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<SEC-DOCUMENT>0001001290-03-000004.txt : 20030522
<SEC-HEADER>0001001290-03-000004.hdr.sgml : 20030522
<ACCEPTANCE-DATETIME>20030522103441
ACCESSION NUMBER:		0001001290-03-000004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030330
FILED AS OF DATE:		20030522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDICORP LTD
		CENTRAL INDEX KEY:			0001001290
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14014
		FILM NUMBER:		03715530

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		CHURCH ST
		CITY:			HAMILTON BERMUDA
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		8092960985

	MAIL ADDRESS:	
		STREET 1:		CALLE CENTENARIO
		STREET 2:		156 3RD FL
		CITY:			LIMA 12 PERU
		STATE:			R5
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>cred1q03.htm
<DESCRIPTION>FINANCIAL RESULTS FOR THE 4TH ENDED
<TEXT>

<html><head><title>Provided by MZ Data Products</title></head><body>


<HR SIZE="4" NOSHADE COLOR="#000000" ALIGN="left"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, D.C. 20549 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="21%" COLOR="#000000"><DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>FORM 6-K </B></FONT></DIV> <DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>  <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"
COLOR="#000000">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Securities Exchange Act of 1934</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><div><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>


For the month of May, 2003


</B></FONT></DIV> <p></p><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>





</B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <HR NOSHADE WIDTH="21%" COLOR="#000000"><DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<center>




</center><P></P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>


CREDICORP LTD.


</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Exact name of registrant
as specified in its charter) </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
</DIV><P></P><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="5" COLOR="#000000"><B>



</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> </FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P></P><DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>



Clarendon House<br>
Church Street<BR>
Hamilton HM 11 Bermuda


</B></FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">(Address of principal executive office)</FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>&nbsp;<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">
Indicate by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.&nbsp;</FONT><P></P>
         Form 20-F ___X___         Form 40-F _______
<P>&nbsp;<FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark
whether the registrant by furnishing the information contained in this Form is
also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>
         Yes _______               No ___X____
<p></p>
</DIV>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left"><p Style='page-break-before:always'>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>May 21st , 2003</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Securities and Exchange Commission, <BR>450 Fifth Street, N.W.,<BR>
Washington, D.C.  20549</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Re:      Credicorp Ltd. - Report on Form 6-K</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Dear Sirs:</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>On behalf of Credicorp Ltd. (the &#147;Company&#148;),  I hereby notify you of
the following  Material Event on the Company&#146;s Report on Form 6-K (the &#147;Form 6-K&#148;).
     The  attached  Material  Event  (&#147;Hecho de  Importancia&#148;)  are being  furnished  to
the Securities  and Exchange  Commission  pursuant to Rule 13a-16 and Form 6-K under the
 Securities  Exchange Act of 1934, as amended.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>This Report contains a copy of the following:</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Notice of Material Event, submitted to CONASEV and the &#147;Bolsa de
Valores de Lima&#148; on May 12, 2003.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Please direct any questions or comments you may have  regarding this
filing to the  undersigned  at 156 Calle  Centenario, La Molina, Lima &#150; 12 Peru.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Pursuant to the  requirements  of the  Securities  Exchange Act of
1934,  the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Credicorp Ltd.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Name: Ray Campos                                             Title:
 Authorized Representative</TT></P>
<p Style='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT></TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>SECURITIES AND EXCHAGE COMMISSION
                                                   Washington, DC 20549</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>________</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>FORM 6-K</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Report of Foreign Private Issuer</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Pursuant to Rule 13a-16 or 15d-16
                                   of the Securities Exchange Act of 1934</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>For the quarter ended March 31, 2003</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Credicorp Ltd.                                             Clarendon
House                                             Church Street
                                            Hamilton  HM 11  Bermuda</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Form 20-F___x_            Form 40-F________</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Yes________               No_____x______</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>If &#147;Yes&#148; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):</TT></P>




<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT></TT></P>





<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>May 12, 2003</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Dear Sirs:</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In  accordance  with  articles 10 and 28 of the  Capital  Markets
Law and  CONASEV  resolution  number  107-2002-EF/94.10, Credicorp Ltd. complies in
notifying you of the following Material Event:</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Today  the  Central  Management  of  our  company  approved  the
 consolidated  financial  statements  for  Credicorp  and Subsidiaries as of March 31st,
2003.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Sincerely,</TT></P>




<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Benedicto Cig&#252;e&#241;as Credicorp Ltd.</TT></P>



<PRE>
FOR IMMEDIATE RELEASE:
For additional information please contact:
Jose Hung                                         Alfredo Montero
Investor Relations                                General Manager
Banco de Credito                                  Banco de Credito, Miami Agency
Phone: (511) 313-2123                             Phone: (305) 448-0971
E-mail: jhung@>bcp.com.pe                         Fax: (305) 448-0981
Web site: http://www.credicorpnet.com             E-mail: amontero@bcpmiami.com
</PRE>



<P ALIGN=CENTER><TT>CREDICORP LTD. ANNOUNCES FINANCIAL RESULTS<BR>
FOR THE QUARTER ENDED MARCH 31, 2003</TT></P>

<P ALIGN=justify><TT>(Lima,  Peru,  May 12, 2003) - Credicorp  Ltd.  (&#147;Credicorp&#148;)  (NYSE:BAP;  LSE:BAPC1)  today  announced its  financial  results for the
quarter ended March 31, 2003.</TT></P>


<P ALIGN=justify><TT>Credicorp  reported a consolidated  net income of US$2.5 million for the three month period ended March 31, 2003, lower than net income
of US$14.8  million in the year-ago  quarter mainly because of US$15.5  million in  restructuring  costs related to the merger of Banco
Santander Central  Hispano-Peru  (&#147;BSCH-Peru&#148;).  In addition to these merger costs,  Credicorp&#146;s first quarter 2003 net income was also
affected by higher loan loss  provisions  at its  Bolivian  subsidiary,  which were partly  offset by increased  non-financial  income.
Quarterly net income per share was US$0.03 and US$0.19 in first quarter 2003 and 2002, respectively.</TT></P>





<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=CENTER><TT>I.CREDICORP LTD. AND SUBSIDIARIES</TT></P>


<pre>
                                   CREDICORP LTD. AND SUBSIDIARIES
                                         SUMMARY OF RESULTS
                          (In U.S.$ millions, except net income per share)
- ------------------------------------------------------------------------------------------------------
                                                                     Three months ended
                                                        ----------------------------------------------
                                                          31.03.02       31.12.02        31.03.03
- ------------------------------------------------------------------------------------------------------
                                                        ----------------------------------------------
Net interest income                                              84.2            87.8            88.9
Provisions for possible loan losses, net                         25.3            23.7            34.2
Other income                                                     91.5            97.9           112.5
Claims on insurance activities                                   21.1            24.5            25.2
Other expenses                                                  100.5           113.5           109.1
Merger costs                                                      0.0             1.7            15.5
Translation result                                               (1.9)            0.4            (6.7)
Income before income tax and
      minority interest                                          26.9            22.6            10.6
Income Tax                                                       (8.8)           (6.0)           (6.8)
Minority Interest                                                (3.3)           (3.1)           (1.4)
                      Net Income                                 14.8            13.5             2.5
Net Income per share (1)                                        0.185           0.169           0.031
- ------------------------------------------------------------------------------------------------------
(1) Based on 79.8 million net outstanding shares in all periods.
    The total number of shares is 94.4 million, however, as 14.6 million are held by affiliates as
    treasury shares, the net consolidated outstanding shares are 79.8 million.

</pre>






<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In December  2002 BCP  acquired  BSCH-Peru,  which is included in BCP&#146;s
 consolidated  financial  statements since the  beginning of that month.  The merger was
effected on February  28,  2003.  In the fourth  quarter 2002 financial report a summary
of BSCH-Peru&#146;s balance sheet and income statement was presented.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT></TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>I.1  PERUVIAN ECONOMIC SITUATION</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Economic Activity</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>During the first quarter of 2003,  Peruvian GDP continued  growing
at rates above market  forecasts.  Growth for the present  quarter is expected to exceed
5%,  following on  increases of 5.7% in the third  quarter of 2002 and of 5.6% in the
fourth, with a total year 2002 cumulative growth of 5.2%.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The strength of economic  activity in the current  quarter
 continues to be driven by the recovery of demand sectors,  while,  utili the first half
of 2002,  it  depended on growth in the mining  sector,  maily due to Antamina.
 Noteworthy  are  developments  in  the  commerce  sector,  services,   non-primary
 industry  and agriculture,  that offset  declines in fishing and  construction.  It is
expected  that,  for the  ramaining part of this year,  GDP growth will continue but at a
slower pace and will  accumulate  for  full-year  2003 approximately a 4% growth rate.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Aggregate  demand data,  available  only through  December 2002,
 show that its growth explain  positive GDP rates.  Internal  Demand grew 6.2% in the
fourth  quarter of 2002,  after  increases of 5.5% and 5.8% in the second and third
 quarters,  respectively.  Growth in the fourth  quarter  2002,  is mostly due to
increased private  consumption,  4.9%,  and to fixed  private  investment  that grew 4.3%
for the  second  consecutive quarter, after consecutively dropping since the third
quarter of 2000.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Public Finance</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In March  the IMF  approved  the  Government&#146;s  Letter of  Intent,
 within  the  framework  of the  Stand-by Agreement,  that  requires a fiscal  adjustment
 to reduce  the  deficit in 2003 to 1.9% of GDP from 2.2% in 2002.  During the first
 quarter of 2003  public  finances  are  relatively  strong due to  availability  of
financing and of increased tax revenue.  Tax collection  increased  approximately 20%,
compared to the prior year quarter,  partly due to the  statistical  effect of the
comparison with a low 2002 base, in addition to new tax compliance  measures and to the
higher economic  activity.  The Government expects a 1.2% deficit in the first  quarter,
 lower than 1.5% in the 2002 period.  During the first quarter 2003,  US$750  million of
sovereign debt was issued in the international market, and S/.150 million in the domestic
one.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Prices and Devaluation</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the first  quarter of 2003,  the  consumer  price index in Peru
 increased  1.8%,  higher than  quarterly inflation  in the past five  years,  except for
a 3.5% price  increase in first  quarter  1998 due to the El Ni&#241;o  phenomenon.
  Inflation  in  the  current  period  is  mainly  due  to  higher  fuel  prices
 (10.2%), transportation  (9.2%) and to the seasonal schooling price  adjustments.  The
Central Bank has established a 2.5% target for total 2003. The wholesale  price index
 increased 1.1% in the current  quarter,  compared to a 0.5% decrease in the same period
in 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The average bank market  Nuevos Soles  exchange  rate in Peru was
S/.3.474 at March 31, 2003,  lower by 1.1% from S/.3.514 at the  beginning of the year,
in spite of Central Bank  purchases  totalling  US$250  million during the quarter.  The
exchange rate was S/.3.444 at the end of 2001 and S/.3.520 at the end of 2000.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>International Reserves</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>International reserves of the Central Bank increased during the
first quarter of 2003, growing from US$9,598 million at December 31, 2002 to US$10,443
million at March 31, 2003, mainly due to higher deposits and to dollar purchases by the
Central Bank.  The Trade Balance had a US$20 million deficit in January 2003, but turns
to a US$74 million surplus in February and is expected to have also positive results in
year 2003, after the US$261 million surplus in total 2002.  Exports in the first two months of 2003 are 35% higher  than in the same  period in 2002
 reaching  US$1.4  billion,  noting  increased  volume and prices of the principal
 traditional  exports,  which grew 48%. Imports through February 2003 increased by 18%
compared to the same period in 2002, mainly due to higher  imports of raw materials (24%
growth) and capital goods(14% growth).</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Financial System</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>During the first  quarter  2003 both  deposit and loan  volumes  had
a slight  declining  trend,  while  excess  liquidity continued.  Deposits at March 31,
2003 in the fourteen  commercial  banks in the system reached S/.48.4  billion  (US$13.9
billion),  according to the Asociaci&#243;n de Bancos del Peru (ASBANC),  a 1.6% decrease in
nominal terms compared to December 31, 2002, but are 5.2% above  deposits at March 31,
2002.  Total loans in the banking  system  decreased  2.8%, in nominal terms,  to S/.36.1
billion  (US$10.4  billion).  In this period,  local currency loans (21.7% of total
loans) grew 3.3% to S/.7.8 billion (US$2.3 billion), while foreign currency loans
decreased 4.4%  to US$8.1 billion.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>As of March 31, 2003, the Peruvian bank's average past due ratio was
7.8%,  remaining  almost unchanged during the current quarter, but improve over the 9.1%
rate in March 31, 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Commercial  banks&#146; past due loans decreased 1.2% during the current
quarter to S/.2.8 billion  (US$812  million),  and are lower by 13.7%  compared to bad
loans at March 2002 (in nominal  terms).  At March 31,  2003,  loan loss  provisions
 were S/.3.7 billion (US$1.1  billion),  decreasing 2.2% during this quarter.  The
system-wide  past due loan coverage ratio was 132.5% at March 31, 2003, higher than
119.6% coverage at March 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>During the first  quarter  2003  commercial  banks&#146;  local  currency
 interest  rates  decreased,  after  increases in the preceding  period,  due to excess
 liquidity  and  stability in the money and foreign  exchange  markets.  Local  currency
average loan rates (TAMN) were 20.2% in first quarter 2003,  decreasing  from 21.1% in
the fourth  quarter of 2002,  while deposits  rates  (TIPMN)  decreased to 3.5% from
3.7%,  respectively.  The average  local  currency  interbank  rates also decreased  from
4.1% in fourth  quarter of 2002 to 3.8% in the  current  quarter.  Foreign  currency
 loan  rates  (TAMEX) increased  slightly to 10.4% in first  quarter  2003,  from 10.1%
in the preceding  period,  while deposit rates  (TIPMEX) decreased to 1.2% from 1.4% in
the fourth quarter of 2002.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>I.2  INTEREST INCOME AND OTHER INCOME</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Net  interest  income in the first  quarter of 2003 was US$88.9
 million,  5.6% over  income  earned in the same period of 2002,  mostly due to higher
loan  volumes  partly  offset by decreased  interest  margins.  The net  interest  margin
(net interest income over average  interest  earning  assets),  on an annualized  basis,
 was 5.17% during the first quarter of 2003,  lower than 5.76% in the year-ago  quarter,
 and also compared to 5.51% in the fourth  quarter of 2002. Net interest margin
 decreased with respect to the preceding  quarter  principally due to lower lending rates
in Nuevos Soles which was not matched by lower  funding costs in the same  currency,
 noting the  continuing  overall  excess of liquid  funds.  The volume in interest
 earning assets,  as an average between  quarterly  ending  balances,  reached  US$6,882
million in the period,  increasing  17.7% compared to US$5,846  million in the first
quarter of 2002 mostly due to volume from the merger of BSCH-Peru.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Non-interest  income was US$112.5  million in the first  quarter of
2003,  22.9%  higher than US$91.5  million in the same period of 2002,  principally  due
to a higher  Other  non-interest  income  caption at BCP which  includes  recoveries  of
accounts  charged-off in previous  periods,  deferred  earnings and reversal of prior
years provisions (see Section II.3). Income  from  banking  fees in the first  quarter of
2003  increased  15.9%  compared to revenue in the  year-ago  period, reaching US$46.2
million.  Non-interest income components were as follows:</TT></P>


<pre>
- --------------------------------------------------------------------------------------------------------------
                                                   1Q02      4Q02       1Q03       1Q03 vs.       1Q03 vs.
(In US$Mn)                                                                           4Q02           1Q02
- --------------------------------------------------------------------------------------------------------------
Commissions for banking services(1)                  39.9       44.2       46.2           4.4%          15.9%
Net premiums                                         31.6       30.9       31.9           3.4%           0.9%
Gains from sale of securities                         5.4       -3.1       -0.2            N/A           N/A%
Gains from foreign exchange                           4.3        7.0        6.4          -8.7%          47.3%
Other non-interest income                            10.3       19.0       28.2          48.8%         174.7%
Total Non-Interest Income                            91.5       97.9      112.5          14.9%          22.9%
- --------------------------------------------------------------------------------------------------------------
(1)   Credicorp&#146;s results show  reclassifications by BCP,  made on prior periods for comparison
      purposes,  in the income from banking fees  and general  expenses  concepts,  of expenses
      incurred to provide certain services and recovered from clients through fees. Starting in
      2Q02,  financial statements show fee income net of  these expenses, which were previously
      reported as part of general expenses.
</pre>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>I.3  OTHER NON-INTEREST EXPENSES</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Other  non-interest  expenses,  excluding  merger costs,  amounted
to US$109.1  million in first quarter 2003, 8.5% higher than in the same period of the
previous year  principally  explained by BCP&#146;s US$3.8 million  non-recurrent  expenses
(see Section II.4).  Credicorp&#146;s other expense components had the following variations:</TT></P>



<pre>
- ------------------------------------------------------------------------------------------------------------
                                               1Q02        4Q02       1Q03       1Q03 vs.       1Q03 vs.
(% change and US$Mn)                                                               4Q02           1Q02
- ------------------------------------------------------------------------------------------------------------
Salaries and employee benefits                     45.4       49.5        46.1         -7.0%           1.1%
General, administrative, and taxes(1)              32.0       39.8        38.8         -2.5%          21.4%
Depreciation and amortization                      11.2       11.5        11.7          1.8%           5.2%
Other                                              11.8       12.6        12.5         -1.5%           5.7%
Merger costs                                        -.-        1.7        15.5        831.1%            N/A
Total Other Expenses                              100.5      115.2       124.6          8.1%          23.9%
- ------------------------------------------------------------------------------------------------------------
(1)   See note in the preceding table.
</pre>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The efficiency ratio (adjusted  operating  expenses,  determined by
netting provisions for assets received in lieu of loan repayment,  employee  profit
 sharing  expenses  and  non-recurrent  expenses) as a percentage  of total  income,
 without extraordinary  concepts,  improved  to 50.8% in the first  quarter of 2003
having been 53.2% in the same period last year. Adjusted  operating  expenses as a
percentage of average total assets was 4.6% the current period,  lower than 5.0% in the
year-ago quarter.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>I.4  ASSETS AND LIABILITIES</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Credicorp&#146;s  totals  assets were US$8.6  billion at March 31, 2003,
 15.4% over the balance at the end of the same quarter of 2002,  but  decreases  0.5%
 compared  to the ending  balance of year 2002.  The loan  portfolio  as of March 31,
 2003 totaled  US$4.6  billion,  increasing  16.6%  compared to the  year-ago  balance,
 but  decreased  3.7% during the current quarter.  Deposits and other  obligations
 reached  US$6.7 billion at March 31, 2003, a 19.3% increase since March of last year,
 but are 0.9% lower than the  December  2002  balance.  Due to banks and  correspondents,
 which  closed at US$293.5 million, continued its declining trend, decreasing 6.5% from
US$313.8 million in March 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Loan quality indicators are shown in the following table:</TT></P>


<pre>
- -------------------------------------------------------------------
(In US$Mn)                      1Q02         4Q02         1Q03
- -------------------------------------------------------------------
Total loans                      3,979.5      4,817.7     4,639.6
Past due loans                     340.0        405.3       384.1
Loan loss reserves                 336.3        420.8       430.7
Past due / Total loans              8.5%         8.4%        8.3%
Reserves / Past due                98.9%       103.8%      112.2%
- -------------------------------------------------------------------
</pre>

<P ALIGN=justify><TT> The balance of past due loans decreased from US$405.3  million in the preceding  quarter to US$384.1
million at the end of the first quarter 2003, after charge-offs amounting to US$17.0
million.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>I.5   AQUISITION OF 45% OF SOLUCION FINANCIERA</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In March 2003 BCP,  adding to its 55% stake,  aquired  for  US$17.0
 million  the  remaining  45% of the equity  shares of Soluci&#243;n  Financiera  de  Cr&#233;dito
 del Per&#250;  S.A.  from  Banco de  Cr&#233;dito e  Inversiones,  of  Chile,  and other  foreign
shareholders.  Solucion,  which  resumes its position as a wholly owned  subsidiary,  has
28 offices  nationwide  offering loans and  services in the consumer  and small  business
 segments.  As of March 31, 2003 its loan  portfolio  amounted to US$82.8  million,  with
a 2% past-due ratio,  and had a US$1.9 million net income in the first quarter of 2003.
Net income for full year 2002 was US$7.3 million.  Generated goodwill is to be amortized
evenly in the following five year period.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>I.6  SUBSIDIARIES</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Credicorp&#146;s principal subsidiaries contributed to consolidated net
income as follows: </TT></P>

<pre>
- --------------------------------------------------------------------------------
(US$Mn)                                  1Q02          4Q02           1Q03
- --------------------------------------------------------------------------------
Bancode Credito BCP                    US$14.0       US$22.5        US$ 8.0
Atlantic                                   1.3           0.2            0.6
PPS                                        2.2           0.7            1.1
Banco Tequendama                           0.2          -0.9           -1.1
Credicorp and others*                     -2.9          -9.0           -6.1
Consolidated Net Income                US$14.8      US$ 13.5        US$ 2.5
- --------------------------------------------------------------------------------
* Includes Inversiones Cr&#233;dito and others.
</PRE>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the preceding  table,  the Credicorp and others  concept
 contribute a loss of US$6.1  million in the current  quarter, higher  than  US$2.9
 million in the prior year  period.  The  increase is mostly due to a US$2.0  million
 provision  for substandard loans transferred from Banco Tequendama,  and US$1.3 million
in taxes on dividends received,  while there were no provisions for these concepts in the
first quarter of 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the present  quarter,  Banco de Cr&#233;dito BCP  contributed  US$8.0
million to Credicorp&#146;s  net income,  while its results according to Peruvian  accounting
 principles  reported in Section II,  amounted to US$3.5  million,  with the  difference
mainly due to lower  translation  losses  registered  on  Credicorp&#146;s  records  (US$-3.2
 million)  compared to  inflation adjustment  losses  (US$-7.2  million),  which
 includes  exchange  losses on foreign  currency  asset  positions in BCP&#146;s accounting
based on domestic currency.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The  contribution  of Atlantic  Security  Holding  Corporation of
US$0.6 million in the current  quarter is lower than its US$3.8 million net income (see
Section III),  mainly due to the elimination for  consolidation  purposes of US$3.1
million of  dividends  received  from  Credicorp  and  registered  as income.  In the
first  quarter of 2002 US$2.1  million  were eliminated for the same reason.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Below are brief comments on some of the subsidiaries not discussed
in the following sections of this report:</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Banco de Cr&#233;dito de Bolivia ("BCB"), Bolivia</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Credicorp holds 100% of BCB&#146;s shares,  directly and through  various
 subsidiaries,  and it is  consolidated  within BCP&#146;s financial  statements.  The
Bolivian  economy,  after an stagnant year 2001, grew 2.1% in 2002 and may not reach 3%
growth in 2003,  mainly due to the  government&#146;s  fiscal  difficulties.  During the
quarter the  government  faced severe  social protests against  measures to reduce the
budget deficit,  that reached 8.5% of GDP in 2002, which led to the suspension of the
 proposals.  The general price level grew only 0.7% in the first quarter of 2003,
 reflecting  the weakness in demand, and continues to be below devaluation  which was
1.6% in the same period,  with an ending exchange rate of 7.58 Bolivianos per U.S. Dollar.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Loan volume in the banking  system,  which have been declining
 since year 2000,  decreased 4.2% in the current quarter to finish at US$2,579  million.
 Loan quality  continued to deteriorate,  from a past due ratio of 17.6% in December
2002, to 21.2% at March 2003.  Total deposits in the system amounted to US$2,617  million
at March 2003,  lower by 4.1% compared to the balance at December 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>BCB&#146;s market  share in deposits at March 2003 was 12.1%,  similar to
12.7% at the end of December  2002,  remaining as the fifth bank of twelve  banks in the
system.  In terms of loans,  BCB  continued as the fourth bank in the system with 11.9%
market share, also similar to 11.7% it had last December.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>As of March 31, 2003,  BCB had total loans of US$311.2  million
which  compares to the US$313.3  million at December 2002, and  US$376.6  million at the
end of March  2002.  At the end of the first  quarter  2003,  BCB&#146;s  past due loans
 reached US$72.1  million,  or 23.2% of total  loans,  higher  than 21.6% at  December
 2002,  and also over  20.4% at March  2002. Coverage of past due loans with loan loss
provisions increases from 62.5% as of December 2002 to 75.8% in March 2003.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In BCB&#146;s  records of the first quarter 2003,  US$2.1  million of
loan loss  provisions  were charged  against  results and US$2.0 million were charged
 against  retained  earnings  equity  accounts.  These are compared to US$5.3 million
 charged against BCB&#146;s  results  during the same quarter of last year.  During the first
 quarter of 2003,  an  additional  US$11.3 million in loan loss provisions were incurred
at the BCP level to cover BCB&#146;s impaired assets.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In BCB&#146;s own records,  first quarter 2003 net income was only US$72
thousand,  compared to US$125 thousand in the year-ago period.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Banco Tequendama, Colombia</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Colombian  GDP grew 1.7% in 2002,  with  relatively  high growth of
2.0% in the fourth  quarter,  which  should  continue, resulting in growth  slightly
 above 2.0% for full year 2003.  Economic  activity  improvement  is led by expansion of
the construction  sector, that grew 5.2% in 2002, mainly due to low interest rates,
 improved mortgage services and government incentives.  The  positive  economic  trend
 depends on the  government&#146;s  policies  to control  the  budget  deficit  and inflation,
and the effect of reduced exports to Venezuela.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The  Government&#146;s  fiscal deficit was 3.6% of GDP in 2002,  lower
than 4.1% as expected,  with the 2.5% deficit target for 2003 considered within reach.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The exchange rate devalued 3.3% in the first quarter 2003,  ending
at Co$2,958 per US$1, after certain initial  volatility which led to Central  Bank
 intervention  through a successful  call option  program.  Inflation  increased to 3.4%
in the first  quarter 2003  compared to 2.8% in the same  year-ago  period,  which
 questions  the official  inflation  target of between  5 to 6% for full year  2003.
 Current  quarter  price  increases  are  mainly  related  to  seasonal  food  price
adjustments and transportation costs due to higher oil prices.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>After several years the Central Bank changed its policy of lowering
 interest  rates,  which had the target of helping the recovery of economic activity.  To
control  inflation,  in January 2003 Central Bank intervention rates were increased 100
basis  points,  with an  additional  100 points in April.  The effect on other  interest
 rates has been low,  noting that during the quarter  interest rates  continued a slow
decline,  with the DTF rate  decreasing from 7.70% last December 2002 to 7.68% at the end
of March 2003.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Banking  system  statistics  show that loans  decrease from US$14.4
 billion at December  2002, to US$13.9  billion at the close of February 2003, with the
past-due ratio  decreasing to 12.2%,  from 12.7% at year-end 2002.  Total deposits in the
banking entities were US$17.9 billion at the end of February 2003, decreasing from
US$19.2 billion at December 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Banco  Tequendama&#146;s  loan market share,  as of February 2003,  was
1.48%,  higher than 1.43% obtained in December 2002. At the same dates,  deposit market
share also increased to 0.77% from 0.74%.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>As of March 31,  2003,  Banco  Tequendama&#146;s  loans were  US$210.7
 million,  remaining  similar to the  preceding  quarter balance,  but  decreases
 compared  to  US$233.0  millon as of March  2002.  At the end of March  2003,  deposits
 totaled US$164.1  million,  higher than  US$154.1  million in December  2002,  but
 decreases  also from  US$201.5  million at the year-ago period.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The past due loan ratio was 2.9% in March 2003,  improving  from
4.3% at the end of December  2002,  while  coverage  with provisions was 96.5%, compared
to 67.0%, respectively.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT></TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=CENTER><TT>II. BANCO DE CREDITO DEL PERU AND SUBSIDIARIES (&#147;BCP&#148;)</TT></P>



<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.1  NET INCOME</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Consolidated net income for the quarter ended March 31, 2003 was
S/.12.2 million (US$3.5  million),  lower than net income of S/.59.3 million (US$17.1
million) in the first quarter of 2002.  Results in the current quarter  decreased
 compared to the previous year period principally due to S/.53.7 million (US$15.5
million) of higher  non-interest  expense required by the  incorporation  of BSCH-Peru
and by higher loan loss provisions at the Bolivian  subsidiary,  which were partly offset
by increased non-interest income.</TT></P>

<PRE>
                          BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
                                    SUMMARY OF RESULTS (1)
              (In constant S/. and U.S.$ millions, except net income per share)
- -----------------------------------------------------------------------------------------------
                                                       Three months ended
                                  -------------------------------------------------------------
                                  -------------------------------------------------------------
                                     31.03.02       31.12.02        31.03.03       31.03.03
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
                                                                                     US$
Net interest income                        280.4           284.9          283.7          $81.7
Provisions for loan losses, net             88.2            69.8          116.1          $33.4
Other income                               184.3           220.6          250.1          $72.0
Other expenses                             293.2           330.3          313.9          $90.4
Merger costs                                 0.0             5.9           53.7          $15.5
Result from exposure  to inflation           0.4           (35.0)         (25.1)         ($7.2)

    Income before income tax                83.6            64.5           25.1           $7.2
Income Tax                                  24.3            21.5           12.8           $3.7

           Net Income                       59.3            43.0           12.2           $3.5
Net Income per share (2)                   0.055           0.040          0.011         $0.003

- -----------------------------------------------------------------------------------------------
(1) Financial statements prepared according to Peruvian GAAP.  The financial information
    is in constant soles as of March 31, 2003.  Figures in US$ have been translated
    at the exchange rate of S/.3.474 to the dollar.
(2) Based on 1,076 million outstanding shares in all periods.
</PRE>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.2  NET INTEREST INCOME</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Interest income,  net of interest  payments,  in the first quarter
of 2003 reached  S/.283.7  million  (US$81.7  million), increasing  1.2% compared to the
same period of last year,  but is slightly  below the preceding  fourth  quarter of 2002.
The decline  versus net interest  income in the fourth  quarter  2002 is mainly due to
lower  interest  margins  which was partly offset by increased  interest earning assets,
 within a persistent  excess liquidity  environment in both local and foreign currencies.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>During the first  quarter of 2003,  the net  interest  margin was
 5.08%,  decreasing  from 6.02% in the first  quarter of 2002,  and also  compared  to
5.41%  during the last  quarter of 2002.  During the current  quarter  the margin
 decreased mostly due to continued  declining  loan rates in both local and foreign
 currency,  which was not offset by lower funding in local currency.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.3  NON-INTEREST INCOME</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Non-interest  income,  including  fee revenue  and other
 non-interest  items,  in the first  quarter of 2003  amounted to S/.250.1 million
(US$72.0  million),  35.7% higher than income earned during the same period of 2002,
mostly due to higher Other Income concepts and increased banking services fees.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the first quarter of 2003, fees from banking  services  amounted
to S/.155.9 million  (US$44.9  million),  17.2% higher than in the same period of 2002,
 mostly due to  increased  revenue from account  maintenance  and credit card fees.  (See
note in table of Section  I.2.) In the quarter,  fees on the most  important  banking
 services had the  following  growth rates: </TT></P>

<pre>
- ----------------------------------------------------------------------------
(In constant S/. Mn.)                        1Q02       1Q03       Growth
- ----------------------------------------------------------------------------
Contingent credits                               6.3        7.7       22.2%
Foreign Trade                                    6.5        8.1       24.6%
Account Maintenance                             34.3       40.2       17.2%
Insurance                                        6.1        7.1       16.4%
Collections fees                                14.7       14.9        1.4%
Fund transfer services                          23.1       25.2        9.1%
Credit card fees                                14.4       17.2       19.4%
Brokerage                                        7.5       10.0       33.3%
Corporate Finance                                4.1        5.2       26.8%
Loan administration                              1.7        1.0      -41.2%
Shipping and handling                            6.7        6.3       -6.0%
Other                                            7.6       13.0       71.1%
Total                                          133.0      155.9       17.2%
- ----------------------------------------------------------------------------
</pre>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the first quarter of 2003, securities  transactions  resulted in
gains of S/.4.5 million (US$1.3 million),  compared to the first  quarter of 2002 which
had gains of S/.15.9  million  (US$4.6  million) in which  capital gains were obtained on
sale of fixed income  securities in addition to equities.  The general index of the Lima
Stock  Exchange  increased  12.0% in the first quarter of 2003, compared to 10.5% in the
year-ago period.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Gains from foreign  exchange  operations were S/.21.4 million
 (US$6.2  million) in the first quarter of 2003,  33.9% over revenue in the same period
in 2002, mainly due to increased traded volumes, while margins remained unchanged.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The Other Income  caption,  that maily  registers  reversals of
prior year  expenses,  and of provisions and recoveries of certain  operating costs,
 increased from S/.19.4 million (US$5.6 million) in the first quarter of 2002 to S/.68.3
million (US$19.7 million) in the current period.  The Other Income concepts with the most
important changes were the following: </TT></P>

<pre>
- --------------------------------------------------------------------------------
(In constant S/. Mn.)                             1Q02       1Q03       Growth
- --------------------------------------------------------------------------------
Recoveries of charged-off accounts                   10.4       28.7      176.0%
Deferred earnings                                     0.0       20.0         N/A
Prior year earnings                                   1.9        7.3      284.2%
Services, leases, and other                           7.1       12.3       72.8%
Total                                                19.4       68.3      251.1%
- --------------------------------------------------------------------------------
 </pre>

<P ALIGN=justify><TT>
In the preceding table,  deferred earnings amounting to S/.20.0 million in the current
quarter,  did not have an effect in net income since offsetting loan loss provisions for
the same amount were registered.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.4  OTHER NON-INTEREST EXPENSES</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Non-interest  expenses during the first quarter of 2003 were
S/.367.6  million  (US$105.8  million),  25.4% above those of the same period in 2002,
 mainly due to expenses  amounting to S/.53.7 million (US$15.5  million) related to the
BSCH-Peru merger.  Adjusted  operating  expenses are determined by excluding:  (i)
 provisions  for assets  received in lieu of loan repayment  (S/.25.1  million);  (ii)
non recurring  expenses  (S/.53.7  million of BSCH-Peru  merger  related and systems&#146;restructuring
 costs of S/.7.3 million);  and (iii) employee profit sharing expenses (S/.1.4 million).
 Adjusted operating expenses  reached  S/.280.0  million  (US$80.6  million) in the first
 quarter of 2003,  increasing  4.4%  compared to the year-ago period.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the first quarter 2003 BSCH-Peru  merger costs,  of S/.53.7
 million  (US$15.5  million),  were incurred mainly for (i) employee  severance
 indemnities,  S/.37.2  million  (US$10.7  million),  (ii) general  expenses,  S/.8.4
million  (US$2.4 million),  and (iii) real state transfer  taxes,  S/.8.1  million
 (US$2.3  million).  In fourth quarter 2002 these merger costs were S/.5.9 million
(US$1.7 million).</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Excluding  merger costs,  approximately  43% of non-interest
 expenses were  attributable  to employee  salaries and other expenses related to
personnel.  This concept  increased 2.3% to S/.133.6  million  (US$38.5  million) when
compared to the first  quarter of 2002.  At the end of the first  quarter 2003 the number
of  employees  stood at 7,629,  decreasing  from 7,671  employees as of December 2002
(without  including 685 employees at BSCH-Peru),  mainly due to lower sales positions at
Soluci&#243;n Financiera.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>General and  Administrative  expenses,  which  represented 34% of
non-interest  expenses  excluding merger costs,  reached S/.105.6  million  (US$30.4
 million)  in the first  quarter of 2003,  increasing  23.1% when  compared to expenses
in the year-ago period partly due to operating  expenses,  amounting to S/.5.8 million,
 required by BSCH-Peru  through February, and to  non-recurring  expenses related to
systems (S/.7.3  million).  (See note in table of Section I.2.) In the quarter, the most
significant general and administrative expenses excluding merger costs were: </TT></P>

<pre>
- --------------------------------------------------------------------------------
(In constant S/. Mn.)                              1Q02       1Q03      Chnge.
- --------------------------------------------------------------------------------
Office supplies and operating costs                 10.7       14.1      31.8%
Communications                                       9.5       10.5      10.5%
Third party fees                                     9.6       14.9      55.2%
Insurance and security                               9.4        8.0     -14.9%
Transport of currency and securities                11.3       12.9      14.2%
Systems and maintenance                             19.2       25.8      34.4%
Advertising and marketing                           12.1       14.6      20.7%
Other G&amp;A                                            4.0        4.8      20.0%
Total G&amp;A                                           85.8      105.6      23.1%
- --------------------------------------------------------------------------------
</pre>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The Other caption within Other  Non-Interest  Expenses,  decreased
 from S/.38.4  million  (US$11.1  million) in the first quarter of 2002 to S/.29.8
 million (US$8.6  million) in the current  quarter,  mainly due to increased  revenue
from sale of foreclosed assets and lower provisions for contingencies registered within
this caption.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The ratio of  adjusted  operating  expenses  (determined  by
 excluding  provisions  for assets  received  in lieu of loan repayment,  employee
 profit  sharing  expense and  non-recurring  expenses)  as a  percentage  of average
 total  assets, decreased from 5.0% in the first quarter of 2002 to 4.4% in the current
period.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Adjusted operating expenses,  as a percentage of total income
(excluding  non-recurring  income of S/.20.0 million),  also improved from 57.7% to 54.5%
when comparing the first quarters of 2002 and 2003, respectively.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.5  ASSETS AND LIABILITIES</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Total assets of BCP reached S/.24,829 million (US$7,146  million) at
the end of March 2003,  increasing 16.5% with respect to the balance at the end of the
prior year  quarter,  but decrease by 3.8% compared to assets at December  2002.  Balance
sheet changes  compared to the first quarter 2002 are mostly due to the inclusion of
BSCH-Peru,  which is  consolidated by BCP in its financial statements since the beginning
of December 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Consolidated  total loans were S/.14,850  million (US$4,275
 million) at the end of March 2003,  increasing 16.3% compared to March  2002,  but are
6.2%  lower with  respect  to  year-end  2002.  At March 31,  2003,  the loan  portfolio,
 net of provisions,  represented  53.8% of total  assets,  lower than 55.2% at December
 2002.  At the end of the first quarter of 2003,  the Nuevos Soles portion of the loan
 portfolio was 16.7%,  over 15.2% in December  2002, and also over 14.1% as of March 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>As of March 31, 2003 total  deposits  were  S/.21,133  million
 (US$6,083  million),  increasing  18.3%  compared to first quarter 2002 deposits,  but
declines 4.1% since the beginning of the year.  During the present  quarter,  savings
deposits decreased by 6.4%,  demand  deposits by 5.5%, and time deposits by 2.3%.
 Deposits  denominated in Nuevos Soles were 22.2% of total deposits, higher than 21.8% at
December 2002, and also increasing over 20.3% at the end of March 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>BCP's subsidiaries had the following loan, net of provisions, and
deposit contributions: </TT></P>

<pre>
- ------------------------------------------------------------------------------------------------------------------
                                                   Loans, net                           Total Deposits
- ------------------------------------------------------------------------------------------------------------------
(In % and constant S/.Mn.)             1Q02         4Q02          1Q03        1Q02         4Q02         1Q03
- ----------------------------------------------------------------------------------------------------------------
Banco de Cr&#233;dito del Peru                 77.0%         71.3%        86.4%       84.3%         76.9%       90.6%
Banco Santander Per&#250;                       ----         14.9%        -----        ----         13.4%         ---
Banco de Cr&#233;dito de Bolivia               10.5%          6.6%         6.5%        9.0%          6.0%        5.6%
Banco de Cr&#233;dito Overseas                  4.6%          0.5%         0.1%        3.0%          0.3%        0.0%
Cr&#233;dito Leasing                            6.0%          4.8%         4.9%        2.7%          2.4%        2.6%
Soluci&#243;n Financiera de Cr&#233;dito             1.9%          1.9%         2.1%        1.0%          1.0%        1.1%
 TOTAL%                                  100.0%        100.0%       100.0%      100.0%        100.0%      100.0%
BCP consolidated Total                S/.11,584     S/.14,352    S/.13,359   S/.17,867     S/.25,797   S/.21,133
- -----------------------------------------------------------------------------------------------------------------
</pre>
<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>According to statistics  from the Peruvian  Banking
 Association  (ASBANC) for Peruvian  commercial  banks as of March 31, 2003,  Banco de Cr&#233;dito
del Per&#250; had a total loan  market  share of 35.3%  (29.7% at December  31, 2002 and 26.8%
at March 31,  2002),  and 38.5% of deposits  (34.0% at December 31, 2002 and 31.6% at
March 31,  2002).  Market share growth during first quarter 2003 is mainly due to the
merger of BSCH-Peru.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Loan portfolio composition by business segment developed as follows:</TT></p>


<PRE>
- -------------------------------------------------------------------------------------------
(In % of total and constant S/. Mn)              31.03.02     31.12.02(1)     31.03.03
- -------------------------------------------------------------------------------------------
Corporate                                               45.7%        42.6%           43.2%
Middle market                                           26.7%        27.1%           26.0%
Retail:                                                 27.6%        30.3%           30.8%
- - small business                                        11.5%        11.1%           11.0%
- - home mortgage                                          8.2%        11.7%           12.1%
- - consumer                                               4.8%         4.2%            4.3%
- - credit cards                                           3.1%         3.4%            3.4%
Total                                                  100.0%       100.0%          100.0%
                    Total Loans                     S/.12,763    S/.15,825       S/.14,850
- -------------------------------------------------------------------------------------------
(1)  Note: S/.200Mn were reclassified from Middle Market to Small business.
</pre>

<P ALIGN=justify><TT>In the  current  quarter,  loan  balances  decreased  6.2%,  middle
 market  loans are lower by 9.8% to  S/.3,864  million (US$1,112 million),  corporate
loans by 4.8% to S/.6,418 million (US$1,847 million),  and retail loans by 4.8% to
S/.4,568 million (US$1,315 million).  Retail loans by product performed as follows: </TT></P>
<pre>
- ----------------------------------------------------------------------------------------------------------------
                                             1Q02         4Q02         1Q03         1Q03 vs         1Q03 vs
(% change and constant S/. Mn)                                                        4Q02           1Q02
- ----------------------------------------------------------------------------------------------------------------
Small business loans                            1,467        1,751         1,625          -7.2%           10.8%
Mortgage loans                                  1,045        1,845         1,797          -2.6%           71.9%
Consumer loans                                    611          664           645          -2.9%            5.6%
Credit card loans                                 398          535           500          -6.4%           25.6%
Total Retail                                    3,521        4,796         4,568          -4.8%           29.7%
- ----------------------------------------------------------------------------------------------------------------
</pre>
<P ALIGN=justify><TT>
At March 31, 2003  contingent  credits were S/.4,935  million  (US$1,420.5
 million),  36.5% over the March 2002 figure,  but decreasing 10.7% during the current
quarter, as can be seen in the following chart: </TT></P>


<PRE>
- ----------------------------------------------------------------------------------------------------
                                           1Q02       4Q02      1Q03       1Q03 vs       1Q03 vs
(% change and constant S/. Mn)                                              4Q02          1Q02
- ----------------------------------------------------------------------------------------------------
- - Guarantees and Stand-by LCs                1,682      2,409     2,294         -4.8%         36.4%
- - Letters of Credit                            306        384       509         32.6%         66.3%
- - Acceptances                                  114        147       135         -8.2%         18.3%
- - Foreign currency forwards                    841      1,590     1,333        -16.1%         58.6%
- - Other contingent accounts                    672        996       664        -33.3%         -1.2%
Total Contingent Credits                     3,615      5,525     4,935        -10.7%         36.5%
- ----------------------------------------------------------------------------------------------------
</PRE>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.6  LOAN QUALITY</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>During the first  quarter of 2003 loan quality  continued  to
improve.  Consolidated  past due loans  amounted to S/.1,275 million (US$367.1  million)
at March 31, 2003,  decreasing 5.8% from the balance of S/.1,354 million (US$389.8
million) as of the end of 2002. Past due loans growth of 14.3% over S/.1,116  million
 (US$321.2  million) at March 2002 is mainly due to bad loans from the BSCH-Peru
portfolio.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The ratio of past due loans as a  percentage  of total  loans was
8.59% at March  31,  2003,  remaining  almost  unchanged during this quarter because of
the over-all loan decrease, but is lower compared to 8.74% at March 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>At the end of the first quarter 2003,  outstanding  balances of loan
loss provisions  totaled S/.1,490  million  (US$429.0 million),  increasing  1.2%
compared to the preceding  quarter.  The ratio of loan provisions to past due loans was
116.9% at the end of this  quarter,  higher  than the 108.8% at December  2002 and better
than 105.7% past due  coverage at March 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Of total provisions  outstanding at the end of the current  quarter,
 S/.263.1  million  (US$75.7  million)  correspond to generic  provisions  assigned to
loans in the Normal (A) risk category,  remaining  similar to the balance at December 31,
2002.  These provisions include a US$23.6 million voluntary reserve pending of final
allocation.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Loans believed to be  unrecoverable,  fully  provisioned in prior
periods,  and written-off  during the first quarter 2003 amounted to S/.59.0 million
(US$17.0  million),  of which  approximately 15% were related to consumer loans. This
compares to  charge-offs  in the fourth  quarter of 2002 of S/.122.7  million  (US$35.3
 million),  and S/.115.0  million  (US$33.1 million) in the year-ago first quarter.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>At the end of the quarter,  refinanced loans amounted to S/.961.1
million (US$276.7 million),  growing over the balance at December 2002 that was S/.906.7
million (US$261.0 million).</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Loans  classified as  Substandard  (i.e.,  Deficient,  Doubtful and
Loss) were 17.8% of the loan  portfolio in March 2003, remaining  similar  to  17.7%  in
 December  2002,  but is  lower  than  20.2%  that  resulted  in  March  2002.  The loan
classification is as follows:</TT></P>


<pre>
- --------------------------------------------------------------------------------
(% of Total loans and  S/.Mn const.)  31.03.02         31.12.02        31.03.03
- --------------------------------------------------------------------------------
A:  Normal                               68.4%            72.2%           72.9%
B:  Potential Problem                    11.4%            10.1%            9.3%
C:  Deficient                             9.1%             7.3%            6.7%
D:  Doubtful                              5.2%             5.3%            5.7%
E:  Loss                                  5.9%             5.1%            5.4%
                    Total               100.0%           100.0%          100.0%
                 Total Loans         S/.12,763        S/.15,825       S/.14,850
- --------------------------------------------------------------------------------
</PRE>

<P ALIGN=justify><TT>
Loan loss provisions,  net of recoveries,  charged in first quarter 2003 amounted
to S/.116.1  million (US$33.4  million), higher than S/.88.2  million  (US$25.4  million)
in the year-ago  period,  and is also over  provision  expense of S/.69.8 million
 (US$20.1million)  in the last quarter of 2002.  Provision  expense in the first  quarter
of 2003 include  US$13.4 million for the past due portfolio of the Bolivian  subsidiary
 (US$5.3  million in first quarter 2002),  of which US$11.3 million were  registered at
the BCP level (see Section I.5 &#150; BCB).  Quarterly  provision  expense charged by each
business segment is as follows:</TT></P>


 <pre>
- --------------------------------------------------------------------------------
(% of Provision expense and S/.Mn const.)     1Q02           4Q02          1Q03
- --------------------------------------------------------------------------------
Corporate Banking                              26.2%         43.9%         29.3%
Middle Market                                  28.4%         40.0%         35.3%
Retail                                         45.4%         16.1%         35.4%
                        Total                 100.0%        100.0%        100.0%
             Total Provision Expense, net    S/.88.2       S/.69.8     S/. 116.1
- --------------------------------------------------------------------------------
</PRE>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>II.7  CAPITAL ADEQUACY</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>At the end of the first quarter of 2003,  BCP&#146;s  unconsolidated
 ratio of risk-weighted  assets to regulatory  capital was 9.3 to 1.0 (10.8%),  while the
 corresponding  consolidated  ratio was 8.0 to 1.0 (12.5%).  Risk-weighted  assets
 include S/.820.2 million (US$236.1  million) of market-risk  exposure whose coverage
required S/.74.6 million (US$21.5 million) of regulatory capital at March 31, 2003.
 Peruvian regulations limit risk-weighted assets to a ratio of 11.0 to 1.0 (9.1%).</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>As of March 31, 2003,  BCP&#146;s  consolidated  &#147;regulatory  capital&#148;  was
S/.2,201  million  (US$633.7  million),  decreasing compared  to  S/.2,280  million
 (US$656.4  million)  in the  preceding  quarter  mostly due to lower  subordinated
 debt. Regulatory  capital included S/.162.6 million ($46.8 million) in subordinated debt
in the current period,  decreasing from S/.220.7 million (US$63.5 million) at December
2002.</TT></P>

<pre>
- --------------------------------------------------------------------------------
                                 BCP unconsolidated          BCP consolidated
- --------------------------------------------------------------------------------
(In constant S/. Mn.)           31.03.02     31.03.03     31.03.02      1.03.03
- --------------------------------------------------------------------------------
Regulatory capital                 1,465       1,652         1,972        2,201
Risk weighted assets              13,297      15,371        16,470       17,567

Weighted assets / Capital            9.1         9.3           8.4          8.0
Capital / Weighted Assets          11.0%       10.8%         12.0%        12.5%
- --------------------------------------------------------------------------------
</PRE>




<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=CENTER><TT>III. ATLANTIC SECURITY HOLDING CORPORATION AND SUBSIDIARIES (&#147;ASHC&#148;)</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Consolidated  net income for the  quarter  ended  March 31,  2003
was US$3.8  million,  10.3% over  US$3.4  million in the year-ago  period.  Net income in
the current  quarter  increased  compared  to the prior year  period  mainly due to lower
non-interest expenses and higher net interest income, partly offset by lower fee revenue.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Net interest income before risk provisions,  which includes
 dividend  income,  was US$7.1 million in the first quarter of 2003,  higher than US$6.8
 million in the same quarter of last year.  Dividends  received  amounted to US$3.1
 million and US$2.3 million, respectively.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Net interest margin,  without considering  dividends and investments
in equity shares, was 2.5% during first quarter 2003, under the 2.7% margin in the
 preceding  quarter and also lower than 3.1% in the  year-ago  period.  The margin
 decreases mainly due to the portfolio  shift from higher return fixed income  securities
in favor of investment  grade papers,  that offer lower interest rates but that will
reduce balance sheet volatility.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>In the first quarter of 2003 charges  against income for market risk
 provisions  amounted to US$3.6  million,  increasing from US$2.4 million charged in the
preceding  quarter,  but lower than US$4.0 million  provisioned in the year-ago period.
In the current  quarter US$0.6 million were also  provisioned  for credit risks,
 remaining  similar to loan provisions in the preceding period.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Non-interest  income,  which includes fee income and realized  gains
on securities  transactions  before risk  provisions, improved from US$1.2  million in
the fourth quarter of 2002 to a gain of US$2.4  million in the current  quarter,  but are
below  US$3.3  million in the  year-ago  quarter.  Increased  income  compared to the
 preceding  quarter is mainly due to higher  realized gains on securities  transactions,
 which improve from a US$0.6 million loss in fourth quarter 2002, to a US$1.2 million net
gain in the first quarter of 2003.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The loan  portfolio,  net of  provisions,  was  US$156.0  million as
of March 31,  2003,  decreasing  compared to US$160.5 million at December 2002, mainly
due to decreased lending to Peruvian companies and lower risk-participated loans.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The marketable  securities  portfolio was US$327.6  million at March
2003,  over US$313.8  million last December 2002, but remains similar to US$323.1 million
at the end of first quarter 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Deposits  amounted to US$573.0  million at March 31, 2003,
 increasing  from US$544.3  million at year-end  2002, and also compared to US$506.0
million at the end of the first quarter of 2002.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Funds under management were US$542.2  million at March 31, 2003,
 similar to US$549.1 million at the end of 2002, but grow compared to US$528.6  million
at the end of the first quarter 2002.  The increase is principally  due to the
 introduction of new structured products and funds under management with higher yields
than interest paid on bank deposits.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Net equity reached  US$119.3  million at the end of March 2003,
 higher than US$110.3  million at December 2002 mainly due to lower special equity
 reserves for unrealized  losses on investments  which decreased from US$7.4 million at
the end of December  2002,  to US$2.2  million at the end of the current  quarter due to
 improved  values in capital  markets of the available for sale proprietary portfolio.
 The loan portfolio had no past dues.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The ratio of operating  expenses over average assets decrease to
0.9%,  annualized,  in the first quarter of 2003 compared to the 1.4% ratio during the
same period in 2002.  This ratio  declines to 0.5% in the first  quarter of 2003,  when
funds under  management  are included  within total assets,  improving from 0.9% in the
prior year quarter.  The  improvements a maily due to the closing of ASB&#146;s U.S. agency.</TT></P>



<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=CENTER><TT>IV. EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES (&#147;PPS&#148;)</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>PPS obtained in the quarter ended March 31, 2003 a consolidated  net
income of S/.5.2 million (US$1.5  million),  compared with net income of S/.12.5  million
 (US$3.6  million) in the  year-ago  quarter.  Net income in the  current  quarter was
affected by higher reserves and claims, partly offset by higher financial income from
sale of real state and securities.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Total premiums in the first quarter of 2003 were S/.242.0  million
 (US$69.6  million),  remaining  similar to premiums in the year-ago  quarter.  Net
premiums  earned,  net of reinsured  premiums and  reserves,  were S/.120.1  million
 (US$34.6 million) in first  quarter  2003,  also similar to the prior year  quarter.
 Ceded  premiums  decreased but were offset by higher reserves.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Additions to technical  reserves for premiums  grew by S/.50.0
 million  (US$14.4  million) in the first  quarter of 2003, most of which were
established by Pac&#237;fico Vida for its life annuities and life insurance lines.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Comparing  results of first quarter 2003 and 2002,  consolidated
 premiums  consisted  of:  general  insurance  lines that amounted to 55.7% of total
premiums and decreased 15.6%;  Pac&#237;fico Salud&#146;s were 9.6% of total premiums,  increasing
20.3%; and, premiums by Pac&#237;fico Vida amounted to 34.7% and grew 33.8%.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Through March 31, 2003,  growth of Pac&#237;fico  Salud and the health
and medical  assistance  insurance  line (20.0% of total premiums) was 7.6%; fire
insurance lines (18.2% of total premiums)  decreased 26.6%;  while the automobile
 insurance line (6.2% of total premiums)  decreased 11.6%.  Through March 2003,  pension
fund benefits  insurance (8.4% of total premiums) decreased 4.2%,  while group life
insurance and individual  life insurance  policies (10.7% of total premiums) grew 15.1%,
and life annuities (15.7% of total premiums)  increased 98.2% compared to the prior year
period.  Fire insurance  premiums decreased  mainly  because in the prior year first
quarter sales  included  clients  related to the state owned  insurance company that
ceased operating.  Life annuities  increased due to the  regularization of bonds issued
by the public pension fund for past contributions.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Net underwriting  results was S/.14.7 million (US$4.2  million) in
the first quarter of 2003,  compared to S/.27.3 million (US$7.9  million) in the prior
year  quarter.  The ratio of net  underwriting  results  (net  premiums  less  reserves
and claims as a percentage of total premiums)  decreased to 6.1% in the first quarter of
2003,  compared to 11.3% in the prior year period, and to 7.0% in the fourth quarter 2002
mainly because of higher claims.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Net claims  incurred in the first quarter of 2003 were S/.94.2
 million  (US$27.0  million),  5.1% over claims in the same quarter  of 2002,  and 1.7%
 compared  to the  preceding  fourth  quarter  2002.  The net loss  ratio  (net  claims
to net premiums)  increases to 51.2% in the current  quarter  from 48.9% in first
 quarter  2002,  but is lower than 59.2% in the preceding  fourth  quarter.  The net loss
ratio  continues  high in pension  fund  insurance  (123%),  health (80%) and in Pac&#237;fico
Salud (83%).</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The combined ratio (the sum of net claims,  general expenses and
commissions,  as a percentage of net premiums)  increased from 71.2% in the first quarter
of 2002 to 72.6% in the current quarter, due to higher claims.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Operating  expenses  over net  premiums  declined  from  17.0% to
15.1%  comparing  the first  quarters  of 2002 and 2003, respectively.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Losses due to inflation  adjustments  and exchange  losses  amounted
to S/.5.6 million  (US$1.6  million) in first quarter 2003, compared to gains of S/.3.5
million (US$1.0 million) in the prior year quarter.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>Investments  in real  estate and  financial  assets were  S/.1,110
 million  (US$319.6  million) at the end of the current quarter, increasing 27.0% from
the year-ago balance.</TT></P>

<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>As of March 31, 2003,  total assets were S/.1,474  million
 (US$424.4  million)  increasing 11.4% compared to the year-ago balance.  At the end of
the current  period net equity  amounted  to  S/.341.3  million  (US$98.2  million)  3.0%
over net equity at March 2002.</TT></P>


<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=justify><TT>The Peruvian  insurance market through February 28, 2003, had total
premiums of US$142.3  million,  23.5% over premiums in the same period in 2002 mainly due
to sales of SOAT and life  annuities.  For the first two months of 2002,  PPS's  market
share in total  premiums  was 29.8%  (39.8% in the  year-ago  period),  with the share in
general  risks lines being 31.1% (43.9%  through  February  2002),  and in life
 insurance and pension fund  benefits  lines of 27.5% (31.8% as of February 2002).</TT></P>








<!-- MARKER FORMAT-SHEET="TT" FSL="Workstation" -->
<P ALIGN=CENTER><TT>*** 8 Tables To Follow ***</TT></P>


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

- ---------------------------------------------------------------------------------------------------------------------
                                                                                   As of
                                                       --------------------------------------------------------------
                        ASSETS                          Dec. 31, 2001  Mar. 31, 2002   Dec. 31, 2002  Mar. 31, 2003
- ---------------------------------------------------------------------------------------------------------------------

CASH AND DUE FROM BANKS
   Cash and non interest bearing deposits in banks             277,841        263,020         314,404        243,401
   Interest bearing deposits in banks                        1,675,562      1,537,023       1,867,987      1,901,274
                                                             1,953,403      1,800,043       2,182,391      2,144,675

MARKETABLE SECURITIES, net                                     516,376        608,853         613,174        714,208

LOANS                                                        4,064,479      3,979,487       4,817,662      4,639,592
   Current                                                   3,713,644      3,639,485       4,412,345      4,255,538
   Past Due                                                    350,835        340,002         405,317        384,054
   Less - Reserve for possible loan losses                    (344,433)      (336,307)       (420,809)      (430,712)
LOANS  NET                                                   3,720,046      3,643,180       4,396,853      4,208,880

INVESTMENT SECURITIES AVAILABLE FOR SALE                       584,293        595,792         634,151        670,269
REINSURANCE ASSETS                                              45,663         42,556          29,677         27,838
PREMIUMS AND OTHER POLICYHOLDER RECEIVABLES                     54,587         68,204          61,856         51,512
PROPERTY, PLANT and EQUIPMENT, net                             258,870        252,052         288,889        284,572
DUE FROM CUSTOMERS ON ACCEPTANCES                               38,606         34,714          36,068         37,939
OTHER ASSETS                                                   417,072        388,105         376,660        437,110

                     TOTAL ASSETS                            7,588,916      7,433,499       8,619,719      8,577,003

- ---------------------------------------------------------------------------------------------------------------------
         LIABILITIES AND SHAREHOLDERS' EQUITY

DEPOSITS AND OBLIGATIONS:
   Non-interest bearing                                        766,607        655,981         822,883        867,013
   Interest bearing                                          4,960,884      4,961,649       5,933,819      5,831,799
                                                             5,727,491      5,617,630       6,756,702      6,698,812

DUE TO BANKS  AND CORRESPONDENTS                               341,452        313,826         309,698        293,475
ACCEPTANCES OUTSTANDING                                         38,606         34,714          36,068         37,939
RESERVE FOR PROPERTY AND CASUALTY CLAIMS                       193,452        200,877         224,754        246,637
RESERVE FOR UNEARNED PREMIUMS                                   44,707         51,197          48,703         49,388
REINSURANCE PAYABLE                                             23,801         17,871          23,253         18,761
OTHER LIABILITIES                                              310,383        333,490         332,000        358,431
MINORITY INTEREST                                              112,255         62,377          64,742         65,161

                  TOTAL LIABILITIES                          6,792,147      6,631,982       7,795,920      7,768,604

               NET SHAREHOLDERS' EQUITY                        796,769        801,517         823,799        808,399

    TOTAL LIABILITIES and NET SHAREHOLDERS' EQUITY           7,588,916      7,433,499       8,619,719      8,577,003

CONTINGENT CREDITS                                           1,079,749      1,075,043       1,637,050      1,508,022

- ---------------------------------------------------------------------------------------------------------------------
</PRE>


<PRE>
                                  CREDICORP LTD. AND SUBSIDIARIES
                                              Table 2
                                  CONSOLIDATED INCOME STATEMENTS
                                  (In thousands of U.S. Dollars)
- ----------------------------------------------------------------------------------------------------
                                                                    Three months ended
                                                       ---------------------------------------------
                                                          31.03.02       31.12.02       31.03.03
- ----------------------------------------------------------------------------------------------------

INTEREST INCOME
   Interest on loans                                          111,794        101,314        113,349
   Interest and dividends on investments:                         701            490              7
   Interest on deposits with banks                              7,711         10,230          6,146
   Interest on trading securities                              12,121         19,345         12,804
                Total Interest Income                         132,327        131,379        132,306

INTEREST EXPENSE
   Interest on deposits                                        31,251         27,866         25,612
   Interest on borrowed funds                                   8,140          5,136          3,658
   Other interest expense                                       8,786         10,585         14,157
                Total Interest Expense                         48,177         43,587         43,427

                 Net Interest Income                           84,150         87,792         88,879

Provision for possible loan losses, net                        25,338         23,735         34,228

Net interest income after provision for
    possible loan losses                                       58,812         64,057         54,651

OTHER INCOME
  Fees and commissions from banking services                   39,870         44,239         46,199
  Net gains from sales of securities                            5,432         (3,145)          (214)
  Net gains on foreign exchange transactions                    4,320          6,965          6,361
  Net premiums earned                                          31,628         30,854         31,901
  Other income                                                 10,276         18,974         28,228
                                                               91,526         97,887        112,475

CLAIMS ON INSURANCE ACTIVITIES
  Net claims incurred                                           5,648          5,030          4,755
  Increase in future policy benefits for life and health       15,416         19,476         20,448
                                                               21,064         24,506         25,203

OTHER EXPENSES
  Salaries and employee benefits                               45,572         49,541         46,064
  General, administrative, and other taxes                     31,991         39,817         38,833
  Depreciation and amortization                                11,172         11,544         11,749
  Other                                                        11,781         12,645         12,451
  Merger costs                                                      0          1,661         15,465
                                                              100,516        115,208        124,562

Translation result                                             (1,907)           384         (6,723)

Income before income tax, and minority interest                26,851         22,614         10,638

   Income Tax                                                  (8,757)        (5,987)        (6,789)
   Minority Interest                                           (3,331)        (3,110)        (1,357)

                      NET INCOME                               14,763         13,517          2,492

- ----------------------------------------------------------------------------------------------------
</PRE>

<PRE>
                                      CREDICORP LTD. AND SUBSIDIARIES
                                                  Table 3
                                       SELECTED FINANCIAL INDICATORS

- ------------------------------------------------------------------------------------------------------------
                                                                           Three months ended
                                                             -----------------------------------------------
                                                                31.03.02        31.12.02        31.03.03
- ------------------------------------------------------------------------------------------------------------


Profitability
 Net income per common share (US$ per share)(1)                        0.185           0.169          0.031
 Net interest margin on interest earning assets (2)                    5.76%           5.51%          5.17%
 Return on average total assets (2)(3)                                 0.79%           0.68%          0.12%
 Return on average shareholders' equity (2)(3)                         7.39%           6.67%          1.22%
 No. of outstanding shares (millions)(4)                               79.75           79.75          79.75

Quality of loan portfolio
  Past due loans as a percentage of total loans                        8.54%           8.41%          8.28%
  Reserves for loan losses as a percentage of
      total past due loans                                            98.91%         103.82%        112.15%
  Reserves for loan losses as a percentage of
       total loans                                                     8.45%           8.73%          9.28%
  Reserves for loan losses as a percentage of
      substandard  loans (C+D+E)                                      45.02%          52.60%         55.57%
  Past due loans - reserves for loan losses as a
      percentage of shareholders' equity                               0.46%          -1.88%         -5.77%

Operating efficiency
 Oper. expense as a percent. of total income (5)                      53.20%          55.97%         50.79%
 Oper. expense as a percent. of av. tot. assets(2)(3)(5)               4.98%           5.19%          4.62%

Capital adequacy
  Total Regulatory Capital (US$Mn)                                     717.4           788.0          742.3
  Tier I Capital (US$Mn)                                               608.8           608.8          608.8
  Regulatory capital / risk-weighted assets (6)                       12.06%          12.30%         11.65%

Average balances (US$Mn) (3)
  Interest earning assets                                            5,845.5         6,369.8        6,882.3
  Total Assets                                                       7,511.2         8,009.4        8,598.4
  Net equity                                                           799.1           811.1          816.1

- ------------------------------------------------------------------------------------------------------------
(1)  The number of shares outstanding of 79.8 million in 1Q02is used 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 is net of provisions for other assets received in lieu of loan repayment and
     mandatory employee profit sharing expense.
(6)  Risk-weighted assets include market risk assets.
</PRE>

<PRE>
                                         BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
                                                           Table 4
                                                 CONSOLIDATED BALANCE SHEETS
                         (Constant Nuevos Soles, as of March 31, 2003, and U.S. Dollars in thousands)

- ------------------------------------------------------------------------------------------------------------------------------
                     ASSETS                         31.12.01       31.03.02        31.12.02       31.03.03        31.03.03
- ------------------------------------------------------------------------------------------------------------------------------

                                                                                                                 US$000(1)
CASH AND DUE FROM BANKS                              6,121.697       6,015.176      7,376.418       6,978.045      $2,008.649
  Cash and Checks                                       871.296         885.263      1,093.714         817.762       $235.395
  Deposits in Central Bank of Peru                    3,879.882       3,944.077      4,819.467       5,295.554     $1,524.339
  Deposits  with local and foreign banks              1,370.519       1,185.836      1,463.237         864.729       $248.915

MARKETABLE SECURITIES, net                            1,548.060       1,785.382      1,959.736       2,266.167       $652.322

LOANS                                                13,022.620      12,762.995     15,825.031      14,849.739     $4,274.536
   Current                                           11,878.538      11,647.173     14,470.722      13,574.466     $3,907.446
   Past Due                                           1,144.082       1,115.822      1,354.309       1,275.273       $367.091
  Less - Reserve for possible loan losses            (1,202.923)     (1,179.102)    (1,472.830)     (1,490.268)     ($428.978)
LOANS  NET                                          11,819.697      11,583.893     14,352.201      13,359.471      $3,845.559

INVESTMENT SECURITIES AVAILABLE FOR SALE                310.173         310.568        420.850         361.270       $103.993
PROPERTY, PLANT and EQUIPMENT, net                      662.620         646.400        787.774         765.761       $220.426
OTHER ASSETS                                            950.364         964.467        900.411       1,097.806       $316.006

                  TOTAL ASSETS                       21,412.611      21,305.886     25,797.390      24,828.520     $7,146.955

             LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS AND OBLIGATIONS:                           18,056.274      17,867.321     22,041.762      21,133.423      $6,083.311
  Demand deposits                                     3,805.053       3,777.393      4,952.534       4,682.533     $1,347.879
  Saving accounts                                     5,390.341       5,238.018      5,919.671       5,540.165     $1,594.751
  Time deposits                                       8,860.880       8,851.910     11,169.557      10,910.725     $3,140.681

DUE TO BANKS  AND CORRESPONDENTS                        486.048         412.520        561.333         511.453       $147.223
OTHER LIABILITIES                                       989.003       1,171.709      1,177.701       1,264.390       $363.958

SHAREHOLDERS EQUITY:                                 1,881.286       1,854.336      2,016.594       1,919.254        $552.462
  Capital stock                                       1,031.844       1,060.186      1,106.718       1,214.419       $349.574
  Legal reserve                                         663.967         658.391        654.661         691.522       $199.056
  Retained earnings                                     185.475         135.759        255.215          13.313         $3.832

          TOTAL LIABILITIES AND EQUITY               21,412.611      21,305.886     25,797.390      24,828.520     $7,146.955

  Contingent Credits                                  3,625.007       3,615.084      5,525.360       4,934.791     $1,420.493

- ------------------------------------------------------------------------------------------------------------------------------
(1)Translated at S/.3.474 per US$1.00.
</PRE>

<PRE>
                               BANCO DE CREDITO DEL PERU AND SUBSIDIARIES
                                                Table 5
                                     CONSOLIDATED INCOME STATEMENTS
              (Constant Nuevos Soles, as of March 31, 2003, and U.S. Dollars in thousands)

- ---------------------------------------------------------------------------------------------------------
                                                                 Three months ended
                                            -------------------------------------------------------------
                                               31.03.02       31.12.02       31.03.03       31.03.03
- ---------------------------------------------------------------------------------------------------------

Interest income and expense                                                                    US$000(1)
  Interest income                                  411.538        413.010        415.399        $119.574
  Less - Interest expense                         131.159        128.151        131.686          $37.906
            Net interest income                    280.379        284.859        283.713         $81.668

Provisions for possible loan losses, net            88.244         69.772        116.106         $33.421

   Net interest income after provisions           192.135        215.087        167.607          $48.246

Other Income
  Fees and commissions from services               132.970        150.118        155.949         $44.890
  Net gains from sales of securities                15.937          4.799          4.507          $1.297
  Net gains on foreing exchg. transacts.            15.972         23.766         21.387          $6.156
  Other income                                      19.447         41.916         68.273         $19.653
                                                   184.326        220.599        250.116         $71.997

Other Expenses
  Salaries and employee benefits                   130.639        149.141        133.639         $38.468
  General and administrative                        85.799        112.292        105.571         $30.389
  Depreciation and amortization                     29.850         29.316         33.566          $9.662
  Taxes other than income tax                        8.498          9.407         11.259          $3.241
  Other                                             38.448         30.115         29.848          $8.592
  Merger costs                                       0.000          5.900         53.726         $15.465
                                                   293.234        336.171        367.609        $105.817

     Result from exposure to inflation               0.370        (35.028)       (25.061)        ($7.214)

         Income before income tax                   83.597         64.487         25.053          $7.212

    Income Tax                                      24.280         21.515         12.817          $3.689

                NET INCOME                          59.317         42.972         12.236          $3.522

- ---------------------------------------------------------------------------------------------------------
(1)Translated at S/.3.474 per US$1.00.
</PRE>

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

- -----------------------------------------------------------------------------------------------------
                                                                    Three months ended:
                                                        ---------------------------------------------
                                                           31.03.02       31.12.02       31.03.03
- -----------------------------------------------------------------------------------------------------
Profitability
 Net income per common share (S/. per share)(1)                  0.055          0.040          0.011
 Net interest margin on interest earning assets (2)              6.02%          5.41%          5.08%
 Return on average total assets (2)(3)                           1.11%          0.72%          0.19%
 Return on average shareholders' equity (2)(3)                  12.70%          8.62%          2.49%

Quality of loan portfolio

  Past due loans as a percentage of total loans                  8.74%          8.56%          8.59%
  Reserves for loan losses as a percentage of
      total past due loans                                     105.67%        108.75%        116.86%
  Reserves for loan losses as a percentage of
       total loans                                               9.24%          9.31%         10.04%
  Reserves for loan losses as a percentage of
      substandard  loans (C+D+E)                                45.79%         52.86%         56.18%
  Past due loans - reserves for loan losses as a
      percentage of shareholders' equity                        -3.41%         -5.88%        -11.20%

Operating efficiency (5)
 Oper. expense as a percent. of total income (4)                57.70%         58.58%         54.49%
 Oper. expense as a percent. of av. tot. assets(2)(3)            5.02%          4.96%          4.42%

Capital adequacy
  Total Regulatory capital (constant millions S/.)             1,971.6        2,280.2        2,201.3
  Tier  I  Capital (constant millions S/.)                     1,718.6        1,761.4        1,742.2
  Net equity as a percentage of period end total assets          8.70%          7.82%          7.73%
  Regulatory capital / risk-weighted assets                     11.97%         12.54%         12.53%

Average balances (constant millions S/.) (3)
  Interest earning assets                                     18,619.7       21,078.0       22,357.0
  Total Assets                                                21,359.2       23,894.4       25,313.0
  Net equity                                                   1,867.8        1,995.2        1,967.9

Additional data
  No. of outstanding shares (millions)                          1026.3         1076.5         1076.5
  No. of employees                                               8,058          8,356          7,629
  Inflation rate ( Wholesale price index)                       -0.50%         -0.18%          1.10%
  Exchange rate (S/. per 1 U.S. Dollar)                           3.45           3.51           3.47

- -----------------------------------------------------------------------------------------------------
(1)  Shares outstanding of 1,076 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.
(5)  Operating expense does not include mandatory employee profit sharing expense nor
     provisions for other assets received in lieu of loan repayment.
</PRE>

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

- ---------------------------------------------------------------------------------------------------------

                                                                         Three months ended
                                                            ---------------------------------------------
                                                                  31.03.02       31.12.02       31.03.03
- ---------------------------------------------------------------------------------------------------------
Results
  Net Interest Income (w/o dividends)                                4,559          3,934          3,974
  Dividend income                                                    2,253              2          3,119
  Provisions for credit and market risks                             4,222          2,987          4,247
  Commissions and fee income                                         1,514            926            957
  Other non-interest income(1)                                       1,750            241          1,451
  Operating Expense                                                  2,445          1,965          1,494
  Net Income                                                         3,409            151          3,761
  Net Income per share (US$)                                          0.09           0.00           0.09

Balance Sheets  (end of period)
  Total Assets                                                     643,075        666,522        705,125
  Loan portfolio, net                                              165,618        160,483        155,997
  Marketable securities and investments                            323,146        313,828        327,636
  Total Deposits                                                   506,044        544,346        573,046
  Shareholders' equity                                             110,465        110,260        119,282
  Funds under administration                                       528,644        549,051        542,156

Ratios (2)
  Net interest margin / interest earning assets (3)(4)(5)             3.1%           2.7%           2.5%
  Return on average stockholders' equity(4)                          11.4%           0.6%          13.1%
  Return on average total assets(4)                                   2.0%           0.1%           2.2%
  Past due loans as a percentage of total loans                       0.0%           0.0%           0.0%
  Reserves for loan losses as a percentage
     of total loans                                                   0.6%           1.2%           1.6%
  Operating expense  /  total income                                 24.3%          38.5%          15.7%
  Operating expense / average total assets(4)                         1.4%           1.2%           0.9%
  Operating expense / average total assets +
                                funds under management(4)             0.9%           0.7%           0.5%

- ---------------------------------------------------------------------------------------------------------
(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.
</PRE>

<PRE>
                               EL PACIFICO-PERUANO SUIZA AND SUBSIDIARIES
                                                Table 8
                                        SELECTED FINANCIAL DATA
                            (Constant Nuevos Soles as of March 31, 2003, and
                        U.S. Dollars in thousands, except net income per share)
- ---------------------------------------------------------------------------------------------------------
                                                             As of and for the three month
                                                                     period ended
                                               ----------------------------------------------------------
                                                  31.03.02      31.12.02       31.03.03      31.03.03
- ---------------------------------------------------------------------------------------------------------
Results                                                                                      US$000(1)

  Total gross Premiums                                241,679       199,463        241,950       $69,646
  Net Premiums Earned                                 119,112       122,056        120,070       $34,562
  Change in Reserves                                   39,310        28,888         50,003       $14,394
  Net Underwriting Results                             27,338        13,912         14,716        $4,236
  Net Financial Income                                 16,658        22,383         21,674        $6,239
  General Expenses                                     26,861        31,005         25,721        $7,404
  Net Income                                           12,508         1,022          5,196        $1,496
  Net Income per share (S/.)(2)                         0.537         0.044          0.223        $0.064

Balance Sheets  (end of period)

  Total Assets                                      1,323,894     1,432,362      1,474,463      $424,428
  Investments in Secur. and Real estate               874,557     1,035,586      1,110,391      $319,629
  Technical Reserves                                  771,706       903,903        961,724      $276,835
  Net Equity                                          331,346       338,190        341,266       $98,234

Ratios

  Net underwriting results                              11.3%          7.0%           6.1%          6.1%
  Loss ratio                                            37.1%         47.3%          38.9%         38.9%
  Return on avge. equity (3)(4)                         12.9%          1.2%           6.3%          6.3%
  Return on total premiums                               5.2%          0.5%           2.1%          2.1%
  Shareholders' Equity  /  Total Assets                 25.0%         23.4%          23.1%         23.1%
  Increase in Risk Reserves                             24.8%         19.1%          29.4%         29.4%
  Combined Ratio                                        71.2%         87.4%          72.6%         72.6%
    - Net Claims / Net Premiums                         48.9%         59.2%          51.2%         51.2%
    - Op. Exp.+Comiss./Net Premiums                     22.3%         28.2%          21.4%         21.4%
  Operating expense/Net Premiums                        17.0%         20.5%          15.1%         15.1%
  Oper. expense / Avge. assets (3)(4)                    8.2%          8.8%           7.3%          7.3%

- ---------------------------------------------------------------------------------------------------------
(1)Translated at S/.3.474 per US$1.00.
(2)Based on 23.3 million shares in all periods.
(3)Averages are determined as the average of period-beginning and period-ending balances.
(4)Annualized.

</PRE>

<p>&nbsp;</p><p Style='page-break-before:always'><p>&nbsp;</p><HR SIZE="2" NOSHADE COLOR="#000000">

<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SIGNATURE </B></FONT></DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>
<p></p><DIV STYLE="text-indent:4%"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


Date: May 22, 2003


</FONT></DIV>
<p></p> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0">



<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="50%"> <DIV align=left><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


CREDICORP LTD.


</FONT></DIV> </TD> </TR>
<TR>
<TD HEIGHT="16"> </TD> </TR>
<TR>
<TD VALIGN="top" WIDTH="5%"> <DIV align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV> </TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%"> <DIV ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000">/<SMALL>S</SMALL>/&nbsp;


Ray Campos


</FONT></DIV> <HR NOSHADE SIZE=1 COLOR="#000000" ALIGN="left"></TD> </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%"> <DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>


Ray Campos


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Authorized Representative


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<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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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