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<SEC-DOCUMENT>0001001290-04-000007.txt : 20040505
<SEC-HEADER>0001001290-04-000007.hdr.sgml : 20040505
<ACCEPTANCE-DATETIME>20040505143225
ACCESSION NUMBER:		0001001290-04-000007
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040505

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:		04781052

	BUSINESS ADDRESS:	
		STREET 1:		CALLE CENTENARIO N 158 LA MOLINA, 3RD FL
		STREET 2:		DIV FINANZAS, INVESTOR RELATIONS AREA
		CITY:			LIMA 12 PERU
		STATE:			R5
		ZIP:			00000
		BUSINESS PHONE:		5113135140

	MAIL ADDRESS:	
		STREET 1:		CALLE CENTENARIO N 158 LA MOLINA, 3RD FL
		STREET 2:		DIV FINANZAS, INVESTOR RELATIONS AREA
		CITY:			LIMA 12 PERU
		STATE:			R5
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>bappr1q04_6k.htm
<DESCRIPTION>FINANCIAL RESULTS FOR THE 1Q04
<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, 2004


</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'>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR IMMEDIATE RELEASE:</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For additional information please contact:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jose N. Hung</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alfredo Montero</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investor Relations</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Manager</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Credito</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Credito, Miami Agency</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Phone: (511) 313-2123</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Phone: (305) 448-0971</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>E-mail: jhung@bcp.com.pe</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax: (305) 448-0981</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Web site: http://www.credicorpnet.com</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>E-mail: amontero@bcpmiami.com</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDICORP LTD.
ANNOUNCES FINANCIAL RESULTS                                     <BR>FOR THE QUARTER ENDED
MARCH 31, 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Lima,  Peru,  May 3,
2004) -  Credicorp  Ltd.  (&#147;Credicorp&#148;)  (NYSE:BAP;  LSE:BAPC1)  today  announced  its
financial results for the quarter ended March 31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp  reported a
consolidated  net income for the quarter ended March 31, 2004 of US$30.1  million,  or
US$0.38 per share,  above net income of US$2.5  million,  or US$0.03 per share,  in first
quarter 2003,  and resulted  also above net income in fourth  quarter  2003 of US$23.8
 million,  or US$0.30  per share.  First quarter  results  improve with respect to the
same period of 2003,  mainly due to  decreased  merger  costs, lower loan loss provisions
and to higher translation results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger  costs
 decrease  from  US$15.5  million  in first  quarter  2003,  incurred  for the merger of
Banco Santander Central  Hispano-Peru  (&#147;BSCH-Peru&#148;),  to US$1.8 million in the current
quarter, in which Soluci&#243;n Financiera de Cr&#233;dito was absorbed.  Provisions for loan
losses  decreased  from US$34.2  million to US$19.0 million,  comparing  the first
 quarters of 2003 and 2004,  due to improved  loan  portfolio  quality.  Loan quality
 improvement  is noted through the lower  past-due  loan ratio,  that  decreased  from
8.3% at March 2003,  to 5.7% at the end of first  quarter  2004,  and by the improved
 coverage of bad loans by provisions which increased from 112.2% to 125.5%, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I. CREDICORP LTD. AND SUBSIDIARIES<BR>SUMMARY OF RESULTS </FONT></P>




<!-- MARKER FORMAT-SHEET="Times DIV Right" FSL="Workstation" -->
<DIV ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In U.S.$ millions,
except net income per share)</I> </FONT> </DIV>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT> </TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT> </TD></TR>

<TR>
     <TD>&nbsp;</TD>
     <TD colspan=3><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for possible loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Claims on insurance activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108.2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Translation result</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6.7)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Income before income tax and minority interest</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>10.6</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>34.8</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>44.5</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6.8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9.8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11.6)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minority Interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1.4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1.1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2.8)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;&nbsp;Net Income</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2.5</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>23.8</B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30.1</B> </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income per share (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.03</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.30</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.38</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Note:
for comparison purposes, US$5.5Mn in 1Q03 and US$8.3Mn in 4Q04 were reclassified
from other income into interest income.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>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.</I> </FONT> </P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income from
Subsidiaries </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s principal
subsidiaries contributed to consolidated net income as follows: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(US$Mn)</I> </FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Credito BCP(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$ 8.0&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$27.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$25.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Atlantic</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Tequendama</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp and others(2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.1&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.6&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.1&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;&nbsp;Consolidated Net Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$ 2.5&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$23.8</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$30.1</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I> (1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Includes
Banco de Cr&#233;dito de Bolivia.</I> </FONT> </P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Includes
Inversiones Cr&#233;dito, Credicorp Securities and others.</I> </FONT> </P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the first quarter
of 2004, the Credicorp and others concept  contributed a loss of US$2.1 million,  which
includes a US$0.2 million provision for substandard  loans  transferred from Banco
Tequendama.  In the first quarter of 2003, a US$6.1  million loss was  contributed,
 which  included  US$1.9 million of provisions for Banco Tequendama&#146;s loans and
approximately US$2.0 million for taxes and set-up costs of a subsidiary. </FONT></P>







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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the present
 quarter,  Banco de Cr&#233;dito BCP  contributed  US$25.9  million to  Credicorp&#146;s  net
income,  above its results  according to Peruvian accounting  principles  reported in
Section II, which amounted to US$19.4 million,  with the difference mainly due to the
loss on inflation exposure in local books while  translation  gains were registered by
Credicorp.  Compared with a US$10.1 million loss in BCP&#146;s local records,  which resulted
from inflation  adjustment  losses and losses on foreign currency  positions caused by
the Nuevo Sol  appreciation  against the Dollar,  Credicorp&#146;s Dollar-based  accounting
shows a US$1.7 million translation gain, which was partly offset by minority interest
 eliminations and deferred provisions amounting to approximately US$4.0 million. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The contribution of
Atlantic  Security Holding  Corporation of US$2.9 million in the current quarter is below
US$7.7 million net income shown in its books (see Section III), due to the  elimination
for  consolidation  purposes of US$4.8 million of dividends from Credicorp and registered
as income in March of 2004. In the year-ago  first  quarter,  US$3.1  million were
 registered as  dividends,  which were deducted to show the US$0.6  million contribution
for this period. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In first quarter 2004,
 Credicorp  received a US$2.8 million profit  contribution  from Pac&#237;fico  Peruano Suiza,
 higher than the  consolidated  net income of US$2.2 million in its local Peruvian GAAP
books (See Section IV), which registered higher inflation adjustment losses. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco  Tequendama
 contributed  net income of US$0.6  million in the first  quarter of 2004,  compared  to
a US$1.1  million  loss in the prior year quarter.  These contributed amounts do not
include provision expense incurred by Credicorp of US$0.2 million and US$1.9 million,
 respectively,  for transferred loans as mentioned above. </FONT></P>




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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I.1  PERUVIAN ECONOMIC
SITUATION </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Economic Activity </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peruvian GDP began
year 2004 maintaining its positive trend,  although at low growth rates, but achieving,
 through February,  32 consecutive months with  positive  growth.  GDP grew 3.0% in
January 2004 and 4.1% during  February,  resulting  in  cumulative  growth of 3.6% in the
two months.  GDP growth is driven primarily by exports, with improved volume and prices,
with modest growth of private consumption and investment. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GDP grew 3.4% and
2.8%, in the third and fourth quarters of 2003,  respectively,  and is expected to grow
 approximately 3.6% in first quarter 2004. Official estimates put 2004 GDP growth at 4%,
which is similar to growth in total 2003. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  GDP growth
 through  February 2004  benefitted  mainly from:  the  continuing  strength of metals
 mining,  with a 19.3%  increase;  the construction sector that grew 6.2%; utilities,
 with 4.7% increase;  and, non-primary  manufacturing by 3.0%. On the other hand,
production was poor on the agricultural and fishing sectors. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Finance </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public sector deficit
was 1.9% in full-year  2003,  meeting the expected  target and decreasing  from the 2.3%
deficit in 2002. This positive result is mainly due to increased Central Government tax
revenue that reached 12.9% of GDP, higher than 12.1% in the prior year. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The deficit for total
year 2004 is expected at 1.6% by government officials. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For total year 2003,
tax collections  increased 10.7%, in nominal terms,  noting a 39% increase of Income Tax
revenue from  corporations and the 13% in case of the  value-added  tax (IGV),  which
 increased  mainly due to  administrative  measures  and a rate  increase  of the IGV.
 Non-financial expenses increased 8.1% (nominal) and capital expenses by 4.3%. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prices and Devaluation </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the first quarter
of 2004, the consumer price index in Peru increased  2.1%,  higher than increases of 0.8%
and 0.4% in the preceding  fourth and third quarters of 2003,  respectively,  and is also
over 1.8% inflation in the first quarter of 2003.  Higher  inflation in the current
 quarter was due  principally  to  increased  food prices  caused by low supply of
 agricultural  products,  higher fuel prices and the  seasonal  adjustment  of education
prices. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  inflation
for the twelve month period through March 2004 was 2.8%,  higher than 2.5% in total 2003,
but remained within the range,  1.5% to 3.5%, targetted by the Central Bank for total
2004. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The wholesale  price
index  increased  2.8% in the current  quarter,  compared to a 1.1% increase in the first
quarter 2003, and is also higher than 1.0% and 0.5% in the preceding fourth and third
quarters of 2003.  Wholesale  prices  increased  mainly due to higher cost of imported
 intermediate goods. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The average  bank
market  Nuevos  Soles  exchange  rate in Peru was  S/.3.460 at March 31, 2004,
 decreasing  slightly  from  S/.3.463 at the end of December 2003, and also declines 1.5%
from S/.3.514 as of December 31, 2002. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To avoid the
streghtening of the currency,  the Central Bank increased the purchase of foreign
exchange in the currency market,  which is sterilized with the sale of certificates of
deposits, acquiring US$540 million in first quarter 2004, after purchasing US$1,050
million during total 2003. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International Reserves </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International
 reserves of the Central Bank  increased  during first  quarter  2004,  reaching
 US$10,475  million at March 31, 2004 from  US$10,194 million at December 31, 2003, and
also compared to US$10,443 million at March 31, 2003. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trade Balance had
a US$352 million  cumulative  surplus through  February 2004,  increasing  compared to a
US$48 million surplus in the same two month period of 2003.  The  improvement  continues
the positive  trend noted in 2002,  when the surplus  reached US$503 million and in 2003
when the surplus grew to US$710  million.  Cumulative  through  February  2004,  exports
 grew 24% versus a 2% increase in imports.  Exports,  which  reached US$1,706  million as
of February  2004,  grow on  increased  volume and prices,  specially of gold and
 non-traditional  textiles  exports.  Imports through  February  2004 amounted to
US$1,355  million,  increasing  mainly due to higher  imports of raw materials  and
 intermediate  goods,  while consumer goods declined. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial System </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the current
quarter commercial bank&#146;s loan and deposit volumes declined,  within a continuing excess
liquidity  situation.  Deposits at March 31, 2004 in the fourteen  commercial banks in
the system reached S/.47.3 billion (US$13.7  billion),  according to the Asociaci&#243;n de
Bancos del Peru (ASBANC),  remaining almost  unchanged,  in nominal terms,  compared to
the balance at December 31, 2003.  Deposits  declined 2.4% from the year-ago balance at
March 31, 2003. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004,
total loans in the banking system decreased 0.2%, in nominal terms, to S/.34.9 billion
 (US$10.1  billion),  compared to loans at December 31, 2003,  and are 3.3% below March
31, 2003 loan  balances.  In the current  period,  local  currency loans (23.2% of total
loans) grew 4.1% to S/.8.1 billion (US$2.3 billion), while foreign currency loans
decreased 1.5%  to US$7.4 billion. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004,
 the  Peruvian  bank's past due ratio was 5.8%,  improving  from the 5.9% rate in
December 31, 2003 and from 7.8% in March 31, 2003.  Commercial  banks&#146; past due loans
 decreased  1.9% during the current  quarter to S/.2.0  billion  (US$586  million),  and
are lower by 28.2% compared to bad loans at March 31, 2003. At March 31, 2004,  loan loss
 provisions  were S/.2.9 billion  (US$841  million),  decreasing  0.2% during this
quarter.  The  system-wide  past due loan coverage  ratio was 143.5% at March 31, 2004,
 higher than the 141.0%  coverage at December 31, 2003, and is also higher than the ratio
of 132.5% at March 31, 2003. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first
quarter 2004 commercial  banks&#146;  interest rates had mixed trends,  with increases in loan
rates while deposit rates remained almost unchanged.  Local currency  average loan rates
(TAMN) were 24.1% in first quarter 2004,  increasing from 22.2% in the fourth quarter of
2003,  while deposits rates (TIPMN)  decreased to 2.4% from 2.7%,  respectively.  In the
first quarter 2003, TAMN was 20.2% and TIPMN was 3.5%.  During the first quarter 2004
foreign currency rates loan rates (TAMEX) increased to 9.3% from 9.1% in the preceding
 quarter,  while deposit rates (TIPMEX) remained at 1.0%. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Private Pension Funds
and Mutual Funds </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The poor  performance
in bank&#146;s deposit and loan volumes  contrast with increases in the private  pension fund&#146;s
managed assets and in mutual funds. The private  pension fund assets reached US$6.8
billion as of March 31, 2004,  increasing 6.1% in the current  quarter,  and 38.5% since
March 2003, with a  return of 19.7% in real terms in the twelve month period. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total mutual funds
 amounted to US$2.1  billion at the end of the first quarter 2004,  after growing 3.4% in
the quarter and 26.5% since March 2003, with a return of 0.71% in the quarter and of 2.9%
during calendar year 2003 (in Dollar terms). </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I.2  INTEREST INCOME
AND OTHER INCOME </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note: For comparison
purposes,  in the current quarter certain financial revenue items registered by insurance
 subsidiaries have been retroactively reclassified from the Other non-financial income
concept into the Interest Income concept, with no effect on either net income nor total
revenue. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income in
the first quarter of 2004 was US$90.0  million,  lower than US$94.4 million earned in the
same period of 2003,  mostly due to a decrease in interest earning assets which is partly
offset by higher interest margins. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The net interest
margin (net interest income over average interest earning  assets),  on an annualized
 basis, was 5.54% during the first quarter of 2003,  higher than 5.46% in the year-ago
 quarter,  but declines from 6.07% in the preceding fourth quarter of 2003. During the
quarter net interest margins  decreased  mainly due to lower loan rates,  in both local
and foreing  exchange  loans,  while  funding  costs  remained  stable,  within a
continuing overall excess of liquid funds. </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The volume of interest
 earning assets,  as an average between monthly ending balances,  reached  US$6,495
million in this quarter,  decreasing 6.1% compared to US$6,915 million in the first
quarter of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income
was US$108.8  million in the first quarter of 2004, 1.8% higher than US$106.9  million in
the same period of 2003,  principally due to higher  insurance  premiums that offset
lower Other income,  which decline because in the first quarter 2003, high  non-recurrent
 income was registered in connection with the BSCH-Per&#250; merger (see Section II.3).
 Non-interest income components were as follows: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In US$Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04 vs. 4Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04 vs.1Q03&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commissions for banking services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gains from sale of securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.2&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.8&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gains from foreign exchange</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-10.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-14.3%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other non-interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-37.3%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Non-Interest Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>106.9</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>89.6</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>108.8</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>21.5%</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.8%</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I.3  OTHER
NON-INTEREST EXPENSES </FONT></P>

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<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other  non-interest
 expenses  amounted to US$110.0 million in first quarter 2004, 11.7% less than expenses
in the same period of the previous year. The decrease is explained  principally  by lower
merger costs,  which were US$15.5  million in first quarter  2003,  corresponding  to the
merger of BSCH-Peru,  and declined to US$1.8 million in the current  period,  which are
related to the absorption of Solucion  Financiera.  Credicorp&#146;s  other expense components
had the following variations: </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(% change and US$Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04 vs. 4Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04 vs. 1Q03&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.9%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.7%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General, administrative, and taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2.0%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.5%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.8%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.2%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.8%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.3&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-88.2%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Other Expenses</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>124.6</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>115.0</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>110.0</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-4.4%&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-11.7%&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The efficiency  ratio,
 &#147;adjusted&#148;  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,  was
49.8% in the first quarter of 2004 having been 50.8% in the same period last year.  &#147;Adjusted&#148;  operating
 expenses as a percentage of average  total assets  increased to 4.8% from 4.6%, in the
same quarters. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I.4  ASSETS AND
LIABILITIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credicorp&#146;s  totals
assets were US$8.3  billion at March 31, 2004,  remaining  almost  unchanged  since the
end of December 2003, but decreases 3.3% compared  to the  balance of March  2003.  The
loan  portfolio  as of March 31,  2004  reached  US$4.4  billion,  declining  1.8% during
the current quarter, and  decrease 5.1% compared to the March 2003 balance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits and other
 obligations  reached  US$6.3  billion at March 31, 2004,  decreasing  slightly 0.3%
since last December 2003, but are 6.2% lower than the March 2003 balance.  Due to banks
and  correspondents,  which closed at US$255.1  million,  continued its declining trend,
 decreasing 6.7% during the quarter and by 13.1% in the year since March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party funds
under management  continued to grow reaching US$1.8 billion at the end of March 2004,
 increasing 3.4% in the quarter and by 23.4% since March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan quality
indicators are shown in the following table: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=CENTER WIDTH=60%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In US$Mn)</I> </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,639.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,481.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,401.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>384.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>249.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan loss reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>430.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>326.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>313.6</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due / Total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves / Past due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.5%</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The balance of past
due loans decreased from US$256.5  million to US$249.8  million during the current
 quarter partly due to charge-offs  amounting to US$32.3 million. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I.5  SUBSIDIARIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Below are brief
comments on some of the subsidiaries not discussed in the following sections of this
report: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito de
Bolivia ("BCB"), Bolivia </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GDP is estimated  to
have grown 2.5% in total 2003,  declining  from 2.8% in 2002.  Economic  activity
 continued to grow during 2003 in spite of an unfavorable domestic  environment,  driven
by export growth favored by higher demand and better prices, while imports decreased due
to weak domestic demand.  In 2003  exports  grew  20.1%,  where oil and gas  exports
 increased  over 40%,  with  important  growth  also noted of  agricultural  and
manufactured  goods. It is expected that GDP will grow approximately 3.5% in 2004, with
continued  development of exports,  with domestic demand and consumption remaining
stagnant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  government
 continues  having  fiscal  difficulties,  although  certain tax and fiscal  austerity
 measures  have been taken.  After the budget deficits of 9% of GDP in 2002 and 8% in
2003,  a 7% deficit is  expected in 2004.  Additionally,  the final  treatment  of the
natural gas of Tarija will be defined in a referendum next July. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With a slight tendency
to increase,  inflation reached 4.2% in the twelve months ending in March 2004, and was
0.5% in first quarter 2004,  compared to 0.7% in the year-ago  period.  Devaluation
 continued at a slower pace with a 0.8% exchange rate increase in the current  quarter
and 1.3% in the same period in 2003, reaching 7.88 Bolivianos per Dollar at March 31,
2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan volume in the
banking  system  declined  3.1% in the current  quarter and by 4.0% in the year since
March 2003,  to end at US$2,484  million at March 2004. Loan quality  declined,  from a
past due ratio of 16.7% in December 2003, to 18.2% at March 2004,  while coverage of
past-due loans with provisions  decreased from 74.0% to 69.5%,  respectively.  Total
deposits in the system  amounted to US$2,562  million at March 2004,  lower by 5.6%
compared to the balance at December 2003, and are 2.1% below deposits at March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCB&#146;s market  share in
deposits at March 2004 was 12.3%,  decreasing  sligthly  from 12.5% at the end of
December  2003,  but is over 12.1% at March 2003. In terms of loans,  BCB had a 11.9%
market share,  below 12.2% it had last  December,  but remains  similar to the market
share at March 2003. In this way, BCB remained in the fourth position of twelve banks in
the system. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004,
BCB had total loans of US$296.3  million which compares to the US$309.9  million at
December 2003, and US$311.2 million at the end of March 2003. At the end of the first
quarter 2004,  BCB&#146;s past due loans reached US$56.9  million,  or 19.2% of total loans,
 lower than 20.7% at December 2003.  Coverage of past due loans with loan loss provisions
was 75.5% as of March 2004,  remaining  almost unchanged during the quarter, but
increased from  to 62.5% in March 2003.  Net equity at the Bolivian subsidiary amounted
to US$55.4 million as of March 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  through
March 2004,  US$0.4 million of loan loss  provisions were charged  against  results,
 compared to US$13.4 million charged during first  quarter 2003,  jointly  incurred by
BCB and at the BCP level to cover BCB&#146;s  impaired  assets.  In BCB&#146;s own records,  first
quarter 2004 net income was US$0.4 million, compared to US$72 thousand in the same
year-go period. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Tequendama,
Colombia </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Colombian  GDP grew
4.3% in the last quarter of 2003 and by 3.6% in  full-year  2003,  confirming  an
economic  recovery  that  repeatedly  exceeded expectations.  The recovery is being led
by exports (oil, coal and  non-traditional  exports) and by private  investment,  while
consumption remains depressed.  Expected GDP growth for total 2004 has been raised to
approximately 4%.  In full-year 2002 GDP grew 1.7%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The consolidated
 fiscal deficit was 2.9% of GDP in total 2003,  slightly over the 2.8% target,  but below
the 3.6% deficit of 2002, and is expected to decrease to 2.5% in 2004. The government
 continues seeking  complementary  fiscal measures to ensure the lower deficit,  among
which the pension reform proposal is noteworthy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  Colombian  Peso
exchange rate  continued  appreciating  during the first  quarter  2004,  where a 3.6%
 revaluation  led to an exchange rate of Col$2,682  per US$1 at the end of March 2004.
 During the last  quarter of 2003,  the  exchange  rate  revalued  3.8%.  The Central
Bank has applied various  measures to stop the  appreciation  of the Peso,  with little
 success,  like the tax on short term capital flows and the fifty basis point reduction
of the Central Bank&#146;s intervention rate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In first quarter 2004
prices  increased  3.1%,  slightly below 3.4% in the same period of 2003,  continuing
with its declining  trend.  Inflation in the first quarter is high because of seasonal
 factors,  with high price  increases of  educational  services and food.  Inflation was
6.5% in total 2003,  and of 6.2% in the twelve months prior to March 2004. In 2004
inflation is expected to continue  decreasing to the target 5.5%,  aided by the
appreciating exchange rate, fiscal controls and by higher economic activity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banking system
 statistics  show that loans  increased from US$15.8 billion at December 2003, to US$16.7
billion at the close of February 2004, with the past-due ratio  improving from 12.7% at
year-end 2002 to 9.7% in December 2003 and February  2004.  The coverage ratio of loan
 provisions  over bad loans also improved,  from 70.1% at December 2003 to 70.5% in
February  2004.  Total  deposits in the banking  entities were US$21.5  billion at the
end of February 2004, increasing from US$20.5 billion at December 2003, continuing their
recovery. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco  Tequendama&#146;s
 loan market share,  as of February 2004, was 1.47%,  slightly over 1.44% obtained in
December 2003. At the same dates,  deposit market share was 0.86% and 0.90%, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004,
Banco  Tequendama&#146;s  loans were US$255.3 million,  increasing 10.0% from US$232.1 million
in December 2003, and 21.2% compared to US$210.7 millon as of March 2003. At the end of
March 2004,  deposits  totaled US$190.8  million,  higher than US$187.5 million in
December 2003, and is 16.3% over US$164.1  million at the year-ago  quarter.  At March
31, 2004,  the bank&#146;s net equity  amounted to US$29.5  million  according to Credicorp&#146;s
accounting records. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The past due loan
 ratio was 1.8% in March  2004,  higher  than 1.1% at the end of  December  2003,  but is
still  below 2.9% at March  2003,  while coverage with provisions was 150.3%, compared to
238.2% and 94.6%, respectively. </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>




<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II. BANCO DE CREDITO
DEL PERU AND SUBSIDIARIES (&#147;BCP&#148;) </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.1  NET INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  net
income in the quarter ended March 31, 2004 was S/.67.1 million  (US$19.4  million),
 increasing over net income of S/.12.7 million (US$3.7  million) in first quarter 2003,
 but decreases  compared to net income in the preceding last quarter of 2003 that reached
 S/.90.0  million (US$31.3 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income in the
current quarter increased compared to the year-ago period  principally due to lower loan
loss provisions,  and to decreased merger costs  incurred for the mergers with  BSCH-Per&#250;,
 in first quarter 2003, and Soluci&#243;n  Financiera de Cr&#233;dito,  in the current  period.
 Merger costs amounted to S/.6.4 million (US$1.8 million) in first quarter 2004,
 required for the merger of Soluci&#243;n  Financiera,  decreasing compared to S/.55.7 million
(US$16.1 million) in the year-ago quarter, for the merger of BSCH-Per&#250;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Higher  profits due to
the reduction of these expenses are partly offset by lower  financial and  non-financial
 income.  Interest  income  decrease mainly because of lower loan volumes.  Additionally,
 first quarter 2004  non-interest  income decline  compared to the prior year period
because in March 2003 non-recurring gains related to the merger of BSCH-Per&#250; were
registered. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES                                                      <BR>SUMMARY OF
RESULTS (1) </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Div Center Bold" FSL="Workstation" -->
<DIV ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(In constant S/.
and U.S.$ millions, except net income per share) </FONT> </DIV>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT> </TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT> </TD></TR>

<TR>
     <TD>&nbsp;</TD>
     <TD colspan=4><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>294.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>293.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>262.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$75.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>258.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>231.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>222.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$64.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>324.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>328.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>301.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$87.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Result from exposure to inflation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(26.0)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20.8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(34.9)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($10.1)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Income before income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>12.7</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>90.0</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>67.1</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$19.4</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income per share (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.01</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.07</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.06</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.02</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Financial
statements prepared according to Peruvian GAAP. The financial information is in
constant soles as of March 31, 2004. Figures in US$ have been translated at the
exchange rate of S/.3.460 to the dollar.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Based
on 1,202 million outstanding shares in all periods.</I> </FONT> </P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.2  NET INTEREST
INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income,  net
of interest  payments,  in the first quarter of 2004 reached S/.262.4  million  (US$75.8
 million),  11% lower compared to net interest  income in the same period of last year
and also with respect to net  interest  income in the  preceding  fourth  quarter of
2003.  Average interest earning assets reached S/.20,499  million (US$5,925  million) at
the end of March 2004, a decline of 11.2% comparing with the first quarter 2003, while
interest margins remained almost  unchanged.  In the current quarter BCP continued its
persistent  excess liquidity  environment in both local and foreign currencies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the first
quarter of 2004,  the net interest  margin was 5.12%,  slightly  over 5.10% in the first
 quarter of 2003,  but declines from 5.60% during the preceding  fourth quarter of 2003.
 During the current quarter the margin  declined  mostly due to lower local and foreign
 currency loan rates, while funding costs remained unchanged. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.3  NON-INTEREST
INCOME </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income,
 including  fee revenue and other  non-interest  items,  in the first quarter of 2004
 amounted to S/.222.4  million  (US$64.3 million),  lower than S/.258.8  million
 (US$74.8  million)  earned during the same period of 2003,  mostly due to lower
 recoveries of  charged-off accounts, and deferred gains registered in March 2003 related
to the merger of BSCH-Peru. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the first quarter
of 2004, fees from banking  services  amounted to S/.157.7  million  (US$45.5  million),
 2.6% lower than in the same period of 2003,  mostly due to various revenue  concepts at
BSCH-Peru in the first quarter of 2003,  before its absorption,  which are registered in
the Other caption.  In the quarter, fees on the most important banking services had the
following growth rates: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=CENTER WIDTH=80%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Growth&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Savings accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.0%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Demand deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit cards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fund transfer services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Collections fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Billings and payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.6%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent and foreign trade</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.4%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debit cards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4.1%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Finance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-28.6%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brokerage</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commercial loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9.4%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-14.3%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mortgage loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Channels and services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-16.7%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Master account</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-20.0%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Personal loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Micro-business credit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-69.1%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;&nbsp;Total</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>161.7</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>157.5</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-2.6%&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>

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<TABLE WIDTH=80% ALIGN=CENTER CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%> <FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Note:</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>line
items in this table aggregate concepts that are
different from tables reported in prior periods.</I> </FONT> </P></TD>
</TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the first quarter
of 2004,  securities  transactions  resulted in a gain of S/.9.8 million  (US$2.8
 million),  compared to gains in the year-ago quarter of S/.4.7  million  (US$1.4
 million).  Gains in this quarter are due to reversal of provisions for lower value of
securities in addition to regular  realized gains.  The general index of the Lima Stock
Exchange  increased 24.7% in the first quarter of 2004,  compared to 12.0% in the same
year-ago period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gains from foreign
exchange  operations,  which are the result of the foreign exchange buy-sell margin, were
S/.18.8 million (US$5.4 million) in the first  quarter of 2004,  15.2% lower than revenue
in the same quarter of 2003,  mainly due to  decreased  traded  volumes and margins due
to the low volatility in the foreign exchange market. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Other Income
 caption,  that mainly  registers  reversals of prior year  expenses and  provisions  and
 recoveries of certain  operating  costs, decreased from S/.70.2  million  (US$20.3
 million) in the first quarter of 2003 to S/.36.3  million  (US$10.5  million) in the
current  period.  As mentioned above, in March 2003 higher  recoveries of charged-off
 accounts and  non-recurrent  deferred  earnings were registered in connection with the
merger of BSCH-Peru.  The Other Income concepts with the most important changes were the
following: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=CENTER WIDTH=60%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Growth&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recoveries of charged-off accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-15.6%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred earnings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>N/A&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prior year earnings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services, leases, and other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-79.8%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;&nbsp;Total</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>70.2</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>36.3</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-48.3%&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.4  OTHER
NON-INTEREST EXPENSES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  expenses
 during the first  quarter of 2004 were S/.307.6  million  (US$88.9  million),  19.2%
under those of the same period in 2003. Expenses  decreased mainly because of lower
merger costs,  which amounted to S/.55.7 million (US$16.1  million) in the first quarter
of 2003 related to the  BSCH-Peru  merger,  that  compares to S/.6.4  million  (US$1.8
 million) in the current  quarter for costs related to the merger of Solucion Financiera.
 Additionally, decreased personnel and general and administrative costs are noteworthy. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Adjusted&#148;  operating
 expenses reached S/.269.9  million (US$78.0  million) in the first quarter of 2004,
 decreasing 6.7% compared to the year-ago period.  First  quarter 2004  &#147;adjusted&#148;  operating
 expenses are  determined  by  excluding:  (i)  provisions  for assets  received in lieu
of loan repayment  (S/.22.2  million);  (ii)  non-recurring  expenses related to the
systems&#146;  restructuring  costs (S/.2.0 million);  (iii) employee profit sharing expenses
(S/.7.0 million); and, (iv) merger costs related to Soluci&#243;n Financiera (S/.6.4 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In this quarter,
 approximately 41% of non-interest  expenses were  attributable to employee salaries and
other expenses related to personnel.  This concept  decreased  9.2% to S/.125.7  million
 (US$36.4  million) when compared to the first quarter of 2003.  Personnel  expenses
 declined  mainly because in the first quarter 2003 higher  expenses were registered by
 subsidiaries  prior to their mergers.  At the end of March 2004 the number of employees
stood at 7,652,  increasing from 7,530 employees as of December 2003 and from 7,629 at
March 2003,  mainly due to sales personnel at Banco de Cr&#233;dito. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General and
 Administrative  expenses,  which  represented 33% of non-interest  expenses,  reached
S/.100.9  million (US$29.2  million) in the first quarter of 2004,  decreasing  7.8% when
 compared to expenses in the year-ago  period.  Lower  expenses are mainly due to
 decreased  marketing  and communications expenses.  In this quarter, the most
significant general and administrative expenses were: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=CENTER WIDTH=60%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1Q04&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Chnge.&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Office supplies and operating costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-13.1%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Communications</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-21.0%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-13.9%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance and security</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-15.6%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transport of currency and securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8.8%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Systems and maintenance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-1.3%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advertising and marketing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-18.1%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other G&amp;A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;&nbsp;Total G&amp;A</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>109.5</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>100.9</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-7.8%&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Other caption
within Other  Non-Interest  Expenses,  decreased  from S/.30.4  million  (US$8.8
 million) in the first quarter of 2003 to S/.26.6 million (US$7.7  million) in the
current quarter,  mainly  disbursements  by subsidiaries  decreased after their mergers,
 that are partly offset by increased contingencies provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of &#147;adjusted&#148;  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,  increased from 4.4% in the first quarter of 2003 to
4.6% in the current period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Efficiency ratio,
 &#147;adjusted&#148;  operating expenses,  as a percentage of total income (excluding
 non-recurring  income),  also grew from 54.3% to 55.7% when comparing the first quarters
of 2003 and 2004, respectively. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.5  ASSETS AND
LIABILITIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets of BCP
reached S/.22.9 billion (US$6.6 billion) at the end of March 2004,  decreasing 11.0% with
respect to the year-ago  balance,  and by 3.7% compared to assets at December 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  total
loans were S/.13.8 billion (US$4.0 billion) at the end of March 2004,  decreasing 10.2%
compared to March 2003, and are lower by 5.3% with respect to loans at the preceding
 fourth quarter 2003. At March 31, 2004, the loan  portfolio,  net of provisions,
 represented  55.6% of total  assets,  lower than 56.4% at December  2003.  At the end of
the first  quarter of 2004,  the Nuevos Soles  portion of the loan  portfolio was 17.5%,
slightly under 17.7% in December 2003, but remains over 16.7% as of March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004
total deposits were S/.19.5 billion (US$5.6  billion),  decreasing 11.2% compared to
first quarter 2003 deposits,  and declined 3.2% during the current  quarter.  During the
first  quarter 2004,  time  deposits  decreased by 9.7%,  and savings  deposits by 8.9%,
 while demand deposits  grew 15.8%.  Deposits  denominated  in Nuevos  Soles were 24.7%
of total  deposits,  increasing  during the current  quarter from 23.8% at December 2003,
and is also over 22.2% at the end of March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the current
quarter,  Banco de Cr&#233;dito increased its loan and deposit  contribution,  mostly due to
the merger of Solucion Financiera,  which took place in March 2004.  BCP's subsidiaries
had the following loan, net of provisions, and deposit contributions: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=7><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Loans, net</B> </FONT></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Deposits</B> </FONT></TD></TR>

<TR>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=3><HR SIZE=1></TD>
     <TD COLSPAN=3><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In % and constant S/.Mn.)</I> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito del Per&#250;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>86.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>91.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito de Bolivia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Cr&#233;dito Overseas</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cr&#233;dito Leasing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soluci&#243;n Financiera de Cr&#233;dito</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-----&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>TOTAL%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total BCP</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>S/.13,854</B></U> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>S/.13,426</U></B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>S/.12,745</U></B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>S/.21,915</U></B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>S/.20,107</U></B> </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>S/.19,468</U></B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN=7><HR SIZE=1></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan Portfolio </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan portfolio
composition by business segment developed as follows: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=CENTER WIDTH=70%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In % of total and constant S/. Mn)</I> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Middle market</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retail:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- small business</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- home mortgage</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- consumer</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- credit cards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Total</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Loans</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.15,399</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,602</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.13,823</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the current
 quarter,  loan balances  decreased 5.3%, with corporate loans lower by 7.8% to S/.5,743
 million  (US$1,660  million),  while retail loans decreased 4.5% to S/.4,457 million
 (US$1,047  million) and middle market loans by 2.2% to S/.3,623 million (US$1,047
 million).  Retail loans by product performed as follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=TOP>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<BR><I>(% change and constant S/. Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04 vs <BR>31.12.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04 vs <BR>31.03.03</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Small business loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,664&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,418&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,423&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-14.5%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mortgage loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,876&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,046&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,103&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consumer loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>674&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>695&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>445&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-36.1%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-34.0%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit card loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>522&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>505&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>486&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.8%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.0%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Retail</B> </FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,737&nbsp;</B> </FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,665&nbsp;</B> </FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4,457&nbsp;</B> </FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-4.5%&nbsp;</B> </FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-5.9%&nbsp;</B> </FONT> </TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lower consumer loans
during first quarter 2004 is mainly because  approximately  S/.240 million are reported
 beginning in March 2004 as  micro-business loans, which are shown as part of the Small
Business concept in the preceding table. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contingent Credits and
Managed Funds </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At March 31, 2004
 contingent  credits were S/.5,715  million  (US$1,652  million),  11.7% over the
December 2003 figure,  mainly due to the inclussion, beginning in the fourth quarter
2003, of credit card un-used but approved  lines of credit,  which were not  considered
in previous  periods,  as can be seen in the Other contingent accounts caption in the
following chart: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=TOP>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<BR><I>(% change and constant S/. Mn)</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04 vs <BR>31.12.03</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04 vs <BR>31.03.03</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Guarantees and Stand-by LCs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,379&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,306&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,203&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4.5%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.4%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Letters of Credit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>528&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>474&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>512&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.0%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Acceptances</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>176&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>139&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-21.0%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0.7%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Foreign currency forwards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,382&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,013&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,183&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-14.4%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>- Other contingent accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>689&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,014&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,678&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-16.7%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Contingent Credits</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,117&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,984&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,715&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>-4.5%&nbsp;</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>11.7%</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third party funds
managed by several  subsidiaries of BCP amounted to S/.3,628  million  (US$1,049
 million) as of March 31, 2004,  increasing 15.0% compared to the year-ago quarter, but
decreased 1.5% during first quarter 2004. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Market share </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According to
preliminary  statistics from the Peruvian  Banking  Association  (ASBANC) for Peruvian
 commercial banks as of March 31, 2004, Banco de Cr&#233;dito del Per&#250; had a total loan market
share of 34.6% (34.4% at December 31, 2003 and 35.3% at March 31,  2003),  and 36.6% of
deposits  (36.1% at December 31, 2003 and 38.5% at March 31, 2003). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BCP&#146;s market share in
Peruvian  mutual  funds,  through its  subsidiary  Credifondo,  was 49.4% as of March 31,
2004 (50.3% at December 31, 2003 and 52.2% at March 31, 2003). </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.6  LOAN QUALITY </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated past due
loans amounted to S/.831 million (US$240.0  million) at March 31, 2004,  decreasing 37.2%
from the balance of S/.1,322 million (US$382.2 million) as of the end of March 2003, and
are also 6.2% below past due loans at the beginning of year 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of past due
loans as a percentage of total loans was 6.0% at March 31, 2004,  slightly  improving
 during this quarter compared to 6.1% at December 2003. The ratio of past due,
 refinanced and  restructured  loans as a percentage of total loans remained almost
 unchanged at 11.6% during first quarter 2004, but declines from 15.1% at March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of March
2004,  refinanced loans amounted to S/.770.7 million (US$222.7 million),  lower than the
balance at March 2003 that was S/.996.7 million (US$288.1 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of the
first quarter 2004,  outstanding  balances of loan loss provisions totaled S/.1,077.9
million (US$311.5 million),  decreasing 8.3% compared to the preceding  quarter mainly
due to  charge-offs.  The coverage ratio of loan provisions to past due loans decreased
from 132.7% at the end of the preceding fourth quarter 2003, to 129.8% at March 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Of total provisions
 outstanding at the end of the current quarter,  S/.172.5 million (US$49.9 million)
correspond to generic provisions assigned to loans in the Normal (A) risk category,
decreasing from the balance at December 31, 2003 of S/.208.5 million (US$60.2 million). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans  believed to be
 unrecoverable,  fully  provisioned  in prior periods,  were  written-off  during the
first quarter 2004 amounting to S/.111.9 million  (US$32.3  million),  of which
 approximately  11% were related to consumer and mortgage  loans.  This compares to
charge-offs in the fourth quarter of 2003 of S/.251.3 million (US$72.6 million), and
S/.61.2 million (US$17.7 million) in the year-ago first quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans  classified as
Substandard  (i.e.,  Deficient,  Doubtful and Loss) were 14.6% of the loan portfolio in
March 2004,  decreasing from 15.3% that resulted in December 2003 and from 17.8% in March
2003.  The loan classification is as follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=CENTER WIDTH=70%>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(% of Total loans and S/.Mn const.)</I> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A: Normal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B: Potential Problem</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C: Deficient</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>D: Doubtful</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>E: Loss</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Total</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.0%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total Loans</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.15,399</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.14,602</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>S/.13,823</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan loss provisions,
 net of recoveries,  charged against results in first quarter 2004 amounted to S/.47.1
million (US$13.6  million),  lower than S/.120.4 million  (US$34.8  million) in the
year-ago period,  mainly due to improved loan quality.  Provision  expense in the fourth
quarter of 2003 was S/.47.4 million (US$13.7 million). </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II.7  CAPITAL ADEQUACY </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At the end of the
first quarter of 2004, BCP&#146;s  unconsolidated  ratio of risk-weighted  assets to
regulatory  capital was 8.1 to 1.0 (12.3%),  while the  corresponding  consolidated
 ratio was 7.2 to 1.0 (13.9%).  Risk-weighted  assets include  S/.1,254 million
 (US$364.2  million) of market-risk exposure  whose  coverage  required  S/.114.0
 million  (US$32.9  million) of  regulatory  capital at March 31,  2004.  Peruvian
 regulations  limit risk-weighted assets to a ratio of 11.0 to 1.0 (9.1%). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004,
BCP&#146;s  consolidated  &#147;regulatory  capital&#148; was S/.2,324 million (US$671.6  million),
 increasing  compared to S/.2,243 million (US$648.2  million) in the preceding  quarter
mostly due to higher  reserves.  Regulatory  capital  included  S/.188.8  million  ($54.6
 million) in subordinated debt in the current period, remaining similar to the balance at
December 2003. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 ALIGN=CENTER WIDTH=70%>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BCP unconsolidated</B> </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BCP consolidated</B> </FONT></TD></TR>

<TR>
     <TD COLSPAN=1>&nbsp;</TD>
     <TD COLSPAN=2><HR SIZE=1></TD>
     <TD COLSPAN=2><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(In constant S/. Mn.)</I> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulatory capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,713&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,871&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,283&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,324&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Risk weighted assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,940&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,172&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,217&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,818&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted assets / Capital</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital / Weighted Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.8%</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>III. ATLANTIC SECURITY
HOLDING CORPORATION AND SUBSIDIARIES (&#147;ASHC&#148;) </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated  net
income for the quarter  ended  March 31, 2004 was US$7.7  million,  higher  than  US$3.8
 million in the same period of 2003.  Net income in the first quarter of 2004 increase
 compared to the same period of 2003,  mainly due to lower market risk provisions and
higher  dividends received from Credicorp. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income,
 before risk provisions and not including  dividend income,  was US$3.4 million in the
first quarter of 2004, lower than US$3.9 million in the same quarter of last year. Net
interest margin as a percentage of interest earning assets,  without considering
 dividends,  was 1.9% during first quarter 2004,  similar to the 2.0% margin in the
preceding  fourth quarter 2003, but decreases  compared to 2.5% in first quarter 2003.
Compared  with the year-ago  quarter,  the margin  decreased  mainly due to cost of funds
 required  for the  purchase of part of BCOL&#146;s  investment portfolio. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In first quarter 2004
US$4.8 million were registered as dividend income from Credicorp, increasing from US$3.1
million in the same year-ago period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the first quarter
of 2004 charges against income for market risk provisions  amounted to US$0.5 million,
 slightly over US$0.4 million charged in the preceding fourth quarter 2003, but declines
 compared to US$3.6 million  provisioned in the year-ago period.  In the current quarter
 provisions for credit risks  amounted to US$0.5  million,  while US$1.4  million was
expensed in the preceding  period,  and US$0.6 million was expensed in the prior year
first quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-interest  income,
 which includes fee income,  realized gains on securities  transactions before risk
provisions and others,  amounted to US$2.4 million in the first  quarter of 2004,
 similar to this  revenue in the  year-ago  quarter.  Fee income was US$1.1  million in
the  current  period, increasing from US$1.0 million in the year-ago quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The loan portfolio,
 net of provisions,  was US$154.4 million as of March 31, 2004,  remaining  almost
 unchanged during the quarter,  but decreased from loan balances of US$156.0 million at
March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  marketable
 securities  portfolio was US$452.7  million at March 2004,  increasing  over US$430.1
 million last  December  2003,  and also from US$327.6 million at the end of March 2003,
following the increase of available funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits  amounted to
US$638.1  million at March 31,  2004,  increasing  from the balance of  US$629.4  million
at the end of the  preceding  fourth quarter 2003, and also compared to US$573.0 million
at the end of March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funds under
 management  were US$704.6  million at March 31, 2004,  6.1% higher than US$664.1
 million at the end of December  2003, and grows 30.0% compared to US$542.1  million at
March 2003.  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, and, to a lesser extent, to higher market valuation of this portfolio. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net equity reached
US$121.9 million at the end of March 2004,  slightly over US$119.3  million at March
2003.  Compared to the year-ago period,  the equity  account of reserves for market value
of  investments  increases  from a balance of unrealized  losses of US$2.2  million at
the end of March 2003, to unrealized  gains of US$12.2  million at the end of the current
 quarter,  due to improved  values in capital  markets of the available for sale
proprietary portfolio. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2003,
the loan portfolio had 2.3% past dues, which were 146.0% covered by loan-loss provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The ratio of
 operating  expenses  over  average  assets were 0.9%,  annualized,  in the first
 quarter of 2004 similar to the ratio during the same period in 2003.  This ratio
declines to 0.5% in the first quarter of 2004, when funds under  management are included
within total assets,  remaining unchanged compared to the prior year quarter. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IV. EL PACIFICO-PERUANO
SUIZA AND SUBSIDIARIES (&#147;PPS&#148;) </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPS obtained in the
quarter  ended March 31, 2004 a  consolidated  net income of S/.7.8  million  (US$2.2
 million),  increasing  over net income of S/.6.2  million  (US$1.8  million) in the
year-ago  quarter.  In first quarter 2004  technical  results  increased over the prior
year period mainly because of higher retained premiums and lower claims. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  acquisition  of
Novasalud EPS was finalized in March 2004, and is expected to be merged with Pac&#237;fico EPS
in the following  three months.  With this  acquisition PPS will further the development
of its private health  insurance  business line,  seeking  economies of scale in order to
improve operating  efficiencies  and  profitability.  During  fiscal year 2003  Novasalud
EPS reported  total fees of S/.126.8  million  (US$36.6  million). Consolidated financial
statements reported by PPS as of March 31, 2004 do not include results from Novasalud EPS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total  premiums  and
Pac&#237;fico  Salud health fees in the first  quarter of 2004 were  S/.243.5  million
 (US$70.4  million),  2.9% below  premiums of S/.250.9  million  (US$72.5  million) in
the year-ago  quarter.  Net premiums earned and health fees, net of reinsured  premiums
and reserves,  were S/.143.7  million (US$41.5  million) in first quarter 2004, 15.4%
over premiums in the prior year quarter.  Net premiums earned increased mainly due to a
higher retention rate and increased health fees from Pac&#237;fico Salud. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions to technical
 reserves for premiums grew by S/.62.4 million  (US$18.0  million) in the first quarter
of 2004,  20.2% higher than additions in the same quarter of last year.  Most of reserves
in the first  quarter of 2004 were  established  by Pac&#237;fico  Vida,  for its life
 annuities and life insurance lines. </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comparing cumulative
results for first quarters 2004 and 2003, consolidated total premiums and fees consisted
of:
<BR>i)          general insurance lines, that amounted to 54.0% of total premiums and
decreased 5.8%;
<BR>ii)         fees at Pac&#237;fico Salud, that were 11.1% of total premiums and
increased 13.0%; and,
<BR>iii)        Pac&#237;fico Vida, which amounted to 34.9% of the total and
decreased 2.7%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative  through
March 31, 2004,  growth of Pac&#237;fico Salud and the health and medical  assistance
 insurance  line (21.3% of total  premiums) was 3.5%; fire insurance  lines (15.1% of
total  premiums)  decreased  19.5%;  while the automobile  insurance line (7.2% of total
premiums) grew 12.5%. Through March 2004,  pension fund benefits  insurance  (5.0% of
total  premiums)  decreased  34.3%,  while group life insurance and individual  life
insurance  policies (12.2% of total premiums) grew 10.9%, and life annuities (16.6% of
total premiums)  increased 2.8%,  compared to the prior year. Decreased  pension fund
 insurance  premiums is due to regulatory  changes in procedures for the purchase of
insurance  coverage by Private  Pension Funds (&#147;AFPs&#148;), after the end of the Transitory
Arrangement, which caused increased competition and lower fees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net consolidated
 underwriting  results was S/.20.7 million (US$6.0  million) in the first quarter of
2004,  increasing from S/.15.3 million (US$4.4 million) in the prior year  quarter.  The
ratio of net  underwriting  results (net premiums and health fees less reserves and
claims as a percentage of total  premiums)  was 8.5% in the first  quarter of 2004,
 compared to the 6.1% ratio in the prior year  quarter,  mainly due to higher  retained
premiums and lower claims. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net insurance claims
and health services costs incurred in the first quarter of 2004 were S/.101.3 million
(US$29.3  million),  12.3% over claims in the same quarter of 2003.  The net loss ratio
(net claims to net  premiums)  decreases to 49.2% in the current  quarter from 51.2% in
first  quarter 2003.  The net loss ratio continues high in pension fund insurance
(180.6%), health (87.0%) and in Pac&#237;fico Salud (86.3%). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The combined ratio
(the sum of net claims and health services,  general expenses and commissions,  as a
percentage of net earned premiums and health fees, without including Pacifico Vida)
increased slightly from 92.4% in the first quarter of 2003 to 92.6% in the current
quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses
over net premiums earned decreased from 20.3% to 17.4% comparing the first quarters of
2003 and 2004, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustments  for
exposure to inflation  and exchange  differences  resulted in a loss of S/.6.2  million
 (US$1.8  million) in first  quarter  2004, compared to a loss of S/.5.8 million (US$1.7
million) in the same period of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in real
estate and financial assets were S/.1,362 million  (US$393.5  million) at the end of the
current quarter,  increasing 18.3% from the year-ago balance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 31, 2004,
total assets were S/.1,808 million (US$522.4  million)  increasing 18.2% compared to the
year-ago  balance.  At the end of the current period net equity amounted to S/.330.2
million (US$95.4 million) 6.7% below net equity at March 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Peruvian
 insurance  market through  February 28, 2004, had total premiums of US$145.2  million,
 2.0% over premiums in the same period in 2003, growing  mainly due to sales life
 annuities.  For the two months of 2004,  PPS's  market  share in total  premiums was
27.9% (29.9% in the year-ago period),  with the share in general  risks and health  lines
being 29.6% (31.1% in the same period of 2003) and in life  insurance  and pension fund
benefits lines of 25.0% (27.5% in the same period of 2003). </FONT></P>







<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*** 8 Tables To Follow
*** </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<P STYLE='page-break-before:always'>




<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CREDICORP LTD. AND
SUBSIDIARIES<BR>
Table
1<BR>
CONSOLIDATED
BALANCE SHEETS<BR>
(In
thousands of U.S. Dollars) </FONT> </P>






<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD colspan=5><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=4 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>As of</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=4><HR SIZE=1></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ASSETS</B> </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dec. 31, 2002</B> </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Mar. 31, 2003</B> </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Dec. 31, 2003</B> </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Mar. 31, 2004</B> </FONT> </TD></TR>
<TR>
     <TD><HR SIZE=1></TD><TD><HR SIZE=1></TD><TD><HR SIZE=1></TD><TD><HR SIZE=1></TD><TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>CASH AND DUE FROM BANKS</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Cash and non interest bearing deposits in banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>314,404&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>243,401&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>240,294&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>255,941&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest bearing deposits in banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,867,987&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,901,274&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,372,436&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,298,914&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2,182,391&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2,144,675&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,612,730&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,554,855&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MARKETABLE SECURITIES, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79,925&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74,981&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127,365&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,991&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>LOANS</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,817,662&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,639,592&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,481,496&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,401,684&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Current</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,412,345&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,255,538&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,225,001&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,151,861&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Past Due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>405,317&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>384,054&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>256,495&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>249,823&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Less - Reserve for possible loan losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(420,809)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(430,712)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(326,677)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(313,606)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>LOANS NET</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,396,853&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,208,880&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,154,819&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>4,088,078&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTMENT SECURITIES AVAILABLE FOR SALE</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,166,381&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,309,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,612,887&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,812,966&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REINSURANCE ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,677&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,838&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,904&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,519&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PREMIUMS AND OTHER POLICYHOLDER RECEIVABLES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,856&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,512&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,057&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52,026&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT and EQUIPMENT, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>288,889&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>284,572&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>264,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>255,290&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DUE FROM CUSTOMERS ON ACCEPTANCES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,068&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,939&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,178&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,024&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>376,660&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>437,110&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>370,672&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>338,631&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL ASSETS</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,618,700&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,577,003&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,299,146&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,293,380&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD><HR SIZE=1></TD><TD><HR SIZE=1></TD><TD><HR SIZE=1></TD><TD><HR SIZE=1></TD><TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>DEPOSITS AND OBLIGATIONS:</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Non-interest bearing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>853,138&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>867,013&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>860,585&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>905,355&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest bearing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>5,932,799&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>5,831,799&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>5,444,254&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>5,379,947&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6,785,937&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6,698,812&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6,304,839&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6,285,302&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DUE TO BANKS AND CORRESPONDENTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,698&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>293,475&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,234&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>255,077&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ACCEPTANCES OUTSTANDING</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,068&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,939&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,178&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,024&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESERVE FOR PROPERTY AND CASUALTY CLAIMS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>224,754&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>246,637&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>303,587&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>324,987&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESERVE FOR UNEARNED PREMIUMS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,703&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,388&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,084&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,563&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REINSURANCE PAYABLE</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,253&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,761&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,043&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,811&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER LIABILITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>301,746&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>358,431&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>284,607&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,084&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MINORITY INTEREST</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,742&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65,161&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,372&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL LIABILITIES</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>7,794,901&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>7,768,604&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>7,388,413&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>7,375,220&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NET SHAREHOLDERS' EQUITY</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>823,799&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>808,399&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>910,733&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>918,160&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL LIABILITIES and NET SHAREHOLDERS' EQUITY</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,618,700&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,577,003&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,299,146&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>8,293,380&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CONTINGENT CREDITS</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,637,050&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,508,022&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,768,605&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,761,503&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FUNDS UNDER MANAGEMENT</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,369,712&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,445,339&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,724,130&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1,783,246&nbsp;</B> </FONT></TD></TR>
<TR>
<TD colspan=5><HR SIZE=1></TD></TR>

</TABLE>




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<P STYLE='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CREDICORP LTD. AND
SUBSIDIARIES<BR>
Table
2<BR>
CONSOLIDATED
INCOME STATEMENTS<BR>
(In
thousands of U.S. Dollars) </FONT> </P>








<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD colspan=4><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=3><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>


<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>INTEREST INCOME</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest on loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113,349&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109,896&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,275&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest and dividends on investments:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>822&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest on deposits with banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,146&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,525&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,423&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest on trading securities (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>18,349&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>22,721&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>22,259&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Interest Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>137,851&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>137,964&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>126,960&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>INTEREST EXPENSE</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest on deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,566&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,293&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,055&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Interest on borrowed funds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,658&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,094&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,368&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Other interest expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>3,203&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>3,801&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6,548&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Interest Expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>43,427&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>39,188&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>36,971&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net Interest Income</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>94,424&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>98,776&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>89,989&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for possible loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,228&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,175&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,974&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net interest income after provision for possible loan losses</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>60,196&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>82,601&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>71,015&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>OTHER INCOME</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Fees and commissions from banking services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,199&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,816&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,148&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net gains from sales of securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(214)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,791)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,968&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net gains on foreign exchange transactions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,361&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,107&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,456&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net premiums earned</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,281&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,029&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Other income (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>22,683&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>12,162&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>14,228&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>106,930&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>89,576&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>108,829&nbsp;</U> </FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CLAIMS ON INSURANCE ACTIVITIES</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net claims incurred</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,755&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,743&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,423&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Increase in future policy benefits for life and health</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>20,448&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>16,715&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>21,239&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>25,203&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>23,458&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>28,662&nbsp;</U> </FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>OTHER EXPENSES</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Salaries and employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,064&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,713&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,363&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;General, administrative, and other taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,833&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,223&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,477&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,749&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,700&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,610&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,451&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,287&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,706&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>15,465&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,100&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,829&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>124,562&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>115,023&nbsp;</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>109,985&nbsp;</U> </FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Translation result</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B></B>(6,723) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,075&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,274&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Income before income tax, and minority interest</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>10,638&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>34,771&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>44,471&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Income Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,789)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,835)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11,637)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Minority Interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,357)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,099)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,772)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NET INCOME</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2,492&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>23,837&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>30,062&nbsp;</B> </FONT></TD></TR>
 <TR>
<TD colspan=4><HR SIZE=1></TD></TR>


</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Note:
for comparison purposes, US$5.5Mn in 1Q03 and US$8.3Mn in 4Q04 were reclassified
from other income into interest income.</I> </FONT> </P></TD>
</TR>
</TABLE>




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<P STYLE='page-break-before:always'>






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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CREDICORP LTD. AND
SUBSIDIARIES<BR>
Table
3<BR>
SELECTED
FINANCIAL INDICATORS </FONT> </P>







<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD colspan=4><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=3><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>


<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Profitability</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income per common share (US$ per share)(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.031</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.299</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.377</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest margin on interest earning assets (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.46%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.07%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.54%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on average total assets (2)(3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.12%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.15%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.45%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on average shareholders' equity (2)(3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.22%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.58%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.15%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No. of outstanding shares (millions)(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.75</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.75</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79.75</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Quality of loan portfolio</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans as a percentage of total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.28%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.72%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.68%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves for loan losses as a percentage of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;total past due loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112.15%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127.36%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.53%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves for loan losses as a percentage of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.28%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.29%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.12%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves for loan losses as a percentage of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;substandard loans (C+D+E)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.57%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.92%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.34%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans - reserves for loan losses as a</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;percentage of shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5.77%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7.71%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.95%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Operating efficiency</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oper. expense as a percent. of total income (5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.79%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.79%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.84%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oper. expense as a percent. of av. tot. assets(2)(3)(5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.62%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.65%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.78%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Capital adequacy</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Regulatory Capital (US$Mn)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>742.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>731.4</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>892.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tier I Capital (US$Mn)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>608.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>602.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>767.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulatory capital / risk-weighted assets (6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.65%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.37%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.93%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Average balances (US$Mn) (3)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest earning assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,915.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,506.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,494.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,597.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,261.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,296.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>816.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>901.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>914.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Number
of shares outstanding of 79.8 million in all periods.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Ratios
are annualized.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(3)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Averages
are determined as the average of period-beginning and period-ending balances.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(4)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Net
of treasury shares. The total number of shares was of 94.38 million.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(5)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>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. Non-recurring items are not included.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(6)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Risk-weighted
assets include market risk assets.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<P STYLE='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES<BR>
Table
4<BR>
CONSOLIDATED
BALANCE SHEETS<BR>
(Constant
Nuevos Soles, as of March 31, 2004 and U.S. Dollars in thousands) </FONT> </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ASSETS</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.02&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$000(1)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>CASH AND DUE FROM BANKS</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>7,653.673</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>7,236.232</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>5,327.020</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>5,102.302</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$1,474.654</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Cash and Checks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,134.823</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>848.019</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>813.669</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>859.509</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$248.413</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Deposits in Central Bank of Peru</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,000.614</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,491.489</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,418.227</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,038.437</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$878.161</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Deposits with local and foreign banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,518.236</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>896.724</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,095.124</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,204.356</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$348.080</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TRADING and AVAIL. for SALE SECURITIES, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68.229</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.981</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>141.159</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181.784</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$52.539</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>LOANS</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>16,419.840</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>15,399.179</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>14,601.653</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>13,822.611</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$3,994.974</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Current</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,014.627</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,076.721</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,715.908</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,992.044</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,754.926</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Past Due</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,405.213</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,322.458</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>885.745</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>830.568</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$240.049</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Less - Reserve for possible loan losses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,528.188)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,545.408)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,175.647)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,077.887)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($311.528)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>LOANS NET</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>14,891.652</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>13,853.771</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>13,426.006</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>12,744.724</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$3,683.446</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTMENT SECURITIES, PERMANENT</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,401.834</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,676.671</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,102.749</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,410.671</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$985.743</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT and EQUIPMENT, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>817.384</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>794.094</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>752.164</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>716.727</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$207.147</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>934.254</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,138.425</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,059.233</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>759.416</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$219.484</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL ASSETS</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>26,767.026</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>25,747.174</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>23,808.331</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>22,915.624</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$6,623.013</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>DEPOSITS AND OBLIGATIONS:</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>22,870.236</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>21,915.360</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>20,106.972</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>19,468.277</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$5,626.670</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Demand deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,138.683</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,855.787</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,954.789</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,736.714</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,658.010</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Saving accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,142.171</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,745.151</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,446.573</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,963.960</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,434.671</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Time deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,589.382</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,314.422</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,705.610</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,767.603</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,533.989</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DUE TO BANKS AND CORRESPONDENTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>582.432</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>530.377</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>364.673</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>306.205</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$88.499</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER LIABILITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,221.968</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,311.172</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,039.347</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,017.182</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$293.983</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>SHAREHOLDERS EQUITY:</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2,092.390</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>1,990.267</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2,297.339</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>2,123.961</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$613.862</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Capital stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,148.316</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,259.353</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,260.773</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,260.773</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$364.385</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Legal reserve</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>679.267</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717.108</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717.917</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>789.356</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$228.138</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>264.807</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.806</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>318.649</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73.832</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$21.339</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL LIABILITIES AND EQUITY</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>26,767.026</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>25,747.176</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>23,808.331</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>22,915.625</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$6,623.013</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contingent Credits</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,733.039</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,117.379</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,983.685</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>5,715.054</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$1,651.750</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Funds under management</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2,936.085</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3,156.388</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3,682.615</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3,628.327</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$1,048.649</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Translated
at S/.3.460 per US$1.00.</I> </FONT> </P></TD>
</TR>
</TABLE>

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<P STYLE='page-break-before:always'>



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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES<BR>
Table
5<BR>
CONSOLIDATED
INCOME STATEMENTS<BR>
(Constant Nuevos
Soles, as of March 31, 2004 and U.S. Dollars in thousands) </FONT> </P>






<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD colspan=5><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=4 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=4><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Interest income and expense</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$000(1)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>430.769</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>394.634</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>368.309</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$106.448</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less - Interest expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>136.558</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>100.776</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>105.929</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$30.615</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net interest income</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>294.211</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>293.858</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>262.380</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$75.832</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for possible loan losses, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120.402</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.399</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.144</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13.625</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Net interest income after provisions</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>173.809</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>246.459</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>215.236</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$62.207</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other Income</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees and commissions from services</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>161.719</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>167.750</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>157.477</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$45.514</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gains from sales of securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.674</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.259)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.807</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2.834</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net gains on foreing exchg. transacts.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.178</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.119</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.816</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5.438</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>70.197</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>44.936</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>36.289</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$10.488</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>258.768</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>231.546</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>222.389</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$64.274</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other Expenses</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries and employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138.584</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137.896</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.771</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$36.350</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General and administrative</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109.477</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107.771</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.943</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$29.174</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.808</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.930</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.583</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$10.284</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes other than income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.675</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.029</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.268</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3.546</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.350</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.266</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.642</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7.700</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>55.714</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>3.886</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>6.392</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$1.847</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>380.608</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>332.778</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>307.599</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>$88.901</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Result from exposure to inflation</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25.988)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20.836)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(34.907)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($10.089)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Income before income tax</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>25.981</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>124.391</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>95.119</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$27.491</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.291</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.426</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.022</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8.099</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NET INCOME</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>12.690</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>89.965</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>67.097</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>$19.392</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Translated
at S/.3.460 per US$1.00.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<P STYLE='page-break-before:always'>



<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">BANCO DE CREDITO DEL
PERU AND SUBSIDIARIES<BR>
Table
6<BR>
SELECTED
FINANCIAL INDICATORS </FONT> </P>











<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD colspan=4><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=3><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>


<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>




<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Profitability</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income per common share (S/. per share)(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.011</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.075</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.056</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest margin on interest earning assets (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.10%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.60%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.12%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on average total assets (2)(3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.19%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.50%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.15%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on average shareholders' equity (2)(3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.49%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.97%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.14%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Quality of loan portfolio</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans as a percentage of total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.59%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.07%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.01%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans + refinanced loans as a</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;percentage of total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.06%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.53%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.58%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves for loan losses as a percentage of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;past due loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>116.86%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132.73%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>129.78%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves for loan losses as a percentage of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;substandard loans (C+D+E)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.18%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.67%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.46%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans - reserves for loan losses as a</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;percentage of shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.20%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-12.62%&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-11.64%&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Operating efficiency (5)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oper. expense as a percent. of total income (4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54.34%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.80%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.68%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oper. expense as a percent. of av. tot. assets(2)(3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.41%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.44%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.62%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Capital adequacy</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Regulatory capital (constant millions S/.)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,282.8</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,242.9</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,323.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tier I Capital (constant millions S/.)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,976.5</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,954.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,901.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net equity as a percentage of period end total assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.73%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.65%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.27%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regulatory capital / risk-weighted assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.53%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.85%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.82%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Average balances (constant millions S/.) (3)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest earning assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,088.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,997.7</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,498.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,257.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,055.0</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,362.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,041.3</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,253.1</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,210.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Additional data</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No. of outstanding shares (millions)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,077&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,202&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,202&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No. of employees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,629&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,530&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,652&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inflation rate ( Wholesale price index)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.10%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.01%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.83%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exchange rate (S/. per 1 U.S. Dollar)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.474</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.463</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.460</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=4><HR SIZE=1></TD></TR>
</TABLE>



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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Shares
outstanding of 1,202 million is used for all periods since shares have been issued
only for capitalization of profits and inflation adjustment.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Ratios
are annualized.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(3)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Averages
are determined as the average of period-beginning and period-ending balances.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(4)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Total
income includes net interest income and other income, excluding non-recurring items.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(5)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Operating
expense does not include mandatory employee profit sharing expense nor provisions
for other assets received in lieu of loan repayment and non-recurring items.</I> </FONT> </P></TD>
</TR>
</TABLE>




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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ATLANTIC SECURITY
HOLDING CORPORATION<BR>
Table
7<BR>
SELECTED
FINANCIAL DATA<BR>
(Thousands of U.S.
Dollars, except net income per share, and percentages) </FONT> </P>







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<TR>
<TD colspan=4><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Three months ended</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=3><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04&nbsp;</B> </FONT></TD></TR>


<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>





<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Results</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Interest Income (w/o dividends)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,974&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,349&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,383&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividend income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,119&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>508&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,871&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provisions for credit and market risks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,247&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,761&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,034&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commissions and fee income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>957&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>938&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,116&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Income(1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,451&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,989&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,252&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating Expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,494&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,935&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,864&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,761&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,088&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,725&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income per share (US$)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.09</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.08</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Balance Sheets (end of period)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>705,125&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>776,323&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>793,521&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan portfolio, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,997&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>152,388&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>154,170&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketable securities and investments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>327,636&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>430,137&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>452,738&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>573,046&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>629,354&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>638,118&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119,282&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>112,870&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,901&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funds under administration</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>542,156&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>664,143&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>704,686&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ratios (2)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest margin / interest earning assets (3)(4)(5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on average stockholders' equity(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on average total assets(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Past due loans as a percentage of total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reserves for loan losses as a percentage</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;of total loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expense /  total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expense / average total assets(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expense / average total assets +</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;funds under management(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
</TABLE>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Includes
realized gains in securities.</I> </FONT> </P></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Averages
are determined as the average of period-beginning and period-ending balances.</I> </FONT> </P></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(3)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Averages
determined from monthly balances.</I> </FONT> </P></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(4)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Annualized.</I> </FONT> </P></TD>
</TR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(5)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Without
considering dividend income and dividend earning assets.</I> </FONT> </P></TD>
</TR>
</TABLE>



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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(6)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Without
considering provisions for investments.</I> </FONT> </P></TD>
</TR>
</TABLE>




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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EL PACIFICO-PERUANO
SUIZA AND SUBSIDIARIES<BR>
Table
8<BR>
SELECTED
FINANCIAL DATA<BR>
(Constant
Nuevos Soles as of March 31, 2004, and<BR>
U.S.
Dollars in thousands, except net income per share) </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD colspan=5><HR SIZE=1></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD colspan=4 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>As of and for the three month<BR>period ended</B> </FONT></TD></TR>

<TR>
     <TD>&nbsp;</TD><TD colspan=4><HR SIZE=1></TD></TR>



<TR VALIGN=Bottom>
     <TD WIDTH="32%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.03</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.12.03</B> </FONT></TD>
     <TD WIDTH="16%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>31.03.04</B> </FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD>
     <TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Results</B> </FONT></TD>



     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$000(1)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total gross Premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>250,902&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>217,052&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>243,502</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$70,376</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Premiums Earned</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,513&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108,573&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143,655</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$41,519</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change in Reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,853&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,721&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,353</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$18,021</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Underwriting Results</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,261&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,372&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,665</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$5,973</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Financial Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,476&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,964&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,839</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8,913</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,673&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,295&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,214</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8,732</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,196&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,993)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,757</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,242</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Income per share (S/.)(2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.26</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.29)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$0.09</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Balance Sheets (end of period)</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,529,019&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,818,825&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,807,587</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$522,424</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in Secur. and Real estate</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,151,475&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,354,063&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,361,636</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$393,536</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Technical Reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>997,308&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,204,368&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,252,108</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$361,881</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>353,893&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>386,451&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>330,250</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$95,448</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ratios</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net underwriting results</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD bgcolor=yellow ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total loss ratio</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on avge. equity (3)(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Return on total premiums</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders' Equity /  Total Assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.2%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase in Risk Reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Combined Ratio (5)</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>92.4%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>126.8%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>92.6%</U> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>92.6%</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-Net Claims / Net Premiums Earned</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62.1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-Op. Exp.+Comiss./Net Prems. Earned</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expense/Net Premiums Earned</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.9%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.4%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oper. expense / Avge. assets (3)(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(1)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Translated
at S/.3.460 per US$1.00.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(2)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Based
on 23.7 million shares in all periods.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(3)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Averages
are determined as the average of period-beginning and period-ending balances.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(4)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Annualized.</I> </FONT> </P></TD>
</TR>
</TABLE>



<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I><!-- MARKER FORMAT-SHEET="Hang rodape" FSL="Workstation" --></I> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(5)</I> </FONT> </TD>
<TD WIDTH=97%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Does
not include the life insurance subsidiary Pacifico Vida.</I> </FONT> </P></TD>
</TR>
</TABLE>











<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 5, 2004


</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;


Guillermo Castillo


</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>


Guillermo Castillo


</B></FONT></DIV>  <DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B>


Authorized Representative


</B></FONT></DIV>  </TD> </TR>
 </TABLE> </DIV> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV>


<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.
 </FONT></P>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

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