The present research work aims to know the impact of variables: direct credits, the inflation rate and the annual variation of real PBI expressed as a dummy variable, on profitability (ROA y ROE) of the CMAC: Arequipa during the period 2002-2016. For this inconvenient, we will get the statistic information from secondary sources. Globally, both models are significant; but, the Durbin-Watson of the ROA is highest as regards the of the ROE approaching the value of 2. By applying the econometric model with a lag in terms of specific determinants of the CMAC Arequipa profitability; return on assets (ROA) and return on heritage (ROE), direct credits are significant and at the same time have a negative effect on profitability for both. JEL: B30, C30, G21.

The present research work aims to know the impact of variables: direct credits, the inflation rate and the annual variation of real PBI expressed as a dummy variable, on profitability (ROA y ROE) of the CMAC: Arequipa during the period 2002-2016. For this inconvenient, we will get the statistic information from secondary sources. Globally, both models are significant; but, the Durbin-Watson of the ROA is highest as regards the of the ROE approaching the value of 2. By applying the econometric model with a lag in terms of specific determinants of the CMAC Arequipa profitability; return on assets (ROA) and return on heritage (ROE), direct credits are significant and at the same time have a negative effect on profitability for both. JEL: B30, C30, G21.

El presente trabajo de investigación tiene como objetivo, determinar la aplicación del modelo econométrico que mide la rentabilidad de las cajas municipales de ahorro y crédito: Caso CMAC Arequipa. Periodo 2002-2016. Tiene como variables a: los créditos directos, la tasa de inflación y la variación anual del PBI real expresado como una variable dummy, sobre la rentabilidad (ROA y ROE). Para ello se ha visto conveniente tomar la información estadística de fuentes primarias (entrevista) y secundarias (recolección, procesamiento y consolidación estadística y econométrica). La muestra estuvo compuesta por datos recolectados de la CMAC Arequipa durante el periodo 2002-2016 publicados por la Superintendencia de Banca y Seguros (SBS), el Banco Central de Reserva (BCR), la Superintendencia de Mercado de Valores (SMV) y el Instituto Nacional de Estadísticas e Informática (INEI). Se...