred in the third quarter of 2005 were US$43.6 million, decreasing from claims of US$44.8 million in the preceding second quarter of 2005, and also from US$48.6 million in the same year-ago quarter.

The net loss ratio (net claims to net premiums) increases to 75.1% in the current quarter from 71.7% in third quarter 2004, but is lower than 82.5% in second quarter 2005. The september year-to-date net loss ratio, increased from 72.1% in 2004, to 77.5% in 2005.

Increased net loss ratio is mostly explained by the increase in the Pacífico Salud portfolio which had a higher claims ratio of 86.5% . During third quarter 2005 high loss ratios were reported for property and liability (102.6%), health (89.4%), and in Pacífico Salud (86.5%) .

The combined ratio (the sum of net claims and health services, general expenses and commissions, as a percentage of net earned premiums and health fees, without including Pacifico Vida) increased from 94.1% in the third quarter of 2004 to 95.1% in the current quarter, but improves from 108.7% in second quarter 2005.

Assets and investments

Investments in real estate and financial assets were US$623.2 million at the end of September 2005, increasing 35.2% from the year-ago balance of US$461.0 million.

As of September 30, 2005, total assets were US$802.8 million increasing 21.7% compared to the year-ago balance. At the end of the current period net equity amounted to US$195.8 million, 38.7% above net equity at September 2004, mainly due to higher valuation of investments.

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Market share

The Peruvian insurance market, cumulative through August 31, 2005, had total premiums of US$656.8 million, increasing 10.7% compared to premiums in the same eight month period in 2004. For the first eight months of 2005, PPS's market share in total premiums was 28.1% (30.5% in the same year-ago period), with the share in general risks and health lines being 30.7% (32.6% in the same period of 2004) and in life insurance and pension fund benefits lines of 24.9% (27.9% in the same period of 2004). PPS’s decreased market share is partly due to the lower shares in SOAT (mandatory auto insurance) and aviation insurance lines, and to the decrease in life annuities during 2005.

*** 8 Tables To Follow ***

22

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CREDICORP LTD. AND SUBSIDIARIES
Table 1
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars)

		As of
ASSETS		Set. 30, 2004		Dec. 31, 2004		Jun. 30, 2005		Set. 30, 2005
CASH AND DUE FROM BANKS
Cash and non interest bearing deposits in banks		278,249		264,218		305,772		308,715
Interest bearing deposits in banks		1,543,537		1,575,241		1,240,174		1,453,358
		1,821,786		1,839,459		1,545,946		1,762,073
MARKETABLE SECURITIES, net		83,749		82,513		23,745		88,829
LOANS		4,531,648		4,587,997		4,793,375		4,651,259
Current		4,316,616		4,427,626		4,665,940		4,533,513
Past Due		215,032		160,371		127,435		117,746
Less - Reserve for possible loan losses		(262,412)		(253,408)		(227,750)		(202,985)
LOANS NET		4,269,236		4,334,589		4,565,625		4,448,274
INVESTMENT SECURITIES AVAILABLE FOR SALE		1,885,455		2,118,690		2,640,090		2,761,967
REINSURANCE ASSETS		38,666		35,453		30,562		27,989
PREMIUMS AND OTHER POLICYHOLDER RECEIVABLES		58,322		60,665		54,891		59,235
PROPERTY, PLANT and EQUIPMENT, net		248,129		249,083		243,866		238,511
DUE FROM CUSTOMERS ON ACCEPTANCES		51,765		47,635		38,151		50,756
OTHER ASSETS		349,188		352,501		311,524		363,567
TOTAL ASSETS		8,806,296		9,120,588		9,454,400		9,801,202
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS AND OBLIGATIONS:
Non-interest bearing		813,737		1,406,846		1,442,397		1,440,388
Interest bearing		5,391,114		4,983,883		5,103,209		5,285,108
		6,204,851		6,390,729		6,545,606		6,725,496
DUE TO BANKS AND CORRESPONDENTS		349,147		392,511		466,748		463,054
ACCEPTANCES OUTSTANDING		51,765		47,635		38,151		50,756
RESERVE FOR PROPERTY AND CASUALTY CLAIMS		381,492		398,439		439,846		448,234
RESERVE FOR UNEARNED PREMIUMS		62,095		66,678		72,092		72,418
REINSURANCE PAYABLE		30,157		23,612		9,358		27,350
BONDS AND SUBORDINATED DEBT		424,889		424,227		409,452		406,832
OTHER LIABILITIES		222,475		226,307		287,980		331,739
MINORITY INTEREST		77,776		85,253		93,740		104,815
TOTAL LIABILITIES		7,804,647		8,055,391		8,362,973		8,630,694
NET SHAREHOLDERS' EQUITY		1,001,649		1,065,197		1,091,427		1,170,508
TOTAL LIABILITIES and NET SHAREHOLDERS' EQUITY		8,806,296		9,120,588		9,454,400		9,801,202
CONTINGENT CREDITS		1,765,015		2,017,731		2,490,445		3,101,817
FUNDS UNDER MANAGEMENT		1,705,826		1,754,352		1,804,160		1,957,225

23

---

CREDICORP LTD. AND SUBSIDIARIES
Table 2
CONSOLIDATED INCOME STATEMENTS
(In thousands of U.S. Dollars)

		Three months ended						Nine months ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
INTEREST INCOME
Interest on loans		108,052		109,647		115,828		312,536		328,356
Dividends on investments:		(401)		404		212		958		685
Interest on deposits with banks		5,878		8,555		8,409		13,047		25,404
Interest on securities and investments		23,310		32,737		33,263		68,627		95,993
Total Interest Income		136,839		151,343		157,712		395,168		450,438
INTEREST EXPENSE
Interest on deposits		24,315		28,295		30,264		68,252		84,534
Interest on borrowed funds		5,304		5,335		5,661		12,030		14,418
Other interest expense		13,741		13,002		7,514		38,491		28,684
Total Interest Expense		43,360		46,631		43,439		118,773		127,636
Net Interest Income		93,479		104,712		114,274		276,395		322,803
Provision for possible loan losses, net (1)(3)		3,834		(1,887)		(4,886)		10,872		(9,898)
Net interest income after provision for
possible loan losses		89,645		106,599		119,159		265,523		332,700
OTHER INCOME
Fees and commissions from banking services		49,444		51,593		51,247		141,822		151,102
Net gains from sales of securities		3,201		918		7,125		3,760		8,466
Net gains on foreign exchange transactions		6,576		7,203		7,586		17,151		21,053
Other income (1)(3)		5,529		3,481		6,542		17,689		16,962
		64,750		63,196		72,499		180,422		197,582
PREMIUMS AND CLAIMS ON INSURANCE ACTIVITIES
Net premiums earned		66,939		53,170		57,175		142,170		163,703
Net claims incurred		(8,652)		(11,383)		(9,042)		(25,734)		(31,201)
Increase in future policy benefits for life and health		(39,963)		(33,389)		(34,549)		(78,650)		(97,763)
		18,324		8,398		13,584		37,786		34,739
OTHER EXPENSES
Salaries and employee benefits		48,406		49,421		49,557		136,853		146,882
General, administrative, and other taxes		37,191		31,628		36,546		109,542		102,692
Depreciation and amortization		12,367		9,419		9,742		35,024		29,415
Other		26,538		25,297		32,829		59,425		75,609
Merger costs		538		0		0		3,742		0
		125,040		115,765		128,673		344,586		354,597
Translation result		(171)		1,260		(5,702)		3,861		(3,668)
Net Income before income tax		47,529		63,688		70,867		143,027		206,756
Employee profit sharing(2)		(1,635)		(1,699)		(3,588)		(4,434)		(8,182)
Income Tax		(10,794)		(13,668)		(16,724)		(35,100)		(53,185)
NET INCOME		35,081		48,321		50,555		103,474		145,389
Minority Interest		(2,141)		(1,944)		(2,990)		(7,589)		(7,843)
NET INCOME ATTRIBUTABLE TO HOME OFFICE		32,940		46,377		47,565		95,885		137,546
(1)Income from recoveries of charged-off loans has been reclassified within Provisions for loan losses.
(2)Previously reported as part of personnel expenses.
(3)Previously reported in 2Q05, US$2.8Mn have been reclassified from Other income into Loan provision.

24

---

CREDICORP LTD. AND SUBSIDIARIES
Table 3
SELECTED FINANCIAL INDICATORS

		Three months ended						Nine months ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Profitability
Net income per common share (US$ per share)(1)		0.41		0.58		0.60		1.20		1.72
Net interest margin on interest earning assets (2)		5.19%		5.42%		5.79%		5.25%		5.55%
Return on average total assets (2)(3)		1.52%		1.97%		1.98%		1.50%		1.94%
Return on average shareholders' equity (2)(3)		13.57%		17.34%		16.82%		13.56%		16.77%
No. of outstanding shares (millions)(4)		79.75		79.76		79.75		79.75		79.75
Quality of loan portfolio
Past due loans as a percentage of total loans		4.75%		2.66%		2.53%		4.75%		2.53%
Reserves for loan losses as a percentage of
total past due loans		122.03%		178.72%		172.39%		122.03%		172.39%
Reserves for loan losses as a percentage of
total loans		5.79%		4.75%		4.36%		5.79%		4.36%
Reserves for loan losses as a percentage of
substandard loans (C+D+E)		50.75%		60.01%		64.51%		50.75%		64.51%
Past due loans - reserves for loan losses as a
percentage of shareholders' equity		-4.73%		-9.19%		-7.28%		-4.73%		-7.28%
Operating efficiency
Oper. expense as a percent. of total income (5)		45.26%		41.75%		41.39%		48.72%		42.28%
Oper. expense as a percent. of av. tot. assets(2)(3)(5)		4.51%		3.85%		3.96%		4.38%		3.92%
Capital adequacy
Total Regulatory Capital (US$Mn)		835.2		849.5		851.6		835.2		851.6
Tier I Capital (US$Mn)		733.5		765.8		771.4		733.5		771.4
Regulatory capital / risk-weighted assets (6)		12.87%		12.94%		13.16%		12.87%		13.16%
Average balances (US$Mn) (3)
Interest earning assets		7,199.3		7,728.5		7,893.5		7,018.3		7,758.7
Total Assets		8,684.7		9,407.7		9,627.8		8,500.4		9,434.3
Net equity		971.2		1,070.0		1,131.0		942.8		1,093.9
(1)Based on Net Income due to shareholders. Number of shares outstanding of 79.8 million in all periods.
(2)Ratios are annualized.
(3)Averages are determined as the average of period-beginning and period-ending balances.
(4)Net of treasury shares. The total number of shares was of 94.38 million.
(5)Total income includes net interest income and other income.
Operating expense does not include Other expenses and Merger costs.
(6)Risk-weighted assets include market risk assets.

25

---

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
Table 4
CONSOLIDATED BALANCE SHEETS
(In U.S. Dollars in thousands)

ASSETS		30.09.04		31.12.04		30.06.05		30.09.05
CASH AND DUE FROM BANKS		1,682.189		1,708.916		1,456.796		1,666.248
Cash and Checks		237.400		250.325		301.793		303.547
Deposits in Central Bank of Peru		1,050.419		1,102.491		904.263		1,071.473
Deposits with local and foreign banks		394.370		356.100		250.740		291.228
TRADING SECURITIES, net		54.936		46.962		23.745		63.796
LOANS		4,090.347		4,098.487		4,600.781		4,478.503
Current		3,886.635		3,947.586		4,477.035		4,364.338
Past Due		203.712		150.901		123.746		114.165
Less - Reserve for possible loan losses		(273.241)		(241.189)		(224.828)		(200.068)
LOANS NET		3,817.106		3,857.298		4,375.953		4,278.435
INVESTMENT SECURITIES AVAIL. FOR SALE		933.051		1,127.150		1,581.362		1,601.828
PROPERTY, PLANT and EQUIPMENT, net		197.912		214.278		209.059		202.410
OTHER ASSETS		274.203		356.133		320.526		370.974
TOTAL ASSETS		6,959.397		7,310.737		7,967.441		8,183.691
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS AND OBLIGATIONS:		5,466.052		5,553.118		6,089.224		6,168.618
Demand deposits		1,569.092		1,651.130		1,983.659		2,011.845
Saving accounts		1,418.830		1,502.687		1,565.841		1,587.334
Time deposits		2,478.130		2,399.301		2,539.724		2,569.439
DUE TO BANKS AND CORRESPONDENTS		161.186		215.893		375.478		380.935
BONDS AND SUBORDINATED DEBT(1)		440.427		441.628		430.047		428.551
OTHER LIABILITIES		218.542		299.669		295.427		366.014
SHAREHOLDERS EQUITY:		673.190		800.429		777.265		839.573
Capital stock		364.706		364.706		364.706		364.706
Legal reserve		210.928		210.928		210.928		210.928
Retained earnings		97.556		224.795		201.631		263.939
TOTAL LIABILITIES AND EQUITY		6,959.397		7,310.737		7,967.441		8,183.691
Contingent Credits		1,651.238		1,833.066		2,377.088		2,868.380
Funds under management		952.137		953.826		994.733		1,044.607
(1) Previously reported within Deposits and Obligations.

26

---

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
Table 5
CONSOLIDATED INCOME STATEMENTS (1)
(In U.S. Dollars in thousands )

		Three months ended						Nine months ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Interest income and expense
Interest income		111.039		133.836		139.189		321.692		397.727
Less - Interest expense		33.250		42.025		39.089		93.690		114.509
Net interest income		77.789		91.811		100.100		228.002		283.218
Provisions for possible loan losses, net(2)		1.824		0.913		(2.977)		8.854		(5.189)
Net interest income after provisions		75.965		90.898		103.077		219.148		288.407
Other Income
Fees and commissions from services		49.716		52.532		53.489		142.054		154.746
Net gains from sales of securities		1.591		0.135		4.796		0.155		6.056
Net gains on foreing exchg. transacts.		6.432		7.113		7.636		17.044		20.979
Other income(2)		1.506		1.490		4.639		4.678		9.429
		59.245		61.270		70.560		163.931		191.210
Other Expenses
Salaries and employee benefits		36.504		39.760		37.907		107.281		116.500
General and administrative		28.541		26.733		30.033		85.174		85.277
Depreciation and amortization		9.631		8.484		8.777		29.146		26.713
Taxes other than income tax		3.046		3.452		3.040		10.229		9.738
Other		12.852		15.582		19.418		29.000		43.789
Merger costs		0.538		0.000		0.000		3.742		0.000
		91.112		94.011		99.175		264.572		282.017
Translation result		(0.809)		0.395		(5.155)		1.368		(4.417)
Income before income tax		43.289		58.552		69.307		119.875		193.183
Employee profit sharing(3)		1.588		1.733		3.603		4.242		8.197
Income Tax		8.422		12.503		19.055		26.980		48.624
NET INCOME		33.279		44.316		46.649		88.653		136.362
Net income contributed to Credicorp		32.020		42.643		44.146		26.980		130.469
(1) Estados financieros de acuerdo con NIIF, en dólares.
(2) Income from recoveries of charged-off loans has been reclassified within Provisions for loan losses.
(3) Previously reported as part of personnel expenses.

27

---

BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
Table 6
SELECTED FINANCIAL INDICATORS

		Three months ended						Nine months ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Profitability
Net income per common share (US$ per share)(1)		0.027		0.036		0.038		0.072		0.111
Net interest margin on interest earning assets (2)		5.12%		5.34%		5.72%		5.06%		5.55%
Return on average total assets (2)(3)		1.93%		2.23%		2.31%		1.73%		2.35%
Return on average shareholders' equity (2)(3)		20.32%		23.50%		23.08%		18.45%		23.10%
Quality of loan portfolio
Past due loans as a percentage of total loans		4.98%		2.69%		2.55%		4.98%		2.55%
Past due loans + refinanced loans as a
percentage of total loans		9.87%		7.31%		6.62%		9.87%		6.62%
Reserves for loan losses as a percentage of
past due loans		134.13%		181.69%		175.24%		134.13%		175.24%
Reserves for loan losses as a percentage of
substandard loans (C+D+E)		54.98%		59.50%		63.92%		54.98%		63.92%
Reserves for loan losses as a percentage of
past due loans + refinanced loans		67.65%		66.83%		67.53%		67.65%		67.53%
Operating efficiency (5)
Oper. expense as a percent. of total income (4)		58.03%		51.78%		49.47%		59.89%		51.91%
Oper. expense as a percent. of av. tot. assets(2)(3)		4.51%		3.95%		3.95%		4.52%		4.10%
Capital adequacy
Total Regulatory capital (millions US$)		682.4		720.2		699.9		682.4		699.9
Tier I Capital (millions US$)		620.0		638.4		621.4		620.0		621.4
Net equity as a percentage of period end total assets		9.67%		9.76%		10.26%		9.67%		10.26%
Regulatory capital / risk-weighted assets		14.13%		13.98%		14.01%		14.13%		14.01%
Average balances (millions US$) (3)
Interest earning assets		6,079.9		6,882.7		6,996.6		6,009.9		6,798.2
Total Assets		6,886.2		7,946.5		8,075.6		6,833.4		7,747.2
Net equity		655.0		754.2		808.4		640.6		787.1
Additional data
No. of outstanding shares (millions)		1,226		1,287		1,287		1,226		1,287
No. of employees		7,667		7,575		7,494		7,667		7,494
Inflation rate ( Wholesale price index)		0.13%		0.58%		1.25%		4.91%		2.18%
Exchange rate (S/. per 1 U.S. Dollar)		3.34		3.25		3.34		3.34		3.34
(1)Shares outstanding of 1,287 million is used for all periods since shares have been
issued only for capitalization of profits and inflation adjustment.
(2)Ratios are annualized.
(3)Averages are determined as the average of period-beginning and period-ending balances.
(4)Total income includes net interest income and other income, excluding non-recurring items.
(5)Operating expense does not include mandatory employee profit sharing expense nor
provisions for other assets received in lieu of loan repayment and non-recurring items.

28

---

ATLANTIC SECURITY HOLDING CORPORATION
Table 7
SELECTED FINANCIAL DATA
(Thousands of U.S. Dollars, except net income per share, and percentages)

		Three months ended						Nine months ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Results
Net Interest Income (w/o dividends)		3,374		3,224		3,022		10,389		9,420
Dividend income		33		46		52		5,947		11,825
Provisions for credit and market risks		0		0		200		1,554		1,300
Commissions and fee income		1,001		1,122		1,155		3,212		3,635
Other Income(1)		329		455		1,578		2,697		3,936
Operating Expense		1,911		1,896		1,979		5,551		5,823
Net Income		2,827		2,952		3,629		15,141		21,692
Net Income contributed to Credicorp		2,827		2,952		3,628		9,287		9,995
Balance Sheets (end of period)
Total Assets		871,734		926,666		1,003,367		871,734		1,003,367
Loan portfolio, net		154,518		151,945		130,619		154,518		130,619
Marketable securities and investments		500,498		555,468		618,772		500,498		618,772
Total Deposits		688,718		747,123		821,259		688,718		821,259
Shareholders' equity		146,512		156,832		161,755		146,512		161,755
Funds under administration		708,752		797,263		900,454		708,752		900,454
Ratios (3)
Net interest margin / interest earning assets (3,4,5)		1.9%		1.6%		1.5%		1.9%		1.6%
Return on average stockholders' equity(4)		7.9%		7.6%		9.1%		15.6%		18.5%
Return on average total assets(4)		1.3%		1.3%		1.5%		2.4%		3.1%
Past due loans as a percentage of total loans		2.4%		0.0%		0.0%		2.4%		0.0%
Reserves for loan losses as a percentage
of total loans		3.4%		1.9%		2.2%		3.4%		2.2%
Operating expense / total income(6)		40.3%		39.1%		34.1%		25.0%		20.2%
Operating expense / average total assets(4)		0.9%		0.8%		0.8%		0.9%		0.8%
Operating expense / average total assets +
funds under management(4)		0.5%		0.4%		0.4%		0.5%		0.4%
(1) Includes realized gains in securities.
(2) Averages are determined as the average of period-beginning and period-ending balances.
(3) Averages determined from monthly balances.
(4) Annualized.
(5) Without considering dividend income and dividend earning assets.
(6) Without considering provisions for investments.

29

---

EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES
Table 8
SELECTED FINANCIAL DATA(1)
(In U.S. Dollars in thousands, except net income per share)

		As of and for the three month						As of and for the nine
		period ended						month period ended
		30.09.04		30.06.05		30.09.05		30.09.04		30.09.05
Results
Total gross Premiums		104,535		89,110		88,562		250,960		261,628
Net Premiums Earned		67,834		54,239		58,021		144,842		166,497
Change in Reserves		18,166		20,302		14,357		65,475		52,849
Net Underwriting Results		11,876		1,953		6,391		21,361		15,623
Net Financial Income		8,952		10,242		9,441		27,607		28,406
General Expenses		13,429		10,840		10,957		30,741		32,585
Income tax		1,506		(3)		326		2,906		1,355
Net Income		3,611		724		2,703		11,105		6,310
Net Income contributed to Credicorp		2,958		136		2,400		7,689		4,713
Balance Sheets (end of period)
Total Assets		659,558		748,040		802,786		659,558		802,786
Investments in Secur. and Real estate		460,972		577,753		623,189		460,972		623,189
Technical Reserves		443,587		511,938		520,652		443,587		520,652
Net Equity		141,226		158,225		195,823		141,226		195,823
Ratios
Net underwriting results		11.4%		2.2%		7.2%		8.5%		6.0%
Net earned loss ratio		71.7%		82.5%		75.1%		72.1%		77.5%
Return on avge. equity (2)(3)		10.8%		1.8%		6.2%		20.0%		9.1%
Return on total premiums		3.5%		0.8%		3.1%		4.4%		2.4%
Shareholders' Equity / Total Assets		21.4%		21.2%		24.4%		21.4%		24.4%
Increase in Risk Reserves		21.1%		27.2%		19.8%		31.1%		24.1%
Combined Ratio (4)		94.1%		108.7%		95.1%		96.2%		100.6%
-Net Claims / Net Premiums Earned		67.2%		78.1%		70.9%		66.9%		74.2%
-Op. Exp.+Comiss./Net Prems. Earned		26.9%		30.6%		24.2%		29.3%		26.5%
Operating expense/Net Earn. Premiums		19.8%		20.0%		18.9%		21.2%		19.6%
Oper. expense / Avge. assets (2)(3)		8.8%		6.1%		5.8%		12.4%		10.5%
(1)Financial statements following IFRS rules in U.S. Dollars. In 2004 certain amounts are estimated
from adjusted Peruvian GAAP records for comparison purposes.
(2)Averages are determined as the average of period-beginning and period-ending balances.
(3)Annualized.
(4)Does not include the life insurance subsidiary Pacifico Vida.

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

 

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