Fitch Positive on BCP’s Performance

Fitch has upgraded Banco de Credito del Peru (BCP) to BBB from BBB minus to reflect the bank’s strong performance through the economic crisis. Fitch expects that the bank’s capital levels, which have strengthened as growth slows, should remain at levels somewhat higher than historically during periods of growth. In spite of a deteriorating economic backdrop, BCP managed to maintain a very good – albeit declining – asset quality and sustain adequate reserve coverage while achieving high profitability and strengthening its capital. The bank had ROAE of 26% and a ROAA of 2.0% as of June, says the ratings agency.