Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | 96 Months Ended |
Dec. 31, 2023 | Dec. 31, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity File Number | 1-14014 | |
Entity Registrant Name | CREDICORP LTD | |
Entity Central Index Key | 0001001290 | |
Entity Incorporation, State or Country Code | D0 | |
Entity Address, Address Line One | Banco de Credito del Peru | |
Entity Address, Address Line Two | Calle Centenario 156 | |
Entity Address, Address Line Three | La Molina | |
Entity Address, City or Town | Lima | |
Entity Address, Country | PE | |
Entity Address, Postal Zip Code | 12 | |
Title of 12(b) Security | Common Shares, par value $5.00 per share | |
Trading Symbol | BAP | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 94,382,317 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Document Shell Company Report | false | |
ICFR Auditor Attestation Flag | true | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Firm ID | 1315 | 1316 |
Auditor Name | Tanaka, Valdivia & Asociados S. Civil de R.L. | Gaveglio, Aparicio y Asociados S.C.R.L. |
Auditor Location | Lima, Peru | Lima, Peru |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Contact Personnel Name | Cesar Rios | |
Entity Address, Address Line One | Banco de Credito del Peru | |
Entity Address, Address Line Two | Calle Centenario 156 | |
Entity Address, Address Line Three | La Molina | |
Entity Address, City or Town | Lima | |
Entity Address, Country | PE | |
Entity Address, Postal Zip Code | 12 | |
City Area Code | 511 | |
Local Phone Number | 313 2014 | |
Contact Personnel Fax Number | 313 2121 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | |
Cash and due from banks: | ||||||
Non-interest-bearing | S/ 7,952,371 | S/ 7,286,624 | S/ 6,925,332 | |||
Interest-bearing | 25,978,577 | 26,897,216 | 32,395,408 | |||
Total cash and due from banks | 33,930,948 | 34,183,840 | 39,320,740 | |||
Cash collateral, reverse repurchase agreements and securities borrowing | 1,410,647 | 1,101,856 | 1,766,948 | |||
Investments: | ||||||
At fair value through profit or loss | 4,982,661 | 4,199,334 | 5,928,538 | |||
At fair value through other comprehensive income | 32,774,078 | 29,678,061 | 34,440,091 | |||
At fair value through other comprehensive income pledged as collateral | 4,269,862 | 1,108,100 | 318,352 | |||
Total at fair value through other comprehensive income investments | 37,043,940 | 30,786,161 | 34,758,443 | |||
Amortized cost | 7,924,830 | 6,905,201 | 4,411,592 | |||
Amortized cost pledged as collateral | 2,264,097 | 3,540,528 | 3,853,967 | |||
Total investments at amortized cost | 10,188,927 | 10,445,729 | 8,265,559 | |||
Loans: | ||||||
Loans | 144,976,051 | 148,626,374 | 147,597,412 | |||
Allowance for loan losses | (8,277,916) | [2] | (7,872,402) | [2] | (8,477,308) | |
Total loans, net | 136,698,135 | 140,753,972 | 139,120,104 | |||
Financial assets designated at fair value through profit or loss | 810,932 | 768,801 | 987,082 | |||
Reinsurance contract assets | 872,046 | 744,008 | 812,466 | |||
Property, furniture and equipment, net | 1,357,525 | 1,281,098 | 1,308,779 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | 532,404 | |||
Intangible assets and goodwill, net | 3,225,499 | 2,899,429 | 2,710,080 | |||
Right-of-use assets, net | 499,715 | 543,833 | 586,417 | |||
Deferred tax assets, net | 1,182,195 | 1,134,747 | 1,146,468 | |||
Other assets | 6,224,617 | 5,871,671 | 6,199,844 | |||
Total assets | 238,840,188 | 235,414,157 | 243,443,872 | |||
Deposits and obligations: | ||||||
Non-interest-bearing | 42,234,498 | 43,346,151 | 51,851,206 | |||
Interest-bearing | 105,470,496 | 103,674,636 | 97,745,339 | |||
Total deposits and obligations | 147,704,994 | 147,020,787 | 149,596,545 | |||
Payables from repurchase agreements and securities lending | 10,168,427 | 12,966,725 | 22,013,866 | |||
Due to banks and correspondents | 12,278,681 | 8,937,411 | 7,212,946 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | 532,404 | |||
Lease liabilities | 512,579 | 578,074 | 655,294 | |||
Financial liabilities at fair value through profit or loss | 641,915 | 191,010 | 337,909 | |||
Insurance contract liability | 12,318,133 | 11,154,008 | 11,920,974 | |||
Bonds and notes issued | 14,594,785 | 17,007,194 | 17,823,146 | |||
Deferred tax liabilities, net | 107,517 | 75,005 | 74,167 | |||
Other liabilities | 6,993,691 | 7,189,052 | 6,444,097 | |||
Total liabilities | 205,733,123 | 205,818,944 | 216,611,348 | |||
Equity attributable to Credicorp's equity holders: | ||||||
Capital stock | 1,318,993 | 1,318,993 | 1,318,993 | |||
Treasury stock | (208,033) | (207,518) | (207,534) | |||
Capital surplus | 228,239 | 231,556 | 228,853 | |||
Reserves and others | 26,548,361 | 23,383,454 | 21,768,421 | |||
Retained earnings | 4,572,444 | 4,277,159 | 3,183,119 | |||
Total equity attributable to owners of parent | 32,460,004 | 29,003,644 | 26,291,852 | |||
Non-controlling interest | 647,061 | 591,569 | 540,672 | |||
Total equity | 33,107,065 | 29,595,213 | 26,832,524 | |||
Total liabilities and equity | S/ 238,840,188 | S/ 235,414,157 | S/ 243,443,872 | |||
[1]See note 3(b).[2]As of December 31, 2023, and 2022, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances: |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF INCOME [Abstract] | |||
Interest and similar income | S/ 18,798,495 | S/ 15,011,282 | S/ 11,850,406 |
Interest and similar expenses | (5,860,523) | (3,919,664) | (2,490,802) |
Net interest, similar income and expenses | 12,937,972 | 11,091,618 | 9,359,604 |
Provision for gross credit losses on loan portfolio | (3,957,143) | (2,158,555) | (1,558,951) |
Recoveries of written-off loans | 334,798 | 347,017 | 346,728 |
Provision for credit losses on loan portfolio, net of recoveries | (3,622,345) | (1,811,538) | (1,212,223) |
Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 9,315,627 | 9,280,080 | 8,147,381 |
Other income | |||
Commissions and fees | 3,804,459 | 3,642,857 | 3,493,734 |
Net gain on foreign exchange transactions | 886,126 | 1,084,151 | 922,917 |
Net gain on securities | 425,144 | 5,468 | 28,650 |
Net gain on derivatives held for trading | 53,665 | 65,187 | 221,064 |
Exchange difference result | 45,778 | 387 | (3,215) |
Others | 440,653 | 268,046 | 266,567 |
Total other income | 5,655,825 | 5,066,096 | 4,929,717 |
Technical result of insurance | |||
Insurance service result | 1,602,421 | 1,302,347 | 0 |
Underwriting result | (391,321) | (460,899) | 0 |
Net premiums earned | 0 | 0 | 2,671,530 |
Net claims incurred for life, general and health insurance contracts | 0 | 0 | (2,341,917) |
Acquisition cost | 0 | 0 | (333,334) |
Total technical result of insurance | 1,211,100 | 841,448 | (3,721) |
Other expenses | |||
Salaries and employee benefits | (4,265,453) | (3,902,161) | (3,668,476) |
Administrative expenses | (3,803,203) | (3,414,065) | (2,953,717) |
Depreciation and amortization | (511,174) | (485,207) | (521,967) |
Impairment loss on goodwill | (71,959) | 0 | 0 |
Depreciation for right-of-use assets | (147,833) | (151,282) | (161,287) |
Others | (534,601) | (364,298) | (435,114) |
Total other expenses | (9,334,223) | (8,317,013) | (7,740,561) |
Net result before income tax | 6,848,329 | 6,870,611 | 5,332,816 |
Income tax | (1,888,451) | (2,110,501) | (1,660,987) |
Net result after income tax | 4,959,878 | 4,760,110 | 3,671,829 |
Attributable to: | |||
Credicorp's equity holders | 4,865,540 | 4,647,818 | 3,584,582 |
Non-controlling interest | 94,338 | 112,292 | 87,247 |
Net result after income tax | S/ 4,959,878 | S/ 4,760,110 | S/ 3,671,829 |
Net basic and dilutive earnings per share attributable to Credicorp's equity holders: | |||
Basic (in sol per share) | S/ 61.22 | S/ 58.44 | S/ 45.09 |
Diluted (in sol per share) | S/ 61.08 | S/ 58.32 | S/ 44.99 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract] | |||
Net profit for the year | S/ 4,959,878 | S/ 4,760,110 | S/ 3,671,829 |
To be reclassified to profit or loss in subsequent periods: | |||
Net Gain (loss) on investments at fair value through other comprehensive income | 1,334,943 | (1,614,053) | (2,491,907) |
Income tax | (58,489) | 82,459 | 52,086 |
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income | 1,276,454 | (1,531,594) | (2,439,821) |
Net movement of cash flow hedge reserves | (17,443) | 1,246 | 58,586 |
Income tax | 5,104 | (158) | (16,834) |
Other comprehensive income, net of tax, cash flow hedges | (12,339) | 1,088 | 41,752 |
Other reserves | (762,811) | 1,144,140 | 769,291 |
Income tax | 0 | 0 | (26,846) |
Other reserves, net of tax | (762,811) | 1,144,140 | 742,445 |
Exchange differences on translation of foreign operations | 73,464 | (302,083) | 161,168 |
Net movement in hedges of net investments in foreign businesses | 18,950 | 39,587 | (57,319) |
Other comprehensive income, net of tax, exchange differences on translation of foreign operations | 92,414 | (262,496) | 103,849 |
Total | 593,718 | (648,862) | (1,551,775) |
Not to be reclassified to profit or loss in subsequent periods: | |||
Net loss on equity instruments designated at fair value through other comprehensive income | (8,329) | (38,563) | (113,686) |
Income tax | (3,791) | 2,109 | 5,402 |
Total | (12,120) | (36,454) | (108,284) |
Total other comprehensive income | 581,598 | (685,316) | (1,660,059) |
Total comprehensive income for the year, net of income tax | 5,541,476 | 4,074,794 | 2,011,770 |
Attributable to: | |||
Credicorp's equity holders | 5,437,495 | 3,967,497 | 1,954,586 |
Non-controlling interest | 103,981 | 107,297 | 57,184 |
Total comprehensive income for the year, net of income tax | S/ 5,541,476 | S/ 4,074,794 | S/ 2,011,770 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - PEN (S/) S/ in Thousands | Total | IFRS 17 [Member] | Impact of Initial Application of IFRS 17 [Member] | Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | After Adjustment Initial Application [Member] | Capital Stock [Member] | Capital Stock [Member] Impact of Initial Application of IFRS 17 [Member] | Capital Stock [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Capital Stock [Member] After Adjustment Initial Application [Member] | Shares of the Group [Member] | Shares of the Group [Member] Impact of Initial Application of IFRS 17 [Member] | Shares of the Group [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Shares of the Group [Member] After Adjustment Initial Application [Member] | Share-based Payment [Member] | Share-based Payment [Member] Impact of Initial Application of IFRS 17 [Member] | Share-based Payment [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Share-based Payment [Member] After Adjustment Initial Application [Member] | Capital Surplus [Member] | Capital Surplus [Member] Impact of Initial Application of IFRS 17 [Member] | Capital Surplus [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Capital Surplus [Member] After Adjustment Initial Application [Member] | Reserves and Others [Member] | Reserves and Others [Member] Impact of Initial Application of IFRS 17 [Member] | Reserves and Others [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Reserves and Others [Member] After Adjustment Initial Application [Member] | Investments in Equity Instruments [Member] | Investments in Equity Instruments [Member] Impact of Initial Application of IFRS 17 [Member] | Investments in Equity Instruments [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Investments in Equity Instruments [Member] After Adjustment Initial Application [Member] | Investments in Debt Instruments [Member] | Investments in Debt Instruments [Member] Impact of Initial Application of IFRS 17 [Member] | Investments in Debt Instruments [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Investments in Debt Instruments [Member] After Adjustment Initial Application [Member] | Cash Flow Hedge Reserve [Member] | Cash Flow Hedge Reserve [Member] Impact of Initial Application of IFRS 17 [Member] | Cash Flow Hedge Reserve [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Cash Flow Hedge Reserve [Member] After Adjustment Initial Application [Member] | Insurance Reserves [Member] | Insurance Reserves [Member] Impact of Initial Application of IFRS 17 [Member] | Insurance Reserves [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Insurance Reserves [Member] After Adjustment Initial Application [Member] | Foreign Currency Translation Reserve [Member] | Foreign Currency Translation Reserve [Member] Impact of Initial Application of IFRS 17 [Member] | Foreign Currency Translation Reserve [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Foreign Currency Translation Reserve [Member] After Adjustment Initial Application [Member] | Retained Earnings [Member] | Retained Earnings [Member] Impact of Initial Application of IFRS 17 [Member] | Retained Earnings [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Retained Earnings [Member] After Adjustment Initial Application [Member] | Total [Member] | Total [Member] Impact of Initial Application of IFRS 17 [Member] | Total [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Total [Member] After Adjustment Initial Application [Member] | Non-controlling Interest [Member] | Non-controlling Interest [Member] Impact of Initial Application of IFRS 17 [Member] | Non-controlling Interest [Member] Impact of Initial Application of IFRS 17 [Member] IFRS 17 [Member] | Non-controlling Interest [Member] After Adjustment Initial Application [Member] | |
Balances at Dec. 31, 2020 | S/ 25,445,647 | S/ 1,318,993 | S/ (204,326) | S/ (4,107) | S/ 192,625 | S/ 21,429,635 | S/ 315,202 | S/ 2,256,531 | S/ (41,102) | S/ (892,598) | S/ 227,865 | S/ 347,152 | S/ 24,945,870 | S/ 499,777 | ||||||||||||||||||||||||||||||||||||||||||||
Changes in equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net profit for the year | 3,671,829 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,584,582 | 3,584,582 | 87,247 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, Note 16(d) | (1,660,059) | 0 | 0 | 0 | 0 | 0 | (108,317) | (2,399,931) | 40,829 | 733,932 | 103,491 | 0 | (1,629,996) | (30,063) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 2,011,770 | 0 | 0 | 0 | 0 | 0 | (108,317) | (2,399,931) | 40,829 | 733,932 | 103,491 | 3,584,582 | 1,954,586 | 57,184 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of retained earnings to reserves, Note 16(c) | 0 | 0 | 0 | 0 | 0 | 346,994 | 0 | 0 | 0 | 0 | 0 | (346,994) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividend distribution, Note 16(e) | (398,808) | 0 | 0 | 0 | 0 | (398,808) | 0 | 0 | 0 | 0 | 0 | 0 | (398,808) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to interest non-controlling of subsidiaries | (4,156) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4,156) | ||||||||||||||||||||||||||||||||||||||||||||
Additional dividends | (7,822) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (7,822) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, Note 16(b) | (58,907) | 0 | 0 | (1,369) | (57,538) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (58,907) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of treasury stocks | 3,752 | 0 | 0 | 84 | 3,668 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,752 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions | 78,733 | 0 | 0 | 2,184 | 90,098 | (13,549) | 0 | 0 | 0 | 0 | 0 | 0 | 78,733 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Others | (32,770) | S/ 5,913 | 0 | S/ 0 | 0 | S/ 0 | 0 | S/ 0 | 0 | S/ 0 | 0 | S/ 0 | 0 | S/ 0 | 0 | S/ 3,900 | 0 | S/ 0 | 0 | S/ 0 | 0 | S/ 5,681 | (28,459) | S/ (3,668) | (28,459) | S/ 5,913 | (4,311) | S/ 0 | ||||||||||||||||||||||||||||||
Balances (Previously stated [member]) at Dec. 31, 2021 | 27,037,439 | 1,318,993 | (204,326) | (3,208) | 228,853 | 21,364,272 | 206,885 | (143,400) | (273) | (158,666) | 331,356 | 3,556,281 | 26,496,767 | 540,672 | ||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2021 | 26,832,524 | [1] | S/ (210,828) | S/ 26,832,524 | S/ 0 | S/ 1,318,993 | S/ 0 | S/ (204,326) | S/ 0 | S/ (3,208) | S/ 0 | S/ 228,853 | S/ 0 | S/ 21,364,272 | S/ 0 | S/ 206,885 | S/ 0 | S/ (139,500) | S/ 0 | S/ (273) | S/ 158,666 | S/ 0 | S/ 0 | S/ 337,037 | S/ (369,494) | S/ 3,183,119 | S/ (210,828) | S/ 26,291,852 | S/ 0 | S/ 540,672 | ||||||||||||||||||||||||||||
Changes in equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net profit for the year | 4,760,110 | S/ 14,700 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,647,818 | 4,647,818 | 112,292 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, Note 16(d) | (685,316) | 0 | 0 | 0 | 0 | 0 | (36,477) | (1,516,059) | 1,061 | 1,133,536 | (262,382) | 0 | (680,321) | (4,995) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 4,074,794 | 0 | 0 | 0 | 0 | 0 | (36,477) | (1,516,059) | 1,061 | 1,133,536 | (262,382) | 4,647,818 | 3,967,497 | 107,297 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of retained earnings to reserves, Note 16(c) | 0 | 0 | 0 | 0 | 0 | 2,354,859 | 0 | 0 | 0 | 0 | 0 | (2,354,859) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividend distribution, Note 16(e) | (1,196,422) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,196,422) | (1,196,422) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to interest non-controlling of subsidiaries | (48,577) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (48,577) | ||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest stock put option, Note 3(n) | (42,964) | 0 | 0 | 0 | 0 | (42,964) | 0 | 0 | 0 | 0 | 0 | 0 | (42,964) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Minority purchase | (5,877) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,877) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, Note 16(b) | (83,605) | 0 | 0 | (1,923) | (81,682) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (83,605) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of treasury stocks | 9,949 | 0 | 0 | 231 | 9,718 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9,949 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions | 59,834 | 0 | 0 | 1,708 | 74,667 | (16,541) | 0 | 0 | 0 | 0 | 0 | 0 | 59,834 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Others | (4,443) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,497) | (2,497) | (1,946) | ||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2022 | 29,595,213 | [1] | 1,318,993 | (204,326) | (3,192) | 231,556 | 23,659,626 | 170,408 | (1,655,559) | 788 | 1,133,536 | 74,655 | 4,277,159 | 29,003,644 | 591,569 | |||||||||||||||||||||||||||||||||||||||||||
Changes in equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net profit for the year | 4,959,878 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,865,540 | 4,865,540 | 94,338 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, Note 16(d) | 581,598 | 0 | 0 | 0 | 0 | 0 | (12,247) | 1,258,137 | (12,191) | (754,192) | 92,448 | 0 | 571,955 | 9,643 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 5,541,476 | 0 | 0 | 0 | 0 | 0 | (12,247) | 1,258,137 | (12,191) | (754,192) | 92,448 | 4,865,540 | 5,437,495 | 103,981 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of retained earnings to reserves, Note 16(c) | 0 | 0 | 0 | 0 | 0 | 2,593,598 | 0 | 0 | 0 | 0 | 0 | (2,593,598) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividend distribution, Note 16(e) | (1,994,037) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,994,037) | (1,994,037) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to interest non-controlling of subsidiaries | (62,051) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (62,051) | ||||||||||||||||||||||||||||||||||||||||||||
Subsidiary acquisition | 14,192 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,192 | ||||||||||||||||||||||||||||||||||||||||||||
Minority purchase | (1,773) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,773) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, Note 16(b) | (85,575) | 0 | 0 | (2,279) | (83,296) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (85,575) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sale of treasury stocks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions | 69,518 | 0 | 0 | 1,764 | 79,979 | (12,225) | 0 | 0 | 0 | 0 | 0 | 0 | 69,518 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends not collected | 11,579 | 0 | 0 | 0 | 0 | 11,579 | 0 | 0 | 0 | 0 | 0 | 0 | 11,579 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Result from exchange of strategic shares | 14,425 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,425 | 14,425 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Others | 4,098 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,955 | 2,955 | 1,143 | ||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2023 | S/ 33,107,065 | S/ 1,318,993 | S/ (204,326) | S/ (3,707) | S/ 228,239 | S/ 26,252,578 | S/ 158,161 | S/ (397,422) | S/ (11,403) | S/ 379,344 | S/ 167,103 | S/ 4,572,444 | S/ 32,460,004 | S/ 647,061 | ||||||||||||||||||||||||||||||||||||||||||||
[1]See note 3(b). |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS S/ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | |
CASH AND CASH EQUIVALENTS FROM OPERATING ACTIVITIES | |||
Net profit for the year | S/ 4,959,878 | S/ 4,760,110 | S/ 3,671,829 |
Adjustment to reconcile net profit to net cash arising from operating activities: | |||
Provision for credit losses on loan portfolio | 3,957,143 | 2,158,555 | 1,558,951 |
Depreciation and amortization | 511,174 | 485,207 | 521,967 |
Depreciation of right-of-use assets | 147,833 | 151,282 | 161,287 |
Depreciation of investment properties | 8,115 | 7,107 | 7,302 |
Provision for sundry risks | 95,873 | 43,846 | 70,824 |
Deferred (income) tax expense | (76,088) | 113,063 | 547,393 |
Adjustment of technical reserves | 0 | 0 | 914,852 |
Net gain on securities | (425,144) | (5,468) | (28,650) |
Impairment loss on goodwill | 71,959 | 0 | 0 |
Net Gain on financial assets designated at fair value through profit and loss | 0 | 0 | (54,663) |
Net gain of trading derivatives | (53,665) | (65,187) | (221,064) |
Net Income from sale of property, furniture and equipment | (1,654) | (14,979) | (16,083) |
Net Loss (net gain) from sale of seized and recovered assets | 1,867 | (11,355) | (10,684) |
Expense for share-based payment transactions | 83,328 | 81,679 | 73,997 |
Net gain from sale of written-off portfolio | (83,515) | (18,712) | (15,700) |
Intangible losses due to withdrawals and dismissed projects | 96,978 | 25,140 | 17,630 |
Others | 3,005 | 28,840 | (5,538) |
Net (increase) decrease in assets: | |||
Loans | (1,105,306) | (5,385,064) | (9,636,648) |
Investments at fair value through profit or loss | (456,626) | 1,575,498 | 745,156 |
Investments at fair value through other comprehensive income | (5,164,701) | (460,914) | 7,508,131 |
Cash collateral, reverse repurchase agreements and securities borrowings | (330,448) | 622,589 | 783,010 |
Sale of written off portfolio | 239,599 | 24,543 | 24,477 |
Other assets | 520,331 | 413,307 | (294,130) |
Net increase (decrease) in liabilities | |||
Deposits and obligations | 2,271,524 | (46,199) | 2,485,794 |
Due to Banks and correspondents | 3,455,502 | 1,804,784 | 1,103,063 |
Payables from repurchase agreements and securities lending | (2,790,671) | (9,034,940) | (5,935,578) |
Bonds and notes issued | (2,213,122) | (298,572) | (90,217) |
Short-term and low-value lease payments | (108,357) | (106,356) | (86,417) |
Other liabilities | 2,604,047 | 3,107,346 | 1,303,118 |
Income tax paid | (2,139,140) | (1,106,572) | (1,130,415) |
Net cash flow from operating activities | 4,079,719 | (1,151,422) | 3,972,994 |
NET CASH FLOWS FROM INVESTING ACTIVITIES | |||
Revenue from sale of property, furniture and equipment | 53,152 | 5,373 | 11,457 |
Loss from sale of investment property | 0 | (359) | 0 |
Revenue from sales and reimbursement of investment to amortized cost | 1,245,434 | 1,006,325 | 590,605 |
Purchase of property, furniture and equipment | (322,371) | (192,700) | (107,790) |
Purchase of investment property | (37,667) | (87,132) | (12,068) |
Purchase of intangible assets | (828,803) | (703,670) | (532,244) |
Purchase of investment at amortized cost | (1,359,245) | (1,122,802) | (3,677,671) |
Acquisition of subsidiaries, net of cash received | (5,564) | 0 | 0 |
Net cash flows from investing activities | (1,255,064) | (1,094,965) | (3,727,711) |
NET CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends paid | (1,994,037) | (1,196,422) | (398,808) |
Dividends paid to non-controlling interest of subsidiaries | (62,051) | (48,577) | (4,156) |
Principal payments of leasing contracts | (157,386) | (156,529) | (155,141) |
Interest payments of leasing contracts | (25,574) | (25,054) | (27,374) |
Purchase of treasury stock | (85,575) | (83,605) | (58,907) |
Sale of treasury stock | 0 | 9,949 | 3,752 |
Acquisition of non-controlling interest | (1,773) | (5,877) | (7,822) |
Subordinated bonds | 62,044 | (94,700) | 183,160 |
Net cash flows from financing activities | (2,264,352) | (1,600,815) | (465,296) |
Net increase (decrease) of cash and cash equivalents before effect of changes in exchange rate | 560,303 | (3,847,202) | (220,013) |
Effect of changes in exchange rate of cash and cash equivalents | (760,651) | (1,325,381) | 2,779,791 |
Cash and cash equivalents at the beginning of the period | 34,120,962 | 39,293,545 | 36,733,767 |
Cash and cash equivalents at the end of the period | 33,920,614 | 34,120,962 | 39,293,545 |
Additional information from cash flows | |||
Interest received | 18,658,791 | 14,717,523 | 11,615,448 |
Interest paid | (5,080,522) | (2,847,538) | (2,230,990) |
Transactions that do not represent cash flow | |||
Recognition of lease operations | 103,715 | 108,751 | (116,511) |
Reclassification from investments at amortized cost to fair value with changes in equity | 0 | 2,232,663 | 0 |
Sale option of minor shares of MiBanco Colombia | S/ 0 | S/ (42,964) | S/ 0 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of liabilities arising from financing activities: | |||
Beginning period | S/ 6,316,488 | S/ 6,716,595 | S/ 6,131,901 |
Received | 284,944 | 0 | 2,018,216 |
Paid | (405,860) | (276,283) | (2,017,571) |
Exchange difference | (159,195) | (268,075) | 511,998 |
Others | 156,322 | 144,251 | 72,051 |
Ending Period | 6,192,699 | 6,316,488 | 6,716,595 |
Subordinated Bonds [Member] | |||
Reconciliation of liabilities arising from financing activities: | |||
Beginning period | 5,738,414 | 6,061,301 | 5,381,323 |
Received | 284,944 | 0 | 2,018,216 |
Paid | (222,900) | (94,700) | (1,835,056) |
Exchange difference | (150,568) | (253,293) | 475,132 |
Others | 30,230 | 25,106 | 21,686 |
Ending Period | 5,680,120 | 5,738,414 | 6,061,301 |
Lease Liabilities [Member] | |||
Reconciliation of liabilities arising from financing activities: | |||
Beginning period | 578,074 | 655,294 | 750,578 |
Received | 0 | 0 | 0 |
Paid | (182,960) | (181,583) | (182,515) |
Exchange difference | (8,627) | (14,782) | 36,866 |
Others | 126,092 | 119,145 | 50,365 |
Ending Period | S/ 512,579 | S/ 578,074 | S/ 655,294 |
OPERATIONS
OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
OPERATIONS [Abstract] | |
OPERATIONS | 1 OPERATIONS Credicorp Ltd. (hereinafter “Credicorp”) is a limited liability company incorporated in Bermuda in 1995 to act as a holding company and according to Bermuda’s economic substance regulation, Credicorp Ltd. as an independent legal entity, is considered a “Pure Equity Holding Entity” (PEHE). Credicorp’s activity is to maintain equity interests and receive passive income such as dividends, capital gains and other income from investments in securities. In order to keep Credicorp’s structure and organization fully aligned with the new legislation on economic substance approved by the Government of Bermuda on January 11, 2019, as of October 29, 2020, the decisions of the Credicorp Board of Directors will be limited to issues related to Credicorp’s strategy, objectives and goals, main action plans and policies, risk control and management, annual budgets, business plans and control of their implementation, supervision of the main expenses, investments, acquisitions and disposals, among other “passive” decisions related to Credicorp. The authority to make decisions applicable to Credicorp’s subsidiaries, such as the adoption of relevant strategic or management decisions, the assumption of expenses for the benefit of its affiliates, the coordination of group activities, and the granting of credit facilities in favor of its affiliates, it has been transferred to Grupo Crédito SA, a subsidiary of Credicorp. Credicorp, through its banking and non-banking subsidiaries and its associate Pacífico Crédito Credicorp’s legal address is Clarendon House 2 Church Street Hamilton, Bermuda; likewise, the main offices from where Credicorp’s businesses are managed are located at Calle Centenario N ° 156, La Molina, Lima, Perú. The , . Due to the adoption of IFRS 17 Insurance Contracts, the Group has restated its consolidated financial statements as of December 31, 2022 and for the year ended on that date, which have been approved on February 29, 2024. Credicorp is listed on the Lima and New York Stock Exchanges. |
SIGNIFICANT TRANSACTIONS
SIGNIFICANT TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
SIGNIFICANT TRANSACTIONS [Abstract] | |
SIGNIFICANT TRANSACTIONS | 2 SIGNIFICANT TRANSACTIONS a) Main acquisitions, incorporations and mergers - The Group has not carried out any significant acquisitions, incorporations, or mergers of companies. b) Current situation - Between the months of December 2022 and December 2023, Peru was affected by political and social events, as well as natural events that affected different regions, as indicated below: In December 2022, in response to various political events that occurred in Peru, a series of riots and social protests occurred in different regions of the country, which resulted in a decrease in commercial activity in said regions and, therefore, the liquidity restriction in certain people and companies. On June 8, 2023, the Government declared a State of Emergency for 60 days in certain areas, due to intense rainfall and possible El Niño Phenomenon, a measure that has been extended to date. As of December 31, 2023, the Bank maintains a balance of rescheduled loans for a total of S/692.6 million of retail loans (S/116.9 million as of December 31, 2022). In the opinion of Management, this situation has not affected the Group’s operations, nor has it generated any significant impact on the financial statements presented as of December 31, 2023 and 2022. |
MATERIAL ACCOUNTING POLICIES
MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES [Abstract] | |
MATERIAL ACCOUNTING POLICIES | 3 MATERIAL ACCOUNTING POLICIES The material accounting policies applied in the preparation of Credicorp’s consolidated financial statements are set out below: a) Basis of presentation, use of estimates and changes in accounting policies - The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements as of December 31, 2023, and 2022, have been prepared following the historical cost criteria, except for investments at fair value through profit or loss, investments at fair value through other comprehensive income, financial assets designated at fair value through profit or loss, derivative financial instruments, and financial liabilities at fair value through profit or loss, which have been measured at fair value. The consolidated financial statements are presented in Soles (S/), which is the functional currency of Group, see paragraph (c) below, and values are rounded to thousands of soles, except when otherwise indicated. The preparation of the consolidated financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of significant events in notes to the consolidated financial statements. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The final results could differ from said estimates; however, the Management expects that the variations, if any, will not have a material impact on the consolidated financial statements. The most significant estimates included in the accompanying consolidated financial statements are related to the calculation of the allowance of the expected credit loss on loan portfolio and the estimation of the liability for life insurance contracts under the general measurement model. Furthermore, other estimates exist, such as: valuation of investments, intangible, impairment of goodwill, expected credit loss for investments at fair value through other comprehensive income and investments at amortized cost, the valuation of derivative financial instruments and deferred income tax. The accounting criteria used for these estimates are described below. The Group has adopted the following standards and modifications for first time for its annual period that starts on January 1, 2023, as described below: (i) IFRS 17 “Insurance contracts” – See note 3(b). (ii) Definition of Accounting Estimates – Modifications to IAS 8- The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They will also clarify how entities use measurement techniques and inputs to develop accounting estimates. The modifications had no impact on the Group’s consolidated financial statements. (iii) Disclosure of accounting policies – Amendments to IAS 1 and Statement of Practice IFRS 2- They provide guidance and examples to help entities apply materiality judgments to accounting policy disclosures. The amendments are intended to help entities provide more useful disclosures of accounting policies by replacing the requirement that entities disclose their “material” accounting policies with a requirement to disclose their “material” accounting policies and adding guidance on how entities apply the concept of materiality. in making decisions on accounting policy disclosures. The amendments have had an impact on the disclosures of the Group’s accounting policies, but not on the measurement, recognition, or presentation of any item in the Group’s financial statements. (iv) Deferred Taxes related to Assets and Liabilities – Modifications to IAS 12- These modifications establish that deferred taxes arising from a single transaction that, upon initial recognition, give rise to taxable and deductible temporary differences of the same value must be recognized. This will generally apply to transactions such as leases (for lessees) and decommissioning or remediation obligations, where recognition of deferred tax assets and liabilities will be required. These modifications must apply to transactions that occur on or after the beginning of the first comparative period presented. Additionally, deferred tax assets (to the extent it is probable that they can be utilized) and deferred tax liabilities should be recognized at the beginning of the first comparative period for all deductible or taxable temporary differences associated with: - Right-of-use assets and lease liabilities, and - Liabilities for dismantling, restoration and similar, and the corresponding amounts recognized as part of the cost of the related assets. The cumulative effect of these adjustments is recognized in retained earnings or another component of equity, as appropriate. Previously, IAS 12 did not establish any particular accounting treatment for the tax effects of leases that are recognized on the balance sheet and for similar transactions, so different approaches were considered acceptable. Entities that are already recognizing deferred taxes from these transactions will have no impact on their financial statements. The modifications were effective for the annual reporting periods beginning on or after January 1, 2023, with early adoption permitted. The modifications had no impact on the Group’s consolidated financial statements. In 2022, the Group adopted the following modifications: (i) Modifications to IFRS 3 - Reference to the Conceptual Framework – Minor amendments were made to IFRS 3 Business Combinations to update references to the Conceptual Framework for Financial Reporting and add an exception to recognize liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and IFRIC Interpretation 21 Liens. The amendments also confirm that contingent assets should not be recognized on the acquisition date. The modification became effective for annual reporting periods beginning on January 1, 2022. The modification of the standard did not have an impact on the consolidated financial statements. (ii) Onerous Contracts - Cost of fulfilling a contract - Modifications to IAS 37 – In May 2020, the International Accounting Standards Board issued amendments to IAS 37 to specify what cost an entity should include when assessing whether a contract is onerous or loss-making. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and the allocation of other costs directly required to fulfill the contracts. Before recognizing a separate provision for the onerous contract, the entity shall recognize any impairment loss that has occurred in relation to the assets used to fulfill the contract. The Amendment is effective for annual reporting periods beginning on or after January 1, 2022. The modification had no impact on its consolidated financial statements. (iii) Annual improvements to IFRS Cycle 2018 - 2020 As part of its 2018-2020 annual improvements to the IFRS standard process, in May 2020, the International Accounting Standards Board issued the following amendments: - IFRS 9 Financial Instruments – clarification that commissions must be included in the 10.0 percent test for the derecognition of financial liabilities. - IFRS 1 First-time adoption of international financial reporting standards – allows entities that have measured their assets and liabilities at the book value recorded in the books of their parent company to also measure any accumulated translation differences using the amounts reported by the headquarters. This modification will also apply to associates and joint ventures that have assumed the same expectation with IFRS 1. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. The modification had no impact on its consolidated financial statements. b) Change in accounting policies, adoption of new IFRS and disclosures- IFRS 17 replaces IFRS 4 Insurance Contracts for annual periods beginning on or after January 1, 2023. The Group has restated the 2022 information applying the transitional provisions of IFRS 17. The nature of the changes in accounting policies is summarized as follows: Changes in classification and measurement: IFRS 17 establishes specific principles for the recognition and measurement of insurance contracts issued and reinsurance contracts maintained by the Group. The key principles of IFRS 17 applied are: - The Group identifies insurance contracts as those under which it accepts a significant insurance risk from another party (the policyholder) by agreeing to compensate in any single scenario with commercial substance the policyholder if a specific uncertain future event (the insured event) adversely affects to the policyholder. - The Group evaluates the products and separates the embedded derivatives, the different investment components and the different goods or services of the insurance contract services and accounts for them in accordance with the standards that apply to them. - The Group divides insurance and reinsurance contracts into groups that it will recognize and measure. - The Group determines the Unit of Account (UoA) requested by the new regulation, for long-term businesses, taking into consideration the product portfolio, currency, cost and year of issue. - For general insurance and short-term life insurance contracts, the measurement principles of the premium allocation approach (PAA) do not differ significantly from the considerations used by the Group under IFRS 4: - The Liability for Remaining Coverage reflects accrued premiums less insurance acquisition cash flows plus deferred premiums. - The Group determines the level of onerousness of each group of contracts by calculating the combined ratio of each Unit of Account. If the Unit of Account is onerous, the liability for remaining coverage involves explicit recognition of the loss component. - The measurement of the liability for incurred claims is determined based on the discounted value considering the expected payment flows and includes an explicit risk adjustment for non-financial risk. - For long-term life insurance contracts, the Group recognizes and measures groups of insurance contracts in: - A present value of expected future cash flows that incorporates all available information on fulfillment cash flows and considers market interest rates. A risk adjustment for non-financial risk is included. - An amount that represents the future technical profit (the contractual service margin or CSM) in the group of contracts. - Recognizes the gain from a group of insurance contracts during each period in which the Group provides insurance contract services, as the Group frees itself from risk. If a group of contracts is expected to be onerous (i.e. loss-making) during the remaining coverage period, the Group recognizes the loss immediately. Changes in presentation and disclosure – For presentation in the consolidated statement of financial position, the Group groups together the insurance and reinsurance contracts and presents them separately: - Reinsurance Contract Assets. - Insurance Contract Liability. The portfolios mentioned above are those established on initial recognition in accordance with the requirements of IFRS 17. The descriptions of items in the income statement and other comprehensive income have changed compared to last year. Previously, the Group reported the following items: - Net Claims. - Incurred for life general and health insurance contracts. - Acquisition costs. Instead, IFRS 17 requires the separate presentation of: - Insurance Service result of the insurance service (which includes income and expenses of the insurance service). - Underwriting result (which includes income and expenses from reinsurance contracts). - The net financial expenses of the insurance activity, which are presented in the headings of interest and similar expenses, see note 19. The Group provides disaggregated qualitative and quantitative information in the notes to the financial statements on: - Amounts recognized in their financial statements for insurance contracts. - Significant judgments, and changes in those judgments, when applying the standard. Transition settings. - On the transition date, January 1, 2022, the Group: - Has identified, recognized, and measured each group of insurance contracts as if IFRS 17 had always been applied. - Existing balances that would not exist if IFRS 17 had always been applied were derecognized. - Recognized any resulting net difference in equity. The Group decided to apply the fair value transition methodology as obtaining reasonable and supportable information to apply the full retrospective approach was impracticable without disproportionate cost or effort. The fair value method consists of obtaining the amount for which a portfolio of liabilities could be transferred to a third party. This amount was compared with the balance of the estimate of technical provisions (Best Estimation of Liabilities – “BEL”) and Risk Adjustment existing on the transition date, and the result was the CSM on said date. Likewise, the future benefit provided by the insurance contracts (Contractual Service Margin – “CSM”) was determined and will be released in the income statement to the extent that the Group provides its services to the insured. In determining the fair value, the Group has applied the requirements of IFRS 13 Fair Value Measurement. To apply the fair value approach, the Group has used reasonable and sustainable information available at the transition date in order to: - Identify groups of insurance contracts. - Determine if any contract is a direct participation insurance contract. - Identify any discretionary cash flows for insurance contracts without direct participation features. The discount rate for the group of contracts applying the fair value approach was determined on the transition date. Therefore, to measure compliance cash flows at the transition date, the discount rate (locked-in rate) was determined using the bottom-up approach at inception. The Group has chosen to disaggregate insurance financial income or expenses between the amounts included in results and the amounts included in other comprehensive income and readjust to zero the accumulated amount of insurance financial income or expenses recognized in other comprehensive income on the date of Transition. The Group used the fair value approach for those contracts with initial recognition prior to January 1, 2022, and the full retrospective approach for contracts recognized on this date or later. As a result of the initial application of IFRS 17, the Group has restated its consolidated financial statements as of January 1, 2022, mainly recognizing a decrease in equity of S/210.8 million and as of December 31, 2022, an increase in equity of S/15.5 million and net income of S/14.7 million. Additionally, IFRS 17 requires that the net balances of insurance and reinsurance contract portfolios be presented as assets or liabilities, as appropriate, in the consolidated statement of financial position. In this sense, the amounts related to these accounts differ from what was previously presented under IFRS 4 as of December 31, 2022, and January 1, 2022 (transition date). c) Basis of consolidation - Investment in subsidiaries - The consolidated financial statements comprise the financial statements of Credicorp and its Subsidiaries for all the years presented. Under IFRS 10 all entities over which the Group has control are subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: - Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee). - Exposure, or rights, to variable returns from its involvement with the investee, and - The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement with the other vote holders of the investee. - Rights arising from other contractual arrangements. - The Group’s voting rights and potential voting rights. The Group assesses whether or not it controls an investee if the facts and circumstances indicate that there are changes in any of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements include assets, liabilities, income and expenses of Credicorp and its subsidiaries. Profit or loss for the period and each component of the other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interest, even if this results in the non-controlling interest with a negative balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Assets in custody or managed by the Group, such as investment funds and private pension funds (AFP funds) and others, are not part of the Group’s consolidated financial statements, note 3(x). Transactions with non-controlling interest - A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction and any resulting difference between the price paid and the price for which non-controlling interests are adjusted is recognized directly in the consolidated statement of changes in equity. The Group does not record any additional goodwill after the purchase of the non-controlling interest, nor does it recognize a gain or loss from the sale of the non-controlling interest. Loss of control - If the Group loses control over a subsidiary, it derecognizes the carrying amount of the related assets (including goodwill) and liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any residual investment retained is recognized at fair value. Investments in associates - An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but without exercising control over said policies. The Group’s investments in its associates are recognized initially at cost and are subsequently accounted for using the equity method. They are included in “Other assets” in the consolidated statement of financial position; the returns resulting from the use of the equity method of accounting are included in “Net gain on securities” of the consolidated statement of income. As of December 31, 2023, and 2022, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends): Entity Activity and country of incorporation Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Grupo Crédito S.A. and Subsidiaries (i) Holding, Peru 100.00 100.00 213,520,111 211,585,283 181,336,108 181,786,223 32,184,003 29,799,060 4,562,831 4,598,002 Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii) Insurance, Peru 98.86 98.86 16,549,171 15,895,361 13,443,688 13,486,189 3,105,483 2,409,172 803,384 460,326 Atlantic Security Holding Corporation and Subsidiaries (iii) Capital Markets, Cayman Islands 100.00 100.00 6,870,781 9,536,197 5,729,744 7,643,879 1,141,037 1,892,318 474,780 228,474 Credicorp Capital Ltd. and Subsidiaries (iv) Capital Markets and asset management, Bermuda 100.00 100.00 5,817,259 4,504,629 4,655,097 3,559,262 1,162,162 945,367 (135,495 ) 31,089 CCR Inc.(v) Special purpose Entity, Bahamas 100.00 100.00 347 388 69 4 278 384 (106 ) (646 ) (i) Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Entity Activity and country of incorporation Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Banco de Crédito del Perú and Subsidiaries (a) Banking, Peru 97.74 97.74 193,804,856 193,278,232 168,645,448 170,005,995 25,159,408 23,272,237 4,583,662 4,683,775 Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) Banking, Bolivia 99.92 99.92 13,558,260 12,740,036 12,740,067 11,826,789 818,193 913,247 84,898 80,377 Prima AFP (c) Private pension fund administrator, Peru 100.00 100.00 740,728 734,966 240,656 238,177 500,072 496,789 149,549 109,511 Tenpo SpA and Subsidiaries (d) Holding, Chile 100.00 100.00 387,355 242,754 185,502 90,186 201,853 152,568 (111,692 ) (124,748 ) a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”). Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Perú oriented towards the micro and small business sector. As of December 31, 2023, the assets, liabilities, equity and net result of Mibanco amount to approximately S/16,897.8 million, S/13,902.2 million, S/2,995.6 million and S/203.8 million, respectively (S/17,225.4 million, S/14,444.8 million, S/2,780.6 million, and S/424.9 million, respectively December 31, 2022). b) Inversiones Credicorp Bolivia S.A. (hereinafter “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. As of December 31, 2023, the assets, liabilities, equity and net result of BCB were approximately S/13,500.9 million, S/12,612.3 million, S/888.6 million and S/83.1 million, respectively (S/12,697.8 million, S/ 11,838.0 million, S/859.8 million and S/68.0 million, respectively as of December 31, 2022). c) Prima AFP is a private pension fund and its activities are regulated by the SBS. d) Tenpo SpA (hereinafter “Tenpo”, before “Krealo SpA”) was established (ii) Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. (iii) Its most important subsidiary is ASB Bank Corp. (merged with Atlantic Security Bank on August 2021, was established . (iv) Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco – Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: Entity Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Credicorp Holding Colombia S.A.S. and Subsidiaries (a) 100.00 100.00 4,803,072 2,889,479 3,997,781 2,322,263 805,291 567,216 (163,342 ) 16,198 Credicorp Capital Holding Chile and Subsidiaries (b) 100.00 100.00 681,338 1,194,663 502,248 1,000,676 179,090 193,987 (10,716 ) 12,658 Credicorp Capital Holding Perú S.A. and Subsidiaries (c) 100.00 100.00 296,083 374,768 149,459 230,261 146,624 144,507 4,318 5,268 a) Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons. Its main subsidiaries are Credicorp Capital Colombia S.A, which was acquired in Colombia in 2012 and merged with Ultraserfinco S.A. In June 2020, this subsidiary is oriented to the activities of commission agents and securities brokers. Likewise, Mibanco Colombia (before Banco Compartir S.A.) was acquired in 2019 and merged with Edyficar S.A.S. in October 2020, this subsidiary is oriented to grant credits to the micro and small business sector. As of December 31, 2023, Credicorp Holding Colombia has recognized an impairment of the goodwill of Mibanco Colombia for S/64.1 million ( Credicorp’s equity holders Entity Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/000 S/000 S/000 S/000 S/000 S/000 S/000 S/000 Credicorp Capital Colombia S.A. 100.00 100.00 2,328,169 1,050,130 2,123,915 898,518 204,254 151,612 37,120 33,045 MiBanco – Banco de la Microempresa de Colombia S.A. 85.58 85.58 2,113,333 1,530,270 1,848,607 1,289,569 264,726 240,701 (72,608 ) 13,513 b) Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A. c) Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate. (v) CCR Inc. was incorporated in the year 2000. Its main activity is to manage funding granted to BCP by foreign financial entities or investors. These loans matured in the course of 2022 and were guaranteed by transactions carried out by BCP. The information presented is based on the legal structure of the Group. The information grouped according to the business lines is revealed in note 27 Operating segments. d) Functional, presentation and foreign currency transactions – (i) Functional and presentation currency - Credicorp and its Subsidiaries which operate in Peru consider the sol as their functional and presentation currency since it reflects the nature of the economic events and relevant circumstances for most of the Group´s entities, given the fact their major transactions and/operations, such as: loans granted, financing obtained, sale of insurance premiums, interests and similar income, interest and similar expenses, as well as a significant percentage of their purchases; they are agreed and settled in soles. (ii) Transactions and balances in foreign currency - Foreign currency transactions are those entered into in currencies other than the functional currency. These transactions are initially recorded by Group entities at the exchange rates of their functional currencies at the transaction dates. Monetary assets and liabilities denominated in foreign currency are adjusted at the exchange rate of the functional currency prevailing at the date of the consolidated statement of financial position. The differences arising from the exchange rate prevailing at the date of each consolidated statement of financial position presented and the exchange rate initially used in recording transactions are recognized in the consolidated statement of income in the period in which they occur, in “Exchange differences result”, except for those that correspond to monetary items that are part of a hedging strategy for a net investment abroad, said accumulated difference is recognized in the caption “Exchange differences on translation of foreign operations” in the consolidated statement of comprehensive income. Non-monetary assets and liabilities acquired in foreign currency are recorded at the exchange rate prevailing at the initial transaction date and are not subsequently adjusted. (iii) Group entities with functional currency other than the presentation currency - Given that the Group’s entities in Colombia, Chile, Cayman Islands, Panama and Bolivia, Mexico, United States of America and Spain have a functional currency different from the sol, the balances were translated into Soles for consolidation purposes in accordance with IAS 21, “The Effects of Changes in Foreign Exchange Rates” as follows: - Assets and liabilities, at the closing rate prevailing at the date of each consolidated statement of financial position. - Income and expense, at the average exchange rate for each month of the year. All resulting exchange differences were recognized within “Exchange differences on translation of foreign operations”, including the differences in financial instruments designated as accounting hedges of said investments, in the consolidated statement of comprehensive income. e) Recognition of income and expenses from banking activities - Effective interest rate method: Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortized cost and at fair value through other comprehensive income. Interest expenses corresponding to liabilities measured at amortized cost are also recorded using the EIR. The EIR is the rate that exactly discounts future cash flows that are estimated to be paid or received during the life of the instrument or a shorter period, if appropriate, to the gross carrying amount of the financial asset or financial liability. The EIR (and, therefore, the amortized cost of the financial asset or liability) is calculated taking into account any discount, premium and transaction costs that are an integral part of the effective interest rate of the financial instrument, but the expected credit loss are not included. Interest income and expenses: The Group calculates interest income by applying the EIR to the gross carrying amount of those financial assets that are not impaired. When a financial asset becomes impaired and, therefore, is considered in Stage 3 (as set out in Note 3(j) impairment of financial assets), the Group calculates interest income by applying the interest rate effective at the carrying amount of the asset, net of its provision for credit loss. If the evidence that the criteria for the recognition of the financial asset in Stage 3 are no longer met, the Group recalculates interest income in gross terms. Interest income and expen |
CASH AND DUE FROM BANKS
CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2023 | |
CASH AND DUE FROM BANKS [Abstract] | |
CASH AND DUE FROM BANKS | 4 CASH AND DUE FROM BANKS a) The composition of the item is presented below 2023 2022 S/(000) S/(000) Cash and clearing (b) 5,227,446 5,410,294 Deposits with Central Reserve Bank of Peru (BCRP) (b) 23,673,777 24,160,723 Deposits with Central Reserve Bank of Bolivia and bank Republic of Colombia (b) 1,397,469 634,684 Deposits with foreign banks (c) 2,951,396 2,582,838 Deposits with local banks (c) 600,180 1,009,997 Interbank funds – 269,314 Accrued interest 70,346 53,112 Total cash and cash equivalents 33,920,614 34,120,962 Restricted funds 10,334 62,878 Total cash 33,930,948 34,183,840 Cash and cash equivalents presented in the consolidated statement of cash flows exclude restricted funds, see note 3(y). b) Cash, clearing and deposits with Central Banks and Bank of the Republic - These accounts mainly include the legal cash requirements that Subsidiaries of Credicorp must be maintained able to honor their obligations with the public. The composition of these funds is as follows: 2023 2022 S/(000) S/(000) Legal cash requirements (i) Deposits with Central Reserve Bank of Peru 21,182,492 21,103,687 Deposits with Central Reserve Bank of Bolivia 1,352,378 628,399 Deposits with Republic Bank of Colombia 45,091 6,285 Cash in vaults of Bank 4,490,602 4,714,275 Total legal cash requirements 27,070,563 26,452,646 Additional funds Overnight deposits with Central Reserve Bank of Peru (ii) 1,546,478 2,013,703 Term deposits with Central Reserve Bank of Peru (iii) - 545,000 Cash in vaults of Bank and others 736,844 696,019 Other Deposits BCRP 944,807 498,333 Total additional funds 3,228,129 3,753,055 Total 30,298,692 30,205,701 (i) As of December 31, 2023 cash and deposits that generate interest subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 6.01 percent and 34.87 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP; as of December 31, 2022, 6.01 percent and 34.55 percent, respectively . As of December 31, 2023, part of the additional reserve funds in dollars at a variable rate amounting to US$150.0 million, equivalent to S/556.4 million, have cash flow coverage through interest rate swaps (IRS), through which said funds are converted into dollars at a fixed rate, see note 12(c). The reserve funds, which represent the minimum mandatory, do not earn interest; however, the mandatory reserve deposited in BCRP in excess of minimum mandatory, earns interests at a nominal rate established by BCRP. In Management’s opinion, the Group has complied with the calculation legal cash requirements established by current regulations. (ii) As of December 31, 2023, the Group maintains “overnight” deposits with the BCRP, of which is denominated in soles in amount of S/ million and are denominated in U.S. Dollar in amount of US$ million, equivalent to S/ million. At said date, the deposit in soles and deposits in U.S. Dollar accrue interest at annual rates of percent and percent, respectively, and have maturities at . As of December 31, 2022, the Group maintained three “overnight” deposits with the BCRP, which one were denominated in soles in amount of S/35.0 million and two in US Dollar in amount of US$518.8 million, equivalent to S/1,978.7 million. At said date, deposits in soles and deposits in U.S. Dollar accrued interest at annual rates of 5.25 percent and 4.39, respectively, and had maturities at 4 days. (iii) As of December 31, 2023, the Group no maintains term deposits with the BCRP. As of December 31, 2022, the group held four term deposits denominated in soles, accruing interest at an annual rate between 7.30 percent and 7.49 percent and expired on January 3, 2023. c) Deposits with local and foreign banks - Deposits with local and foreign banks mainly consist |
CASH COLLATERAL, REVERSE REPURC
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | 12 Months Ended |
Dec. 31, 2023 | |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING [Abstract] | |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | 5 CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing: 2023 2022 S/(000) S/(000) Cash collateral on repurchase agreements and security lendings (i) 607,639 649,769 Reverse repurchase agreement and security Borrowings (ii) 719,722 452,087 Receivables for short sales 83,286 – Total 1,410,647 1,101,856 (i) As of December 31, 2023, the balance mainly comprises cash guarantees in U.S. Dollar and Bolivianos. Cash guarantees were delivered to the Central Bank of Bolivia, in Bolivians and U.S. Dollar for the equivalent of S/ 590.7 424.8 52.5 200.4 185.0 Cash collateral granted bears interest at an average annual effective interest rate according to market rates. The related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see paragraph (c) below. (ii) Credicorp, mainly through its subsidiaries, provides financing to its customers through reverse repurchase agreements and securities borrowing, in which a financial instrument serves as collateral. Details of said transactions are as follows: 2023 2022 Currency Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Instruments issued by the Colombian Government Colombian peso 6.09 – 603,441 82,075 685,516 687,878 4.66 – 205,480 26,979 232,459 254,226 Other instruments Several 0.96 6,722 25,585 1,899 34,206 34,223 1.69 42,616 128,232 48,780 219,628 218,859 6,722 629,026 83,974 719,722 722,101 42,616 333,712 75,759 452,087 473,085 b) Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and securities lending” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows: 2023 2022 Currency Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Debt instruments, cash and credit portfolio (c) – 9,582 8,596,559 8,606,141 9,268,346 - 64,273 12,268,416 12,332,689 12,449,218 Instruments issued by the Colombian Government Colombian pesos 6.22 – 1,410,328 – 1,410,328 1,408,486 6.12 – 539,731 – 539,731 536,398 Instruments issued by the Chilean Government 0.75 57,066 – – 57,066 57,095 0.96 38,192 – – 38,192 38,192 Other instruments 6.91 41,056 53,836 – 94,892 94,659 3.77 15,840 40,273 – 56,113 56,193 98,122 1,473,746 8,596,559 10,168,427 10,828,586 54,032 644,277 12,268,416 12,966,725 13,080,001 c) As of December 31, 2023, and 2022, the Group has repurchase agreements secured with: (i) cash, see note 4(a), (ii) investments, see note 6(b), and (iii) loans, see note 7(a). This item consists of the following: 2023 2022 Carrying Carrying Counterparties Currency Maturity amount Collateral Maturity amount Collateral S/(000) S/(000) BCRP Sol January 2024 / September 2025 5,436,564 Investment and credit portfolio January 2023 / September 2025 3,263,472 Investment and credit Portfolio BCRP - Reactiva Perú (*) Sol May 2024 / December 2025 1,779,934 Loans guaranteed by National Government May 2023 / December 2025 6,981,698 Loans guaranteed by National Government Banco Central de Bolivia Boliviano December 2024 / March 2025 590,715 Cash January 2023 / December 2023 424,822 Cash Natixis S.A. Sol August 2028 270,000 Investments August 2028 270,000 Investments Citigroup Global Markets Limited (i) U.S. Dollar August 2026 166,905 Investments August 2026 171,630 Investments BCRP - Reactiva Perú Especial (*) Sol June 2024 / December 2025 133,309 Loans guaranteed by National Government June 2023 / December 2025 793,734 Loans guaranteed by National Government Natixis (ii) U.S. Dollar August 2026 92,725 Investments August 2026 95,350 Investments Banco de la República Colombian peso January 2024 9,569 Investments January 2023 58,955 Investments BCRP, note 5(a)(i) Sol - - - March 2023 185,000 Cash with BCRP Other minors - - - - January 2023 5,099 Investments Accrued interest 126,420 82,929 8,606,141 12,332,689 (*) Throug Repo Operations, BCP and MiBanco sell representing credit securities guaranteed by the BCRP, they receive soles and are obliged to buy them back at a later date. The credit representing securities with guarantee of the National Government may have the form of a portfolio of credit representing titles or of Certificates of Participation in trustee of the loan portfolio guaranteed by the National Government (Reactiva Especial). The BCRP will charge a fixed interest annual rate in soles of 0.50 percent for the operation and will include a grace period of twelve months without payment of interest or principal. As of December 31, 2023, the total credits granted through the Reactiva Peru program are S/2,877.2 million (S/8,877.2 million, as of December 31, 2022), see Note 7(a). As of December 31, 2023, said operations accrue interest at fixed and variable rates between 0.50 percent and 13 percent and SOFR 7.42 percent and 7.63 percent, (between 0.50 percent and 12.84 percent and between Libor 6M + 1.68 percent and Libor 6M + 1.90 percent, respectively, as of December 31, 2022). In July 2023, cross currency swaps (CCS) that hedged certain repurchase agreements were canceled early, the details of which are as follows: (i) Cross currency swaps (CCS) which was designated as cash flow hedge of certain repurchase agreements in U.S. dollars at a variable rate for a nominal amount of US$45 million (US$45 million, equivalent to S/171.6 million, as of December 31, 2022). Through the cross currency swap (CCS), these repurchase agreements were economically converted into Soles at a fixed rate, see Note 12(c). (ii) Cross currency swap (CCS) which was designated as cash flow hedge of certain repurchase agreements in U.S. dollars at a variable rate for a nominal amount of US$25 million (US$25 million, equivalent to S/95.3 million, as of December 31, 2022). Through the cross currency swap (CCS), these repurchase agreements were economically converted into Soles at a fixed rate, see Note 12(c). |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS [Abstract] | |
INVESTMENTS | 6 INVESTMENTS a) Investment at fair value through profit or loss consist of the following: 2023 2022 S/(000) S/(000) Government Bonds (i) 1,555,548 651,219 Investment funds (ii) 1,199,026 885,574 Mutual funds (iii) 1,106,548 1,582,050 Restricted mutual funds (iv) 334,162 351,317 Corporate bonds 228,302 103,330 Certificates of deposit BCRP (v) 192,666 - Participation in RAL Funds (vi) 145,414 167,781 Bonds from financial organizations 92,907 47,770 Shares 38,723 47,820 Subordinated bonds 31,582 84,121 ETF (Exchange - Traded Fund) 29,582 25,042 Central Bank of Chile bonds 12,655 202,986 Hedge funds 291 280 Others 8,917 48,269 Balance before accrued interest 4,976,323 4,197,559 Accrued interest 6,338 1,775 Total 4,982,661 4,199,334 (i) As of December 31, 2023, and 2022 the balance of these instruments includes the following government treasury bonds: 2023 2022 S/(000) S/(000) Colombian Government Bonds 1,401,000 609,255 Peruvian Government Bonds 141,349 – Chilean Government Bonds 8,497 38,153 Swiss Government Bonds 4,702 – United States of America Government Bonds – 3,811 Total 1,555,548 651,219 (ii) As of December 31, 2023, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represent 54.3 percent, 28.1 percent, 10.0 percent, and 7.6 percent respectively. As of December 31, 2022, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represented 44.3 percent, 30.8 percent, 15.5 percent and 9.4 percent respectively. (iii) As of December 31, 2023, the balance corresponds to mutual funds from Luxembourg, Bolivia, Ireland, and other countries, which represent 52.0 percent, 35.5 percent, 6.7 percent, and 5.8 percent of the total, respectively. As of December 31, 2022, the balance corresponds to mutual funds from Luxembourg, Bolivia, Peru, and other countries, which represent 64.2 percent, 23.5 percent, 4.8 percent, and 7.5 percent of the total, respectively. (iv) The restricted mutual funds comprise the participation quotas in the private pension funds managed by Prima AFP and are maintained in compliance with the legal regulations in Peru. Their availability is restricted, and the yield received is the same as that received by the private pension funds managed. (v) As of December 31, 2023, the balance corresponded to 520 certificates of deposit for US$51.9 million, equivalent to S/192.7 million, which accrue interest at an effective annual rate of 5.68 percent, and maturing in January 2024 (vi) As of December 31, 2023, these funds are approximately Bs194.6 million, equivalent to S/105.2 million, and US$10.8 million, equivalent to S/40.2 million. As of December 31, 2022, these funds amounted to approximately Bs218.7 million, equivalent to S/121.7 million, and US$12.1 million, equivalent to S/46.1 million; and include the investments made by the Group in the Central Bank of Bolivia as guarantee for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia . b) Investments at fair value through other comprehensive income consist of the following : 2023 2022 Unrealized gross amount Unrealized gross amount Cost Profits Losses Estimated fair value Cost Profits Losses Estimated fair value S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Debts instruments: Corporate bonds (i) 13,643,405 177,408 (643,985 ) 13,176,828 13,914,118 61,336 (1,194,756 ) 12,780,698 Certificates of deposit BCRP (ii) 10,924,181 11,125 (53 ) 10,935,253 7,021,219 868 (2,608 ) 7,019,479 Government Bonds (iii) 10,387,141 185,055 (207,320 ) 10,364,876 9,139,100 59,788 (670,177 ) 8,528,711 Securitization instruments (iv) 710,695 15,611 (48,421 ) 677,885 772,737 1,564 (107,377 ) 666,924 Negotiable certificates of deposit (v) 458,503 6,501 (2,368 ) 462,636 577,286 9,988 (1,516 ) 585,758 Subordinated bonds 282,368 2,243 (6,793 ) 277,818 377,111 462 (17,467 ) 360,106 Others 340,867 1,210 (1,739 ) 340,338 117,123 958 (6,831 ) 111,250 36,747,160 399,153 (910,679 ) 36,235,634 31,918,694 134,964 (2,000,732 ) 30,052,926 Equity instruments designated at the initial recognition Shares issued by: Alicorp S.A.A. 12,197 134,185 – 146,382 12,197 144,641 – 156,838 Inversiones Centenario 112,647 23,214 – 135,861 112,647 14,158 – 126,805 Holding Bursatil Chilena S.A. 20,457 – (1,761 ) 18,696 – – – – Holding Bursatil Regional S.A. 20,599 – (2,318 ) 18,281 – – – – Corporación Andina de Fomento 4,441 776 – 5,217 4,441 930 – 5,371 Compañía Universal Textil S.A. 6,195 – (2,415 ) 3,780 9,597 – (3,191 ) 6,406 Bolsa de Valores de Colombia 33 – 149 182 3,541 – (1,152 ) 2,389 Bolsa de Valores de Lima – – – – 18,367 6,632 – 24,999 Bolsa de Comercio de Santiago – – – – 3,995 4,006 – 8,001 Pagos Digitales Peruanos S.A. 5,611 – (5,611 ) – 5,611 – (5,611 ) – Others 3,522 2,906 (25 ) 6,403 2,844 3,392 (690 ) 5,546 185,702 161,081 (11,981 ) 334,802 173,240 173,759 (10,644 ) 336,355 Balance before accrued interest 36,932,862 560,234 (922,660 ) 36,570,436 32,091,934 308,723 (2,011,376 ) 30,389,281 Accrued interest 473,504 396,880 Total 37,043,940 30,786,161 The variation in the fair value of the investments is mainly due to the decrease in interest rates in soles and in foreign currency, which positively affected the investment portfolios at fair value with changes in other comprehensive income as of December 31, 2023. Credicorp’s management has determined that the unrealized losses of investments at fair value through other comprehensive income as of December 31, 2023 and December 31, 2022 are of a temporal nature; considering factors such as the planned strategy in relation to the security or portfolio identified, the related guarantee and the credit rating of the issuers. During 2023, as a result of the evaluation of the impairment loss of investments at fair value with changes in other comprehensive income, the Group has recorded a provision for credit loss of S/4.3 million (provision for credit loss of S/58.3 million ended December 31, 2022), which is presented in the caption “Net gain in securities”, see note 21 of the consolidated statement of income. Furthermore, Management has decided and has the ability to hold each of these investments for a period of time to allow an early recovery in fair value, even before their sufficient recovery or maturity. The maturities and annual market rates of investments at fair value through other comprehensive income during 2023 and 2022, are as follows: Maturities Annual effective interest rate 2023 2022 2023 2022 S/ US Other currencies S/ US Other currencies Min Max Min Max Min Max Min Max Min Max Min Max % % % % % % % % % % % % Corporate bonds Jan-2024 / Nov-2095 Jan-2023 / Nov-2095 3.17 18.23 2.26 54.02 2.98 15.67 4.10 13.45 0.29 29.61 2.60 14.89 Certificates of deposit BCRP Jan-2024 / Dec-2024 Jan-2023 / Sep-2023 5.42 6.74 – – – – 7.13 7.48 – – – – Government bonds Jan-2024 / Feb-2055 Jan-2023 / Feb-2055 0.90 6.82 0.92 8.89 4.19 4.19 1.87 8.13 – 8.19 – – Securitization instruments Sep-2025 / Sep-2045 Aug-2023 / Sep-2045 4.11 29.78 6.09 16.11 5.80 6.00 5.03 30.87 5.64 16.63 3.50 7.50 Negotiable certificates of deposits Jan-2024 / Nov-2037 Jan-2023 / Jul-2033 – – – – 0.53 5.74 8.76 8.76 2.48 4.80 1.00 13.50 Subordinated bonds Apr-2024 / Aug-2045 Jan-2023 / Aug-2045 3.23 9.42 2.81 7.14 – – 2.15 10.01 3.36 23.73 – – Others Jan-2024 / Feb-2035 Apr-2023 / Feb-2035 0.14 1.76 8.12 9.08 0.25 6.10 2.22 9.56 8.03 8.58 0.05 0.08 Likewise, as of December 31, 2023, the Group entered into repurchase agreements for government bonds and BCRP certificates of deposit classified as investments at fair value through other comprehensive income, for an estimated fair value of S/4,269.9 million (S/1,108.1 million as of December 31, 2022), whose related liability is presented in “Accounts payable for repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). As of December 31, 2023, the Group maintains IRS, which have been designated as hedges of the fair value of certain fixed-rate bonds in US dollars issued by corporate companies classified as investments at fair value through other comprehensive income, for a nominal amount of S/778.9 million (S/926.5 million as of December 31, 2022), see note 12(c); through said IRS these bonds were economically converted to a variable rate. (i) As of December 31, 2023, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Colombia and other countries, which represent 40.2 percent, 34.2 percent, 4.3 percent and 21.3 percent of the total, respectively. As of December 31, 2022, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Chile and other countries, which represent 39.2 percent, 37.4 percent, 4.4 percent and 19.0 percent of the total, respectively. Likewise, as of December 31, 2023, the Group maintains Cross currency swaps (CCS), which were designated as cash flow hedges of certain corporate bonds for nominal amounts of S/126.6 million. As of December 31, 2022, it held CCS for an amount of S/131.4 million, see note 12(c); Through said Cross currency swaps (CCS) the bonds were economically converted to soles at a fixed rate. As of December 31, 2023, the most significant individual unrealized loss amounts to approximately S/25.2 million of Inversiones Nacionales de Turismo - Intursa S.A, S/34.2 million as of December 31, 2022. The variation of the unrealized loss with respect to to the balance of 2022 is due to the behavior of the market. (ii) As of December 31, 2023, the Group maintains 111,613 BCRP certificates of deposit. As of December 31, 2022, it held 70,253 BCRP certificates of deposit; which are instruments issued at a discount through public auction, negotiated in the Peruvian secondary market and payable in soles. The increase in the balance is mainly due to the acquisition of new instruments. (iii) As of December 31, 2023 and December 31, 2022, the balance includes the following Government Treasury Bonds: 2023 2022 S/(000) S/(000) Peruvian Government Bonds 8,260,261 6,126,564 United States of America Government Bonds 1,740,125 2,103,713 Colombian Government Bonds 204,525 130,883 Chilean Government Bonds 78,034 78,383 Bolivian Government Bonds 41,436 67,040 Others 40,495 22,128 Total 10,364,876 8,528,711 (iv) As of December 31, 2023 and December 31, 2022, the balance of securitization instruments includes the following: 2023 2022 S/(000) S/(000) Inmuebles Panamericana S.A. 153,034 133,079 ATN S.A. 77,666 77,047 Colegios Peruanos S.A. 77,560 61,109 Multimercados Zonales S.A.C. 53,540 47,643 Inmobiliaria Terrano S.A. y Operadora Portuaria S.A. 40,530 – Costa de Sol S.A. 36,717 37,653 Nessus Hoteles Perú S.A. 34,330 32,519 Concesionaria La Chira S.A. 27,457 25,906 Ferreyros S.A. 25,068 – Redesur y Tesur 24,504 27,718 Centro Comercial Plaza Norte S.A.C. 24,504 21,996 Compañía de Turismo La Paz S.A.C. 24,174 23,375 Asociación Civil San Juan Bautista 23,565 24,122 Aeropuertos del Perú S.A. 14,730 30,301 Homecenters Peruanos S.A. – 22,804 Fábrica Nacional de Cemento S.A. – 22,529 Telefónica Celular de Bolivia S.A. – 21,470 Others 40,506 57,653 Total 677,885 666,924 The instruments have periodic payments until 2045.The pool of underlying assets consists mainly of accounts receivable from income, revenues for services and from maintenance and marketing contributions (Inmuebles Panamericana S.A.), and accounts receivable for electrical transmission services from the Carhuamayo - Cajamarca line (ATN S.A.). (v) As of December 31, 2023, the balance corresponds to certificates equivalent to S/462.6 million in other currencies. issued mainly by the financial systems of Colombia and Bolivia. As of December 31, 2022, the balance corresponds to certificates in other currencies for an amount equivalent to S/573.2 million, certificates in soles for an amount of S/5.9 million and certificates in dollars for an amount of US$1.8 million, equivalent to S/6.7 million. c) Amortized cost investments consist of the following: 2023 Carrying Fair amount value S/ S/ Peruvian Government Bonds (i) 9,323,970 8,860,624 Corporate bonds (i) 447,245 447,774 Other government bonds (i) 89,484 89,482 Negotiable certificates of deposits 55,336 29,672 Subordinated bonds (i) 29,648 29,801 Certificates of payment on work progress (CRPAO) (ii) 22,717 22,433 9,968,400 9,479,786 Accrued interest 220,527 220,527 Total investments at amortized cost, net 10,188,927 9,700,313 2022 Carrying Fair amount value S / (000) S / (000) Peruvian Government Bonds (i) 9,573,026 8,055,873 Corporate bonds (i) 442,558 445,684 Other government bonds (i) 114,262 113,759 Subordinated bonds (i) 49,597 49,830 Certificates of payment on work progress (CRPAO) (ii) 47,584 46,786 10,227,027 8,711,932 Accrued interest 218,702 218,702 Total investments at amortized cost, net 10,445,729 8,930,634 The expected loss of investments at amortized cost as of December and is S/ and S/3.9 , respectively. (i) As of December 31, 2023, said bonds have maturities between January 2024 and February 2042; accruing interest at an effective annual rate between 5.59 percent and 6.82 percent annually for bonds issued in soles, between 4.53 percent and 21.23 percent for bonds issued in US dollars, and between 8.67 percent and 11.53 percent annually for bonds issued in other currencies. As of December 31, 2022, they have maturities between January 2023 and February 2042; accruing interest at an effective annual rate between 6.65 percent and 8.13 percent annually for bonds issued in soles, between 2.59 percent and 16.30 percent for bonds issued in US dollars, and between 5.66 percent and 11.24 percent annually for bonds issued in other currencies. Credicorp Management has determined that, as of December 31, 2023, the difference between the amortized cost and the fair value of these investments is of a temporary nature and Credicorp has the intention and ability to hold each of these investments until maturity. As of December 31, 2023, the Group has investment repurchase agreement operations at amortized cost for an estimated fair value of S/2,264.1 million. As of December 31, 2022, the amount amounted to S/3,540.5 million, the related liability of which is presented in the item “Payables from repurchase agreements and securities lending” of the condensed interim consolidated statement of financial position, see note 5(c). (ii) As of December 31, 2023, there are 26 certificates of Annual Recognition of Work Progress Payment - CRPAO (57 CRPAO as of December 31, 2022), issued by the Peruvian State to finance projects and concessions. Said issuance is a mechanism established in the concession contract signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2024 and April 2026, accruing interest at an effective annual rate between 7.12 percent and 7.75 percent (between January 2023 and April 2026, accruing interest at an effective annual rate between 6.20 percent and 7.59 percent as of December 31, 2022). The increase in bonds at amortized cost is due to the fact that, in October 2022, Banco de Crédito del Perú reclassified its portfolio of bonds at fair value through other comprehensive income at amortized cost due to a change in its business model, see note 6(b). d) The table below shows the balance of investments classified by maturity, without considering accrued interest or provision for credit loss: 2023 At fair value through other comprehensive income Amortized cost S/(000) S/(000) Up to 3 months 5,297,064 102,203 From 3 months to 1 year 7,778,579 1,309,800 From 1 to 3 years 5,409,142 733,057 From 3 to 5 years 5,378,056 1,193,767 More than 5 years 12,372,792 6,629,573 Without maturity 334,803 – Total 36,570,436 9,968,400 2022 At fair value through other comprehensive income Amortized cost S/(000) S/(000) Up to 3 months 8,246,819 191,098 From 3 months to 1 year 2,599,972 343,670 From 1 to 3 years 4,088,478 1,456,530 From 3 to 5 years 4,374,806 459,604 More than 5 years 10,742,851 7,776,125 Without maturity 336,355 – Total 30,389,281 10,227,027 |
LOANS, NET
LOANS, NET | 12 Months Ended |
Dec. 31, 2023 | |
LOANS, NET [Abstract] | |
LOANS, NET | 7 LOANS, NET a) This item consists of the following: 2023 2022 S/(000) S/(000) Direct loans - Loans 115,170,158 119,602,591 Credit cards 7,112,268 6,187,910 Leasing receivables 5,735,973 6,174,850 Factoring receivables 3,431,323 3,976,898 Discounted notes 3,170,887 2,982,291 Advances and overdrafts in current account 321,962 219,932 Refinanced loans 2,407,516 2,100,018 Total direct loans 137,350,087 141,244,490 Internal overdue loans and under legal collection loans 6,133,167 5,945,779 143,483,254 147,190,269 Add (less) - Accrued interest 1,492,797 1,436,105 Total direct loans 144,976,051 148,626,374 Allowance for loan losses (c) (8,277,916 ) (7,872,402 ) Total direct loans, net 136,698,135 140,753,972 The loan portfolio is partially backed by guarantees received from clients, consisting mostly of mortgages, bonds, securities, industrial pledges and commercial pledges. Additionally, the Bank has participated in the Reactiva Perú I and II Program (liquidity program launched by the Peruvian Government in 2020, aimed at providing a quick and effective response to the liquidity needs that companies faced due to the impact of COVID-19). 19, ensure continuity in the payment chain). As of December 31, 2023, the direct credits of the Reactiva Perú program amount to S/2,877.2 million and the credits of the FAE-MYPE program amount to S/3.6 million and S/10.1 million for FAE-MYPE 1 and FAE-MYPE 2, respectively. As of December 31, 2022, the direct credits of the Reactiva Perú program amounted to S/8,877.2 million and the credits of the FAE-MYPE program to S/3.9 million and S/83.6 million for FAE-MYPE 1 and FAE-MYPE 2, respectively. b) As of December 31, 2023, and 2022, the composition of the gross credit balance is as follows: 2023 2022 S/(000) S/(000) Direct loans, Note7(a) 143,483,254 147,190,269 Indirect loans, Note 18(a) 20,051,615 20,928,055 Due from customers on banker’s acceptances 412,401 699,678 Total 163,947,270 168,818,002 Below is the movement of the gross balance of the loan portfolio, direct, indirect and banker’s acceptances by phase for the periods 2023 and 2022: Stage 1 Loans by class Balance as of December 31, 2022 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 86,190,457 (7,735,234 ) (390,080 ) 6,837,244 113,232 865,954 (957,315 ) – (995,471 ) 83,928,787 Residential mortgage loans 18,640,432 (3,890,376 ) (87,230 ) 2,834,608 68,812 – 1,680,893 – (97,070 ) 19,150,069 Micro-business loans 13,425,653 (10,427,681 ) (193,852 ) 4,537,627 15,883 (865,954 ) 9,439,846 – 134,324 16,065,846 Consumer loans 15,386,935 (6,597,935 ) (466,950 ) 3,352,518 68,103 – 3,555,141 – (63,752 ) 15,234,060 Total 133,643,477 (28,651,226 ) (1,138,112 ) 17,561,997 266,030 – 13,718,565 – (1,021,969 ) 134,378,762 Stage 2 Loans by class Balance as of December 31, Transfer to Stage 1 Transfer to Stage 3 Transfer from Stage 1 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 8,850,173 (6,837,244 ) (1,901,832 ) 7,735,234 149,554 505,667 (2,566,703 ) – 2,348 5,937,197 Residential mortgage loans 3,207,081 (2,834,608 ) (498,299 ) 3,890,376 109,625 – (301,840 ) – (14,233 ) 3,558,102 Micro-business loans 7,266,464 (4,537,627 ) (2,151,478 ) 10,427,681 104,183 (505,667 ) (6,021,879 ) – 48,637 4,630,314 Consumer loans 3,471,604 (3,352,518 ) (1,888,270 ) 6,597,935 66,491 – (1,552,101 ) – (25,687 ) 3,317,454 Total 22,795,322 (17,561,997 ) (6,439,879 ) 28,651,226 429,853 – (10,442,523 ) – 11,065 17,443,067 Stage 3 Loans by class Balance as of December 31, 2022 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 8,150,200 (113,232 ) (149,554 ) 390,080 1,901,832 (86,176 ) (2,325,958 ) (377,652 ) (82,364 ) 7,307,176 Residential mortgage loans 1,388,061 (68,812 ) (109,625 ) 87,230 498,299 – (248,110 ) (69,258 ) (9,037 ) 1,468,748 Micro-business loans 1,741,559 (15,883 ) (104,183 ) 193,852 2,151,478 86,176 (2,231,402 ) (21,388 ) 2,621 1,802,830 Consumer loans 1,099,383 (68,103 ) (66,491 ) 466,950 1,888,270 – (1,763,126 ) (21,689 ) 11,493 1,546,687 Total 12,379,203 (266,030 ) (429,853 ) 1,138,112 6,439,879 – (6,568,596 ) (489,987 ) (77,287 ) 12,125,441 Consolidated 3 Stages Loans by class Balance as of December 31, 2022 Written off and forgivens New loans and liquidation, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 103,190,830 (369,307 ) 1,285,445 (5,480,669 ) (377,652 ) (1,075,487 ) 97,173,160 Residential mortgage loans 23,235,574 (25,205 ) – 1,156,148 (69,258 ) (120,340 ) 24,176,919 Micro-business loans 22,433,676 (1,519,522 ) (1,285,445 ) 2,706,087 (21,388 ) 185,582 22,498,990 Consumer loans 19,957,922 (1,410,633 ) – 1,650,547 (21,689 ) (77,946 ) 20,098,201 Total 168,818,002 (3,324,667 ) – 32,113 (489,987 ) (1,088,191 ) 163,947,270 Stage 1 Loans by class Balance as of December 31, 2021 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 90,281,463 (10,689,388 ) (782,333 ) 7,640,908 356,896 (21,784 ) 1,067,360 – (1,662,665 ) 86,190,457 Residential mortgage loans 18,702,189 (4,019,065 ) (84,000 ) 1,995,000 27,176 7,496 2,247,060 – (235,424 ) 18,640,432 Micro-business loans 10,803,696 (11,398,414 ) (235,229 ) 4,142,176 95,327 (739,253 ) 10,960,618 – (203,268 ) 13,425,653 Consumer loans 11,993,823 (6,578,251 ) (300,120 ) 3,313,501 58,137 753,541 6,176,605 – (30,301 ) 15,386,935 Total 131,781,171 (32,685,118 ) (1,401,682 ) 17,091,585 537,536 – 20,451,643 – (2,131,658 ) 133,643,477 Stage 2 Loans by class Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 3 Transfer from Stage 1 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 11,342,409 (7,640,908 ) (2,586,811 ) 10,689,388 434,550 614,296 (3,906,923 ) – (95,828 ) 8,850,173 Residential mortgage loans 1,758,125 (1,995,000 ) (292,259 ) 4,019,065 23,225 427 (286,590 ) – (19,912 ) 3,207,081 Micro-business loans 8,927,358 (4,142,176 ) (1,627,919 ) 11,398,414 93,396 (599,450 ) (6,722,150 ) – (61,009 ) 7,266,464 Consumer loans 2,921,075 (3,313,501 ) (1,025,878 ) 6,578,251 71,775 (15,273 ) (1,741,617 ) – (3,228 ) 3,471,604 Total 24,948,967 (17,091,585 ) (5,532,867 ) 32,685,118 622,946 – (12,657,280 ) – (179,977 ) 22,795,322 Stage 3 Loans by class Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 8,756,743 (356,896 ) (434,550 ) 782,333 2,586,811 (95,866 ) (2,934,746 ) (7,803 ) (145,826 ) 8,150,200 Residential mortgage loans 1,371,146 (27,176 ) (23,225 ) 84,000 292,259 – (283,888 ) (2,442 ) (22,613 ) 1,388,061 Micro-business loans 1,906,210 (95,327 ) (93,396 ) 235,229 1,627,919 85,153 (1,905,488 ) (909 ) (17,832 ) 1,741,559 Consumer loans 1,099,329 (58,137 ) (71,775 ) 300,120 1,025,878 10,713 (1,205,204 ) (304 ) (1,237 ) 1,099,383 Total 13,133,428 (537,536 ) (622,946 ) 1,401,682 5,532,867 – (6,329,326 ) (11,458 ) (187,508 ) 12,379,203 Consolidated 3 Stages Loans by class Balance as of December 31, 2021 Written off and forgivens New loans and liquidation, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 110,380,615 (421,522 ) 496,646 (5,352,787 ) (7,803 ) (1,904,319 ) 103,190,830 Residential mortgage loans 21,831,460 (33,940 ) 7,923 1,710,522 (2,442 ) (277,949 ) 23,235,574 Micro-business loans 21,637,264 (1,164,440 ) (1,253,550 ) 3,497,420 (909 ) (282,109 ) 22,433,676 Consumer loans 16,014,227 (955,356 ) 748,981 4,185,140 (304 ) (34,766 ) 19,957,922 Total 169,863,566 (2,575,258 ) – 4,040,295 (11,458 ) (2,499,143 ) 168,818,002 c) As of December 31, 2023, and 2022, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances: Stage 1 Loans by class Balance as of December 31, 2022 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 571,899 (139,043 ) (9,218 ) 218,944 33,333 23,792 (162,840 ) 20,026 – (4,761 ) 552,132 Residential mortgage loans 83,536 (16,389 ) (705 ) 36,384 36,223 9,628 (94,942 ) - – 367 54,102 Micro-business loans 315,960 (305,106 ) (7,484 ) 137,210 9,520 420,469 (205,832 ) (20,026 ) – 3,413 348,124 Consumer loans 300,322 (257,482 ) (15,591 ) 173,612 61,421 60,661 (35,337 ) - – (2,515 ) 285,091 Total 1,271,717 (718,020 ) (32,998 ) 566,150 140,497 514,550 (498,951 ) – – (3,496 ) 1,239,449 Stage 2 Loans by class Balance as of December 31, Transfer to Stage 1 Transfer to Stage 3 Transfer Stage 1 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 493,257 (218,944 ) (196,971 ) 139,043 39,898 (119,049 ) 208,014 52,764 – 1,524 399,536 Residential mortgage loans 126,832 (36,384 ) (41,369 ) 16,389 58,782 (11,555 ) 9,120 - – (557 ) 121,258 Micro-business loans 540,913 (137,210 ) (354,473 ) 305,106 64,946 (351,848 ) 411,980 (52,764 ) – 4,632 431,282 Consumer loans 439,574 (173,612 ) (576,535 ) 257,482 56,985 (144,372 ) 581,442 - – (5,814 ) 435,150 Total 1,600,576 (566,150 ) (1,169,348 ) 718,020 220,611 (626,824 ) 1,210,556 – – (215 ) 1,387,226 Stage 3 Loans by class Balance as of December 31, 2022 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 2,846,887 (33,333 ) (39,898 ) 9,218 196,971 (632,292 ) 630,339 (48,356 ) (269,312 ) (28,670 ) 2,631,554 Residential mortgage loans 757,780 (36,223 ) (58,782 ) 705 41,369 (149,583 ) 276,611 - (40,223 ) (6,393 ) 785,261 Micro-business loans 1,113,154 (9,520 ) (64,946 ) 7,484 354,473 (1,779,826 ) 1,635,614 48,356 (17,486 ) 779 1,288,082 Consumer loans 940,872 (61,421 ) (56,985 ) 15,591 576,535 (1,604,579 ) 1,520,266 - (16,625 ) 719 1,314,373 Total 5,658,693 (140,497 ) (220,611 ) 32,998 1,169,348 (4,166,280 ) 4,062,830 – (343,646 ) (33,565 ) 6,019,270 Consolidated 3 Stages Credit loss Balance as of December 31, 2022 Write-off and forgiven loan portfolio New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, 2023 (**) Loans by class S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,912,043 (384,266 ) (343,283 ) 675,513 24,434 (269,312 ) (31,907 ) 3,583,222 Residential mortgage loans 968,148 (28,178 ) (123,332 ) 190,789 - (40,223 ) (6,583 ) 960,621 Micro-business loans 1,970,027 (1,563,052 ) (148,153 ) 1,841,762 (24,434 ) (17,486 ) 8,824 2,067,488 Consumer loans 1,680,768 (1,485,766 ) (202,524 ) 2,066,371 - (16,625 ) (7,610 ) 2,034,614 Total 8,530,986 (3,461,262 ) (817,292 ) 4,774,435 – (343,646 ) (37,276 ) 8,645,945 Stage 1 Loans by class Balance as of December 31, 2021 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 607,880 (167,527 ) (16,135 ) 168,102 41,729 86,676 (120,997 ) (12,101 ) – (15,728 ) 571,899 Residential mortgage loans 76,706 (27,467 ) (778 ) 52,161 15,910 10,256 (43,766 ) 2,274 – (1,760 ) 83,536 Micro-business loans 434,162 (372,672 ) (14,219 ) 152,072 17,632 471,157 (352,379 ) (14,695 ) – (5,098 ) 315,960 Consumer loans 317,597 (195,412 ) (9,065 ) 190,973 54,506 340,981 (419,651 ) 24,522 – (4,129 ) 300,322 Total 1,436,345 (763,078 ) (40,197 ) 563,308 129,777 909,070 (936,793 ) – – (26,715 ) 1,271,717 Stage 2 Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 3 Transfer from Stage 1 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of Exchange differences and others Balance as of December 31, 2022 Loans by class S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 652,781 (168,102 ) (225,459 ) 167,527 61,995 (218,631 ) 167,455 58,569 – (2,878 ) 493,257 Residential mortgage loans 97,388 (52,161 ) (21,869 ) 27,467 13,888 (11,992 ) 76,064 75 – (2,028 ) 126,832 Micro-business loans 625,255 (152,072 ) (274,896 ) 372,672 34,163 (384,376 ) 381,863 (56,841 ) – (4,855 ) 540,913 Consumer loans 637,763 (190,973 ) (312,930 ) 195,412 62,043 (132,340 ) 183,112 (1,803 ) – (710 ) 439,574 Total 2,013,187 (563,308 ) (835,154 ) 763,078 172,089 (747,339 ) 808,494 – – (10,471 ) 1,600,576 Stage 3 Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of portfolio Exchange differences and others Balance as of December 31, 2022 Loans by class S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 2,730,792 (41,729 ) (61,995 ) 16,135 225,459 (734,370 ) 814,163 (51,601 ) (7,590 ) (42,377 ) 2,846,887 Residential mortgage loans 800,639 (15,910 ) (13,888 ) 778 21,869 (163,673 ) 143,014 – (1,671 ) (13,378 ) 757,780 Micro-business loans 1,148,632 (17,632 ) (34,163 ) 14,219 274,896 (1,351,918 ) 1,048,630 46,447 (830 ) (15,127 ) 1,113,154 Consumer loans 941,416 (54,506 ) (62,043 ) 9,065 312,930 (1,028,864 ) 822,883 5,154 (249 ) (4,914 ) 940,872 Total 5,621,479 (129,777 ) (172,089 ) 40,197 835,154 (3,278,825 ) 2,828,690 – (10,340 ) (75,796 ) 5,658,693 Consolidated 3 Stages Credit loss for the period Loans by class Balance as of December 31, 2021 Write-off loan portfolio New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of portfolio Exchange differences and others Balance as of December 31, 2022 (**) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,991,453 (421,319 ) (445,006 ) 860,621 (5,133 ) (7,590 ) (60,983 ) 3,912,043 Residential mortgage loans 974,733 (33,960 ) (131,449 ) 175,312 2,349 (1,671 ) (17,166 ) 968,148 Micro-business loans 2,208,049 (1,164,678 ) (100,459 ) 1,078,114 (25,089 ) (830 ) (25,080 ) 1,970,027 Consumer loans 1,896,776 (955,301 ) 135,078 586,344 27,873 (249 ) (9,753 ) 1,680,768 Total 9,071,011 (2,575,258 ) (541,836 ) 2,700,391 – (10,340 ) (112,982 ) 8,530,986 (*) The movement includes the following effects: (i) calibrations to the PD, LGD and EAD models; (ii) updating of macroeconomic models and projections; (iii) increase or decrease in credit risk due to phase changes; (iv) increase or decrease in the credit risk inherent to the loans that remain in the same phase. (**) The movement of the credit loss provision for the 2023 period includes the provision for direct and indirect credits and bank acceptances for approximately S/8,277.9 million and S/368.0 million, respectively (S/7,872.4 million and S/658.6 million , respectively, as of December 31, 2022). The expected loss for indirect credits is included in the “Other liabilities” caption of the consolidated statement of financial position, note 12(a). In Management’s opinion, the credit loss provision for loans recorded as of December 31, 2023 and 2022, has been determined in accordance with IFRS 9 and is sufficient to cover losses in the loan portfolio. Gross balance of the portfolio of direct and indirect loans and bank acceptances: As of December 31, 2023, the gross balance of the loan portfolio decreased compared to the end of December 2022. The decrease was mainly due to: (i) the amortization of Reactiva Perú loans within BCP’s commercial credit portfolio, (ii) the write-offs of consumer loans from BCP and loans to small and micro businesses from Mibanco Perú and BCP, (iii) to a lesser extent, the fall in the PEN/USD exchange rate. The above effects were partially offset, among other things, by the disbursements of general loans from BCP and loans to small and micro businesses from Mibanco Perú. Credit loss provision for direct and indirect credits and bank acceptances: As of December 31, 2023, the credit loss provision of the loan portfolio increased compared to the end of December 2022. This growth was mainly due to: (i) the deterioration of BCP’s consumer loan portfolio, which was reflected in the migrations to stage 3, and which was generated, among other things, by greater client leverage within a macroeconomic context of high inflation, (ii) the migration to stage 3 of loans to small and micro businesses from Mibanco Perú, (iii) the record of the expected impact of the El Niño Phenomenon on provisions. The above effects were partially offset, among other things, by the payments, recoveries and improvement in the credit profile of specific companies of BCP’s Wholesale Banking, and, in addition, by the write-offs of BCP and Mibanco Perú. Comments on the calibrations carried out on the internal credit risk models are found in greater detail in note 30.1(c). d) Interest rates on loans are set considering the rates prevailing in the markets where the Group’s subsidiaries operate. e) A portion of the loan portfolio is collateralized with guarantees received from customers, which mainly consist of mortgages, trust assignments, securities and industrial and mercantile pledges. f) The following table presents the gross direct loan portfolio as of December 31, 2023, and 2022 by maturity based on the remaining period to the payment due date: 2023 2022 S/(000) S/(000) Outstanding loans - From 1 to 3 months 30,957,809 34,192,006 From 3 months to 1 year 36,107,936 35,338,442 From 1 to 3 years 29,251,425 29,576,654 From 3 to 5 years 10,906,617 11,572,896 From 5 to 15 years 27,995,370 27,144,332 More than 15 years 2,130,930 3,420,160 137,350,087 141,244,490 Internal overdue loans - Overdue up to 90 days 1,459,603 1,264,436 Over 90 days 4,673,564 4,681,343 6,133,167 5,945,779 Total 143,483,254 147,190,269 See credit risk analysis in Note 30.1 |
INSURANCE AND REINSURANCE CONTR
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES [Abstract] | |
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES | 8 INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES a) The details of the assets per reinsurance contract are: As of December 31, 2023 Remaining coverage assets Assets for incurred claims for contracts not measured by PAA Assets for incurred claims for contracts measured by PAA Accounts receivable from reinsurers and co-insurers Accounts payable to reinsurers and co-insurers Excess of loss contracts Total Present value of future cash flows S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 308,270 – 730,006 110,964 (419,217 ) 13,985 744,008 Past Service Changes - LIC Adjustments and expenses incurred directly attributable – 21 441,232 – – – 441,232 Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts 7,238 – – – – – 7,238 Reinsurance recoveries 7,238 21 441,232 – – – 448,491 Expenses for assigning the premiums paid to the reinsurer (837,543 ) – (2,269 ) – – – (839,812 ) Result of the reinsurance service (830,305 ) 21 438,963 – – – (391,321 ) Net financial expenses for reinsurance contracts – – 43,419 – – – 43,419 Other changes (7,611 ) – (12,114 ) 59,346 (52,716 ) 3,521 (9,574 ) Cash flow: Premiums paid net of commissions ceded and other directly attributable expenses paid 885,524 – 2,270 – – – 887,794 Reinsurance recoveries (34,505 ) (21 ) (367,754 ) – – – (402,280 ) Net cash flow 851,019 (21 ) (365,484 ) – – – 485,514 Balances at the end of the period 321,373 – 834,790 170,310 (471,933 ) 17,506 872,046 As of December 31, 2022 Remaining coverage assets Assets for incurred claims for contracts not measured by PAA Assets for incurred claims for contracts measured by PAA Accounts receivable from reinsurers and co-insurers Accounts payable to reinsurers and co-insurers Excess of loss contracts Total Present value of future cash flows S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 322,427 – 746,346 194,365 (463,886 ) 13,214 812,466 Past Service Changes - LIC Adjustments and Expenses incurred directly attributable – – 316,077 – – – 316,077 Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts 1,033 – – – – – 1,033 Reinsurance recoveries 1,033 – 316,077 – – – 317,110 Expenses for assigning the premiums paid to the reinsurer (775,719 ) – (2,290 ) – – – (778,009 ) Result of the reinsurance service (774,686 ) – 313,787 – – – (460,899 ) Net financial expenses for reinsurance contracts – – (18,608 ) – – – (18,608 ) Other changes (13,389 ) – (17,298 ) 3,303 (789 ) – (28,173 ) Cash Flow: Premiums paid net of commissions ceded and other directly attributable expenses paid 773,918 – (294,221 ) (86,704 ) 45,458 771 439,222 Reinsurance recoveries – – – – – – – Net cash flow 773,918 – (294,221 ) (86,704 ) 45,458 771 439,222 Balances at the end of the period 308,270 – 730,006 110,964 (419,217 ) 13,985 744,008 b) The details of the liability for insurance contracts are: As of December 31, 2023 Remaining coverage liabilities Liabilities for incurred claims for contracts not measured by PAA Liabilities for incurred claims for contracts measured by PAA Accounts receivable for insurance contracts Debts to intermediaries, marketers and auxiliaries Total Excluding loss component Loss component Present value of future cash flows Risk adjustment S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 8,396,418 163,555 1,073,412 2,274,827 14,158 (869,455 ) 101,093 11,154,008 Insurance income (3,855,739 ) 331 – – – – – (3,855,408 ) Claims incurred and other insurance service expenses 11,544 – 772,038 2,104,635 – – – 2,888,217 Adjustments relating to the past to liabilities for incurred claims (592 ) – (588,726 ) (71,098 ) 4,871 – – (655,545 ) Losses and recoveries for losses in onerous contracts (8,812 ) 25,993 – – – – – 17,181 Amortization of insurance acquisition cash flows 3,134 – – – – – – 3,134 Insurance service expenses 5,274 25,993 183,312 2,033,537 4,871 – – 2,252,987 Result of the insurance service (3,850,465 ) 26,324 183,312 2,033,537 4,871 – – (1,602,421 ) Net financial expenses for insurance contracts 1,051,939 (4,492 ) 140,934 146,732 1,759 – – 1,336,872 Total changes in the income statement (2,798,526 ) 21,832 324,246 2,180,269 6,630 – – (265,549 ) Investment components (901,136 ) (10 ) 901,131 – – – – (15 ) Other changes (163,289 ) 22,700 (1,609 ) 33,651 (317 ) (70,408 ) (8,028 ) (187,300 ) Cash Flow: Premiums received. 4,773,477 (382 ) – – – – – 4,773,095 Claims and other service expenses paid. – – (1,084,324 ) (1,991,308 ) – – – (3,075,632 ) Insurance acquisition cash flows. (80,474 ) – – – – – – (80,474 ) Net Cash Flow 4,693,003 (382 ) (1,084,324 ) (1,991,308 ) – – – 1,616,989 Balances at the end of the period 9,226,470 207,695 1,212,856 2,497,439 20,471 (939,863 ) 93,065 12,318,133 As of December 31, 2022 Remaining coverage liabilities Liabilities for incurred claims for contracts not measured by PAA Liabilities for incurred claims for contracts measured by PAA Accounts receivable for insurance contracts Debts to intermediaries, marketers and auxiliaries Total Excluding loss component Loss component Present value of future cash flows Risk adjustment S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 9,246,468 135,365 994,581 2,357,336 14,383 (916,859 ) 89,700 11,920,974 Insurance income (3,533,270 ) – – – – – – (3,533,270 ) Claims incurred and other insurance service expenses 1,953 – 554,692 6,266 – – – 562,911 Adjustments relating to the past to liabilities for incurred claims (13,440 ) – (262,588 ) 1,836,194 (425 ) – – 1,559,741 Losses and recoveries for losses in onerous contracts – 92,530 – – – – – 92,530 Amortization of insurance acquisition cash flows 15,741 – – – – – – 15,741 Insurance service expenses 4,254 92,530 292,104 1,842,460 (425 ) – – 2,230,923 Result of the insurance service (3,529,016 ) 92,530 292,104 1,842,460 (425 ) – – (1,302,347 ) Net financial expenses for insurance contracts (793,873 ) (9,058 ) (29,644 ) (40,648 ) 338 – – (872,885 ) Total changes in the income statement (4,322,889 ) 83,472 262,460 1,801,812 (87 ) – – (2,175,232 ) Investment components (658,211 ) – 658,211 – – – – – Other changes 357,096 (55,282 ) (3,221 ) 16,583 (138 ) 178 (61 ) 315,155 Cash Flow: Premiums received. 3,849,115 – – – – 47,226 11,454 3,907,795 Claims and other service expenses paid. – – (838,619 ) (1,900,904 ) – – – (2,739,523 ) Insurance acquisition cash flows. (75,161 ) – – – – – – (75,161 ) Net Cash Flow 3,773,954 – (838,619 ) (1,900,904 ) – 47,226 11,454 1,093,111 Balances at the end of the period 8,396,418 163,555 1,073,412 2,274,827 14,158 (869,455 ) 101,093 11,154,008 c) The components of the movement are presented below: As of December 31, 2023 Present value of future cash flows Risk adjustment CSM Total Fair value contracts S/(000) S/(000) S/(000) S/(000) Balances as of January 1 7,186,948 254,151 1,154,236 8,595,335 Changes in the statement of income: Changes in estimates that adjust the CSM 50,644 (97,658 ) 39,919 (7,095 ) Changes in estimates that result in losses and recoveries for contract losses onerous 4,483 (10,842 ) (5,615 ) (11,974 ) Initial recognition contracts (94,546 ) 8,226 106,833 20,513 Changes Related to Future Services (39,419 ) (100,274 ) 141,137 1,444 CSM recognized for services provided – – (128,639 ) (128,639 ) Changes in the risk adjustment recognized for the expired risk – (22,759 ) – (22,759 ) Experience Adjustments 871,245 5 174 871,424 Changes Related to Current Services 871,245 (22,754 ) (128,465 ) 720,026 Adjustments to liabilities for incurred claims (764,140 ) 9,443 – (754,697 ) Changes related to past services (764,140 ) 9,443 – (754,697 ) Result of the insurance service 67,686 (113,585 ) 12,672 (33,227 ) Net financial expenses for insurance contracts 1,140,937 7,125 40,142 1,188,204 Total changes in the income statement 1,208,623 (106,460 ) 52,814 1,154,977 Other changes (100,717 ) (3,484 ) (21,294 ) (125,495 ) Cash flow: Premiums collected 1,091,817 – – 1,091,817 Benefits and expenses paid (1,085,630 ) – – (1,085,630 ) Acquisition fees paid (80,474 ) – 16,484 (63,990 ) Net cash flow (74,287 ) – 16,484 (57,803 ) Balances at the end of the period 8,220,567 144,207 1,202,240 9,567,014 As of December 31, 2022 Present value of future cash flows Risk adjustment CSM Total Fair value contracts S/(000) S/(000) S/(000) S/(000) Balances as of January 1 7,789,688 284,348 1,292,358 9,366,394 Changes in the statement of income: Changes in estimates that adjust the CSM 167,426 10,241 (147,298 ) 30,369 Changes in estimates that result in losses and recoveries for contract losses onerous 65,410 279 – 65,689 Initial recognition contracts (116,222 ) 10,178 120,623 14,579 Changes Related to Future Services 116,614 20,698 (26,675 ) 110,637 CSM recognized for services provided – – (114,272 ) (114,272 ) Changes in the risk adjustment recognized for the expired risk – (15,379 ) – (15,379 ) Experience Adjustments 667,764 – – 667,764 Changes Related to Current Services 667,764 (15,379 ) (114,272 ) 538,113 Adjustments to liabilities for incurred claims (442,907 ) 1,316 – (441,591 ) Changes related to past services (442,907 ) 1,316 – (441,591 ) Result of the insurance service 341,471 6,635 (140,947 ) 207,159 Net financial expenses for reinsurance contracts (879,839 ) (26,978 ) 42,268 (864,549 ) Total changes in the income statement (538,368 ) (20,343 ) (98,679 ) (657,390 ) Other changes (162,140 ) (9,854 ) (39,443 ) (211,437 ) Cash Flow: Premiums collected 1,011,547 – – 1,011,547 Benefits and expenses paid (838,619 ) – – (838,619 ) Acquisition fees paid (75,160 ) – – (75,160 ) Net cash flow 97,768 – – 97,768 Balances at the end of the period 7,186,948 254,151 1,154,236 8,595,335 As of December 31, 2022, the insurance contract liabilities measured under the general model is S/7,775.1 million and the variable fee approach is S/820.2 million. |
PROPERTY, FURNITURE AND EQUIPME
PROPERTY, FURNITURE AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, FURNITURE AND EQUIPMENT, NET [Abstract] | |
PROPERTY, FURNITURE AND EQUIPMENT, NET | 9 PROPERTY, FURNITURE AND EQUIPMENT, NET a) The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2023, 2022, and 2021 is as follows: Land Buildings and other constructions Installations Furniture and fixtures Computer hardware Vehicles and equipment Work in progress 2023 2022 2021 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balance as of January 1 375,485 1,146,905 731,678 467,134 571,046 112,161 58,787 3,463,196 3,500,890 3,515,202 Additions – 3,008 16,056 41,287 93,782 360 167,878 322,371 192,700 107,790 Acquisition of business – – – 364 91 – – 455 419 – Transfers – – 45,603 10,434 1,192 285 (57,514 ) – – – Disposals and others (48,372 ) (9,269 ) (13,856 ) (33,432 ) (51,900 ) (5,011 ) (51,896 ) (213,736 ) (230,813 ) (122,102 ) Balance as of December 31 327,113 1,140,644 779,481 485,787 614,211 107,795 117,255 3,572,286 3,463,196 3,500,890 Accumulated depreciation - Balance as of January 1 – 725,590 550,001 324,080 492,609 89,818 – 2,182,098 2,192,111 2,140,327 Depreciation of the period – 22,575 34,658 30,904 35,643 5,328 – 129,108 128,443 140,173 Acquisition of business – – – – – – – – 102 – Disposals and others – (3,479 ) (13,603 ) (27,138 ) (47,278 ) (4,947 ) – (96,445 ) (138,558 ) (88,389 ) Balance as of December 31 – 744,686 571,056 327,846 480,974 90,199 – 2,214,761 2,182,098 2,192,111 Net carrying amount 327,113 395,958 208,425 157,941 133,237 17,596 117,255 1,357,525 1,281,098 1,308,779 Banks, financial institutions and insurance entities operating in Peru cannot pledge their fixed assets. During the years 2023 and 2022, the Group, as part of the investment in fixed assets, has made disbursements related mainly to the purchase of computer equipment, furniture and fixtures and the remodeling of its various agencies. During 2021, as part of the investment in fixed assets that it makes annually, it has made disbursements related mainly to the remodeling of its headquarters located in La Molina, San Pedro office, Lima office. During the year 2023, Management decided to sell various land and buildings, the approximate sale price of which was S/53.1 million, with a net cost of S/51.4 million (as of December 31, 2022, an approximate sale price of S/46.1 million, with a net cost of S/33.8 million). Credicorp Ltd. subsidiaries maintain insurance on their main assets in accordance with the policies established by management. Due to the implementation of IFRS 17, the expense for depreciation and amortization of fixed assets is distributed in the consolidated income statement in the depreciation and amortization item S/125.0 million and S/4.1 million corresponding to the attributable expense in the item insurance technical result. Management periodically reviews the residual value, useful life and the depreciation method used of the Group’s property, furniture and equipment; in order to ensure that these are consistent with your current economic benefit and life expectations. In the opinion of Management, as of December 31, 2023, 2022 and 2021, there is no evidence of impairment of the Group’s properties, furniture and equipment. |
INTANGIBLE ASSETS AND GOODWILL,
INTANGIBLE ASSETS AND GOODWILL, NET | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS AND GOODWILL, NET [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL, NET | 10 INTANGIBLE ASSETS AND GOODWILL, NET a) Intangible assets – The movement of intangible assets with limited useful life for the years ended December 31, 2023, 2022 and 2021 is Description Client relationships (i) Brand name (ii) Fund manager contract (iii) Relationships with holders Software and developments Intangible in progress Other 2023 2022 2021 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balances at January 1 373,602 171,864 73,412 21,100 3,642,091 867,213 17,953 5,167,235 4,708,305 4,293,864 Additions – – – – 244,879 577,462 6,462 828,803 703,670 532,244 Acquisition of business 2,507 3,457 – – 10,678 – – 16,642 7,533 – Transfers – – – – 436,050 (436,050 ) – – – – Disposals and others (204 ) – 4,303 – (54,676 ) (107,063 ) 6,339 (151,301 ) (252,273 ) (117,803 ) Balance as of December 31 375,905 175,321 77,715 21,100 4,279,022 901,562 30,754 5,861,379 5,167,235 4,708,305 Accumulated amortization - Balance at January 1 302,513 60,488 12,824 21,100 2,637,685 – 5,409 3,040,019 2,795,084 2,475,466 Amortization of the period 15,025 5,827 3,573 – 407,583 – 4,576 436,584 403,726 381,794 Disposals and others (307 ) – (24 ) – (42,326 ) – 416 (42,241 ) (158,791 ) (62,176 ) Balance as of December 31 317,231 66,315 16,373 21,100 3,002,942 – 10,401 3,434,362 3,040,019 2,795,084 Net carrying amount 58,674 109,006 61,342 – 1,276,080 901,562 20,353 2,427,017 2,127,216 1,913,221 During 2023, activated disbursements were mainly related to the implementation and development of various IT projects such as Yape, Collection Suite, Telecredit - Office Banking, Data Lake - Data Vault, Integrated Management of Payment Solutions, Operational CRM, IO App, Among others. During 2022, the Group has made disbursements mainly related to the implementation and development of various IT projects such as Cubo – Mis Financiero, Yape, DataLake – Data Vault, IFRS 9 Strategic Tool, Office Banking, Vision Plus, among others. During 2021, the Group has made disbursements mainly related to the implementation and development of various IT projects such as Data Lake - Data Vault, Mobile Banking I14, Telephone Banking by voice call I15 and improvements in Yape, among others. Due to the implementation of IFRS 17, the expense for depreciation and amortization of intangibles is distributed in the consolidated income statement in the depreciation and amortization item by S/386.1 million and S/50.5 million corresponding to the attributable expense in the item insurance technical result. In the opinion of Management, the net book value of intangibles does not exceed their recoverable value as of December 31, 2023, 2022 and 2021. (i) Client relationships - This item consists of the following: 2023 2022 S/(000) S/(000) Prima AFP - AFP Unión Vida 37,701 45,262 Credicorp Capital Holding Chile - Inversiones IMT 13,410 15,564 Joinnus S.A.C. 2,507 – Ultraserfinco S.A. 2,000 6,971 Compañía Incubadora de Soluciones Móviles S.A-Culqi 1,792 1,809 Tenpo SpA 1,264 1,483 Net carrying amount 58,674 71,089 (ii) Brand name - This item consists of the following: 2023 2022 S/(000) S/(000) MiBanco 105,244 111,009 Joinnus S.A.C. 3,457 – Compañía Incubadora de Soluciones Móviles S.A-Culqi 305 367 Net carrying amount 109,006 111,376 (iii) Fund management contract - This item consists of the following: 2023 2022 S/(000) S/(000) Credicorp Capital Holding Chile - Inversiones IMT 29,553 30,495 Credicorp Capital Colombia 29,229 27,620 Ultrasefinco S.A. 2,560 2,473 Net carrying amount 61,342 60,588 Management has assessed at each reporting date that there was no indication that customer relationships, brand name, fund management contract and software and developments may be impaired. b) Goodwill - Goodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGU for the purposes of impairment testing, as follows: 2023 2022 S/(000) S/(000) MiBanco - Edyficar Perú 273,694 273,694 Prima AFP - AFP Unión Vida 124,641 124,641 Credicorp Capital Colombia S.A 111,799 92,188 Banco de Crédito del Perú 52,359 52,359 MiBanco Colombia 49,629 99,979 Pacífico Seguros 36,354 36,354 Joinnus S.A.C 35,700 – Atlantic Security Holding Corporation 29,795 29,795 Tenpo SpA 22,697 23,441 Monokera S.A.S 22,656 – Wally POS S.A.C 21,046 24,214 Tenpo Technologie SpA 11,719 13,155 Sami Shop S.A.C 4,000 – Compañía Incubadora de Soluciones Móviles S.A-Culqi 2,297 2,297 Crediseguro Seguros Personales 96 96 Net carrying amount 798,482 772,213 The recoverable amount of all of the CGUs has been determined based in the present value of the discounted cash flows or dividends determined principally with assumptions of revenue and expenses projection (based on efficiency ratios). Goodwill balance of Credicorp Capital Colombia S.A, Mibanco Colombia, Tenpo SPA and Tenpo Technologie SpA. are affected by the effect of the local exchange rate currency of the country in which they operate against the exchange rate of functional currency of Credicorp Ltd. and subsidiaries. As of December 31, 2023, the Group recorded an impairment of MiBanco Colombia (formerly Bancompartir S.A) for $75,199 million Colombian peso equivalent S/64.1 million and S/7.8 million of minority interest. To determine this impairment, a fair value of $438,259 million Colombian peso, equivalent to US$113.2 million, and a book value of $513,458 million Colombian peso, equivalent to US$132.5 million, were estimated. For the estimation, a discount rate of 15.1 percent and a perpetual growth rate of 6.8 percent were used as assumptions. During 2022, no impairment losses were recorded. The following table summarizes the key assumptions used for the calculation of the present value in 2023 and 2022 2023 Description Terminal value growth rate Discount rate % % Mibanco - Edyficar Perú 5.60 13.10 Prima AFP - AFP Unión Vida 1.60 15.50 Mibanco Colombia 6.80 15.10 Credicorp Capital Colombia S.A 4.60 14.90 Banco de Crédito del Perú 4.60 12.40 Pacífico Seguros (*) 4.60 11.8 and 13.9 Atlantic Security Holding Corporation 2.30 12.60 Tenpo SpA – 25.00 Compañía Incubadora de Soluciones Móviles S.A- Culqi – 25.00 Wally POS S.A.C. – 25.00 Sami Shop S.A.C. – 25.00 2022 Description Terminal value growth rate Discount rate % % Mibanco - Edyficar Perú 5.60 14.30 Prima AFP - AFP Unión Vida 1.60 16.10 MiBanco - Colombia 6.00 16.80 Credicorp Capital Colombia S.A. 4.80 17.90 Banco de Crédito del Perú 4.60 12.80 Pacífico Seguros (*) 4.60 13.0 and 14.3 Atlantic Security Holding Corporation 2.30 15.20 Tenpo – 25.00 Compañía Incubadora de Soluciones Móviles S.A - Culqi – 25.00 (*) As of December 31, 2023, and 2022, it corresponds to the discount rates used to determine the recoverable value of the cash flows that correspond to the general and life insurance business lines. Cash flows of 5 to 10 years were included, depending on the maturity of the business in the discounted cash flow model. Estimated growth rates are based on historical performance and Management’s expectations regarding market development. A long-term growth rate in perpetuity has been determined considering account forecasts included in industry reports. Discount rates represent the assessment of the specific risks of the CGU. The discount rate originates from the financial asset pricing model (MVAF). The cost of capital is derived from the benefits that the Group’s investors expect to obtain, the specific risk incorporated by applying comparable individual beta factors adjusted to the debt structure of each CGU and the specific country and market risk premiums for each CGU. Beta factors are evaluated annually based on available market information. As a result of the evaluation carried out on the goodwill, an impairment in the goodwill of Mibanco Colombia was recognized, which is explained by a combination of lower projected flows and increased capital contributions in 2023 and 2024, partially offset by a lower discount rate. The macroeconomic context has had a relevant impact on business results. The higher rates have put downward pressure on the intermediation margin due to a higher cost of funding and the difficulty of transferring this increase to active rates. Additionally, the portfolio has deteriorated in a context of low economic growth and high inflation rates; mainly due to the greater transfer of credits to Stage 2 and Stage 3. The key assumptions described above may change if market and economic conditions change. As of December 31, 2023, and 2022, the Group estimates that the reasonableness of these possible changes in these assumptions would not cause the recoverable amount of all CGUs to decrease below their book value. |
RIGHT-OF-USE ASSETS, NET AND LE
RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2023 | |
RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS [Abstract] | |
RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS | 11 RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS a) Right-of-use The Group has leased agreements according to the following composition: Property: Agencies and offices Servers and technology platforms Transport units Other leases 2023 2022 2021 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balance as of January 1, 807,422 151,363 3,305 64,801 1,026,891 969,355 990,148 Additions 101,585 3,239 3,308 14,709 122,841 113,948 110,005 Disposal and others (61,753 ) (2,231 ) (505 ) – (64,489 ) (56,412 ) (130,798 ) Balance as of December 31 847,254 152,371 6,108 79,510 1,085,243 1,026,891 969,355 Accumulated depreciation - Balance as of January 1, 386,108 71,512 2,052 23,386 483,058 382,938 287,220 Depreciation of the period 105,163 27,831 682 14,157 147,833 151,335 161,287 Disposal and others (42,614 ) (2,247 ) (502 ) – (45,363 ) (51,215 ) (65,569 ) Balance as of December 31 448,657 97,096 2,232 37,543 585,528 483,058 382,938 Net carrying amount 398,597 55,275 3,876 41,967 499,715 543,833 586,417 b) Lease Liabilities The Group maintains contracts, with certain renewal options and for which the Group has reasonable certainty that this option will be exercised. In those cases, the period of lease used to measure the liability and assets corresponds to an estimation of future renovations. |
OTHER ASSETS AND OTHER LIABILIT
OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS AND OTHER LIABILITIES [Abstract] | |
OTHER ASSETS AND OTHER LIABILITIES | 12 OTHER ASSETS AND OTHER LIABILITIES a) This item consists of the following: 2023 2022 S/(000) S/(000) Other assets - Financial instruments: Receivables (b) 1,523,052 1,449,079 Derivatives receivable (c) 987,663 1,478,726 Receivables from sale of investments (d) 411,599 142,765 Operations in process (e) 137,952 155,568 3,060,266 3,226,138 Non-financial instruments: Deferred fees (f) 1,197,457 908,399 Investment in associates (g) 748,663 726,993 Investment properties, net (h) 565,274 548,558 Income tax prepayments, net 348,578 186,372 Adjudicated assets, net 107,562 136,079 Improvements in leased premises 100,919 71,747 VAT (IGV) tax credit 86,661 58,329 Others 9,237 9,056 3,164,351 2,645,533 Total 6,224,617 5,871,671 2023 2022 S/(000) S/(000) Other liabilities - Financial instruments: Accounts payable (i) 2,367,204 2,058,229 Salaries and other personnel expenses 1,082,059 930,622 Derivatives payable (c) 891,999 1,345,665 Accounts payable for acquisitions of investments (d) 448,046 153,681 Allowance for indirect loan losses, Note 7(c) 368,029 658,584 Operations in process (e) 258,197 89,480 Dividends payable 62,976 73,607 5,478,510 5,309,868 Non-financial instruments: Taxes 727,052 1,062,691 Provision for sundry risks (j) 661,737 624,149 Others 126,392 192,344 1,515,181 1,879,184 Total 6,993,691 7,189,052 b) As of December 31, 2023, the balance is mainly composed of accounts receivable from Niubiz, margin call of operations with derivates, for sale of goods and services, accounts receivable for the sale of foreign currency, operations to be settled, funds restricted by Central Bank of Reserve of Bolivia, works for taxes, accounts paid by third parties, commissions receivable, payment protection insurance premium receivable, accounts receivable from clients for stock market operations, advances to personnel, dividends receivable, rents, among others. As of December 31, 2022, the balance mainly comprises funds restricted by the Central Reserve Bank of Bolivia, margin call of operations with derivatives, taxes receivable, accounts receivable from the sale of deferred foreign currency, protection insurance premium of payments receivable, works for taxes, accounts paid by third parties, accounts receivable for the sale of goods and services, commissions receivable, receivable from clients for stock market operations, advances to personnel, operations to settle rents receivable, dividends for charge, among others c) The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change. The table below shows as of December 31, 2023, and 2022 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which the fair value of derivatives is measured. 2023 2022 2023 and 2022 Assets Liabilities Notional amount Maturity Assets Liabilities Notional amount Maturity Related instruments S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Derivatives held for trading (i) - Foreign currency forwards 334,505 205,341 32,206,841 January 2024 / March 2026 500,348 288,857 34,224,865 January 2023 / August 2024 – Interest rate swaps 341,898 204,775 17,471,629 January 2024 / September 2033 415,034 277,988 10,834,324 January 2023 / December 2032 – Currency swaps 230,818 429,365 12,895,649 January 2024 / August 2033 410,439 749,420 16,000,208 January 2023 / January 2033 – Foreign exchange options 1,104 4,002 501,189 January 2024 / March 2025 1,349 3,168 362,324 January 2023 / June 2024 – Futures 1,187 1,618 40,428 March 2024 794 1,450 48,819 March 2023 – 909,512 845,101 63,115,736 1,327,964 1,320,883 61,470,540 Derivatives held as hedges Cash flow hedges (ii) - Cross currency swaps (CCS) 15(a)(i) 13,843 25,524 815,980 January 2025 20,114 8,418 839,080 January 2025 Bonds issued Cross currency swaps (CCS) 5(c)(i) – – – – 21,935 – 171,630 August 2026 Repurchase agreements(*) Cross currency swaps (CCS) 15(a)(v) 1,552 – 78,969 November 2025 – 13,688 145,715 December 2023 Bonds issued Cross currency swaps (CCS) 6(b)(i) 20,359 9,784 126,624 February 2024 / January 2025 41,746 2,123 131,382 January 2023 / January 2025 Investments Cross currency swaps (CCS) 14(b)(ii) – 11,253 222,540 May 2025 / June 2025 – 156 38,140 June 2025 Debts to bank Cross currency swaps (CCS) 5(c)(ii) – – – – 14,861 – 95,350 August 2026 Repurchase agreements(*) Cross interest rate swaps (IRS) 4(b)(i) 786 337 556,350 April 2026 / May 2026 – – – Cash and due from banks Foreign currency forwards 14(b) 57 – 54,392 June 2024 – – – Debts to bank Fair value hedges - Interest rate swaps (IRS) 6(b) 41,554 – 778,890 March 2025 / February 2028 52,106 397 926,497 January 2023 / February 2028 Investments 78,151 46,898 2,633,745 150,762 24,782 2,347,794 987,663 891,899 65,749,481 1,478,726 1,345,665 63,818,334 (*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2023 and 2022. (i) Held-for-trading derivatives are principally negotiated to satisfy customers’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedge accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows: 2023 2022 Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) Foreign currency forwards 201,816 129,504 3,185 – – 334,505 276,887 226,117 (2,656 ) – – 500,348 Interest rate swaps 8,870 11,790 94,681 128,141 98,416 341,898 12,395 43,395 58,726 122,943 177,575 415,034 Currency swaps 4,955 45,436 69,962 78,513 31,952 230,818 63,465 60,940 86,950 84,650 114,434 410,439 Foreign exchange options 471 592 41 – – 1,104 153 1,163 33 – – 1,349 Futures 1,187 – – – – 1,187 794 – – – – 794 Total assets 217,299 187,322 167,869 206,654 130,368 909,512 353,694 331,615 143,053 207,593 292,009 1,327,964 2023 2022 Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Foreign currency forwards 142,293 57,319 5,729 – – 205,341 203,269 85,222 366 – – 288,857 Interest rate swaps 20,615 20,739 48,110 36,596 78,715 204,775 8,073 37,418 45,352 62,460 124,685 277,988 Currency swaps 78,941 129,935 86,455 99,804 34,230 429,365 140,363 258,962 100,267 127,404 122,424 749,420 Foreign exchange options 1,355 2,525 122 – – 4,002 554 2,483 131 – – 3,168 Futures 1,618 – – – – 1,618 1,450 – – – – 1,450 Total liabilities 244,822 210,518 140,416 136,400 112,945 845,101 353,709 384,085 146,116 189,864 247,109 1,320,883 (ii) The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or those that bear interest at variable rates. The Group uses derivative financial instruments as cash flow hedges to cover these risks. A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below: 2023 2022 Up to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total Up to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cash inflows (assets) 160,643 1,742,147 – – 1,902,790 250,835 938,513 76,280 – 1,265,628 Cash outflows (liabilities) (153,240 ) (1,749,748 ) – – (1,902,988 ) (294,548 ) (934,119 ) (73,232 ) – (1,301,899 ) Consolidated statement of income 485 (17,192 ) – – (16,707 ) 397 (7,222 ) 7,070 – 245 As of December 31, 2023, the accumulated balance of the unrealized result from cash flow hedges, net of the corresponding deferred income tax revoked hedges that maintain an unrealized gain of (As of December 31, 2022, current hedges maintained an unrealized gain of approximately d) As of December 31, 2023 and 2022, corresponds to accounts receivable and payable for the sale and purchase of financial investments negotiated during the last days of the month, which were settled during the first days of the following month. e) Transactions in process include deposits received, granted and collected loans, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the interim condensed consolidated statement of financial position until the first days of the following month. The regularization of these transactions does not affect the Group’s net income. f) As of December 31, 2023, the balance corresponds mainly to the payment in advance in favor of Latam Airlines Group S.A. Perú Branch for US$ 169.7 629.5 128.0 488.4 g) Credicorp’s principal associate is Pacífico S.A Entidad Prestadora de Salud ( Pacífico h) Investment properties - The movement of investment properties is as follows: 2023 2022 Land Buildings Total Total S/(000) S/(000) S/(000) S/(000) Cost Balance at January 1 328,131 285,188 613,319 526,935 Additions (i) – 25,034 25,034 87,132 Disposals and others 14,486 (13,146 ) 1,340 (748 ) Ending Period 342,617 297,076 639,693 613,319 Accumulated depreciation Balance at January 1 – 63,351 63,351 56,412 Depreciation for the period – 8,115 8,115 7,107 Disposals and others – 1,543 1,543 (168 ) Ending Period – 73,009 73,009 63,351 Impairment losses (ii) 689 721 1,410 1,410 Net carrying amount 341,928 223,346 565,274 548,558 Land and buildings are mainly used for office rental, which are free of all encumbrances. (i) As of December 31, 2023, the Group has made disbursements for the acquisition of land and real estate for S/ 25.0 87.1 (ii) The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount. As of December 31, 2023, and 2022, the market value of the properties amounts to approximately S/1,235.2 million and S/1,206.5 million, respectively; which was determined through a valuation made by an independent appraiser. i) As of December 31, 2023, and 2022, the balance corresponds mainly to accounts payable to suppliers, accounts payable to client investors in stock exchange, for accounts payable to policyholders, account payable to intermediaries, accounts payable for premiums to the deposit insurance fund, dividend payable to minor shareholders, accounts payable for foreign exchange sale, interbank operations to be settled with the BCRP, among others. j) The movement of the provision for sundry risks for the years ended December 31, 2023, 2022 and 2021 was as follows: 2023 2022 2021 S/(000) S/(000) S/(000) Balance at the beginning of the year 624,149 614,012 514,382 Provision, note 25 95,873 43,846 70,824 Increase (decrease), net (58,285 ) (33,709 ) 28,806 Balances at the end of the year 661,737 624,149 614,012 Because of the nature of its business, the Group has various pending lawsuits, which provisions |
DEPOSITS AND OBLIGATIONS
DEPOSITS AND OBLIGATIONS | 12 Months Ended |
Dec. 31, 2023 | |
DEPOSITS AND OBLIGATIONS [Abstract] | |
DEPOSITS AND OBLIGATIONS | 13 DEPOSITS AND OBLIGATIONS a) This item consists of the following: 2023 2022 S/(000) S/(000) Saving deposits 52,375,813 54,769,045 Demand deposits 48,229,323 48,467,248 Time deposits (c) 41,290,011 37,478,269 Severance indemnity deposits 3,185,603 3,824,629 Bank’s negotiable certificates 1,194,653 1,418,740 Total 146,275,403 145,957,931 Interest payable 1,429,591 1,062,856 Total 147,704,994 147,020,787 The Group has established a policy to remunerate demand deposits and savings accounts according to a growing interest rate scale, based on the average balance maintained in those accounts; on the other hand, according to its policy, balances that are lower than a specified amount for each type of account do not bear interest. Also, time deposits earn interest at market rates. Interest rates are determined by the Group considering the interest rates prevailing in the market in which each of the Group’s subsidiaries operates. b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below: 2023 2022 S/(000) S/(000) Non-interest-bearing - In Peru 37,627,288 39,370,497 In other countries 4,607,210 3,975,654 42,234,498 43,346,151 Interest-bearing - In Peru 94,452,833 92,276,991 In other countries 9,588,072 10,334,789 104,040,905 102,611,780 Total 146,275,403 145,957,931 c) The balance of time deposits classified by maturity is as follows: 2023 2022 S/(000) S/(000) Up to 3 months 23,975,997 17,201,364 From 3 months to 1 year 11,420,212 12,688,483 From 1 to 3 years 2,472,740 4,144,424 From 3 to 5 years 327,136 502,291 More than 5 years 3,093,926 2,941,707 Total 41,290,011 37,478,269 In Management’s opinion the Group’s deposits and obligations are diversified with no significant concentrations as of December 31, 2023, and 2022. As of December 31, 2023 and 2022, the balance of deposits and obligations, guaranteed by the Peruvian “Fondo de Seguro de Depositos” (Deposit Insurance Fund) amounts to approximately S/51,875.6 million and S/52,745.2 million, respectively. At said dates, maximum amount of coverage per depositor recognized by “Fondo de Seguro de Depositos” totaled S/123,810.0 and S/125,603.0, respectively. As of December 31, 2023 and 2022, the balance of deposits and obligations of Banco de Crédito Bolivia guaranteed by the “Fondo de Protección al Ahorrista” (FPAH, for its Spanish acronym) of Bolivia, amounts to Bs 1,409.9 million Bolivianos (equivalent to S/762.3 million) and Bs 1,369.4 million Bolivianos (equivalent to S/762.1 million), respectively. At said dates, maximum amount of coverage per depositor recognized by “FPAH” totaled Bs 90,240.3 Bolivianos and Bs 96,359.0 Bolivianos (equivalent to S/48,790.4 and S/53,627.0, respectively). As of December 31, 2023 and 2022, the balance of deposits and obligations of MiBanco Colombia guaranteed by the “Fondo de Garantía de las Instituciones Financieras” (FOGAFÍN, for its Spanish acronym) of Colombia, amounts to $53,049.4 million Colombian pesos (equivalent to S/50.8 million) and $61,349.2 million Colombian pesos (equivalent to S/48.2 million), respectively. At said dates, maximum amount of coverage per depositor recognized by “FOGAFÍN” totaled $50,000,000.0 Colombian pesos (equivalent to S/47,850.0 and S/39,300.0, respectively). |
DUE TO BANKS AND CORRESPONDENTS
DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended |
Dec. 31, 2023 | |
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |
DUE TO BANKS AND CORRESPONDENTS | 14 DUE TO BANKS AND CORRESPONDENTS a) This item consists of the following: 2023 2022 S/(000) S/(000) International funds and others (b) 7,362,734 4,694,617 COFIDE and FONCODES 4,389,433 4,107,294 Inter-bank funds 324,400 – 12,076,567 8,801,911 Interest payable 202,114 135,500 Total 12,278,681 8,937,411 b) This item consists of the following: 2023 2022 S/(000) S/(000) Bank of America N.A. 1,019,975 149 Club Deal Loan (i) 923,965 946,605 Wells Fargo Bank N.A. 898,275 190,699 Bank of New York Mellon 593,440 572,100 International Finance Corporation (IFC) (ii) 567,240 382,840 Standard Chartered Bank Hong Kong LTD 483,654 – Sumitomo Mitsui Banking Corporation 426,535 – Corporación Financiera de Desarrollo (COFIDE) 409,890 503,538 Caixabank 370,900 190,700 Commerzbank AG 370,900 – Banco de la Nación 355,000 – Citibank N.A. 185,450 381,400 Zürcher Kantonalbank 185,450 95,350 Bradesco Bac Florida Bank 92,725 76,280 Banco BBVA Perú 60,000 114,000 Bancolombia S.A. 58,171 59,604 Banco Bisa S.A. 51,364 – Banco Nacional de Bolivia S.A. 50,994 – Banco Internacional del Perú S.A.A. (Interbank) (iii) 50,933 150,000 ICBC Perú Bank S.A. 50,000 100,000 Banco de Occidente 47,463 84,096 Bancoldex 45,292 126,957 Standard Chartered Bank – 266,923 Scotiabank Perú S.A.A. – 120,000 The Toronto Dominion Bank – 247,910 Others 65,118 85,466 Total 7,362,734 4,694,617 As of December 31, 2023, the loans have maturities between January 2024 and April 2035 (between January 2023 and December 2031, as of December 31, 2022) and accrue interest in soles currency at rates that fluctuate between 2.23 percent and 9.33 percent (between 2.23 percent and 9.45 percent, as of December 31, 2022) and accrue interest in foreign currency as follows: 2023 2022 Min Max Min Max % % % % Boliviano 4.90 6.90 6.00 6.00 Colombian peso 0.45 17.64 0.40 17.04 U.S. Dollar 5.78 7.09 1.50 6.32 (i) The balances as of December 31, 2023 and 2022, include a loan under Club Deal Loan for 25 months for US$250.0 million equivalent to S/927.3 million, having five foreign banks as borrowers: Wells Fargo Bank NY - Agent Administrative, Standard Chartered Bank, JP Morgan Chase Bank N.A., HSBC Bank and Bank of America. Subsequently, in April 2023, JP Morgan Chase Bank carried out a partial assignment of its collection rights in favor of ICBC Perú Bank S.A. for US$20.0 million or S/74.2 million, making it the sixth borrower of the Deal Club. The loan accrues interest at a 3-month SOFR variable rate plus a spread of 1.5 percent. Likewise, the expenses linked to said transaction were deferred and are coming accruing proportionally over the life of the loan. (ii) As of December 31, 2023, Mibanco maintain cross currency swaps (CCS) that were designated as cash flow hedges of certain repo operations in U.S. dollars for a nominal amount of US$60.0 million, equivalent to S/222.5 million. (iii) As of December 31, 2023, Mibanco maintain a foreign currency forward for a nominal amount of US$14.7 million, equivalent to S/54.4 million. c) Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they mature between January 2024 January 2032 3.50 7.60 7.75 January 2023 January 2032 3.50 7.60 7.75 S/ 4,389.4 4,107.3 d) The following table presents the maturities of due to banks and correspondents as of December 31, 2023 and 2022 based on the period remaining to maturity: 2023 2022 S/(000) S/(000) Up to 3 months 3,513,860 1,420,872 From 3 months to 1 year 3,514,114 1,562,224 From 1 to 3 years 1,568,163 2,660,926 From 3 to 5 years 795,765 694,308 More than 5 years 2,684,665 2,463,581 Total 12,076,567 8,801,911 e) As of December 31, 2023 and 2022 f) Certain debts to banks, correspondents and other entities include specific agreements on how the funds received should be used, the financial conditions that the Bank must maintain, as well as other administrative matters. In Management’s opinion, these specific agreements have been fulfilled by the Bank as of December 31, 2023 and 2022 |
BONDS AND NOTES ISSUED
BONDS AND NOTES ISSUED | 12 Months Ended |
Dec. 31, 2023 | |
BONDS AND NOTES ISSUED [Abstract] | |
BONDS AND NOTES ISSUED | 15 BONDS AND NOTES ISSUED a) This item consists of the following: Hedge Accounting As of December 31, 2023 As of December 31, 2022 Annual interest Interest Type Notional Notional Issued Carrying Issued Carrying rate payment Maturity amount amount Maturity amount amount % (000) S/(000) (000) S/(000) (000) S/(000) Senior notes - BCP (i) 2.70 Semi-annual CCS US$220,000 815,980 January 2025 US$700,000 2,571,032 January 2025 US$700,000 2,623,445 Senior notes - BCP (ii) 4.65 Semi-annual - - - September 2024 S/2,900,000 2,496,413 September 2024 S/2,900,000 2,490,872 Senior notes - Credicorp Ltd. (iii) 2.75 Semi-annual - - - June 2025 US$500,000 1,706,587 June 2025 US$500,000 1,827,682 Senior notes - BCP (iv) 5.05 Semi-annual - - - June 2027 US$30,000 111,143 June 2027 US$30,000 114,246 Senior notes - BCP (v) 0.97 Semi-annual CCS ¥3,000,000 78,969 November 2025 ¥3,000,000 78,828 - - Senior notes - BCP (v) 0.45 Semi-annual - - - - - - December 2023 ¥5,000,000 145,522 Senior notes - BCP 4.25 Semi-annual - - - - - - April 2023 US$716,301 2,713,911 Corporate bonds - First program First issuance (Series A) - Mibanco Colombia 9.00 Quarterly – – – January 2025 $112,500 82,712 January 2025 $112,500 72,118 7,046,715 9,987,796 Hedge Accounting As of December 31, 2023 As of December 31, 2022 Annual interest Interest Type Notional Notional Issued Carrying Issued Carrying rate payment Maturity amount amount Maturity amount amount % (000) S/(000) (000) S/(000) (000) S/(000) Subordinated bonds - Subordinated bonds - BCP (vi) From 3.13 to 3.25 Semi-annual - - - July 2030 / September 2031 US$1,350,000 4,954,968 July 2030 / September 2031 US$1,350,000 5,064,963 First program First issuance (Series A) - Pacífico Seguros (vii) 6.97 Quarterly - - - - - November 2026 US$60,000 228,840 Second program Second issuance (Series A) - Pacífico Seguros 4.41 Semi-annual - - - December 2030 US$50,000 205,952 December 2030 US$50,000 173,635 Second issuance (Series B) - Pacífico Seguros 8.00 Semi-annual - - - May 2033 US$60,000 185,450 - - - First issuance (Series B) - MiBanco 7.22 Semi-annual - - - June 2027 S/30,000 30,000 June 2027 S/30,000 30,000 Third program Issuance IV - Banco de Crédito de Bolivia 5.85 Semi-annual - - - February 2033 65,562 - - Issuance III - Banco de Crédito de Bolivia 6.00 Semi-annual - - - August 2030 Bs100,000 54,067 August 2030 Bs100,000 55,653 Issuance I - Banco de Crédito de Bolivia 6.25 Semi-annual - - - August 2028 Bs70,000 37,847 August 2028 Bs70,000 39,047 Fourth program First issuance (Series A) - MiBanco 5.84 Semi-annual - - - March 2031 S/155,000 146,274 March 2031 S/155,000 146,276 5,680,120 5,738,414 Negotiable certificate of deposit - MiBanco Colombia From 1.0 to 17.90 To maturity - - - January 2024 / January 2027 $1,295,640 1,239,824 January 2023 / January 2027 $978,455 769,132 Negotiable certificate of deposit - MiBanco From 3.30 to 8.41 Annual - - - January 2024 / June 2025 S/407,101 407,101 January 2023 / June 2024 S/356,547 356,547 14,373,760 16,851,889 Interest payable 221,025 155,305 Total 14,594,785 17,007,194 International issues contain certain operating covenants, which, in Management’s opinion, the Group has complied with at the dates of the statement of financial position. (i) The Bank issued Senior Notes under the Medium-Term Program proof approximately US$ 700.0 2.70 As of December 31, 2023, the bank maintains a currency swap (CCS) for a notional amount of US$220.0 million equivalent to S/816.0 million (US$220.0 million equivalent to S/839.1 million, as of December 31, 2022), note 12(c), which was designated as a partial cash flow hedge of a senior note issued in US dollars at fixed rate; through such CCS, the senior note was economically converted to soles at fixed rate. (ii) The Bank can redeem the whole or part of the Senior Notes between October 17, 2021 and August 16, 2024, at a redemption price equal to or greater than: (i) 100 percent of the aggregate principal amount of the notes, and (ii) the sum of the present value of cash flows discounted at interest rate equivalent to sovereign bonds issued by the government of Perú (iii) As of December 31, 2023, Credicorp Ltd. maintains Senior Notes for approximately US$486.0 million, equivalent to S/1,802.6 million (US$500.0 million, equivalent to S/1,907.0 million as of December 31, 2022) at fixed interest rate, whose maturity date is on June 17, 2025. All or part of the notes may be redeemed primarily in the following ways: (i) on any date prior to May 17, 2025, upon full or partial repurchase, with a penalty interest rate equal to the United States Treasury rate plus 40 basis points, and (ii) on any date on or after May 17, 2025, at par value. Principal will be paid on the maturity date or upon redemption of the notes. In December 2023, the Group decided to unwind the accounting hedge of the net investment abroad held for a portion of these bonds issued for approximately US$228.8 million (US$228.8 million, equivalent to S/872.8 million as of December 31, 2022), which hedged for the same amount the exposure of the net investment in the subsidiary Atlantic Security Holding Corporation (ASHC), incorporated in Cayman Islands and whose functional currency is the US dollar, see note 30.2(b)(ii). This hedge was intended to hedge the exchange rate fluctuation risk associated with the translation of the net investment held in ASHC to the Group’s functional currency (in Soles). (iv) On June 21, 2022, the Bank issued senior notes under the Medium-Term Bond Program amounting to US$30.0 million at a semi-annual rate of 5.05 percent maturing in June 2027. An amount equivalent to the net proceeds from the offering will be used to finance or refinance, in whole or in part, new or existing green Eligible Projects, as per BCP’s Sustainability Financing Framework dated January 2022. The Bank may redeem all or part of the notes at a redemption price equal to 100 percent of the aggregate amount of the principal of the notes to be redeemed. (v) On December 2023, the cross currency swap (CCS) matured for a nominal amount of ¥5,000.0 million (¥5,000.0 million equivalent to S/145.7 million as of December 31, 2022) designated to hedge cash flows of bonds issued in yen at a fixed rate, which were converted to soles, see note 12(c). On September 19, 2023, the Bank issued Senior Notes for approximately ¥3,000.0 million equivalent to S/79.0 million, as of December 31,2023, with a fixed rate of 0.97 percent, whose maturity on November 19, 2025. As of December 31, 2023, the bank maintains a cross currency swap (CCS) for a nominal amount of ¥3,000.0 million equivalent to S/79.0 million, see note 12(c), which was decomposed by risk variables into two cross currency swaps (CCS) with the purpose of being designated as a cash flow hedge of a bond issued in yen at a fixed rate, which was converted to soles through this swap and as a cash flow hedge of placements. (vi) On July 1, 2020, the Bank issued Subordinated Notes under the Medium-Term Bond Program amounting to US$850.0 million at a semiannual rate of 3.125 percent maturing in July 2030 called “3.125% Fixed Rate Subordinated Notes Due 2030 (Callable 2025).” As of July 1, 2025, It will be paid a fixed interest rate equal to the United States Treasury interest rate, comparable to On the other hand, effective March 30, 2021, the Bank issued Subordinated Notes under the Medium-Term Bond Program for US$500.0 million at a semi-annual coupon rate of 3.25 percent maturing in September 2031. called “Subordinated Bonds at a Fixed Interest Rate at 3.250% maturing in 2031 (Callable in 2026)”. As of September 30, 2026, a fixed interest rate will be paid equal to the United States Treasury interest rate, comparable to 5 years, plus 245.0 basis points. On September 30, 2026, the Bank may redeem all or part of the subordinated notes at a redemption price that is equal to 100 percent of the aggregate principal amount of the subordinated notes to be redeemed. Thereafter, the Bank may redeem all or part of the subordinated notes at a redemption price that is equal to the greater of (i) 100 percent of the principal amount of the subordinated notes and (ii) the sum of the cash flows remaining discounted at a rate equivalent to the United States Treasury interest rate plus 40 basis points. Principal payment will take place on the maturity date of the subordinated notes or when the Bank redeems them. (vii) On May 17, 2023, Pacífico Compañía de Seguros y Reaseguros S.A. has completed the total redemption of the subordinated bonds called ‘First issuance of the First Pacífico Subordinated Bonds Program’ for a notional of US$60.0 million, with maturity in the year 2026. b) The table below shows the bonds and notes issued, classified by maturity, without accrued interests: 2023 2022 S/(000) S/(000) Up to 3 months 174,341 128,442 From 3 months to 1 year 3,660,915 3,671,142 From 1 to 3 years 4,728,629 7,184,334 From 3 to 5 years 159,754 388,396 More than 5 years 5,650,121 5,479,575 Total 14,373,760 16,851,889 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY [Abstract] | |
EQUITY | 16 EQUITY a) Capital stock - As of December 31, 2023, 2022 and 2021 a total of 94,382,317 shares have been issued at US$5 per share. b) Treasury stock - We present below the stocks of Credicorp Ltd., the number of shares that the Group’s subsidiaries own in Credicorp Ltd. as of December 31, 2023, 2022 and 2021: Number of shares As of December 31, 2023 Shares of the Group Shared-based payment (*) Total Atlantic Security Holding Corporation 14,620,846 – 14,620,846 BCP – 109,185 109,185 Atlantic Security International Financial Services – 39,309 39,309 Grupo Crédito – 36,698 36,698 Pacífico Seguros – 19,912 19,912 Mibanco – 14,128 14,128 Credicorp Capital Servicios Financieros – 13,267 13,267 ASB Bank Corp. – 12,041 12,041 Other minors – 20,710 20,710 14,620,846 265,250 14,886,096 Number of shares As of December 31, 2022 Shares of the Group Shared-based payment (*) Total Atlantic Security Holding Corporation 14,620,846 – 14,620,846 BCP – 120,505 120,505 Grupo Crédito – 23,214 23,214 Pacífico Seguros – 20,606 20,606 Credicorp Capital Servicios Financieros – 15,007 15,007 Mibanco – 14,260 14,260 ASB Bank Corp – 11,791 11,791 Other minors – 22,994 22,994 14,620,846 228,377 14,849,223 Number of shares As of December 31, 2021 Shares of the Group Shared-based payment (*) Total Atlantic Security Holding Corporation 14,620,846 – 14,620,846 BCP – 134,133 134,133 Pacífico Seguros – 22,966 22,966 Credicorp Capital Servicios Financieros – 15,561 15,561 Mibanco – 14,418 14,418 ASB Bank Corp. (Atlantic Security Bank) – 11,193 11,193 Grupo Crédito – 7,871 7,871 Other minors – 23,381 23,381 14,620,846 229,523 14,850,369 (*) It corresponds mainly to the treasury shares that were granted to employees and Senior Management, for which they have the right to vote, and to a lesser extent to the shares acquired for coverage purposes for the new complementary retention program. These shares are not released on said dates. During 2023, 2022 and 2021, the Group purchased 163,067, 137,604 and 97,951 shares of Credicorp Ltd., respectively, for a total of US$22.5 million (equivalent to S/85.6 million), US$22.5 million (equivalent to S/83.6 million) and US$16.1 million (equivalent to a S/58.9 million), respectively. c) Reserves - Certain Group’s subsidiaries are required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 percent, depending on its activities and the country in which production takes place); this reserve must be constituted with annual transfers of not less than 10 percent of net profits. As of December 31, 2023, 2022 and 2021, the balance of this reserves amounts approximately to S/8,621.7 million, S/7,783.3 million and S/7,088.6 million, respectively. At the Board meetings held on April 27, 2023 , April 28, 2022 “Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income and on cash flow hedges derivative instruments, net of deferred income tax and non-controlling interest. Movement was as follows: Other reserves: Instruments that will not be reclassifed to profit or loss Instruments that will be reclassified to consolidated statement of income Equity instruments at fair value Debt instruments at fair value Reserve for cash flow hedges Insurance reserves Foreign currency translation reserve Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balance as of January 1, 2021 315,202 2,256,531 (41,102 ) (892,598 ) 227,865 1,865,898 Decrease in net unrealized gains on investments (108,317 ) (2,411,900 ) – – – (2,520,217 ) Transfer to results of the net realized loss of investments – 3,848 – – – 3,848 Transfer of recovery of credit loss of investments to profit or loss – 8,121 – – – 8,121 Change in net unrealized gain on cash flow hedges derivatives – – 97,251 – – 97,251 Transfer of net realized gain on cash flow hedges derivatives to profit or loss – – (56,422 ) – – (56,422 ) Other reserves – – – 733,932 – 733,932 Foreign exchange translation – – – – 160,810 160,810 Net movement in hedges of net investments in foreign businesses – – – – (57,319 ) (57,319 ) Balance as of December 31, 2021 206,885 (143,400 ) (273 ) (158,666 ) 331,356 235,902 Impact of initial application of IRFS 17 – – – 158,666 – 158,666 Others – 3,900 – – 5,681 9,581 Balances as of January 1, 2022 - Restated 206,885 (139,500 ) (273 ) – 337,037 404,149 Decrease in net unrealized gains on investments (36,477 ) (1,629,016 ) – – – (1,665,493 ) Transfer to results of the net realized loss of investments – 49,754 – – – 49,754 Transfer of recovery of credit loss of investments to profit or loss – 63,203 – – – 63,203 Change in net unrealized gain on cash flow hedges derivatives – – 29,109 – – 29,109 Transfer of net realized gain on cash flow hedges derivatives to profit or loss – – (28,048 ) – – (28,048 ) Other reserves – – – 1,133,536 – 1,133,536 Foreign exchange translation – – – – (301,969 ) (301,969 ) Net movement in hedges of net investments in foreign businesses – – – – 39,587 39,587 Balance as of December 31, 2022 170,408 (1,655,559 ) 788 1,133,536 74,655 (276,172 ) Decrease (increase) in net unrealized gains on investments (12,247 ) 1,241,632 – – – 1,229,385 Transfer to results of the net realized loss of investments – 7,789 – – – 7,789 Transfer of recovery of credit loss of investments to profit or loss – 8,716 – – – 8,716 Change in net unrealized gain on cash flow hedges derivatives – – 18,359 – – 18,359 Transfer of net realized gain on cash flow hedges derivatives to profit or loss – – (30,550 ) – – (30,550 ) Other reserves – – – (754,192 ) – (754,192 ) Foreign exchange translation – – – – 73,498 73,498 Net movement in hedges of net investments in foreign businesses – – – – 18,950 18,950 Balance as of December 31, 2023 158,161 (397,422 ) (11,403 ) 379,344 167,103 295,783 d) Components of other comprehensive income - The movement of the item is as follows: 2023 2022 2021 (Restated) S/(000) S/(000) S/(000) To be reclassified to the consolidated statement of income in later periods comprehensive income Debt instruments at fair value through other Net unrealized gain (loss) 1,241,632 (1,629,016 ) (2,411,900 ) Transfer to results of net realized loss 7,789 49,754 3,848 Transfer of recovery of credit loss to profit or loss 8,716 63,203 8,121 Sub total 1,258,137 (1,516,059 ) (2,399,931 ) Non-controlling interest 18,317 (15,535 ) (39,890 ) Income tax 58,489 (82,459 ) (52,086 ) 1,334,943 (1,614,053 ) (2,491,907 ) Cash flow hedge reserves - Net gain on cash flow hedges 18,359 29,109 97,251 Transfer of net realized gain on cash flow hedges derivatives to profit or loss (30,550 ) (28,048 ) (56,422 ) Sub total (12,191 ) 1,061 40,829 Non-controlling interest (148 ) 27 923 Income tax (5,104 ) 158 16,834 (17,443 ) 1,246 58,586 Other reserves - Insurances reserves (754,192 ) 1,133,536 733,932 Non-controlling interest (8,619 ) 10,604 8,513 Income tax – – 26,846 (762,811 ) 1,144,140 769,291 Foreign exchange traslation - Exchange gains or losses 73,498 (301,969 ) 160,810 Net movement in hedges of net investments in foreign businesses 18,950 39,587 (57,319 ) Sub total 92,448 (262,382 ) 103,491 Non-controlling interest (34 ) (114 ) 358 92,414 (262,496 ) 103,849 2023 2022 2021 (Restated) S/(000) S/(000) S/(000) Not to be reclassified to the consolidated statement of income in later periods: Equity instruments at fair value through other comprehensive income - Net unrealized loss (12,247 ) (36,477 ) (108,317 ) Non-controlling interest 127 23 33 Income tax 3,791 (2,109 ) (5,402 ) (8,329 ) (38,563 ) (113,686 ) Attributable to: Credicorp’s equity holders 571,955 (680,321 ) (1,629,996 ) Non-controlling interest 9,643 (4,995 ) (30,063 ) 581,598 (685,316 ) (1,660,059 ) e) Dividend distribution – The chart below shows the distribution of dividends agreed by the Board of Directors : 2023 2022 2021 Date of Meeting - Board of Directors 27.04.2023 28.04.2022 26.08.2021 Dividends distribution, net of treasury shares effect (in thousands of soles) 1,994,037 1,196,422 398,808 Payment of dividends per share (in soles) 25.0 15.0 5.0 Date of dividends payout 09.06.2023 10.06.2022 07.10.2021 Exchange rate published by the SBS 3.6901 3.7560 4.1310 Dividends payout (equivalent in thousands of US$) 540,375 318,536 96,540 In accordance with current Peruvian legislation, there is no restriction for overseas remittance of dividends or the repatriation of foreign investment. As of December 31, 2023, 2022 and 2021 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax. f) Regulatory capital - As of December 31, 2023 and 2022, the regulatory capital requirement (“patrimonio efectivo” in Perú) applicable to Credicorp subsidiaries engaged in financial services and insurance activities in Perú, determined under the provisions of the Peruvian banking and insurance regulator, SBS, totals approximately S/33,452.6 million and S/31,754.6 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/7,731.9 million and S/8,157 million, respectively, the minimum regulatory capital required by the SBS. |
TAX SITUATION
TAX SITUATION | 12 Months Ended |
Dec. 31, 2023 | |
TAX SITUATION [Abstract] | |
TAX SITUATION | 17 TAX SITUATION a) Credicorp is not subject to income tax, wealth tax, capital gains tax or property tax in Bermuda. Credicorp’s Peruvian subsidiaries are subject to the Peruvian tax regime. The Peruvian corporate income tax rate at December 31, 2023, 2022 and 2021 was 29.5 percent of taxable income after calculating workers’ participation, which is determined using a rate of 5.0 percent. The corporate income tax rate in Bolivia is 25.0 percent as of December 31, 2023 and 2022. Bolivian financial entities are subject to an additional rate to the extent that the ROE exceeds 6.0 percent; in that case, they must consider an additional rate of 25.0 percent, which would bring the rate to 50.0 percent. As of 2021, the aforementioned additional rate is also applicable to brokerage firms, mutual fund management companies and insurance companies. In the case of Chile, the tax legislation changed in 2020, establishing two new regimes currently in force: the general regime and the Pro-Pyme regime, the latter applicable to smaller companies. Credicorp Capital Holding Chile, as well as all its subsidiaries, are taxed under the general regime, whose corporate income tax rate for domiciled legal entities remains at 27.0 percent as of December 31, 2023. Individuals or legal entities not domiciled in Chile will be subject to an additional tax at rates between 4.0 percent and 35.0 percent, depending on the nature of the income. In Colombia, according to Law No.2277 of 2021 issued on December 13, 2022, the general income tax rate for the year 2023 is 35.0 percent and for financial institutions an additional 5.0 percent is added for the taxable years 2023 to 2027, totaling a general income tax rate of 40.0 percent (for the taxable year 2022 3.0 percentage points were added to the general tax rate, totaling an income tax rate of 38.0 percent). The additional rate of 5.0 percent will be applicable only to financial institutions that in the corresponding taxable year have a taxable income equal to or greater than 120,000 Unidad de Valor Tributario (“UVT”), which as of December 31, 2023 and 2022 is equivalent to a total of S/4.4 million and S/3.6 million respectively. In this sense, Credicorp Capital Colombia, Credicorp Capital Fiduciaria and Mibanco Colombia must pay income tax taking into account the above. Additionally, in case of receiving occasional profits, listed and established by the National Government in the Tax Statute and which are not subject to income tax, a differential rate of 10.0 percent must be applied on the net profit and the associated expenses respectively. In fiscal year 2021, the Colombian Tax Reform Law repealed, as from fiscal year 2022, the rule that allowed taking 100.0 percent of the industry and commerce tax as a tax discount of the income tax, notices and boards. Therefore, in fiscal year 2023 only 50.0 percent of the industry and commerce tax, signs and boards may be taken as tax discount. The deadlines for the finality of the income and complementary tax return for the taxable periods 2022 and 2023 are established as follows: Increase in net income tax compared to the previous year Closed tax return 35 percent 6 months 25 percent 12 months The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows: 2023 2022 2021 In millions % In millions % In millions % Theoretical tax and income tax rate in Perú (2,040.9 ) (29.50 ) (2,022.5 ) (29.50 ) (1,573.2 ) (29.50 ) Decrease (Increase) in the statutory tax rate due to: (i) Decrease (Increase) due to the profit of subsidiaries not domiciled in Perú 52.8 0.77 (75.8 ) (1.11 ) (12.8 ) (0.24 ) (ii) Provision tax on dividends (235.7 ) (3.44 ) (168.4 ) (2.46 ) (78.6 ) (1.47 ) (iii) Non-taxable income, net 335.3 4.59 156.2 2.29 3.6 0.06 Income tax and effective income tax rate (1,888.5 ) (27.58 ) (2,110.5 ) (30.78 ) (1,661.0 ) (31.15 ) b) Income tax expense for the years ended December 31, 2023, 2022 and 2021 comprises: 2023 2022 2021 S/(000) S/(000) S/(000) Current - In Perú 1,669,370 1,799,467 945,937 In other countries 295,169 197,971 167,657 1,964,539 1,997,438 1,113,594 Deferred - In Perú (28,734 ) 37,447 548,920 In other countries (47,354 ) 75,616 (1,527 ) (76,088 ) 113,063 547,393 Total 1,888,451 2,110,501 1,660,987 c) The following table presents a summary of the Group’s deferred income tax: 2023 2022 S/(000) S/(000) Deferred income tax asset, net Deferred asset Allowance for loan losses for loan portfolio 1,023,000 1,108,687 Provision for profit sharing 70,908 73,402 Provision for sundry expenses and risks 59,984 35,393 Carry forward tax losses 63,668 50,675 Provision for pending vacations 32,370 31,724 Depreciation of improvements for leased premises 20,436 23,762 Unrealized losses due to valuation of investments at fair value through other comprehensive income 5,837 5,160 Provision of Stock awards 13,821 45,510 Unrealized losses due to valuation of investments at fair value through other comprehensive income 39,364 71,214 Unrealized gain from valuation of fair value hedging derivatives – 8,246 Others 209,491 120,239 Deferred liability Intangibles, net (176,271 ) (253,696 ) Adjustment for difference in exchange of Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) and SBS (45,016 ) (61,858 ) Buildings depreciation (63,839 ) (64,462 ) Deferred acquisitions costs (16,070 ) (16,537 ) Unrealized gain due to valuation of investments at fair value through other comprehensive income (3,743 ) (1,099 ) Buildings revaluation (2,552 ) (3,113 ) Unrealized gain in valuation on cash flow hedge derivatives (804 ) (5,262 ) Others (48,389 ) (33,238 ) Total 1,182,195 1,134,747 2023 2022 S/(000) S/(000) Deferred income tax liability, net Deferred asset Provision for sundry expenses and risks 12,395 21,192 Carry forward tax losses 19,757 19,757 Unrealized losses due to valuation of investments at fair value through other comprehensive income 8,731 41,146 Provision for workers profit sharing 17,897 12,911 Deferred income from commissions on remuneration 5,274 4,992 Others 8,674 10,270 Deferred liability Intangibles, net (36,569 ) (37,315 ) Gain generated in the reorganization of Pacífico EPS (39,515 ) (39,515 ) Deferred acquisitions costs (8,186 ) (22,991 ) Unrealized gain due to valuation of investments at fair value through other comprehensive income (13,846 ) (10,716 ) Reserve for reinstatement premium costs and deductibles (10,942 ) (11,251 ) Leasing operations related to loans (3,038 ) (3,224 ) Buildings revaluation (3,296 ) (3,296 ) Others (64,853 ) (56,965 ) Total (107,517 ) (75,005 ) As of December 31, 2023, the Group has a deferred income tax asset of S/36.3 million corresponding to unrealized gains and losses generated by investments at fair value with changes in other comprehensive income and cash flow hedges. As of December 31, 2022, the Group has a deferred income tax asset of S/114.0 million corresponding to unrealized gains and losses generated by investments at fair value with changes in other comprehensive income and cash flow hedges. d) The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows: Banco de Crédito del Perú S.A. 2016, 2017, 2020 to 2023 Mibanco 2018, 2021 to 2023 Pacífico Compañía de Seguros y Reaseguros 2018 to 2023 Credicorp Capital Servicios Financieros 2018 to 2023 Credicorp Capital Perú 2018 to 2023 Credicorp Capital Holding Perú S.A.A. 2018 to 2023 Grupo Credito 2018 to 2023 It is worth mentioning that the Tax Authority is auditing the sworn declaration of: Banco de Crédito del Perú 2019 Mibanco 2021 Grupo Crédito 2017 The Bolivian, Chilean and Colombian Tax Authorities have the power to review and, if applicable, make a new determination for the income tax the subsidiaries to Credicorp located in said countries, upon presentation of their Income Tax declarations. Additionally, in the case of Colombia, a period of 6 years was established for the taxpayers obliged to apply Transfer Prices or taxpayers who report tax losses. The annual income tax declarations pending examination by the overseas tax authorities are the following: Banco de Crédito de Bolivia 2015 to 2023 Credicorp Capital Colombia 2017 to 2023 Mibanco Colombia 2019 to 2023 Since tax regulations are subject to interpretation by the different Tax Authorities where Credicorp’s subsidiaries are located, it is not possible to determine at the present date whether any significant additional liabilities may arise from any eventual tax examinations of the Credicorp’s subsidiaries. Any resulting unpaid taxes, tax penalties or interest that may arise will be recognized as expenses in the year in which they are determined. However, Management of Credicorp and its Subsidiaries and their legal counsel consider that any additional tax assessments would not have a significant impact on the consolidated financial statements as of December 31, 2023 and 2022. e) International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD’s BEPS Pillar Two rules and include: i) A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and ii) Disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. These modifications to IAS 12 came into force on January 1, 2023, and have not had an impact on the Group’s consolidated financial statements, to the extent that Pillar Two legislation is not in force at the date of presentation of these annual accounts. The Group has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes. At the date of this report, the corresponding legislation is still pending and there is no certainty, to date or whether such legislation will be enacted and, if applicable, what the effective date of the resulting legislation will be. In 2023, the Group is in the process of evaluating its exposure to the Pillar Two legislation. Furthermore, the Group based on the analysis carried out, at the end of the 2023 financial year the Group does not anticipate substantial economic impacts resulting from the Additional Tax that would arise as a consequence of the application of Pillar Two. |
CONTINGENT RISKS AND COMMITMENT
CONTINGENT RISKS AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2023 | |
CONTINGENT RISKS AND COMMITMENTS [Abstract] | |
CONTINGENT RISKS AND COMMITMENTS | 18 CONTINGENT RISKS AND COMMITMENTS a) This item consists of the following: 2023 2022 S/(000) S/(000) Contingent credits - indirect loans (b) Endorsements and standby letters 17,737,645 18,244,865 Import and export letters of credit 2,313,970 2,683,190 Sub-total, Note 7(b) 20,051,615 20,928,055 Responsibilities under credit line agreements (c) 87,091,701 86,597,041 Total 107,143,316 107,525,096 The reference values of transactions with derivative financial instruments are recorded in accounts outside the statement of financial position in the committed currency, as presented in note 12(c). b) In the normal course of their business, the Group’s banking subsidiaries are party to transactions with off-balance sheet risk. These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statement of financial position. Credit risk for contingent credits is defined as the possibility of sustaining a loss because one of the parties to a financial instrument fails to comply with the terms of the contract. The risk of credit losses is represented by the contractual amounts specified in the related contracts. The Group applies the same credit policies in making contingent commitments and other obligations as it does for on-balance sheet instruments (Note 7(a)), including the requirement to obtain collateral when it is deemed necessary. Collateral held varies, but may include deposits in financial institutions, securities or other assets. Many of the contingent transactions reach maturity without any performance being required; therefore, the total committed amounts do not necessarily represent future cash requirements. c) Lines of credit include consumer loans and other consumer loan facilities (credit card receivables) granted to customers and are cancelable upon related notice to the customer. |
INTEREST, SIMILAR INCOME AND SI
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES [Abstract] | |
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES | 19 INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES This item consists of the following: 2023 2022 (Restated) 2021 S/(000) S/(000) S/(000) Interest and similar income Interest on loans 15,044,864 12,419,281 10,170,680 Interest on investments at fair value through other comprehensive income 1,984,408 1,595,570 1,152,542 Interest on due from banks 1,133,211 467,387 49,637 Interest on investments at amortized cost 456,543 382,097 323,689 Interest on investments at fair value through profit or loss 48,376 38,550 50,562 Dividends received 46,080 29,226 40,637 Other interest and similar income 85,013 79,171 62,659 Total 18,798,495 15,011,282 11,850,406 Interest and similar expense Interest on deposits and obligations (3,141,307 ) (1,688,245 ) (865,474 ) Interest on due to banks and correspondents (1,158,665 ) (683,078 ) (435,426 ) Interest on bonds and notes issued (634,299 ) (728,218 ) (836,977 ) Financial expenses of insurance activities (466,814 ) (426,477 ) – Deposit Insurance Fund (237,441 ) (230,255 ) (213,741 ) Interest on lease liabilities (25,574 ) (25,054 ) (27,374 ) Other interest and similar expense (196,423 ) (138,337 ) (111,810 ) Total (5,860,523 ) (3,919,664 ) (2,490,802 ) |
COMMISSIONS AND FEES
COMMISSIONS AND FEES | 12 Months Ended |
Dec. 31, 2023 | |
COMMISSIONS AND FEES [Abstract] | |
COMMISSIONS AND FEES | 20 COMMISSIONS AND FEES This item consists of the following: 2023 2022 (Restated) 2021 S/(000) S/(000) S/(000) Performance obligations at a point in time: Maintenance of accounts, transfers and credit and debit card services 1,465,318 1,595,547 1,442,966 Commissions for banking services 443,040 367,946 301,592 Collection services 119,563 119,636 107,442 Commissions for consulting and technical studies 61,390 66,291 62,384 Commissions for salary advance and payment of services 59,903 66,330 52,557 Commissions for brokerages, stockbrokers and stock markets. 43,861 44,225 40,769 Commissions for intermediation in virtual platforms 41,376 35,324 29,983 Operational commissions 41,082 36,213 76,626 Commissions for placements 32,253 27,686 18,451 Penalty commissions 1,635 3,104 21,420 Others 97,450 127,051 81,947 2,406,871 2,489,353 2,236,137 Performance obligations over time: Funds and equity management 700,663 628,739 717,227 Contingent loans and foreign trade fees 651,392 450,874 459,165 Commissions for custody of securities 45,533 73,891 81,205 1,397,588 1,153,504 1,257,597 Total 3,804,459 3,642,857 3,493,734 |
NET GAIN ON SECURITIES
NET GAIN ON SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
NET GAIN ON SECURITIES [Abstract] | |
NET GAIN ON SECURITIES | 21 NET GAIN ON SECURITIES This item consists of the following: 2023 2022 2021 S/(000) S/(000) S/(000) Net gain (loss) on investments at fair value through profit or loss 325,808 (114,892 ) (102,761 ) Net gain in associates 117,089 104,461 74,021 (Provision) of credit loss for investments at fair value with changes in other comprehensive income, note 6(b) (4,321 ) (58,260 ) (6,816 ) Net (loss) gain on investments at fair value with changes in other comprehensive income (14,917 ) 75,273 65,976 Others 1,485 (1,114 ) (1,770 ) Total 425,144 5,468 28,650 |
INSURANCE AND UNDERWRITING RESU
INSURANCE AND UNDERWRITING RESULT | 12 Months Ended |
Dec. 31, 2023 | |
INSURANCE AND UNDERWRITING RESULT [Abstract] | |
INSURANCE AND UNDERWRITING RESULT | 22 INSURANCE AND UNDERWRITING RESULT a) The insurance and reinsurance result consists of the following: 2023 2022 S/(000) S/(000) Contracts measured under BBA and VFA (b) 226,125 211,323 Contracts measured under PAA 3,629,283 3,321,947 Income from the Insurance Service 3,855,408 3,533,270 Claims incurred and adjustments related to past claims incurred and other insurance service expenses (2,232,672 ) (2,122,652 ) Losses in onerous contracts and reversal of losses (17,181 ) (92,530 ) Others (3,134 ) (15,741 ) Insurance Service Expenses (2,252,987 ) (2,230,923 ) Insurance Service Result 1,602,421 1,302,347 2023 2022 S/(000) S/(000) Variation in incurred claim provision - pending Claims - Reinsurance 448,500 317,110 Adjustment changes of incurred claim provision - RA - Reinsurance (9 ) – Income from reinsurance recoveries 448,491 317,110 Premiums assigned to the reinsurance period (839,812 ) (778,009 ) Expenses for assigning the premiums paid to the reinsurer (839,812 ) (778,009 ) Reinsurance result (391,321 ) (460,899 ) b) The result of the contracts measured under BBA and VFA of the insurance service is detailed below: 2023 2022 S/(000) S/(000) Amounts related to changes in liabilities for the remaining coverage: CSM recognized for services provided 128,639 131,588 Change in risk adjustment for non-financial risk 12,357 15,982 Expenses for insurance services and expected claims occurred 81,995 65,329 Cash recovery for the purchase of insurance 3,134 (1,576 ) Contracts measured under BBA and VFA 226,125 211,323 c) The impact of new business for onerous and non-onerous contracts is detailed below: 2023 Onerous contracts Non-onerous contracts Total S/(000) S/(000) S/(000) Estimates of the present value of future outflows: Insurance Acquisition Cash Flows 21,123 85,120 106,243 Claims and other directly attributable expenses 135,905 658,515 794,420 Estimates of the present value of future inflows (138,467 ) (856,323 ) (994,790 ) Risk adjustment for non-financial risk 1,913 6,225 8,138 CSM – 106,463 106,463 Impact on provisions for contracts recognized in the period 20,474 – 20,474 2022 Onerous contracts Non-onerous contracts Total S/(000) S/(000) S/(000) Estimates of the present value of future outflows: Insurance Acquisition Cash Flows 14,022 72,277 86,299 Claims and other directly attributable expenses 165,170 468,718 633,888 Estimates of the present value of future inflows (167,263 ) (668,931 ) (836,194 ) Risk adjustment for non-financial risk 2,562 7,569 10,131 CSM – 120,367 120,367 Impact on provisions for contracts recognized in the period 14,491 – 14,491 d) Below, we present the estimate of the release of CSM considering the reversals of the loss component: 2023 2022 S/(000) S/(000) One year 113,378 115,614 Two years 115,736 148,085 Three years 116,736 164,542 Four years 117,284 165,924 Five years 114,531 152,654 from 6 to 10 years 494,953 413,518 Older than 10 years 1,011,435 217,278 Total 2,084,053 1,377,615 e) The fair value of the underlying assets is as follows: 2023 2022 S/(000) S/(000) IL Controlled 91,502 84,570 IL Controlled Soles 186,879 187,088 IL Balanced 79,671 72,059 IL Balanced II 382,326 370,484 IL Global Balanced 87,527 75,301 IL Capitalized 1,433 328 IL Capitalized II 259 190 IL Global Growth 1,073 198 IL Sustainable Capitalization 804 – f) The impact in the current period of the transition approaches adopted to establish CSM for insurance contract portfolios is revealed in the following table: 2023 2022 S/(000) S/(000) CSM at the beginning of the period 992,527 1,251,473 Changes related to future service (11,385 ) (181,050 ) Changes related to the current service (74,030 ) (77,896 ) CSM at the end of the period 907,112 992,527 g) Below is the composition of the net premiums earned as of December 31, 2021 under IFRS 4: Gross written premiums Technical reserve adjustment Total gross written premiums (*) Premiums ceded to reinsurers and co-insurers, net (**) Results of financial assets designated at fair value through profit and loss, Total Net premiums earned S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Life insurance 2,508,154 (890,216 ) 1,617,938 (214,636 ) 54,663 1,457,965 Health insurance 630,790 (30,457 ) 600,333 (15,078 ) – 585,255 General insurance 1,140,478 (3,176 ) 1,137,302 (508,992 ) – 628,310 Total 4,279,422 (923,849 ) 3,355,573 (738,706 ) 54,663 2,671,530 (*) Gross written premiums by insurance type are described below: 2021 S/(000) % Life insurance (i) 1,617,938 48.22 Health insurance (ii) 600,333 17.89 General insurance (iii) 1,137,302 33.89 Total 3,355,573 100.00 (i) The breakdown of life insurance gross written premiums is as follows: 2021 S/(000) % Disability and survival (*) 645,194 39.88 Credit life 593,370 36.67 Individual life (**) 119,220 7.37 Group life 150,777 9.32 Annuities 109,377 6.76 Total 1,617,938 100.00 (*) This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym). (**) Individual life insurance premiums include Investment Link insurance contracts. (ii) Gross health insurance premiums include medical assistance that amounts to S/ 519.8 86.59 (iii) General insurance gross written premiums consist of the following: 2021 S/(000) % Automobile 334,939 29.45 Fire and allied lines 311,048 27.35 Theft and robbery 110,815 9.74 Third party liability 109,907 9.66 Transport 58,300 5.13 Technical lines (*) 63,792 5.61 Marine Hull 29,414 2.59 SOAT (Mandatory automobile line) 25,662 2.26 Aviation 38,275 3.37 Others 55,150 4.84 Total 1,137,302 100.00 (*) Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE). (**) ”Premiums ceded to reinsurers and coinsurers, net” include: 2021 S/(000) Premiums ceded for automatic contracts (mainly excess of loss) (355,356 ) Premiums ceded for facultative contracts, (392,346 ) Annual variation of reserve risk in progress of premiums ceded 8,996 (738,706 ) h) Below are the claims incurred by life, general and health insurance contracts as of December 31, 2021 under IFRS 4: 2021 Life insurance General insurance Health insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims 2,183,789 375,162 325,307 2,884,258 Ceded claims (406,494 ) (120,546 ) (15,301 ) (542,341 ) Net insurance claims 1,777,295 254,616 310,006 2,341,917 |
SALARIES AND EMPLOYEES BENEFITS
SALARIES AND EMPLOYEES BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
SALARIES AND EMPLOYEES BENEFITS [Abstract] | |
SALARIES AND EMPLOYEES BENEFITS | 23 SALARIES AND EMPLOYEES BENEFITS This item consists of the following: 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) Salaries 2,430,121 2,176,165 2,090,835 Vacations, medical assistance and others 433,441 357,879 342,435 Bonuses 320,084 301,097 280,568 Workers profit sharing 286,895 311,459 165,091 Additional participation 276,177 271,995 342,065 Social security 254,770 234,867 213,640 Severance indemnities 180,637 167,020 159,845 Share-based payment plans 83,328 81,679 73,997 Total 4,265,453 3,902,161 3,668,476 |
ADMINISTRATIVE EXPENSES
ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
ADMINISTRATIVE EXPENSES [Abstract] | |
ADMINISTRATIVE EXPENSES | 24 ADMINISTRATIVE EXPENSES This item consists of the following: 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) IT expenses and systems outsourcing 1,080,001 908,339 741,429 Publicity and loyalty programs 720,718 652,587 486,885 Audit, consulting and professional fees 336,715 333,325 312,978 Taxes and contributions 264,326 280,171 289,484 Transport and communications 226,860 225,491 208,244 Repair and maintenance 157,127 136,105 123,232 Outsourcing 144,534 113,211 99,440 Sundry supplies 118,510 87,844 57,093 Comissions by agents 115,120 106,356 104,700 Short term, low value and variable income lease 108,357 91,680 86,417 Security and protection 64,432 64,480 63,500 Subscriptions and quotes 61,945 55,914 55,331 Electricity and water 56,359 50,566 48,886 Insurance 56,324 62,994 62,142 Electronic processing 39,764 35,896 39,528 Cleaning 22,677 20,435 20,105 Others 229,434 188,671 154,323 Total 3,803,203 3,414,065 2,953,717 |
OTHER INCOME AND EXPENSES
OTHER INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME AND EXPENSES [Abstract] | |
OTHER INCOME AND EXPENSES | 25 OTHER INCOME AND EXPENSES This item consists of the following: 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) Other income Net results from sale of loan portfolio 83,515 18,712 15,700 Rental income 46,836 44,257 35,218 Income from previous years 33,969 66,531 33,969 Contract resolution impact 6,559 5,352 16,817 Recovery of other accounts receivable and other assets 1,862 1,299 3,728 Net income from the sale of property, furniture and equipment 1,654 14,979 16,083 Gain from the sale of adjudicated assets – 11,355 – Others 266,258 105,561 145,052 Total other income 440,653 268,046 266,567 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) Other expenses Derecognition of intangibles due to withdrawals and dismissed projects 96,978 25,140 17,630 Provision for sundry risks, see Note 12(j) 95,873 43,846 70,824 Losses due to operational risk 66,302 74,512 58,956 Association in participation 53,097 40,955 47,176 Administrative and tax penalties 28,882 1,626 1,601 Donations 23,354 16,362 9,949 Expenses on improvements in building for rent 17,445 18,962 23,814 Provision for other accounts receivable 11,975 18,736 28,324 Operating expenses due to COVID-19 7,775 20,177 50,107 Others 132,920 103,982 126,733 Total other expenses 534,601 364,298 435,114 |
EARNING PER SHARE
EARNING PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNING PER SHARE [Abstract] | |
EARNING PER SHARE | 26 EARNING PER SHARE The net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows: 2023 2022 2021 Net income attributable to equity holders of Credicorp (in thousands of Soles) 4,865,540 4,647,818 3,584,582 Number of stock Ordinary stock, note 16(a) 94,382,317 94,382,317 94,382,317 Less – opening balance of treasury stock (14,849,223 ) (14,850,369 ) (14,914,734 ) Sale (acquisition) of treasury stock, net (55,283 ) (3,615 ) 26,604 Weighted average number of ordinary shares for basic earnings 79,477,811 79,528,333 79,494,187 Plus - dilution effect - stock awards 177,709 168,462 182,208 Weighted average number of ordinary shares adjusted for the effect of dilution 79,655,520 79,696,795 79,676,395 Basic earnings per share (in Soles) 61.22 58.44 45.09 Diluted earnings per share (in Soles) 61.08 58.32 44.99 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
OPERATING SEGMENTS [Abstract] | |
OPERATING SEGMENTS | 27 OPERATING SEGMENTS The Credicorp Board of Directors organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. Next, we present the Group´s business lines: a) Universal Banking - Includes the operations related to the granting of various credits and financial instruments to individuals and legal entities, from the segments of wholesale and retail banking, such as the obtaining of funds from the public through deposits and current accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the results and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB). b) Insurance and Pensions - - Insurance: includes, mainly, the issue of insurance policies to cover losses in commercial property, transport, marine vessels, automobiles, life, health and pensions, operations carried out through Pacífico Compañía de Seguros y Reaseguros. - Pensions: provides Management Service of private pension funds to the affiliates, operation carried out from Prima AFP. c) Microfinance - Includes the management of loans, credits, deposits and current accounts of the small and microenterprises: carried out through Mibanco, Banco de la Microempresa S.A. and Mibanco - Banco de la Microempresa de Colombia S.A. d) Investment Management & Advisory - Brokerage service and investment management services offered to a broad and diverse clientele, which includes corporations, institutional investors, governments and foundations; also, the structuring and placement of issues in the primary market, as well as the execution and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds. All of these services are provided through Credicorp Capital Ltd. and subsidiaries and ASB Bank Corp. Management of these business lines is designed to: - Promote the joint action of our businesses in order to take advantage of the synergies which result from the diversification of our portfolio. - Strengthening our leadership in the financial sector through our growth in new businesses, and the establishment of an investment banking platform available not only to the corporate world, but also to the retail segment, especially to the Small and Medium Enterprise (SME) and Consumer sectors. - Improve the ongoing search to adapt our business models, processes and procedures into line with best practices worldwide. The operating results of the Group’s new business lines are monitored separately by the Board of Directors and Senior Management on a monthly basis, in order to make decisions regarding the allocation of resources and the evaluation of the performance of each one of the segments. The Chief Operating Decision Maker (CODM) of Credicorp is the Chief Executive Officer (CEO). The performance of the segments is evaluated based on the operating profits or losses and is measured consistently with the operating profits and losses presented in the consolidated statement of income. Financial information by segment is prepared subject to the minimum controls necessary and on a uniform basis, with coherent grouping according to the type of activity and customer. The transfer prices used for determining income and expenses generated among the operating segments are similar to the prices that would be applicable to transactions carried out at arm’s length. None of the income derives from transactions carried out with a single customer or counterparty which is equal to or greater than 10 percent or more of the total income of the Group as of December 31, 2023, 2022 and 2021. (i) The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2023, 2022 and 2021: Income (*) 2023 External From other segments (**) Net interest, similar income and expenses Other income (***) Provision for credit losses on loan portfolio Depreciation, amortization and right in use Income Tax Net Profit Additions of fixed assets, intangibles and goodwill Total assets Total liabilities Universal Banking Banco de Crédito del Perú 16,987 578 9,927 4,511 (2,846 ) (459 ) (1,497 ) 4,203 765 178,834 155,913 Banco de Crédito de Bolivia 920 – 163 211 (50 ) (25 ) (62 ) 83 16 13,465 12,612 17,907 578 10,090 4,722 (2,896 ) (484 ) (1,559 ) 4,286 781 192,299 168,525 Insurance and Pensión funds Pacífico Seguros y subsidiarias 2,233 – 285 951 – (4 ) (40 ) 818 79 15,865 13,446 Prima AFP 395 – 4 388 – (24 ) (57 ) 150 17 741 241 2,628 – 289 1,339 – (28 ) (97 ) 968 96 16,606 13,687 Microfinance MiBanco 3,238 134 2,160 161 (923 ) (88 ) (47 ) 204 129 16,898 13,902 Mibanco Colombia 489 – 255 46 (125 ) (16 ) 26 (73 ) 44 2,113 1,849 3,727 134 2,415 207 (1,048 ) (104 ) (21 ) 131 173 19,011 15,751 Investment Management & Advisory 1,026 39 114 591 – (37 ) (43 ) (167 ) 13 10,144 8,484 Other segments 377 1 30 8 (13 ) (6 ) (168 ) (258 ) 151 4,274 2,935 Eliminations – – – – – – – – – (3,494 ) (3,649 ) Total consolidated 25,665 752 12,938 6,867 (3,957 ) (659 ) (1,888 ) 4,960 1,214 238,840 205,733 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical insurance results. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and technical insurance results. Income (*) 2022 External From other segments (**) Net interest similar income and expensese Other Income (***) Provision for credit losses on loan portfolio Depreciation, amortization and right use Income Tax Net profit Additions of fixed assets, intangibles and goodwill Total assets Total liabilities Universal Banking Banco de Crédito del Perú 13,510 518 7,828 3,139 (1,448 ) (452 ) (1,625 ) 4,258 590 177,907 157,485 Banco de Crédito de Bolivia 865 9 325 167 (69 ) (24 ) (112 ) 68 15 12,698 11,838 14,375 527 8,153 3,306 (1,517 ) (476 ) (1,737 ) 4,326 605 190,605 169,323 Insurance and Pensión funds Pacífico Seguros y subsidiarias 1,689 63 301 758 – (3 ) (12 ) 467 80 14,565 12,149 Prima AFP 354 4 – 354 – (23 ) (48 ) 110 29 735 238 2,043 67 301 1,112 – (26 ) (60 ) 577 109 15,300 12,387 Microfinance MiBanco 2,750 – 2,139 31 (597 ) (76 ) (165 ) 425 96 17,226 14,444 Mibanco Colombia 375 – 236 45 (45 ) (13 ) (7 ) 14 8 1,530 1,290 3,125 – 2,375 76 (642 ) (89 ) (172 ) 439 104 18,756 15,734 Investment Management & Advisory 923 90 98 666 – (41 ) (15 ) 21 41 14,051 10,670 Other segments 453 41 165 748 – (4 ) (127 ) (603 ) 61 3,476 2,606 Eliminations – – – – – – – – – (6,774 ) (4,901 ) Total consolidated 20,919 725 11,092 5,908 (2,159 ) (636 ) (2,111 ) 4,760 920 235,414 205,819 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and technical results. Income (*) 2021 External From other segments (**) Net interest similar, income and expenses Other income net (***) Provision for credit losses on loan portfolio Depreciation and amortization Income Tax Net profit Additions of fixed asset, intangibles and goodwill Total assets Total liabilities Universal Banking Banco de Crédito del Perú 11,143 368 6,192 3,262 (1,034 ) (441 ) (1,275 ) 3,391 449 184,740 166,411 Banco de Crédito de Bolivia 891 10 337 157 (17 ) (23 ) (63 ) 72 27 13,800 12,965 12,034 378 6,529 3,419 (1,051 ) (464 ) (1,338 ) 3,463 476 198,540 179,376 Insurance and Pensions Pacífico Seguros y subsidiarias 3,544 64 610 228 – (57 ) (5 ) (130 ) 81 16,491 14,194 Prima AFP 407 1 (4 ) 406 – (21 ) (65 ) 146 12 840 265 3,951 65 606 634 – (78 ) (70 ) 16 93 17,331 14,459 Microfinance Mibanco 2,114 – 1,860 (12 ) (504 ) (78 ) (143 ) 266 50 16,163 13,800 Mibanco Colombia (****) 302 – 229 35 (4 ) (14 ) (16 ) 43 8 1,393 1,159 2,416 – 2,089 23 (508 ) (92 ) (159 ) 309 58 17,556 14,959 Investment Management & Advisory 866 73 89 767 1 (45 ) (25 ) 147 11 14,744 12,990 Other segments 182 33 47 80 (1 ) (4 ) (69 ) (263 ) 2 3,377 2,634 Eliminations – – – – – – – – – (6,701 ) (6,609 ) Total consolidated 19,449 549 9,360 4,923 (1,559 ) (683 ) (1,661 ) 3,672 640 244,847 217,809 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and technical results. (ii) The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, as of December 31, 2023, 2022 and 2021: 2023 2022 2021 Total income (*) Operating Income (**) Total current non assets (***) Total, liabilities Total income (*) Operating Income (**) Total current non assets (***) Total, liabilities Total income (*) Operating Income (**) Total current non assets (***) Total liabilities Perú 17,279 11,922 4,648 180,268 14,053 10,430 4,325 179,855 17,330 8,682 3,773 188,505 Bermudas 5,394 (45 ) – 2,086 5,151 (28 ) 134 2,123 18 (17 ) 134 2,174 Panamá 384 174 31 5,580 295 105 3 8,384 309 103 30 10,389 Cayman Islands 502 358 – 154 72 72 – 139 17 – – 88 Bolivia 1,082 328 122 12,784 960 377 113 11,885 978 373 121 13,012 Colombia 855 199 193 4,060 193 132 22 2,283 601 213 415 2,610 United States of America 29 – 14 19 8 – 5 15 33 1 1 5 Chile 129 2 75 778 187 4 119 1,132 166 1 131 1,026 Others 11 – – 4 – – 3 3 – – – – Total consolidated 25,665 12,938 5,083 205,733 20,919 11,092 4,724 205,819 19,452 9,356 4,605 217,809 (*) Including total interest and similar income, other income and net premiums earned from insurance activities. (**) Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result. (***) Non-current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net. |
TRANSACTIONS AND BALANCES WITH
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 28 TRANSACTIONS AND BALANCES WITH RELATED PARTIES a) The Group’s consolidated financial statements as of December 31, 2023 and 2022 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO. b) The following table presents the main transactions and balances with related parties and individuals as of December 31, 2023 and 2022 : 2023 2022 S/(000) S/(000) Statement of financial position - Direct loans 2,063,739 1,804,837 Investments (i) 806,700 800,021 Deposits (ii) (713,503 ) (1,138,115 ) Derivatives at fair value 516,292 336,867 (i) As of December 31, 2023, the balance includes mainly S/166.8 million of corporate bonds, Inversiones Centenario shares and S/120.5 million of corporate bonds issued by The increase in the balance corresponds mainly to the fluctuation that positively affected the investments in corporate bonds of Alicorp S.A. and Corporación Primax As of December 31, 2022, the balance includes mainly S/ 158.1 S/ 157.0 Alicorp S.A.A. shares; 155.3 corporate bonds issued by Cementos Pacasmayo S.A. 126.8 (ii) Corresponds to deposits from legal entities and individuals. As of December 31, 2023 and 2022, the balance corresponds mainly to higher deposits held by companies and related persons. 2023 2022 S/(000) S/(000) Statement of income Interest income related to loans 31,892 38,896 Interest expenses related to deposits (30,914 ) (24,143 ) Other income 9,452 13,232 Contingent risks and commitments Indirect loans 584,463 433,639 c) All transactions with related parties are made in accordance with normal market conditions available to other customers. As of December 31, 2023, direct loans to related companies are secured by collateral, had maturities between January and A ugust 2030, at an annual soles average interest rate June 2029, at an annual soles average interest rate d) As of December 31, 2023 and 2022, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. As of December 31, 2023 and 2022, direct loans to employees, directors, key management and family members amounted to S/1,383.3 million and S/1,179.2 million, respectively; they are repaid monthly and earn interest at market rates. e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2023 and 2022 was as 2023 2022 S/(000) S/(000) Director’s compensation 7,387 7,850 Senior Management Compensation: Remuneration 49,573 40,201 Stock awards vested 21,444 28,450 Total 78,404 76,501 f) As of December 31, 2023 and 2022 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented 2023 2022 S/(000) S/(000) At fair value through profit or loss: Mutual funds, investment funds and hedge funds U.S. Dollars 516,834 626,404 Bolivianos 179,131 163,701 Colombian pesos 170,769 70,987 Soles 108,830 76,535 Chilean pesos 7,198 5,735 Total 982,762 943,362 Restricted mutual funds, note 6(a)(iv) 334,162 351,317 |
FINANCIAL INSTRUMENTS CLASSIFIC
FINANCIAL INSTRUMENTS CLASSIFICATION | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS CLASSIFICATION [Abstract] | |
FINANCIAL INSTRUMENTS CLASSIFICATION | 29 FINANCIAL INSTRUMENTS CLASSIFICATION The table below shows the carrying amounts of the financial assets and liabilities captions in the consolidated statement of financial position, by categories as defined under IFRS 9 as of December 31,2023 and 2022: 2023 2022 Financial assets and liabilities at fair value through profit or loss Financial assets at fair value through other comprehensive income Financial assets and liabilities at fair value through profit or loss Financial assets at fair value through other comprehensive income Investments and derivates Investments designated at inception Investments Investments designated at inception Financial assets and liabilities measured at amortized cost Total Investments and derivates Investments designated at inception Investments Investments designated at inception Financial assets and liabilities measured at amortized cost Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash and due from banks – – – – 33,930,948 33,930,948 – – – – 34,183,840 34,183,840 Cash collateral, reverse repurchase agreements and securities borrowings – – – – 1,410,647 1,410,647 – – – – 1,101,856 1,101,856 At fair value through profit or loss 4,982,661 – – – – 4,982,661 4,199,334 – – – – 4,199,334 Investments at fair value through other comprehensive income, Note 6(b) – – 36,709,138 334,802 – 37,043,940 – – 30,449,806 336,355 – 30,786,161 Amortized cost investments – – – – 10,188,927 10,188,927 – – – – 10,445,729 10,445,729 Loans, net – – – – 136,698,135 136,698,135 – – – – 140,753,972 140,753,972 Financial assets designated at fair value through profit or loss – 810,932 – – – 810,932 – 768,801 – – – 768,801 Due from customers on banker’s acceptances – – – – 412,401 412,401 – – – – 699,678 699,678 Other assets, Note 12(a) 987,663 – – – 2,072,603 3,060,266 1,478,726 – – – 1,747,412 3,226,138 5,970,324 810,932 36,709,138 334,802 184,713,661 228,538,857 5,678,060 768,801 30,449,806 336,355 188,932,487 226,165,509 Liabilities Deposits and obligations – – – – 147,704,994 147,704,994 – – – – 147,020,787 147,020,787 Payables from repurchase agreements and securities lending – – – – 10,168,427 10,168,427 – – – – 12,966,725 12,966,725 Due to banks and correspondents – – – – 12,278,681 12,278,681 – – – – 8,937,411 8,937,411 Due from customers on banker’s acceptances – – – – 412,401 412,401 – – – – 699,678 699,678 Lease liabilities – – – – 512,579 512,579 – – – – 578,074 578,074 Financial liabilities at fair value through profit or loss 641,915 – – – – 641,915 191,010 – – – – 191,010 Bonds and notes issued – – – – 14,594,785 14,594,785 – – – – 17,007,194 17,007,194 Other liabilities, Note 12(a) 891,999 – – – 4,586,511 5,478,510 1,345,665 – – – 3,964,203 5,309,868 1,533,914 – – – 190,258,378 191,792,292 1,536,675 – – – 191,174,072 192,710,747 |
FINANCIAL AND NON-FINANCIAL RIS
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT [Abstract] | |
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT | 30 FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT The Group’s activities involve principally the use of financial instruments, including derivatives. It also accepts deposits from customers at both fixed and floating rates, for various periods, and invests these funds in high-quality assets. Additionally, it places these deposits at fixed and variable rates with legal entities and individuals, considering the finance costs and expected profitability. The Group also trades in financial instruments where it takes positions in traded and over-the-counter instruments, derivatives included, to take advantage of short term market movements on securities, bonds, currencies and interest rates. Given the Group’s activities, it has a framework for risk appetite, a corner stone of the management. The risk management processes involve continuous identification, measurement, treatment and monitoring. The Group is exposed, principally, to operating risk, credit risk, liquidity risk, market risk, strategic risk and insurance technical risk. Finally, it reports on a consolidated basis the risks to which the Group is exposed. a) Risk management structure - The Board of Directors of the Group and of each subsidiary are ultimately responsible for identifying and controlling risks; however, there are separate independent instances in the major subsidiaries responsible for managing and monitoring risks, as further explained below: (i) Group’s Board of Directors - Credicorp Board of Directors – The Credicorp Board of Directors is responsible for the overall approach to risk management of Credicorp Ltd., including the approval of its appetite for risk. Likewise; take knowledge of the level of compliance of the appetite and the level of risk exposure, as well as the relevant improvements in the integral risk management of Grupo Crédito and Subsidiaries of Credicorp (Group). Grupo Crédito’s Board of Directors – Grupo Crédito’s Board of Directors is responsible for the general approach to risk management of the Group’s subsidiaries and the approval of the risk appetite levels that it is willing to assume. Furthermore, it approves the guidelines and policies for Integral Risk Management, promotes an organizational culture that emphasizes the importance of risk management, oversees the internal control system and ensures the adequate performance of the Group’s regulatory compliance function. Group Company Boards - The Board of each company of the Group is responsible for aligning the risk management established by the Board of Grupo Crédito with the context of each one of them. For that, it establishes a framework for risk appetite, policies and guidelines. (ii) Credicorp Risk Committee - Represents the Credicorp Board of Directors, proposes the levels of risk appetite for Credicorp Ltd. Also, it is aware of the level of compliance of the risk appetite and the level of exposure assumed by Grupo Crédito and Credicorp subsidiaries and the relevant improvements in integral management of risks of said entities. The Committee will be made up of no less than three directors of Credicorp, at least one of which must be independent. Additionally, the Board of Directors may incorporate as a member one or more directors of Credicorp subsidiaries. Likewise, the coordinator of the Committee will be the Credicorp Risk Manager, with the Internal Audit Manager as an observer member (without voice or vote). Finally, the following officials will attend the sessions as guests, according to the agenda of topics to be discussed and at the invitation of the Coordinator: General Manager, Finance Manager, Manager of the Risk Management Division of BCP, and all those people who criteria assist with the development of the session. (iii) Grupo Crédito Risk Committee - Represents the Board of Grupo Crédito in risk management decision-making. Furthermore, proposes to Grupo Crédito’s Board of Directors the levels of risk appetite. This Committee defines the strategies used for the adequate management of the different types of risks and the supervision of risk appetite. In addition to it, they established principles, policies, and general limits to the Group. The Risk Committee is presided by no less than three Board members of Grupo Crédito, at least one of which must be independent. Additionally, the Board of Directors may incorporate as a member one or more directors of the Group. Likewise, the coordinator of the Committee will be the Grupo Crédito Risk Manager, with the Internal Audit Manager as an observer member (without voice or vote). Finally, the following officials will attend the sessions as guests, according to the agenda of topics to be discussed and at the invitation of the Coordinator: General Manager, Finance Manager, Manager of the Risk Management Division of BCP, and all those people who criteria assist with the development of the session. In addition to effectively managing all the risks, the Grupo Crédito Risk Committee is supported by the following committees which report periodically on all relevant changes or issues relating to the risks being managed: Corporate credit Risk Committees (retail and non-retail)- The Corporate credit Risk Committees (retail and non-retail) are responsible for reviewing the tolerance level of the credit risk appetite, the limits of exposure and the actions for the implementation of corrective measures, in case there are deviations. In addition, they propose credit risk management norms and policies within the framework of governance and the organization for the integral management of credit risk. Furthermore, they propose the approval of any changes to the functions described above and important findings to the Grupo Crédito Risk Committee. Corporate Committee for Market, Structural, Trading and Liquidity Risks The Corporate Committee for Market, Structural, Trading and Liquidity Risks is in charge of analyzing and proposing corporate objectives, guidelines and policies for the Management of Market and Liquidity Risks of the Group and the Group’s companies. As well as, monitor the indicators and limits of the market risk appetite and liquidity of the Group and of each one of the companies of the Group. Likewise, it is responsible for escalating managerial decisions above its authority to the Risk Committee of Grupo Crédito. Corporate Model Risk Committee – The Corporate Model Risk Committee is responsible for analyzing and proposing the actions corrections in case there are deviations with respect to the degrees of exposure assumed in the Appetite for Model Risk. Likewise, it proposes the creation and/or modification of the government for model risk management, monitoring compliance with the same. The Model Risk Committee monitors the Group’s data and analytical strategy and the health status of the model portfolio. They are also responsible to inform the Committee of Grupo Crédito Risks on exposures, related to model risk, which involve variations in the risk profile. Corporate Operational Risk Methodology Committee - The Corporate Methodological Committee of Operational Risk has as main responsibilities to review the main indicators of Operational Risk of the companies of the Group, as well as the progress of the methodologies deployed for Operational Risk and Business Continuity. Likewise, share best practices regarding the main challenges faced by Group companies. (iv) Central Risk Management of Credicorp - The Central Risk Management of Credicorp informs the Credicorp Risk Committee of the level of compliance of the risk appetite and the level of exposure assumed by Grupo Crédito and Credicorp subsidiaries. Likewise, it reports the relevant improvements in the integral risk management of Grupo Crédito and Credicorp subsidiaries. In addition, it proposes to the Credicorp Risk Committee the risk appetite levels for Credicorp Ltd. (v) Central Risk Management of Grupo Crédito - The Central Risk Management is responsible for the implementation of policies, procedures, methodologies and the actions to be taken to identify, measure, monitor, mitigate, report and control the different types of risks to which the Group is exposed. In addition, it is responsible for participating in the design and definition of the strategic plans of the business units to ensure that they are aligned within the risk parameters approved by the Grupo Crédito Board of Directors. Likewise, it disseminates the importance of adequate risk management, specifying in each of the units, the role that corresponds to them in the timely identification and definition of the corresponding actions. The units of the Central Risk Management that manage risk at the corporate level are the following: Credit Division - The Credit Division proposes credit policies and evaluation criteria and credit risk management that the Group assumes with segment customers wholesaler. Evaluate and authorize loan proposals until their autonomy and propose their approval to the higher instances for those that exceed it. These guidelines are established on the basis of the policies set by the Grupo Crédito Board, respecting the laws and regulations in force. In addition, it assesses the evolution of the risk of wholesale clients and identifies problematic situations, taking actions to mitigate or resolve them . Risk Management Division - The Risk Management Division is responsible for ensuring that risk management directives and policies comply with the established by the Board of Directors. In addition, it is responsible for supervising the process of risk management and for coordinating with the companies of Credicorp involved in the whole process, promoting homogeneous risk management and aligned with the best practices. It also has the task of informing Board of Directors regarding: global exposure and by type of risk, as well as the specific exposure of each Group company. Retail Banking Risk Division - The Retail Banking Risk Division is responsible for managing the risk profile of the retail portfolio and developing credit policies that are in accordance with the guidelines and risk levels established by Grupo Crédito’s Board of Directors. Likewise, it participates in the definition of products and campaigns aligned to these policies, as well as in the design, optimization and integration of credit evaluation tools and income estimation for credit management. Likewise, there is an active and recurring participation of the BCP Retail Banking Risk Division in the Credit Risk and Collections Committee of Mibanco and in the BCB Retail Banking Risk Committee to ensure alignment of best practices in terms of policies and guidelines. credit ratings, risk segmentation and credit risk models. Non-financial Risks Division - The Non-financial Risks Division is responsible for defining a non-financial risks strategy aligned with the objectives and risk appetite set by the Board of Grupo Crédito. This strategy seeks to strengthen the management process, generate synergies, optimize resources and achieve better results among the units responsible for managing non-financial risks in the Group. Additionally, in order to achieve the objectives defined in the non-financial risk strategy, the Division is responsible for promoting risk culture, developing talent, defining indicators and generating and following-up strategic projects and initiatives. (vi) Internal Audit Division and Corporate Ethics and Compliance Division - The Internal Audit Division is in charge of monitoring on an ongoing basis the effectiveness and efficiency of the risk management function in the Group, verifying compliance with regulations, policies, objectives and guidelines set by the Board of Directors. On the other hand, it evaluates sufficiency and integration level of Group’s information and database systems. Finally, it ensures that independence is maintained between the functions of the risk management and business units, for each of the Group’s The Corporate Compliance and Ethics Division reports to the Board of Directors and is responsible for providing corporate policies to ensure that Group companies specifically comply with regulations that specified them, and the guidelines established in the Code of Ethics. b) Risk measurement and reporting systems - The risk is measured according to models and methodologies developed for the management of each type of risk. Risk reports that allow to monitor at the level added and detailed the different types of risks of each company which is exposed. The system provides the facility to meet the appetite review needs by risk requested by the committees and areas described above; as well as comply with regulatory requirements. c) Risk mitigation - Depending on the type of risk, mitigating instruments are used to reduce its exposure, such as guarantees, derivatives, controls and insurance, among others. Furthermore, it has policies linked to risk appetite and established procedures for each type of risk. The Group actively uses guarantees to reduce its credit risks. d) Risk appetite - Based on corporate risk management, Grupo Crédito’s Board of Directors approves the risk appetite framework to define the maximum level of risk that the organization is willing to take as seeks its strategic and financial objectives, maintaining a corporate vision in individual decisions of each entity. This Risk Appetite framework is based on “core” and specific metrics: Core metrics are intended to preserve the organization’s strategic pillars, defined as solvency, liquidity, profit and growth, income stability and balance sheet structure and cybersecurity risks. Specific metrics objectives are intended to monitor on a qualitative and quantitative basis the various risks, to which the Group is exposed, as well as defining a tolerance threshold of each of those risks, so the risk profile set by the Board is preserved and any risk focus is anticipated on a more granular basis. Risk appetite is measured based on the following guidelines: - Risk appetite statement: Establishes explicit general principles and the qualitative declarations which complement the risk strategy. - Metrics scorecards: These are used to define the levels of risk exposure in the different strategic pillars. - Limits: Allows control over the risk-taking process within the tolerance threshold established by the Board. They also provide accountability for the risk-taking process and define guidelines regarding the target risk profile. - Government scheme: Seeks to guarantee compliance of the framework through different roles and responsibilities assigned to the units involved. The appetite is integrated into the processes of strategic and capital guidelines, as well as in the definition of the annual budget, facilitating the strategic decision making of the organization. e) Risk concentration - Concentrations arise when a reduced and representative number of all of the counterparties of the Group are engaged in similar business activities, or activities in the same geographic region, or have similar economic and political conditions among others. In order to avoid excessive concentrations of risk, the policies and procedures include specific guidelines and limits to guarantee a diversified portfolio. 30.1 Credit risk - a) The Group takes on exposure to credit risk, which is the probability of suffering losses caused by debtors or counterparties failing to comply with payment obligations in on or off the balance sheet exposures. Credit risk is the most important risk for the Group’s business; therefore, Management carefully manages its exposure to credit risk. Credit exposures arise principally from lending activities that lead to direct loans; they also result from investment activities. There is also credit risk in off-balance sheet financial instruments, such as contingent credits (indirect loans), which expose Credicorp to risks similar to direct loans. Likewise, credit risk arises from derivative financial instruments that present showing positive fair values. Finally, all exposure to credit risk (direct or indirect) is mitigated by the control processes and policies. As part of managing this type of risk, provisions for impairment of its portfolio are assigned as of the date of the statement of financial position. Credit risk levels are defined based on risk exposure limits, which are frequently monitored. Said limits are established in relation to one borrower or group of borrowers, geographical and industry segments. Furthermore, the risk limits by product, industry sector and by geographical segment are approved by the Risk Committee of Credicorp. Exposure to credit risk is managed through regular analysis of the ability of debtors and potential debtors to meet interest and principal repayment obligations and by changing the credit limits when it is appropriate. Other specific control measures are outlined below: (i) Collateral - The Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is collateralization which is common practice. The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The main types of collateral obtained are as follows: - For loans and advances, collateral includes, among others, mortgages on residential properties; liens on business assets such as plants, inventory and accounts receivable; and liens on financial instruments such as debt securities and equity securities. - For repurchase agreements and securities lending, collateral consists of fixed income instruments, cash and loans. - Long term loans and financing to corporate entities are generally guaranteed. Loans to micro business generally have no collateral. In order to minimize credit loss, the Group will seek additional collateral from the counterparty as soon as impairment indicators arise. Collateral held as security for financial assets other than loans is determined by the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of assets backed securities and similar instruments, which are secured by portfolios of financial instruments. Management monitors the market value of collateral, requests additional collateral in accordance with the underlying agreement, and monitors the market value of collateral obtained during its review of the adequacy of the allowance for impairment losses. As part of the Group’s policies, the recovered assets are sold in seniority order. The proceeds of the sale are used to reduce or amortize the outstanding debt. In general, the Group doesn’t use recovered assets for its operational purposes. (ii) Derivatives - The amount subject to credit risk is limited to the current and potential fair value of instruments that are favorable to the Group (fair value is positive). In the case of derivatives this is only a small fraction of the contract, or notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as a portion of the total credit limits with customers, together with potential exposures from market movements. (iii) Credit-related commitments - The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and letters of credit have the same credit risk as direct loans. Documentary and commercial letters of credit - which are written undertakings by the Group on behalf of a customer authorizing a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions - are collateralized by the underlying shipments of goods to which they relate and therefore have less risk than a direct loan. The Group has no mandatory commitments to extend credit. b) The maximum exposure to credit risk as of December 31, 2023 and 2022, before the effect of mitigation through any collateral, is the carrying amount of each class of financial assets indicated in Notes 30.11(a), 30.11(b) and the contingent credits detailed in Note 18(a). c) Credit risk management for loans - Credit risk management is mainly based on the rating and scoring internal models of each company of the Group. In Credicorp, quantitative and qualitative analysis are made for each client, regarding their financial position, credit behavior in the financial system and the market in which they operate or are located. This analysis is carried out continuously to characterize the risk profile of each operation and client with a loan position in the Group. In the Group, a loan is internally classified as past due according to three criteria: the number of days past due based on the contractually agreed due date, the subsidiary and the type of loan. The detail is shown below: - Banco de Crédito del Perú, Mibanco y Solución Empresa Administradora Hipotecaria internally classify a loan as past due - For corporate, large and medium companies, when it has more than 15 days in arrears. - For small and microbusiness when it has more than 30 days in arrears. - For overdrafts when it has more than 30 days in arrears. - For consumer, mortgage and leasing operations, installments are internally classified as past due when they are between 30 and 90 days in arrears; after 90 days, the pending loan balance is considered past due. - Mibanco Colombia internally classifies a loan as past due: - For commercial loans when it has more than 90 days in arrears. - For microbusiness loans when it has more than 60 days in arrears. - For consumer loans when it has more than 60 days in arrears. - For mortgage loans when it has more than 30 days in arrears. - ASB Bank Corp. internally classifies a loan as past due when it has 1 or more days in arrears. - Banco de Crédito de Bolivia internally classifies a loan as past due when it has 30 or more days in arrears. Estimate of the expected credit loss - The measurement of the expected credit loss is based on the product of the following risk parameters: (i) probability of default (PD), (ii) loss given default (LGD), and (iii) exposure at default (EAD); discounted at the reporting date using the effective interest rate. The definition of the parameters is presented below: - Probability of default (PD): is a credit rating measure that is given internally to a client with the objective of estimating its probability of default within a specific time horizon. The process of obtaining the PD is carried out considering three main components: (i) the risk observed at the portfolio level, (ii) the macroeconomic perspectives of the main countries where Credicorp operates and (iii) the individual risk of each loan, which It is measured through rating and scoring tools . The Group considers that a financial instrument is in default if it meets the following conditions, according to the type of asset: - Consumer products, credit card and SME: if the client, at some certain point, presents arrears equal to or greater than 60 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off. - Mortgage products: if the client, at some certain point, presents arrears equal to or greater than 120 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off. - Commercial banking : if the client, at some certain point, is in the Collections portfolio, or has a risk classification of Deficient, Doubtful or Loss, or has operations that are refinanced, in pre-judicial, judicial proceedings or written off. Also, a client can be considered as default if it shows signs of significant qualitative impairment.It should be noted that, for commercial clients with the highest loan position that are classified in default, the Risk Management performs an individual review to determine the expected credit loss in each case, in which it considers: (i) knowledge of the specific situation of the client, (ii) the coverage of real guarantees, (iii) the financial information available of the company, (iv) the conditions of the sector in which the company operates, (v) among others. - Investments: if the instrument has a default rating according to external rating agencies such as Fitch, Standard & Poors or Moody’s, or if it has an indicator of arrears equal to or greater than 90 days. In addition, an issuer can be considered as default if it shows signs of significant qualitative impairment. When an issuer is classified as default, all its instruments are also classified as default, that is, in stage 3. - Loss given default (LGD): this is a measurement which estimates the severity of the loss that would be incurred at the time of the default. It has two approaches in the estimate of the severity of the loss, according to the stage of the client: - LGD workout: is the real loss of clients who reached the default stage. To calculate this parameter, the recoveries and costs of each of the operations are included (includes open and closed recovery processes). - LGD ELBE (expected loss best estimate): s the loss of contracts in a situation of default based on the time in default of the operation (the longer the time in default, the higher the level of loss of the operation). - Exposure at default (EAD): this is a measurement which estimates the exposure at the time of the client’s default, considering changes in future exposure, for example, in the case of prepayments and/or greater utilization of unused credit lines. The estimate of the risk parameters considers information regarding the actual conditions, as well as the projections of future macroeconomic events and conditions in three scenarios (base, optimistic and pessimistic), which are weighted to obtain the expected credit loss. The fundamental difference between the expected credit loss of a loan allocated in stage 1 and stage 2 is the PD’s time horizon. The estimates in stage 1 use a PD with a maximum time horizon of 12 months, while those in stage 2 use a PD measured for the remaining lifetime of the instrument. The estimates in stage 3 are carried out based on an LGD “best estimate”. For those portfolios that are not material and/or do not have specific credit scoring models, the option was to extrapolate the expected credit loss ratio of portfolios with comparable characteristics. The main methodological calibrations made in the internal credit risk models during 2023 were: - PD models: in accordance with our internal governance scheme, throughout 2023 we continue to monitor the performance of the PD models and implement the necessary calibrations to maintain an adequate measurement of the credit risk of our loan portfolio. In this sense, in the first half of 2023, a new version of the PD FWL parameter was implemented for the estimation of expected credit loss of the SME portfolio, in which the GDP variable was added to better capture the impact of the macroeconomics condition . - LGD models: In accordance with our internal governance scheme, throughout 2023 we continue to monitor the performance of LGD models and implement the necessary calibrations to maintain an adequate measurement of the credit risk of our loan portfolio. In this sense, in the fourth quarter of 2023, a new version of the LGD parameter was implemented for the estimation of the expected credit loss of the Hipotecario portfolio, which allowed the Government’s coverage of the Mivivienda program loans to be recognized in a more precise way . - On an extraordinary basis, the expected impact of the El Niño phenomenon on the credit risk of the Group’s loan portfolio was measured, focusing the analysis on the geographic areas with the greatest potential impact, and the additional provisions associated with this event were recorded . Prospective information - The measurement of the expected credit loss for each stage and the evaluation of significant increase in credit risk consider information on previous events and current conditions, as well as reasonable projections based on future events and economic conditions. For the estimate of the risk parameters (PD, LGD, EAD), used in the calculation of the expected credit loss in stages 1 and 2, the significance of the macroeconomic variables (or their variations) that have the greatest influence on each portfolio which provide a better prospective and systemic vision to the estimate, based on econometric techniques. Each macroeconomic scenario used in the estimate of the expected credit loss considers projections of relevant macroeconomic variables, such as the gross domestic product (GDP), employment, terms of trade, inflation rate, among others, for a period of 3 years and a long-term projection. The expected credit loss is a weighted estimate that considers three future macroeconomic scenarios (baseline, optimistic, pessimistic). These scenarios, as well as the probability of occurrence of each one, are projections provided by the internal Economic Studies team and are approved by Senior Management; These projections are made for the main countries where Credicorp operates. The design of the scenarios is reviewed quarterly. All scenarios considered apply to portfolios subject to expected credit loss with the same probabilities. Changes from one stage to another - The classification of an instrument as stage 1 or stage 2 depends on the concept of “significant increase in credit risk” at the reporting date compared to the origin date. This classification is updated monthly. As the IFRS 9 states, this classification depends on the following criteria: - An account is classified in stage 2 if it has more than 30 days in arrears. - Additionally, significant risk thresholds were established based on absolute and relative thresholds that depend on the risk level in which the instrument was originated. The thresholds differ for each of the portfolios considered. - Additional qualitative reviews are carried out based on the risk segmentation used in the management of Retail Banking and an individual review is carried out in Wholesale Banking. Additionally, all those accounts classified as default at the reporting date, according to the definition used by the Group, are considered as stage 3. Evaluations of significant increase in credit risk from initial recognition and credit impairment are carried out independently on each reporting date. Wholesale Banking assets can be moved in both directions from one stage to another; in this sense, a financial asset that migrated to stage 2 will return to stage 1 if its credit risk did not increase significantly from its initial recognition until a subsequent reporting period. Likewise, an asset that is in stage 3 will return to stage 2 if the asset is no longer considered to be impaired ( according to our definition of default) for a certain number of subsequent reporting periods . On the other hand, Retail Banking assets that migrated to stage 2 will return to stage 1 if their credit risk has not increased significantly since their initial recognition during a certain number of subsequent reporting periods (cure period). In the case of assets housed in stage 3, these will not return to stage 2 except for refinanced loans, which will return to stage 2 if good payment behavior is demonstrated during a certain number of subsequent reporting periods. Expected life - For the instruments in stage 2 or 3, the allowance for loan losses will cover the expected credit loss during the expected time of the remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life, adjusted by expected prepayments. In the case of revolving products, a statistical analysis was carried out to determine what would be the expected life period. The following is a summary of the direct credits (without interest) classified into three important groups and their respective allowance for loan losses for each type of loan; it is important to note that impaired loans are loans in default that are in stage 3. Additionally, it should be noted that, in accordance with IFRS 7, the total balance of the loan is considered overdue when the debtor has failed to make a payment at its contractual maturity. (i) Loans neither past due nor impaired, which comprise those direct loans which currently do not have characteristics of delinquency and which are not in default. (ii) Past due but not impaired loans, which comprise all of the direct loans of customers who are not in default but have failed to make a payment at its contractual maturity, according to IFRS 7. (iii) Impaired loans, those direct loans considered to be in stage 3 or default, as detailed in note 30.1(c). 2023 202 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 31 COMMITMENTS AND CONTINGENCIES Legal claim contingencies i) Madoff Trustee Litigation and Fairfield Litigation - In September 2011, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) and the substantively consolidated estate of Bernard L. Madoff (the “Madoff Trustee”) filed a complaint (the “Madoff Complaint”) against Credicorp’s subsidiary, ASB (now ASB Bank Corp.), in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Madoff Complaint sought recovery of approximately US$120.0 million in principal amount, which the Complaint is alleged was equal to the amount of redemptions between the end of 2004 and the beginning of 2005 of ASB-managed Atlantic U.S. Blue Chip Fund assets invested in Fairfield Sentry Limited (“Fairfield Sentry”), together with fees, costs, interest and expenses. The Madoff Complaint sought the recovery of these redemptions from ASB Bank Corp. as “subsequent transfers” or “avoided transfers” from BLMIS to Fairfield Sentry, which Fairfield Sentry in turn subsequently transferred to ASB Bank Corp. The Madoff Trustee also filed similar “claw back” actions against numerous other alleged “subsequent transferees” that invested in Fairfield Sentry and its sister entities, which, in turn, invested in and redeemed funds from BLMIS. In April 2012, Fairfield Sentry (in liquidation) and its representative, Kenneth Krys (the “Fairfield Liquidator”), filed a complaint (the “Fairfield Complaint”) against ASB (now ASB Bank Corp.) in the Bankruptcy Court (the “Fairfield v. ASB Adversary Proceeding”). The Fairfield Complaint sought to recover US$115.2 million in principal amount from ASB Bank Corp., representing the amount of ASB Bank Corp.’s redemptions of certain investments in Fairfield Sentry, together with fees, costs, interest, and expenses. These were essentially the same funds that the Madoff Trustee sought to recover in the Madoff Trustee litigation as described above. After the Fairfield Complaint was filed, the Bankruptcy Court procedurally consolidated the Fairfield v. ASB Adversary Proceeding with other adversary actions brought by the Fairfield Liquidator against former investors in Fairfield Sentry. On January 30, 2024, (i) the Madoff Trustee and ASB Bank Corp. entered into a release and settlement agreement (the “Madoff Settlement”) and (ii) the Fairfield Liquidator and ASB Bank Corp. simultaneously entered into a release and settlement agreement (the “Fairfield Settlement”), which settlements, without admission of liability, have resolved all disputes related to the Madoff Complaint and the Fairfield Complaint among ASB Bank Corp., the Madoff Trustee and the Fairfield Liquidator. Under the terms of the settlements, after approval of the Madoff Settlement by the Bankruptcy Court, among other things, ASB Bank Corp. would pay the Madoff Trustee the amount of US$42.8 million (the “Settlement Amount”) (for which ASB Bank Corp. and its affiliates were already fully provisioned), and the Madoff Trustee and the Fairfield Liquidator would dismiss the Madoff Complaint and the Fairfield Complaint, as applicable, with prejudice and without costs to either party. On March 18, 2024, the Bankruptcy Court approved the Madoff Settlement. ii) Government Investigations - In 2019, the former Chairman and the current Vice Chairman of the Board of Directors of Credicorp, in their respective capacities as Chairman of the Board and as a Director of BCP Stand-alone, were summoned as witnesses by Peruvian prosecutors, along with 26 other Peruvian business leaders, to testify in connection with a judicial investigation that is being carried out regarding contributions made to the electoral campaign of a political party in the 2011 Peruvian presidential elections. The former Chairman informed prosecutors that in 2010 and 2011 Credicorp made donations totaling US$3.65 million to the political party Fuerza 2011 campaign (in total amounts of US$1.7 million in 2010 and US$1.95 million in 2011). These contributions were made in coordination with the General Manager of Credicorp at that time. While the amount of these contributions exceeded the limits then permitted under Peruvian electoral law, the law in place at that time imposed no sanction against contributors but only against the recipients of the campaign contribution. The Peruvian Superintendencia del Mercado de Valores (‘SMV’ for its Spanish acronym) has initiated a sanctioning process against Credicorp, for failing to disclose to the market, in due course, the political campaign contributions in the years 2011 and 2016. The SMV also has initiated a sanctioning process against three subsidiaries of Credicorp (BCP, Mibanco and Grupo Pacífico), for failing to disclose to the market, in due course, the political campaign contributions made in connection with the 2016 presidential elections. The SMV notified Credicorp, BCP, Mibanco and Grupo Pacifico with first instance resolutions on these proceedings. The mentioned resolutions imposed pecuniary sanctions (fines) on Credicorp and the three subsidiaries as a result of these sanctioning processes. Credicorp, BCP, Mibanco and Grupo Pacifico appealed the resolutions. After expiration of the term to resolve the appeals, Credicorp and its three subsidiaries asserted their right to negative administrative silence and to resort to the Judiciary. Notwithstanding Credicorp and its three subsidiaries proceeded to pay the fines imposed by the SMV, in compliance with Peruvian law. To date, the matter is subject to the decision of the Judiciary. Credicorp believes that neither the political campaign contributions nor the related SMV sanctioning processes pose a significant risk of material liability to the Company or will have a material effect on the Company´s business and financial position since the fines imposed by the SMV have already been paid. On November 11, 2021, Credicorp disclosed that its incoming CEO, Mr. Gianfranco Ferrari de las Casas, informed the Company of a Prosecutor’s Decision issued by the Corporate Supraprovincial Prosecutor’s Office Specialized in Officer Corruption Offenses Special Team – Fourth Court Division (Fiscalía Supraprovincial Corporativa Especializada en Delitos de Corrupción de Funcionarios Equipo Especial – Cuarto Despacho). Through such notice, Mr. Ferrari was informed that he has been included in the preparatory investigation carried out against Mr. Yehude Simon M. and an additional sixty-five (65) individuals on the grounds of, in his particular case, alleged primary complicity in the alleged crime against the public administration, aggravated collusion, incompatible negotiation or improper use of position and criminal organization detrimental to the Peruvian State, in connection with the financial advisory services provided by BCP Stand-alone to the Olmos Project. To date Mr. Ferrari is still included in the preparatory investigation. Mr. Ferrari has already filed certain legal defenses in order to be excluded from the investigation. Credicorp has reviewed the performance of the officers of Banco de Crédito del Peru in relation to the financial advisory services provided by the bank in connection with the Olmos Project and believes that the facts under investigation do not give rise to any liability of Banco de Credito del Peru or its officers. Credicorp bases this view on the qualified opinion of external consultants specialized in the matter. Therefore, Credicorp believes that the opening of the aforementioned preparatory investigation will not have any impact on the normal operation of the Company, nor will it affect the dedication and performance of its officers in undertaking their regular duties. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 32 SUBSEQUENT EVENTS Issued bonds - At the beginning of January 2024, the Bank issued bonds for a total of US$800 million with a term of 5 years in the international market. This operation included the issuance of bonds valued at US$500 million and bonds in soles for a total of S/1,150 million with coupon rates of 5.85 percent and 7.85 percent, respectively. Dividend distribution - At the Annual General Mandatory Meeting of BCP Shareholders held on March 27, 2024, dividends of S/0.3092 per share were declared for a total of S/4,011,305,596.83 and increased the retained earnings by S/653,202,453.18. Dividends will be recorded on April 17, 2024, and will be paid on May 8, 2024. |
MATERIAL ACCOUNTING POLICIES (P
MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES [Abstract] | |
Basis of presentation, use of estimates and changes in accounting policies | a) Basis of presentation, use of estimates and changes in accounting policies - The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements as of December 31, 2023, and 2022, have been prepared following the historical cost criteria, except for investments at fair value through profit or loss, investments at fair value through other comprehensive income, financial assets designated at fair value through profit or loss, derivative financial instruments, and financial liabilities at fair value through profit or loss, which have been measured at fair value. The consolidated financial statements are presented in Soles (S/), which is the functional currency of Group, see paragraph (c) below, and values are rounded to thousands of soles, except when otherwise indicated. The preparation of the consolidated financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of significant events in notes to the consolidated financial statements. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The final results could differ from said estimates; however, the Management expects that the variations, if any, will not have a material impact on the consolidated financial statements. The most significant estimates included in the accompanying consolidated financial statements are related to the calculation of the allowance of the expected credit loss on loan portfolio and the estimation of the liability for life insurance contracts under the general measurement model. Furthermore, other estimates exist, such as: valuation of investments, intangible, impairment of goodwill, expected credit loss for investments at fair value through other comprehensive income and investments at amortized cost, the valuation of derivative financial instruments and deferred income tax. The accounting criteria used for these estimates are described below. The Group has adopted the following standards and modifications for first time for its annual period that starts on January 1, 2023, as described below: (i) IFRS 17 “Insurance contracts” – See note 3(b). (ii) Definition of Accounting Estimates – Modifications to IAS 8- The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They will also clarify how entities use measurement techniques and inputs to develop accounting estimates. The modifications had no impact on the Group’s consolidated financial statements. (iii) Disclosure of accounting policies – Amendments to IAS 1 and Statement of Practice IFRS 2- They provide guidance and examples to help entities apply materiality judgments to accounting policy disclosures. The amendments are intended to help entities provide more useful disclosures of accounting policies by replacing the requirement that entities disclose their “material” accounting policies with a requirement to disclose their “material” accounting policies and adding guidance on how entities apply the concept of materiality. in making decisions on accounting policy disclosures. The amendments have had an impact on the disclosures of the Group’s accounting policies, but not on the measurement, recognition, or presentation of any item in the Group’s financial statements. (iv) Deferred Taxes related to Assets and Liabilities – Modifications to IAS 12- These modifications establish that deferred taxes arising from a single transaction that, upon initial recognition, give rise to taxable and deductible temporary differences of the same value must be recognized. This will generally apply to transactions such as leases (for lessees) and decommissioning or remediation obligations, where recognition of deferred tax assets and liabilities will be required. These modifications must apply to transactions that occur on or after the beginning of the first comparative period presented. Additionally, deferred tax assets (to the extent it is probable that they can be utilized) and deferred tax liabilities should be recognized at the beginning of the first comparative period for all deductible or taxable temporary differences associated with: - Right-of-use assets and lease liabilities, and - Liabilities for dismantling, restoration and similar, and the corresponding amounts recognized as part of the cost of the related assets. The cumulative effect of these adjustments is recognized in retained earnings or another component of equity, as appropriate. Previously, IAS 12 did not establish any particular accounting treatment for the tax effects of leases that are recognized on the balance sheet and for similar transactions, so different approaches were considered acceptable. Entities that are already recognizing deferred taxes from these transactions will have no impact on their financial statements. The modifications were effective for the annual reporting periods beginning on or after January 1, 2023, with early adoption permitted. The modifications had no impact on the Group’s consolidated financial statements. In 2022, the Group adopted the following modifications: (i) Modifications to IFRS 3 - Reference to the Conceptual Framework – Minor amendments were made to IFRS 3 Business Combinations to update references to the Conceptual Framework for Financial Reporting and add an exception to recognize liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and IFRIC Interpretation 21 Liens. The amendments also confirm that contingent assets should not be recognized on the acquisition date. The modification became effective for annual reporting periods beginning on January 1, 2022. The modification of the standard did not have an impact on the consolidated financial statements. (ii) Onerous Contracts - Cost of fulfilling a contract - Modifications to IAS 37 – In May 2020, the International Accounting Standards Board issued amendments to IAS 37 to specify what cost an entity should include when assessing whether a contract is onerous or loss-making. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and the allocation of other costs directly required to fulfill the contracts. Before recognizing a separate provision for the onerous contract, the entity shall recognize any impairment loss that has occurred in relation to the assets used to fulfill the contract. The Amendment is effective for annual reporting periods beginning on or after January 1, 2022. The modification had no impact on its consolidated financial statements. (iii) Annual improvements to IFRS Cycle 2018 - 2020 As part of its 2018-2020 annual improvements to the IFRS standard process, in May 2020, the International Accounting Standards Board issued the following amendments: - IFRS 9 Financial Instruments – clarification that commissions must be included in the 10.0 percent test for the derecognition of financial liabilities. - IFRS 1 First-time adoption of international financial reporting standards – allows entities that have measured their assets and liabilities at the book value recorded in the books of their parent company to also measure any accumulated translation differences using the amounts reported by the headquarters. This modification will also apply to associates and joint ventures that have assumed the same expectation with IFRS 1. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. The modification had no impact on its consolidated financial statements. |
Change in accounting policies, adoption of new IFRS and disclosures | b) Change in accounting policies, adoption of new IFRS and disclosures- IFRS 17 replaces IFRS 4 Insurance Contracts for annual periods beginning on or after January 1, 2023. The Group has restated the 2022 information applying the transitional provisions of IFRS 17. The nature of the changes in accounting policies is summarized as follows: Changes in classification and measurement: IFRS 17 establishes specific principles for the recognition and measurement of insurance contracts issued and reinsurance contracts maintained by the Group. The key principles of IFRS 17 applied are: - The Group identifies insurance contracts as those under which it accepts a significant insurance risk from another party (the policyholder) by agreeing to compensate in any single scenario with commercial substance the policyholder if a specific uncertain future event (the insured event) adversely affects to the policyholder. - The Group evaluates the products and separates the embedded derivatives, the different investment components and the different goods or services of the insurance contract services and accounts for them in accordance with the standards that apply to them. - The Group divides insurance and reinsurance contracts into groups that it will recognize and measure. - The Group determines the Unit of Account (UoA) requested by the new regulation, for long-term businesses, taking into consideration the product portfolio, currency, cost and year of issue. - For general insurance and short-term life insurance contracts, the measurement principles of the premium allocation approach (PAA) do not differ significantly from the considerations used by the Group under IFRS 4: - The Liability for Remaining Coverage reflects accrued premiums less insurance acquisition cash flows plus deferred premiums. - The Group determines the level of onerousness of each group of contracts by calculating the combined ratio of each Unit of Account. If the Unit of Account is onerous, the liability for remaining coverage involves explicit recognition of the loss component. - The measurement of the liability for incurred claims is determined based on the discounted value considering the expected payment flows and includes an explicit risk adjustment for non-financial risk. - For long-term life insurance contracts, the Group recognizes and measures groups of insurance contracts in: - A present value of expected future cash flows that incorporates all available information on fulfillment cash flows and considers market interest rates. A risk adjustment for non-financial risk is included. - An amount that represents the future technical profit (the contractual service margin or CSM) in the group of contracts. - Recognizes the gain from a group of insurance contracts during each period in which the Group provides insurance contract services, as the Group frees itself from risk. If a group of contracts is expected to be onerous (i.e. loss-making) during the remaining coverage period, the Group recognizes the loss immediately. Changes in presentation and disclosure – For presentation in the consolidated statement of financial position, the Group groups together the insurance and reinsurance contracts and presents them separately: - Reinsurance Contract Assets. - Insurance Contract Liability. The portfolios mentioned above are those established on initial recognition in accordance with the requirements of IFRS 17. The descriptions of items in the income statement and other comprehensive income have changed compared to last year. Previously, the Group reported the following items: - Net Claims. - Incurred for life general and health insurance contracts. - Acquisition costs. Instead, IFRS 17 requires the separate presentation of: - Insurance Service result of the insurance service (which includes income and expenses of the insurance service). - Underwriting result (which includes income and expenses from reinsurance contracts). - The net financial expenses of the insurance activity, which are presented in the headings of interest and similar expenses, see note 19. The Group provides disaggregated qualitative and quantitative information in the notes to the financial statements on: - Amounts recognized in their financial statements for insurance contracts. - Significant judgments, and changes in those judgments, when applying the standard. Transition settings. - On the transition date, January 1, 2022, the Group: - Has identified, recognized, and measured each group of insurance contracts as if IFRS 17 had always been applied. - Existing balances that would not exist if IFRS 17 had always been applied were derecognized. - Recognized any resulting net difference in equity. The Group decided to apply the fair value transition methodology as obtaining reasonable and supportable information to apply the full retrospective approach was impracticable without disproportionate cost or effort. The fair value method consists of obtaining the amount for which a portfolio of liabilities could be transferred to a third party. This amount was compared with the balance of the estimate of technical provisions (Best Estimation of Liabilities – “BEL”) and Risk Adjustment existing on the transition date, and the result was the CSM on said date. Likewise, the future benefit provided by the insurance contracts (Contractual Service Margin – “CSM”) was determined and will be released in the income statement to the extent that the Group provides its services to the insured. In determining the fair value, the Group has applied the requirements of IFRS 13 Fair Value Measurement. To apply the fair value approach, the Group has used reasonable and sustainable information available at the transition date in order to: - Identify groups of insurance contracts. - Determine if any contract is a direct participation insurance contract. - Identify any discretionary cash flows for insurance contracts without direct participation features. The discount rate for the group of contracts applying the fair value approach was determined on the transition date. Therefore, to measure compliance cash flows at the transition date, the discount rate (locked-in rate) was determined using the bottom-up approach at inception. The Group has chosen to disaggregate insurance financial income or expenses between the amounts included in results and the amounts included in other comprehensive income and readjust to zero the accumulated amount of insurance financial income or expenses recognized in other comprehensive income on the date of Transition. The Group used the fair value approach for those contracts with initial recognition prior to January 1, 2022, and the full retrospective approach for contracts recognized on this date or later. As a result of the initial application of IFRS 17, the Group has restated its consolidated financial statements as of January 1, 2022, mainly recognizing a decrease in equity of S/210.8 million and as of December 31, 2022, an increase in equity of S/15.5 million and net income of S/14.7 million. Additionally, IFRS 17 requires that the net balances of insurance and reinsurance contract portfolios be presented as assets or liabilities, as appropriate, in the consolidated statement of financial position. In this sense, the amounts related to these accounts differ from what was previously presented under IFRS 4 as of December 31, 2022, and January 1, 2022 (transition date). |
Basis of consolidation | c) Basis of consolidation - Investment in subsidiaries - The consolidated financial statements comprise the financial statements of Credicorp and its Subsidiaries for all the years presented. Under IFRS 10 all entities over which the Group has control are subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: - Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee). - Exposure, or rights, to variable returns from its involvement with the investee, and - The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement with the other vote holders of the investee. - Rights arising from other contractual arrangements. - The Group’s voting rights and potential voting rights. The Group assesses whether or not it controls an investee if the facts and circumstances indicate that there are changes in any of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements include assets, liabilities, income and expenses of Credicorp and its subsidiaries. Profit or loss for the period and each component of the other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interest, even if this results in the non-controlling interest with a negative balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Assets in custody or managed by the Group, such as investment funds and private pension funds (AFP funds) and others, are not part of the Group’s consolidated financial statements, note 3(x). Transactions with non-controlling interest - A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction and any resulting difference between the price paid and the price for which non-controlling interests are adjusted is recognized directly in the consolidated statement of changes in equity. The Group does not record any additional goodwill after the purchase of the non-controlling interest, nor does it recognize a gain or loss from the sale of the non-controlling interest. Loss of control - If the Group loses control over a subsidiary, it derecognizes the carrying amount of the related assets (including goodwill) and liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any residual investment retained is recognized at fair value. Investments in associates - An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but without exercising control over said policies. The Group’s investments in its associates are recognized initially at cost and are subsequently accounted for using the equity method. They are included in “Other assets” in the consolidated statement of financial position; the returns resulting from the use of the equity method of accounting are included in “Net gain on securities” of the consolidated statement of income. As of December 31, 2023, and 2022, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends): Entity Activity and country of incorporation Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Grupo Crédito S.A. and Subsidiaries (i) Holding, Peru 100.00 100.00 213,520,111 211,585,283 181,336,108 181,786,223 32,184,003 29,799,060 4,562,831 4,598,002 Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii) Insurance, Peru 98.86 98.86 16,549,171 15,895,361 13,443,688 13,486,189 3,105,483 2,409,172 803,384 460,326 Atlantic Security Holding Corporation and Subsidiaries (iii) Capital Markets, Cayman Islands 100.00 100.00 6,870,781 9,536,197 5,729,744 7,643,879 1,141,037 1,892,318 474,780 228,474 Credicorp Capital Ltd. and Subsidiaries (iv) Capital Markets and asset management, Bermuda 100.00 100.00 5,817,259 4,504,629 4,655,097 3,559,262 1,162,162 945,367 (135,495 ) 31,089 CCR Inc.(v) Special purpose Entity, Bahamas 100.00 100.00 347 388 69 4 278 384 (106 ) (646 ) (i) Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Entity Activity and country of incorporation Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Banco de Crédito del Perú and Subsidiaries (a) Banking, Peru 97.74 97.74 193,804,856 193,278,232 168,645,448 170,005,995 25,159,408 23,272,237 4,583,662 4,683,775 Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) Banking, Bolivia 99.92 99.92 13,558,260 12,740,036 12,740,067 11,826,789 818,193 913,247 84,898 80,377 Prima AFP (c) Private pension fund administrator, Peru 100.00 100.00 740,728 734,966 240,656 238,177 500,072 496,789 149,549 109,511 Tenpo SpA and Subsidiaries (d) Holding, Chile 100.00 100.00 387,355 242,754 185,502 90,186 201,853 152,568 (111,692 ) (124,748 ) a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”). Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Perú oriented towards the micro and small business sector. As of December 31, 2023, the assets, liabilities, equity and net result of Mibanco amount to approximately S/16,897.8 million, S/13,902.2 million, S/2,995.6 million and S/203.8 million, respectively (S/17,225.4 million, S/14,444.8 million, S/2,780.6 million, and S/424.9 million, respectively December 31, 2022). b) Inversiones Credicorp Bolivia S.A. (hereinafter “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. As of December 31, 2023, the assets, liabilities, equity and net result of BCB were approximately S/13,500.9 million, S/12,612.3 million, S/888.6 million and S/83.1 million, respectively (S/12,697.8 million, S/ 11,838.0 million, S/859.8 million and S/68.0 million, respectively as of December 31, 2022). c) Prima AFP is a private pension fund and its activities are regulated by the SBS. d) Tenpo SpA (hereinafter “Tenpo”, before “Krealo SpA”) was established (ii) Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. (iii) Its most important subsidiary is ASB Bank Corp. (merged with Atlantic Security Bank on August 2021, was established . (iv) Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco – Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: Entity Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Credicorp Holding Colombia S.A.S. and Subsidiaries (a) 100.00 100.00 4,803,072 2,889,479 3,997,781 2,322,263 805,291 567,216 (163,342 ) 16,198 Credicorp Capital Holding Chile and Subsidiaries (b) 100.00 100.00 681,338 1,194,663 502,248 1,000,676 179,090 193,987 (10,716 ) 12,658 Credicorp Capital Holding Perú S.A. and Subsidiaries (c) 100.00 100.00 296,083 374,768 149,459 230,261 146,624 144,507 4,318 5,268 a) Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons. Its main subsidiaries are Credicorp Capital Colombia S.A, which was acquired in Colombia in 2012 and merged with Ultraserfinco S.A. In June 2020, this subsidiary is oriented to the activities of commission agents and securities brokers. Likewise, Mibanco Colombia (before Banco Compartir S.A.) was acquired in 2019 and merged with Edyficar S.A.S. in October 2020, this subsidiary is oriented to grant credits to the micro and small business sector. As of December 31, 2023, Credicorp Holding Colombia has recognized an impairment of the goodwill of Mibanco Colombia for S/64.1 million ( Credicorp’s equity holders Entity Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/000 S/000 S/000 S/000 S/000 S/000 S/000 S/000 Credicorp Capital Colombia S.A. 100.00 100.00 2,328,169 1,050,130 2,123,915 898,518 204,254 151,612 37,120 33,045 MiBanco – Banco de la Microempresa de Colombia S.A. 85.58 85.58 2,113,333 1,530,270 1,848,607 1,289,569 264,726 240,701 (72,608 ) 13,513 b) Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A. c) Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate. (v) CCR Inc. was incorporated in the year 2000. Its main activity is to manage funding granted to BCP by foreign financial entities or investors. These loans matured in the course of 2022 and were guaranteed by transactions carried out by BCP. The information presented is based on the legal structure of the Group. The information grouped according to the business lines is revealed in note 27 Operating segments. |
Functional, presentation and foreign currency transactions | d) Functional, presentation and foreign currency transactions – (i) Functional and presentation currency - Credicorp and its Subsidiaries which operate in Peru consider the sol as their functional and presentation currency since it reflects the nature of the economic events and relevant circumstances for most of the Group´s entities, given the fact their major transactions and/operations, such as: loans granted, financing obtained, sale of insurance premiums, interests and similar income, interest and similar expenses, as well as a significant percentage of their purchases; they are agreed and settled in soles. (ii) Transactions and balances in foreign currency - Foreign currency transactions are those entered into in currencies other than the functional currency. These transactions are initially recorded by Group entities at the exchange rates of their functional currencies at the transaction dates. Monetary assets and liabilities denominated in foreign currency are adjusted at the exchange rate of the functional currency prevailing at the date of the consolidated statement of financial position. The differences arising from the exchange rate prevailing at the date of each consolidated statement of financial position presented and the exchange rate initially used in recording transactions are recognized in the consolidated statement of income in the period in which they occur, in “Exchange differences result”, except for those that correspond to monetary items that are part of a hedging strategy for a net investment abroad, said accumulated difference is recognized in the caption “Exchange differences on translation of foreign operations” in the consolidated statement of comprehensive income. Non-monetary assets and liabilities acquired in foreign currency are recorded at the exchange rate prevailing at the initial transaction date and are not subsequently adjusted. (iii) Group entities with functional currency other than the presentation currency - Given that the Group’s entities in Colombia, Chile, Cayman Islands, Panama and Bolivia, Mexico, United States of America and Spain have a functional currency different from the sol, the balances were translated into Soles for consolidation purposes in accordance with IAS 21, “The Effects of Changes in Foreign Exchange Rates” as follows: - Assets and liabilities, at the closing rate prevailing at the date of each consolidated statement of financial position. - Income and expense, at the average exchange rate for each month of the year. All resulting exchange differences were recognized within “Exchange differences on translation of foreign operations”, including the differences in financial instruments designated as accounting hedges of said investments, in the consolidated statement of comprehensive income. |
Recognition of income and expenses from banking activities | e) Recognition of income and expenses from banking activities - Effective interest rate method: Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortized cost and at fair value through other comprehensive income. Interest expenses corresponding to liabilities measured at amortized cost are also recorded using the EIR. The EIR is the rate that exactly discounts future cash flows that are estimated to be paid or received during the life of the instrument or a shorter period, if appropriate, to the gross carrying amount of the financial asset or financial liability. The EIR (and, therefore, the amortized cost of the financial asset or liability) is calculated taking into account any discount, premium and transaction costs that are an integral part of the effective interest rate of the financial instrument, but the expected credit loss are not included. Interest income and expenses: The Group calculates interest income by applying the EIR to the gross carrying amount of those financial assets that are not impaired. When a financial asset becomes impaired and, therefore, is considered in Stage 3 (as set out in Note 3(j) impairment of financial assets), the Group calculates interest income by applying the interest rate effective at the carrying amount of the asset, net of its provision for credit loss. If the evidence that the criteria for the recognition of the financial asset in Stage 3 are no longer met, the Group recalculates interest income in gross terms. Interest income and expenses accrued from all financial instruments that generate interest, including those related to financial instruments carried at fair value through profit or loss, are recorded under the heading “Interest and similar income” and “Interest and similar expenses” of the consolidated statement of income. Dividends: Dividends are recorded as income when they are declared. Commissions and fees: Income from commissions (which are not an integral part of the EIR) and fees are recognized as they are earned. Commissions and fees include, among others, the commission charged for the banking service in general such as account maintenance, shipping, transfers, loan syndication fees and fees for contingent credits. Income from commissions and fees is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for providing the services. Performance obligations, as well as the timing of their satisfaction, are identified and determined at the time of contract. The Group’s revenue contracts do not include multiple performance obligations. When the Group provides a service to its clients, the consideration is invoiced and generally collected immediately after the provision of a service at a given time or at the end of the contract period for a service provided over time. The Group has generally concluded that it is the principal in its revenue arrangements because it normally controls the services before transferring them to the client. Other income and expenses: All other income and expenses are recorded in the period in which the performance obligation is satisfied, or the expense has occurred. |
Insurance activities | f) Insurance activities – Below is the accounting policy for the insurance activity applying IFRS 17 for the years ended December 31, 2023 and 2022: Classification of insurance and reinsurance contracts: Insurance contracts are those contracts when the Group (the insurer) has accepted a significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. This definition also includes reinsurance contracts that the Group holds. The Group also issues reinsurance contracts in the normal course of business to compensate other entities for claims arising from one or more insurance contracts issued by those entities. Once a contract has been classified as an insurance contract, it remains an insurance contract for the remainder of its lifetime, even if the insurance risk reduces significantly during this period, unless all rights and obligations are extinguished or expire. Life insurance contracts offered by the Group include retirement, disability and survival insurance, annuities and individual life which includes Investment Link insurance contracts. The non-life insurance contracts issued by the Group mainly include automobile, fire and allied lines, technical branches and healthcare. Accounting treatment of insurance and reinsurance contracts: Separation of the components of insurance and reinsurance contracts- The Group evaluates its insurance and reinsurance products to determine if they contain components that must be accounted for under another IFRS instead of IFRS 17. After separating the various components, an entity must apply IFRS 17 to all remaining components of the (host) insurance contract. Currently, the Group’s products do not include differentiated components that require separation. Investment components are the amounts that an insurance contract requires an insurer to reimburse a policyholder, even if an insured event does not occur. Investment components that are highly interrelated with the insurance contract of which they are a part are considered non-distinct and are not accounted for separately. However, the receipts and payments of the investment components are excluded from the income and expenses of the insurance activity. Some reinsurance contracts issued contain profit commission arrangements. Under these agreements, there is a guaranteed minimum amount that the policyholder will always receive, whether in the form of profit commission, claims, or other contractual payment, regardless of whether the insured event occurs. The components of the profit commission are assessed to be highly interrelated with the insurance component of reinsurance contracts so that they are considered non-distinct investment components so that separate accounting is not required. Aggregation level and classification - The grouping of contracts into units of account is carried out based on the types of products, currency, cost and year of subscription; because they have similar risks, they are managed jointly and no contract portfolio can contain contracts issued more than one year apart. The Group classifies a portfolio of insurance contracts into two categories based on the expected profitability at the policy or contract level at the time of its recognition based on reasonable and sustainable information in: - Onerous contracts: A contract will be classified as onerous on the initial recognition date as long as the present value of the expected outflows is greater than the inflows. - Non-onerous contracts: Will contain contracts for which, upon initial recognition, the present value of the expected outflows is less than the present value of the inflows. It should be noted that a contract for accounting purposes may differ from what is considered a contract for other purposes (i.e. legal or management). The expected return of these portfolios at inception is determined based on existing actuarial valuation models that take into account new and existing businesses. Recognition of insurance and reinsurance contracts - The Group recognizes the groups of insurance contracts it issues starting from the first of the following: - The beginning of the coverage period of the group of contracts. - The date when the first payment from a policyholder in the group becomes due or when the first payment is received if there is no due date. - For a group of onerous contracts, as soon as the facts and circumstances indicate that the group is onerous. The Group recognizes a group of reinsurance contracts that it has entered into as follows: - When the reinsurance contracts held provide proportional coverage at the beginning of the coverage period of the group of reinsurance contracts held or at the initial recognition of any underlying contract, whichever is later. - In all other cases from the beginning of the coverage period of the group of reinsurance contracts held. Contract limit - For General measurement model the Group includes in the measurement of a group of insurance contracts all future cash flows within the limit of each contract in the group. Cash flows are within the limits of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group has a substantive obligation to provide the policyholder with insurance contract services. The substantive obligation to provide the services of the insurance contract ends when: - The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can establish a price or level of benefits that fully reflects those risks. - The following two criteria are met: - The Group has the practical ability to reassess the risks of the portfolio of insurance contracts contained in the contract and, as a result, can establish a price or profit level that fully reflects the risk of that portfolio. - The price of the premium until the date of re-evaluation of the risks does not take into account the risks that relate to periods after the date of re-evaluation. A liability or asset related to expected premiums or claims outside the limit of the insurance contract is not recognized. These amounts refer to future insurance contracts. For life contracts with renewal periods, the Group assesses whether the premiums and related cash flows arising from the renewed contract are within the limits of the contract. Renewal prices are established by the Group considering all risks covered for the insured that would be considered when signing equivalent contracts on the renewal dates of the remaining service. The Group re-evaluates each group’s contract limit at the end of each reporting period. General measurement model – Insurance contracts Measurement at initial recognition - The general measurement model measures a group of insurance contracts as the total of: - Fulfillment cash flows. - A risk adjustment for non-financial risk - The contractual service margin (CSM) which represents the unearned technical profit that the Group will recognize as it provides services in the future. Fulfilment cash flows comprise: - Estimates of future cash flows considering their probability of occurrence. - An adjustment to reflect the time value of money and the financial risks related to future cash flows. The cash flows for each scenario are weighted according to the probability of their occurrence based on the experience of the Group’s portfolio and are discounted using current interest rate assumptions (risk-free curve + Matching Adjustment). When estimating future cash flows, the Group includes all cash flows that are within the contract limit, including: - Premiums and related cash flows. - Expected future claims and benefits: - Payments to beneficiaries for the occurrence of insured events. - Payments to policyholders resulting from the incorporated surrender and maturity options. - Acquisition expenses attributable to the portfolio to which the contract belongs. - Claim settlement expenses. - Attributable policy maintenance expenses, including recurring commissions expected to be paid to intermediaries. - An allocation of fixed and variable overhead expenses directly attributable to compliance with insurance contracts. If at the time of initially estimating the fulfillment flows of a group of contracts a net outflow is obtained, these contracts become onerous contracts and a liability will be recognized at that initial time in the statement of financial position as a “loss component”. A group of contracts that were not onerous on initial recognition may subsequently become onerous if assumptions change, even though the classification of their grouping or Unit of Account remains unchanged. Post measurement The book value of a group of insurance contracts after initial recognition will consist of: (a) (b) The Group will recognize income or expenses for the variation in the book value of the Liability for Remaining Coverage and the liability for claims incurred: (a) Income from insurance activity: the reduction of the liability for the service provided in the period. The CSM at the end of the reporting period represents the gain in the Insurance Contract Group that has not yet been recognized in profit or loss, because it relates to the future service to be provided. For a group of insurance contracts without direct participation components, the carrying value of the CSM at the end of the reporting period is equal to the carrying value at the beginning of the reporting period adjusted as follows: - The effect of new contracts added to the group. interest accrued on the carrying amount of the CSM during the reporting period, measured at the discount rates at initial recognition. - Changes in fulfilment cash flows related to future service such as: o Adjustment for experience: it must be disaggregated to reflect the different factors that cause such adjustments in the expected future benefits of the Group: • Adjustment in fulfillment flows due to claims experience is the variation in actual claims compared to expected claims. Likewise, this variation in the accident rate may lead to changes in the expected fulfilment cash flows. This variation will be recorded in a change in the CSM amount. • Adjustment for variation in operating assumptions - A variation in the projection operating assumptions (mortality, expenses, rescues, etc.) will be recorded against the CSM for the period. This change will be cumulative with the adjustments made previously. • Adjustment for premiums collected: Insurance premiums that relate to future service that have been received in the period require an adjustment to the contractual service margin. Therefore, it must be evaluated whether the new contributions are valued using the same conditions as at the beginning of the contract or if they are modified (mortality table, administration expenses, guaranteed rates, etc.). - In the event that the conditions of the contract are not modified in the extraordinary contribution, that is, it has the same conditions as the original contribution, it is considered that the cash flows are within the limits of the contract, and therefore Both the variation in expected cash flows will be considered as a variation in experience. - Changes in estimates of the present value of future cash inflows in the remaining coverage liability measured at discount rates. - Differences between the investment components that are expected to become payable in the period and the actual investment component that becomes payable in the period, measured at discount rates. - Changes in risk adjustment for non-financial risk that relates to future service. - The effect of currency exchange differences on the CSM. - The amount recognized as insurance income due to the transfer of insurance contract services in the period, determined by the allocation of the remaining CSM at the end of the reporting period (before any allocation) during the current coverage period and remaining. For a group of insurance contracts with direct participation components, measured under VFA method the amount of CSM to be reported in the books will be obtained by applying a series of adjustments to the value of the CSM of the previous period: - The effect of the new contracts added to the group. - The entity’s participation in the change in the fair value of the underlying elements. - Changes in fulfilment cash flows, such as a change in the entity’s loss experience and future expenses compared to those expected in the previous period. - The effect of currency exchange differences on the CSM. - The amount recognized as revenue from ordinary insurance activities due to the transfer of services in the period, determined by allocating the remaining contractual service margin at the end of the reporting period (before any allocation) over the current coverage period. (b) The Group will recognize a loss in the period’s results for the net outflow for the Group of onerous contracts, causing the Group’s liability book amount to equal the cash flows from compliance, with the Group’s contractual service margin being zero. The loss component is released based on a systematic allocation of subsequent changes related to future service in fulfilment cash flows to: (i) The loss component; and (ii) the remaining coverage liability excluding the loss component. The loss component is also updated for subsequent changes related to future service in estimates of fulfilment cash flows and risk adjustment for non-financial risk. Systematic allocation of subsequent changes to the loss component results in total amounts allocated to the loss component being zero at the end of the coverage period of a contract group. (c) Financial expenses and income from insurance: for the time value of money and financial risk effect. The Group disaggregates financial income or expenses for insurance contracts issued for its immediate annuity and term life portfolios between profit or loss and OCI. The impact of changes in market interest rates on the value of life insurance and related reinsurance assets and liabilities is reflected in OCI to minimize accounting mismatches between the accounting for financial assets and insurance assets and liabilities. The Group financial assets supporting the insurance portfolios issued are predominantly measured at amortized cost or fair value with changes in other comprehensive income. Financial income or expenses from reinsurance contracts issued by the Group are not disaggregated because the related financial assets are managed on a fair value basis and are measured at fair value with changes in income. For presentation in the consolidated statement of financial position, the Group aggregates insurance and reinsurance contract portfolios that are assets or liabilities and presents them separately in the following items: - Reinsurance Contract Assets. - Insurance Contract Libility. The presentation in the statement of comprehensive income is as follows: - Insurance service result (including insurance service income and expenses). - Underwriting (including income and expenses from reinsurance contracts). - Net financial expenses from insurance activity, presented in interest and similar expenses. See note 19. The Company terminates insurance contracts when: - The rights and obligations relating to the contract are extinguished (i.e. released, canceled or expire). Simplified Model – initial recognition The simplified model of the general measurement method is the Premium Allocation Approach (PAA), which is applied by the Group for contracts with a duration equal to or less than one year or the coverage period is longer than one year and the measurement of the Liability for Remaining Coverage (LRC) for the contracts under PAA does not differ materially from the measurement that would be produced under the general measurement model. If significant variability in cash flows from fulfilment is initially expected that would affect the measurement of the remaining coverage liability, the simplified method cannot be applied. Under the premium allocation approach, the Group will assume that no contract is onerous unless the facts and circumstances indicate otherwise, which is why initially all contracts are grouped based on risk and how they are managed. To evaluate this possibility, a premium sufficiency test will be used that will evaluate the need to provide an additional provision and classify the Group of contracts as onerous (Onerousness Test). For insurance contracts that apply the PAA approach, the Group recognizes written premiums net of commissions and deferred premiums as provision of remaining coverage (Liability for Remaining Coverage, LRC). Significant judgments and estimates. The Group bases its assumptions and estimates on parameters derived from portfolio experience and these are used to prepare the financial statements. However, existing circumstances and assumptions about future developments could change due to changes in the market or circumstances beyond the Group’s control. Parameters are updated to reflect such changes in assumptions as necessary. The Group reassesses the CSM in each period with the adjustment for the entity’s experience. Parameters used for estimating future cash flows are a comparison between current and estimated rates, and the following hypotheses are evaluated: mortality, longevity, disability, expenses, and lapses. For the measurement of the present value of future cash flows, it is necessary to define discount rates that consistently reflect the time value of money. For the general measurement method, it should be noted that in each valuation, it will be necessary to have two types of differentiated interest rates for discounting cash flows: - Market rate or current valuation rate: the interest rate obtained from current market data and assumptions. The discount rate as of the valuation date will be equal to the risk-free rate of the corresponding currency plus the Matching Adjustment described later. - Established initial rate or Locked-In Rate (LiR): an interest rate defined at the time of initial recognition of the insurance contract and will remain fixed until the termination of it, and will be used to: - Measuring cash flows from fulfillment at initial valuation; - Determining the amount of financial expenses or income from insurance included in the income statement for the period; - Determining accrued interest on the CSM; - Determining the portion of the financial effect on Cashflows that will be imputed to interest on liabilities; - Measuring changes in the contractual service margin. For the determination of the discount curve of the established initial rate on the initial recognition date of the contract, the Matching Adjustment methodology (calibration adjustment) will be used. This methodology starts from the assets that cover the Group’s liabilities. Conceptually, the Matching Adjustment is a spread added to the risk-free curve (RFR) for calculating the present value of the Group obligations. This differential will be calculated as the IRR of “de-risked” assets minus the IRR of liabilities, minus the average “Cost of Downgrade” of the portfolio, and an adjustment for sub-“Investment Grade” investments in the portfolio. The determination of the Matching Adjustment is made by product type and currency. |
Financial instruments: Initial recognition and subsequent measurement | g) Financial instruments: Initial recognition and subsequent measurement A financial instrument is any agreement that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Group determined the classification of its financial instruments at the time of initial recognition. All financial instruments are initially recognized at their fair value plus the incremental costs related to the transaction that are directly attributable to the purchase or issuance of the instrument, except in the case of financial assets or liabilities carried at fair value through profit or loss. Purchases or sales of financial assets that require delivery of the assets within a period established in accordance with regulations or conventions in the market (regular market deadlines) are recognized at the negotiation date, that is, the date on which the Group undertakes to buy or sell the asset. As of December 31, 2023 and 2022, the Group classified financial assets into one of the categories defined by IFRS 9: financial assets at fair value through profit or loss, at fair value through other comprehensive income and at amortized cost based on: - The business model to manage financial assets and - The characteristics of the contractual cash flows of the financial asset Business model - It represents how financial assets are managed to generate cash flows and is not dependent on Management’s intention with respect to an individual instrument. Financial assets can be managed for the purpose of: i) obtaining contractual cash flows; ii) obtaining contractual cash flows and sale; or iii) others. To evaluate business models, the Group considers: - The risks that affect the performance of the business model and, in particular, the way in which these risks are managed. - How the performance of the business model and the financial assets held within this business model are evaluated and reported to key Group management personnel. If cash flows after initial recognition are realized differently from the Group’s expectations, the classification of the remaining financial assets held in this business model is not modified. When the financial asset is maintained in business models i) and ii) the application of the only principal and interest payments test is required - “SPPI”. SPPI Test (Principal and Interest Payment Only) – This test consists in the evaluation (i) Financial assets at amortized cost – A financial asset is classified at amortized cost if the following conditions are met: - It is held within a business model whose objective of which is to maintain the financial asset to obtain the contractual cash flows, and - The contractual conditions give rise, on specified dates, to cash flows that are solely payments of the principal and interest. After initial recognition, financial assets in this category are valued at amortized cost, using the effective interest rate method, less any credit loss provision. The amortized cost is calculated taking into account any discount or premium incurred in the acquisition and fees that constitute an integral part of the effective interest rate. Interest income is included in the “Interest and similar income” item in the consolidated statement of income. Financial assets at amortized cost include direct credits that are recorded when the funds are disbursed to clients, and indirect credits (contingent) that are recorded when the documents that support said credit facilities are issued. Likewise, the Group considers as refinanced or restructured those loans that change their payment schedule due to difficulties in payment by the debtor. The impairment loss is calculated using the expected loss approach and is recognized in the consolidated statement of income in the item “Net gain on securities” for investments and in the item “Credit loss provision for loan portfolio” for credits. The balance of financial assets, measured at amortized cost, is presented net of the provision for credit losses in the consolidated statement of financial position. (ii) Financial assets at fair value with changes in other comprehensive income – The financial assets that the Group maintains in this category are: a) investments in debt instruments, and b) investments in equity instruments, for non-trading purposes, irrevocably designated in the initial recognition. Investments in debt instruments - A financial asset is classified and measured at fair value through other comprehensive income when the following conditions are met: - The financial asset is maintained within a business model whose objective is achieved by obtaining contractual cash flows and selling financial assets, and - The contractual conditions give rise, on specified dates, to cash flows that are solely payments of principal and interest. After initial recognition, investments in debt instruments are measured at fair value, recording unrealized gains and losses in the consolidated statement of comprehensive income, net of the corresponding income tax and non-controlling interest, until the investment is sold; in which the accumulated gain or loss is recognized in the “Net gain on securities” item of the consolidated statement of income. Interest is recognized in the consolidated statement of income in the item “Interest and similar returns” and is reported as interest income using the effective interest rate method. When a debt instrument is designated in a fair value hedging relationship, any change in fair value due to changes in the hedged risk is recognized in “Interest and similar income” in the consolidated statement of income. Foreign exchange gains or losses related to the amortized cost of the debt instrument are recognized in the consolidated statement of income, and those related to differences between the amortized cost and the fair value are recognized as part of the unrealized gain or loss. in the consolidated statement of comprehensive income. The estimated fair value of investments in debt instruments is determined primarily on the basis of quotes or, in the absence of these, on the basis of discounted cash flows using market rates consistent with the credit quality and maturity of the debt instruments. the investment. The impairment loss of investments in debt instruments is calculated using the expected loss approach and is recognized in the consolidated statement of comprehensive income, charged to the item “Net gain on securities” in the consolidated statement of income, in this sense, it does not reduce the carrying amount of the financial asset in the consolidated statement of financial position, which is maintained at fair value. The impairment loss recognized in the consolidated statement of comprehensive income is reclassified to the consolidated statement of income when the debt instrument is derecognized. Investments in equity instruments, not for trading, designated upon initial recognition (equity instruments designated at the initial recognition) – At initial recognition, the Group can make an irrevocable choice to present the equity instruments, which are not for trading, but for strategic purposes, in the item “At fair value through other comprehensive income”. After initial recognition, the equity investments are measured at fair value, recording the unrealized gains and losses in the consolidated statement of comprehensive income, net of their corresponding income tax and non-controlling interest, until the investment is sold, whereupon the accumulated gain or loss is transferred to the item “Retained earnings” in the consolidated statement of changes in equity; in other words, they are not subsequently reclassified to the consolidated statement of income. As a result, the equity instruments classified in this category do not require a loss impairment evaluation. Dividends are recognized when the right to collection has been established and are recorded in the “Interest and similar income” item in the consolidated statement of income. (iii) Financial assets at fair value through profit or loss – Financial assets must be classified and measured at fair value through profit or loss unless they are classified and measured at “Amortized cost” or “At fair value through other comprehensive income”. The financial assets that the Group maintains in this category are: a) Investments in debt instruments, b) investments in equity instruments for trading purposes, c) financial assets designated at fair value with changes in results from the moment of their recognition. initial, and d) derivative financial instruments for trading purposes. Debt instruments - Such instruments are classified in this category because: a) they are held for trading purposes, or b) their cash flows are not solely payments of principal and interest. After initial recognition, they are measured at fair value, recording the changes in the “Net gain on securities” item in the consolidated statement of income. The accrued interest is calculated using the contractual interest rate and is recorded in the “Interest and similar income” item in the consolidated statement of income. Equity instruments - Equity instruments are classified and measured at fair value through profit or loss, unless an irrevocable election is made, at the time of initial recognition, to designate them at fair value through other comprehensive income. After initial recognition, they are measured at fair value, recording the changes in the “Net gain on securities” item in the consolidated statement of income. Dividend income is recorded in the “Interest and similar income” item in the consolidated statement of income when the right to payment has been recognized. Financial assets designated at fair value through profit or loss from the moment of initial recognition - At the time of initial recognition, Management may irrevocably designate financial assets as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from the measurement of the assets or liabilities. or the recognition of their profits and losses on different bases. After their initial recognition, they are measured at fair value, recording the changes in the consolidated statement of income. As of December 31, 2023 and 2022, the Group classified financial liabilities in their initial recognition as measured at amortized cost, except in the case of financial liabilities at fair value through profit or loss. These liabilities include derivatives that are measured at fair value. The interest incurred is accrued in the “Interest and similar income” item in the consolidated statement of income. Likewise, at the time of initial recognition, Management may irrevocably designate financial liabilities as measured at fair value through profit or loss when one of the following criteria is met: - A measurement inconsistency that would otherwise arise when using different criteria to measure assets or liabilities is eliminated or significantly reduced; either - They are part of a group of financial liabilities, which are managed and their performance is evaluated on a fair value basis, in accordance with a documented investment or risk management strategy; either - The financial liability contains one or more embedded derivatives that significantly modify the otherwise required cash flows. (iv) Reclassification of financial assets and liabilities - The reclassification of financial assets will take place whenever the business model managing the financial assets changes. It is expected that this change will be very infrequent. These changes are determined by approval of the Group’s management as a result of external or internal changes, which must be significant to the Group’s operations and demonstrable to third parties. Financial liabilities are never reclassified. When the Group changes its business model for managing financial assets, it will prospectively reclassify all affected financial assets from the date of reclassification. The Group will not restate previously recognized gains, losses, or interest (including gains or losses on impairment) recognized. If the Group reclassifies: - A financial asset from the amortized cost measurement category to the fair value through profit or loss category: its fair value will be measured at the reclassification date. Any gain or loss arising from differences between the previous amortized cost of the financial asset and the fair value will be recognized in profit or loss for the period. - A financial asset from the fair value through profit or loss measurement category to the amortized cost category: its fair value at the reclassification date becomes its new gross carrying amount. - A financial asset from the amortized cost measurement category to the fair value through other comprehensive income category: its fair value will be measured at the reclassification date. Any gain or loss arising from differences between the previous amortized cost of the financial asset and the fair value will be recognized in other comprehensive income. The effective interest rate and the measurement of expected credit losses will not be adjusted as a result of reclassification. - A financial asset from the fair value through other comprehensive income measurement category to the amortized cost category, the financial asset will be reclassified at its fair value at the reclassification date. However, previously recognized accumulated gains or losses in other comprehensive income will be removed from equity and adjusted against the fair value of the financial asset at the reclassification date. As a result, the financial asset will be measured at the reclassification date as if it had always been measured at amortized cost. This adjustment affects other comprehensive income but not profit or loss for the period - A financial asset from the fair value through profit or loss measurement category to the fair value through other comprehensive income category, the financial asset will continue to be measured at fair value. - A financial asset from the fair value through other comprehensive income measurement category to the fair value through profit or loss category, the financial asset will continue to be measured at fair value. The previously recognized accumulated gain or loss in other comprehensive income will be reclassified from equity to profit or loss for the period |
Derecognition of financial assets and liabilities | h) Derecognition of financial assets and liabilities Financial assets: A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is derecognized when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full immediately to a third party under a pass-through arrangement; and the Group has also transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When contractual rights to receive cash flows from the financial asset have been transferred, or a transfer agreement has been entered into, the Group assesses whether it has retained, and to what extent, the risks and benefits inherent in ownership of the asset. When the Group has neither transferred nor retained substantially all risks and benefits inherent in ownership of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continued involvement with the asset. In that case, the Group also recognizes the related liability. The transferred asset and related liability are measured in such a way as to reflect the rights and obligations that the Group has retained. Continued involvement in the form of a guarantee over the transferred asset is measured as the lower of (i) the carrying amount of the asset, and (ii) the maximum consideration received that the Group would be required to repay. Financial liabilities: A financial liability is derecognized when the obligation to pay is discharged, cancelled, or expires. When an existing financial liability is exchanged for another from the same borrower under significantly different terms (fails the 10% test established in IFRS 9), or the terms are substantially modified, such exchange or modification is treated as a derecognition of the original liability and a new liability is recognized, with the difference between the carrying amount of the initial financial liability and the consideration paid recognized in the consolidated statement of income. |
Offsetting financial instruments | i) Offsetting financial instruments - Financial assets and liabilities are offset and the net amount is presented in the consolidated statement of financial position when there is a legally enforceable right to offset them and the Management intends to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
Impairment of financial assets | j) Impairment of financial assets - As of December 31, 2023, and December 31, 2022, the Group applies a three-stage approach to measure the provision for credit losses, using an expected credit loss impairment model as set out in IFRS 9, for the following categories: - Financial assets at amortized cost. - Debt instruments classified as investments at fair value through other comprehensive income. - Indirect loans presented in contingent accounts. Financial assets classified or designated at fair value through profit or loss and equity instruments designated at fair value through other comprehensive income are not subject to impairment assessment. Financial assets migrate through three stages based on changes in credit risk from initial recognition. Impairment model of expected credit losses – Calculations of credit losses result from models with a series of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfall events related to default events, either (i) over the following twelve months or (ii) over the expected life of a financial instrument depending on credit impairment from inception. Expected credit loss reflects a probability-weighted outcome considering a range of multiple outcomes based on reasonable and supported forecasts. Provisions for credit losses will be measured at each reporting date following a three-stage expected credit loss model based on the degree of credit deterioration from inception: - Phase 1: Financial assets whose credit risk has not increased significantly since initial recognition will recognize a reserve for losses equivalent to the credit losses expected to occur from defaults in the next 12 months. For instruments with a maturity of less than 12 months, a default probability corresponding to the remaining term to maturity is used. - Phase 2: Financial assets that have experienced a significant increase in credit risk compared to initial recognition but are not considered impaired will recognize a loss reserve equivalent to the expected credit losses that are expected to occur during the remaining life of the asset. - Phase 3: Financial assets with credit impairment at the reporting date will recognize a loss reserve equivalent to the expected credit losses over the entire life of the asset. Interest income will be recognized based on the carrying amount of the asset, net of the credit loss provision. Measurement of expected loss – The measurement of expected credit loss is primarily based on the product of the probability of default (PD), the loss given default (LGD), and the exposure at default (EAD), discounted to the reporting date and considering expected macroeconomic effects and all in accordance with the new regulations. The details of these statistical parameters are the following: - PD: It is an estimate of the probability of default over a specified time horizon. Default can only occur at a given point in time during the estimated remaining life, provided the financial asset has not been derecognized previously and still remains in the portfolio. - LGD: It is an estimate of the loss that occurs in the event of default at a given point in time. It is based on the difference between contractual cash flows owed and those the lender would expect to receive, including from the realization of any collateral. It is typically expressed as a percentage of the EAD. - EAD: It is an estimate of exposure at a future default date, taking into account expected changes in exposure after the reporting date, including principal and interest repayments, either scheduled by contract or otherwise, and interest accrued for overdue payments. The fundamental difference between credit loss considered in Phase 1 and Phase 2 is the PD horizon. Phase 1 estimates use a 12-month horizon, while those in Phase 2 use an expected loss calculated with the remaining term of the asset and consider the effect of significant risk increase. Finally, in Phase 3, the expected loss will be estimated based on the best estimate (“ELBE”), given the status of the collection process for each asset. Changes from one stage to another – The classification of an instrument as stage 1 or stage 2 depends on the concept of “significant increase in credit risk” on the reporting date compared with the origination date; in this sense, the definition used considers the following criteria: - An account is classified in stage 2 if it has more than 30 days in arrears - If the probability of default (“PD”) at the reporting date exceeds the PD at the origination date by 50% (absolute thresholds) in all portfolios. - If the PD at the reporting date exceeds the PD at the origination date at an individualized level for each risk level and by portfolio (relative thresholds). - The follow-up, alert and monitoring systems for risk portfolios that depend on the current risk policy in Wholesale and Retail Banking are integrated. Additionally, all accounts classified as defaults at the reporting date are considered Phase 3. Assessments of significant risk increase from initial recognition and credit impairment are independently conducted at each reporting date. Assets can move in both directions from one phase to another. Reference added: See further detail in note 30.1(c). Prospective Information – The measurement of expected credit losses for each stage and the evaluation of significant increases in credit risk should consider information on past events and current conditions, as well as projections of future events and economic conditions. For the estimation of the risk parameters (PD, LGD, EAD), used in the calculation of the provision in stage 1 and 2, the significance of the macroeconomic variables (or their variations) that have the greatest influence on each portfolio was tested, which give a better prospective and systemic vision to the estimation, based on econometric techniques. These projections have a period of 3 years and, additionally, a long-term projection The estimate of the expected loss is a weighted estimate that considers three future macroeconomic scenarios. The base, optimistic and pessimistic scenarios are based on macroeconomic projections provided by the internal economic studies team and approved by Senior Management; these projections are made for the main countries where Credicorp operates. This same team also provides the probability of occurrence of each scenario. It should be noted that the design of the scenarios is reviewed quarterly and may be more frequent if the environmental conditions so require. Macroeconomic Factors – In its models, the Group relies on a wide range of prospective information as economic inputs, such as gross domestic product (GDP) growth, unemployment rates, central bank base rates, among others. The inputs and models used to calculate expected credit losses may not always capture all market characteristics at the date of the financial statements. To reflect this, qualitative adjustments or overlays may be made using expert judgment. Expected Lifetime – For instruments in Stage 2 or 3, loss reserves will cover expected credit losses during the instrument’s lifetime. For most instruments, the expected lifetime is limited to the remaining term of the product, adjusted for expected prepayments. For revolving products, an analysis was conducted to determine the expected lifetime period. Presentation of provision for credit losses in the consolidated statement of financial position – - Financial assets measured at amortized cost: as a deduction from the gross carrying amount of financial assets; - Debt instruments measured at fair value through other comprehensive income: no provision is recognized in the statement of financial position because the carrying amount of these assets is their fair value; however, the expected credit loss is presented in accumulated other comprehensive income; - Indirect credits: the provision for credit loss is presented under “Other liabilities” in the statement of financial position. Renegotiated Credits – When a credit is modified, it is not considered past due but maintains its previous classification as impaired or unimpaired. If the borrower complies with the new agreement for the next six months, and the analysis of their repayment capacity supports a new risk rating improvement, the credit is classified as unimpaired. If after the credit is modified, the borrower defaults on the new agreement, it is considered impaired and past due. See further detail in note 30.1(c). |
Business Combinations | k) Business Combinations – Business combinations are accounted for using the acquisition method as set out in IFRS 3 “Business Combinations”, regardless of whether they are equity instruments or other acquired assets. The cost of an acquisition is measured as the sum of the consideration transferred, measured at fair value at the acquisition date, and the amount of any non-controlling interest in the acquired entity. For each business combination, the Group decides whether the non-controlling interest in the acquired entity should be measured at fair value or at the proportionate share of the identifiable net assets of the acquired entity. Acquisition-related costs are recognized as expenses and included in the “Administrative expenses” line item in the consolidated statement of income. When the Group acquires a business, it assesses the financial assets and liabilities assumed for proper classification and naming in accordance with contractual terms, economic circumstances, and conditions relevant at the acquisition date. This includes the separation of embedded derivatives in contracts entered into by the acquiree. Any contingency transferred by the acquirer must be recognized at its fair value at the acquisition date. The contingency classified as a financial instrument and within the scope of IFRS 9: “Financial Instruments” is measured at fair value through profit or loss or other comprehensive income in the consolidated statement of profit or loss or in the consolidated statement of comprehensive income. If the contingency is classified as equity, it should not be remeasured, and its subsequent settlement is accounted for within equity. The acquisition of the non-controlling interest is recognized directly in equity; the difference between the amount paid and the net assets acquired is recognized as an equity transaction. Therefore, the Group does not recognize any additional goodwill after acquiring the non-controlling interest, nor does it recognize a gain or loss on the sale of the non-controlling interest. If there is a contractual obligation to acquire the shares of the non-controlling interest through a put option, the Group will initially recognize a liability at fair value through profit or loss equivalent to the market value of the non-controlling interest against the “Reserves and others” account in equity. After initial recognition, the liability is measured at fair value, recording changes in the statement of profit or loss until the option is exercised. If the option expires without being exercised, the liability is derecognized, adjusting equity. The equity attributable to the non-controlling interest is presented separately in the consolidated statement of financial position. Profit attributable to the non-controlling interest is presented separately in the consolidated statement of profit or loss and in the consolidated statement of comprehensive income. If a business combination achieved in stages, the acquisition date and the value of the previous participation of the acquirer is measured again at a fair value at the date of acquisition. The gains or losses arising from such remedy are recognized in profit or loss. Likewise, in accordance with IFRS 3, from the acquisition date of a company not under common control, the acquirer has a 12-month period to make adjustments to the initial recognition of goodwill. Combinations of Entities under Common Control A business combination between entities or businesses under common control is outside the scope of IFRS 3, as it represents a business combination in which all entities or businesses being combined are ultimately controlled by the same party or parties, both before and after the business combination. In these transactions, the Group recognizes acquired assets under the pooling of interest method, whereby the assets and liabilities of the combined companies are reflected at their carrying values and no goodwill is recognized as a result of the combination. |
Intangibles | l) Intangibles – They mainly comprise internal developments and acquisitions of software licenses used by the Group. Such intangibles are initially recognized at cost and are amortized using the straight-line method over their estimated useful life Intangible assets identified as a result of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their estimated market value determined on the acquisition date and are amortized using the straight-line method over their estimated useful life, as follows: Estimated useful life in years Client relationship - Prima AFP (AFP Unión Vida) 20.0 Client relationship – Credicorp Capital Holding Chile (Inversiones IMT) 22.0 Client relationship - Edyficar Peru 10.0 Client relationship - Ultraserfinco 9.2 Client relationship – Mibanco 7.0 Brand - Mibanco 25.0 Brand – Joinnus 20.0 Brand - Culqi 5.0 Fund manager contract - Credicorp Capital Colombia 20.0 and 28.0 Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) 11.0 and 24.0 Fund manager contract - Ultraserfinco 23.0 Core deposits - Mibanco 6.0 Others Between 2.0 and 7.5 The period and method of amortization of intangible assets are reviewed at the end of each period. If they differ from the expected useful life of previous estimates, the amortization period should be changed to reflect the change. If there is any change in the expected pattern of future economic benefits embodied in the asset, the amortization method should reflect these changes. Gains or losses arising from the disposal of an intangible asset are measured as the difference between the net proceeds from the disposal of the asset and the carrying amount of that asset and are recognized in the consolidated statement of income on the date the asset is derecognized. |
Goodwill | m) Goodwill – Goodwill is the excess of the sum of the consideration transferred and the fair value recognized for the acquisition of the net assets acquired and liabilities assumed. If the fair value of the net assets acquired exceeds the consideration transferred, the gain will be recognized in the consolidated statement of income. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For impairment testing purposes, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating unit (CGU) of the Group that is expected to benefit from the business combination, regardless of whether other assets or liabilities of the acquired entity have been allocated to these units. If goodwill has been allocated to a cash-generating unit and part of the assets with which that unit operates is disposed of, the goodwill and the disposed assets are included in the transaction’s carrying amount when determining the loss or disposal. Under these circumstances, disposed goodwill is measured based on the relative value of the disposed assets and the portion of the retained cash-generating unit. The impairment of goodwill is determined by evaluating the recoverable amount for each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognized. Impairment losses related to goodwill cannot be reversed in future periods. |
Impairment of Non-Financial Assets | n) Impairment of Non-Financial Assets – The Group assesses, at each reporting date, whether there is any indication that an asset may be impaired in value. If there is any indication or when an annual impairment test of an asset is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset or CGU’s fair value less costs of disposal and its value in use and is determined for each asset individually, unless the asset generates cash flows that are largely independent of those of other assets or group of assets. When the carrying amount of an asset or its CGU exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is reduced to its recoverable amount. When assessing the value in use, future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the specific risks of the asset. For the determination of fair value less costs of disposal, recent market transactions, if any, are taken into account. If such transactions cannot be identified, a valuation model that is appropriate is used. These calculations are verified against valuation multiples, stock quotes for subsidiaries listed on the stock exchange, and other available indicators of fair value. For non-financial assets, excluding goodwill, an assessment is made at each reporting date of whether there are indications that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the Group estimates the recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined net of depreciation, as if no impairment had been recognized in previous years. Such reversal is recorded in the consolidated statement of income. |
Bank Acceptances | o) Bank Acceptances – Customer debt for acceptances corresponds to accounts payable by customers for import and export transactions, the obligations of which have been accepted by the Group. Obligations to be assumed by the Group are recorded as liabilities. |
Financial Guarantees | p) Financial Guarantees - In the ordinary course of business, the Group provides financial guarantees, such as letters of credit, guarantees, and bank acceptances. Financial guarantees are initially measured at fair value, which is equivalent to the initial consideration received; likewise, letters of credit and guarantees are recorded in the “Other Liabilities” line item of the consolidated statement of financial position and bank acceptances are presented in the consolidated statement of financial position. Subsequent to initial recognition, the Group’s liability for each guarantee is measured at the higher of the amount recognized initially, less the accumulated amortization recognized in the consolidated statement of income, and the best estimate of the expense required to settle any obligation arising from the financial guarantee. Any increase in the liability related to a financial guarantee is included in the consolidated statement of income. The consideration received is recognized in the “Commissions and Fees” line item of the consolidated statement of income, based on its straight-line amortization over the term of the granted financial guarantee. |
Provisions | q) Provisions – Provisions are recognized when the Group has a present obligation (legal or implicit) as a result of a past event, and it is probable that resources will be required to settle that obligation, and the amount can be determined in a reliable manner. The expense related to any provision is presented in the consolidated statement of income net of any reimbursement. If the effect of the time value of money is material, the provision is discounted using a current pre-tax rate that reflects, where appropriate, the specific risks of the liability. When discounting is used, the increase in the provision over time is recognized as a financial cost. |
Contingencies | r) Contingencies – Contingent liabilities are not recognized in the consolidated financial statements. These are disclosed in notes unless the possibility of a payout is remote. Contingent assets are not recorded in the financial statements; these are disclosed if it is probable that an inflow of economic benefits will occur. |
Income Tax | s) Income Tax – Income tax is calculated based on the individual financial statements of each Group entity. Deferred income tax reflects the effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and those determined for tax purposes. Deferred assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which these differences are expected to be recovered or settled. The measurement of deferred assets and liabilities reflects the tax consequences derived from how Credicorp and its Subsidiaries expect to recover or settle the value of their assets and liabilities at the date of the consolidated statement of financial position. The carrying amount of deferred tax assets and liabilities may change, even when the amount of temporary differences has not changed, due to a change in the income tax rate. The effect of the change in deferred tax, corresponding to the rate change, will be recognized in the consolidated statement of income for the period, except for items previously recognized outside the consolidated statement of income (either in other comprehensive income or directly in equity). Deferred tax assets and liabilities are recognized regardless of when the timing differences are likely to reverse. Deferred tax assets are recognized when it is likely to exist sufficient tax benefits for the application of temporary difference. At the date of the consolidated statement of financial position, Credicorp and its Subsidiaries assess unrecognized deferred assets and the carrying amount of recognized deferred assets. Credicorp and its Subsidiaries determine their deferred tax based on the tax rate applicable to their undistributed profits, recognizing any additional tax for dividend distribution on the date the liability is recognized. Deferred tax assets and liabilities are offset if there is a legal right to offset them and the deferred taxes are related to the same taxable entity and the same tax authority. |
Earnings for Share | t) Earnings for Share – Basic earnings per share are calculated by dividing the net income for the year attributable to Credicorp shareholders by the weighted average number of common shares outstanding during the period, excluding common shares purchased and held as treasury shares. Diluted earnings per share are calculated by dividing the net income for the year attributable to Credicorp shareholders by the weighted average of common shares outstanding during the period, excluding common shares purchased and held as treasury shares, plus the weighted average of common shares that would have been issued if all potential dilutive common shares had been converted into common shares. |
Derivative Financial Instruments and Accounting Hedging | u) Derivative financial instruments and hedge accounting – Trading – The Group trades derivative financial instruments to meet the needs of its clients. The Group may also take positions with the expectation of to benefit from favorable movements in prices, rates, or indices. Part of the derivative transactions that provide economic hedges under the Group’s risk management positions do not qualify as hedges under the specific rules of IFRS 9 and are therefore treated as derivatives for trading purposes. Derivative financial instruments are initially recognized in the consolidated statement of financial position at fair value and subsequently measured at fair value. Fair values are obtained based on market exchange rates and interest rates. All derivatives are considered assets when fair value is positive and liabilities when fair value is negative. Gains and losses from changes in fair value are recorded in the consolidated statement of income. Hedging - The Group uses derivative instruments to manage its exposure to interest rates and foreign currency. In order to manage specific risks, the Group applies hedge accounting for transactions that meet the specific criteria for it. According to IFRS 9, to qualify as hedging transactions, all the following conditions must be met: - The hedging relationship consists only of hedging instruments and eligible hedged items. - At the beginning of the hedging relationship, there is a formal designation and documentation of the hedging relationship and the entity’s risk management objective and strategy to undertake the hedge. This documentation will include the identification of the hedging instrument, the hedged item, the nature of the risk being hedged, and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements. The hedging relationship meets all of the following hedge effectiveness requirements: - There is an economic relationship between the hedged item and the hedging instrument. - The effect of credit risk does not dominate the value changes that come from this economic relationship. - The hedge ratio of the hedging relationship is the same as that arising from the amount of the hedged item that the entity actually hedges and the amount of the hedging instrument that the entity actually uses to hedge that amount of the hedged item. The accounting treatment is established according to the nature of the hedged item and the fulfillment of the hedging criteria. (i) Cash flow hedges - The effective portion of the cumulative gain or loss on the hedging instrument is recognized directly in other comprehensive income in the “Cash flow hedge reserve” line of the consolidated statement of comprehensive income, and is reclassified to the consolidated statement of income in the same period or periods in which the hedged transaction affects results; that is, when the income or financial expenses related to the hedge are recorded, or when an anticipated transaction occurs. The part of the gain or loss on derivatives that represents the ineffective portion is recognized immediately in the consolidated statement of income. Amounts originally recorded in other comprehensive income and subsequently reclassified to the consolidated statement of income are recorded in the corresponding expense or income lines in which the hedged item is reported. If the anticipated transaction or firm commitment is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is transferred to the consolidated statement of income. If the derivative expires or is sold, settled, or exercised without replacement or renewal, or if its designation as a hedge has been revoked, any unrealized gain or loss accumulated in the cash flow hedge reserve remains in that reserve until the anticipated transaction or firm commitment affects results. At the same time, the derivative is recognized as a tradable derivative financial instrument. (ii) Fair value hedges - The change in the fair value of a fair value hedge and the change in the fair value of the hedged item attributable to the hedged risk are recorded by affecting the book value of the hedged item and are recognized in the consolidated statement of income. For fair value hedges related to items recorded at amortized cost, any adjustment to the book value of such items as a result of hedge discontinuation will be amortized through the consolidated statement of income over the remaining term of the hedge. Amortization at the effective interest rate may begin as soon as an adjustment occurs, but no later than when the hedged item is no longer adjusted for changes in its fair value attributable to the hedged risk. If the hedged item is derecognized, the unamortized fair value is recognized immediately in the consolidated statement of income. If a hedging instrument expires, is sold, settled, or exercised, or if its designation as a hedge no longer meets the criteria to be recorded as such, the hedging relationship is terminated. For fair value hedges related to items recorded at amortized cost, the difference between the fair value and the book value of the hedged item at the end and the face value is amortized over the remaining term of the initial hedge, using the effective interest rate. If the hedged item is derecognized, the unamortized fair value is immediately recognized in the consolidated statement of income. At the same time, the derivative is recognized as a tradable derivative financial instrument. (iii) Foreign currency net investment hedges - Foreign currency net investment hedges are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument related to the effective portion of the hedge is recognized in other comprehensive income and accumulated in the “Translation of operations abroad” line of the consolidated statement of changes in equity. The gain or loss related to the ineffective portion is recognized immediately in the consolidated statement of income within “Other income” or “Other expenses”. Accumulated gains and losses in the consolidated statement of changes in equity are reclassified to the consolidated statement of income when the net investment abroad is disposed of or partially sold. (iv) Embedded derivatives - Embedded derivatives in a principal (or host) contract are treated as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the principal contract and such principal contract is not held for trading or measured at fair value with effect on income. The Group has investments indexed to certain liabilities from life insurance contracts, called “Investment Link”. These instruments have been classified by the Group since their initial recognition as “Financial instruments at fair value with changes in income”. |
Fair value measurement | v) Fair value measurement - Fair value is the price that would be received for selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction to sell the asset or transfer the liability takes place, either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or most advantageous market must be accessible to the Group. Also, the fair value of a liability reflects its default risk. When available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is considered active if transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on a continuous basis. If there is no quoted price in an active market, the Group uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data. The valuation technique chosen incorporates all factors that market participants would consider when setting the price of a transaction. All assets and liabilities for which fair values are determined or disclosed in the consolidated financial statements are classified within the fair value hierarchy, described below, based on the lowest level of data used that is significant to the fair value measurement as a whole: - Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. - Level 2: Valuation techniques by which the lowest level of information that is significant to the fair value measurement is directly or indirectly observable. - Level 3: Valuation techniques by which the lowest level of information that is significant to the fair value measurement is not observable. The Group determines for assets and liabilities that are recognized at fair value in the consolidated financial statements on a recurring basis, whether transfers occurred between different levels within the hierarchy by reviewing the categorization at the end of each reporting period. For fair value disclosure purposes, the Group has determined the classes of assets and liabilities based on the nature, characteristics, and risks of the asset or liability and the level of the fair value hierarchy as explained above. Also, the fair value of financial instruments measured at amortized cost is disclosed in note 30.11(b). |
Segment information | w) Segment information - The Group reports financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specific criteria. Operating segments are a component of an entity for which separate financial information is available and is evaluated periodically by the chief operating decision-maker (“CODM”) related to the allocation of resources and performance evaluation. The Group discloses the same financial information that is used internally to assess the performance of operating segments and decide how to allocate resources to segments, note 27. |
Fiduciary activities, fund management, and pension funds | x) Fiduciary activities, fund management, and pension funds - The Group provides custody, administration, investment management, and advisory services to third parties that result in holding or lending assets on their behalf. These assets and the results on them are excluded from the consolidated financial statements, as they are not Group assets, note 30.12. Commissions generated by this activity are included in the “Commissions and fees” line of the consolidated statement of income. |
Cash and cash equivalents | y) Cash and cash equivalents - For the purposes of the consolidated statement of cash flows, cash and cash equivalents correspond to cash balances, funds deposited with central banks, “overnight” deposits, interbank funds, and deposits with maturities of three months or less from the acquisition date, excluding restricted funds, see note 4(a). Guarantee funds committed as part of a repurchase agreement are presented in the “Guarantee funds, repurchase agreements, and financing with securities” line of the consolidated statement of financial position, see note 5(a). Guarantee funds committed in trading of derivative financial instruments are presented in the “Other assets” line of the consolidated statement of financial position, see note 12(c). Unrealised gains and losses arising from changes in foreign currency exchange rates are not cash flows. However, the effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is reported in the statement of cash flows in order to reconcile cash and cash equivalents at the beginning and the end of the period. This amount is presented separately from cash flows from operating, investing and financing activities and includes the differences, if any, had those cash flows been reported at end of period exchange rates. |
Repurchase and resale agreements and loans and financing with securities | z) Repurchase and resale agreements and loans and financing with securities - Securities sold under agreements to repurchase on a specific future date are not derecognized from the consolidated statement of financial position because the Group retains substantially all risks and benefits inherent in ownership. The cash received is recorded as an asset in the “Available funds” line, and the corresponding obligation to return it, including accrued interest, is recorded as a liability in the “Accounts payable for repurchase agreements and securities loans” line, reflecting the economic substance of the operation as a loan received by the Group. The difference between the selling price and the repurchase price is accrued during the contract term using the effective interest rate method and is recorded in the “Interest and similar expenses” line of the consolidated statement of income. As part of this transaction, the Group delivers assets as collateral. When the counterparty receives securities and has the right to sell them or re-deliver them as collateral, the Group reclassifies these securities to the “Investments at fair value with changes in other comprehensive income under collateral” or “Investments at amortized cost under collateral” lines, as appropriate, in the consolidated statement of financial position. When the counterparty receives guarantee funds that will be restricted until the contract maturity, the Group reclassifies such cash to the “Guarantee funds, repurchase agreements, and financing with securities” line of the consolidated statement of financial position. When the counterparty receives credit portfolios as collateral, the Group maintains these credits in the “Credit portfolio, net” line in the statement of financial position, the control of which is kept in off-balance sheet accounts. On the other hand, securities purchased under agreements to resell on a specific future date are not recognized in the consolidated statement of financial position. The cash granted is recorded as an outflow of an asset from the “Available funds” line, and the corresponding right to collect it, including accrued interest, is recorded in the “Guarantee funds, repurchase agreements, and financing with securities” line, reflecting the economic substance of the operation as a loan granted by the Group. The difference between the purchase price and the resale price is accrued during the contract term using the effective interest rate method and is recorded in the “Interest and similar income” line of the consolidated statement of income. If securities purchased under a resale agreement are subsequently sold to third parties, the obligation to return the securities is recorded as a short sale in the “Financial liabilities at fair value with changes in income” line of the consolidated statement of financial position, and is measured at fair value, recording gains or losses in the “Net gain on securities” line of the consolidated statement of income. Loans and financing are usually secured by securities. The transfer of securities to counterparties is only reflected in the consolidated statement of financial position if the risks and benefits inherent in ownership are also transferred. |
International Financial Reporting Standards issued, but not yet effective | aa) International Financial Reporting Standards issued, but not yet effective - The Group decided not to early adopt the following standards and interpretations that were issued but are not yet effective as of December 31, 2023. Modifications to IAS 1: Classification of Liabilities as Current or Non-Current In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clar ify the following points: - The meaning of the right to defer settlement of a liability. - That the right to defer settlement of the liability must exist at the end of the period. - That classification is not affected by the probability that the entity will exercise its right to defer settlement of the liability. - That only if any embedded derivative in a convertible liability represents an equity instrument in itself, the terms of the liability would not affect its classification. In addition, a disclosure requirement was introduced when a liability derived from a loan agreement is classified as non-current and the entity’s right to defer settlement is subject to the fulfillment of future commitments within a period included in a twelve-month period. The amendments will be effective for periods beginning on or after January 1, 2024, and must be applied retrospectively. The Group is assessing the impact these amendments will have on its current practices. The amendments are not expected to have a material impact on the Group’s financial statements. Supplier Financing Agreements - Modifications to IAS 7 and IFRS 7 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier financing arrangements and require additional information about such arrangements to be disclosed. The objective of the disclosure requirements imposed by the amendments is to help users of financial statements have a better understanding of the effects of supplier financing arrangements on liabilities, cash flows and exposure to liquidity risk. of an entity. The amendments will be effective for annual periods beginning on or after January 1, 2024. Early application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. There are no other standards and amendments to standards that have not yet come into force and that are expected to have a significant impact on the Group, either in the current or future period, as well as in foreseeable future transactions. |
MATERIAL ACCOUNTING POLICIES (T
MATERIAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES [Abstract] | |
Schedule of detailed information about basis of consolidation | As of December 31, 2023, and 2022, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends): Entity Activity and country of incorporation Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Grupo Crédito S.A. and Subsidiaries (i) Holding, Peru 100.00 100.00 213,520,111 211,585,283 181,336,108 181,786,223 32,184,003 29,799,060 4,562,831 4,598,002 Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii) Insurance, Peru 98.86 98.86 16,549,171 15,895,361 13,443,688 13,486,189 3,105,483 2,409,172 803,384 460,326 Atlantic Security Holding Corporation and Subsidiaries (iii) Capital Markets, Cayman Islands 100.00 100.00 6,870,781 9,536,197 5,729,744 7,643,879 1,141,037 1,892,318 474,780 228,474 Credicorp Capital Ltd. and Subsidiaries (iv) Capital Markets and asset management, Bermuda 100.00 100.00 5,817,259 4,504,629 4,655,097 3,559,262 1,162,162 945,367 (135,495 ) 31,089 CCR Inc.(v) Special purpose Entity, Bahamas 100.00 100.00 347 388 69 4 278 384 (106 ) (646 ) (i) Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Entity Activity and country of incorporation Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Banco de Crédito del Perú and Subsidiaries (a) Banking, Peru 97.74 97.74 193,804,856 193,278,232 168,645,448 170,005,995 25,159,408 23,272,237 4,583,662 4,683,775 Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) Banking, Bolivia 99.92 99.92 13,558,260 12,740,036 12,740,067 11,826,789 818,193 913,247 84,898 80,377 Prima AFP (c) Private pension fund administrator, Peru 100.00 100.00 740,728 734,966 240,656 238,177 500,072 496,789 149,549 109,511 Tenpo SpA and Subsidiaries (d) Holding, Chile 100.00 100.00 387,355 242,754 185,502 90,186 201,853 152,568 (111,692 ) (124,748 ) a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”). Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Perú oriented towards the micro and small business sector. As of December 31, 2023, the assets, liabilities, equity and net result of Mibanco amount to approximately S/16,897.8 million, S/13,902.2 million, S/2,995.6 million and S/203.8 million, respectively (S/17,225.4 million, S/14,444.8 million, S/2,780.6 million, and S/424.9 million, respectively December 31, 2022). b) Inversiones Credicorp Bolivia S.A. (hereinafter “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. As of December 31, 2023, the assets, liabilities, equity and net result of BCB were approximately S/13,500.9 million, S/12,612.3 million, S/888.6 million and S/83.1 million, respectively (S/12,697.8 million, S/ 11,838.0 million, S/859.8 million and S/68.0 million, respectively as of December 31, 2022). c) Prima AFP is a private pension fund and its activities are regulated by the SBS. d) Tenpo SpA (hereinafter “Tenpo”, before “Krealo SpA”) was established (ii) Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. (iii) Its most important subsidiary is ASB Bank Corp. (merged with Atlantic Security Bank on August 2021, was established . (iv) Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco – Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: Entity Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Credicorp Holding Colombia S.A.S. and Subsidiaries (a) 100.00 100.00 4,803,072 2,889,479 3,997,781 2,322,263 805,291 567,216 (163,342 ) 16,198 Credicorp Capital Holding Chile and Subsidiaries (b) 100.00 100.00 681,338 1,194,663 502,248 1,000,676 179,090 193,987 (10,716 ) 12,658 Credicorp Capital Holding Perú S.A. and Subsidiaries (c) 100.00 100.00 296,083 374,768 149,459 230,261 146,624 144,507 4,318 5,268 a) Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons. Its main subsidiaries are Credicorp Capital Colombia S.A, which was acquired in Colombia in 2012 and merged with Ultraserfinco S.A. In June 2020, this subsidiary is oriented to the activities of commission agents and securities brokers. Likewise, Mibanco Colombia (before Banco Compartir S.A.) was acquired in 2019 and merged with Edyficar S.A.S. in October 2020, this subsidiary is oriented to grant credits to the micro and small business sector. As of December 31, 2023, Credicorp Holding Colombia has recognized an impairment of the goodwill of Mibanco Colombia for S/64.1 million ( Credicorp’s equity holders Entity Percentage of interest (direct and indirect) Assets Liabilities Equity Net profit (loss) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 % % S/000 S/000 S/000 S/000 S/000 S/000 S/000 S/000 Credicorp Capital Colombia S.A. 100.00 100.00 2,328,169 1,050,130 2,123,915 898,518 204,254 151,612 37,120 33,045 MiBanco – Banco de la Microempresa de Colombia S.A. 85.58 85.58 2,113,333 1,530,270 1,848,607 1,289,569 264,726 240,701 (72,608 ) 13,513 b) Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A. c) Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate. (v) CCR Inc. was incorporated in the year 2000. Its main activity is to manage funding granted to BCP by foreign financial entities or investors. These loans matured in the course of 2022 and were guaranteed by transactions carried out by BCP. |
Estimated useful lives of intangible assets | Intangible assets identified as a result of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their estimated market value determined on the acquisition date and are amortized using the straight-line method over their estimated useful life, as follows: Estimated useful life in years Client relationship - Prima AFP (AFP Unión Vida) 20.0 Client relationship – Credicorp Capital Holding Chile (Inversiones IMT) 22.0 Client relationship - Edyficar Peru 10.0 Client relationship - Ultraserfinco 9.2 Client relationship – Mibanco 7.0 Brand - Mibanco 25.0 Brand – Joinnus 20.0 Brand - Culqi 5.0 Fund manager contract - Credicorp Capital Colombia 20.0 and 28.0 Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) 11.0 and 24.0 Fund manager contract - Ultraserfinco 23.0 Core deposits - Mibanco 6.0 Others Between 2.0 and 7.5 |
CASH AND DUE FROM BANKS (Tables
CASH AND DUE FROM BANKS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CASH AND DUE FROM BANKS [Abstract] | |
Composition of Cash and due from Banks | a) The composition of the item is presented below 2023 2022 S/(000) S/(000) Cash and clearing (b) 5,227,446 5,410,294 Deposits with Central Reserve Bank of Peru (BCRP) (b) 23,673,777 24,160,723 Deposits with Central Reserve Bank of Bolivia and bank Republic of Colombia (b) 1,397,469 634,684 Deposits with foreign banks (c) 2,951,396 2,582,838 Deposits with local banks (c) 600,180 1,009,997 Interbank funds – 269,314 Accrued interest 70,346 53,112 Total cash and cash equivalents 33,920,614 34,120,962 Restricted funds 10,334 62,878 Total cash 33,930,948 34,183,840 |
Cash, Clearing and Deposits with Central Banks and Bank of Republic | The composition of these funds is as follows: 2023 2022 S/(000) S/(000) Legal cash requirements (i) Deposits with Central Reserve Bank of Peru 21,182,492 21,103,687 Deposits with Central Reserve Bank of Bolivia 1,352,378 628,399 Deposits with Republic Bank of Colombia 45,091 6,285 Cash in vaults of Bank 4,490,602 4,714,275 Total legal cash requirements 27,070,563 26,452,646 Additional funds Overnight deposits with Central Reserve Bank of Peru (ii) 1,546,478 2,013,703 Term deposits with Central Reserve Bank of Peru (iii) - 545,000 Cash in vaults of Bank and others 736,844 696,019 Other Deposits BCRP 944,807 498,333 Total additional funds 3,228,129 3,753,055 Total 30,298,692 30,205,701 (i) As of December 31, 2023 cash and deposits that generate interest subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 6.01 percent and 34.87 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP; as of December 31, 2022, 6.01 percent and 34.55 percent, respectively . As of December 31, 2023, part of the additional reserve funds in dollars at a variable rate amounting to US$150.0 million, equivalent to S/556.4 million, have cash flow coverage through interest rate swaps (IRS), through which said funds are converted into dollars at a fixed rate, see note 12(c). The reserve funds, which represent the minimum mandatory, do not earn interest; however, the mandatory reserve deposited in BCRP in excess of minimum mandatory, earns interests at a nominal rate established by BCRP. In Management’s opinion, the Group has complied with the calculation legal cash requirements established by current regulations. (ii) As of December 31, 2023, the Group maintains “overnight” deposits with the BCRP, of which is denominated in soles in amount of S/ million and are denominated in U.S. Dollar in amount of US$ million, equivalent to S/ million. At said date, the deposit in soles and deposits in U.S. Dollar accrue interest at annual rates of percent and percent, respectively, and have maturities at . As of December 31, 2022, the Group maintained three “overnight” deposits with the BCRP, which one were denominated in soles in amount of S/35.0 million and two in US Dollar in amount of US$518.8 million, equivalent to S/1,978.7 million. At said date, deposits in soles and deposits in U.S. Dollar accrued interest at annual rates of 5.25 percent and 4.39, respectively, and had maturities at 4 days. (iii) As of December 31, 2023, the Group no maintains term deposits with the BCRP. As of December 31, 2022, the group held four term deposits denominated in soles, accruing interest at an annual rate between 7.30 percent and 7.49 percent and expired on January 3, 2023. |
CASH COLLATERAL, REVERSE REPU_2
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING [Abstract] | |
Composition of Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing | a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing: 2023 2022 S/(000) S/(000) Cash collateral on repurchase agreements and security lendings (i) 607,639 649,769 Reverse repurchase agreement and security Borrowings (ii) 719,722 452,087 Receivables for short sales 83,286 – Total 1,410,647 1,101,856 (i) As of December 31, 2023, the balance mainly comprises cash guarantees in U.S. Dollar and Bolivianos. Cash guarantees were delivered to the Central Bank of Bolivia, in Bolivians and U.S. Dollar for the equivalent of S/ 590.7 424.8 52.5 200.4 185.0 Cash collateral granted bears interest at an average annual effective interest rate according to market rates. The related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see paragraph (c) below. |
Information about Reverse Repurchase Agreements and Security Borrowings, Financial Instrument Serves as Collateral | (ii) Credicorp, mainly through its subsidiaries, provides financing to its customers through reverse repurchase agreements and securities borrowing, in which a financial instrument serves as collateral. Details of said transactions are as follows: 2023 2022 Currency Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Instruments issued by the Colombian Government Colombian peso 6.09 – 603,441 82,075 685,516 687,878 4.66 – 205,480 26,979 232,459 254,226 Other instruments Several 0.96 6,722 25,585 1,899 34,206 34,223 1.69 42,616 128,232 48,780 219,628 218,859 6,722 629,026 83,974 719,722 722,101 42,616 333,712 75,759 452,087 473,085 |
Information about Payables from Repurchase Agreements and Security Lending | b) Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and securities lending” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows: 2023 2022 Currency Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets Average interest rate Up to 3 days From 3 to 30 days More than 30 days Carrying amount Fair value of underlying assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Debt instruments, cash and credit portfolio (c) – 9,582 8,596,559 8,606,141 9,268,346 - 64,273 12,268,416 12,332,689 12,449,218 Instruments issued by the Colombian Government Colombian pesos 6.22 – 1,410,328 – 1,410,328 1,408,486 6.12 – 539,731 – 539,731 536,398 Instruments issued by the Chilean Government 0.75 57,066 – – 57,066 57,095 0.96 38,192 – – 38,192 38,192 Other instruments 6.91 41,056 53,836 – 94,892 94,659 3.77 15,840 40,273 – 56,113 56,193 98,122 1,473,746 8,596,559 10,168,427 10,828,586 54,032 644,277 12,268,416 12,966,725 13,080,001 |
Information about Repurchase Agreement Secured with Cash, Investments and Loans | c) As of December 31, 2023, and 2022, the Group has repurchase agreements secured with: (i) cash, see note 4(a), (ii) investments, see note 6(b), and (iii) loans, see note 7(a). This item consists of the following: 2023 2022 Carrying Carrying Counterparties Currency Maturity amount Collateral Maturity amount Collateral S/(000) S/(000) BCRP Sol January 2024 / September 2025 5,436,564 Investment and credit portfolio January 2023 / September 2025 3,263,472 Investment and credit Portfolio BCRP - Reactiva Perú (*) Sol May 2024 / December 2025 1,779,934 Loans guaranteed by National Government May 2023 / December 2025 6,981,698 Loans guaranteed by National Government Banco Central de Bolivia Boliviano December 2024 / March 2025 590,715 Cash January 2023 / December 2023 424,822 Cash Natixis S.A. Sol August 2028 270,000 Investments August 2028 270,000 Investments Citigroup Global Markets Limited (i) U.S. Dollar August 2026 166,905 Investments August 2026 171,630 Investments BCRP - Reactiva Perú Especial (*) Sol June 2024 / December 2025 133,309 Loans guaranteed by National Government June 2023 / December 2025 793,734 Loans guaranteed by National Government Natixis (ii) U.S. Dollar August 2026 92,725 Investments August 2026 95,350 Investments Banco de la República Colombian peso January 2024 9,569 Investments January 2023 58,955 Investments BCRP, note 5(a)(i) Sol - - - March 2023 185,000 Cash with BCRP Other minors - - - - January 2023 5,099 Investments Accrued interest 126,420 82,929 8,606,141 12,332,689 (*) Throug Repo Operations, BCP and MiBanco sell representing credit securities guaranteed by the BCRP, they receive soles and are obliged to buy them back at a later date. The credit representing securities with guarantee of the National Government may have the form of a portfolio of credit representing titles or of Certificates of Participation in trustee of the loan portfolio guaranteed by the National Government (Reactiva Especial). The BCRP will charge a fixed interest annual rate in soles of 0.50 percent for the operation and will include a grace period of twelve months without payment of interest or principal. As of December 31, 2023, the total credits granted through the Reactiva Peru program are S/2,877.2 million (S/8,877.2 million, as of December 31, 2022), see Note 7(a). |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS [Abstract] | |
Investment at Fair Value Through Profit or Loss | a) Investment at fair value through profit or loss consist of the following: 2023 2022 S/(000) S/(000) Government Bonds (i) 1,555,548 651,219 Investment funds (ii) 1,199,026 885,574 Mutual funds (iii) 1,106,548 1,582,050 Restricted mutual funds (iv) 334,162 351,317 Corporate bonds 228,302 103,330 Certificates of deposit BCRP (v) 192,666 - Participation in RAL Funds (vi) 145,414 167,781 Bonds from financial organizations 92,907 47,770 Shares 38,723 47,820 Subordinated bonds 31,582 84,121 ETF (Exchange - Traded Fund) 29,582 25,042 Central Bank of Chile bonds 12,655 202,986 Hedge funds 291 280 Others 8,917 48,269 Balance before accrued interest 4,976,323 4,197,559 Accrued interest 6,338 1,775 Total 4,982,661 4,199,334 (i) As of December 31, 2023, and 2022 the balance of these instruments includes the following government treasury bonds: 2023 2022 S/(000) S/(000) Colombian Government Bonds 1,401,000 609,255 Peruvian Government Bonds 141,349 – Chilean Government Bonds 8,497 38,153 Swiss Government Bonds 4,702 – United States of America Government Bonds – 3,811 Total 1,555,548 651,219 (ii) As of December 31, 2023, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represent 54.3 percent, 28.1 percent, 10.0 percent, and 7.6 percent respectively. As of December 31, 2022, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represented 44.3 percent, 30.8 percent, 15.5 percent and 9.4 percent respectively. (iii) As of December 31, 2023, the balance corresponds to mutual funds from Luxembourg, Bolivia, Ireland, and other countries, which represent 52.0 percent, 35.5 percent, 6.7 percent, and 5.8 percent of the total, respectively. As of December 31, 2022, the balance corresponds to mutual funds from Luxembourg, Bolivia, Peru, and other countries, which represent 64.2 percent, 23.5 percent, 4.8 percent, and 7.5 percent of the total, respectively. (iv) The restricted mutual funds comprise the participation quotas in the private pension funds managed by Prima AFP and are maintained in compliance with the legal regulations in Peru. Their availability is restricted, and the yield received is the same as that received by the private pension funds managed. (v) As of December 31, 2023, the balance corresponded to 520 certificates of deposit for US$51.9 million, equivalent to S/192.7 million, which accrue interest at an effective annual rate of 5.68 percent, and maturing in January 2024 (vi) As of December 31, 2023, these funds are approximately Bs194.6 million, equivalent to S/105.2 million, and US$10.8 million, equivalent to S/40.2 million. As of December 31, 2022, these funds amounted to approximately Bs218.7 million, equivalent to S/121.7 million, and US$12.1 million, equivalent to S/46.1 million; and include the investments made by the Group in the Central Bank of Bolivia as guarantee for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia . |
Investments at Fair Value through Other Comprehensive Income | b) Investments at fair value through other comprehensive income consist of the following : 2023 2022 Unrealized gross amount Unrealized gross amount Cost Profits Losses Estimated fair value Cost Profits Losses Estimated fair value S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Debts instruments: Corporate bonds (i) 13,643,405 177,408 (643,985 ) 13,176,828 13,914,118 61,336 (1,194,756 ) 12,780,698 Certificates of deposit BCRP (ii) 10,924,181 11,125 (53 ) 10,935,253 7,021,219 868 (2,608 ) 7,019,479 Government Bonds (iii) 10,387,141 185,055 (207,320 ) 10,364,876 9,139,100 59,788 (670,177 ) 8,528,711 Securitization instruments (iv) 710,695 15,611 (48,421 ) 677,885 772,737 1,564 (107,377 ) 666,924 Negotiable certificates of deposit (v) 458,503 6,501 (2,368 ) 462,636 577,286 9,988 (1,516 ) 585,758 Subordinated bonds 282,368 2,243 (6,793 ) 277,818 377,111 462 (17,467 ) 360,106 Others 340,867 1,210 (1,739 ) 340,338 117,123 958 (6,831 ) 111,250 36,747,160 399,153 (910,679 ) 36,235,634 31,918,694 134,964 (2,000,732 ) 30,052,926 Equity instruments designated at the initial recognition Shares issued by: Alicorp S.A.A. 12,197 134,185 – 146,382 12,197 144,641 – 156,838 Inversiones Centenario 112,647 23,214 – 135,861 112,647 14,158 – 126,805 Holding Bursatil Chilena S.A. 20,457 – (1,761 ) 18,696 – – – – Holding Bursatil Regional S.A. 20,599 – (2,318 ) 18,281 – – – – Corporación Andina de Fomento 4,441 776 – 5,217 4,441 930 – 5,371 Compañía Universal Textil S.A. 6,195 – (2,415 ) 3,780 9,597 – (3,191 ) 6,406 Bolsa de Valores de Colombia 33 – 149 182 3,541 – (1,152 ) 2,389 Bolsa de Valores de Lima – – – – 18,367 6,632 – 24,999 Bolsa de Comercio de Santiago – – – – 3,995 4,006 – 8,001 Pagos Digitales Peruanos S.A. 5,611 – (5,611 ) – 5,611 – (5,611 ) – Others 3,522 2,906 (25 ) 6,403 2,844 3,392 (690 ) 5,546 185,702 161,081 (11,981 ) 334,802 173,240 173,759 (10,644 ) 336,355 Balance before accrued interest 36,932,862 560,234 (922,660 ) 36,570,436 32,091,934 308,723 (2,011,376 ) 30,389,281 Accrued interest 473,504 396,880 Total 37,043,940 30,786,161 The variation in the fair value of the investments is mainly due to the decrease in interest rates in soles and in foreign currency, which positively affected the investment portfolios at fair value with changes in other comprehensive income as of December 31, 2023. Credicorp’s management has determined that the unrealized losses of investments at fair value through other comprehensive income as of December 31, 2023 and December 31, 2022 are of a temporal nature; considering factors such as the planned strategy in relation to the security or portfolio identified, the related guarantee and the credit rating of the issuers. During 2023, as a result of the evaluation of the impairment loss of investments at fair value with changes in other comprehensive income, the Group has recorded a provision for credit loss of S/4.3 million (provision for credit loss of S/58.3 million ended December 31, 2022), which is presented in the caption “Net gain in securities”, see note 21 of the consolidated statement of income. Furthermore, Management has decided and has the ability to hold each of these investments for a period of time to allow an early recovery in fair value, even before their sufficient recovery or maturity. |
Maturities and Annual Market Rates of Available for Sale Investments | The maturities and annual market rates of investments at fair value through other comprehensive income during 2023 and 2022, are as follows: Maturities Annual effective interest rate 2023 2022 2023 2022 S/ US Other currencies S/ US Other currencies Min Max Min Max Min Max Min Max Min Max Min Max % % % % % % % % % % % % Corporate bonds Jan-2024 / Nov-2095 Jan-2023 / Nov-2095 3.17 18.23 2.26 54.02 2.98 15.67 4.10 13.45 0.29 29.61 2.60 14.89 Certificates of deposit BCRP Jan-2024 / Dec-2024 Jan-2023 / Sep-2023 5.42 6.74 – – – – 7.13 7.48 – – – – Government bonds Jan-2024 / Feb-2055 Jan-2023 / Feb-2055 0.90 6.82 0.92 8.89 4.19 4.19 1.87 8.13 – 8.19 – – Securitization instruments Sep-2025 / Sep-2045 Aug-2023 / Sep-2045 4.11 29.78 6.09 16.11 5.80 6.00 5.03 30.87 5.64 16.63 3.50 7.50 Negotiable certificates of deposits Jan-2024 / Nov-2037 Jan-2023 / Jul-2033 – – – – 0.53 5.74 8.76 8.76 2.48 4.80 1.00 13.50 Subordinated bonds Apr-2024 / Aug-2045 Jan-2023 / Aug-2045 3.23 9.42 2.81 7.14 – – 2.15 10.01 3.36 23.73 – – Others Jan-2024 / Feb-2035 Apr-2023 / Feb-2035 0.14 1.76 8.12 9.08 0.25 6.10 2.22 9.56 8.03 8.58 0.05 0.08 Likewise, as of December 31, 2023, the Group entered into repurchase agreements for government bonds and BCRP certificates of deposit classified as investments at fair value through other comprehensive income, for an estimated fair value of S/4,269.9 million (S/1,108.1 million as of December 31, 2022), whose related liability is presented in “Accounts payable for repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). As of December 31, 2023, the Group maintains IRS, which have been designated as hedges of the fair value of certain fixed-rate bonds in US dollars issued by corporate companies classified as investments at fair value through other comprehensive income, for a nominal amount of S/778.9 million (S/926.5 million as of December 31, 2022), see note 12(c); through said IRS these bonds were economically converted to a variable rate. |
Balance of Government Treasury Bonds | (iii) As of December 31, 2023 and December 31, 2022, the balance includes the following Government Treasury Bonds: 2023 2022 S/(000) S/(000) Peruvian Government Bonds 8,260,261 6,126,564 United States of America Government Bonds 1,740,125 2,103,713 Colombian Government Bonds 204,525 130,883 Chilean Government Bonds 78,034 78,383 Bolivian Government Bonds 41,436 67,040 Others 40,495 22,128 Total 10,364,876 8,528,711 |
Balance of Securitization Instruments | (iv) As of December 31, 2023 and December 31, 2022, the balance of securitization instruments includes the following: 2023 2022 S/(000) S/(000) Inmuebles Panamericana S.A. 153,034 133,079 ATN S.A. 77,666 77,047 Colegios Peruanos S.A. 77,560 61,109 Multimercados Zonales S.A.C. 53,540 47,643 Inmobiliaria Terrano S.A. y Operadora Portuaria S.A. 40,530 – Costa de Sol S.A. 36,717 37,653 Nessus Hoteles Perú S.A. 34,330 32,519 Concesionaria La Chira S.A. 27,457 25,906 Ferreyros S.A. 25,068 – Redesur y Tesur 24,504 27,718 Centro Comercial Plaza Norte S.A.C. 24,504 21,996 Compañía de Turismo La Paz S.A.C. 24,174 23,375 Asociación Civil San Juan Bautista 23,565 24,122 Aeropuertos del Perú S.A. 14,730 30,301 Homecenters Peruanos S.A. – 22,804 Fábrica Nacional de Cemento S.A. – 22,529 Telefónica Celular de Bolivia S.A. – 21,470 Others 40,506 57,653 Total 677,885 666,924 |
Amortized Cost of Investments | c) Amortized cost investments consist of the following: 2023 Carrying Fair amount value S/ S/ Peruvian Government Bonds (i) 9,323,970 8,860,624 Corporate bonds (i) 447,245 447,774 Other government bonds (i) 89,484 89,482 Negotiable certificates of deposits 55,336 29,672 Subordinated bonds (i) 29,648 29,801 Certificates of payment on work progress (CRPAO) (ii) 22,717 22,433 9,968,400 9,479,786 Accrued interest 220,527 220,527 Total investments at amortized cost, net 10,188,927 9,700,313 2022 Carrying Fair amount value S / (000) S / (000) Peruvian Government Bonds (i) 9,573,026 8,055,873 Corporate bonds (i) 442,558 445,684 Other government bonds (i) 114,262 113,759 Subordinated bonds (i) 49,597 49,830 Certificates of payment on work progress (CRPAO) (ii) 47,584 46,786 10,227,027 8,711,932 Accrued interest 218,702 218,702 Total investments at amortized cost, net 10,445,729 8,930,634 The expected loss of investments at amortized cost as of December and is S/ and S/3.9 , respectively. (i) As of December 31, 2023, said bonds have maturities between January 2024 and February 2042; accruing interest at an effective annual rate between 5.59 percent and 6.82 percent annually for bonds issued in soles, between 4.53 percent and 21.23 percent for bonds issued in US dollars, and between 8.67 percent and 11.53 percent annually for bonds issued in other currencies. As of December 31, 2022, they have maturities between January 2023 and February 2042; accruing interest at an effective annual rate between 6.65 percent and 8.13 percent annually for bonds issued in soles, between 2.59 percent and 16.30 percent for bonds issued in US dollars, and between 5.66 percent and 11.24 percent annually for bonds issued in other currencies. Credicorp Management has determined that, as of December 31, 2023, the difference between the amortized cost and the fair value of these investments is of a temporary nature and Credicorp has the intention and ability to hold each of these investments until maturity. As of December 31, 2023, the Group has investment repurchase agreement operations at amortized cost for an estimated fair value of S/2,264.1 million. As of December 31, 2022, the amount amounted to S/3,540.5 million, the related liability of which is presented in the item “Payables from repurchase agreements and securities lending” of the condensed interim consolidated statement of financial position, see note 5(c). (ii) As of December 31, 2023, there are 26 certificates of Annual Recognition of Work Progress Payment - CRPAO (57 CRPAO as of December 31, 2022), issued by the Peruvian State to finance projects and concessions. Said issuance is a mechanism established in the concession contract signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2024 and April 2026, accruing interest at an effective annual rate between 7.12 percent and 7.75 percent (between January 2023 and April 2026, accruing interest at an effective annual rate between 6.20 percent and 7.59 percent as of December 31, 2022). |
Balance of Investments Classified by Maturity | d) The table below shows the balance of investments classified by maturity, without considering accrued interest or provision for credit loss: 2023 At fair value through other comprehensive income Amortized cost S/(000) S/(000) Up to 3 months 5,297,064 102,203 From 3 months to 1 year 7,778,579 1,309,800 From 1 to 3 years 5,409,142 733,057 From 3 to 5 years 5,378,056 1,193,767 More than 5 years 12,372,792 6,629,573 Without maturity 334,803 – Total 36,570,436 9,968,400 2022 At fair value through other comprehensive income Amortized cost S/(000) S/(000) Up to 3 months 8,246,819 191,098 From 3 months to 1 year 2,599,972 343,670 From 1 to 3 years 4,088,478 1,456,530 From 3 to 5 years 4,374,806 459,604 More than 5 years 10,742,851 7,776,125 Without maturity 336,355 – Total 30,389,281 10,227,027 |
LOANS, NET (Tables)
LOANS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LOANS, NET [Abstract] | |
Direct Loans, Net | a) This item consists of the following: 2023 2022 S/(000) S/(000) Direct loans - Loans 115,170,158 119,602,591 Credit cards 7,112,268 6,187,910 Leasing receivables 5,735,973 6,174,850 Factoring receivables 3,431,323 3,976,898 Discounted notes 3,170,887 2,982,291 Advances and overdrafts in current account 321,962 219,932 Refinanced loans 2,407,516 2,100,018 Total direct loans 137,350,087 141,244,490 Internal overdue loans and under legal collection loans 6,133,167 5,945,779 143,483,254 147,190,269 Add (less) - Accrued interest 1,492,797 1,436,105 Total direct loans 144,976,051 148,626,374 Allowance for loan losses (c) (8,277,916 ) (7,872,402 ) Total direct loans, net 136,698,135 140,753,972 |
Composition of Gross Credit Balance | b) As of December 31, 2023, and 2022, the composition of the gross credit balance is as follows: 2023 2022 S/(000) S/(000) Direct loans, Note7(a) 143,483,254 147,190,269 Indirect loans, Note 18(a) 20,051,615 20,928,055 Due from customers on banker’s acceptances 412,401 699,678 Total 163,947,270 168,818,002 |
Movement of Gross Balance of Loan Portfolio by Stages | Below is the movement of the gross balance of the loan portfolio, direct, indirect and banker’s acceptances by phase for the periods 2023 and 2022: Stage 1 Loans by class Balance as of December 31, 2022 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 86,190,457 (7,735,234 ) (390,080 ) 6,837,244 113,232 865,954 (957,315 ) – (995,471 ) 83,928,787 Residential mortgage loans 18,640,432 (3,890,376 ) (87,230 ) 2,834,608 68,812 – 1,680,893 – (97,070 ) 19,150,069 Micro-business loans 13,425,653 (10,427,681 ) (193,852 ) 4,537,627 15,883 (865,954 ) 9,439,846 – 134,324 16,065,846 Consumer loans 15,386,935 (6,597,935 ) (466,950 ) 3,352,518 68,103 – 3,555,141 – (63,752 ) 15,234,060 Total 133,643,477 (28,651,226 ) (1,138,112 ) 17,561,997 266,030 – 13,718,565 – (1,021,969 ) 134,378,762 Stage 2 Loans by class Balance as of December 31, Transfer to Stage 1 Transfer to Stage 3 Transfer from Stage 1 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 8,850,173 (6,837,244 ) (1,901,832 ) 7,735,234 149,554 505,667 (2,566,703 ) – 2,348 5,937,197 Residential mortgage loans 3,207,081 (2,834,608 ) (498,299 ) 3,890,376 109,625 – (301,840 ) – (14,233 ) 3,558,102 Micro-business loans 7,266,464 (4,537,627 ) (2,151,478 ) 10,427,681 104,183 (505,667 ) (6,021,879 ) – 48,637 4,630,314 Consumer loans 3,471,604 (3,352,518 ) (1,888,270 ) 6,597,935 66,491 – (1,552,101 ) – (25,687 ) 3,317,454 Total 22,795,322 (17,561,997 ) (6,439,879 ) 28,651,226 429,853 – (10,442,523 ) – 11,065 17,443,067 Stage 3 Loans by class Balance as of December 31, 2022 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 8,150,200 (113,232 ) (149,554 ) 390,080 1,901,832 (86,176 ) (2,325,958 ) (377,652 ) (82,364 ) 7,307,176 Residential mortgage loans 1,388,061 (68,812 ) (109,625 ) 87,230 498,299 – (248,110 ) (69,258 ) (9,037 ) 1,468,748 Micro-business loans 1,741,559 (15,883 ) (104,183 ) 193,852 2,151,478 86,176 (2,231,402 ) (21,388 ) 2,621 1,802,830 Consumer loans 1,099,383 (68,103 ) (66,491 ) 466,950 1,888,270 – (1,763,126 ) (21,689 ) 11,493 1,546,687 Total 12,379,203 (266,030 ) (429,853 ) 1,138,112 6,439,879 – (6,568,596 ) (489,987 ) (77,287 ) 12,125,441 Consolidated 3 Stages Loans by class Balance as of December 31, 2022 Written off and forgivens New loans and liquidation, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 103,190,830 (369,307 ) 1,285,445 (5,480,669 ) (377,652 ) (1,075,487 ) 97,173,160 Residential mortgage loans 23,235,574 (25,205 ) – 1,156,148 (69,258 ) (120,340 ) 24,176,919 Micro-business loans 22,433,676 (1,519,522 ) (1,285,445 ) 2,706,087 (21,388 ) 185,582 22,498,990 Consumer loans 19,957,922 (1,410,633 ) – 1,650,547 (21,689 ) (77,946 ) 20,098,201 Total 168,818,002 (3,324,667 ) – 32,113 (489,987 ) (1,088,191 ) 163,947,270 Stage 1 Loans by class Balance as of December 31, 2021 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 90,281,463 (10,689,388 ) (782,333 ) 7,640,908 356,896 (21,784 ) 1,067,360 – (1,662,665 ) 86,190,457 Residential mortgage loans 18,702,189 (4,019,065 ) (84,000 ) 1,995,000 27,176 7,496 2,247,060 – (235,424 ) 18,640,432 Micro-business loans 10,803,696 (11,398,414 ) (235,229 ) 4,142,176 95,327 (739,253 ) 10,960,618 – (203,268 ) 13,425,653 Consumer loans 11,993,823 (6,578,251 ) (300,120 ) 3,313,501 58,137 753,541 6,176,605 – (30,301 ) 15,386,935 Total 131,781,171 (32,685,118 ) (1,401,682 ) 17,091,585 537,536 – 20,451,643 – (2,131,658 ) 133,643,477 Stage 2 Loans by class Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 3 Transfer from Stage 1 Transfer from Stage 3 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 11,342,409 (7,640,908 ) (2,586,811 ) 10,689,388 434,550 614,296 (3,906,923 ) – (95,828 ) 8,850,173 Residential mortgage loans 1,758,125 (1,995,000 ) (292,259 ) 4,019,065 23,225 427 (286,590 ) – (19,912 ) 3,207,081 Micro-business loans 8,927,358 (4,142,176 ) (1,627,919 ) 11,398,414 93,396 (599,450 ) (6,722,150 ) – (61,009 ) 7,266,464 Consumer loans 2,921,075 (3,313,501 ) (1,025,878 ) 6,578,251 71,775 (15,273 ) (1,741,617 ) – (3,228 ) 3,471,604 Total 24,948,967 (17,091,585 ) (5,532,867 ) 32,685,118 622,946 – (12,657,280 ) – (179,977 ) 22,795,322 Stage 3 Loans by class Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write-offs, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 8,756,743 (356,896 ) (434,550 ) 782,333 2,586,811 (95,866 ) (2,934,746 ) (7,803 ) (145,826 ) 8,150,200 Residential mortgage loans 1,371,146 (27,176 ) (23,225 ) 84,000 292,259 – (283,888 ) (2,442 ) (22,613 ) 1,388,061 Micro-business loans 1,906,210 (95,327 ) (93,396 ) 235,229 1,627,919 85,153 (1,905,488 ) (909 ) (17,832 ) 1,741,559 Consumer loans 1,099,329 (58,137 ) (71,775 ) 300,120 1,025,878 10,713 (1,205,204 ) (304 ) (1,237 ) 1,099,383 Total 13,133,428 (537,536 ) (622,946 ) 1,401,682 5,532,867 – (6,329,326 ) (11,458 ) (187,508 ) 12,379,203 Consolidated 3 Stages Loans by class Balance as of December 31, 2021 Written off and forgivens New loans and liquidation, net Transfers between classes of loans Sale of loan portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 110,380,615 (421,522 ) 496,646 (5,352,787 ) (7,803 ) (1,904,319 ) 103,190,830 Residential mortgage loans 21,831,460 (33,940 ) 7,923 1,710,522 (2,442 ) (277,949 ) 23,235,574 Micro-business loans 21,637,264 (1,164,440 ) (1,253,550 ) 3,497,420 (909 ) (282,109 ) 22,433,676 Consumer loans 16,014,227 (955,356 ) 748,981 4,185,140 (304 ) (34,766 ) 19,957,922 Total 169,863,566 (2,575,258 ) – 4,040,295 (11,458 ) (2,499,143 ) 168,818,002 |
Movement in Allowance for Loan loss for Direct and Indirect Loans | c) As of December 31, 2023, and 2022, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances: Stage 1 Loans by class Balance as of December 31, 2022 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 571,899 (139,043 ) (9,218 ) 218,944 33,333 23,792 (162,840 ) 20,026 – (4,761 ) 552,132 Residential mortgage loans 83,536 (16,389 ) (705 ) 36,384 36,223 9,628 (94,942 ) - – 367 54,102 Micro-business loans 315,960 (305,106 ) (7,484 ) 137,210 9,520 420,469 (205,832 ) (20,026 ) – 3,413 348,124 Consumer loans 300,322 (257,482 ) (15,591 ) 173,612 61,421 60,661 (35,337 ) - – (2,515 ) 285,091 Total 1,271,717 (718,020 ) (32,998 ) 566,150 140,497 514,550 (498,951 ) – – (3,496 ) 1,239,449 Stage 2 Loans by class Balance as of December 31, Transfer to Stage 1 Transfer to Stage 3 Transfer Stage 1 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, 2023 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 493,257 (218,944 ) (196,971 ) 139,043 39,898 (119,049 ) 208,014 52,764 – 1,524 399,536 Residential mortgage loans 126,832 (36,384 ) (41,369 ) 16,389 58,782 (11,555 ) 9,120 - – (557 ) 121,258 Micro-business loans 540,913 (137,210 ) (354,473 ) 305,106 64,946 (351,848 ) 411,980 (52,764 ) – 4,632 431,282 Consumer loans 439,574 (173,612 ) (576,535 ) 257,482 56,985 (144,372 ) 581,442 - – (5,814 ) 435,150 Total 1,600,576 (566,150 ) (1,169,348 ) 718,020 220,611 (626,824 ) 1,210,556 – – (215 ) 1,387,226 Stage 3 Loans by class Balance as of December 31, 2022 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 2,846,887 (33,333 ) (39,898 ) 9,218 196,971 (632,292 ) 630,339 (48,356 ) (269,312 ) (28,670 ) 2,631,554 Residential mortgage loans 757,780 (36,223 ) (58,782 ) 705 41,369 (149,583 ) 276,611 - (40,223 ) (6,393 ) 785,261 Micro-business loans 1,113,154 (9,520 ) (64,946 ) 7,484 354,473 (1,779,826 ) 1,635,614 48,356 (17,486 ) 779 1,288,082 Consumer loans 940,872 (61,421 ) (56,985 ) 15,591 576,535 (1,604,579 ) 1,520,266 - (16,625 ) 719 1,314,373 Total 5,658,693 (140,497 ) (220,611 ) 32,998 1,169,348 (4,166,280 ) 4,062,830 – (343,646 ) (33,565 ) 6,019,270 Consolidated 3 Stages Credit loss Balance as of December 31, 2022 Write-off and forgiven loan portfolio New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of loan portafolio Exchange differences and others Balance as of December 31, 2023 (**) Loans by class S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,912,043 (384,266 ) (343,283 ) 675,513 24,434 (269,312 ) (31,907 ) 3,583,222 Residential mortgage loans 968,148 (28,178 ) (123,332 ) 190,789 - (40,223 ) (6,583 ) 960,621 Micro-business loans 1,970,027 (1,563,052 ) (148,153 ) 1,841,762 (24,434 ) (17,486 ) 8,824 2,067,488 Consumer loans 1,680,768 (1,485,766 ) (202,524 ) 2,066,371 - (16,625 ) (7,610 ) 2,034,614 Total 8,530,986 (3,461,262 ) (817,292 ) 4,774,435 – (343,646 ) (37,276 ) 8,645,945 Stage 1 Loans by class Balance as of December 31, 2021 Transfer to Stage 2 Transfer to Stage 3 Transfer from Stage 2 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of portfolio Exchange differences and others Balance as of December 31, 2022 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 607,880 (167,527 ) (16,135 ) 168,102 41,729 86,676 (120,997 ) (12,101 ) – (15,728 ) 571,899 Residential mortgage loans 76,706 (27,467 ) (778 ) 52,161 15,910 10,256 (43,766 ) 2,274 – (1,760 ) 83,536 Micro-business loans 434,162 (372,672 ) (14,219 ) 152,072 17,632 471,157 (352,379 ) (14,695 ) – (5,098 ) 315,960 Consumer loans 317,597 (195,412 ) (9,065 ) 190,973 54,506 340,981 (419,651 ) 24,522 – (4,129 ) 300,322 Total 1,436,345 (763,078 ) (40,197 ) 563,308 129,777 909,070 (936,793 ) – – (26,715 ) 1,271,717 Stage 2 Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 3 Transfer from Stage 1 Transfer from Stage 3 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of Exchange differences and others Balance as of December 31, 2022 Loans by class S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 652,781 (168,102 ) (225,459 ) 167,527 61,995 (218,631 ) 167,455 58,569 – (2,878 ) 493,257 Residential mortgage loans 97,388 (52,161 ) (21,869 ) 27,467 13,888 (11,992 ) 76,064 75 – (2,028 ) 126,832 Micro-business loans 625,255 (152,072 ) (274,896 ) 372,672 34,163 (384,376 ) 381,863 (56,841 ) – (4,855 ) 540,913 Consumer loans 637,763 (190,973 ) (312,930 ) 195,412 62,043 (132,340 ) 183,112 (1,803 ) – (710 ) 439,574 Total 2,013,187 (563,308 ) (835,154 ) 763,078 172,089 (747,339 ) 808,494 – – (10,471 ) 1,600,576 Stage 3 Balance as of December 31, 2021 Transfer to Stage 1 Transfer to Stage 2 Transfer from Stage 1 Transfer from Stage 2 New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of portfolio Exchange differences and others Balance as of December 31, 2022 Loans by class S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 2,730,792 (41,729 ) (61,995 ) 16,135 225,459 (734,370 ) 814,163 (51,601 ) (7,590 ) (42,377 ) 2,846,887 Residential mortgage loans 800,639 (15,910 ) (13,888 ) 778 21,869 (163,673 ) 143,014 – (1,671 ) (13,378 ) 757,780 Micro-business loans 1,148,632 (17,632 ) (34,163 ) 14,219 274,896 (1,351,918 ) 1,048,630 46,447 (830 ) (15,127 ) 1,113,154 Consumer loans 941,416 (54,506 ) (62,043 ) 9,065 312,930 (1,028,864 ) 822,883 5,154 (249 ) (4,914 ) 940,872 Total 5,621,479 (129,777 ) (172,089 ) 40,197 835,154 (3,278,825 ) 2,828,690 – (10,340 ) (75,796 ) 5,658,693 Consolidated 3 Stages Credit loss for the period Loans by class Balance as of December 31, 2021 Write-off loan portfolio New loans, liquidation and write- offs, net Changes in PD, LGD and EAD (*) Transfers between classes of loans Sale of portfolio Exchange differences and others Balance as of December 31, 2022 (**) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,991,453 (421,319 ) (445,006 ) 860,621 (5,133 ) (7,590 ) (60,983 ) 3,912,043 Residential mortgage loans 974,733 (33,960 ) (131,449 ) 175,312 2,349 (1,671 ) (17,166 ) 968,148 Micro-business loans 2,208,049 (1,164,678 ) (100,459 ) 1,078,114 (25,089 ) (830 ) (25,080 ) 1,970,027 Consumer loans 1,896,776 (955,301 ) 135,078 586,344 27,873 (249 ) (9,753 ) 1,680,768 Total 9,071,011 (2,575,258 ) (541,836 ) 2,700,391 – (10,340 ) (112,982 ) 8,530,986 |
Maturity and Payment Due for Gross Direct Loans | f) The following table presents the gross direct loan portfolio as of December 31, 2023, and 2022 by maturity based on the remaining period to the payment due date: 2023 2022 S/(000) S/(000) Outstanding loans - From 1 to 3 months 30,957,809 34,192,006 From 3 months to 1 year 36,107,936 35,338,442 From 1 to 3 years 29,251,425 29,576,654 From 3 to 5 years 10,906,617 11,572,896 From 5 to 15 years 27,995,370 27,144,332 More than 15 years 2,130,930 3,420,160 137,350,087 141,244,490 Internal overdue loans - Overdue up to 90 days 1,459,603 1,264,436 Over 90 days 4,673,564 4,681,343 6,133,167 5,945,779 Total 143,483,254 147,190,269 |
INSURANCE AND REINSURANCE CON_2
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES [Abstract] | |
Assets per Reinsurance Contract | a) The details of the assets per reinsurance contract are: As of December 31, 2023 Remaining coverage assets Assets for incurred claims for contracts not measured by PAA Assets for incurred claims for contracts measured by PAA Accounts receivable from reinsurers and co-insurers Accounts payable to reinsurers and co-insurers Excess of loss contracts Total Present value of future cash flows S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 308,270 – 730,006 110,964 (419,217 ) 13,985 744,008 Past Service Changes - LIC Adjustments and expenses incurred directly attributable – 21 441,232 – – – 441,232 Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts 7,238 – – – – – 7,238 Reinsurance recoveries 7,238 21 441,232 – – – 448,491 Expenses for assigning the premiums paid to the reinsurer (837,543 ) – (2,269 ) – – – (839,812 ) Result of the reinsurance service (830,305 ) 21 438,963 – – – (391,321 ) Net financial expenses for reinsurance contracts – – 43,419 – – – 43,419 Other changes (7,611 ) – (12,114 ) 59,346 (52,716 ) 3,521 (9,574 ) Cash flow: Premiums paid net of commissions ceded and other directly attributable expenses paid 885,524 – 2,270 – – – 887,794 Reinsurance recoveries (34,505 ) (21 ) (367,754 ) – – – (402,280 ) Net cash flow 851,019 (21 ) (365,484 ) – – – 485,514 Balances at the end of the period 321,373 – 834,790 170,310 (471,933 ) 17,506 872,046 As of December 31, 2022 Remaining coverage assets Assets for incurred claims for contracts not measured by PAA Assets for incurred claims for contracts measured by PAA Accounts receivable from reinsurers and co-insurers Accounts payable to reinsurers and co-insurers Excess of loss contracts Total Present value of future cash flows S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 322,427 – 746,346 194,365 (463,886 ) 13,214 812,466 Past Service Changes - LIC Adjustments and Expenses incurred directly attributable – – 316,077 – – – 316,077 Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts 1,033 – – – – – 1,033 Reinsurance recoveries 1,033 – 316,077 – – – 317,110 Expenses for assigning the premiums paid to the reinsurer (775,719 ) – (2,290 ) – – – (778,009 ) Result of the reinsurance service (774,686 ) – 313,787 – – – (460,899 ) Net financial expenses for reinsurance contracts – – (18,608 ) – – – (18,608 ) Other changes (13,389 ) – (17,298 ) 3,303 (789 ) – (28,173 ) Cash Flow: Premiums paid net of commissions ceded and other directly attributable expenses paid 773,918 – (294,221 ) (86,704 ) 45,458 771 439,222 Reinsurance recoveries – – – – – – – Net cash flow 773,918 – (294,221 ) (86,704 ) 45,458 771 439,222 Balances at the end of the period 308,270 – 730,006 110,964 (419,217 ) 13,985 744,008 |
Liability for Insurance Contracts | b) The details of the liability for insurance contracts are: As of December 31, 2023 Remaining coverage liabilities Liabilities for incurred claims for contracts not measured by PAA Liabilities for incurred claims for contracts measured by PAA Accounts receivable for insurance contracts Debts to intermediaries, marketers and auxiliaries Total Excluding loss component Loss component Present value of future cash flows Risk adjustment S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 8,396,418 163,555 1,073,412 2,274,827 14,158 (869,455 ) 101,093 11,154,008 Insurance income (3,855,739 ) 331 – – – – – (3,855,408 ) Claims incurred and other insurance service expenses 11,544 – 772,038 2,104,635 – – – 2,888,217 Adjustments relating to the past to liabilities for incurred claims (592 ) – (588,726 ) (71,098 ) 4,871 – – (655,545 ) Losses and recoveries for losses in onerous contracts (8,812 ) 25,993 – – – – – 17,181 Amortization of insurance acquisition cash flows 3,134 – – – – – – 3,134 Insurance service expenses 5,274 25,993 183,312 2,033,537 4,871 – – 2,252,987 Result of the insurance service (3,850,465 ) 26,324 183,312 2,033,537 4,871 – – (1,602,421 ) Net financial expenses for insurance contracts 1,051,939 (4,492 ) 140,934 146,732 1,759 – – 1,336,872 Total changes in the income statement (2,798,526 ) 21,832 324,246 2,180,269 6,630 – – (265,549 ) Investment components (901,136 ) (10 ) 901,131 – – – – (15 ) Other changes (163,289 ) 22,700 (1,609 ) 33,651 (317 ) (70,408 ) (8,028 ) (187,300 ) Cash Flow: Premiums received. 4,773,477 (382 ) – – – – – 4,773,095 Claims and other service expenses paid. – – (1,084,324 ) (1,991,308 ) – – – (3,075,632 ) Insurance acquisition cash flows. (80,474 ) – – – – – – (80,474 ) Net Cash Flow 4,693,003 (382 ) (1,084,324 ) (1,991,308 ) – – – 1,616,989 Balances at the end of the period 9,226,470 207,695 1,212,856 2,497,439 20,471 (939,863 ) 93,065 12,318,133 As of December 31, 2022 Remaining coverage liabilities Liabilities for incurred claims for contracts not measured by PAA Liabilities for incurred claims for contracts measured by PAA Accounts receivable for insurance contracts Debts to intermediaries, marketers and auxiliaries Total Excluding loss component Loss component Present value of future cash flows Risk adjustment S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balances as of January 1 9,246,468 135,365 994,581 2,357,336 14,383 (916,859 ) 89,700 11,920,974 Insurance income (3,533,270 ) – – – – – – (3,533,270 ) Claims incurred and other insurance service expenses 1,953 – 554,692 6,266 – – – 562,911 Adjustments relating to the past to liabilities for incurred claims (13,440 ) – (262,588 ) 1,836,194 (425 ) – – 1,559,741 Losses and recoveries for losses in onerous contracts – 92,530 – – – – – 92,530 Amortization of insurance acquisition cash flows 15,741 – – – – – – 15,741 Insurance service expenses 4,254 92,530 292,104 1,842,460 (425 ) – – 2,230,923 Result of the insurance service (3,529,016 ) 92,530 292,104 1,842,460 (425 ) – – (1,302,347 ) Net financial expenses for insurance contracts (793,873 ) (9,058 ) (29,644 ) (40,648 ) 338 – – (872,885 ) Total changes in the income statement (4,322,889 ) 83,472 262,460 1,801,812 (87 ) – – (2,175,232 ) Investment components (658,211 ) – 658,211 – – – – – Other changes 357,096 (55,282 ) (3,221 ) 16,583 (138 ) 178 (61 ) 315,155 Cash Flow: Premiums received. 3,849,115 – – – – 47,226 11,454 3,907,795 Claims and other service expenses paid. – – (838,619 ) (1,900,904 ) – – – (2,739,523 ) Insurance acquisition cash flows. (75,161 ) – – – – – – (75,161 ) Net Cash Flow 3,773,954 – (838,619 ) (1,900,904 ) – 47,226 11,454 1,093,111 Balances at the end of the period 8,396,418 163,555 1,073,412 2,274,827 14,158 (869,455 ) 101,093 11,154,008 |
Components of Movements of Insurance Contracts | c) The components of the movement are presented below: As of December 31, 2023 Present value of future cash flows Risk adjustment CSM Total Fair value contracts S/(000) S/(000) S/(000) S/(000) Balances as of January 1 7,186,948 254,151 1,154,236 8,595,335 Changes in the statement of income: Changes in estimates that adjust the CSM 50,644 (97,658 ) 39,919 (7,095 ) Changes in estimates that result in losses and recoveries for contract losses onerous 4,483 (10,842 ) (5,615 ) (11,974 ) Initial recognition contracts (94,546 ) 8,226 106,833 20,513 Changes Related to Future Services (39,419 ) (100,274 ) 141,137 1,444 CSM recognized for services provided – – (128,639 ) (128,639 ) Changes in the risk adjustment recognized for the expired risk – (22,759 ) – (22,759 ) Experience Adjustments 871,245 5 174 871,424 Changes Related to Current Services 871,245 (22,754 ) (128,465 ) 720,026 Adjustments to liabilities for incurred claims (764,140 ) 9,443 – (754,697 ) Changes related to past services (764,140 ) 9,443 – (754,697 ) Result of the insurance service 67,686 (113,585 ) 12,672 (33,227 ) Net financial expenses for insurance contracts 1,140,937 7,125 40,142 1,188,204 Total changes in the income statement 1,208,623 (106,460 ) 52,814 1,154,977 Other changes (100,717 ) (3,484 ) (21,294 ) (125,495 ) Cash flow: Premiums collected 1,091,817 – – 1,091,817 Benefits and expenses paid (1,085,630 ) – – (1,085,630 ) Acquisition fees paid (80,474 ) – 16,484 (63,990 ) Net cash flow (74,287 ) – 16,484 (57,803 ) Balances at the end of the period 8,220,567 144,207 1,202,240 9,567,014 As of December 31, 2022 Present value of future cash flows Risk adjustment CSM Total Fair value contracts S/(000) S/(000) S/(000) S/(000) Balances as of January 1 7,789,688 284,348 1,292,358 9,366,394 Changes in the statement of income: Changes in estimates that adjust the CSM 167,426 10,241 (147,298 ) 30,369 Changes in estimates that result in losses and recoveries for contract losses onerous 65,410 279 – 65,689 Initial recognition contracts (116,222 ) 10,178 120,623 14,579 Changes Related to Future Services 116,614 20,698 (26,675 ) 110,637 CSM recognized for services provided – – (114,272 ) (114,272 ) Changes in the risk adjustment recognized for the expired risk – (15,379 ) – (15,379 ) Experience Adjustments 667,764 – – 667,764 Changes Related to Current Services 667,764 (15,379 ) (114,272 ) 538,113 Adjustments to liabilities for incurred claims (442,907 ) 1,316 – (441,591 ) Changes related to past services (442,907 ) 1,316 – (441,591 ) Result of the insurance service 341,471 6,635 (140,947 ) 207,159 Net financial expenses for reinsurance contracts (879,839 ) (26,978 ) 42,268 (864,549 ) Total changes in the income statement (538,368 ) (20,343 ) (98,679 ) (657,390 ) Other changes (162,140 ) (9,854 ) (39,443 ) (211,437 ) Cash Flow: Premiums collected 1,011,547 – – 1,011,547 Benefits and expenses paid (838,619 ) – – (838,619 ) Acquisition fees paid (75,160 ) – – (75,160 ) Net cash flow 97,768 – – 97,768 Balances at the end of the period 7,186,948 254,151 1,154,236 8,595,335 |
PROPERTY, FURNITURE AND EQUIP_2
PROPERTY, FURNITURE AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, FURNITURE AND EQUIPMENT, NET [Abstract] | |
Property, Furniture and Equipment | a) The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2023, 2022, and 2021 is as follows: Land Buildings and other constructions Installations Furniture and fixtures Computer hardware Vehicles and equipment Work in progress 2023 2022 2021 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balance as of January 1 375,485 1,146,905 731,678 467,134 571,046 112,161 58,787 3,463,196 3,500,890 3,515,202 Additions – 3,008 16,056 41,287 93,782 360 167,878 322,371 192,700 107,790 Acquisition of business – – – 364 91 – – 455 419 – Transfers – – 45,603 10,434 1,192 285 (57,514 ) – – – Disposals and others (48,372 ) (9,269 ) (13,856 ) (33,432 ) (51,900 ) (5,011 ) (51,896 ) (213,736 ) (230,813 ) (122,102 ) Balance as of December 31 327,113 1,140,644 779,481 485,787 614,211 107,795 117,255 3,572,286 3,463,196 3,500,890 Accumulated depreciation - Balance as of January 1 – 725,590 550,001 324,080 492,609 89,818 – 2,182,098 2,192,111 2,140,327 Depreciation of the period – 22,575 34,658 30,904 35,643 5,328 – 129,108 128,443 140,173 Acquisition of business – – – – – – – – 102 – Disposals and others – (3,479 ) (13,603 ) (27,138 ) (47,278 ) (4,947 ) – (96,445 ) (138,558 ) (88,389 ) Balance as of December 31 – 744,686 571,056 327,846 480,974 90,199 – 2,214,761 2,182,098 2,192,111 Net carrying amount 327,113 395,958 208,425 157,941 133,237 17,596 117,255 1,357,525 1,281,098 1,308,779 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS AND GOODWILL, NET [Abstract] | |
Movement of Intangible Assets With Useful Life | The movement of intangible assets with limited useful life for the years ended December 31, 2023, 2022 and 2021 is Description Client relationships (i) Brand name (ii) Fund manager contract (iii) Relationships with holders Software and developments Intangible in progress Other 2023 2022 2021 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balances at January 1 373,602 171,864 73,412 21,100 3,642,091 867,213 17,953 5,167,235 4,708,305 4,293,864 Additions – – – – 244,879 577,462 6,462 828,803 703,670 532,244 Acquisition of business 2,507 3,457 – – 10,678 – – 16,642 7,533 – Transfers – – – – 436,050 (436,050 ) – – – – Disposals and others (204 ) – 4,303 – (54,676 ) (107,063 ) 6,339 (151,301 ) (252,273 ) (117,803 ) Balance as of December 31 375,905 175,321 77,715 21,100 4,279,022 901,562 30,754 5,861,379 5,167,235 4,708,305 Accumulated amortization - Balance at January 1 302,513 60,488 12,824 21,100 2,637,685 – 5,409 3,040,019 2,795,084 2,475,466 Amortization of the period 15,025 5,827 3,573 – 407,583 – 4,576 436,584 403,726 381,794 Disposals and others (307 ) – (24 ) – (42,326 ) – 416 (42,241 ) (158,791 ) (62,176 ) Balance as of December 31 317,231 66,315 16,373 21,100 3,002,942 – 10,401 3,434,362 3,040,019 2,795,084 Net carrying amount 58,674 109,006 61,342 – 1,276,080 901,562 20,353 2,427,017 2,127,216 1,913,221 |
Client Relationships Intangible Assets | This item consists of the following: 2023 2022 S/(000) S/(000) Prima AFP - AFP Unión Vida 37,701 45,262 Credicorp Capital Holding Chile - Inversiones IMT 13,410 15,564 Joinnus S.A.C. 2,507 – Ultraserfinco S.A. 2,000 6,971 Compañía Incubadora de Soluciones Móviles S.A-Culqi 1,792 1,809 Tenpo SpA 1,264 1,483 Net carrying amount 58,674 71,089 |
Brand Intangible Assets | This item consists of the following: 2023 2022 S/(000) S/(000) MiBanco 105,244 111,009 Joinnus S.A.C. 3,457 – Compañía Incubadora de Soluciones Móviles S.A-Culqi 305 367 Net carrying amount 109,006 111,376 |
Fund Manager Contract Intangible Assets | This item consists of the following: 2023 2022 S/(000) S/(000) Credicorp Capital Holding Chile - Inversiones IMT 29,553 30,495 Credicorp Capital Colombia 29,229 27,620 Ultrasefinco S.A. 2,560 2,473 Net carrying amount 61,342 60,588 |
Reconciliation of Changes in Goodwill | Goodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGU for the purposes of impairment testing, as follows: 2023 2022 S/(000) S/(000) MiBanco - Edyficar Perú 273,694 273,694 Prima AFP - AFP Unión Vida 124,641 124,641 Credicorp Capital Colombia S.A 111,799 92,188 Banco de Crédito del Perú 52,359 52,359 MiBanco Colombia 49,629 99,979 Pacífico Seguros 36,354 36,354 Joinnus S.A.C 35,700 – Atlantic Security Holding Corporation 29,795 29,795 Tenpo SpA 22,697 23,441 Monokera S.A.S 22,656 – Wally POS S.A.C 21,046 24,214 Tenpo Technologie SpA 11,719 13,155 Sami Shop S.A.C 4,000 – Compañía Incubadora de Soluciones Móviles S.A-Culqi 2,297 2,297 Crediseguro Seguros Personales 96 96 Net carrying amount 798,482 772,213 |
Key Assumptions Used for Calculation of Fair Value Less Selling Costs | The following table summarizes the key assumptions used for the calculation of the present value in 2023 and 2022 2023 Description Terminal value growth rate Discount rate % % Mibanco - Edyficar Perú 5.60 13.10 Prima AFP - AFP Unión Vida 1.60 15.50 Mibanco Colombia 6.80 15.10 Credicorp Capital Colombia S.A 4.60 14.90 Banco de Crédito del Perú 4.60 12.40 Pacífico Seguros (*) 4.60 11.8 and 13.9 Atlantic Security Holding Corporation 2.30 12.60 Tenpo SpA – 25.00 Compañía Incubadora de Soluciones Móviles S.A- Culqi – 25.00 Wally POS S.A.C. – 25.00 Sami Shop S.A.C. – 25.00 2022 Description Terminal value growth rate Discount rate % % Mibanco - Edyficar Perú 5.60 14.30 Prima AFP - AFP Unión Vida 1.60 16.10 MiBanco - Colombia 6.00 16.80 Credicorp Capital Colombia S.A. 4.80 17.90 Banco de Crédito del Perú 4.60 12.80 Pacífico Seguros (*) 4.60 13.0 and 14.3 Atlantic Security Holding Corporation 2.30 15.20 Tenpo – 25.00 Compañía Incubadora de Soluciones Móviles S.A - Culqi – 25.00 (*) As of December 31, 2023, and 2022, it corresponds to the discount rates used to determine the recoverable value of the cash flows that correspond to the general and life insurance business lines. |
RIGHT-OF-USE ASSETS, NET AND _2
RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS [Abstract] | |
Right-of-Use Assets | The Group has leased agreements according to the following composition: Property: Agencies and offices Servers and technology platforms Transport units Other leases 2023 2022 2021 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balance as of January 1, 807,422 151,363 3,305 64,801 1,026,891 969,355 990,148 Additions 101,585 3,239 3,308 14,709 122,841 113,948 110,005 Disposal and others (61,753 ) (2,231 ) (505 ) – (64,489 ) (56,412 ) (130,798 ) Balance as of December 31 847,254 152,371 6,108 79,510 1,085,243 1,026,891 969,355 Accumulated depreciation - Balance as of January 1, 386,108 71,512 2,052 23,386 483,058 382,938 287,220 Depreciation of the period 105,163 27,831 682 14,157 147,833 151,335 161,287 Disposal and others (42,614 ) (2,247 ) (502 ) – (45,363 ) (51,215 ) (65,569 ) Balance as of December 31 448,657 97,096 2,232 37,543 585,528 483,058 382,938 Net carrying amount 398,597 55,275 3,876 41,967 499,715 543,833 586,417 |
OTHER ASSETS AND OTHER LIABIL_2
OTHER ASSETS AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS AND OTHER LIABILITIES [Abstract] | |
Components of Other Assets and Liabilities | a) This item consists of the following: 2023 2022 S/(000) S/(000) Other assets - Financial instruments: Receivables (b) 1,523,052 1,449,079 Derivatives receivable (c) 987,663 1,478,726 Receivables from sale of investments (d) 411,599 142,765 Operations in process (e) 137,952 155,568 3,060,266 3,226,138 Non-financial instruments: Deferred fees (f) 1,197,457 908,399 Investment in associates (g) 748,663 726,993 Investment properties, net (h) 565,274 548,558 Income tax prepayments, net 348,578 186,372 Adjudicated assets, net 107,562 136,079 Improvements in leased premises 100,919 71,747 VAT (IGV) tax credit 86,661 58,329 Others 9,237 9,056 3,164,351 2,645,533 Total 6,224,617 5,871,671 2023 2022 S/(000) S/(000) Other liabilities - Financial instruments: Accounts payable (i) 2,367,204 2,058,229 Salaries and other personnel expenses 1,082,059 930,622 Derivatives payable (c) 891,999 1,345,665 Accounts payable for acquisitions of investments (d) 448,046 153,681 Allowance for indirect loan losses, Note 7(c) 368,029 658,584 Operations in process (e) 258,197 89,480 Dividends payable 62,976 73,607 5,478,510 5,309,868 Non-financial instruments: Taxes 727,052 1,062,691 Provision for sundry risks (j) 661,737 624,149 Others 126,392 192,344 1,515,181 1,879,184 Total 6,993,691 7,189,052 |
Fair Value of Derivative Financial Instruments, Recorded as an Asset or a Liability | The table below shows as of December 31, 2023, and 2022 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which the fair value of derivatives is measured. 2023 2022 2023 and 2022 Assets Liabilities Notional amount Maturity Assets Liabilities Notional amount Maturity Related instruments S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Derivatives held for trading (i) - Foreign currency forwards 334,505 205,341 32,206,841 January 2024 / March 2026 500,348 288,857 34,224,865 January 2023 / August 2024 – Interest rate swaps 341,898 204,775 17,471,629 January 2024 / September 2033 415,034 277,988 10,834,324 January 2023 / December 2032 – Currency swaps 230,818 429,365 12,895,649 January 2024 / August 2033 410,439 749,420 16,000,208 January 2023 / January 2033 – Foreign exchange options 1,104 4,002 501,189 January 2024 / March 2025 1,349 3,168 362,324 January 2023 / June 2024 – Futures 1,187 1,618 40,428 March 2024 794 1,450 48,819 March 2023 – 909,512 845,101 63,115,736 1,327,964 1,320,883 61,470,540 Derivatives held as hedges Cash flow hedges (ii) - Cross currency swaps (CCS) 15(a)(i) 13,843 25,524 815,980 January 2025 20,114 8,418 839,080 January 2025 Bonds issued Cross currency swaps (CCS) 5(c)(i) – – – – 21,935 – 171,630 August 2026 Repurchase agreements(*) Cross currency swaps (CCS) 15(a)(v) 1,552 – 78,969 November 2025 – 13,688 145,715 December 2023 Bonds issued Cross currency swaps (CCS) 6(b)(i) 20,359 9,784 126,624 February 2024 / January 2025 41,746 2,123 131,382 January 2023 / January 2025 Investments Cross currency swaps (CCS) 14(b)(ii) – 11,253 222,540 May 2025 / June 2025 – 156 38,140 June 2025 Debts to bank Cross currency swaps (CCS) 5(c)(ii) – – – – 14,861 – 95,350 August 2026 Repurchase agreements(*) Cross interest rate swaps (IRS) 4(b)(i) 786 337 556,350 April 2026 / May 2026 – – – Cash and due from banks Foreign currency forwards 14(b) 57 – 54,392 June 2024 – – – Debts to bank Fair value hedges - Interest rate swaps (IRS) 6(b) 41,554 – 778,890 March 2025 / February 2028 52,106 397 926,497 January 2023 / February 2028 Investments 78,151 46,898 2,633,745 150,762 24,782 2,347,794 987,663 891,899 65,749,481 1,478,726 1,345,665 63,818,334 (*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2023 and 2022. |
Maturity Analysis for Derivative Financial Instruments | (i) Held-for-trading derivatives are principally negotiated to satisfy customers’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedge accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows: 2023 2022 Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) S/(000 ) Foreign currency forwards 201,816 129,504 3,185 – – 334,505 276,887 226,117 (2,656 ) – – 500,348 Interest rate swaps 8,870 11,790 94,681 128,141 98,416 341,898 12,395 43,395 58,726 122,943 177,575 415,034 Currency swaps 4,955 45,436 69,962 78,513 31,952 230,818 63,465 60,940 86,950 84,650 114,434 410,439 Foreign exchange options 471 592 41 – – 1,104 153 1,163 33 – – 1,349 Futures 1,187 – – – – 1,187 794 – – – – 794 Total assets 217,299 187,322 167,869 206,654 130,368 909,512 353,694 331,615 143,053 207,593 292,009 1,327,964 2023 2022 Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total Up to 3 months From 3 months to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Foreign currency forwards 142,293 57,319 5,729 – – 205,341 203,269 85,222 366 – – 288,857 Interest rate swaps 20,615 20,739 48,110 36,596 78,715 204,775 8,073 37,418 45,352 62,460 124,685 277,988 Currency swaps 78,941 129,935 86,455 99,804 34,230 429,365 140,363 258,962 100,267 127,404 122,424 749,420 Foreign exchange options 1,355 2,525 122 – – 4,002 554 2,483 131 – – 3,168 Futures 1,618 – – – – 1,618 1,450 – – – – 1,450 Total liabilities 244,822 210,518 140,416 136,400 112,945 845,101 353,709 384,085 146,116 189,864 247,109 1,320,883 |
Cash Flow Hedges are Expected to Occur and Affect Statement of Income, Net of Deferred Income Tax | A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below: 2023 2022 Up to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total Up to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cash inflows (assets) 160,643 1,742,147 – – 1,902,790 250,835 938,513 76,280 – 1,265,628 Cash outflows (liabilities) (153,240 ) (1,749,748 ) – – (1,902,988 ) (294,548 ) (934,119 ) (73,232 ) – (1,301,899 ) Consolidated statement of income 485 (17,192 ) – – (16,707 ) 397 (7,222 ) 7,070 – 245 |
Movement of Investment Property | The movement of investment properties is as follows: 2023 2022 Land Buildings Total Total S/(000) S/(000) S/(000) S/(000) Cost Balance at January 1 328,131 285,188 613,319 526,935 Additions (i) – 25,034 25,034 87,132 Disposals and others 14,486 (13,146 ) 1,340 (748 ) Ending Period 342,617 297,076 639,693 613,319 Accumulated depreciation Balance at January 1 – 63,351 63,351 56,412 Depreciation for the period – 8,115 8,115 7,107 Disposals and others – 1,543 1,543 (168 ) Ending Period – 73,009 73,009 63,351 Impairment losses (ii) 689 721 1,410 1,410 Net carrying amount 341,928 223,346 565,274 548,558 Land and buildings are mainly used for office rental, which are free of all encumbrances. (i) As of December 31, 2023, the Group has made disbursements for the acquisition of land and real estate for S/ 25.0 87.1 (ii) The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount. |
Movement of Provision for Sundry Risks | j) The movement of the provision for sundry risks for the years ended December 31, 2023, 2022 and 2021 was as follows: 2023 2022 2021 S/(000) S/(000) S/(000) Balance at the beginning of the year 624,149 614,012 514,382 Provision, note 25 95,873 43,846 70,824 Increase (decrease), net (58,285 ) (33,709 ) 28,806 Balances at the end of the year 661,737 624,149 614,012 |
DEPOSITS AND OBLIGATIONS (Table
DEPOSITS AND OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DEPOSITS AND OBLIGATIONS [Abstract] | |
Schedule of detailed information of deposits and obligations | a) This item consists of the following: 2023 2022 S/(000) S/(000) Saving deposits 52,375,813 54,769,045 Demand deposits 48,229,323 48,467,248 Time deposits (c) 41,290,011 37,478,269 Severance indemnity deposits 3,185,603 3,824,629 Bank’s negotiable certificates 1,194,653 1,418,740 Total 146,275,403 145,957,931 Interest payable 1,429,591 1,062,856 Total 147,704,994 147,020,787 |
Schedule of detailed information of non-interest bearing and interest-bearing deposits and obligations | b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below: 2023 2022 S/(000) S/(000) Non-interest-bearing - In Peru 37,627,288 39,370,497 In other countries 4,607,210 3,975,654 42,234,498 43,346,151 Interest-bearing - In Peru 94,452,833 92,276,991 In other countries 9,588,072 10,334,789 104,040,905 102,611,780 Total 146,275,403 145,957,931 |
Schedule of detailed information of balances of time deposits by maturity | c) The balance of time deposits classified by maturity is as follows: 2023 2022 S/(000) S/(000) Up to 3 months 23,975,997 17,201,364 From 3 months to 1 year 11,420,212 12,688,483 From 1 to 3 years 2,472,740 4,144,424 From 3 to 5 years 327,136 502,291 More than 5 years 3,093,926 2,941,707 Total 41,290,011 37,478,269 |
DUE TO BANKS AND CORRESPONDEN_2
DUE TO BANKS AND CORRESPONDENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |
Deposits from banks | a) This item consists of the following: 2023 2022 S/(000) S/(000) International funds and others (b) 7,362,734 4,694,617 COFIDE and FONCODES 4,389,433 4,107,294 Inter-bank funds 324,400 – 12,076,567 8,801,911 Interest payable 202,114 135,500 Total 12,278,681 8,937,411 |
International Funds and Others Entities | b) This item consists of the following: 2023 2022 S/(000) S/(000) Bank of America N.A. 1,019,975 149 Club Deal Loan (i) 923,965 946,605 Wells Fargo Bank N.A. 898,275 190,699 Bank of New York Mellon 593,440 572,100 International Finance Corporation (IFC) (ii) 567,240 382,840 Standard Chartered Bank Hong Kong LTD 483,654 – Sumitomo Mitsui Banking Corporation 426,535 – Corporación Financiera de Desarrollo (COFIDE) 409,890 503,538 Caixabank 370,900 190,700 Commerzbank AG 370,900 – Banco de la Nación 355,000 – Citibank N.A. 185,450 381,400 Zürcher Kantonalbank 185,450 95,350 Bradesco Bac Florida Bank 92,725 76,280 Banco BBVA Perú 60,000 114,000 Bancolombia S.A. 58,171 59,604 Banco Bisa S.A. 51,364 – Banco Nacional de Bolivia S.A. 50,994 – Banco Internacional del Perú S.A.A. (Interbank) (iii) 50,933 150,000 ICBC Perú Bank S.A. 50,000 100,000 Banco de Occidente 47,463 84,096 Bancoldex 45,292 126,957 Standard Chartered Bank – 266,923 Scotiabank Perú S.A.A. – 120,000 The Toronto Dominion Bank – 247,910 Others 65,118 85,466 Total 7,362,734 4,694,617 As of December 31, 2023, the loans have maturities between January 2024 and April 2035 (between January 2023 and December 2031, as of December 31, 2022) and accrue interest in soles currency at rates that fluctuate between 2.23 percent and 9.33 percent (between 2.23 percent and 9.45 percent, as of December 31, 2022) and accrue interest in foreign currency as follows: 2023 2022 Min Max Min Max % % % % Boliviano 4.90 6.90 6.00 6.00 Colombian peso 0.45 17.64 0.40 17.04 U.S. Dollar 5.78 7.09 1.50 6.32 (i) The balances as of December 31, 2023 and 2022, include a loan under Club Deal Loan for 25 months for US$250.0 million equivalent to S/927.3 million, having five foreign banks as borrowers: Wells Fargo Bank NY - Agent Administrative, Standard Chartered Bank, JP Morgan Chase Bank N.A., HSBC Bank and Bank of America. Subsequently, in April 2023, JP Morgan Chase Bank carried out a partial assignment of its collection rights in favor of ICBC Perú Bank S.A. for US$20.0 million or S/74.2 million, making it the sixth borrower of the Deal Club. The loan accrues interest at a 3-month SOFR variable rate plus a spread of 1.5 percent. Likewise, the expenses linked to said transaction were deferred and are coming accruing proportionally over the life of the loan. (ii) As of December 31, 2023, Mibanco maintain cross currency swaps (CCS) that were designated as cash flow hedges of certain repo operations in U.S. dollars for a nominal amount of US$60.0 million, equivalent to S/222.5 million. (iii) As of December 31, 2023, Mibanco maintain a foreign currency forward for a nominal amount of US$14.7 million, equivalent to S/54.4 million. |
Balances of Due to Banks and Correspondents by Maturity | d) The following table presents the maturities of due to banks and correspondents as of December 31, 2023 and 2022 based on the period remaining to maturity: 2023 2022 S/(000) S/(000) Up to 3 months 3,513,860 1,420,872 From 3 months to 1 year 3,514,114 1,562,224 From 1 to 3 years 1,568,163 2,660,926 From 3 to 5 years 795,765 694,308 More than 5 years 2,684,665 2,463,581 Total 12,076,567 8,801,911 |
BONDS AND NOTES ISSUED (Tables)
BONDS AND NOTES ISSUED (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BONDS AND NOTES ISSUED [Abstract] | |
Bonds and Notes Issued | a) This item consists of the following: Hedge Accounting As of December 31, 2023 As of December 31, 2022 Annual interest Interest Type Notional Notional Issued Carrying Issued Carrying rate payment Maturity amount amount Maturity amount amount % (000) S/(000) (000) S/(000) (000) S/(000) Senior notes - BCP (i) 2.70 Semi-annual CCS US$220,000 815,980 January 2025 US$700,000 2,571,032 January 2025 US$700,000 2,623,445 Senior notes - BCP (ii) 4.65 Semi-annual - - - September 2024 S/2,900,000 2,496,413 September 2024 S/2,900,000 2,490,872 Senior notes - Credicorp Ltd. (iii) 2.75 Semi-annual - - - June 2025 US$500,000 1,706,587 June 2025 US$500,000 1,827,682 Senior notes - BCP (iv) 5.05 Semi-annual - - - June 2027 US$30,000 111,143 June 2027 US$30,000 114,246 Senior notes - BCP (v) 0.97 Semi-annual CCS ¥3,000,000 78,969 November 2025 ¥3,000,000 78,828 - - Senior notes - BCP (v) 0.45 Semi-annual - - - - - - December 2023 ¥5,000,000 145,522 Senior notes - BCP 4.25 Semi-annual - - - - - - April 2023 US$716,301 2,713,911 Corporate bonds - First program First issuance (Series A) - Mibanco Colombia 9.00 Quarterly – – – January 2025 $112,500 82,712 January 2025 $112,500 72,118 7,046,715 9,987,796 Hedge Accounting As of December 31, 2023 As of December 31, 2022 Annual interest Interest Type Notional Notional Issued Carrying Issued Carrying rate payment Maturity amount amount Maturity amount amount % (000) S/(000) (000) S/(000) (000) S/(000) Subordinated bonds - Subordinated bonds - BCP (vi) From 3.13 to 3.25 Semi-annual - - - July 2030 / September 2031 US$1,350,000 4,954,968 July 2030 / September 2031 US$1,350,000 5,064,963 First program First issuance (Series A) - Pacífico Seguros (vii) 6.97 Quarterly - - - - - November 2026 US$60,000 228,840 Second program Second issuance (Series A) - Pacífico Seguros 4.41 Semi-annual - - - December 2030 US$50,000 205,952 December 2030 US$50,000 173,635 Second issuance (Series B) - Pacífico Seguros 8.00 Semi-annual - - - May 2033 US$60,000 185,450 - - - First issuance (Series B) - MiBanco 7.22 Semi-annual - - - June 2027 S/30,000 30,000 June 2027 S/30,000 30,000 Third program Issuance IV - Banco de Crédito de Bolivia 5.85 Semi-annual - - - February 2033 65,562 - - Issuance III - Banco de Crédito de Bolivia 6.00 Semi-annual - - - August 2030 Bs100,000 54,067 August 2030 Bs100,000 55,653 Issuance I - Banco de Crédito de Bolivia 6.25 Semi-annual - - - August 2028 Bs70,000 37,847 August 2028 Bs70,000 39,047 Fourth program First issuance (Series A) - MiBanco 5.84 Semi-annual - - - March 2031 S/155,000 146,274 March 2031 S/155,000 146,276 5,680,120 5,738,414 Negotiable certificate of deposit - MiBanco Colombia From 1.0 to 17.90 To maturity - - - January 2024 / January 2027 $1,295,640 1,239,824 January 2023 / January 2027 $978,455 769,132 Negotiable certificate of deposit - MiBanco From 3.30 to 8.41 Annual - - - January 2024 / June 2025 S/407,101 407,101 January 2023 / June 2024 S/356,547 356,547 14,373,760 16,851,889 Interest payable 221,025 155,305 Total 14,594,785 17,007,194 International issues contain certain operating covenants, which, in Management’s opinion, the Group has complied with at the dates of the statement of financial position. (i) The Bank issued Senior Notes under the Medium-Term Program proof approximately US$ 700.0 2.70 As of December 31, 2023, the bank maintains a currency swap (CCS) for a notional amount of US$220.0 million equivalent to S/816.0 million (US$220.0 million equivalent to S/839.1 million, as of December 31, 2022), note 12(c), which was designated as a partial cash flow hedge of a senior note issued in US dollars at fixed rate; through such CCS, the senior note was economically converted to soles at fixed rate. (ii) The Bank can redeem the whole or part of the Senior Notes between October 17, 2021 and August 16, 2024, at a redemption price equal to or greater than: (i) 100 percent of the aggregate principal amount of the notes, and (ii) the sum of the present value of cash flows discounted at interest rate equivalent to sovereign bonds issued by the government of Perú (iii) As of December 31, 2023, Credicorp Ltd. maintains Senior Notes for approximately US$486.0 million, equivalent to S/1,802.6 million (US$500.0 million, equivalent to S/1,907.0 million as of December 31, 2022) at fixed interest rate, whose maturity date is on June 17, 2025. All or part of the notes may be redeemed primarily in the following ways: (i) on any date prior to May 17, 2025, upon full or partial repurchase, with a penalty interest rate equal to the United States Treasury rate plus 40 basis points, and (ii) on any date on or after May 17, 2025, at par value. Principal will be paid on the maturity date or upon redemption of the notes. In December 2023, the Group decided to unwind the accounting hedge of the net investment abroad held for a portion of these bonds issued for approximately US$228.8 million (US$228.8 million, equivalent to S/872.8 million as of December 31, 2022), which hedged for the same amount the exposure of the net investment in the subsidiary Atlantic Security Holding Corporation (ASHC), incorporated in Cayman Islands and whose functional currency is the US dollar, see note 30.2(b)(ii). This hedge was intended to hedge the exchange rate fluctuation risk associated with the translation of the net investment held in ASHC to the Group’s functional currency (in Soles). (iv) On June 21, 2022, the Bank issued senior notes under the Medium-Term Bond Program amounting to US$30.0 million at a semi-annual rate of 5.05 percent maturing in June 2027. An amount equivalent to the net proceeds from the offering will be used to finance or refinance, in whole or in part, new or existing green Eligible Projects, as per BCP’s Sustainability Financing Framework dated January 2022. The Bank may redeem all or part of the notes at a redemption price equal to 100 percent of the aggregate amount of the principal of the notes to be redeemed. (v) On December 2023, the cross currency swap (CCS) matured for a nominal amount of ¥5,000.0 million (¥5,000.0 million equivalent to S/145.7 million as of December 31, 2022) designated to hedge cash flows of bonds issued in yen at a fixed rate, which were converted to soles, see note 12(c). On September 19, 2023, the Bank issued Senior Notes for approximately ¥3,000.0 million equivalent to S/79.0 million, as of December 31,2023, with a fixed rate of 0.97 percent, whose maturity on November 19, 2025. As of December 31, 2023, the bank maintains a cross currency swap (CCS) for a nominal amount of ¥3,000.0 million equivalent to S/79.0 million, see note 12(c), which was decomposed by risk variables into two cross currency swaps (CCS) with the purpose of being designated as a cash flow hedge of a bond issued in yen at a fixed rate, which was converted to soles through this swap and as a cash flow hedge of placements. (vi) On July 1, 2020, the Bank issued Subordinated Notes under the Medium-Term Bond Program amounting to US$850.0 million at a semiannual rate of 3.125 percent maturing in July 2030 called “3.125% Fixed Rate Subordinated Notes Due 2030 (Callable 2025).” As of July 1, 2025, It will be paid a fixed interest rate equal to the United States Treasury interest rate, comparable to On the other hand, effective March 30, 2021, the Bank issued Subordinated Notes under the Medium-Term Bond Program for US$500.0 million at a semi-annual coupon rate of 3.25 percent maturing in September 2031. called “Subordinated Bonds at a Fixed Interest Rate at 3.250% maturing in 2031 (Callable in 2026)”. As of September 30, 2026, a fixed interest rate will be paid equal to the United States Treasury interest rate, comparable to 5 years, plus 245.0 basis points. On September 30, 2026, the Bank may redeem all or part of the subordinated notes at a redemption price that is equal to 100 percent of the aggregate principal amount of the subordinated notes to be redeemed. Thereafter, the Bank may redeem all or part of the subordinated notes at a redemption price that is equal to the greater of (i) 100 percent of the principal amount of the subordinated notes and (ii) the sum of the cash flows remaining discounted at a rate equivalent to the United States Treasury interest rate plus 40 basis points. Principal payment will take place on the maturity date of the subordinated notes or when the Bank redeems them. (vii) On May 17, 2023, Pacífico Compañía de Seguros y Reaseguros S.A. has completed the total redemption of the subordinated bonds called ‘First issuance of the First Pacífico Subordinated Bonds Program’ for a notional of US$60.0 million, with maturity in the year 2026. |
Bonds and Notes Issued by Maturity | b) The table below shows the bonds and notes issued, classified by maturity, without accrued interests: 2023 2022 S/(000) S/(000) Up to 3 months 174,341 128,442 From 3 months to 1 year 3,660,915 3,671,142 From 1 to 3 years 4,728,629 7,184,334 From 3 to 5 years 159,754 388,396 More than 5 years 5,650,121 5,479,575 Total 14,373,760 16,851,889 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EQUITY [Abstract] | |
Treasury Stock | We present below the stocks of Credicorp Ltd., the number of shares that the Group’s subsidiaries own in Credicorp Ltd. as of December 31, 2023, 2022 and 2021: Number of shares As of December 31, 2023 Shares of the Group Shared-based payment (*) Total Atlantic Security Holding Corporation 14,620,846 – 14,620,846 BCP – 109,185 109,185 Atlantic Security International Financial Services – 39,309 39,309 Grupo Crédito – 36,698 36,698 Pacífico Seguros – 19,912 19,912 Mibanco – 14,128 14,128 Credicorp Capital Servicios Financieros – 13,267 13,267 ASB Bank Corp. – 12,041 12,041 Other minors – 20,710 20,710 14,620,846 265,250 14,886,096 Number of shares As of December 31, 2022 Shares of the Group Shared-based payment (*) Total Atlantic Security Holding Corporation 14,620,846 – 14,620,846 BCP – 120,505 120,505 Grupo Crédito – 23,214 23,214 Pacífico Seguros – 20,606 20,606 Credicorp Capital Servicios Financieros – 15,007 15,007 Mibanco – 14,260 14,260 ASB Bank Corp – 11,791 11,791 Other minors – 22,994 22,994 14,620,846 228,377 14,849,223 Number of shares As of December 31, 2021 Shares of the Group Shared-based payment (*) Total Atlantic Security Holding Corporation 14,620,846 – 14,620,846 BCP – 134,133 134,133 Pacífico Seguros – 22,966 22,966 Credicorp Capital Servicios Financieros – 15,561 15,561 Mibanco – 14,418 14,418 ASB Bank Corp. (Atlantic Security Bank) – 11,193 11,193 Grupo Crédito – 7,871 7,871 Other minors – 23,381 23,381 14,620,846 229,523 14,850,369 (*) It corresponds mainly to the treasury shares that were granted to employees and Senior Management, for which they have the right to vote, and to a lesser extent to the shares acquired for coverage purposes for the new complementary retention program. These shares are not released on said dates. |
Reserves Within Equity | “Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income and on cash flow hedges derivative instruments, net of deferred income tax and non-controlling interest. Movement was as follows: Other reserves: Instruments that will not be reclassifed to profit or loss Instruments that will be reclassified to consolidated statement of income Equity instruments at fair value Debt instruments at fair value Reserve for cash flow hedges Insurance reserves Foreign currency translation reserve Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balance as of January 1, 2021 315,202 2,256,531 (41,102 ) (892,598 ) 227,865 1,865,898 Decrease in net unrealized gains on investments (108,317 ) (2,411,900 ) – – – (2,520,217 ) Transfer to results of the net realized loss of investments – 3,848 – – – 3,848 Transfer of recovery of credit loss of investments to profit or loss – 8,121 – – – 8,121 Change in net unrealized gain on cash flow hedges derivatives – – 97,251 – – 97,251 Transfer of net realized gain on cash flow hedges derivatives to profit or loss – – (56,422 ) – – (56,422 ) Other reserves – – – 733,932 – 733,932 Foreign exchange translation – – – – 160,810 160,810 Net movement in hedges of net investments in foreign businesses – – – – (57,319 ) (57,319 ) Balance as of December 31, 2021 206,885 (143,400 ) (273 ) (158,666 ) 331,356 235,902 Impact of initial application of IRFS 17 – – – 158,666 – 158,666 Others – 3,900 – – 5,681 9,581 Balances as of January 1, 2022 - Restated 206,885 (139,500 ) (273 ) – 337,037 404,149 Decrease in net unrealized gains on investments (36,477 ) (1,629,016 ) – – – (1,665,493 ) Transfer to results of the net realized loss of investments – 49,754 – – – 49,754 Transfer of recovery of credit loss of investments to profit or loss – 63,203 – – – 63,203 Change in net unrealized gain on cash flow hedges derivatives – – 29,109 – – 29,109 Transfer of net realized gain on cash flow hedges derivatives to profit or loss – – (28,048 ) – – (28,048 ) Other reserves – – – 1,133,536 – 1,133,536 Foreign exchange translation – – – – (301,969 ) (301,969 ) Net movement in hedges of net investments in foreign businesses – – – – 39,587 39,587 Balance as of December 31, 2022 170,408 (1,655,559 ) 788 1,133,536 74,655 (276,172 ) Decrease (increase) in net unrealized gains on investments (12,247 ) 1,241,632 – – – 1,229,385 Transfer to results of the net realized loss of investments – 7,789 – – – 7,789 Transfer of recovery of credit loss of investments to profit or loss – 8,716 – – – 8,716 Change in net unrealized gain on cash flow hedges derivatives – – 18,359 – – 18,359 Transfer of net realized gain on cash flow hedges derivatives to profit or loss – – (30,550 ) – – (30,550 ) Other reserves – – – (754,192 ) – (754,192 ) Foreign exchange translation – – – – 73,498 73,498 Net movement in hedges of net investments in foreign businesses – – – – 18,950 18,950 Balance as of December 31, 2023 158,161 (397,422 ) (11,403 ) 379,344 167,103 295,783 |
Components of Other Comprehensive Income | The movement of the item is as follows: 2023 2022 2021 (Restated) S/(000) S/(000) S/(000) To be reclassified to the consolidated statement of income in later periods comprehensive income Debt instruments at fair value through other Net unrealized gain (loss) 1,241,632 (1,629,016 ) (2,411,900 ) Transfer to results of net realized loss 7,789 49,754 3,848 Transfer of recovery of credit loss to profit or loss 8,716 63,203 8,121 Sub total 1,258,137 (1,516,059 ) (2,399,931 ) Non-controlling interest 18,317 (15,535 ) (39,890 ) Income tax 58,489 (82,459 ) (52,086 ) 1,334,943 (1,614,053 ) (2,491,907 ) Cash flow hedge reserves - Net gain on cash flow hedges 18,359 29,109 97,251 Transfer of net realized gain on cash flow hedges derivatives to profit or loss (30,550 ) (28,048 ) (56,422 ) Sub total (12,191 ) 1,061 40,829 Non-controlling interest (148 ) 27 923 Income tax (5,104 ) 158 16,834 (17,443 ) 1,246 58,586 Other reserves - Insurances reserves (754,192 ) 1,133,536 733,932 Non-controlling interest (8,619 ) 10,604 8,513 Income tax – – 26,846 (762,811 ) 1,144,140 769,291 Foreign exchange traslation - Exchange gains or losses 73,498 (301,969 ) 160,810 Net movement in hedges of net investments in foreign businesses 18,950 39,587 (57,319 ) Sub total 92,448 (262,382 ) 103,491 Non-controlling interest (34 ) (114 ) 358 92,414 (262,496 ) 103,849 2023 2022 2021 (Restated) S/(000) S/(000) S/(000) Not to be reclassified to the consolidated statement of income in later periods: Equity instruments at fair value through other comprehensive income - Net unrealized loss (12,247 ) (36,477 ) (108,317 ) Non-controlling interest 127 23 33 Income tax 3,791 (2,109 ) (5,402 ) (8,329 ) (38,563 ) (113,686 ) Attributable to: Credicorp’s equity holders 571,955 (680,321 ) (1,629,996 ) Non-controlling interest 9,643 (4,995 ) (30,063 ) 581,598 (685,316 ) (1,660,059 ) |
Distribution of Dividends | The chart below shows the distribution of dividends agreed by the Board of Directors : 2023 2022 2021 Date of Meeting - Board of Directors 27.04.2023 28.04.2022 26.08.2021 Dividends distribution, net of treasury shares effect (in thousands of soles) 1,994,037 1,196,422 398,808 Payment of dividends per share (in soles) 25.0 15.0 5.0 Date of dividends payout 09.06.2023 10.06.2022 07.10.2021 Exchange rate published by the SBS 3.6901 3.7560 4.1310 Dividends payout (equivalent in thousands of US$) 540,375 318,536 96,540 |
TAX SITUATION (Tables)
TAX SITUATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TAX SITUATION [Abstract] | |
Reconciliation Between the Statutory Income Tax Rate and Effective Tax Rate | The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows: 2023 2022 2021 In millions % In millions % In millions % Theoretical tax and income tax rate in Perú (2,040.9 ) (29.50 ) (2,022.5 ) (29.50 ) (1,573.2 ) (29.50 ) Decrease (Increase) in the statutory tax rate due to: (i) Decrease (Increase) due to the profit of subsidiaries not domiciled in Perú 52.8 0.77 (75.8 ) (1.11 ) (12.8 ) (0.24 ) (ii) Provision tax on dividends (235.7 ) (3.44 ) (168.4 ) (2.46 ) (78.6 ) (1.47 ) (iii) Non-taxable income, net 335.3 4.59 156.2 2.29 3.6 0.06 Income tax and effective income tax rate (1,888.5 ) (27.58 ) (2,110.5 ) (30.78 ) (1,661.0 ) (31.15 ) |
Income Tax Expenses | b) Income tax expense for the years ended December 31, 2023, 2022 and 2021 comprises: 2023 2022 2021 S/(000) S/(000) S/(000) Current - In Perú 1,669,370 1,799,467 945,937 In other countries 295,169 197,971 167,657 1,964,539 1,997,438 1,113,594 Deferred - In Perú (28,734 ) 37,447 548,920 In other countries (47,354 ) 75,616 (1,527 ) (76,088 ) 113,063 547,393 Total 1,888,451 2,110,501 1,660,987 |
Deferred Income Tax | c) The following table presents a summary of the Group’s deferred income tax: 2023 2022 S/(000) S/(000) Deferred income tax asset, net Deferred asset Allowance for loan losses for loan portfolio 1,023,000 1,108,687 Provision for profit sharing 70,908 73,402 Provision for sundry expenses and risks 59,984 35,393 Carry forward tax losses 63,668 50,675 Provision for pending vacations 32,370 31,724 Depreciation of improvements for leased premises 20,436 23,762 Unrealized losses due to valuation of investments at fair value through other comprehensive income 5,837 5,160 Provision of Stock awards 13,821 45,510 Unrealized losses due to valuation of investments at fair value through other comprehensive income 39,364 71,214 Unrealized gain from valuation of fair value hedging derivatives – 8,246 Others 209,491 120,239 Deferred liability Intangibles, net (176,271 ) (253,696 ) Adjustment for difference in exchange of Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) and SBS (45,016 ) (61,858 ) Buildings depreciation (63,839 ) (64,462 ) Deferred acquisitions costs (16,070 ) (16,537 ) Unrealized gain due to valuation of investments at fair value through other comprehensive income (3,743 ) (1,099 ) Buildings revaluation (2,552 ) (3,113 ) Unrealized gain in valuation on cash flow hedge derivatives (804 ) (5,262 ) Others (48,389 ) (33,238 ) Total 1,182,195 1,134,747 2023 2022 S/(000) S/(000) Deferred income tax liability, net Deferred asset Provision for sundry expenses and risks 12,395 21,192 Carry forward tax losses 19,757 19,757 Unrealized losses due to valuation of investments at fair value through other comprehensive income 8,731 41,146 Provision for workers profit sharing 17,897 12,911 Deferred income from commissions on remuneration 5,274 4,992 Others 8,674 10,270 Deferred liability Intangibles, net (36,569 ) (37,315 ) Gain generated in the reorganization of Pacífico EPS (39,515 ) (39,515 ) Deferred acquisitions costs (8,186 ) (22,991 ) Unrealized gain due to valuation of investments at fair value through other comprehensive income (13,846 ) (10,716 ) Reserve for reinstatement premium costs and deductibles (10,942 ) (11,251 ) Leasing operations related to loans (3,038 ) (3,224 ) Buildings revaluation (3,296 ) (3,296 ) Others (64,853 ) (56,965 ) Total (107,517 ) (75,005 ) |
Income Tax Returns of Major Subsidiaries Open for Examination by Tax Authorities | d) The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows: Banco de Crédito del Perú S.A. 2016, 2017, 2020 to 2023 Mibanco 2018, 2021 to 2023 Pacífico Compañía de Seguros y Reaseguros 2018 to 2023 Credicorp Capital Servicios Financieros 2018 to 2023 Credicorp Capital Perú 2018 to 2023 Credicorp Capital Holding Perú S.A.A. 2018 to 2023 Grupo Credito 2018 to 2023 |
Income Tax Returns of Major Subsidiaries Auditing the Sworn Declaration by Tax Authorities | It is worth mentioning that the Tax Authority is auditing the sworn declaration of: Banco de Crédito del Perú 2019 Mibanco 2021 Grupo Crédito 2017 |
Annual Income Tax Declarations Pending Examination by the Overseas Tax Authorities | The Bolivian, Chilean and Colombian Tax Authorities have the power to review and, if applicable, make a new determination for the income tax the subsidiaries to Credicorp located in said countries, upon presentation of their Income Tax declarations. Additionally, in the case of Colombia, a period of 6 years was established for the taxpayers obliged to apply Transfer Prices or taxpayers who report tax losses. The annual income tax declarations pending examination by the overseas tax authorities are the following: Banco de Crédito de Bolivia 2015 to 2023 Credicorp Capital Colombia 2017 to 2023 Mibanco Colombia 2019 to 2023 |
CONTINGENT RISKS AND COMMITME_2
CONTINGENT RISKS AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CONTINGENT RISKS AND COMMITMENTS [Abstract] | |
Contingent risks and commitments | a) This item consists of the following: 2023 2022 S/(000) S/(000) Contingent credits - indirect loans (b) Endorsements and standby letters 17,737,645 18,244,865 Import and export letters of credit 2,313,970 2,683,190 Sub-total, Note 7(b) 20,051,615 20,928,055 Responsibilities under credit line agreements (c) 87,091,701 86,597,041 Total 107,143,316 107,525,096 |
INTEREST, SIMILAR INCOME AND _2
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES [Abstract] | |
Interest, Similar Income and Similar Expense | This item consists of the following: 2023 2022 (Restated) 2021 S/(000) S/(000) S/(000) Interest and similar income Interest on loans 15,044,864 12,419,281 10,170,680 Interest on investments at fair value through other comprehensive income 1,984,408 1,595,570 1,152,542 Interest on due from banks 1,133,211 467,387 49,637 Interest on investments at amortized cost 456,543 382,097 323,689 Interest on investments at fair value through profit or loss 48,376 38,550 50,562 Dividends received 46,080 29,226 40,637 Other interest and similar income 85,013 79,171 62,659 Total 18,798,495 15,011,282 11,850,406 Interest and similar expense Interest on deposits and obligations (3,141,307 ) (1,688,245 ) (865,474 ) Interest on due to banks and correspondents (1,158,665 ) (683,078 ) (435,426 ) Interest on bonds and notes issued (634,299 ) (728,218 ) (836,977 ) Financial expenses of insurance activities (466,814 ) (426,477 ) – Deposit Insurance Fund (237,441 ) (230,255 ) (213,741 ) Interest on lease liabilities (25,574 ) (25,054 ) (27,374 ) Other interest and similar expense (196,423 ) (138,337 ) (111,810 ) Total (5,860,523 ) (3,919,664 ) (2,490,802 ) |
COMMISSIONS AND FEES (Tables)
COMMISSIONS AND FEES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMMISSIONS AND FEES [Abstract] | |
Commissions and Fees | This item consists of the following: 2023 2022 (Restated) 2021 S/(000) S/(000) S/(000) Performance obligations at a point in time: Maintenance of accounts, transfers and credit and debit card services 1,465,318 1,595,547 1,442,966 Commissions for banking services 443,040 367,946 301,592 Collection services 119,563 119,636 107,442 Commissions for consulting and technical studies 61,390 66,291 62,384 Commissions for salary advance and payment of services 59,903 66,330 52,557 Commissions for brokerages, stockbrokers and stock markets. 43,861 44,225 40,769 Commissions for intermediation in virtual platforms 41,376 35,324 29,983 Operational commissions 41,082 36,213 76,626 Commissions for placements 32,253 27,686 18,451 Penalty commissions 1,635 3,104 21,420 Others 97,450 127,051 81,947 2,406,871 2,489,353 2,236,137 Performance obligations over time: Funds and equity management 700,663 628,739 717,227 Contingent loans and foreign trade fees 651,392 450,874 459,165 Commissions for custody of securities 45,533 73,891 81,205 1,397,588 1,153,504 1,257,597 Total 3,804,459 3,642,857 3,493,734 |
NET GAIN ON SECURITIES (Tables)
NET GAIN ON SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
NET GAIN ON SECURITIES [Abstract] | |
Net Gain on Securities | This item consists of the following: 2023 2022 2021 S/(000) S/(000) S/(000) Net gain (loss) on investments at fair value through profit or loss 325,808 (114,892 ) (102,761 ) Net gain in associates 117,089 104,461 74,021 (Provision) of credit loss for investments at fair value with changes in other comprehensive income, note 6(b) (4,321 ) (58,260 ) (6,816 ) Net (loss) gain on investments at fair value with changes in other comprehensive income (14,917 ) 75,273 65,976 Others 1,485 (1,114 ) (1,770 ) Total 425,144 5,468 28,650 |
INSURANCE AND UNDERWRITING RE_2
INSURANCE AND UNDERWRITING RESULT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INSURANCE AND UNDERWRITING RESULT [Abstract] | |
Insurance and Reinsurance | a) The insurance and reinsurance result consists of the following: 2023 2022 S/(000) S/(000) Contracts measured under BBA and VFA (b) 226,125 211,323 Contracts measured under PAA 3,629,283 3,321,947 Income from the Insurance Service 3,855,408 3,533,270 Claims incurred and adjustments related to past claims incurred and other insurance service expenses (2,232,672 ) (2,122,652 ) Losses in onerous contracts and reversal of losses (17,181 ) (92,530 ) Others (3,134 ) (15,741 ) Insurance Service Expenses (2,252,987 ) (2,230,923 ) Insurance Service Result 1,602,421 1,302,347 2023 2022 S/(000) S/(000) Variation in incurred claim provision - pending Claims - Reinsurance 448,500 317,110 Adjustment changes of incurred claim provision - RA - Reinsurance (9 ) – Income from reinsurance recoveries 448,491 317,110 Premiums assigned to the reinsurance period (839,812 ) (778,009 ) Expenses for assigning the premiums paid to the reinsurer (839,812 ) (778,009 ) Reinsurance result (391,321 ) (460,899 ) |
Contracts Measured under Insurance Service | b) The result of the contracts measured under BBA and VFA of the insurance service is detailed below: 2023 2022 S/(000) S/(000) Amounts related to changes in liabilities for the remaining coverage: CSM recognized for services provided 128,639 131,588 Change in risk adjustment for non-financial risk 12,357 15,982 Expenses for insurance services and expected claims occurred 81,995 65,329 Cash recovery for the purchase of insurance 3,134 (1,576 ) Contracts measured under BBA and VFA 226,125 211,323 |
Onerous and Non-onerous Contracts | c) The impact of new business for onerous and non-onerous contracts is detailed below: 2023 Onerous contracts Non-onerous contracts Total S/(000) S/(000) S/(000) Estimates of the present value of future outflows: Insurance Acquisition Cash Flows 21,123 85,120 106,243 Claims and other directly attributable expenses 135,905 658,515 794,420 Estimates of the present value of future inflows (138,467 ) (856,323 ) (994,790 ) Risk adjustment for non-financial risk 1,913 6,225 8,138 CSM – 106,463 106,463 Impact on provisions for contracts recognized in the period 20,474 – 20,474 2022 Onerous contracts Non-onerous contracts Total S/(000) S/(000) S/(000) Estimates of the present value of future outflows: Insurance Acquisition Cash Flows 14,022 72,277 86,299 Claims and other directly attributable expenses 165,170 468,718 633,888 Estimates of the present value of future inflows (167,263 ) (668,931 ) (836,194 ) Risk adjustment for non-financial risk 2,562 7,569 10,131 CSM – 120,367 120,367 Impact on provisions for contracts recognized in the period 14,491 – 14,491 |
Contractual Service Margin in Loss Component | d) Below, we present the estimate of the release of CSM considering the reversals of the loss component: 2023 2022 S/(000) S/(000) One year 113,378 115,614 Two years 115,736 148,085 Three years 116,736 164,542 Four years 117,284 165,924 Five years 114,531 152,654 from 6 to 10 years 494,953 413,518 Older than 10 years 1,011,435 217,278 Total 2,084,053 1,377,615 |
Fair Value of Underlying Assets | e) The fair value of the underlying assets is as follows: 2023 2022 S/(000) S/(000) IL Controlled 91,502 84,570 IL Controlled Soles 186,879 187,088 IL Balanced 79,671 72,059 IL Balanced II 382,326 370,484 IL Global Balanced 87,527 75,301 IL Capitalized 1,433 328 IL Capitalized II 259 190 IL Global Growth 1,073 198 IL Sustainable Capitalization 804 – |
Contractual Service Margin for Insurance Contract Portfolios | f) The impact in the current period of the transition approaches adopted to establish CSM for insurance contract portfolios is revealed in the following table: 2023 2022 S/(000) S/(000) CSM at the beginning of the period 992,527 1,251,473 Changes related to future service (11,385 ) (181,050 ) Changes related to the current service (74,030 ) (77,896 ) CSM at the end of the period 907,112 992,527 |
Insurance Premiums Earned | g) Below is the composition of the net premiums earned as of December 31, 2021 under IFRS 4: Gross written premiums Technical reserve adjustment Total gross written premiums (*) Premiums ceded to reinsurers and co-insurers, net (**) Results of financial assets designated at fair value through profit and loss, Total Net premiums earned S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Life insurance 2,508,154 (890,216 ) 1,617,938 (214,636 ) 54,663 1,457,965 Health insurance 630,790 (30,457 ) 600,333 (15,078 ) – 585,255 General insurance 1,140,478 (3,176 ) 1,137,302 (508,992 ) – 628,310 Total 4,279,422 (923,849 ) 3,355,573 (738,706 ) 54,663 2,671,530 (*) Gross written premiums by insurance type are described below: (**) ”Premiums ceded to reinsurers and coinsurers, net” include: 2021 S/(000) Premiums ceded for automatic contracts (mainly excess of loss) (355,356 ) Premiums ceded for facultative contracts, (392,346 ) Annual variation of reserve risk in progress of premiums ceded 8,996 (738,706 ) |
Gross Written Premiums by Insurance Type | (*) Gross written premiums by insurance type are described below: 2021 S/(000) % Life insurance (i) 1,617,938 48.22 Health insurance (ii) 600,333 17.89 General insurance (iii) 1,137,302 33.89 Total 3,355,573 100.00 (i) The breakdown of life insurance gross written premiums is as follows: 2021 S/(000) % Disability and survival (*) 645,194 39.88 Credit life 593,370 36.67 Individual life (**) 119,220 7.37 Group life 150,777 9.32 Annuities 109,377 6.76 Total 1,617,938 100.00 (*) This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym). (**) Individual life insurance premiums include Investment Link insurance contracts. (ii) Gross health insurance premiums include medical assistance that amounts to S/ 519.8 86.59 (iii) General insurance gross written premiums consist of the following: 2021 S/(000) % Automobile 334,939 29.45 Fire and allied lines 311,048 27.35 Theft and robbery 110,815 9.74 Third party liability 109,907 9.66 Transport 58,300 5.13 Technical lines (*) 63,792 5.61 Marine Hull 29,414 2.59 SOAT (Mandatory automobile line) 25,662 2.26 Aviation 38,275 3.37 Others 55,150 4.84 Total 1,137,302 100.00 (*) Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE). |
Components of Insurance Claims | h) Below are the claims incurred by life, general and health insurance contracts as of December 31, 2021 under IFRS 4: 2021 Life insurance General insurance Health insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims 2,183,789 375,162 325,307 2,884,258 Ceded claims (406,494 ) (120,546 ) (15,301 ) (542,341 ) Net insurance claims 1,777,295 254,616 310,006 2,341,917 |
SALARIES AND EMPLOYEES BENEFI_2
SALARIES AND EMPLOYEES BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SALARIES AND EMPLOYEES BENEFITS [Abstract] | |
Components of Salaries and Employees Benefits | This item consists of the following: 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) Salaries 2,430,121 2,176,165 2,090,835 Vacations, medical assistance and others 433,441 357,879 342,435 Bonuses 320,084 301,097 280,568 Workers profit sharing 286,895 311,459 165,091 Additional participation 276,177 271,995 342,065 Social security 254,770 234,867 213,640 Severance indemnities 180,637 167,020 159,845 Share-based payment plans 83,328 81,679 73,997 Total 4,265,453 3,902,161 3,668,476 |
ADMINISTRATIVE EXPENSES (Tables
ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ADMINISTRATIVE EXPENSES [Abstract] | |
Components of administrative expenses | This item consists of the following: 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) IT expenses and systems outsourcing 1,080,001 908,339 741,429 Publicity and loyalty programs 720,718 652,587 486,885 Audit, consulting and professional fees 336,715 333,325 312,978 Taxes and contributions 264,326 280,171 289,484 Transport and communications 226,860 225,491 208,244 Repair and maintenance 157,127 136,105 123,232 Outsourcing 144,534 113,211 99,440 Sundry supplies 118,510 87,844 57,093 Comissions by agents 115,120 106,356 104,700 Short term, low value and variable income lease 108,357 91,680 86,417 Security and protection 64,432 64,480 63,500 Subscriptions and quotes 61,945 55,914 55,331 Electricity and water 56,359 50,566 48,886 Insurance 56,324 62,994 62,142 Electronic processing 39,764 35,896 39,528 Cleaning 22,677 20,435 20,105 Others 229,434 188,671 154,323 Total 3,803,203 3,414,065 2,953,717 |
OTHER INCOME AND EXPENSES (Tabl
OTHER INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME AND EXPENSES [Abstract] | |
Components of Other Income and Expenses | This item consists of the following: 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) Other income Net results from sale of loan portfolio 83,515 18,712 15,700 Rental income 46,836 44,257 35,218 Income from previous years 33,969 66,531 33,969 Contract resolution impact 6,559 5,352 16,817 Recovery of other accounts receivable and other assets 1,862 1,299 3,728 Net income from the sale of property, furniture and equipment 1,654 14,979 16,083 Gain from the sale of adjudicated assets – 11,355 – Others 266,258 105,561 145,052 Total other income 440,653 268,046 266,567 2022 2023 (Restated) 2021 S/(000) S/(000) S/(000) Other expenses Derecognition of intangibles due to withdrawals and dismissed projects 96,978 25,140 17,630 Provision for sundry risks, see Note 12(j) 95,873 43,846 70,824 Losses due to operational risk 66,302 74,512 58,956 Association in participation 53,097 40,955 47,176 Administrative and tax penalties 28,882 1,626 1,601 Donations 23,354 16,362 9,949 Expenses on improvements in building for rent 17,445 18,962 23,814 Provision for other accounts receivable 11,975 18,736 28,324 Operating expenses due to COVID-19 7,775 20,177 50,107 Others 132,920 103,982 126,733 Total other expenses 534,601 364,298 435,114 |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EARNING PER SHARE [Abstract] | |
Net earnings per ordinary share attributable to equity holders of group | The net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows: 2023 2022 2021 Net income attributable to equity holders of Credicorp (in thousands of Soles) 4,865,540 4,647,818 3,584,582 Number of stock Ordinary stock, note 16(a) 94,382,317 94,382,317 94,382,317 Less – opening balance of treasury stock (14,849,223 ) (14,850,369 ) (14,914,734 ) Sale (acquisition) of treasury stock, net (55,283 ) (3,615 ) 26,604 Weighted average number of ordinary shares for basic earnings 79,477,811 79,528,333 79,494,187 Plus - dilution effect - stock awards 177,709 168,462 182,208 Weighted average number of ordinary shares adjusted for the effect of dilution 79,655,520 79,696,795 79,676,395 Basic earnings per share (in Soles) 61.22 58.44 45.09 Diluted earnings per share (in Soles) 61.08 58.32 44.99 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OPERATING SEGMENTS [Abstract] | |
Breakdown of Assets Corresponding to Group's Reportable Segments and Distribution of Total Revenue, Operating Revenue and Non-current Assets from Segment | (i) The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2023, 2022 and 2021: Income (*) 2023 External From other segments (**) Net interest, similar income and expenses Other income (***) Provision for credit losses on loan portfolio Depreciation, amortization and right in use Income Tax Net Profit Additions of fixed assets, intangibles and goodwill Total assets Total liabilities Universal Banking Banco de Crédito del Perú 16,987 578 9,927 4,511 (2,846 ) (459 ) (1,497 ) 4,203 765 178,834 155,913 Banco de Crédito de Bolivia 920 – 163 211 (50 ) (25 ) (62 ) 83 16 13,465 12,612 17,907 578 10,090 4,722 (2,896 ) (484 ) (1,559 ) 4,286 781 192,299 168,525 Insurance and Pensión funds Pacífico Seguros y subsidiarias 2,233 – 285 951 – (4 ) (40 ) 818 79 15,865 13,446 Prima AFP 395 – 4 388 – (24 ) (57 ) 150 17 741 241 2,628 – 289 1,339 – (28 ) (97 ) 968 96 16,606 13,687 Microfinance MiBanco 3,238 134 2,160 161 (923 ) (88 ) (47 ) 204 129 16,898 13,902 Mibanco Colombia 489 – 255 46 (125 ) (16 ) 26 (73 ) 44 2,113 1,849 3,727 134 2,415 207 (1,048 ) (104 ) (21 ) 131 173 19,011 15,751 Investment Management & Advisory 1,026 39 114 591 – (37 ) (43 ) (167 ) 13 10,144 8,484 Other segments 377 1 30 8 (13 ) (6 ) (168 ) (258 ) 151 4,274 2,935 Eliminations – – – – – – – – – (3,494 ) (3,649 ) Total consolidated 25,665 752 12,938 6,867 (3,957 ) (659 ) (1,888 ) 4,960 1,214 238,840 205,733 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical insurance results. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and technical insurance results. Income (*) 2022 External From other segments (**) Net interest similar income and expensese Other Income (***) Provision for credit losses on loan portfolio Depreciation, amortization and right use Income Tax Net profit Additions of fixed assets, intangibles and goodwill Total assets Total liabilities Universal Banking Banco de Crédito del Perú 13,510 518 7,828 3,139 (1,448 ) (452 ) (1,625 ) 4,258 590 177,907 157,485 Banco de Crédito de Bolivia 865 9 325 167 (69 ) (24 ) (112 ) 68 15 12,698 11,838 14,375 527 8,153 3,306 (1,517 ) (476 ) (1,737 ) 4,326 605 190,605 169,323 Insurance and Pensión funds Pacífico Seguros y subsidiarias 1,689 63 301 758 – (3 ) (12 ) 467 80 14,565 12,149 Prima AFP 354 4 – 354 – (23 ) (48 ) 110 29 735 238 2,043 67 301 1,112 – (26 ) (60 ) 577 109 15,300 12,387 Microfinance MiBanco 2,750 – 2,139 31 (597 ) (76 ) (165 ) 425 96 17,226 14,444 Mibanco Colombia 375 – 236 45 (45 ) (13 ) (7 ) 14 8 1,530 1,290 3,125 – 2,375 76 (642 ) (89 ) (172 ) 439 104 18,756 15,734 Investment Management & Advisory 923 90 98 666 – (41 ) (15 ) 21 41 14,051 10,670 Other segments 453 41 165 748 – (4 ) (127 ) (603 ) 61 3,476 2,606 Eliminations – – – – – – – – – (6,774 ) (4,901 ) Total consolidated 20,919 725 11,092 5,908 (2,159 ) (636 ) (2,111 ) 4,760 920 235,414 205,819 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and technical results. Income (*) 2021 External From other segments (**) Net interest similar, income and expenses Other income net (***) Provision for credit losses on loan portfolio Depreciation and amortization Income Tax Net profit Additions of fixed asset, intangibles and goodwill Total assets Total liabilities Universal Banking Banco de Crédito del Perú 11,143 368 6,192 3,262 (1,034 ) (441 ) (1,275 ) 3,391 449 184,740 166,411 Banco de Crédito de Bolivia 891 10 337 157 (17 ) (23 ) (63 ) 72 27 13,800 12,965 12,034 378 6,529 3,419 (1,051 ) (464 ) (1,338 ) 3,463 476 198,540 179,376 Insurance and Pensions Pacífico Seguros y subsidiarias 3,544 64 610 228 – (57 ) (5 ) (130 ) 81 16,491 14,194 Prima AFP 407 1 (4 ) 406 – (21 ) (65 ) 146 12 840 265 3,951 65 606 634 – (78 ) (70 ) 16 93 17,331 14,459 Microfinance Mibanco 2,114 – 1,860 (12 ) (504 ) (78 ) (143 ) 266 50 16,163 13,800 Mibanco Colombia (****) 302 – 229 35 (4 ) (14 ) (16 ) 43 8 1,393 1,159 2,416 – 2,089 23 (508 ) (92 ) (159 ) 309 58 17,556 14,959 Investment Management & Advisory 866 73 89 767 1 (45 ) (25 ) 147 11 14,744 12,990 Other segments 182 33 47 80 (1 ) (4 ) (69 ) (263 ) 2 3,377 2,634 Eliminations – – – – – – – – – (6,701 ) (6,609 ) Total consolidated 19,449 549 9,360 4,923 (1,559 ) (683 ) (1,661 ) 3,672 640 244,847 217,809 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and technical results. (ii) The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, as of December 31, 2023, 2022 and 2021: 2023 2022 2021 Total income (*) Operating Income (**) Total current non assets (***) Total, liabilities Total income (*) Operating Income (**) Total current non assets (***) Total, liabilities Total income (*) Operating Income (**) Total current non assets (***) Total liabilities Perú 17,279 11,922 4,648 180,268 14,053 10,430 4,325 179,855 17,330 8,682 3,773 188,505 Bermudas 5,394 (45 ) – 2,086 5,151 (28 ) 134 2,123 18 (17 ) 134 2,174 Panamá 384 174 31 5,580 295 105 3 8,384 309 103 30 10,389 Cayman Islands 502 358 – 154 72 72 – 139 17 – – 88 Bolivia 1,082 328 122 12,784 960 377 113 11,885 978 373 121 13,012 Colombia 855 199 193 4,060 193 132 22 2,283 601 213 415 2,610 United States of America 29 – 14 19 8 – 5 15 33 1 1 5 Chile 129 2 75 778 187 4 119 1,132 166 1 131 1,026 Others 11 – – 4 – – 3 3 – – – – Total consolidated 25,665 12,938 5,083 205,733 20,919 11,092 4,724 205,819 19,452 9,356 4,605 217,809 (*) Including total interest and similar income, other income and net premiums earned from insurance activities. (**) Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result. (***) Non-current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net. |
TRANSACTIONS AND BALANCES WIT_2
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES [Abstract] | |
Transactions with Related Parties | b) The following table presents the main transactions and balances with related parties and individuals as of December 31, 2023 and 2022 : 2023 2022 S/(000) S/(000) Statement of financial position - Direct loans 2,063,739 1,804,837 Investments (i) 806,700 800,021 Deposits (ii) (713,503 ) (1,138,115 ) Derivatives at fair value 516,292 336,867 (i) As of December 31, 2023, the balance includes mainly S/166.8 million of corporate bonds, Inversiones Centenario shares and S/120.5 million of corporate bonds issued by The increase in the balance corresponds mainly to the fluctuation that positively affected the investments in corporate bonds of Alicorp S.A. and Corporación Primax As of December 31, 2022, the balance includes mainly S/ 158.1 S/ 157.0 Alicorp S.A.A. shares; 155.3 corporate bonds issued by Cementos Pacasmayo S.A. 126.8 (ii) Corresponds to deposits from legal entities and individuals. As of December 31, 2023 and 2022, the balance corresponds mainly to higher deposits held by companies and related persons. 2023 2022 S/(000) S/(000) Statement of income Interest income related to loans 31,892 38,896 Interest expenses related to deposits (30,914 ) (24,143 ) Other income 9,452 13,232 Contingent risks and commitments Indirect loans 584,463 433,639 |
Key Executives Compensation | e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2023 and 2022 was as 2023 2022 S/(000) S/(000) Director’s compensation 7,387 7,850 Senior Management Compensation: Remuneration 49,573 40,201 Stock awards vested 21,444 28,450 Total 78,404 76,501 |
Details of Funds | f) As of December 31, 2023 and 2022 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented 2023 2022 S/(000) S/(000) At fair value through profit or loss: Mutual funds, investment funds and hedge funds U.S. Dollars 516,834 626,404 Bolivianos 179,131 163,701 Colombian pesos 170,769 70,987 Soles 108,830 76,535 Chilean pesos 7,198 5,735 Total 982,762 943,362 Restricted mutual funds, note 6(a)(iv) 334,162 351,317 |
FINANCIAL INSTRUMENTS CLASSIF_2
FINANCIAL INSTRUMENTS CLASSIFICATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS CLASSIFICATION [Abstract] | |
Carrying Amounts of Financial Assets and Liabilities | The table below shows the carrying amounts of the financial assets and liabilities captions in the consolidated statement of financial position, by categories as defined under IFRS 9 as of December 31,2023 and 2022: 2023 2022 Financial assets and liabilities at fair value through profit or loss Financial assets at fair value through other comprehensive income Financial assets and liabilities at fair value through profit or loss Financial assets at fair value through other comprehensive income Investments and derivates Investments designated at inception Investments Investments designated at inception Financial assets and liabilities measured at amortized cost Total Investments and derivates Investments designated at inception Investments Investments designated at inception Financial assets and liabilities measured at amortized cost Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash and due from banks – – – – 33,930,948 33,930,948 – – – – 34,183,840 34,183,840 Cash collateral, reverse repurchase agreements and securities borrowings – – – – 1,410,647 1,410,647 – – – – 1,101,856 1,101,856 At fair value through profit or loss 4,982,661 – – – – 4,982,661 4,199,334 – – – – 4,199,334 Investments at fair value through other comprehensive income, Note 6(b) – – 36,709,138 334,802 – 37,043,940 – – 30,449,806 336,355 – 30,786,161 Amortized cost investments – – – – 10,188,927 10,188,927 – – – – 10,445,729 10,445,729 Loans, net – – – – 136,698,135 136,698,135 – – – – 140,753,972 140,753,972 Financial assets designated at fair value through profit or loss – 810,932 – – – 810,932 – 768,801 – – – 768,801 Due from customers on banker’s acceptances – – – – 412,401 412,401 – – – – 699,678 699,678 Other assets, Note 12(a) 987,663 – – – 2,072,603 3,060,266 1,478,726 – – – 1,747,412 3,226,138 5,970,324 810,932 36,709,138 334,802 184,713,661 228,538,857 5,678,060 768,801 30,449,806 336,355 188,932,487 226,165,509 Liabilities Deposits and obligations – – – – 147,704,994 147,704,994 – – – – 147,020,787 147,020,787 Payables from repurchase agreements and securities lending – – – – 10,168,427 10,168,427 – – – – 12,966,725 12,966,725 Due to banks and correspondents – – – – 12,278,681 12,278,681 – – – – 8,937,411 8,937,411 Due from customers on banker’s acceptances – – – – 412,401 412,401 – – – – 699,678 699,678 Lease liabilities – – – – 512,579 512,579 – – – – 578,074 578,074 Financial liabilities at fair value through profit or loss 641,915 – – – – 641,915 191,010 – – – – 191,010 Bonds and notes issued – – – – 14,594,785 14,594,785 – – – – 17,007,194 17,007,194 Other liabilities, Note 12(a) 891,999 – – – 4,586,511 5,478,510 1,345,665 – – – 3,964,203 5,309,868 1,533,914 – – – 190,258,378 191,792,292 1,536,675 – – – 191,174,072 192,710,747 |
FINANCIAL AND NON-FINANCIAL R_2
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial risk management [line Items] | |
Direct Credits (Without Interest) Classification into Groups and Allowance for each Types of Loans | The following is a summary of the direct credits (without interest) classified into three important groups and their respective allowance for loan losses for each type of loan; it is important to note that impaired loans are loans in default that are in stage 3. Additionally, it should be noted that, in accordance with IFRS 7, the total balance of the loan is considered overdue when the debtor has failed to make a payment at its contractual maturity. 2023 2022 Commercial loans Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Neither past due nor impaired 65,012,678 4,076,777 – 69,089,455 66,885,472 6,848,298 – 73,733,770 Past due but not impaired 937,720 693,084 – 1,630,804 804,155 691,215 – 1,495,370 Impaired – – 6,100,142 6,100,142 – – 6,439,760 6,439,760 Gross 65,950,398 4,769,861 6,100,142 76,820,401 67,689,627 7,539,513 6,439,760 81,668,900 Less: Allowance for loan losses 489,706 394,868 2,330,978 3,215,552 503,651 489,381 2,260,569 3,253,601 Total, net 65,460,692 4,374,993 3,769,164 73,604,849 67,185,976 7,050,132 4,179,191 78,415,299 Residential mortgage loans Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Neither past due nor impaired 18,590,194 2,952,908 – 21,543,102 18,213,711 2,747,557 – 20,961,268 Past due but not impaired 559,877 605,193 – 1,165,070 426,722 459,525 – 886,247 Impaired – – 1,468,747 1,468,747 – – 1,388,060 1,388,060 Gross 19,150,071 3,558,101 1,468,747 24,176,919 18,640,433 3,207,082 1,388,060 23,235,575 Less: Allowance for loan losses 54,102 121,257 785,261 960,620 83,536 126,834 757,778 968,148 Total, net 19,095,969 3,436,844 683,486 23,216,299 18,556,897 3,080,248 630,282 22,267,427 Microbusiness loans Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Neither past due nor impaired 15,728,517 3,862,859 – 19,591,376 13,128,339 6,452,839 – 19,581,178 Past due but not impaired 264,477 767,325 – 1,031,802 236,253 813,423 – 1,049,676 Impaired – – 1,802,572 1,802,572 – – 1,741,439 1,741,439 Gross 15,992,994 4,630,184 1,802,572 22,425,750 13,364,592 7,266,262 1,741,439 22,372,293 Less: Allowance for loan losses 347,783 431,278 1,288,068 2,067,129 315,837 540,906 1,113,145 1,969,888 Total, net 15,645,211 4,198,906 514,504 20,358,621 13,048,755 6,725,356 628,294 20,402,405 Consumer loans Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Neither past due nor impaired 14,934,631 2,827,796 – 17,762,427 15,136,571 3,029,538 – 18,166,109 Past due but not impaired 261,414 489,658 – 751,072 205,944 442,066 – 648,010 Impaired – – 1,546,685 1,546,685 – – 1,099,382 1,099,382 Gross 15,196,045 3,317,454 1,546,685 20,060,184 15,342,515 3,471,604 1,099,382 19,913,501 Less: Allowance for loan losses 285,091 435,151 1,314,373 2,034,615 300,321 439,572 940,872 1,680,765 Total, net 14,910,954 2,882,303 232,312 18,025,569 15,042,194 3,032,032 158,510 18,232,736 Consolidated of loans Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Total gross direct loans, Note 7(a) 116,289,508 16,275,600 10,918,146 143,483,254 115,037,167 21,484,461 10,668,641 147,190,269 Total allowance for loan losses, Note 7(a) 1,176,682 1,382,554 5,718,680 8,277,916 1,203,345 1,596,693 5,072,364 7,872,402 Total net direct loans 115,112,826 14,893,046 5,199,466 135,205,338 113,833,822 19,887,768 5,596,277 139,317,867 |
Renegotiated Loans, Refinanced Loans and Expected Loss | As of December 31, 2023 and 2022, renegotiated loans, refinanced loans and their expected loss are composed as follows: 2023 2022 Refinanced loans Expected loss Refinanced loans Expected loss S/(000) S/(000) S/(000) S/(000) Stage 1 56,439 1,445 67,619 702 Stage 2 41,380 5,984 23,157 1,698 Stage 3 2,288,349 1,018,911 1,999,383 863,751 Total 2,386,168 1,026,340 2,090,159 866,151 2023 2022 Renegotiated loans Expected loss Renegotiated loans Expected loss S/(000) S/(000) S/(000) S/(000) Stage 1 4,093,815 36,800 5,137,915 60,660 Stage 2 1,536,104 146,087 2,544,631 211,866 Stage 3 1,366,287 877,839 2,023,938 1,268,559 Total 6,996,206 1,060,726 9,706,484 1,541,085 |
Impaired Loans, Fair Value of Collateral and Allowance of Loan Losses | The detail of the gross amount of impaired direct loans by type of loan, together with the fair value of the related collateral and the amounts of its allowance for loan losses, are as follows: 2023 2022 Commercial loans Residential mortgage loans Microbusiness loans Consumer loans Total Commercial loans Residential mortgage loans Microbusiness loans Consumer loans Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Impaired loans 6,100,142 1,468,747 1,802,572 1,546,685 10,918,146 6,439,760 1,388,060 1,741,439 1,099,382 10,668,641 Fair value of collateral 5,013,453 1,257,251 347,343 370,790 6,988,837 5,646,832 1,204,144 440,715 279,380 7,571,071 Allowance for loan losses 2,330,978 785,261 1,288,068 1,314,373 5,718,680 2,260,569 757,778 1,113,145 940,872 5,072,364 |
Overdue Loans under IFRS 7 | The total of the following reflects all overdue loans according to IFRS 7: (i) loans with payment delays of one day or more but that are not considered overdue under internal criteria and (ii) overdue loans under internal criteria. 2023 2022 Current loans Current but impaired loans Loans with delays in payments of one day or more but not considered internal overdue loans Internal overdue loans Total Total past due under IFRS 7 Current loans Current but impaired loans Loans with delays in payments of one day or more but not considered internal overdue loans Internal overdue loans Total Total past due under IFRS 7 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Neither past due nor impaired 127,986,359 – – - 127,986,359 - 132,442,147 – – 178 132,442,325 178 Past due but not impaired – – 4,067,581 511,167 4,578,748 4,578,747 - – 3,504,999 574,304 4,079,303 4,079,304 Impaired debt – 4,303,046 993,101 5,622,000 10,918,147 6,615,101 – 4,461,962 827,340 5,379,339 10,668,641 6,206,680 Total 127,986,359 4,303,046 5,060,682 6,133,167 143,483,254 11,193,848 132,442,147 4,461,962 4,332,339 5,953,821 147,190,269 10,286,161 |
Classification of Direct Loans by Banking and Maturity | The classification of direct loans by type of loan and type of maturity is shown below: 2023 2022 Current loans Current but impaired loans Loans with delays in payments of one day or more but not considered internal overdue loans Internal overdue loans Total Current loans Current but impaired loans Loans with delays in payments of one day or more but not considered internal overdue loans Internal overdue loans Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 69,089,494 2,901,367 1,662,457 3,167,083 76,820,401 73,733,752 3,115,029 1,496,743 3,323,376 81,668,900 Residential mortgage loans 21,543,101 484,375 1,405,344 744,099 24,176,919 20,961,268 506,639 1,076,953 690,715 23,235,575 Microbusiness loans 19,591,337 333,213 978,265 1,522,935 22,425,750 19,581,019 365,265 950,477 1,475,532 22,372,293 Consumer loans 17,762,427 584,091 1,014,616 699,050 20,060,184 18,166,108 475,029 808,166 464,198 19,913,501 Total 127,986,359 4,303,046 5,060,682 6,133,167 143,483,254 132,442,147 4,461,962 4,332,339 5,953,821 147,190,269 |
Carrying Amount of Allowances for Direct and Indirect Loans Losses and its Estimation | The following table provides a comparison between the carrying amount of allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, and its estimation under three scenarios: base, optimistic and pessimistic. 2023 2022 S/(000) S/(000) Carrying amount 8,645,945 8,530,986 Scenarios: Optimistic 8,617,203 8,457,825 Base 8,654,612 8,517,295 Pessimistic 8,712,061 8,631,531 |
Risk Rating Analysis of Investments | The following table shows the analysis of the risk-rating of the investments at fair value through profit or loss, 2023 2022 S/(000) % S/(000) % Instruments rated in Peru AAA – – 242,679 0.5 AA- a AA+ – – 311,810 0.7 A- to A+ 65,360 0.1 1,931,461 4.3 BBB- to BBB+ 22,584,226 43.3 18,828,927 41.5 BB- to BB+ 657,658 1.3 454,480 1.0 Lower and equal to +B 132,148 0.3 – – Unrated: BCRP certificates of deposit 11,127,919 21.3 7,019,479 15.5 Listed and unlisted securities 312,648 0.6 344,842 0.8 Restricted mutual funds 334,162 0.6 351,317 0.8 Investment funds 651,307 1.2 628,476 1.4 Mutual funds 1,824 – 76,111 0.2 Hedge funds – – – – Other instruments 242,310 0.5 237,174 0.5 Subtotal 36,109,562 69.2 30,426,756 67.2 2023 2022 S/(000) % S/(000) % Instruments rated abroad: AAA 1,007,270 1.9 2,313,750 5.1 AA- a AA+ 2,447,819 4.7 1,201,340 2.6 A- to A+ 2,709,151 5.2 1,356,963 3.0 BBB- to BBB+ 4,273,210 8.2 4,322,363 9.5 BB- to BB+ 2,045,242 3.9 2,790,835 6.1 Lower and equal to +B 673,757 1.3 132,760 0.3 Unrated: Listed and unlisted securities 60,877 0.1 34,182 0.1 Mutual funds 1,104,724 2.1 1,505,939 3.3 Participations of RAL funds 145,414 0.3 167,781 0.4 Investment funds 547,719 1.0 257,098 0.6 Hedge funds 291 – 280 - Other instruments 1,090,492 2.1 921,177 1.8 Subtotal 16,105,966 30.8 15,004,468 32.8 Total 52,215,528 100.0 45,431,224 100.0 |
Concentration of Financial Instruments Exposed to Credit Risk | As of December 31, 2023 and 2022, financial instruments with exposure to credit risk were distributed considering the following economic sectors: 2023 2022 At fair value through profit for loss At fair value through profit for loss Held for trading, hedging and others (*) Designated at inception Financial assets at amortized cost At fair value through other comprehensive income investments (**) Total Held for trading, hedging and others (*) Designated at inception Financial assets at amortized cost At fair value through other comprehensive income investments (**) Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Central Reserve Bank of Perú 192,666 – 23,642,580 10,935,252 34,770,498 – – 24,157,868 7,019,479 31,177,347 Financial services 3,409,897 73,182 14,499,904 3,900,949 21,883,932 3,866,108 312,993 14,507,901 4,311,513 22,998,515 Commerce 5,969 29 24,611,067 1,007,029 25,624,094 17,992 28 26,448,551 1,412,625 27,879,196 Manufacturing 195,981 78 22,857,640 1,925,973 24,979,672 139,321 35,435 23,541,034 1,697,174 25,412,964 Government and public administration 1,713,104 241,294 9,808,792 12,068,576 23,831,766 826,279 207 10,318,450 9,547,356 20,692,292 Mortgage loans – – 23,395,049 – 23,395,049 – – 22,381,290 – 22,381,290 Consumer loans – – 18,457,100 – 18,457,100 – – 18,740,588 – 18,740,588 Real estate and leasing 67,209 – 8,989,709 3,248 9,060,166 68,797 – 10,088,768 15,074 10,172,639 Communications, storage and transportation 69,371 495,995 8,592,952 957,512 10,115,830 55,499 270,906 6,495,988 1,096,852 7,919,245 Community services – – 6,463,322 – 6,463,322 – – 6,500,918 – 6,500,918 Electricity, gas and water 134,229 83 4,642,005 4,056,334 8,832,651 180,772 107,161 4,884,840 3,250,100 8,422,873 Construction 3,336 – 3,284,049 415,280 3,702,665 12,899 – 3,633,858 384,521 4,031,278 Agriculture 3,699 – 4,569,647 15,808 4,589,154 485 – 4,867,488 20,942 4,888,915 Mining 9,399 – 3,755,224 155,708 3,920,331 6,323 – 3,883,227 149,861 4,039,411 Education, health and others 113,028 271 1,490,560 814,761 2,418,620 89,033 42,071 1,631,340 853,292 2,615,736 Hotels and restaurants – – 2,480,313 – 2,480,313 – – 2,736,252 – 2,736,252 Insurance 5,138 – 88,947 193 94,278 1,363 – 1,003,613 4,542 1,009,518 Fishing 139 – 658,316 – 658,455 506 – 578,526 – 579,032 Others 47,159 – 2,426,485 787,317 3,260,961 412,683 – 2,531,987 1,022,830 3,967,500 Total 5,970,324 810,932 184,713,661 37,043,940 228,538,857 5,678,060 768,801 188,932,487 30,786,161 226,165,509 (*) It includes non-trading investments that did not pass SPPI test. (**) OCI: Other comprehensive income. |
Financial Assets Subject to Offsetting | Financial assets subject to offsetting, enforceable master offsetting agreements and similar agreements: 2023 Net of financial assets presented in the consolidated statements of financial position Related amounts not offset in the consolidated statement of financial position Details Gross amounts recognized financial assets Financial instruments Cash collateral received Net amount S/(000) S/(000) S/(000) S/(000) S/(000) Receivables from derivatives 987,663 987,663 (234,550 ) (139,833 ) 613,280 Cash collateral, reverse repurchase agreements and securities borrowing 1,410,647 1,410,647 – (16,924 ) 1,393,723 Investments at fair value through other comprehensive income and amortized cost pledged as collateral 6,533,959 6,533,959 (5,496,964 ) – 1,036,995 Total 8,932,269 8,932,269 (5,731,514 ) (156,757 ) 3,043,998 2022 Net of financial assets presented in the consolidated statements of financial position Related amounts not offset in the consolidated statement of financial position Details Gross amounts recognized financial assets Financial instruments Cash collateral received Net amount S/(000) S/(000) S/(000) S/(000) S/(000) Receivables from derivatives 1,500,335 1,500,335 (285,850 ) (145,945 ) 1,068,540 Cash collateral, reverse repurchase agreements and securities borrowing 1,101,856 1,101,856 – (224,947 ) 876,909 Investments at fair value through other comprehensive income and amortized cost pledged as collateral 3,540,528 3,540,528 (3,062,627 ) – 477,901 Total 6,142,719 6,142,719 (3,348,477 ) (370,892 ) 2,423,350 |
Financial Liabilities Subject to Offsetting | Financial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements: 2023 Net amounts of financial liabilities presented in the consolidated statement of financial position Related amounts not offset in the consolidated statement of financial position Details Gross amounts of recognized financial liabilities Financial instruments Cash collateral pledged Net amount S/(000) S/(000) S/(000) S/(000) S/(000) Payables on derivatives 891,999 891,999 (234,550 ) (170,998 ) 486,451 Payables on repurchase agreements and securites lending 10,168,427 10,168,427 (7,566,773 ) (607,639 ) 1,994,015 Total 11,060,426 11,060,426 (7,801,323 ) (778,637 ) 2,480,466 2022 Net amounts of financial liabilities presented in the consolidated statement of financial position Related amounts not offset in the consolidated statement of financial position Details Gross amounts of recognized financial liabilities Financial instruments Cash collateral pledged Net amount S/(000) S/(000) S/(000) S/(000) S/(000) Payables on derivatives 1,367,274 1,367,274 (285,850 ) (184,378 ) 897,046 Payables on repurchase agreements and securites lending 12,966,725 12,966,725 (10,655,534 ) (649,769 ) 1,661,422 Total 14,333,999 14,333,999 (10,941,384 ) (834,147 ) 2,558,468 |
Schedule of VAR by Risk Type | As of December 31, 2023 and 2022, the Group’s VaR by risk type is as follows: 2023 2022 S/(000) S/(000) Interest rate risk 29,399 74,343 Price risk 5,291 5,219 Volatility risk 20 2,032 Diversification effect (5,850 ) (7,347 ) Consolidated VaR by type of risk 28,860 74,247 |
Results of Sensitivity Analysis Regarding Changes in Interest Rates | The results of the sensitivity analysis regarding changes in interest rates as of December 31, 2023 and December 31, 2022 are presented below: 2023 Currency Changes in basis points Sensitivity of net profit Sensitivity of Net Economic Value S/(000) S/(000) Soles +/- 50 +/- 15,052 -/+ 511,851 Soles +/- 75 +/- 22,578 -/+ 767,776 Soles +/- 100 +/- 30,104 -/+ 1,023,702 Soles +/- 150 +/- 45,156 -/+ 1,535,553 U.S. Dollar +/- 50 +/- 48,060 +/- 119,342 U.S. Dollar +/- 75 +/- 72,090 +/- 179,013 U.S. Dollar +/- 100 +/- 96,120 +/- 238,684 U.S. Dollar +/- 150 +/- 144,180 +/- 358,026 2022 Currency Changes in basis points Sensitivity of net profit Sensitivity of Net Economic Value S/(000) S/(000) Soles +/- 50 -/+ 39,920 -/+ 345,530 Soles +/- 75 -/+ 59,880 -/+ 518,295 Soles +/- 100 -/+ 79,840 -/+ 691,060 Soles +/- 150 -/+ 119,760 -/+ 1,036,590 U.S. Dollar +/- 50 +/- 103,546 +/- 306,792 U.S. Dollar +/- 75 +/- 155,319 +/- 460,188 U.S. Dollar +/- 100 +/- 207,092 +/- 613,584 U.S. Dollar +/- 150 +/- 310,638 +/- 920,375 |
Information about Assets and Liabilities by Currencies | Transactions in foreign currency are made at market exchange rates of the countries where Credicorp’s Subsidiaries are established. As of December 31,2023 and 2022, the net open monetary position with effect on results and the equity position of the Group was as follows : 2023 2022 U.S. Dollar Other currencies Total U.S. Dollar Other currencies Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Total monetary assets 77,387,709 495,553 77,883,262 77,853,626 364,108 78,217,734 Total monetary liabilities (79,779,686 ) (102,500 ) (79,882,186 ) (79,016,765 ) (217,568 ) (79,234,333 ) (2,391,977 ) 393,053 (1,998,924 ) (1,163,139 ) 146,540 (1,016,599 ) Total position in currency derivatives 2,622,188 (369,458 ) 2,252,730 353,166 (127,382 ) 225,784 Hedging a foreign investment (*) – – – 872,750 – 872,750 Total monetary position with effect on income 230,211 23,595 253,806 62,777 19,158 81,935 Total monetary position with effect on equity 904,434 2,204,984 3,109,418 785,030 1,872,697 2,657,727 Net monetary position 1,134,645 2,228,579 3,363,224 847,807 1,891,855 2,739,662 (*) As of December 31, 2023 the accounting hedge of net investment abroad was revoked, where part of our liability position in dollars related to the balance of the caption “bonds and notes issued”, see Note 15(a)(iii), was designated as cover our permanent investment in Atlantic Security Holding |
Sensitivity Analysis | The following is a sensitivity analysis of the foreign exchange position with an effect on the consolidated statement of income: Currency rate sensibility Change in currency rates 2023 2022 % S/000 S/000 Depreciation - Soles in relation to U.S. Dollar 5 10,962 2,989 Soles in relation to U.S. Dollar 10 20,928 5,707 Appreciation - Soles in relation to U.S. Dollar 5 (12,116 ) (3,304 ) Soles in relation to U.S. Dollar 10 (25,579 ) (6,975 ) The following is the sensitivity analysis of the foreign exchange position with effect in other comprehensive income, being the main currencies of exposure: U.S. Dollar, Boliviano, Currency rate sensibility Change in currency rates 2023 2022 % S/000 S/000 Depreciation - Soles in relation to U.S. Dollar 5 43,377 37,382 Soles in relation to U.S. Dollar 10 82,812 71,366 Appreciation - Soles in relation to U.S. Dollar 5 (47,944 ) (41,317 ) Soles in relation to U.S. Dollar 10 (101,214 ) (87,226 ) Currency rate sensibility Change in currency rates 2023 2022 % S/000 S/000 Depreciation - Soles in relation to Boliviano 5 40,969 45,462 Soles in relation to Boliviano 10 78,214 86,791 Appreciation - Soles in relation to Boliviano 5 (45,282 ) (50,247 ) Soles in relation to Boliviano 10 (95,595 ) (106,078 ) Currency rate sensibility Change in currency rates 2023 2022 % S/000 S/000 Depreciation - Soles in relation to Peso Colombiano 5 45,804 26,984 Soles in relation to Peso Colombiano 10 87,444 51,515 Appreciation - Soles in relation to Peso Colombiano 5 (50,626 ) (29,825 ) Soles in relation to Peso Colombiano 10 (106,876 ) (62,963 ) Currency rate sensibility Change in currency rates 2022 % S/000 S/000 Depreciation - Soles in relation to Peso Chileno 5 18,136 16,571 Soles in relation to Peso Chileno 10 34,624 31,636 Appreciation - Soles in relation to Peso Chileno 5 (20,046 ) (18,316 ) Soles in relation to Peso Chileno 10 (42,318 ) (38,667 ) |
Cash Flows Associated with Remaining Contractual Maturities | The table below presents the cash flows payable by the Group by remaining contractual maturities (including future interest payments) at the date of the consolidated statement of financial position. The amounts disclosed in the table are the contractual undiscounted cash flows: 2023 2022 Up to a month From 1 to 3 months From 3 to 12 months From 1 to 5 years Over 5 Year Total Up to a month From 1 to 3 months From 3 to 12 months From 1 to 5 years Over 5 Year Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Financial assets 38,552,719 26,270,643 60,976,000 92,329,896 47,960,945 266,090,203 51,659,698 29,779,019 55,988,081 81,860,492 45,784,016 265,071,306 Financial liabilities by type - Deposits and obligations 42,289,107 18,369,890 26,491,876 55,511,772 9,275,728 151,938,373 37,822,104 13,802,039 25,833,124 64,047,112 8,546,334 150,050,713 Payables from reverse purchase agreements and security lendings and due to banks and correspondents 6,048,623 2,581,452 5,994,505 5,749,977 3,901,739 24,276,296 4,359,993 2,368,114 6,525,912 7,913,422 10,387,277 31,554,718 Financial liabilities designated at fair value through profit or loss 641,915 – – – – 641,915 191,010 – – – – 191,010 Bonds and notes issued 214,609 188,158 5,624,264 7,492,224 579,266 14,098,521 217,504 171,471 3,357,173 13,402,553 374,935 17,523,636 Lease liabilities 30,710 33,118 89,984 256,960 102,344 513,116 32,390 35,637 105,931 314,714 129,445 618,117 Other liabilities 3,646,610 358,303 241,182 8,484 1,636,332 5,890,911 3,885,942 217,108 249,763 7,654 1,649,079 6,009,546 Total liabilities 52,871,574 21,530,921 38,441,811 69,019,417 15,495,409 197,359,132 46,508,943 16,594,369 36,071,903 85,685,455 21,087,070 205,947,740 Derivative financial liabilities - Contractual amounts receivable (Inflows) 961,788 1,059,625 3,153,643 1,394,394 30,653 6,600,103 1,451,819 1,931,304 972,276 876,270 384,857 5,616,526 Contractual amounts payable (outflows) 939,961 1,053,036 3,185,326 1,329,268 28,899 6,536,490 1,454,360 1,932,240 977,394 840,215 334,500 5,538,709 Total liabilities 21,827 6,589 (31,683 ) 65,126 1,754 63,613 (2,541 ) (936 ) (5,118 ) 36,055 50,357 77,817 |
Estimates of Accumulated Claims Incurred | The following table shows the estimates of accumulated claims incurred as of December 31, 2023: 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Gross estimates of the undiscounted amount of the claims: At the end of the claim year 1,397,461 963,490 1,039,516 1,628,377 1,154,065 1,450,470 1,538,564 2,000,372 1,687,397 1,724,774 14,584,486 1 year later 1,027 3,453 3,475 1,693 6,872 9,523 38,655 137,774 317,513 614,260 1,134,245 2 years later 129 577 3,441 4,265 8,398 5,701 13,276 71,537 197,750 191,387 496,461 3 years later – 53 505 3,902 4,665 2,263 5,093 22,757 89,213 99,775 228,226 4 years later – – 81 278 3,148 4,684 2,712 7,511 24,184 44,274 86,872 5 years later – – – 28 262 4,008 5,379 2,762 7,492 15,491 35,422 6 years later – – – – 40 438 4,331 7,395 2,405 4,663 19,272 7 years later – – – – – 93 358 5,953 6,962 6,197 19,563 8 years later – – – – – – 42 66 4,639 9,695 14,442 9 years later – – – – – – – 29 356 1,648 2,033 Accumulated gross claims and other directly attributable expenses paid for the year of occurrence. 1,398,617 967,573 1,047,018 1,638,543 1,177,450 1,477,180 1,608,410 2,256,156 2,337,911 2,712,164 16,621,022 Liabilities / Gross Obligations accumulated by claims 3,672 6,335 8,955 13,396 30,289 34,361 81,747 321,842 839,516 1,421,449 2,761,562 Discount event (527 ) (775 ) (1,207 ) (1,687 ) (2,890 ) (3,597 ) (7,361 ) (27,666 ) (64,783 ) (83,109 ) (193,602 ) Effect of Risk Adjustment for non-financial risk – – – – – – – – – 21,590 21,590 Gross LIC of the Temporary Regime and Definitive Regime 3,145 5,560 7,748 11,709 27,399 30,764 74,386 294,176 774,733 1,359,929 2,589,549 Gross provision for incurred claims. 6,290 11,120 15,496 23,418 54,798 61,528 148,772 588,352 1,549,466 2,719,859 5,179,099 The following table shows the estimates of accumulated claims incurred as of December 31, 2022: 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Gross estimates of the undiscounted amount of the claims: At the end of the claim year 1,141,142 800,436 998,136 1,073,982 1,698,250 1,193,707 1,433,243 1,538,374 1,828,421 2,034,760 13,740,451 1 year later – 2,967 2,876 1,752 6,463 7,683 24,014 88,496 203,932 334,135 672,318 2 years later – – 2,797 3,113 8,586 4,570 14,697 63,339 168,287 186,582 451,971 3 years later – – – 2,578 4,092 2,842 4,127 29,408 94,517 77,225 214,789 4 years later – – – – 3,178 3,085 2,408 6,004 44,507 41,660 100,842 5 years later – – – – – 3,207 3,298 3,340 9,036 19,976 38,857 6 years later – – – – – – 2,041 4,258 4,259 9,282 19,840 7 years later – – – – – – – 1,888 5,650 2,918 10,456 8 years later – – – – – – – – 2,022 6,941 8,963 9 years later – – – – – – – – – 6,312 6,312 Accumulated gross claims and other directly attributable expenses paid for the year of occurrence. 1,141,142 803,403 1,003,809 1,081,425 1,720,569 1,215,094 1,483,828 1,735,107 2,360,631 2,719,791 15,264,799 Liabilities / Gross Obligations accumulated by claims 2,043 6,503 6,723 10,070 31,556 27,675 77,292 244,120 675,107 1,485,336 2,566,425 Discount event (293 ) (580 ) (740 ) (1,101 ) (2,256 ) (2,051 ) (6,629 ) (19,828 ) (49,865 ) (90,322 ) (173,665 ) Effect of Risk Adjustment for non-financial risk – – – – – – – – – 13,478 13,478 Gross LIC of the Temporary Regime and Definitive Regime – – – – – – – – – – – Gross provision for incurred claims. 1,750 5,923 5,983 8,969 29,300 25,624 70,663 224,292 625,242 1,408,492 2,406,238 |
Analysis of Financial Instruments Measured at Fair Value by Level in Fair Value Hierarchy | The following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorized. The amounts are based on the values recognized in the consolidated statement of financial position: 2023 2022 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Financial assets Derivative financial instruments: Currency swaps – 230,818 – 230,818 – 410,439 – 410,439 Interest rate swaps – 384,238 – 384,238 – 467,140 – 467,140 Foreign currency forwards – 334,562 – 334,562 – 500,348 – 500,348 Cross currency swaps – 35,754 – 35,754 – 98,656 – 98,656 Foreign exchange options – 1,104 – 1,104 – 1,349 – 1,349 Futures – 1,187 – 1,187 – 794 – 794 12(c) – 987,663 – 987,663 – 1,478,726 – 1,478,726 Investments at fair value through profit or loss 6(a) 2,983,312 919,499 1,079,850 4,982,661 2,619,090 608,714 971,530 4,199,334 Financial assets at fair value through profit or loss 810,582 350 – 810,932 768,187 614 – 768,801 Investments at fair value through other comprehensive income: Debt Instruments Corporate bonds 6,176,329 7,139,979 68,842 13,385,150 6,103,452 6,874,613 – 12,978,065 Government treasury bonds 9,722,319 867,883 – 10,590,202 7,917,699 768,441 – 8,686,140 Certificates of deposit BCRP – 10,935,253 – 10,935,253 – 7,019,479 – 7,019,479 Negotiable certificates of deposit – 482,047 – 482,047 – 607,218 – 607,218 Securitization instruments – 683,930 – 683,930 – 673,836 – 673,836 Subordinated bonds 71,590 209,349 – 280,939 176,712 186,714 – 363,426 Other instruments – 297,220 54,397 351,617 – 121,642 – 121,642 Equity instruments 147,681 173,253 13,868 334,802 159,240 160,738 16,377 336,355 6(b) 16,117,919 20,788,914 137,107 37,043,940 14,357,103 16,412,681 16,377 30,786,161 Total financial assets 19,911,813 22,696,426 1,216,957 43,825,196 17,744,380 18,500,735 987,907 37,233,022 Financial liabilities Derivatives financial instruments: Currency swaps – 429,365 – 429,365 – 749,420 – 749,420 Foreign currency forwards – 205,341 – 205,341 – 288,857 – 288,857 Interest rate swaps – 205,112 – 205,112 – 278,385 – 278,385 Cross currency swaps – 46,561 – 46,561 – 24,385 – 24,385 Foreign exchange options – 4,002 – 4,002 – 3,168 – 3,168 Futures – 1,618 – 1,618 – 1,450 – 1,450 12(c) – 891,999 – 891,999 – 1,345,665 – 1,345,665 Financial liabilities at fair value through profit or loss – 641,915 – 641,915 – 191,010 – 191,010 Total financial liabilities – 1,533,914 – 1,533,914 – 1,536,675 – 1,536,675 |
Carrying Amounts and Fair Values of Financial Instruments which are not Measured at Fair Value | We present below the disclosure of the comparison between the carrying amounts and fair values of the financial instruments, which are not measured at fair value, presented in the consolidated statement of financial position by level of the fair value hierarchy: 2023 2022 Level 1 Level 2 Level 3 Fair value Book value Level 1 Level 2 Level 3 Fair value Book value S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash and due from banks – 33,930,948 – 33,930,948 33,930,948 – 34,183,840 – 34,183,840 34,183,840 Cash collateral, reverse repurchase agreements and securities borrowing – 1,410,647 – 1,410,647 1,410,647 – 1,101,856 – 1,101,856 1,101,856 Investments at amortized cost 9,338,213 362,100 – 9,700,313 10,188,927 8,849,683 292,335 – 9,142,018 10,445,729 Loans, net – 136,698,135 – 136,698,135 136,698,135 – 140,753,972 – 140,753,972 140,753,972 Due from customers on banker’s acceptances – 412,401 – 412,401 412,401 – 699,678 – 699,678 699,678 Reinsurance contract assets – 872,046 – 872,046 872,046 – 744,008 – 744,008 744,008 Other assets – 3,593,296 – 3,593,296 3,593,296 – 1,747,412 – 1,747,412 1,747,412 Total 9,338,213 177,279,573 – 186,617,786 187,106,400 8,849,683 179,523,101 – 188,372,784 189,676,495 Liabilities Deposits and obligations – 147,704,994 – 147,704,994 147,704,994 – 147,020,787 – 147,020,787 147,020,787 Payables on repurchase agreements and securities lending – 10,168,427 – 10,168,427 10,168,427 – 12,966,725 – 12,966,725 12,966,725 Due to Banks and correspondents and other entities – 12,308,392 – 12,308,392 12,278,681 – 9,012,529 – 9,012,529 8,937,411 Due from customers on banker’s acceptances – 412,401 – 412,401 412,401 – 699,678 – 699,678 699,678 Lease liabilities – 512,579 – 512,579 512,579 – 578,074 – 578,074 578,074 Bond and notes issued – 14,742,600 – 14,742,600 14,594,785 – 16,610,504 – 16,610,504 17,007,194 Insurance contract liability – 12,318,133 – 12,318,133 12,318,133 – 11,154,008 – 11,154,008 11,154,008 Other liabilities – 4,586,511 – 4,586,511 4,586,511 – 3,964,203 – 3,964,203 3,964,203 Total – 202,754,037 – 202,754,037 202,576,511 – 202,006,508 – 202,006,508 202,328,080 |
Value of Net Assets under Administration of Balance Sheet | As of December 31, 2023 and 2022, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows: 2023 2022 Investment funds and mutual funds 55,773 69,264 Pension funds 36,867 30,596 Equity managed 35,016 35,062 Bank trusts 3,949 4,269 Total 131,605 139,191 |
Credit Risk Geographical Areawise [Member] | |
Disclosure of financial risk management [line Items] | |
Concentration of Financial Instruments Exposed to Credit Risk | As of December 31, 2023 and 2022 financial instruments with exposure to credit risk were distributed by the following geographical areas: 2023 2022 At fair value through profit for loss At fair value through profit for loss Held for trading, hedging and others (*) Designated at inception Financial assets at amortized cost At fair value through other comprehensive income investments (**) Total Held for trading, hedging and others (*) Designated at inception Financial assets at amortized cost At fair value through other comprehensive income investments (**) Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) America: Peru 1,601,757 1,333 163,235,790 25,099,606 189,938,486 1,257,305 328 167,378,965 19,370,001 188,006,599 Bolivia 550,271 – 11,609,164 861,246 13,020,681 588,484 – 10,808,527 747,078 12,144,089 United States of America 736,813 258 2,464,455 7,260,134 10,461,660 839,762 450,160 1,799,795 7,332,491 10,422,208 Colombia 1,692,862 – 3,939,155 796,126 6,428,143 894,043 6,359 4,073,211 688,313 5,661,926 Chile 310,247 – 1,629,984 590,346 2,530,577 622,346 – 2,287,020 652,915 3,562,281 Brazil 11,837 – 121,301 168,426 301,564 3,091 – 1,123,155 194,138 1,320,384 Mexico 14,040 – 195,420 396,581 606,041 16,561 40,811 132,132 385,631 575,135 Panama 4,166 – 389,002 68,364 461,532 383 – 402,303 47,551 450,237 Canada 31,772 – 29,760 92,571 154,103 38,413 – 34,449 103,661 176,523 Europe: France 168,648 – 9,569 136,787 315,004 163,577 7,584 28,841 152,041 352,043 Luxembourg 617,676 – 7,020 – 624,696 1,038,393 – 7,020 – 1,045,413 United Kingdom 64,738 – 53,576 266,628 384,942 93,717 1,978 16,017 193,810 305,522 Spain 23,356 – 14,721 198,504 236,581 – – 88,723 28,840 117,563 Switzerland 4,705 – 166 32,121 36,992 4 – 175 82,129 82,308 Netherlands – – 2,247 40,112 42,359 – – 31,483 39,038 70,521 Others in Europe 74,709 – 293,096 92,726 460,531 80,611 10,126 51,758 136,207 278,702 Others 62,727 809,341 719,235 943,662 2,534,965 41,370 251,455 668,913 632,317 1,594,055 Total 5,970,324 810,932 184,713,661 37,043,940 228,538,857 5,678,060 768,801 188,932,487 30,786,161 226,165,509 (*) It includes non-trading investments that did not pass SPPI test. (**) OCI: Other comprehensive income. |
Market Price Change Risk [Member] | |
Disclosure of financial risk management [line Items] | |
Results of Sensitivity Analysis Regarding Changes in Interest Rates | The market price sensitivity tests as of December 31, 2023, and December 31, 2022, are presented below: Equity securities Measured at fair value through other comprehensive income Change in market prices 2023 2022 % S/(000) S/(000) Equity securities +/-10 33,480 32,649 Equity securities +/-25 83,700 81,621 Equity securities +/-30 100,440 97,946 Funds Measured at fair value through profit or loss Change in market prices 2023 2022 % S/(000) S/(000) Mutual funds +/-10 108,747 157,932 Mutual funds +/-25 271,867 394,831 Mutual funds +/-30 326,241 473,797 Restricted mutual funds +/-10 33,416 35,132 Restricted mutual funds +/-25 83,541 87,829 Restricted mutual funds +/-30 100,249 105,395 Participation in RAL funds +/-10 14,541 16,778 Participation in RAL funds +/-25 36,354 41,945 Participation in RAL funds +/-30 43,624 50,334 Investment funds +/-10 118,071 86,053 Investment funds +/-25 295,178 215,133 Investment funds +/-30 354,214 258,160 Hedge funds +/-10 29 28 Hedge funds +/-25 73 70 Hedge funds +/-30 87 84 Exchange Trade Funds +/-10 2,958 2,504 Exchange Trade Funds +/-25 7,396 6,261 Exchange Trade Funds +/-30 8,875 7,513 |
Interest Rate Risk [Member] | |
Disclosure of financial risk management [line Items] | |
Concentration of Financial Instruments Exposed to Credit Risk | The table below summarizes the Group’s exposure to interest rate risks. It includes the Group’s financial instruments at carrying amounts, categorized by the earlier of contractual re-pricing or maturity dates, what occurs first: 2023 Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years More than 5 years Non-interest bearing Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash and cash collateral, reverse repurchase agreements and securities borrowing 13,900,784 1,707,822 3,050,481 8,674,709 273,214 7,734,585 35,341,595 Investments 1,331,553 4,489,604 9,475,564 12,827,007 18,773,061 336,078 47,232,867 Loans, net 19,650,760 16,975,402 38,874,328 46,963,496 14,420,760 (186,611 ) 136,698,135 Financial assets designated at fair value through profit or loss – – – – – 810,932 810,932 Reinsurance and insurance contract assets 872,046 – – – – – 872,046 Other assets (*) 143,214 7,053 31,753 – – 2,381,135 2,563,155 Total assets 35,898,357 23,179,881 51,432,126 68,465,212 33,467,035 11,076,119 223,518,730 Liabilities Deposits and obligations 40,740,255 16,793,946 22,762,047 57,611,088 8,418,281 1,379,377 147,704,994 Payables from repurchase agreements and securities lending 5,987,961 6,344,769 3,477,433 3,238,356 3,026,066 372,523 22,447,108 Insurance and reinsurance contract liability 116,515 178,525 496,768 1,862,006 6,822,694 2,841,625 12,318,133 Financial liabilities at fair value through profit or loss – – – – – 641,915 641,915 Bonds and Notes issued 81,635 94,831 5,711,424 7,944,189 603,511 159,195 14,594,785 Other liabilities (*) 497,682 – 2,046 – – 4,546,082 5,045,810 Equity – – – – – 33,107,065 33,107,065 Total liabilities and equity 47,424,048 23,412,071 32,449,718 70,655,639 18,870,552 43,047,782 235,859,810 Off-balance-sheet accounts Derivative financial assets 72,943 – 676,380 – – – 749,323 Derivative financial liabilities 630,109 401,730 54,849 1,936,331 – – 3,023,019 (557,166 ) (401,730 ) 621,531 (1,936,331 ) – – (2,273,696 ) Marginal gap (12,082,857 ) (633,920 ) 19,603,939 (4,126,758 ) 14,596,483 (31,971,663 ) (14,614,776 ) Accumulated gap (12,082,857 ) (12,716,777 ) 6,887,162 2,760,404 17,356,887 (14,614,776 ) – (*) Other assets and other liabilities only include financial accounts. Investments for trading purposes are not considered (investments at fair value through profit or loss and trading derivatives), because these instruments are part of the trading book and the Value at Risk methodology is used to measure market risks. 2022 Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years More than 5 years Non-interest bearing Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash and cash collateral, reverse repurchase agreements and securities borrowing 15,413,219 1,339,844 2,635,747 8,875,620 184,437 6,836,829 35,285,696 Investment 6,177,458 2,548,155 3,088,999 10,793,965 18,286,282 337,031 41,231,890 Loans, net 18,513,077 20,548,048 38,917,974 46,932,699 15,367,868 474,306 140,753,972 Financial assets designated at fair value through profit or loss – – – – – 768,801 768,801 Reinsurance and insurance contract assets 62,001 124,001 558,006 – – – 744,008 Other assets (*) 66,225 – – – – 2,531,629 2,597,854 Total assets 40,231,980 24,560,048 45,200,726 66,602,284 33,838,587 10,948,596 221,382,221 Liabilities Deposits and obligations 36,293,889 13,244,363 24,789,328 61,459,266 8,201,016 3,032,925 147,020,787 Payables from repurchase agreements and securities lending 2,919,374 2,193,017 5,582,701 7,368,172 3,160,922 679,950 21,904,136 Insurance and reinsurance contract liability 198,602 279,488 515,873 1,526,519 7,329,609 1,303,917 11,154,008 Financial liabilities at fair value through profit or loss – – – – – 191,010 191,010 Bonds and Notes issued 48,301 73,546 3,186,038 13,330,687 357,352 11,270 17,007,194 Other liabilities (*) 540,778 72,584 2,854 – – 4,072,451 4,688,667 Equity – – – – – 29,595,213 29,595,213 Total liabilities and equity 40,000,944 15,862,998 34,076,794 83,684,644 19,048,899 38,886,736 231,561,015 Off-balance-sheet accounts Derivative financial assets 171,485 830,415 450,835 931,208 – – 2,383,943 Derivative financial liabilities 149,938 46,232 165,610 1,844,839 95,350 – 2,301,969 21,547 784,183 285,225 (913,631 ) (95,350 ) – 81,974 Marginal gap 252,583 9,481,233 11,409,157 (17,995,991 ) 14,694,338 (27,938,140 ) (10,096,820 ) Accumulated gap 252,583 9,733,816 21,142,973 3,146,982 17,841,320 (10,096,820 ) – (*) Other assets and other liabilities only include financial accounts. |
SIGNIFICANT TRANSACTIONS (Detai
SIGNIFICANT TRANSACTIONS (Details) - PEN (S/) S/ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current situation [Abstract] | ||
Rescheduling of loans | S/ 692.6 | S/ 116.9 |
MATERIAL ACCOUNTING POLICIES, C
MATERIAL ACCOUNTING POLICIES, Change in Accounting Policies (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in equity [abstract] | |||
Net profit | S/ 4,959,878 | S/ 4,760,110 | S/ 3,671,829 |
IFRS 17 [Member] | |||
Changes in equity [abstract] | |||
Increase (decrease) in equity | 15,500 | S/ (210,800) | |
Net profit | S/ 14,700 |
MATERIAL ACCOUNTING POLICIES, B
MATERIAL ACCOUNTING POLICIES, Basis of Consolidation (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Basis of consolidation [Abstract] | |||||||
Assets | S/ 238,840,188 | S/ 235,414,157 | [1] | S/ 243,443,872 | [1] | ||
Liabilities | 205,733,123 | 205,818,944 | [1] | 216,611,348 | [1] | ||
Equity | 33,107,065 | 29,595,213 | [1] | 26,832,524 | [1] | S/ 25,445,647 | |
Net profit (loss) | 4,959,878 | 4,760,110 | 3,671,829 | ||||
Impairment on goodwill | S/ 71,959 | S/ 0 | S/ 0 | ||||
Grupo Credito S.A. and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [2] | Holding, Peru | |||||
Percentage of interest (direct and indirect) | [2] | 100% | 100% | ||||
Assets | [2] | S/ 213,520,111 | S/ 211,585,283 | ||||
Liabilities | [2] | 181,336,108 | 181,786,223 | ||||
Equity | [2] | 32,184,003 | 29,799,060 | ||||
Net profit (loss) | [2] | S/ 4,562,831 | S/ 4,598,002 | ||||
Pacifico Compania de Seguros y Reaseguros S.A and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [3] | Insurance, Peru | |||||
Percentage of interest (direct and indirect) | [3] | 98.86% | 98.86% | ||||
Assets | [3] | S/ 16,549,171 | S/ 15,895,361 | ||||
Liabilities | [3] | 13,443,688 | 13,486,189 | ||||
Equity | [3] | 3,105,483 | 2,409,172 | ||||
Net profit (loss) | [3] | S/ 803,384 | S/ 460,326 | ||||
Atlantic Security Holding Corporation and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [4] | Capital Markets, Cayman Islands | |||||
Percentage of interest (direct and indirect) | [4] | 100% | 100% | ||||
Assets | [4] | S/ 6,870,781 | S/ 9,536,197 | ||||
Liabilities | [4] | 5,729,744 | 7,643,879 | ||||
Equity | [4] | 1,141,037 | 1,892,318 | ||||
Net profit (loss) | [4] | S/ 474,780 | S/ 228,474 | ||||
Credicorp Capital Ltd. and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [5] | Capital Markets and asset management, Bermuda | |||||
Percentage of interest (direct and indirect) | [5] | 100% | 100% | ||||
Assets | [5] | S/ 5,817,259 | S/ 4,504,629 | ||||
Liabilities | [5] | 4,655,097 | 3,559,262 | ||||
Equity | [5] | 1,162,162 | 945,367 | ||||
Net profit (loss) | [5] | S/ (135,495) | S/ 31,089 | ||||
CCR Inc. [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [6] | Special purpose Entity, Bahamas | |||||
Percentage of interest (direct and indirect) | [6] | 100% | 100% | ||||
Assets | [6] | S/ 347 | S/ 388 | ||||
Liabilities | [6] | 69 | 4 | ||||
Equity | [6] | 278 | 384 | ||||
Net profit (loss) | [6] | S/ (106) | S/ (646) | ||||
Banco de Credito del Peru and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [7] | Banking, Peru | |||||
Percentage of interest (direct and indirect) | [7] | 97.74% | 97.74% | ||||
Assets | [7] | S/ 193,804,856 | S/ 193,278,232 | ||||
Liabilities | [7] | 168,645,448 | 170,005,995 | ||||
Equity | [7] | 25,159,408 | 23,272,237 | ||||
Net profit (loss) | [7] | S/ 4,583,662 | S/ 4,683,775 | ||||
Inversiones Credicorp Bolivia S.A. and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [8] | Banking, Bolivia | |||||
Percentage of interest (direct and indirect) | [8] | 99.92% | 99.92% | ||||
Assets | [8] | S/ 13,558,260 | S/ 12,740,036 | ||||
Liabilities | [8] | 12,740,067 | 11,826,789 | ||||
Equity | [8] | 818,193 | 913,247 | ||||
Net profit (loss) | [8] | S/ 84,898 | S/ 80,377 | ||||
Prima AFP [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [9] | Private pension fund administrator, Peru | |||||
Percentage of interest (direct and indirect) | [9] | 100% | 100% | ||||
Assets | [9] | S/ 740,728 | S/ 734,966 | ||||
Liabilities | [9] | 240,656 | 238,177 | ||||
Equity | [9] | 500,072 | 496,789 | ||||
Net profit (loss) | [9] | S/ 149,549 | S/ 109,511 | ||||
Tenpo SpA and Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Activity and country of incorporation | [10] | Holding, Chile | |||||
Percentage of interest (direct and indirect) | [10] | 100% | 100% | ||||
Assets | [10] | S/ 387,355 | S/ 242,754 | ||||
Liabilities | [10] | 185,502 | 90,186 | ||||
Equity | [10] | 201,853 | 152,568 | ||||
Net profit (loss) | [10] | S/ (111,692) | S/ (124,748) | ||||
Credicorp Holding Colombia S.A.S. And Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Percentage of interest (direct and indirect) | [11] | 100% | 100% | ||||
Assets | [11] | S/ 4,803,072 | S/ 2,889,479 | ||||
Liabilities | [11] | 3,997,781 | 2,322,263 | ||||
Equity | [11] | 805,291 | 567,216 | ||||
Net profit (loss) | [11] | S/ (163,342) | S/ 16,198 | ||||
Credicorp Capital Holding Chile And Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Percentage of interest (direct and indirect) | [12] | 100% | 100% | ||||
Assets | [12] | S/ 681,338 | S/ 1,194,663 | ||||
Liabilities | [12] | 502,248 | 1,000,676 | ||||
Equity | [12] | 179,090 | 193,987 | ||||
Net profit (loss) | [12] | S/ (10,716) | S/ 12,658 | ||||
Credicorp Capital Holding Peru S.A. And Subsidiaries [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Percentage of interest (direct and indirect) | [13] | 100% | 100% | ||||
Assets | [13] | S/ 296,083 | S/ 374,768 | ||||
Liabilities | [13] | 149,459 | 230,261 | ||||
Equity | [13] | 146,624 | 144,507 | ||||
Net profit (loss) | [13] | S/ 4,318 | S/ 5,268 | ||||
Credicorp Capital Colombia S.A [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Percentage of interest (direct and indirect) | 100% | 100% | |||||
Assets | S/ 2,328,169 | S/ 1,050,130 | |||||
Liabilities | 2,123,915 | 898,518 | |||||
Equity | 204,254 | 151,612 | |||||
Net profit (loss) | S/ 37,120 | S/ 33,045 | |||||
Mibanco - Banco De La Microempresa De Colombia S.A. [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Percentage of interest (direct and indirect) | 85.58% | 85.58% | |||||
Assets | S/ 2,113,333 | S/ 1,530,270 | |||||
Liabilities | 1,848,607 | 1,289,569 | |||||
Equity | 264,726 | 240,701 | |||||
Net profit (loss) | (72,608) | 13,513 | |||||
Mibanco [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Assets | 16,897,800 | 17,225,400 | |||||
Liabilities | 13,902,200 | 14,444,800 | |||||
Equity | 2,995,600 | 2,780,600 | |||||
Net profit (loss) | 203,800 | 424,900 | |||||
Impairment on goodwill | 64,100 | ||||||
Banco De Credito De Bolivia [Member] | |||||||
Basis of consolidation [Abstract] | |||||||
Assets | 13,500,900 | 12,697,800 | |||||
Liabilities | 12,612,300 | 11,838,000 | |||||
Equity | 888,600 | 859,800 | |||||
Net profit (loss) | S/ 83,100 | S/ 68,000 | |||||
[1]See note 3(b).[2] Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. Its most important subsidiary is ASB Bank Corp. (merged with Atlantic Security Bank on August 2021, was established . Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco – Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: CCR Inc. was incorporated in the year 2000. Its main activity is to manage funding granted to BCP by foreign financial entities or investors. These loans matured in the course of 2022 and were guaranteed by transactions carried out by BCP. BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”). Inversiones Credicorp Bolivia S.A. (hereinafter “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products Prima AFP is a private pension fund and its activities are regulated by the SBS. Tenpo SpA (hereinafter “Tenpo”, before “Krealo SpA”) was established Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons. Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A. Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate. |
MATERIAL ACCOUNTING POLICIES, I
MATERIAL ACCOUNTING POLICIES, Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Software Licenses [Member] | Minimum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 3 years |
Software Licenses [Member] | Maximum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 5 years |
Client Relationship [Member] | Prima AFP - AFP Union Vida [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 20 years |
Client Relationship [Member] | Credicorp Capital Holding Chile - Inversiones IMT [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 22 years |
Client Relationship [Member] | Edyficar Peru [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 10 years |
Client Relationship [Member] | Ultrasefinco [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 9 years 2 months 12 days |
Client Relationship [Member] | Mibanco [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 7 years |
Brand [Member] | Mibanco [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 25 years |
Brand [Member] | Joinnus [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 20 years |
Brand [Member] | Culqi [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 5 years |
Fund Manager Contract [Member] | Credicorp Capital Holding Chile - Inversiones IMT [Member] | Minimum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 11 years |
Fund Manager Contract [Member] | Credicorp Capital Holding Chile - Inversiones IMT [Member] | Maximum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 24 years |
Fund Manager Contract [Member] | Ultrasefinco [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 23 years |
Fund Manager Contract [Member] | Credicorp Capital Colombia [Member] | Minimum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 20 years |
Fund Manager Contract [Member] | Credicorp Capital Colombia [Member] | Maximum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 28 years |
Core Deposits [Member] | Mibanco [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 6 years |
Other [Member] | Minimum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 2 years |
Other [Member] | Maximum [Member] | |
Intangible assets [Abstract] | |
Estimated useful life | 7 years 6 months |
CASH AND DUE FROM BANKS, Compos
CASH AND DUE FROM BANKS, Composition (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Composition of cash [Abstract] | |||||||
Cash and clearing | [1] | S/ 5,227,446 | S/ 5,410,294 | ||||
Deposits with Central Reserve Bank of Peru (BCRP) | [1] | 23,673,777 | 24,160,723 | ||||
Deposits with Central Reserve Bank of Bolivia and bank Republic of Colombia | [1] | 1,397,469 | 634,684 | ||||
Deposits with foreign banks | [2] | 2,951,396 | 2,582,838 | ||||
Deposits with local banks | [2] | 600,180 | 1,009,997 | ||||
Interbank funds | 0 | 269,314 | |||||
Accrued interest | 70,346 | 53,112 | |||||
Total cash and cash equivalents | 33,920,614 | 34,120,962 | S/ 39,293,545 | S/ 36,733,767 | |||
Restricted funds | 10,334 | 62,878 | |||||
Total cash and due from banks | S/ 33,930,948 | S/ 34,183,840 | [3] | S/ 39,320,740 | [3] | ||
[1]Cash, clearing and deposits with Central Banks and Bank of the Republic -[2]Deposits with local and foreign banks -[3]See note 3(b). |
CASH AND DUE FROM BANKS, Comp_2
CASH AND DUE FROM BANKS, Composition of the funds (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 PEN (S/) Deposit Overnight deposits | Dec. 31, 2022 PEN (S/) Overnight deposits Deposit | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Legal cash requirements [Abstract] | |||||
Deposits with Central Reserve Bank of Peru | [1] | S/ 21,182,492,000 | S/ 21,103,687,000 | ||
Deposits with Central Reserve Bank of Bolivia | [1] | 1,352,378,000 | 628,399,000 | ||
Deposits with Republic Bank of Colombia | [1] | 45,091,000 | 6,285,000 | ||
Cash in vaults of Bank | [1] | 4,490,602,000 | 4,714,275,000 | ||
Total legal cash requirements | [1] | 27,070,563,000 | 26,452,646,000 | ||
Additional funds [Abstract] | |||||
Overnight deposits with Central Reserve Bank of Peru | [2] | 1,546,478,000 | 2,013,703,000 | ||
Term deposits with Central Reserve Bank of Peru | [3] | 0 | 545,000,000 | ||
Cash in vaults of Bank and others | 736,844,000 | 696,019,000 | |||
Other Deposits BCRP | 944,807,000 | 498,333,000 | |||
Total additional funds | 3,228,129,000 | 3,753,055,000 | |||
Total | S/ 30,298,692,000 | S/ 30,205,701,000 | |||
Information related to legal cash requirements and additional funds [Abstract] | |||||
Implicit interest rate, domestic | 6.01% | 6.01% | 6.01% | 6.01% | |
Implicit interest rate, foreign | 34.87% | 34.55% | 34.87% | 34.55% | |
Additional reserve funds | S/ 556,400 | $ 150 | |||
Number of overnight deposits | Overnight deposits | 4 | 3 | |||
Overnight deposits equivalents to Sol currency | S/ 1,160,000 | S/ 35,000 | |||
Overnight deposits | S/ 386,500 | S/ 1,978,700 | $ 104.2 | $ 518.8 | |
Interest rate on overnight deposits | 4% | 5.25% | 4% | 5.25% | |
Maturity period of overnight deposits | 5 days | 4 days | |||
Number of term deposits | Deposit | 0 | 4 | |||
Cash deposits with local and Foreign Banks | S/ 0 | S/ 0 | |||
Minimum [Member] | |||||
Information related to legal cash requirements and additional funds [Abstract] | |||||
Interest rate on term deposits held with Central Reserve Bank of Peru | 7.30% | ||||
Maturity of term deposits | Jan. 03, 2023 | ||||
Maximum [Member] | |||||
Information related to legal cash requirements and additional funds [Abstract] | |||||
Interest rate on term deposits held with Central Reserve Bank of Peru | 7.49% | ||||
Maturity of term deposits | Jan. 03, 2023 | ||||
The Soles [Member] | |||||
Information related to legal cash requirements and additional funds [Abstract] | |||||
Number of overnight deposits | Overnight deposits | 1 | 1 | |||
US Dollars [Member] | |||||
Information related to legal cash requirements and additional funds [Abstract] | |||||
Number of overnight deposits | Overnight deposits | 2 | 2 | |||
Interest rate on overnight deposits | 5.34% | 4.39% | 5.34% | 4.39% | |
[1]As of December 31, 2023 cash and deposits that generate interest subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 6.01 percent and 34.87 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP; as of December 31, 2022, 6.01 percent and 34.55 percent, respectively.[2]As of December 31, 2023, the Group maintains four “overnight” deposits with the BCRP, of which one is denominated in soles in amount of S/1,160.0 million and two are denominated in U.S. Dollar in amount of US$104.2 million, equivalent to S/386.5 million. At said date, the deposit in soles and deposits in U.S. Dollar accrue interest at annual rates of 4.00 percent and 5.34 percent, respectively, and have maturities at 5 days.[3]As of December 31, 2023, the Group no maintains term deposits with the BCRP. As of December 31, 2022, the group held four term deposits denominated in soles, accruing interest at an annual rate between 7.30 percent and 7.49 percent and expired on January 3, 2023. |
CASH COLLATERAL, REVERSE REPU_3
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING, Composition of Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing (Details) S/ in Thousands, $ in Millions | Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 PEN (S/) | [1] | ||
Reverse repurchase agreements and cash collateral on securities borrowed [Abstract] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed | S/ 1,410,647 | S/ 1,101,856 | [1] | S/ 1,766,948 | |||
Central Bank of Bolivia [Member] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed [Abstract] | |||||||
Cash collateral | 200,400 | $ 52.5 | |||||
Borrowings | 185,000 | ||||||
Central Bank of Bolivia [Member] | US Dollars [Member] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed [Abstract] | |||||||
Cash collateral | 590,700 | 424,800 | |||||
Cash Collateral on Repurchase Agreements and Security Lendings [Member] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed [Abstract] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed | [2] | 607,639 | 649,769 | ||||
Reverse Repurchase Agreement and Security Borrowings [Member] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed [Abstract] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed | [3] | 719,722 | 452,087 | ||||
Receivables for Short Sales [Member] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed [Abstract] | |||||||
Reverse repurchase agreements and cash collateral on securities borrowed | S/ 83,286 | S/ 0 | |||||
[1]See note 3(b).[2]As of December 31, 2023, the balance mainly comprises cash guarantees in U.S. Dollar and Bolivianos. Cash guarantees were delivered to the Central Bank of Bolivia, in Bolivians and U.S. Dollar for the equivalent of S/ 590.7 424.8 52.5 200.4 185.0 |
CASH COLLATERAL, REVERSE REPU_4
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING, Collateral Transactions (Details) - Reverse Repurchase Agreement and Security Borrowings [Member] - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | S/ 719,722 | S/ 452,087 |
Fair value of underlying assets | S/ 722,101 | S/ 473,085 |
Instruments Issued by the Colombian Government [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Description of presentation currency | Colombian peso | |
Average interest rate | 6.09% | 4.66% |
Carrying amount | S/ 685,516 | S/ 232,459 |
Fair value of underlying assets | S/ 687,878 | S/ 254,226 |
Other Instruments [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Description of presentation currency | Several | |
Average interest rate | 0.96% | 1.69% |
Carrying amount | S/ 34,206 | S/ 219,628 |
Fair value of underlying assets | 34,223 | 218,859 |
Up to 3 Days [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 6,722 | 42,616 |
Up to 3 Days [Member] | Instruments Issued by the Colombian Government [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 0 | 0 |
Up to 3 Days [Member] | Other Instruments [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 6,722 | 42,616 |
From 3 to 30 Days [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 629,026 | 333,712 |
From 3 to 30 Days [Member] | Instruments Issued by the Colombian Government [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 603,441 | 205,480 |
From 3 to 30 Days [Member] | Other Instruments [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 25,585 | 128,232 |
More than 30 days [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 83,974 | 75,759 |
More than 30 days [Member] | Instruments Issued by the Colombian Government [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | 82,075 | 26,979 |
More than 30 days [Member] | Other Instruments [Member] | ||
Reverse repurchase agreements and securities borrowing, collateral transactions [Abstract] | ||
Carrying amount | S/ 1,899 | S/ 48,780 |
CASH COLLATERAL, REVERSE REPU_5
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING, Payables From Repurchase Agreements and Securities Lending (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | S/ 10,168,427 | S/ 12,966,725 | |
Financial liabilities, at fair value | 10,828,586 | 13,080,001 | |
Debt Instruments [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 8,606,141 | 12,332,689 | |
Debt Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | [1] | 8,606,141 | 12,332,689 |
Financial liabilities, at fair value | [1] | S/ 9,268,346 | S/ 12,449,218 |
Instruments Issued by the Colombian Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Description of presentation currency | Colombian pesos | ||
Average interest rate | 6.22% | 6.12% | |
Carrying amount | S/ 1,410,328 | S/ 539,731 | |
Financial liabilities, at fair value | S/ 1,408,486 | S/ 536,398 | |
Instruments Issued by the Chilean Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Description of presentation currency | Chilean pesos | ||
Average interest rate | 0.75% | 0.96% | |
Carrying amount | S/ 57,066 | S/ 38,192 | |
Financial liabilities, at fair value | S/ 57,095 | S/ 38,192 | |
Other Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Average interest rate | 6.91% | 3.77% | |
Carrying amount | S/ 94,892 | S/ 56,113 | |
Financial liabilities, at fair value | 94,659 | 56,193 | |
Up to 3 Days [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 98,122 | 54,032 | |
Up to 3 Days [Member] | Debt Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | [1] | 0 | 0 |
Up to 3 Days [Member] | Instruments Issued by the Colombian Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 0 | 0 | |
Up to 3 Days [Member] | Instruments Issued by the Chilean Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 57,066 | 38,192 | |
Up to 3 Days [Member] | Other Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 41,056 | 15,840 | |
From 3 to 30 Days [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 1,473,746 | 644,277 | |
From 3 to 30 Days [Member] | Debt Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | [1] | 9,582 | 64,273 |
From 3 to 30 Days [Member] | Instruments Issued by the Colombian Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 1,410,328 | 539,731 | |
From 3 to 30 Days [Member] | Instruments Issued by the Chilean Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 0 | 0 | |
From 3 to 30 Days [Member] | Other Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 53,836 | 40,273 | |
More than 30 days [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 8,596,559 | 12,268,416 | |
More than 30 days [Member] | Debt Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | [1] | 8,596,559 | 12,268,416 |
More than 30 days [Member] | Instruments Issued by the Colombian Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 0 | 0 | |
More than 30 days [Member] | Instruments Issued by the Chilean Government [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | 0 | 0 | |
More than 30 days [Member] | Other Instruments [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Payables from repurchase agreements and security lending [Abstract] | |||
Carrying amount | S/ 0 | S/ 0 | |
[1]As of December 31, 2023, and 2022, the Group has repurchase agreements secured with: (i) cash, see note 4(a), (ii) investments, see note 6(b), and (iii) loans, see note 7(a). This item consists of the following: |
CASH COLLATERAL, REVERSE REPU_6
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING, Repurchase Agreements (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Jul. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Repurchase agreement [Abstract] | |||||
Nominal amount | S/ 65,749,481 | S/ 63,818,334 | |||
Minimum [Member] | |||||
Repurchase agreement [Abstract] | |||||
Borrowings, maturity | January 2024 | January 2023 | |||
Maximum [Member] | |||||
Repurchase agreement [Abstract] | |||||
Borrowings, maturity | April 2035 | December 2031 | |||
SOFR 7.42% [Member] | |||||
Repurchase agreement [Abstract] | |||||
Debt instrument term of basis spread on variable rate | 7.42% | ||||
Accrued interest fixed and variable rates | 0.50% | ||||
SOFR 7.63% [Member] | |||||
Repurchase agreement [Abstract] | |||||
Debt instrument term of basis spread on variable rate | 7.63% | ||||
Accrued interest fixed and variable rates | 13% | ||||
Libor 6M + 1.68% [Member] | |||||
Repurchase agreement [Abstract] | |||||
Term of fixed and variable rates | 6 months | ||||
Debt instrument term of basis spread on variable rate | 1.68% | ||||
Accrued interest fixed and variable rates | 0.50% | ||||
Libor 6M + 1.90% [Member] | |||||
Repurchase agreement [Abstract] | |||||
Term of fixed and variable rates | 6 months | ||||
Debt instrument term of basis spread on variable rate | 1.90% | ||||
Accrued interest fixed and variable rates | 12.84% | ||||
Cross Currency Swaps [Member] | Cash Flow Hedges [Member] | |||||
Repurchase agreement [Abstract] | |||||
Nominal amount | S/ 171,600 | $ 45 | $ 45 | ||
Cross Currency Swap Contract One [Member] | Cash Flow Hedges [Member] | |||||
Repurchase agreement [Abstract] | |||||
Nominal amount | 95,300 | $ 25 | $ 25 | ||
Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Financial liabilities | S/ 8,606,141 | S/ 12,332,689 | |||
BCRP [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | Sol | ||||
Borrowings, maturity | January 2024 / September 2025 | January 2023 / September 2025 | |||
Financial liabilities | S/ 5,436,564 | S/ 3,263,472 | |||
BCRP Reactiva Peru [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | [1] | Sol | |||
Borrowings, maturity | [1] | May 2024 / December 2025 | May 2023 / December 2025 | ||
Financial liabilities | [1] | S/ 1,779,934 | S/ 6,981,698 | ||
Banco Central de Bolivia [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | Boliviano | ||||
Borrowings, maturity | December 2024 / March 2025 | January 2023 / December 2023 | |||
Financial liabilities | S/ 590,715 | S/ 424,822 | |||
Natixis SA one [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | Sol | ||||
Borrowings, maturity | August 2028 | August 2028 | |||
Financial liabilities | S/ 270,000 | S/ 270,000 | |||
Citigroup Global Markets Limited [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | [2] | U.S. Dollar | |||
Borrowings, maturity | [2] | August 2026 | August 2026 | ||
Financial liabilities | [2] | S/ 166,905 | S/ 171,630 | ||
BCRP Reactiva Peru Especial [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | [1] | Sol | |||
Borrowings, maturity | [1] | June 2024 / December 2025 | June 2023 / December 2025 | ||
Financial liabilities | [1] | S/ 133,309 | S/ 793,734 | ||
Natixis S.A Two [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | [3] | U.S. Dollar | |||
Borrowings, maturity | [3] | August 2026 | August 2026 | ||
Financial liabilities | [3] | S/ 92,725 | S/ 95,350 | ||
Banco de la Repblica de Colombia [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | Colombian peso | ||||
Borrowings, maturity | January 2024 | January 2023 | |||
Financial liabilities | S/ 9,569 | S/ 58,955 | |||
Bcrp nota [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Description of presentation currency | [2] | Sol | |||
Borrowings, maturity | [2] | March 2023 | |||
Financial liabilities | [2] | S/ 0 | S/ 185,000 | ||
Other Minors [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Borrowings, maturity | January 2023 | ||||
Financial liabilities | 0 | S/ 5,099 | |||
Accrued Interest [Member] | Debt Instruments [Member] | |||||
Repurchase agreement [Abstract] | |||||
Financial liabilities | S/ 126,420 | 82,929 | |||
Repurchase Agreements [Member] | |||||
Repurchase agreement [Abstract] | |||||
Fixed interest annual rate | 0.50% | ||||
Agreement grace period | 12 months | ||||
Maximum borrowings capacity | S/ 2,877,200 | S/ 8,877,200 | |||
[1]Throug Repo Operations, BCP and MiBanco sell representing credit securities guaranteed by the BCRP, they receive soles and are obliged to buy them back at a later date. The credit representing securities with guarantee of the National Government may have the form of a portfolio of credit representing titles or of Certificates of Participation in trustee of the loan portfolio guaranteed by the National Government (Reactiva Especial). The BCRP will charge a fixed interest annual rate in soles of 0.50 percent for the operation and will include a grace period of twelve months without payment of interest or principal. As of December 31, 2023, the total credits granted through the Reactiva Peru program are S/2,877.2 million (S/8,877.2 million, as of December 31, 2022), see Note 7(a).[2]Cross currency swaps (CCS) which was designated as cash flow hedge of certain repurchase agreements in U.S. dollars at a variable rate for a nominal amount of US$45 million (US$45 million, equivalent to S/171.6 million, as of December 31, 2022). Through the cross currency swap (CCS), these repurchase agreements were economically converted into Soles at a fixed rate, see Note 12(c).[3]Cross currency swap (CCS) which was designated as cash flow hedge of certain repurchase agreements in U.S. dollars at a variable rate for a nominal amount of US$25 million (US$25 million, equivalent to S/95.3 million, as of December 31, 2022). Through the cross currency swap (CCS), these repurchase agreements were economically converted into Soles at a fixed rate, see Note 12(c). |
INVESTMENTS, Investment at Fair
INVESTMENTS, Investment at Fair Value through Profit or Loss (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | S/ 4,982,661 | S/ 4,199,334 | [1] | S/ 5,928,538 | ||
Government Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | [2] | 1,555,548 | 651,219 | |||
Colombian Government Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 1,401,000 | 609,255 | ||||
Peruvian Government Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 141,349 | 0 | ||||
Chilean Government Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 8,497 | 38,153 | ||||
Swiss Government Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 4,702 | 0 | ||||
United States of America Government Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 0 | 3,811 | ||||
Investment Funds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | [3] | 1,199,026 | 885,574 | |||
Mutual Funds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | [4] | 1,106,548 | 1,582,050 | |||
Restricted Mutual Funds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | [5] | 334,162 | 351,317 | |||
Corporate Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 228,302 | 103,330 | ||||
Certificates of Deposit BCRP [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | [6] | 192,666 | 0 | |||
Participation in RAL Fund [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | [7] | 145,414 | 167,781 | |||
Bonds from Financial Organizations [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 92,907 | 47,770 | ||||
Shares [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 38,723 | 47,820 | ||||
Subordinated Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 31,582 | 84,121 | ||||
ETF (Exchange - Traded Fund) [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 29,582 | 25,042 | ||||
Central Bank of Chile Bonds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 12,655 | 202,986 | ||||
Hedge Funds [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 291 | 280 | ||||
Others [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 8,917 | 48,269 | ||||
Balance Before Accrued Interest [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | 4,976,323 | 4,197,559 | ||||
Accrued Interest [Member] | ||||||
Investment at fair value [Abstract] | ||||||
At fair value through profit or loss | S/ 6,338 | S/ 1,775 | ||||
[1]See note 3(b).[2]As of December 31, 2023, and 2022 the balance of these instruments includes the following government treasury bonds:[3] As of December 31, 2023, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represent 54.3 percent, 28.1 percent, 10.0 percent, and 7.6 percent respectively. As of December 31, 2022, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represented 44.3 percent, 30.8 percent, 15.5 percent and 9.4 percent respectively. As of December 31, 2023, the balance corresponds to mutual funds from Luxembourg, Bolivia, Ireland, and other countries, which represent 52.0 percent, 35.5 percent, 6.7 percent, and 5.8 percent of the total, respectively. As of December 31, 2022, the balance corresponds to mutual funds from Luxembourg, Bolivia, Peru, and other countries, which represent 64.2 percent, 23.5 percent, 4.8 percent, and 7.5 percent of the total, respectively. January 2024 |
INVESTMENTS, Investment at Fa_2
INVESTMENTS, Investment at Fair Value through Profit or Loss, Summary (Details) S/ in Millions, Bs. in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) Certificate | Dec. 31, 2023 PEN (S/) Certificate | Dec. 31, 2023 BOB (Bs.) Certificate | Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 BOB (Bs.) | |
Bolivianos [Member] | Participation in RAL Fund [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Estimated fair value | S/ 105.2 | Bs. 194.6 | S/ 121.7 | Bs. 218.7 | ||
US Dollars [Member] | Participation in RAL Fund [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Estimated fair value | $ 10.8 | S/ 40.2 | $ 12.1 | S/ 46.1 | ||
Investment Funds [Member] | Peru [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Annual effective interest rate | 54.30% | 54.30% | 54.30% | 44.30% | 44.30% | 44.30% |
Investment Funds [Member] | United States [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Annual effective interest rate | 28.10% | 28.10% | 28.10% | 30.80% | 30.80% | 30.80% |
Investment Funds [Member] | Colombia [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Annual effective interest rate | 10% | 10% | 10% | 15.50% | 15.50% | 15.50% |
Investment Funds [Member] | Other Countries [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Annual effective interest rate | 7.60% | 7.60% | 7.60% | 9.40% | 9.40% | 9.40% |
Mutual Funds [Member] | Peru [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Percentage of mutual fund | 4.80% | 4.80% | 4.80% | |||
Mutual Funds [Member] | Other Countries [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Percentage of mutual fund | 5.80% | 5.80% | 5.80% | 7.50% | 7.50% | 7.50% |
Mutual Funds [Member] | Luxembourg [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Percentage of mutual fund | 52% | 52% | 52% | 64.20% | 64.20% | 64.20% |
Mutual Funds [Member] | Ireland [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Percentage of mutual fund | 6.70% | 6.70% | 6.70% | |||
Mutual Funds [Member] | Bolivia [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Percentage of mutual fund | 35.50% | 35.50% | 35.50% | 23.50% | 23.50% | 23.50% |
Certificates of Deposit BCRP [Member] | ||||||
Investment at fair value [Abstract] | ||||||
Annual effective interest rate | 5.68% | 5.68% | 5.68% | |||
Number of instruments or interests issued or issuable | 520 | 520 | 520 | |||
Certificates of deposits | $ 51.9 | S/ 192.7 | ||||
Maturity date of instruments | Jan. 31, 2024 |
INVESTMENTS, Investments at Fai
INVESTMENTS, Investments at Fair Value through Other Comprehensive Income (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |||
Debt instruments [Abstract] | ||||||
Cost | S/ 36,747,160 | S/ 31,918,694 | ||||
Unrealized gross amount, profits | 399,153 | 134,964 | ||||
Unrealized gross amount, losses | (910,679) | (2,000,732) | ||||
Estimated fair value | 36,235,634 | 30,052,926 | ||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 185,702 | 173,240 | ||||
Unrealized gross amount, profits | 161,081 | 173,759 | ||||
Unrealized gross amount, losses | (11,981) | (10,644) | ||||
Estimated fair value | 334,802 | 336,355 | ||||
Balance before accrued interest [Abstract] | ||||||
Cost | 36,932,862 | 32,091,934 | ||||
Unrealized gross amount, gains | 560,234 | 308,723 | ||||
Unrealized gross amount, losses | (922,660) | (2,011,376) | ||||
Estimated fair value | 36,570,436 | 30,389,281 | ||||
Accrued interest | 473,504 | 396,880 | ||||
Total at fair value through other comprehensive income investments | 37,043,940 | 30,786,161 | [1] | S/ 34,758,443 | ||
Provision of credit loss | 4,300 | 58,300 | ||||
Alicorp S.A.A [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 12,197 | 12,197 | ||||
Unrealized gross amount, profits | 134,185 | 144,641 | ||||
Unrealized gross amount, losses | 0 | 0 | ||||
Estimated fair value | 146,382 | 156,838 | ||||
Inversiones Centenario [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 112,647 | 112,647 | ||||
Unrealized gross amount, profits | 23,214 | 14,158 | ||||
Unrealized gross amount, losses | 0 | 0 | ||||
Estimated fair value | 135,861 | 126,805 | ||||
Holding Bursatil Chilena S.A [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 20,457 | 0 | ||||
Unrealized gross amount, profits | 0 | 0 | ||||
Unrealized gross amount, losses | (1,761) | 0 | ||||
Estimated fair value | 18,696 | 0 | ||||
Holding Bursatil Regional S.A [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 20,599 | 0 | ||||
Unrealized gross amount, profits | 0 | 0 | ||||
Unrealized gross amount, losses | (2,318) | 0 | ||||
Estimated fair value | 18,281 | 0 | ||||
Corporacin Andina de Fomento [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 4,441 | 4,441 | ||||
Unrealized gross amount, profits | 776 | 930 | ||||
Unrealized gross amount, losses | 0 | 0 | ||||
Estimated fair value | 5,217 | 5,371 | ||||
Compania Universal Textil S.A. [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 6,195 | 9,597 | ||||
Unrealized gross amount, profits | 0 | 0 | ||||
Unrealized gross amount, losses | (2,415) | (3,191) | ||||
Estimated fair value | 3,780 | 6,406 | ||||
Bolsa De Valores De Colombia [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 33 | 3,541 | ||||
Unrealized gross amount, profits | 0 | 0 | ||||
Unrealized gross amount, losses | 149 | (1,152) | ||||
Estimated fair value | 182 | 2,389 | ||||
Bolsa De Valores De Lima [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 0 | 18,367 | ||||
Unrealized gross amount, profits | 0 | 6,632 | ||||
Unrealized gross amount, losses | 0 | 0 | ||||
Estimated fair value | 0 | 24,999 | ||||
Bolsa De Comercio De Santiago [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 0 | 3,995 | ||||
Unrealized gross amount, profits | 0 | 4,006 | ||||
Unrealized gross amount, losses | 0 | 0 | ||||
Estimated fair value | 0 | 8,001 | ||||
Pagos Digitales Peruanos S.A. [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 5,611 | 5,611 | ||||
Unrealized gross amount, profits | 0 | 0 | ||||
Unrealized gross amount, losses | (5,611) | (5,611) | ||||
Estimated fair value | 0 | 0 | ||||
Other Currencies [Member] | ||||||
Equity instruments designated at the initial recognition [Abstract] | ||||||
Cost | 3,522 | 2,844 | ||||
Unrealized gross amount, profits | 2,906 | 3,392 | ||||
Unrealized gross amount, losses | (25) | (690) | ||||
Estimated fair value | 6,403 | 5,546 | ||||
Corporate Bonds [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | [2] | 13,643,405 | 13,914,118 | |||
Unrealized gross amount, profits | [2] | 177,408 | 61,336 | |||
Unrealized gross amount, losses | [2] | (643,985) | (1,194,756) | |||
Estimated fair value | [2] | 13,176,828 | 12,780,698 | |||
Certificates of Deposit BCRP [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | [3] | 10,924,181 | 7,021,219 | |||
Unrealized gross amount, profits | [3] | 11,125 | 868 | |||
Unrealized gross amount, losses | [3] | (53) | (2,608) | |||
Estimated fair value | [3] | 10,935,253 | 7,019,479 | |||
Government Bonds [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | [4] | 10,387,141 | 9,139,100 | |||
Unrealized gross amount, profits | [4] | 185,055 | 59,788 | |||
Unrealized gross amount, losses | [4] | (207,320) | (670,177) | |||
Estimated fair value | [4] | 10,364,876 | 8,528,711 | |||
Securitization Instruments [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | [5] | 710,695 | 772,737 | |||
Unrealized gross amount, profits | [5] | 15,611 | 1,564 | |||
Unrealized gross amount, losses | [5] | (48,421) | (107,377) | |||
Estimated fair value | [5] | 677,885 | 666,924 | |||
Negotiable Certificates of Deposit [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | [6] | 458,503 | 577,286 | |||
Unrealized gross amount, profits | [6] | 6,501 | 9,988 | |||
Unrealized gross amount, losses | [6] | (2,368) | (1,516) | |||
Estimated fair value | [6] | 462,636 | 585,758 | |||
Subordinated Bonds [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | 282,368 | 377,111 | ||||
Unrealized gross amount, profits | 2,243 | 462 | ||||
Unrealized gross amount, losses | (6,793) | (17,467) | ||||
Estimated fair value | 277,818 | 360,106 | ||||
Others [Member] | ||||||
Debt instruments [Abstract] | ||||||
Cost | 340,867 | 117,123 | ||||
Unrealized gross amount, profits | 1,210 | 958 | ||||
Unrealized gross amount, losses | (1,739) | (6,831) | ||||
Estimated fair value | S/ 340,338 | S/ 111,250 | ||||
[1]See note 3(b).[2]As of December 31, 2023, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Colombia and other countries, which represent 40.2 percent, 34.2 percent, 4.3 percent and 21.3 percent of the total, respectively. As of December 31, 2022, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Chile and other countries, which represent 39.2 percent, 37.4 percent, 4.4 percent and 19.0 percent of the total, respectively.[3] As of December 31, 2023, the Group maintains 111,613 BCRP certificates of deposit. As of December 31, 2022, it held 70,253 BCRP certificates of deposit; which are instruments issued at a discount through public auction, negotiated in the Peruvian secondary market and payable in soles. The increase in the balance is mainly due to the acquisition of new instruments. |
INVESTMENTS, The Maturities and
INVESTMENTS, The Maturities and Annual Market Rates of Investments at Fair Value (Details ) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment transactions [Abstract] | ||
Nominal amount | S/ 65,749,481 | S/ 63,818,334 |
Unrealized loss | 34,200 | |
Fair Value Hedges [Member] | ||
Investment transactions [Abstract] | ||
Nominal amount | 2,633,745 | S/ 2,347,794 |
Inversiones Nacionales de Turismo [Member] | ||
Investment transactions [Abstract] | ||
Unrealized loss | S/ 25,200 | |
United States [Member] | ||
Investment transactions [Abstract] | ||
Percentage of corporate bonds issued | 40.20% | 39.20% |
Peru [Member] | ||
Investment transactions [Abstract] | ||
Percentage of corporate bonds issued | 34.20% | 37.40% |
Colombia [Member] | ||
Investment transactions [Abstract] | ||
Percentage of corporate bonds issued | 4.30% | |
Chile [Member] | ||
Investment transactions [Abstract] | ||
Percentage of corporate bonds issued | 4.40% | |
Other Countries [Member] | ||
Investment transactions [Abstract] | ||
Percentage of corporate bonds issued | 21.30% | 19% |
Repurchase Agreement [Member] | ||
Investment transactions [Abstract] | ||
Investments in equity instruments designated at fair value through other comprehensive income | S/ 4,269,900 | S/ 1,108,100 |
Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Jan-2024 / Nov-2095 | Jan-2023 / Nov-2095 |
Corporate Bonds [Member] | Cash Flow Hedges [Member] | Currency Swaps [Member] | ||
Investment transactions [Abstract] | ||
Nominal amount | S/ 126,600 | S/ 131,400 |
Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Jan-2024 / Dec-2024 | Jan-2023 / Sep-2023 |
Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Jan-2024 / Feb-2055 | Jan-2023 / Feb-2055 |
Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Sep-2025 / Sep-2045 | Aug-2023 / Sep-2045 |
Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Jan-2024 / Nov-2037 | Jan-2023 / Jul-2033 |
Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Apr-2024 / Aug-2045 | Jan-2023 / Aug-2045 |
Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Maturity of financial assets | Jan-2024 / Feb-2035 | Apr-2023 / Feb-2035 |
Derivatives Held as Hedges [Member] | Fair Value Hedges [Member] | ||
Investment transactions [Abstract] | ||
Nominal amount | S/ 778,900 | S/ 926,500 |
The Soles [Member] | Minimum [Member] | Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 3.17% | 4.10% |
The Soles [Member] | Minimum [Member] | Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 5.42% | 7.13% |
The Soles [Member] | Minimum [Member] | Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0.90% | 1.87% |
The Soles [Member] | Minimum [Member] | Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 4.11% | 5.03% |
The Soles [Member] | Minimum [Member] | Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 8.76% |
The Soles [Member] | Minimum [Member] | Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 3.23% | 2.15% |
The Soles [Member] | Minimum [Member] | Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0.14% | 2.22% |
The Soles [Member] | Maximum [Member] | Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 18.23% | 13.45% |
The Soles [Member] | Maximum [Member] | Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 6.74% | 7.48% |
The Soles [Member] | Maximum [Member] | Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 6.82% | 8.13% |
The Soles [Member] | Maximum [Member] | Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 29.78% | 30.87% |
The Soles [Member] | Maximum [Member] | Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 8.76% |
The Soles [Member] | Maximum [Member] | Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 9.42% | 10.01% |
The Soles [Member] | Maximum [Member] | Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 1.76% | 9.56% |
US Dollars [Member] | Minimum [Member] | Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 2.26% | 0.29% |
US Dollars [Member] | Minimum [Member] | Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 0% |
US Dollars [Member] | Minimum [Member] | Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0.92% | 0% |
US Dollars [Member] | Minimum [Member] | Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 6.09% | 5.64% |
US Dollars [Member] | Minimum [Member] | Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 2.48% |
US Dollars [Member] | Minimum [Member] | Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 2.81% | 3.36% |
US Dollars [Member] | Minimum [Member] | Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 8.12% | 8.03% |
US Dollars [Member] | Maximum [Member] | Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 54.02% | 29.61% |
US Dollars [Member] | Maximum [Member] | Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 0% |
US Dollars [Member] | Maximum [Member] | Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 8.89% | 8.19% |
US Dollars [Member] | Maximum [Member] | Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 16.11% | 16.63% |
US Dollars [Member] | Maximum [Member] | Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 4.80% |
US Dollars [Member] | Maximum [Member] | Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 7.14% | 23.73% |
US Dollars [Member] | Maximum [Member] | Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 9.08% | 8.58% |
Other Currencies [Member] | Minimum [Member] | Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 2.98% | 2.60% |
Other Currencies [Member] | Minimum [Member] | Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 0% |
Other Currencies [Member] | Minimum [Member] | Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 4.19% | 0% |
Other Currencies [Member] | Minimum [Member] | Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 5.80% | 3.50% |
Other Currencies [Member] | Minimum [Member] | Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0.53% | 1% |
Other Currencies [Member] | Minimum [Member] | Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 0% |
Other Currencies [Member] | Minimum [Member] | Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0.25% | 0.05% |
Other Currencies [Member] | Maximum [Member] | Corporate Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 15.67% | 14.89% |
Other Currencies [Member] | Maximum [Member] | Certificates of Deposit BCRP [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 0% |
Other Currencies [Member] | Maximum [Member] | Government Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 4.19% | 0% |
Other Currencies [Member] | Maximum [Member] | Securitization Instruments [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 6% | 7.50% |
Other Currencies [Member] | Maximum [Member] | Negotiable Certificates of Deposits [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 5.74% | 13.50% |
Other Currencies [Member] | Maximum [Member] | Subordinated Bonds [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 0% | 0% |
Other Currencies [Member] | Maximum [Member] | Others [Member] | ||
Maturities and Annual Market Rates of Investments at Fair Value [Abstract] | ||
Annual effective interest rate | 6.10% | 0.08% |
INVESTMENTS, Certificates of De
INVESTMENTS, Certificates of Deposits BCRP (Details) - Certificate | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Certificates of Deposit BCRP [Member] | ||
Certificates of Deposit BCRP [Abstract] | ||
Number of certificates of deposits | 111,613 | 70,253 |
INVESTMENTS, Government Treasur
INVESTMENTS, Government Treasury Bonds (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Government treasury bonds [Abstract] | |||
Balance of instruments | S/ 36,235,634 | S/ 30,052,926 | |
Government Bonds [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | [1] | 10,364,876 | 8,528,711 |
Peruvian Government Bonds [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | 8,260,261 | 6,126,564 | |
United States of America Government Bonds [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | 1,740,125 | 2,103,713 | |
Colombian Government Bonds [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | 204,525 | 130,883 | |
Chilean Government Bonds [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | 78,034 | 78,383 | |
Bolivian Government Bonds [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | 41,436 | 67,040 | |
Others [Member] | |||
Government treasury bonds [Abstract] | |||
Balance of instruments | S/ 40,495 | S/ 22,128 | |
[1]As of December 31, 2023 and December 31, 2022, the balance includes the following Government Treasury Bonds: |
INVESTMENTS, Securitization Ins
INVESTMENTS, Securitization Instruments (Details) S/ in Thousands, $ in Millions | Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 USD ($) | |
Securitization Instruments [Abstract] | ||||
Balance of instruments | S/ 36,235,634 | S/ 30,052,926 | ||
Securitization Instruments [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 677,885 | 666,924 | ||
Certificates of Deposit BCRP [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | [1] | 10,935,253 | 7,019,479 | |
Certificates of Deposit BCRP [Member] | The Soles [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of investments | 6,700 | |||
Certificates of Deposit BCRP [Member] | US Dollars [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of investments | $ | $ 1.8 | |||
Certificates of Deposit BCRP [Member] | Other Currencies [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of investments | 5,900 | |||
Certificates of Deposit BCRP [Member] | Colombia and Bolivia [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of investments | 573,200 | |||
Certificates of Deposit BCRP [Member] | Colombia and Bolivia [Member] | Other Currencies [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of investments | 462,600 | |||
Inmuebles Panamericana S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 153,034 | 133,079 | ||
ATN S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 77,666 | 77,047 | ||
Colegios Peruanos S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 77,560 | 61,109 | ||
Multimercados Zonales S.A.C. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 53,540 | 47,643 | ||
Inmobiliaria Terrano S.A. y Operadora Portuaria S.A [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 40,530 | 0 | ||
Costa De Sol S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 36,717 | 37,653 | ||
Nessus Hoteles Per S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 34,330 | 32,519 | ||
Concesionaria La Chira S.A [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 27,457 | 25,906 | ||
Ferreyros S.A [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 25,068 | 0 | ||
Redesur y Tesur [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 24,504 | 27,718 | ||
Centro Comercial Plaza Norte S.A.C [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 24,504 | 21,996 | ||
Compania de Turismo La Paz S.A.C [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 24,174 | 23,375 | ||
Asociacion Civil San Juan Bautista [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 23,565 | 24,122 | ||
Aeropuertos del Peru S.A [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 14,730 | 30,301 | ||
Homecenters Peruanos S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 0 | 22,804 | ||
Fabrica Nacional De Cemento S.A. [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 0 | 22,529 | ||
Telefonica Celular de Bolivia S.A [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | 0 | 21,470 | ||
Others [Member] | ||||
Securitization Instruments [Abstract] | ||||
Balance of instruments | S/ 40,506 | S/ 57,653 | ||
[1] As of December 31, 2023, the Group maintains 111,613 BCRP certificates of deposit. As of December 31, 2022, it held 70,253 BCRP certificates of deposit; which are instruments issued at a discount through public auction, negotiated in the Peruvian secondary market and payable in soles. The increase in the balance is mainly due to the acquisition of new instruments. |
INVESTMENTS, Amortized Cost Inv
INVESTMENTS, Amortized Cost Investments (Details ) S/ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 PEN (S/) Item | Dec. 31, 2022 PEN (S/) Item | Dec. 31, 2021 PEN (S/) | [1] | |||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | S/ 9,968,400 | S/ 10,227,027 | ||||
Accrued interest | 220,527 | 218,702 | ||||
Total investments at amortized cost | 10,188,927 | 10,445,729 | [1] | S/ 8,265,559 | ||
Fair value [Abstract] | ||||||
Investments before accrued interest | 9,479,786 | 8,711,932 | ||||
Accrued interest | 220,527 | 218,702 | ||||
Total investments | 9,700,313 | 8,930,634 | ||||
Financial assets at amortized cost, class [member] | ||||||
Investments amortized costs [Abstract] | ||||||
Expected loss on investments | 2,300 | 3,900 | ||||
Government Bonds | S/ 2,264,100 | S/ 3,540,500 | ||||
Certificates of Payment on Work Progress [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Number of certificates of deposits | Item | 26 | 57 | ||||
Minimum [Member] | Certificates of Payment on Work Progress [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 7.12% | 6.20% | ||||
Maximum [Member] | Certificates of Payment on Work Progress [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 7.75% | 7.59% | ||||
The Soles [Member] | Minimum [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 5.59% | 6.65% | ||||
The Soles [Member] | Maximum [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 6.82% | 8.13% | ||||
US Dollars [Member] | Minimum [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 4.53% | 2.59% | ||||
US Dollars [Member] | Maximum [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 21.23% | 16.30% | ||||
Other Currencies [Member] | Minimum [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 8.67% | 5.66% | ||||
Other Currencies [Member] | Maximum [Member] | ||||||
Investments amortized costs [Abstract] | ||||||
Annual effective interest rate | 11.53% | 11.24% | ||||
Peruvian Government Bonds [Member] | ||||||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | [2] | S/ 9,323,970 | S/ 9,573,026 | |||
Fair value [Abstract] | ||||||
Investments before accrued interest | [2] | 8,860,624 | 8,055,873 | |||
Corporate bonds [Member] | ||||||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | [2] | 447,245 | 442,558 | |||
Fair value [Abstract] | ||||||
Investments before accrued interest | [2] | 447,774 | 445,684 | |||
Other government bonds [Member] | ||||||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | [2] | 89,484 | 114,262 | |||
Fair value [Abstract] | ||||||
Investments before accrued interest | [2] | 89,482 | 113,759 | |||
Negotiable Certificates of Deposits [Member] | ||||||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | 55,336 | |||||
Fair value [Abstract] | ||||||
Investments before accrued interest | 29,672 | |||||
Subordinated bonds [Member] | ||||||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | [2] | 29,648 | 49,597 | |||
Fair value [Abstract] | ||||||
Investments before accrued interest | [2] | 29,801 | 49,830 | |||
Certificates of Payment on Work Progress [Member] | ||||||
Carrying amount [Abstract] | ||||||
Investments before accrued interest | [3] | 22,717 | 47,584 | |||
Fair value [Abstract] | ||||||
Investments before accrued interest | [3] | S/ 22,433 | S/ 46,786 | |||
[1]See note 3(b).[2]As of December 31, 2023, said bonds have maturities between January 2024 and February 2042; accruing interest at an effective annual rate between 5.59 percent and 6.82 percent annually for bonds issued in soles, between 4.53 percent and 21.23 percent for bonds issued in US dollars, and between 8.67 percent and 11.53 percent annually for bonds issued in other currencies. As of December 31, 2022, they have maturities between January 2023 and February 2042; accruing interest at an effective annual rate between 6.65 percent and 8.13 percent annually for bonds issued in soles, between 2.59 percent and 16.30 percent for bonds issued in US dollars, and between 5.66 percent and 11.24 percent annually for bonds issued in other currencies. Credicorp Management has determined that, as of December 31, 2023, the difference between the amortized cost and the fair value of these investments is of a temporary nature and Credicorp has the intention and ability to hold each of these investments until maturity.As of December 31, 2023, the Group has investment repurchase agreement operations at amortized cost for an estimated fair value of S/2,264.1 million. As of December 31, 2022, the amount amounted to S/3,540.5 million, the related liability of which is presented in the item “Payables from repurchase agreements and securities lending” of the condensed interim consolidated statement of financial position, see note 5(c).[3]As of December 31, 2023, there are 26 certificates of Annual Recognition of Work Progress Payment - CRPAO (57 CRPAO as of December 31, 2022), issued by the Peruvian State to finance projects and concessions. Said issuance is a mechanism established in the concession contract signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2024 and April 2026, accruing interest at an effective annual rate between 7.12 percent and 7.75 percent (between January 2023 and April 2026, accruing interest at an effective annual rate between 6.20 percent and 7.59 percent as of December 31, 2022). |
INVESTMENTS, Balance of Investm
INVESTMENTS, Balance of Investments, by Maturity Groupings (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | S/ 36,570,436 | S/ 30,389,281 |
Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 9,968,400 | 10,227,027 |
Up to 3 Months [Member] | At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 5,297,064 | 8,246,819 |
Up to 3 Months [Member] | Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 102,203 | 191,098 |
From 3 Months to 1 Year [Member] | At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 7,778,579 | 2,599,972 |
From 3 Months to 1 Year [Member] | Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 1,309,800 | 343,670 |
From 1 to 3 Years [Member] | At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 5,409,142 | 4,088,478 |
From 1 to 3 Years [Member] | Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 733,057 | 1,456,530 |
From 3 to 5 Years [Member] | At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 5,378,056 | 4,374,806 |
From 3 to 5 Years [Member] | Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 1,193,767 | 459,604 |
More than 5 Years [Member] | At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 12,372,792 | 10,742,851 |
More than 5 Years [Member] | Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 6,629,573 | 7,776,125 |
Without Maturity [Member] | At Fair Value through Other Comprehensive Income [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | 334,803 | 336,355 |
Without Maturity [Member] | Amortized Cost [Member] | ||
Balance of investments classified by maturity [Abstract] | ||
Balance of investments | S/ 0 | S/ 0 |
LOANS, NET, Direct Loans, Net (
LOANS, NET, Direct Loans, Net (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Direct loans [Abstract] | ||||||
Loans | S/ 115,170,158 | S/ 119,602,591 | ||||
Credit cards | 7,112,268 | 6,187,910 | ||||
Leasing receivables | 5,735,973 | 6,174,850 | ||||
Factoring receivables | 3,431,323 | 3,976,898 | ||||
Discounted notes | 3,170,887 | 2,982,291 | ||||
Advances and overdrafts in current account | 321,962 | 219,932 | ||||
Refinanced loans | 2,407,516 | 2,100,018 | ||||
Total direct loans | 137,350,087 | 141,244,490 | ||||
Internal overdue loans and under legal collection loans | 6,133,167 | 5,945,779 | ||||
Direct loans including internal overdue loans and under legal collection loans | 143,483,254 | 147,190,269 | ||||
Add (less) [Abstract] | ||||||
Accrued interest | 1,492,797 | 1,436,105 | ||||
Total direct loans | 144,976,051 | 148,626,374 | ||||
Allowance for loan losses | (8,277,916) | [1] | (7,872,402) | [1],[2] | S/ (8,477,308) | |
Total loans, net | 136,698,135 | 140,753,972 | [2] | S/ 139,120,104 | ||
Consumer Loans [Member] | ||||||
Add (less) [Abstract] | ||||||
Allowance for loan losses | (2,034,615) | (1,680,765) | ||||
Reactiva Peru Program [Member] | ||||||
Direct Loans, Net [Abstract] | ||||||
Credits granted | 2,877,200 | 8,877,200 | ||||
Fae Mype1 [Member] | ||||||
Direct Loans, Net [Abstract] | ||||||
Credits granted | 3,600 | 3,900 | ||||
Fae Mype2 [Member] | ||||||
Direct Loans, Net [Abstract] | ||||||
Credits granted | S/ 10,100 | S/ 83,600 | ||||
[1]As of December 31, 2023, and 2022, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances:[2]See note 3(b). |
LOANS, NET, Composition of Gros
LOANS, NET, Composition of Gross Credit Balance (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
LOANS, NET [Abstract] | |||
Direct loans, Note7(a) | S/ 143,483,254 | S/ 147,190,269 | |
Indirect loans, Note 18(a) | [1] | 20,051,615 | 20,928,055 |
Due from customers on banker's acceptances | 412,401 | 699,678 | |
Total | S/ 163,947,270 | S/ 168,818,002 | |
[1]In the normal course of their business, the Group’s banking subsidiaries are party to transactions with off-balance sheet risk. These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statement of financial position. |
LOANS, NET, Movement of Gross B
LOANS, NET, Movement of Gross Balance of Loan Portfolio by Stages (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | S/ 168,818,002 | |
Ending balance | 163,947,270 | S/ 168,818,002 |
Stage 1 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 133,643,477 | 131,781,171 |
Transfer to stage 2 | (28,651,226) | (32,685,118) |
Transfer to stage 3 | (1,138,112) | (1,401,682) |
Transfer from stage 2 | 17,561,997 | 17,091,585 |
Transfer from stage 3 | 266,030 | 537,536 |
New loans, liquidation and write-offs, net | 0 | 0 |
Transfers between classes of loans | 13,718,565 | 20,451,643 |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | (1,021,969) | (2,131,658) |
Ending balance | 134,378,762 | 133,643,477 |
Stage 2 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 22,795,322 | 24,948,967 |
Transfer to stage 1 | (17,561,997) | (17,091,585) |
Transfer to stage 3 | (6,439,879) | (5,532,867) |
Transfer from stage 1 | 28,651,226 | 32,685,118 |
Transfer from stage 3 | 429,853 | 622,946 |
New loans, liquidation and write-offs, net | 0 | 0 |
Transfers between classes of loans | (10,442,523) | (12,657,280) |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | 11,065 | (179,977) |
Ending balance | 17,443,067 | 22,795,322 |
Stage 3 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 12,379,203 | 13,133,428 |
Transfer to stage 1 | (266,030) | (537,536) |
Transfer to stage 2 | (429,853) | (622,946) |
Transfer from stage 1 | 1,138,112 | 1,401,682 |
Transfer from stage 2 | 6,439,879 | 5,532,867 |
New loans, liquidation and write-offs, net | 0 | 0 |
Transfers between classes of loans | (6,568,596) | (6,329,326) |
Sale of loan portfolio | (489,987) | (11,458) |
Exchange differences and others | (77,287) | (187,508) |
Ending balance | 12,125,441 | 12,379,203 |
Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 168,818,002 | 169,863,566 |
Written off and forgivens | (3,324,667) | (2,575,258) |
New loans and liquidation, net | 0 | 0 |
Transfers between classes of loans | 32,113 | 4,040,295 |
Sale of loan portfolio | (489,987) | (11,458) |
Exchange differences and others | (1,088,191) | (2,499,143) |
Ending balance | 163,947,270 | 168,818,002 |
Commercial Loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 86,190,457 | 90,281,463 |
Transfer to stage 2 | (7,735,234) | (10,689,388) |
Transfer to stage 3 | (390,080) | (782,333) |
Transfer from stage 2 | 6,837,244 | 7,640,908 |
Transfer from stage 3 | 113,232 | 356,896 |
New loans, liquidation and write-offs, net | 865,954 | (21,784) |
Transfers between classes of loans | (957,315) | 1,067,360 |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | (995,471) | (1,662,665) |
Ending balance | 83,928,787 | 86,190,457 |
Commercial Loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 8,850,173 | 11,342,409 |
Transfer to stage 1 | (6,837,244) | (7,640,908) |
Transfer to stage 3 | (1,901,832) | (2,586,811) |
Transfer from stage 1 | 7,735,234 | 10,689,388 |
Transfer from stage 3 | 149,554 | 434,550 |
New loans, liquidation and write-offs, net | 505,667 | 614,296 |
Transfers between classes of loans | (2,566,703) | (3,906,923) |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | 2,348 | (95,828) |
Ending balance | 5,937,197 | 8,850,173 |
Commercial Loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 8,150,200 | 8,756,743 |
Transfer to stage 1 | (113,232) | (356,896) |
Transfer to stage 2 | (149,554) | (434,550) |
Transfer from stage 1 | 390,080 | 782,333 |
Transfer from stage 2 | 1,901,832 | 2,586,811 |
New loans, liquidation and write-offs, net | (86,176) | (95,866) |
Transfers between classes of loans | (2,325,958) | (2,934,746) |
Sale of loan portfolio | (377,652) | (7,803) |
Exchange differences and others | (82,364) | (145,826) |
Ending balance | 7,307,176 | 8,150,200 |
Commercial Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 103,190,830 | 110,380,615 |
Written off and forgivens | (369,307) | (421,522) |
New loans and liquidation, net | 1,285,445 | 496,646 |
Transfers between classes of loans | (5,480,669) | (5,352,787) |
Sale of loan portfolio | (377,652) | (7,803) |
Exchange differences and others | (1,075,487) | (1,904,319) |
Ending balance | 97,173,160 | 103,190,830 |
Residential Mortgage Loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 18,640,432 | 18,702,189 |
Transfer to stage 2 | (3,890,376) | (4,019,065) |
Transfer to stage 3 | (87,230) | (84,000) |
Transfer from stage 2 | 2,834,608 | 1,995,000 |
Transfer from stage 3 | 68,812 | 27,176 |
New loans, liquidation and write-offs, net | 0 | 7,496 |
Transfers between classes of loans | 1,680,893 | 2,247,060 |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | (97,070) | (235,424) |
Ending balance | 19,150,069 | 18,640,432 |
Residential Mortgage Loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 3,207,081 | 1,758,125 |
Transfer to stage 1 | (2,834,608) | (1,995,000) |
Transfer to stage 3 | (498,299) | (292,259) |
Transfer from stage 1 | 3,890,376 | 4,019,065 |
Transfer from stage 3 | 109,625 | 23,225 |
New loans, liquidation and write-offs, net | 0 | 427 |
Transfers between classes of loans | (301,840) | (286,590) |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | (14,233) | (19,912) |
Ending balance | 3,558,102 | 3,207,081 |
Residential Mortgage Loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 1,388,061 | 1,371,146 |
Transfer to stage 1 | (68,812) | (27,176) |
Transfer to stage 2 | (109,625) | (23,225) |
Transfer from stage 1 | 87,230 | 84,000 |
Transfer from stage 2 | 498,299 | 292,259 |
New loans, liquidation and write-offs, net | 0 | 0 |
Transfers between classes of loans | (248,110) | (283,888) |
Sale of loan portfolio | (69,258) | (2,442) |
Exchange differences and others | (9,037) | (22,613) |
Ending balance | 1,468,748 | 1,388,061 |
Residential Mortgage Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 23,235,574 | 21,831,460 |
Written off and forgivens | (25,205) | (33,940) |
New loans and liquidation, net | 0 | 7,923 |
Transfers between classes of loans | 1,156,148 | 1,710,522 |
Sale of loan portfolio | (69,258) | (2,442) |
Exchange differences and others | (120,340) | (277,949) |
Ending balance | 24,176,919 | 23,235,574 |
Micro-Business Loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 13,425,653 | 10,803,696 |
Transfer to stage 2 | (10,427,681) | (11,398,414) |
Transfer to stage 3 | (193,852) | (235,229) |
Transfer from stage 2 | 4,537,627 | 4,142,176 |
Transfer from stage 3 | 15,883 | 95,327 |
New loans, liquidation and write-offs, net | (865,954) | (739,253) |
Transfers between classes of loans | 9,439,846 | 10,960,618 |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | 134,324 | (203,268) |
Ending balance | 16,065,846 | 13,425,653 |
Micro-Business Loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 7,266,464 | 8,927,358 |
Transfer to stage 1 | (4,537,627) | (4,142,176) |
Transfer to stage 3 | (2,151,478) | (1,627,919) |
Transfer from stage 1 | 10,427,681 | 11,398,414 |
Transfer from stage 3 | 104,183 | 93,396 |
New loans, liquidation and write-offs, net | (505,667) | (599,450) |
Transfers between classes of loans | (6,021,879) | (6,722,150) |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | 48,637 | (61,009) |
Ending balance | 4,630,314 | 7,266,464 |
Micro-Business Loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 1,741,559 | 1,906,210 |
Transfer to stage 1 | (15,883) | (95,327) |
Transfer to stage 2 | (104,183) | (93,396) |
Transfer from stage 1 | 193,852 | 235,229 |
Transfer from stage 2 | 2,151,478 | 1,627,919 |
New loans, liquidation and write-offs, net | 86,176 | 85,153 |
Transfers between classes of loans | (2,231,402) | (1,905,488) |
Sale of loan portfolio | (21,388) | (909) |
Exchange differences and others | 2,621 | (17,832) |
Ending balance | 1,802,830 | 1,741,559 |
Micro-Business Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 22,433,676 | 21,637,264 |
Written off and forgivens | (1,519,522) | (1,164,440) |
New loans and liquidation, net | (1,285,445) | (1,253,550) |
Transfers between classes of loans | 2,706,087 | 3,497,420 |
Sale of loan portfolio | (21,388) | (909) |
Exchange differences and others | 185,582 | (282,109) |
Ending balance | 22,498,990 | 22,433,676 |
Consumer Loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 15,386,935 | 11,993,823 |
Transfer to stage 2 | (6,597,935) | (6,578,251) |
Transfer to stage 3 | (466,950) | (300,120) |
Transfer from stage 2 | 3,352,518 | 3,313,501 |
Transfer from stage 3 | 68,103 | 58,137 |
New loans, liquidation and write-offs, net | 0 | 753,541 |
Transfers between classes of loans | 3,555,141 | 6,176,605 |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | (63,752) | (30,301) |
Ending balance | 15,234,060 | 15,386,935 |
Consumer Loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 3,471,604 | 2,921,075 |
Transfer to stage 1 | (3,352,518) | (3,313,501) |
Transfer to stage 3 | (1,888,270) | (1,025,878) |
Transfer from stage 1 | 6,597,935 | 6,578,251 |
Transfer from stage 3 | 66,491 | 71,775 |
New loans, liquidation and write-offs, net | 0 | (15,273) |
Transfers between classes of loans | (1,552,101) | (1,741,617) |
Sale of loan portfolio | 0 | 0 |
Exchange differences and others | (25,687) | (3,228) |
Ending balance | 3,317,454 | 3,471,604 |
Consumer Loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 1,099,383 | 1,099,329 |
Transfer to stage 1 | (68,103) | (58,137) |
Transfer to stage 2 | (66,491) | (71,775) |
Transfer from stage 1 | 466,950 | 300,120 |
Transfer from stage 2 | 1,888,270 | 1,025,878 |
New loans, liquidation and write-offs, net | 0 | 10,713 |
Transfers between classes of loans | (1,763,126) | (1,205,204) |
Sale of loan portfolio | (21,689) | (304) |
Exchange differences and others | 11,493 | (1,237) |
Ending balance | 1,546,687 | 1,099,383 |
Consumer Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | ||
Gross balance of loan portfolio [Roll Forward] | ||
Beginning balance | 19,957,922 | 16,014,227 |
Written off and forgivens | (1,410,633) | (955,356) |
New loans and liquidation, net | 0 | 748,981 |
Transfers between classes of loans | 1,650,547 | 4,185,140 |
Sale of loan portfolio | (21,689) | (304) |
Exchange differences and others | (77,946) | (34,766) |
Ending balance | S/ 20,098,201 | S/ 19,957,922 |
LOANS, NET, Movement in Allowan
LOANS, NET, Movement in Allowance for Loan loss for Direct and Indirect Loans (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | S/ 8,530,986 | |||
Ending balance | 8,645,945 | S/ 8,530,986 | ||
Credit loss provision for direct credits | 8,277,900 | 7,872,400 | ||
Credit loss provision for indirect credits | 368,000 | 658,600 | ||
Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 1,271,717 | 1,436,345 | ||
Transfer to stage 2 | (718,020) | (763,078) | ||
Transfer to stage 3 | (32,998) | (40,197) | ||
Transfer from stage 2 | 566,150 | 563,308 | ||
Transfer from stage 3 | 140,497 | 129,777 | ||
New loans, liquidation and write-offs, net | 514,550 | 909,070 | ||
Changes in PD, LGD and EAD | [1] | (498,951) | (936,793) | |
Transfers between classes of loans | 0 | 0 | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | (3,496) | (26,715) | ||
Ending balance | 1,239,449 | 1,271,717 | ||
Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 1,600,576 | 2,013,187 | ||
Transfer to stage 1 | (566,150) | (563,308) | ||
Transfer to stage 3 | (1,169,348) | (835,154) | ||
Transfer from stage 1 | 718,020 | 763,078 | ||
Transfer from stage 3 | 220,611 | 172,089 | ||
New loans, liquidation and write-offs, net | (626,824) | (747,339) | ||
Changes in PD, LGD and EAD | [1] | 1,210,556 | 808,494 | |
Transfers between classes of loans | 0 | 0 | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | (215) | (10,471) | ||
Ending balance | 1,387,226 | 1,600,576 | ||
Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 5,658,693 | 5,621,479 | ||
Transfer to stage 1 | (140,497) | (129,777) | ||
Transfer to stage 2 | (220,611) | (172,089) | ||
Transfer from stage 1 | 32,998 | 40,197 | ||
Transfer from stage 2 | 1,169,348 | 835,154 | ||
New loans, liquidation and write-offs, net | (4,166,280) | (3,278,825) | ||
Changes in PD, LGD and EAD | [1] | 4,062,830 | 2,828,690 | |
Transfers between classes of loans | 0 | 0 | ||
Sale of loan portfolio | (343,646) | (10,340) | ||
Exchange differences and others | (33,565) | (75,796) | ||
Ending balance | 6,019,270 | 5,658,693 | ||
Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 8,530,986 | [2] | 9,071,011 | |
New loans, liquidation and write-offs, net | (817,292) | (541,836) | ||
Changes in PD, LGD and EAD | [1] | 4,774,435 | 2,700,391 | |
Write off and forgiven loan portfolio | (3,461,262) | (2,575,258) | ||
Transfers between classes of loans | 0 | 0 | ||
Sale of loan portfolio | (343,646) | (10,340) | ||
Exchange differences and others | (37,276) | (112,982) | ||
Ending balance | [2] | 8,645,945 | 8,530,986 | |
Commercial Loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 571,899 | 607,880 | ||
Transfer to stage 2 | (139,043) | (167,527) | ||
Transfer to stage 3 | (9,218) | (16,135) | ||
Transfer from stage 2 | 218,944 | 168,102 | ||
Transfer from stage 3 | 33,333 | 41,729 | ||
New loans, liquidation and write-offs, net | 23,792 | 86,676 | ||
Changes in PD, LGD and EAD | [1] | (162,840) | (120,997) | |
Transfers between classes of loans | 20,026 | (12,101) | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | (4,761) | (15,728) | ||
Ending balance | 552,132 | 571,899 | ||
Commercial Loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 493,257 | 652,781 | ||
Transfer to stage 1 | (218,944) | (168,102) | ||
Transfer to stage 3 | (196,971) | (225,459) | ||
Transfer from stage 1 | 139,043 | 167,527 | ||
Transfer from stage 3 | 39,898 | 61,995 | ||
New loans, liquidation and write-offs, net | (119,049) | (218,631) | ||
Changes in PD, LGD and EAD | [1] | 208,014 | 167,455 | |
Transfers between classes of loans | 52,764 | 58,569 | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | 1,524 | (2,878) | ||
Ending balance | 399,536 | 493,257 | ||
Commercial Loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 2,846,887 | 2,730,792 | ||
Transfer to stage 1 | (33,333) | (41,729) | ||
Transfer to stage 2 | (39,898) | (61,995) | ||
Transfer from stage 1 | 9,218 | 16,135 | ||
Transfer from stage 2 | 196,971 | 225,459 | ||
New loans, liquidation and write-offs, net | (632,292) | (734,370) | ||
Changes in PD, LGD and EAD | [1] | 630,339 | 814,163 | |
Transfers between classes of loans | (48,356) | (51,601) | ||
Sale of loan portfolio | (269,312) | (7,590) | ||
Exchange differences and others | (28,670) | (42,377) | ||
Ending balance | 2,631,554 | 2,846,887 | ||
Commercial Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 3,912,043 | [2] | 3,991,453 | |
New loans, liquidation and write-offs, net | (343,283) | (445,006) | ||
Changes in PD, LGD and EAD | [1] | 675,513 | 860,621 | |
Write off and forgiven loan portfolio | (384,266) | (421,319) | ||
Transfers between classes of loans | 24,434 | (5,133) | ||
Sale of loan portfolio | (269,312) | (7,590) | ||
Exchange differences and others | (31,907) | (60,983) | ||
Ending balance | [2] | 3,583,222 | 3,912,043 | |
Residential Mortgage Loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 83,536 | 76,706 | ||
Transfer to stage 2 | (16,389) | (27,467) | ||
Transfer to stage 3 | (705) | (778) | ||
Transfer from stage 2 | 36,384 | 52,161 | ||
Transfer from stage 3 | 36,223 | 15,910 | ||
New loans, liquidation and write-offs, net | 9,628 | 10,256 | ||
Changes in PD, LGD and EAD | [1] | (94,942) | (43,766) | |
Transfers between classes of loans | 0 | 2,274 | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | 367 | (1,760) | ||
Ending balance | 54,102 | 83,536 | ||
Residential Mortgage Loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 126,832 | 97,388 | ||
Transfer to stage 1 | (36,384) | (52,161) | ||
Transfer to stage 3 | (41,369) | (21,869) | ||
Transfer from stage 1 | 16,389 | 27,467 | ||
Transfer from stage 3 | 58,782 | 13,888 | ||
New loans, liquidation and write-offs, net | (11,555) | (11,992) | ||
Changes in PD, LGD and EAD | [1] | 9,120 | 76,064 | |
Transfers between classes of loans | 0 | 75 | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | (557) | (2,028) | ||
Ending balance | 121,258 | 126,832 | ||
Residential Mortgage Loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 757,780 | 800,639 | ||
Transfer to stage 1 | (36,223) | (15,910) | ||
Transfer to stage 2 | (58,782) | (13,888) | ||
Transfer from stage 1 | 705 | 778 | ||
Transfer from stage 2 | 41,369 | 21,869 | ||
New loans, liquidation and write-offs, net | (149,583) | (163,673) | ||
Changes in PD, LGD and EAD | [1] | 276,611 | 143,014 | |
Transfers between classes of loans | 0 | 0 | ||
Sale of loan portfolio | (40,223) | (1,671) | ||
Exchange differences and others | (6,393) | (13,378) | ||
Ending balance | 785,261 | 757,780 | ||
Residential Mortgage Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 968,148 | [2] | 974,733 | |
New loans, liquidation and write-offs, net | (123,332) | (131,449) | ||
Changes in PD, LGD and EAD | [1] | 190,789 | 175,312 | |
Write off and forgiven loan portfolio | (28,178) | (33,960) | ||
Transfers between classes of loans | 0 | 2,349 | ||
Sale of loan portfolio | (40,223) | (1,671) | ||
Exchange differences and others | (6,583) | (17,166) | ||
Ending balance | [2] | 960,621 | 968,148 | |
Micro-Business Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 1,113,145 | |||
Ending balance | 1,288,068 | 1,113,145 | ||
Micro-Business Loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 315,960 | 434,162 | ||
Transfer to stage 2 | (305,106) | (372,672) | ||
Transfer to stage 3 | (7,484) | (14,219) | ||
Transfer from stage 2 | 137,210 | 152,072 | ||
Transfer from stage 3 | 9,520 | 17,632 | ||
New loans, liquidation and write-offs, net | 420,469 | 471,157 | ||
Changes in PD, LGD and EAD | [1] | (205,832) | (352,379) | |
Transfers between classes of loans | (20,026) | (14,695) | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | 3,413 | (5,098) | ||
Ending balance | 348,124 | 315,960 | ||
Micro-Business Loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 540,913 | 625,255 | ||
Transfer to stage 1 | (137,210) | (152,072) | ||
Transfer to stage 3 | (354,473) | (274,896) | ||
Transfer from stage 1 | 305,106 | 372,672 | ||
Transfer from stage 3 | 64,946 | 34,163 | ||
New loans, liquidation and write-offs, net | (351,848) | (384,376) | ||
Changes in PD, LGD and EAD | [1] | 411,980 | 381,863 | |
Transfers between classes of loans | (52,764) | (56,841) | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | 4,632 | (4,855) | ||
Ending balance | 431,282 | 540,913 | ||
Micro-Business Loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 1,113,154 | 1,148,632 | ||
Transfer to stage 1 | (9,520) | (17,632) | ||
Transfer to stage 2 | (64,946) | (34,163) | ||
Transfer from stage 1 | 7,484 | 14,219 | ||
Transfer from stage 2 | 354,473 | 274,896 | ||
New loans, liquidation and write-offs, net | (1,779,826) | (1,351,918) | ||
Changes in PD, LGD and EAD | [1] | 1,635,614 | 1,048,630 | |
Transfers between classes of loans | 48,356 | 46,447 | ||
Sale of loan portfolio | (17,486) | (830) | ||
Exchange differences and others | 779 | (15,127) | ||
Ending balance | 1,288,082 | 1,113,154 | ||
Micro-Business Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 1,970,027 | [2] | 2,208,049 | |
New loans, liquidation and write-offs, net | (148,153) | (100,459) | ||
Changes in PD, LGD and EAD | [1] | 1,841,762 | 1,078,114 | |
Write off and forgiven loan portfolio | (1,563,052) | (1,164,678) | ||
Transfers between classes of loans | (24,434) | (25,089) | ||
Sale of loan portfolio | (17,486) | (830) | ||
Exchange differences and others | 8,824 | (25,080) | ||
Ending balance | [2] | 2,067,488 | 1,970,027 | |
Consumer Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 940,872 | |||
Ending balance | 1,314,373 | 940,872 | ||
Consumer Loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 300,322 | 317,597 | ||
Transfer to stage 2 | (257,482) | (195,412) | ||
Transfer to stage 3 | (15,591) | (9,065) | ||
Transfer from stage 2 | 173,612 | 190,973 | ||
Transfer from stage 3 | 61,421 | 54,506 | ||
New loans, liquidation and write-offs, net | 60,661 | 340,981 | ||
Changes in PD, LGD and EAD | [1] | (35,337) | (419,651) | |
Transfers between classes of loans | 0 | 24,522 | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | (2,515) | (4,129) | ||
Ending balance | 285,091 | 300,322 | ||
Consumer Loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 439,574 | 637,763 | ||
Transfer to stage 1 | (173,612) | (190,973) | ||
Transfer to stage 3 | (576,535) | (312,930) | ||
Transfer from stage 1 | 257,482 | 195,412 | ||
Transfer from stage 3 | 56,985 | 62,043 | ||
New loans, liquidation and write-offs, net | (144,372) | (132,340) | ||
Changes in PD, LGD and EAD | [1] | 581,442 | 183,112 | |
Transfers between classes of loans | 0 | (1,803) | ||
Sale of loan portfolio | 0 | 0 | ||
Exchange differences and others | (5,814) | (710) | ||
Ending balance | 435,150 | 439,574 | ||
Consumer Loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 940,872 | 941,416 | ||
Transfer to stage 1 | (61,421) | (54,506) | ||
Transfer to stage 2 | (56,985) | (62,043) | ||
Transfer from stage 1 | 15,591 | 9,065 | ||
Transfer from stage 2 | 576,535 | 312,930 | ||
New loans, liquidation and write-offs, net | (1,604,579) | (1,028,864) | ||
Changes in PD, LGD and EAD | [1] | 1,520,266 | 822,883 | |
Transfers between classes of loans | 0 | 5,154 | ||
Sale of loan portfolio | (16,625) | (249) | ||
Exchange differences and others | 719 | (4,914) | ||
Ending balance | 1,314,373 | 940,872 | ||
Consumer Loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Movement in Allowance for Loan loss for Direct and Indirect Loans [Abstract] | ||||
Beginning balance | 1,680,768 | [2] | 1,896,776 | |
New loans, liquidation and write-offs, net | (202,524) | 135,078 | ||
Changes in PD, LGD and EAD | [1] | 2,066,371 | 586,344 | |
Write off and forgiven loan portfolio | (1,485,766) | (955,301) | ||
Transfers between classes of loans | 0 | 27,873 | ||
Sale of loan portfolio | (16,625) | (249) | ||
Exchange differences and others | (7,610) | (9,753) | ||
Ending balance | [2] | S/ 2,034,614 | S/ 1,680,768 | |
[1](*)The movement includes the following effects: (i)calibrations to the PD, LGD and EAD models; (ii)updating of macroeconomic models and projections; (iii)increase or decrease in credit risk due to phase changes; (iv)increase or decrease in the credit risk inherent to the loans that remain in the same phase.[2](**)The movement of the credit loss provision for the 2023 period includes the provision for direct and indirect credits and bank acceptances for approximately S/8,277.9 million and S/368.0 million, respectively (S/7,872.4 million and S/658.6 million , respectively, as of December 31, 2022). The expected loss for indirect credits is included in the “Other liabilities” caption of the consolidated statement of financial position, note 12(a). |
LOANS, NET, Maturity and Paymen
LOANS, NET, Maturity and Payment Due for Gross Direct Loans (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Outstanding loans [Abstract] | ||
Direct loans, gross | S/ 137,350,087 | S/ 141,244,490 |
Internal overdue loans [Abstract] | ||
Internal overdue loans and under legal collection loans | 6,133,167 | 5,945,779 |
Total | 143,483,254 | 147,190,269 |
From 1 to 3 Months [Member] | ||
Outstanding loans [Abstract] | ||
Direct loans, gross | 30,957,809 | 34,192,006 |
From 3 Months to 1 Year [Member] | ||
Outstanding loans [Abstract] | ||
Direct loans, gross | 36,107,936 | 35,338,442 |
From 1 to 3 Years [Member] | ||
Outstanding loans [Abstract] | ||
Direct loans, gross | 29,251,425 | 29,576,654 |
From 3 to 5 Years [Member] | ||
Outstanding loans [Abstract] | ||
Direct loans, gross | 10,906,617 | 11,572,896 |
From 5 to 15 Years [Member] | ||
Outstanding loans [Abstract] | ||
Direct loans, gross | 27,995,370 | 27,144,332 |
More than 15 Years [Member] | ||
Outstanding loans [Abstract] | ||
Direct loans, gross | 2,130,930 | 3,420,160 |
Overdue Up to 90 Days [Member] | ||
Internal overdue loans [Abstract] | ||
Internal overdue loans and under legal collection loans | 1,459,603 | 1,264,436 |
Over 90 Days [Member] | ||
Internal overdue loans [Abstract] | ||
Internal overdue loans and under legal collection loans | S/ 4,673,564 | S/ 4,681,343 |
INSURANCE AND REINSURANCE CON_3
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES, Assets per Reinsurance Contract (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets per reinsurance contract [Abstract] | |||
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | S/ 1,444 | S/ 110,637 | |
Result of the reinsurance service | (391,321) | (460,899) | S/ 0 |
Other changes | (125,495) | (211,437) | |
Cash flow [Abstract] | |||
Net cash flow | (57,803) | 97,768 | |
Reinsurance Contracts [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | 744,008 | 812,466 | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 441,232 | 316,077 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 7,238 | 1,033 | |
Reinsurance recoveries | 448,491 | 317,110 | |
Expenses for assigning the premiums paid to the reinsurer | (839,812) | (778,009) | |
Result of the reinsurance service | (391,321) | (460,899) | |
Net financial expenses for reinsurance contracts | 43,419 | (18,608) | |
Other changes | (9,574) | (28,173) | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 887,794 | 439,222 | |
Reinsurance recoveries | (402,280) | 0 | |
Net cash flow | 485,514 | 439,222 | |
Balances at the end of the period | 872,046 | 744,008 | 812,466 |
Reinsurance Contracts [Member] | Remaining Coverage Assets [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | 308,270 | 322,427 | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 0 | 0 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 7,238 | 1,033 | |
Reinsurance recoveries | 7,238 | 1,033 | |
Expenses for assigning the premiums paid to the reinsurer | (837,543) | (775,719) | |
Result of the reinsurance service | (830,305) | (774,686) | |
Net financial expenses for reinsurance contracts | 0 | 0 | |
Other changes | (7,611) | (13,389) | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 885,524 | 773,918 | |
Reinsurance recoveries | (34,505) | 0 | |
Net cash flow | 851,019 | 773,918 | |
Balances at the end of the period | 321,373 | 308,270 | 322,427 |
Reinsurance Contracts [Member] | Assets for Incurred Claims for Contracts Not Measured by PAA [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | 0 | 0 | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 21 | 0 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 0 | 0 | |
Reinsurance recoveries | 21 | 0 | |
Expenses for assigning the premiums paid to the reinsurer | 0 | 0 | |
Result of the reinsurance service | 21 | 0 | |
Net financial expenses for reinsurance contracts | 0 | 0 | |
Other changes | 0 | 0 | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 0 | 0 | |
Reinsurance recoveries | (21) | 0 | |
Net cash flow | (21) | 0 | |
Balances at the end of the period | 0 | 0 | 0 |
Reinsurance Contracts [Member] | Assets for Incurred Claims for Contracts Measured by PAA Present Value of Future Cash Flows [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | 730,006 | 746,346 | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 441,232 | 316,077 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 0 | 0 | |
Reinsurance recoveries | 441,232 | 316,077 | |
Expenses for assigning the premiums paid to the reinsurer | (2,269) | (2,290) | |
Result of the reinsurance service | 438,963 | 313,787 | |
Net financial expenses for reinsurance contracts | 43,419 | (18,608) | |
Other changes | (12,114) | (17,298) | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 2,270 | (294,221) | |
Reinsurance recoveries | (367,754) | 0 | |
Net cash flow | (365,484) | (294,221) | |
Balances at the end of the period | 834,790 | 730,006 | 746,346 |
Reinsurance Contracts [Member] | Accounts Receivable from Reinsurers and Coinsurers [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | 110,964 | 194,365 | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 0 | 0 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 0 | 0 | |
Reinsurance recoveries | 0 | 0 | |
Expenses for assigning the premiums paid to the reinsurer | 0 | 0 | |
Result of the reinsurance service | 0 | 0 | |
Net financial expenses for reinsurance contracts | 0 | 0 | |
Other changes | 59,346 | 3,303 | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 0 | (86,704) | |
Reinsurance recoveries | 0 | 0 | |
Net cash flow | 0 | (86,704) | |
Balances at the end of the period | 170,310 | 110,964 | 194,365 |
Reinsurance Contracts [Member] | Accounts Payable to Reinsurers and Coinsurers [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | (419,217) | (463,886) | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 0 | 0 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 0 | 0 | |
Reinsurance recoveries | 0 | 0 | |
Expenses for assigning the premiums paid to the reinsurer | 0 | 0 | |
Result of the reinsurance service | 0 | 0 | |
Net financial expenses for reinsurance contracts | 0 | 0 | |
Other changes | (52,716) | (789) | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 0 | 45,458 | |
Reinsurance recoveries | 0 | 0 | |
Net cash flow | 0 | 45,458 | |
Balances at the end of the period | (471,933) | (419,217) | (463,886) |
Reinsurance Contracts [Member] | Excess of Loss Contracts [Member] | |||
Assets per reinsurance contract [Abstract] | |||
Balances at the beginning of the period | 13,985 | 13,214 | |
Past Service Changes - LIC Adjustments and expenses incurred directly attributable | 0 | 0 | |
Future Service Changes - Changes in the FCF that do not adjust the CSM for the underlying group of contracts | 0 | 0 | |
Reinsurance recoveries | 0 | 0 | |
Expenses for assigning the premiums paid to the reinsurer | 0 | 0 | |
Result of the reinsurance service | 0 | 0 | |
Net financial expenses for reinsurance contracts | 0 | 0 | |
Other changes | 3,521 | 0 | |
Cash flow [Abstract] | |||
Premiums paid net of commissions ceded and other directly attributable expenses paid | 0 | 771 | |
Reinsurance recoveries | 0 | 0 | |
Net cash flow | 0 | 771 | |
Balances at the end of the period | S/ 17,506 | S/ 13,985 | S/ 13,214 |
INSURANCE AND REINSURANCE CON_4
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES, Liability for Insurance Contracts (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liability for Insurance Contracts [Abstract] | ||
Claims incurred and other insurance service expenses | S/ (754,697) | S/ (441,591) |
Adjustments relating to the past to liabilities for incurred claims | (754,697) | (441,591) |
Result of the insurance service | (33,227) | 207,159 |
Total changes in the income statement | 1,154,977 | (657,390) |
Other changes | (125,495) | (211,437) |
Cash flow [Abstract] | ||
Premiums received | 1,091,817 | 1,011,547 |
Claims and other service expenses paid | (1,085,630) | (838,619) |
Insurance acquisition cash flows | (63,990) | (75,160) |
Net cash flow | (57,803) | 97,768 |
Insurance Contracts [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 11,154,008 | 11,920,974 |
Insurance income | (3,855,408) | (3,533,270) |
Claims incurred and other insurance service expenses | 2,888,217 | 562,911 |
Adjustments relating to the past to liabilities for incurred claims | (655,545) | 1,559,741 |
Losses and recoveries for losses in onerous contracts | 17,181 | 92,530 |
Amortization of insurance acquisition cash flows | 3,134 | 15,741 |
Insurance service expenses | 2,252,987 | 2,230,923 |
Result of the insurance service | (1,602,421) | (1,302,347) |
Net financial expenses for reinsurance contracts | 1,336,872 | (872,885) |
Total changes in the income statement | (265,549) | (2,175,232) |
Investment components | (15) | 0 |
Other changes | (187,300) | 315,155 |
Cash flow [Abstract] | ||
Premiums received | 4,773,095 | 3,907,795 |
Claims and other service expenses paid | (3,075,632) | (2,739,523) |
Insurance acquisition cash flows | (80,474) | (75,161) |
Net cash flow | 1,616,989 | 1,093,111 |
Balances at the end of the period | 12,318,133 | 11,154,008 |
Insurance Contracts [Member] | Remaining Coverage Liabilities, Excluding Loss Component [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 8,396,418 | 9,246,468 |
Insurance income | (3,855,739) | (3,533,270) |
Claims incurred and other insurance service expenses | 11,544 | 1,953 |
Adjustments relating to the past to liabilities for incurred claims | (592) | (13,440) |
Losses and recoveries for losses in onerous contracts | (8,812) | 0 |
Amortization of insurance acquisition cash flows | 3,134 | 15,741 |
Insurance service expenses | 5,274 | 4,254 |
Result of the insurance service | (3,850,465) | (3,529,016) |
Net financial expenses for reinsurance contracts | 1,051,939 | (793,873) |
Total changes in the income statement | (2,798,526) | (4,322,889) |
Investment components | (901,136) | (658,211) |
Other changes | (163,289) | 357,096 |
Cash flow [Abstract] | ||
Premiums received | 4,773,477 | 3,849,115 |
Claims and other service expenses paid | 0 | 0 |
Insurance acquisition cash flows | (80,474) | (75,161) |
Net cash flow | 4,693,003 | 3,773,954 |
Balances at the end of the period | 9,226,470 | 8,396,418 |
Insurance Contracts [Member] | Remaining Coverage Liabilities, Loss Component [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 163,555 | 135,365 |
Insurance income | 331 | 0 |
Claims incurred and other insurance service expenses | 0 | 0 |
Adjustments relating to the past to liabilities for incurred claims | 0 | 0 |
Losses and recoveries for losses in onerous contracts | 25,993 | 92,530 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Insurance service expenses | 25,993 | 92,530 |
Result of the insurance service | 26,324 | 92,530 |
Net financial expenses for reinsurance contracts | (4,492) | (9,058) |
Total changes in the income statement | 21,832 | 83,472 |
Investment components | (10) | 0 |
Other changes | 22,700 | (55,282) |
Cash flow [Abstract] | ||
Premiums received | (382) | 0 |
Claims and other service expenses paid | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Net cash flow | (382) | 0 |
Balances at the end of the period | 207,695 | 163,555 |
Insurance Contracts [Member] | Liabilities for Incurred Claims for Contracts not Measured by PAA [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 1,073,412 | 994,581 |
Insurance income | 0 | 0 |
Claims incurred and other insurance service expenses | 772,038 | 554,692 |
Adjustments relating to the past to liabilities for incurred claims | (588,726) | (262,588) |
Losses and recoveries for losses in onerous contracts | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Insurance service expenses | 183,312 | 292,104 |
Result of the insurance service | 183,312 | 292,104 |
Net financial expenses for reinsurance contracts | 140,934 | (29,644) |
Total changes in the income statement | 324,246 | 262,460 |
Investment components | 901,131 | 658,211 |
Other changes | (1,609) | (3,221) |
Cash flow [Abstract] | ||
Premiums received | 0 | 0 |
Claims and other service expenses paid | (1,084,324) | (838,619) |
Insurance acquisition cash flows | 0 | 0 |
Net cash flow | (1,084,324) | (838,619) |
Balances at the end of the period | 1,212,856 | 1,073,412 |
Insurance Contracts [Member] | Liabilities for Incurred Claims for Contracts Measured by PAA, Present Value of Future Cash Flows [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 2,274,827 | 2,357,336 |
Insurance income | 0 | 0 |
Claims incurred and other insurance service expenses | 2,104,635 | 6,266 |
Adjustments relating to the past to liabilities for incurred claims | (71,098) | 1,836,194 |
Losses and recoveries for losses in onerous contracts | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Insurance service expenses | 2,033,537 | 1,842,460 |
Result of the insurance service | 2,033,537 | 1,842,460 |
Net financial expenses for reinsurance contracts | 146,732 | (40,648) |
Total changes in the income statement | 2,180,269 | 1,801,812 |
Investment components | 0 | 0 |
Other changes | 33,651 | 16,583 |
Cash flow [Abstract] | ||
Premiums received | 0 | 0 |
Claims and other service expenses paid | (1,991,308) | (1,900,904) |
Insurance acquisition cash flows | 0 | 0 |
Net cash flow | (1,991,308) | (1,900,904) |
Balances at the end of the period | 2,497,439 | 2,274,827 |
Insurance Contracts [Member] | Liabilities for Incurred Claims for Contracts Measured by PAA, Risk Adjustment [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 14,158 | 14,383 |
Insurance income | 0 | 0 |
Claims incurred and other insurance service expenses | 0 | 0 |
Adjustments relating to the past to liabilities for incurred claims | 4,871 | (425) |
Losses and recoveries for losses in onerous contracts | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Insurance service expenses | 4,871 | (425) |
Result of the insurance service | 4,871 | (425) |
Net financial expenses for reinsurance contracts | 1,759 | 338 |
Total changes in the income statement | 6,630 | (87) |
Investment components | 0 | 0 |
Other changes | (317) | (138) |
Cash flow [Abstract] | ||
Premiums received | 0 | 0 |
Claims and other service expenses paid | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Net cash flow | 0 | 0 |
Balances at the end of the period | 20,471 | 14,158 |
Insurance Contracts [Member] | Accounts Receivable for Insurance Contracts [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | (869,455) | (916,859) |
Insurance income | 0 | 0 |
Claims incurred and other insurance service expenses | 0 | 0 |
Adjustments relating to the past to liabilities for incurred claims | 0 | 0 |
Losses and recoveries for losses in onerous contracts | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Insurance service expenses | 0 | 0 |
Result of the insurance service | 0 | 0 |
Net financial expenses for reinsurance contracts | 0 | 0 |
Total changes in the income statement | 0 | 0 |
Investment components | 0 | 0 |
Other changes | (70,408) | 178 |
Cash flow [Abstract] | ||
Premiums received | 0 | 47,226 |
Claims and other service expenses paid | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Net cash flow | 0 | 47,226 |
Balances at the end of the period | (939,863) | (869,455) |
Insurance Contracts [Member] | Debts to Intermediaries, Marketers and Auxiliaries [Member] | ||
Liability for Insurance Contracts [Abstract] | ||
Balances at the beginning of the period | 101,093 | 89,700 |
Insurance income | 0 | 0 |
Claims incurred and other insurance service expenses | 0 | 0 |
Adjustments relating to the past to liabilities for incurred claims | 0 | 0 |
Losses and recoveries for losses in onerous contracts | 0 | 0 |
Amortization of insurance acquisition cash flows | 0 | 0 |
Insurance service expenses | 0 | 0 |
Result of the insurance service | 0 | 0 |
Net financial expenses for reinsurance contracts | 0 | 0 |
Total changes in the income statement | 0 | 0 |
Investment components | 0 | 0 |
Other changes | (8,028) | (61) |
Cash flow [Abstract] | ||
Premiums received | 0 | 11,454 |
Claims and other service expenses paid | 0 | 0 |
Insurance acquisition cash flows | 0 | 0 |
Net cash flow | 0 | 11,454 |
Balances at the end of the period | S/ 93,065 | S/ 101,093 |
INSURANCE AND REINSURANCE CON_5
INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES, Components of the Movement (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Components of the Movement [abstract] | ||
Balances at the beginning of the period | S/ 8,595,335 | S/ 9,366,394 |
Changes in the statement of income [Abstract] | ||
Changes in estimates that adjust the CSM | (7,095) | 30,369 |
Changes in estimates that result in losses and recoveries for contract losses onerous | (11,974) | 65,689 |
Initial recognition contracts | 20,513 | 14,579 |
Changes Related to Future Services | 1,444 | 110,637 |
CSM recognized for services provided | (128,639) | (114,272) |
Changes in the risk adjustment recognized for the expired risk | (22,759) | (15,379) |
Experience Adjustments | 871,424 | 667,764 |
Changes Related to Current Services | 720,026 | 538,113 |
Adjustments to liabilities for incurred claims | (754,697) | (441,591) |
Changes related to past services | (754,697) | (441,591) |
Result of the insurance service | (33,227) | 207,159 |
Net financial expenses for insurance contracts | 1,188,204 | |
Net financial expenses for reinsurance contracts | (864,549) | |
Total changes in the income statement | 1,154,977 | (657,390) |
Other changes | (125,495) | (211,437) |
Cash flow [Abstract] | ||
Premiums collected | 1,091,817 | 1,011,547 |
Benefits and expenses paid | (1,085,630) | (838,619) |
Acquisition fees paid | (63,990) | (75,160) |
Net cash flow | (57,803) | 97,768 |
Balances at the end of the period | 9,567,014 | 8,595,335 |
Insurance contract liabilities measured under general model [Member] | ||
Cash flow [Abstract] | ||
Insurance contract liabilities | 8,696,900 | 7,775,100 |
Insurance contract liabilities measured under variable fee approach [Member] | ||
Cash flow [Abstract] | ||
Insurance contract liabilities | 870,100 | 820,200 |
Present Value of Future Cash Flows [Member] | ||
Components of the Movement [abstract] | ||
Balances at the beginning of the period | 7,186,948 | 7,789,688 |
Changes in the statement of income [Abstract] | ||
Changes in estimates that adjust the CSM | 50,644 | 167,426 |
Changes in estimates that result in losses and recoveries for contract losses onerous | 4,483 | 65,410 |
Initial recognition contracts | (94,546) | (116,222) |
Changes Related to Future Services | (39,419) | 116,614 |
CSM recognized for services provided | 0 | 0 |
Changes in the risk adjustment recognized for the expired risk | 0 | 0 |
Experience Adjustments | 871,245 | 667,764 |
Changes Related to Current Services | 871,245 | 667,764 |
Adjustments to liabilities for incurred claims | (764,140) | (442,907) |
Changes related to past services | (764,140) | (442,907) |
Result of the insurance service | 67,686 | 341,471 |
Net financial expenses for insurance contracts | 1,140,937 | |
Net financial expenses for reinsurance contracts | (879,839) | |
Total changes in the income statement | 1,208,623 | (538,368) |
Other changes | (100,717) | (162,140) |
Cash flow [Abstract] | ||
Premiums collected | 1,091,817 | 1,011,547 |
Benefits and expenses paid | (1,085,630) | (838,619) |
Acquisition fees paid | (80,474) | (75,160) |
Net cash flow | (74,287) | 97,768 |
Balances at the end of the period | 8,220,567 | 7,186,948 |
Risk Adjustment [Member] | ||
Components of the Movement [abstract] | ||
Balances at the beginning of the period | 254,151 | 284,348 |
Changes in the statement of income [Abstract] | ||
Changes in estimates that adjust the CSM | (97,658) | 10,241 |
Changes in estimates that result in losses and recoveries for contract losses onerous | (10,842) | 279 |
Initial recognition contracts | 8,226 | 10,178 |
Changes Related to Future Services | (100,274) | 20,698 |
CSM recognized for services provided | 0 | 0 |
Changes in the risk adjustment recognized for the expired risk | (22,759) | (15,379) |
Experience Adjustments | 5 | 0 |
Changes Related to Current Services | (22,754) | (15,379) |
Adjustments to liabilities for incurred claims | 9,443 | 1,316 |
Changes related to past services | 9,443 | 1,316 |
Result of the insurance service | (113,585) | 6,635 |
Net financial expenses for insurance contracts | 7,125 | |
Net financial expenses for reinsurance contracts | (26,978) | |
Total changes in the income statement | (106,460) | (20,343) |
Other changes | (3,484) | (9,854) |
Cash flow [Abstract] | ||
Premiums collected | 0 | 0 |
Benefits and expenses paid | 0 | 0 |
Acquisition fees paid | 0 | 0 |
Net cash flow | 0 | 0 |
Balances at the end of the period | 144,207 | 254,151 |
CSM Fair Value Contracts [Member] | ||
Components of the Movement [abstract] | ||
Balances at the beginning of the period | 1,154,236 | 1,292,358 |
Changes in the statement of income [Abstract] | ||
Changes in estimates that adjust the CSM | 39,919 | (147,298) |
Changes in estimates that result in losses and recoveries for contract losses onerous | (5,615) | 0 |
Initial recognition contracts | 106,833 | 120,623 |
Changes Related to Future Services | 141,137 | (26,675) |
CSM recognized for services provided | (128,639) | (114,272) |
Changes in the risk adjustment recognized for the expired risk | 0 | 0 |
Experience Adjustments | 174 | 0 |
Changes Related to Current Services | (128,465) | (114,272) |
Adjustments to liabilities for incurred claims | 0 | 0 |
Changes related to past services | 0 | 0 |
Result of the insurance service | 12,672 | (140,947) |
Net financial expenses for insurance contracts | 40,142 | |
Net financial expenses for reinsurance contracts | 42,268 | |
Total changes in the income statement | 52,814 | (98,679) |
Other changes | (21,294) | (39,443) |
Cash flow [Abstract] | ||
Premiums collected | 0 | 0 |
Benefits and expenses paid | 0 | 0 |
Acquisition fees paid | 16,484 | 0 |
Net cash flow | 16,484 | 0 |
Balances at the end of the period | S/ 1,202,240 | S/ 1,154,236 |
PROPERTY, FURNITURE AND EQUIP_3
PROPERTY, FURNITURE AND EQUIPMENT, NET, Movement of Property, Furniture and Equipment and Accumulated Depreciation (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | [1] | S/ 1,281,098 | S/ 1,308,779 | |||
Balance Ending | 1,357,525 | 1,281,098 | [1] | S/ 1,308,779 | [1] | |
Net carrying amount | 1,357,525 | 1,281,098 | [1] | 1,308,779 | [1] | |
Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 3,463,196 | 3,500,890 | 3,515,202 | |||
Additions | 322,371 | 192,700 | 107,790 | |||
Acquisition of business | 455 | 419 | 0 | |||
Transfers | 0 | 0 | 0 | |||
Disposals and others | (213,736) | (230,813) | (122,102) | |||
Balance Ending | 3,572,286 | 3,463,196 | 3,500,890 | |||
Net carrying amount | 3,572,286 | 3,463,196 | 3,500,890 | |||
Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 2,182,098 | 2,192,111 | 2,140,327 | |||
Depreciation of the period | 129,108 | 128,443 | 140,173 | |||
Acquisition of business | 0 | 102 | 0 | |||
Disposals and others | (96,445) | (138,558) | (88,389) | |||
Balance Ending | 2,214,761 | 2,182,098 | 2,192,111 | |||
Net carrying amount | 2,214,761 | 2,182,098 | S/ 2,192,111 | |||
Land [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 327,113 | |||||
Net carrying amount | 327,113 | |||||
Land [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 375,485 | |||||
Additions | 0 | |||||
Acquisition of business | 0 | |||||
Transfers | 0 | |||||
Disposals and others | (48,372) | |||||
Balance Ending | 327,113 | 375,485 | ||||
Net carrying amount | 327,113 | 375,485 | ||||
Land [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 0 | |||||
Depreciation of the period | 0 | |||||
Acquisition of business | 0 | |||||
Disposals and others | 0 | |||||
Balance Ending | 0 | 0 | ||||
Net carrying amount | 0 | 0 | ||||
Buildings and Other Constructions [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 395,958 | |||||
Net carrying amount | 395,958 | |||||
Buildings and Other Constructions [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 1,146,905 | |||||
Additions | 3,008 | |||||
Acquisition of business | 0 | |||||
Transfers | 0 | |||||
Disposals and others | (9,269) | |||||
Balance Ending | 1,140,644 | 1,146,905 | ||||
Net carrying amount | 1,140,644 | 1,146,905 | ||||
Buildings and Other Constructions [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 725,590 | |||||
Depreciation of the period | 22,575 | |||||
Acquisition of business | 0 | |||||
Disposals and others | (3,479) | |||||
Balance Ending | 744,686 | 725,590 | ||||
Net carrying amount | 744,686 | 725,590 | ||||
Installations [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 208,425 | |||||
Net carrying amount | 208,425 | |||||
Installations [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 731,678 | |||||
Additions | 16,056 | |||||
Acquisition of business | 0 | |||||
Transfers | 45,603 | |||||
Disposals and others | (13,856) | |||||
Balance Ending | 779,481 | 731,678 | ||||
Net carrying amount | 779,481 | 731,678 | ||||
Installations [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 550,001 | |||||
Depreciation of the period | 34,658 | |||||
Acquisition of business | 0 | |||||
Disposals and others | (13,603) | |||||
Balance Ending | 571,056 | 550,001 | ||||
Net carrying amount | 571,056 | 550,001 | ||||
Furniture and Fixtures [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 157,941 | |||||
Net carrying amount | 157,941 | |||||
Furniture and Fixtures [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 467,134 | |||||
Additions | 41,287 | |||||
Acquisition of business | 364 | |||||
Transfers | 10,434 | |||||
Disposals and others | (33,432) | |||||
Balance Ending | 485,787 | 467,134 | ||||
Net carrying amount | 485,787 | 467,134 | ||||
Furniture and Fixtures [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 324,080 | |||||
Depreciation of the period | 30,904 | |||||
Acquisition of business | 0 | |||||
Disposals and others | (27,138) | |||||
Balance Ending | 327,846 | 324,080 | ||||
Net carrying amount | 327,846 | 324,080 | ||||
Computer Hardware [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 133,237 | |||||
Net carrying amount | 133,237 | |||||
Computer Hardware [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 571,046 | |||||
Additions | 93,782 | |||||
Acquisition of business | 91 | |||||
Transfers | 1,192 | |||||
Disposals and others | (51,900) | |||||
Balance Ending | 614,211 | 571,046 | ||||
Net carrying amount | 614,211 | 571,046 | ||||
Computer Hardware [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 492,609 | |||||
Depreciation of the period | 35,643 | |||||
Acquisition of business | 0 | |||||
Disposals and others | (47,278) | |||||
Balance Ending | 480,974 | 492,609 | ||||
Net carrying amount | 480,974 | 492,609 | ||||
Vehicles and Equipment [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 17,596 | |||||
Net carrying amount | 17,596 | |||||
Vehicles and Equipment [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 112,161 | |||||
Additions | 360 | |||||
Acquisition of business | 0 | |||||
Transfers | 285 | |||||
Disposals and others | (5,011) | |||||
Balance Ending | 107,795 | 112,161 | ||||
Net carrying amount | 107,795 | 112,161 | ||||
Vehicles and Equipment [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 89,818 | |||||
Depreciation of the period | 5,328 | |||||
Acquisition of business | 0 | |||||
Disposals and others | (4,947) | |||||
Balance Ending | 90,199 | 89,818 | ||||
Net carrying amount | 90,199 | 89,818 | ||||
Work in Progress [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Ending | 117,255 | |||||
Net carrying amount | 117,255 | |||||
Work in Progress [Member] | Cost [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 58,787 | |||||
Additions | 167,878 | |||||
Acquisition of business | 0 | |||||
Transfers | (57,514) | |||||
Disposals and others | (51,896) | |||||
Balance Ending | 117,255 | 58,787 | ||||
Net carrying amount | 117,255 | 58,787 | ||||
Work in Progress [Member] | Accumulated Amortization [Member] | ||||||
Movement of Property, Furniture and Equipment and Accumulated Depreciation [Abstract] | ||||||
Balance Beginning | 0 | |||||
Depreciation of the period | 0 | |||||
Acquisition of business | 0 | |||||
Disposals and others | 0 | |||||
Balance Ending | 0 | 0 | ||||
Net carrying amount | S/ 0 | S/ 0 | ||||
[1]See note 3(b). |
PROPERTY, FURNITURE AND EQUIP_4
PROPERTY, FURNITURE AND EQUIPMENT, NET, Sale of Property (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in property, plant and equipment [abstract] | |||
Proceeds from sales of land, building and property | S/ 53,152 | S/ 5,373 | S/ 11,457 |
Depreciation and amortization of fixed assets | 125,000 | ||
Insurance technical result expense | 4,100 | ||
Land and Buildings [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Proceeds from sales of land, building and property | 53,100 | 46,100 | |
Net cost of properties sold | S/ 51,400 | S/ 33,800 |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL, NET, Detailed Information about Intangible Assets (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | S/ 2,127,216 | S/ 1,913,221 | |
Ending balance | 2,427,017 | 2,127,216 | S/ 1,913,221 |
Depreciation and amortization | 511,174 | 485,207 | 521,967 |
Impact of initial application of IFRS 17 [member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Depreciation and amortization | 386,100 | 50,500 | |
Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 5,167,235 | 4,708,305 | 4,293,864 |
Additions | 828,803 | 703,670 | 532,244 |
Acquisition of business | 16,642 | 7,533 | 0 |
Transfers | 0 | 0 | 0 |
Disposals and others | (151,301) | (252,273) | (117,803) |
Ending balance | 5,861,379 | 5,167,235 | 4,708,305 |
Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 3,040,019 | 2,795,084 | 2,475,466 |
Amortization of the period | 436,584 | 403,726 | 381,794 |
Disposals and others | (42,241) | (158,791) | (62,176) |
Ending balance | 3,434,362 | 3,040,019 | S/ 2,795,084 |
Client relationships [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 71,089 | ||
Ending balance | 58,674 | 71,089 | |
Client relationships [Member] | Prima AFP - AFP Union Vida [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 45,262 | ||
Ending balance | 37,701 | 45,262 | |
Client relationships [Member] | Credicorp Capital Holding Chile - Inversiones IMT [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 15,564 | ||
Ending balance | 13,410 | 15,564 | |
Client relationships [Member] | Joinnus S.A.C. [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 0 | ||
Ending balance | 2,507 | 0 | |
Client relationships [Member] | Ultraserfinco S.A. [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 6,971 | ||
Ending balance | 2,000 | 6,971 | |
Client relationships [Member] | Compania Incubadora De Soluciones Moviles SA- Culqi [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 1,809 | ||
Ending balance | 1,792 | 1,809 | |
Client relationships [Member] | Tenpo SpA [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 1,483 | ||
Ending balance | 1,264 | 1,483 | |
Client relationships [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 373,602 | ||
Additions | 0 | ||
Acquisition of business | 2,507 | ||
Transfers | 0 | ||
Disposals and others | (204) | ||
Ending balance | 375,905 | 373,602 | |
Client relationships [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 302,513 | ||
Amortization of the period | 15,025 | ||
Disposals and others | (307) | ||
Ending balance | 317,231 | 302,513 | |
Brand name [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 111,376 | ||
Ending balance | 109,006 | 111,376 | |
Brand name [Member] | Joinnus S.A.C. [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 0 | ||
Ending balance | 3,457 | 0 | |
Brand name [Member] | Compania Incubadora De Soluciones Moviles SA- Culqi [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 367 | ||
Ending balance | 305 | 367 | |
Brand name [Member] | MiBanco [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 111,009 | ||
Ending balance | 105,244 | 111,009 | |
Brand name [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 171,864 | ||
Additions | 0 | ||
Acquisition of business | 3,457 | ||
Transfers | 0 | ||
Disposals and others | 0 | ||
Ending balance | 175,321 | 171,864 | |
Brand name [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 60,488 | ||
Amortization of the period | 5,827 | ||
Disposals and others | 0 | ||
Ending balance | 66,315 | 60,488 | |
Fund Manager Contract [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 60,588 | ||
Ending balance | 61,342 | 60,588 | |
Fund Manager Contract [Member] | Credicorp Capital Holding Chile - Inversiones IMT [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 30,495 | ||
Ending balance | 29,553 | 30,495 | |
Fund Manager Contract [Member] | Ultraserfinco S.A. [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 2,473 | ||
Ending balance | 2,560 | 2,473 | |
Fund Manager Contract [Member] | Credicorp Capital Colombia [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 27,620 | ||
Ending balance | 29,229 | 27,620 | |
Fund Manager Contract [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 73,412 | ||
Additions | 0 | ||
Acquisition of business | 0 | ||
Transfers | 0 | ||
Disposals and others | 4,303 | ||
Ending balance | 77,715 | 73,412 | |
Fund Manager Contract [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 12,824 | ||
Amortization of the period | 3,573 | ||
Disposals and others | (24) | ||
Ending balance | 16,373 | 12,824 | |
Relationships with holders [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Ending balance | 0 | ||
Relationships with holders [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 21,100 | ||
Additions | 0 | ||
Acquisition of business | 0 | ||
Transfers | 0 | ||
Disposals and others | 0 | ||
Ending balance | 21,100 | 21,100 | |
Relationships with holders [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 21,100 | ||
Amortization of the period | 0 | ||
Disposals and others | 0 | ||
Ending balance | 21,100 | 21,100 | |
Software and developments [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Ending balance | 1,276,080 | ||
Software and developments [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 3,642,091 | ||
Additions | 244,879 | ||
Acquisition of business | 10,678 | ||
Transfers | 436,050 | ||
Disposals and others | (54,676) | ||
Ending balance | 4,279,022 | 3,642,091 | |
Software and developments [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 2,637,685 | ||
Amortization of the period | 407,583 | ||
Disposals and others | (42,326) | ||
Ending balance | 3,002,942 | 2,637,685 | |
Intangible in progress [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Ending balance | 901,562 | ||
Intangible in progress [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 867,213 | ||
Additions | 577,462 | ||
Acquisition of business | 0 | ||
Transfers | (436,050) | ||
Disposals and others | (107,063) | ||
Ending balance | 901,562 | 867,213 | |
Intangible in progress [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 0 | ||
Amortization of the period | 0 | ||
Disposals and others | 0 | ||
Ending balance | 0 | 0 | |
Other [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Ending balance | 20,353 | ||
Other [Member] | Cost [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 17,953 | ||
Additions | 6,462 | ||
Acquisition of business | 0 | ||
Transfers | 0 | ||
Disposals and others | 6,339 | ||
Ending balance | 30,754 | 17,953 | |
Other [Member] | Accumulated Amortization [Member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 5,409 | ||
Amortization of the period | 4,576 | ||
Disposals and others | 416 | ||
Ending balance | S/ 10,401 | S/ 5,409 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL, NET, Reconciliation of Changes in Goodwill (Details) S/ in Thousands, $ in Millions, $ in Millions | Dec. 31, 2023 PEN (S/) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 PEN (S/) |
Goodwill [Abstract] | ||||
Goodwill | S/ 798,482 | $ 513,458 | $ 132.5 | S/ 772,213 |
Mibanco - Edyficar Peru [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 273,694 | 273,694 | ||
Prima AFP - AFP Union Vida [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 124,641 | 124,641 | ||
Credicorp Capital Colombia S.A [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 111,799 | 92,188 | ||
Banco de Credito del Peru [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 52,359 | 52,359 | ||
Mibanco Colombia [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 49,629 | 99,979 | ||
Pacifico Seguros [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 36,354 | 36,354 | ||
Joinnus S.A.C. [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 35,700 | 0 | ||
Atlantic Security Holding Corporation [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 29,795 | 29,795 | ||
Tenpo SpA [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 22,697 | 23,441 | ||
Monokera S.A.S [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 22,656 | 0 | ||
Wally POS S.A.C [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 21,046 | 24,214 | ||
Tenpo Technologie SpA [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 11,719 | 13,155 | ||
Sami Shop S.A.C [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 4,000 | 0 | ||
Compania Incubadora De Soluciones Moviles SA- Culqi [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | 2,297 | 2,297 | ||
Crediseguro Seguros Personales [Member] | ||||
Goodwill [Abstract] | ||||
Goodwill | S/ 96 | S/ 96 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL, NET, Impairment (Details) S/ in Thousands, $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 PEN (S/) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | |
Impairment of goodwill [abstract] | ||||||
Gross impairment loss | S/ 71,959 | S/ 0 | S/ 0 | |||
Estimated fair value of goodwill | $ 438,259 | $ 113.2 | ||||
Book value | S/ 798,482 | 772,213 | $ 513,458 | $ 132.5 | ||
Discount rate | 15.10% | 15.10% | 15.10% | |||
Growth rate | 6.80% | 6.80% | 6.80% | |||
Mibanco Colombia [Member] | ||||||
Impairment of goodwill [abstract] | ||||||
Gross impairment loss | S/ 64,100 | $ 75,199 | ||||
Book value | 49,629 | S/ 99,979 | ||||
Minority participation [Member] | ||||||
Impairment of goodwill [abstract] | ||||||
Gross impairment loss | S/ 7,800 |
INTANGIBLE ASSETS AND GOODWIL_6
INTANGIBLE ASSETS AND GOODWILL, NET, Key Assumptions Used for Calculation of Fair Value Less Selling Costs (Details) | Dec. 31, 2023 | Dec. 31, 2022 | |
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 6.80% | ||
Discount rate | 15.10% | ||
Mibanco - Edyficar Peru [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 5.60% | 5.60% | |
Discount rate | 13.10% | 14.30% | |
Prima AFP - AFP Union Vida [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 1.60% | 1.60% | |
Discount rate | 15.50% | 16.10% | |
Mibanco Colombia [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 6.80% | 6% | |
Discount rate | 15.10% | 16.80% | |
Credicorp Capital Colombia [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 4.60% | 4.80% | |
Discount rate | 14.90% | 17.90% | |
Banco de Credito del Peru [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 4.60% | 4.60% | |
Discount rate | 12.40% | 12.80% | |
Pacifico Seguros [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 4.60% | 4.60% | |
Pacifico Seguros [Member] | Minimum [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Discount rate | [1] | 11.80% | 13% |
Pacifico Seguros [Member] | Maximum [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Discount rate | [1] | 13.90% | 14.30% |
Atlantic Security Holding Corporation [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 2.30% | 2.30% | |
Discount rate | 12.60% | 15.20% | |
Tenpo SpA [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 0% | 0% | |
Discount rate | 25% | 25% | |
Compania Incubadora de Soluciones Moviles S.A-Culqi [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 0% | 0% | |
Discount rate | 25% | 25% | |
Wally POS S.A.C [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 0% | ||
Discount rate | 25% | ||
Sami Shop S.A.C [Member] | |||
Key assumptions used for calculation of fair value less selling costs [Abstract] | |||
Terminal value growth rate | 0% | ||
Discount rate | 25% | ||
[1]As of December 31, 2023, and 2022, it corresponds to the discount rates used to determine the recoverable value of the cash flows that correspond to the general and life insurance business lines. |
RIGHT-OF-USE ASSETS, NET AND _3
RIGHT-OF-USE ASSETS, NET AND LEASE OBLIGATIONS (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | [1] | S/ 543,833 | S/ 586,417 | |||
Depreciation of the period | 147,833 | 151,282 | S/ 161,287 | |||
Balance at the end | 499,715 | 543,833 | [1] | 586,417 | [1] | |
Net carrying amount | 499,715 | 543,833 | 586,417 | |||
Property: Agencies and Offices [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Net carrying amount | 398,597 | |||||
Servers and Technology Platforms [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Net carrying amount | 55,275 | |||||
Transport Units [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Net carrying amount | 3,876 | |||||
Other Leases [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Net carrying amount | 41,967 | |||||
Cost [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 1,026,891 | 969,355 | 990,148 | |||
Additions | 122,841 | 113,948 | 110,005 | |||
Disposal and others | (64,489) | (56,412) | (130,798) | |||
Balance at the end | 1,085,243 | 1,026,891 | 969,355 | |||
Cost [Member] | Property: Agencies and Offices [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 807,422 | |||||
Additions | 101,585 | |||||
Disposal and others | (61,753) | |||||
Balance at the end | 847,254 | 807,422 | ||||
Cost [Member] | Servers and Technology Platforms [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 151,363 | |||||
Additions | 3,239 | |||||
Disposal and others | (2,231) | |||||
Balance at the end | 152,371 | 151,363 | ||||
Cost [Member] | Transport Units [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 3,305 | |||||
Additions | 3,308 | |||||
Disposal and others | (505) | |||||
Balance at the end | 6,108 | 3,305 | ||||
Cost [Member] | Other Leases [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 64,801 | |||||
Additions | 14,709 | |||||
Disposal and others | 0 | |||||
Balance at the end | 79,510 | 64,801 | ||||
Accumulated Depreciation [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 483,058 | 382,938 | 287,220 | |||
Depreciation of the period | 147,833 | 151,335 | 161,287 | |||
Disposal and others | (45,363) | (51,215) | (65,569) | |||
Balance at the end | 585,528 | 483,058 | S/ 382,938 | |||
Accumulated Depreciation [Member] | Property: Agencies and Offices [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 386,108 | |||||
Depreciation of the period | 105,163 | |||||
Disposal and others | (42,614) | |||||
Balance at the end | 448,657 | 386,108 | ||||
Accumulated Depreciation [Member] | Servers and Technology Platforms [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 71,512 | |||||
Depreciation of the period | 27,831 | |||||
Disposal and others | (2,247) | |||||
Balance at the end | 97,096 | 71,512 | ||||
Accumulated Depreciation [Member] | Transport Units [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 2,052 | |||||
Depreciation of the period | 682 | |||||
Disposal and others | (502) | |||||
Balance at the end | 2,232 | 2,052 | ||||
Accumulated Depreciation [Member] | Other Leases [Member] | ||||||
Right-of-Use Assets [Abstract] | ||||||
Balance at the beginning | 23,386 | |||||
Depreciation of the period | 14,157 | |||||
Disposal and others | 0 | |||||
Balance at the end | S/ 37,543 | S/ 23,386 | ||||
[1]See note 3(b). |
OTHER ASSETS AND OTHER LIABIL_3
OTHER ASSETS AND OTHER LIABILITIES, Components of Other Assets and Other Liabilities (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Financial instruments: [Abstract] | ||||||||
Receivables | [1] | S/ 1,523,052 | S/ 1,449,079 | |||||
Derivatives receivable | [2] | 987,663 | 1,478,726 | |||||
Receivables from sale of investments | [3] | 411,599 | 142,765 | |||||
Operations in process | [4] | 137,952 | 155,568 | |||||
Financial instruments | 3,060,266 | 3,226,138 | ||||||
Non-financial instruments: [Abstract] | ||||||||
Deferred fees | [5] | 1,197,457 | 908,399 | |||||
Investment in associates | [6] | 748,663 | 726,993 | |||||
Investment properties, net | [7] | 565,274 | 548,558 | |||||
Income tax prepayments, net | 348,578 | 186,372 | ||||||
Adjudicated assets, net | 107,562 | 136,079 | ||||||
Improvements in leased premises | 100,919 | 71,747 | ||||||
VAT (IGV) tax credit | 86,661 | 58,329 | ||||||
Others | 9,237 | 9,056 | ||||||
Others Non-financial Assets | 3,164,351 | 2,645,533 | ||||||
Total | 6,224,617 | 5,871,671 | [8] | S/ 6,199,844 | [8] | |||
Financial instruments: [Abstract] | ||||||||
Accounts payable | [9] | 2,367,204 | 2,058,229 | |||||
Salaries and other personnel expenses | 1,082,059 | 930,622 | ||||||
Derivatives payable | [2] | 891,999 | 1,345,665 | |||||
Accounts payable for acquisitions of investments | [3] | 448,046 | 153,681 | |||||
Allowance for indirect loan losses, Note 7 | [2] | 368,029 | 658,584 | |||||
Operations in process | [4] | 258,197 | 89,480 | |||||
Dividends payable | 62,976 | 73,607 | ||||||
Other financial liabilities | 5,478,510 | 5,309,868 | ||||||
Non-financial instruments: [Abstract] | ||||||||
Taxes | 727,052 | 1,062,691 | ||||||
Provision for sundry risks | 661,737 | [10] | 624,149 | [10] | 614,012 | S/ 514,382 | ||
Others | 126,392 | 192,344 | ||||||
Non financial liabilities | 1,515,181 | 1,879,184 | ||||||
Total other liabilities | S/ 6,993,691 | S/ 7,189,052 | [8] | S/ 6,444,097 | [8] | |||
[1] As of December 31, 2023, the balance is mainly composed of accounts receivable from Niubiz, margin call of operations with derivates, for sale of goods and services, accounts receivable for the sale of foreign currency, operations to be settled, funds restricted by Central Bank of Reserve of Bolivia, works for taxes, accounts paid by third parties, commissions receivable, payment protection insurance premium receivable, accounts receivable from clients for stock market operations, advances to personnel, dividends receivable, rents, among others. As of December 31, 2022, the balance mainly comprises funds restricted by the Central Reserve Bank of Bolivia, margin call of operations with derivatives, taxes receivable, accounts receivable from the sale of deferred foreign currency, protection insurance premium of payments receivable, works for taxes, accounts paid by third parties, accounts receivable for the sale of goods and services, commissions receivable, receivable from clients for stock market operations, advances to personnel, operations to settle rents receivable, dividends for charge, among others The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change. As of December 31, 2023 and 2022, corresponds to accounts receivable and payable for the sale and purchase of financial investments negotiated during the last days of the month, which were settled during the first days of the following month. Transactions in process include deposits received, granted and collected loans, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the interim condensed consolidated statement of financial position until the first days of the following month. The regularization of these transactions does not affect the Group’s net income. As of December 31, 2023, the balance corresponds mainly to the payment in advance in favor of Latam Airlines Group S.A. Perú Branch for US$ 169.7 629.5 128.0 488.4 Credicorp’s principal associate is Pacífico S.A Entidad Prestadora de Salud ( Pacífico Investment properties - |
OTHER ASSETS AND OTHER LIABIL_4
OTHER ASSETS AND OTHER LIABILITIES, Fair Value of Derivative Financial Instruments, Recorded as an Asset or a Liability (Details) S/ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 PEN (S/) | Jul. 31, 2023 USD ($) | Dec. 31, 2022 PEN (S/) | ||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | S/ 987,663 | S/ 1,478,726 | ||||
Liabilities | 891,899 | 1,345,665 | ||||
Nominal amount | 65,749,481 | 63,818,334 | ||||
Derivatives Held for Trading [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 909,512 | 1,327,964 | ||||
Liabilities | 845,101 | 1,320,883 | ||||
Nominal amount | 63,115,736 | 61,470,540 | ||||
Fair Value Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 78,151 | 150,762 | ||||
Liabilities | 46,898 | 24,782 | ||||
Nominal amount | 2,633,745 | 2,347,794 | ||||
Fair Value Hedges [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Nominal amount | 778,900 | 926,500 | ||||
Foreign Currency Forwards [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 334,505 | 500,348 | ||||
Liabilities | 205,341 | 288,857 | ||||
Nominal amount | $ 14.7 | 54,400 | ||||
Foreign Currency Forwards [Member] | Derivatives Held for Trading [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 334,505 | 500,348 | ||||
Liabilities | 205,341 | 288,857 | ||||
Nominal amount | 32,206,841 | 34,224,865 | ||||
Maturity | January 2024 / March 2026 | January 2023 / August 2024 | ||||
Foreign Currency Forwards [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 57 | 0 | ||||
Liabilities | 0 | 0 | ||||
Nominal amount | 54,392 | 0 | ||||
Maturity | June 2024 | |||||
Related instruments | Debts to bank | |||||
Interest Rate Swap [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 341,898 | 415,034 | ||||
Liabilities | 204,775 | 277,988 | ||||
Interest Rate Swap [Member] | Derivatives Held for Trading [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 341,898 | 415,034 | ||||
Liabilities | 204,775 | 277,988 | ||||
Nominal amount | 17,471,629 | 10,834,324 | ||||
Maturity | January 2024 / September 2033 | January 2023 / December 2032 | ||||
Interest Rate Swap [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 786 | 0 | ||||
Liabilities | 337 | 0 | ||||
Nominal amount | 556,350 | 0 | ||||
Maturity | April 2026 / May 2026 | |||||
Related instruments | Cash and due from banks | |||||
Interest Rate Swap [Member] | Fair Value Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 41,554 | 52,106 | ||||
Liabilities | 0 | 397 | ||||
Nominal amount | 778,890 | 926,497 | ||||
Maturity | March 2025 / February 2028 | January 2023 / February 2028 | ||||
Related instruments | Investments | |||||
Currency Swaps [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 230,818 | 410,439 | ||||
Liabilities | 429,365 | 749,420 | ||||
Currency Swaps [Member] | Derivatives Held for Trading [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 230,818 | 410,439 | ||||
Liabilities | 429,365 | 749,420 | ||||
Nominal amount | 12,895,649 | 16,000,208 | ||||
Maturity | January 2024 / August 2033 | January 2023 / January 2033 | ||||
Foreign Exchange Options [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 1,104 | 1,349 | ||||
Liabilities | 4,002 | 3,168 | ||||
Foreign Exchange Options [Member] | Derivatives Held for Trading [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 1,104 | 1,349 | ||||
Liabilities | 4,002 | 3,168 | ||||
Nominal amount | 501,189 | 362,324 | ||||
Maturity | January 2024 / March 2025 | January 2023 / June 2024 | ||||
Futures [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 1,187 | 794 | ||||
Liabilities | 1,618 | 1,450 | ||||
Futures [Member] | Derivatives Held for Trading [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 1,187 | 794 | ||||
Liabilities | 1,618 | 1,450 | ||||
Nominal amount | 40,428 | 48,819 | ||||
Maturity | March 2024 | March 2023 | ||||
Cross Currency Swap Contract [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Nominal amount | $ 60 | 222,500 | ||||
Cross Currency Swap Contract [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 13,843 | 20,114 | ||||
Liabilities | 25,524 | 8,418 | ||||
Nominal amount | 815,980 | 839,080 | ||||
Maturity | January 2025 | January 2025 | ||||
Related instruments | Bonds issued | |||||
Cross Currency Swap Contract One [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 0 | 21,935 | ||||
Liabilities | 0 | 0 | ||||
Nominal amount | 0 | 171,630 | ||||
Maturity | August 2026 | |||||
Related instruments | [1] | Repurchase agreements | ||||
Cross Currency Swap Contract One [Member] | Cash Flow Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Nominal amount | $ 25 | $ 25 | 95,300 | |||
Cross Currency Swap Contract Two [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 1,552 | 0 | ||||
Liabilities | 0 | 13,688 | ||||
Nominal amount | 78,969 | 145,715 | ||||
Maturity | November 2025 | December 2023 | ||||
Related instruments | Bonds issued | |||||
Cross Currency Swap Contract Three [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 20,359 | 41,746 | ||||
Liabilities | 9,784 | 2,123 | ||||
Nominal amount | 126,624 | 131,382 | ||||
Maturity | February 2024 / January 2025 | January 2023 / January 2025 | ||||
Related instruments | Investments | |||||
Cross Currency Swap Contract Four [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 0 | 0 | ||||
Liabilities | 11,253 | 156 | ||||
Nominal amount | 222,540 | 38,140 | ||||
Maturity | May 2025 / June 2025 | June 2025 | ||||
Related instruments | Debts to bank | |||||
Cross Currency Swap Contract Five [Member] | Derivatives Held as Hedges [Member] | ||||||
Fair value of derivative financial instruments, recorded as an asset or a liability [Abstract] | ||||||
Assets | 0 | 14,861 | ||||
Liabilities | 0 | 0 | ||||
Nominal amount | S/ 0 | S/ 95,350 | ||||
Maturity | August 2026 | |||||
Related instruments | [1] | Repurchase agreements | ||||
[1]Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2023 and 2022. |
OTHER ASSETS AND OTHER LIABIL_5
OTHER ASSETS AND OTHER LIABILITIES, Fair Value of Derivatives Held for Contractual Maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value of Derivatives [Abstract] | ||
Assets | S/ 987,663 | S/ 1,478,726 |
Liabilities | 891,899 | 1,345,665 |
Derivatives [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 909,512 | 1,327,964 |
Liabilities | 845,101 | 1,320,883 |
Foreign Currency Forwards [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 334,505 | 500,348 |
Liabilities | 205,341 | 288,857 |
Interest Rate Swap [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 341,898 | 415,034 |
Liabilities | 204,775 | 277,988 |
Currency Swaps [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 230,818 | 410,439 |
Liabilities | 429,365 | 749,420 |
Foreign Exchange Options [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 1,104 | 1,349 |
Liabilities | 4,002 | 3,168 |
Futures [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 1,187 | 794 |
Liabilities | 1,618 | 1,450 |
Up to 3 Months [Member] | Derivatives [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 217,299 | 353,694 |
Liabilities | 244,822 | 353,709 |
Up to 3 Months [Member] | Foreign Currency Forwards [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 201,816 | 276,887 |
Liabilities | 142,293 | 203,269 |
Up to 3 Months [Member] | Interest Rate Swap [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 8,870 | 12,395 |
Liabilities | 20,615 | 8,073 |
Up to 3 Months [Member] | Currency Swaps [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 4,955 | 63,465 |
Liabilities | 78,941 | 140,363 |
Up to 3 Months [Member] | Foreign Exchange Options [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 471 | 153 |
Liabilities | 1,355 | 554 |
Up to 3 Months [Member] | Futures [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 1,187 | 794 |
Liabilities | 1,618 | 1,450 |
From 3 Months to 1 Year [Member] | Derivatives [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 187,322 | 331,615 |
Liabilities | 210,518 | 384,085 |
From 3 Months to 1 Year [Member] | Foreign Currency Forwards [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 129,504 | 226,117 |
Liabilities | 57,319 | 85,222 |
From 3 Months to 1 Year [Member] | Interest Rate Swap [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 11,790 | 43,395 |
Liabilities | 20,739 | 37,418 |
From 3 Months to 1 Year [Member] | Currency Swaps [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 45,436 | 60,940 |
Liabilities | 129,935 | 258,962 |
From 3 Months to 1 Year [Member] | Foreign Exchange Options [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 592 | 1,163 |
Liabilities | 2,525 | 2,483 |
From 3 Months to 1 Year [Member] | Futures [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
From 1 to 3 Years [Member] | Derivatives [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 167,869 | 143,053 |
Liabilities | 140,416 | 146,116 |
From 1 to 3 Years [Member] | Foreign Currency Forwards [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 3,185 | (2,656) |
Liabilities | 5,729 | 366 |
From 1 to 3 Years [Member] | Interest Rate Swap [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 94,681 | 58,726 |
Liabilities | 48,110 | 45,352 |
From 1 to 3 Years [Member] | Currency Swaps [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 69,962 | 86,950 |
Liabilities | 86,455 | 100,267 |
From 1 to 3 Years [Member] | Foreign Exchange Options [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 41 | 33 |
Liabilities | 122 | 131 |
From 1 to 3 Years [Member] | Futures [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
From 3 to 5 Years [Member] | Derivatives [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 206,654 | 207,593 |
Liabilities | 136,400 | 189,864 |
From 3 to 5 Years [Member] | Foreign Currency Forwards [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
From 3 to 5 Years [Member] | Interest Rate Swap [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 128,141 | 122,943 |
Liabilities | 36,596 | 62,460 |
From 3 to 5 Years [Member] | Currency Swaps [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 78,513 | 84,650 |
Liabilities | 99,804 | 127,404 |
From 3 to 5 Years [Member] | Foreign Exchange Options [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
From 3 to 5 Years [Member] | Futures [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Over 5 Years [Member] | Derivatives [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 130,368 | 292,009 |
Liabilities | 112,945 | 247,109 |
Over 5 Years [Member] | Foreign Currency Forwards [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Over 5 Years [Member] | Interest Rate Swap [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 98,416 | 177,575 |
Liabilities | 78,715 | 124,685 |
Over 5 Years [Member] | Currency Swaps [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 31,952 | 114,434 |
Liabilities | 34,230 | 122,424 |
Over 5 Years [Member] | Foreign Exchange Options [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Over 5 Years [Member] | Futures [Member] | ||
Fair Value of Derivatives [Abstract] | ||
Assets | 0 | 0 |
Liabilities | S/ 0 | S/ 0 |
OTHER ASSETS AND OTHER LIABIL_6
OTHER ASSETS AND OTHER LIABILITIES, Cash Flow Hedges are Expected to Occur and Affect Statement of Income, Net of Deferred Income Tax (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated Statement of Income [Abstract] | ||
Cash inflows (assets) | S/ 1,902,790 | S/ 1,265,628 |
Cash outflows (liabilities) | (1,902,988) | (1,301,899) |
Consolidated statement of income | (16,707) | 245 |
Up to 1 Year [Member] | ||
Consolidated Statement of Income [Abstract] | ||
Cash inflows (assets) | 160,643 | 250,835 |
Cash outflows (liabilities) | (153,240) | (294,548) |
Consolidated statement of income | 485 | 397 |
From 1 to 3 Years [Member] | ||
Consolidated Statement of Income [Abstract] | ||
Cash inflows (assets) | 1,742,147 | 938,513 |
Cash outflows (liabilities) | (1,749,748) | (934,119) |
Consolidated statement of income | (17,192) | (7,222) |
From 3 to 5 Years [Member] | ||
Consolidated Statement of Income [Abstract] | ||
Cash inflows (assets) | 0 | 76,280 |
Cash outflows (liabilities) | 0 | (73,232) |
Consolidated statement of income | 0 | 7,070 |
Over 5 Years [Member] | ||
Consolidated Statement of Income [Abstract] | ||
Cash inflows (assets) | 0 | 0 |
Cash outflows (liabilities) | 0 | 0 |
Consolidated statement of income | S/ 0 | S/ 0 |
OTHER ASSETS AND OTHER LIABIL_7
OTHER ASSETS AND OTHER LIABILITIES, Movement of Investment Properties (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Changes in investment property [Abstract] | |||
Beginning Balance | [1] | S/ 548,558 | |
Ending Balance | [1] | 565,274 | S/ 548,558 |
Impairment losses | [2] | 1,410 | 1,410 |
Cost [Member] | |||
Changes in investment property [Abstract] | |||
Beginning Balance | 613,319 | 526,935 | |
Additions | [3] | 25,034 | 87,132 |
Disposals and other | 1,340 | (748) | |
Ending Balance | 639,693 | 613,319 | |
Accumulated Depreciation [Member] | |||
Changes in investment property [Abstract] | |||
Beginning Balance | 63,351 | 56,412 | |
Depreciation for the period | 8,115 | 7,107 | |
Disposals and other | 1,543 | (168) | |
Ending Balance | 73,009 | 63,351 | |
Land [Member] | |||
Changes in investment property [Abstract] | |||
Ending Balance | 341,928 | ||
Impairment losses | [2] | 689 | |
Land [Member] | Cost [Member] | |||
Changes in investment property [Abstract] | |||
Beginning Balance | 328,131 | ||
Additions | [3] | 0 | |
Disposals and other | 14,486 | ||
Ending Balance | 342,617 | 328,131 | |
Land [Member] | Accumulated Depreciation [Member] | |||
Changes in investment property [Abstract] | |||
Beginning Balance | 0 | ||
Depreciation for the period | 0 | ||
Disposals and other | 0 | ||
Ending Balance | 0 | 0 | |
Buildings [Member] | |||
Changes in investment property [Abstract] | |||
Ending Balance | 223,346 | ||
Impairment losses | [2] | 721 | |
Buildings [Member] | Cost [Member] | |||
Changes in investment property [Abstract] | |||
Beginning Balance | 285,188 | ||
Additions | [3] | 25,034 | |
Disposals and other | (13,146) | ||
Ending Balance | 297,076 | 285,188 | |
Buildings [Member] | Accumulated Depreciation [Member] | |||
Changes in investment property [Abstract] | |||
Beginning Balance | 63,351 | ||
Depreciation for the period | 8,115 | ||
Disposals and other | 1,543 | ||
Ending Balance | S/ 73,009 | S/ 63,351 | |
[1] Investment properties - 25.0 87.1 |
OTHER ASSETS AND OTHER LIABIL_8
OTHER ASSETS AND OTHER LIABILITIES, Information of Office Rental (Details) S/ in Thousands, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||||
Operational information [Abstract] | ||||||||
Gains (losses) on cash flow hedges, net of tax | S/ 18,359 | S/ 29,109 | S/ 97,251 | |||||
Advance payment to suppliers | 629,500 | 488,400 | $ 169.7 | $ 128 | ||||
Investments in associates | [1] | 748,663 | 726,993 | |||||
Disbursement for land and real estate | 25,000 | 87,100 | ||||||
Property, plant and equipment | 1,357,525 | 1,281,098 | [2] | S/ 1,308,779 | [2] | |||
Investment Property [Member] | ||||||||
Operational information [Abstract] | ||||||||
Property, plant and equipment | 1,235,200 | 1,206,500 | ||||||
Entidad Prestadora de Salud [Member] | ||||||||
Operational information [Abstract] | ||||||||
Investments in associates | 686,600 | 627,900 | ||||||
Cash Flow Hedges [Member] | ||||||||
Operational information [Abstract] | ||||||||
Gains (losses) on cash flow hedges, net of tax | (16,700) | S/ 200 | ||||||
Revoked Hedges [Member] | ||||||||
Operational information [Abstract] | ||||||||
Gains (losses) on cash flow hedges, net of tax | S/ 5,800 | |||||||
[1] Credicorp’s principal associate is Pacífico S.A Entidad Prestadora de Salud ( Pacífico |
OTHER ASSETS AND OTHER LIABIL_9
OTHER ASSETS AND OTHER LIABILITIES, Movement of Provision for Sundry Risks (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
OTHER ASSETS AND OTHER LIABILITIES [Abstract] | |||||
Balance at the beginning of the year | S/ 624,149 | [1] | S/ 614,012 | S/ 514,382 | |
Provision, note 25 | 95,873 | 43,846 | 70,824 | ||
Increase (decrease), net | (58,285) | (33,709) | 28,806 | ||
Balances at the end of the year | S/ 661,737 | [1] | S/ 624,149 | [1] | S/ 614,012 |
[1]The movement of the provision for sundry risks for the years ended December 31, 2023, 2022 and 2021 was as follows: |
DEPOSITS AND OBLIGATIONS, Deman
DEPOSITS AND OBLIGATIONS, Demand deposits (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
DEPOSITS AND OBLIGATIONS [Abstract] | |||||
Saving deposits | S/ 52,375,813 | S/ 54,769,045 | |||
Demand deposits | 48,229,323 | 48,467,248 | |||
Time deposits | 41,290,011 | 37,478,269 | |||
Severance indemnity deposits | 3,185,603 | 3,824,629 | |||
Bank's negotiable certificates | 1,194,653 | 1,418,740 | |||
Total | 146,275,403 | 145,957,931 | |||
Interest payable | 1,429,591 | 1,062,856 | |||
Total deposits and obligations | S/ 147,704,994 | S/ 147,020,787 | [1] | S/ 149,596,545 | |
[1]See note 3(b). |
DEPOSITS AND OBLIGATIONS, Non-i
DEPOSITS AND OBLIGATIONS, Non-interest-bearing and interest-bearing deposits and obligations (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Deposits and Obligations [Abstract] | |||||
Non interest bearing deposits | S/ 42,234,498 | S/ 43,346,151 | [1] | S/ 51,851,206 | |
Interest bearing deposits | 104,040,905 | 102,611,780 | |||
Total | 146,275,403 | 145,957,931 | |||
Peru [Member] | |||||
Deposits and Obligations [Abstract] | |||||
Non interest bearing deposits | 37,627,288 | 39,370,497 | |||
Interest bearing deposits | 94,452,833 | 92,276,991 | |||
Other countries [Member] | |||||
Deposits and Obligations [Abstract] | |||||
Non interest bearing deposits | 4,607,210 | 3,975,654 | |||
Interest bearing deposits | S/ 9,588,072 | S/ 10,334,789 | |||
[1]See note 3(b). |
DEPOSITS AND OBLIGATIONS, Time
DEPOSITS AND OBLIGATIONS, Time deposits classified by maturity (Details) | Dec. 31, 2023 PEN (S/) | Dec. 31, 2023 BOB (Bs.) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 BOB (Bs.) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 PEN (S/) | [1] | |
Deposits and Obligations [Abstract] | |||||||||
Time deposits | S/ 41,290,011,000 | S/ 37,478,269,000 | |||||||
Deposits and obligations | 147,704,994,000 | 147,020,787,000 | [1] | S/ 149,596,545,000 | |||||
Fondo de Seguro de Depositos [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Deposits and obligations | 51,875,600,000 | 52,745,200,000 | |||||||
Maximum coverage per depositor | 123,810,000 | 125,603,000 | |||||||
Fondo De Proteccin al Ahorrista [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Deposits and obligations | 762,300,000 | Bs. 1,409,900,000 | 762,100,000 | Bs. 1,369,400,000 | |||||
Maximum coverage per depositor | 48,790,400 | Bs. 90,240.3 | 53,627,000 | Bs. 96,359 | |||||
Fondo de Garantia de las Instituciones Financieras [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Deposits and obligations | 50,800,000 | $ 53,049,400,000 | 48,200,000 | $ 61,349,200,000 | |||||
Maximum coverage per depositor | 47,850,000 | $ 50,000,000 | 39,300,000 | $ 50,000,000 | |||||
Up to 3 Months [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Time deposits | 23,975,997,000 | 17,201,364,000 | |||||||
From 3 Months to 1 Year [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Time deposits | 11,420,212,000 | 12,688,483,000 | |||||||
From 1 to 3 Years [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Time deposits | 2,472,740,000 | 4,144,424,000 | |||||||
From 3 to 5 Years [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Time deposits | 327,136,000 | 502,291,000 | |||||||
More than 5 Years [Member] | |||||||||
Deposits and Obligations [Abstract] | |||||||||
Time deposits | S/ 3,093,926,000 | S/ 2,941,707,000 | |||||||
[1]See note 3(b). |
DUE TO BANKS AND CORRESPONDEN_3
DUE TO BANKS AND CORRESPONDENTS, Item Consists of Due to Banks and Correspondents (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||
International funds and others | S/ 7,362,734 | S/ 4,694,617 | |||
COFIDE and FONCODES credit line | 4,389,433 | 4,107,294 | |||
Inter-bank funds | 324,400 | 0 | |||
Due to banks and correspondents | 12,076,567 | 8,801,911 | |||
Interest payable | 202,114 | 135,500 | |||
Total | S/ 12,278,681 | S/ 8,937,411 | [1] | S/ 7,212,946 | |
[1]See note 3(b). |
DUE TO BANKS AND CORRESPONDEN_4
DUE TO BANKS AND CORRESPONDENTS, International funds and others (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) Bank | Dec. 31, 2022 USD ($) Bank | Dec. 31, 2023 PEN (S/) | Apr. 30, 2023 USD ($) | Apr. 30, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | ||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | S/ 7,362,734 | S/ 4,694,617 | |||||
Nominal amount | S/ 65,749,481 | S/ 63,818,334 | |||||
Minimum [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Maturity date | January 2024 | January 2023 | |||||
Maximum [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Maturity date | April 2035 | December 2031 | |||||
Soles Currency [Member] | Minimum [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Interest rate | 2.23% | 2.23% | 2.23% | 2.23% | |||
Soles Currency [Member] | Maximum [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Interest rate | 9.33% | 9.45% | 9.33% | 9.45% | |||
Cross Currency Swap Contract [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Nominal amount | $ 60 | S/ 222,500 | |||||
Foreign Currency Forward [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Nominal amount | $ 14.7 | 54,400 | |||||
Bank of America N.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 1,019,975 | S/ 149 | |||||
Club Deal Loan [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | [1] | 923,965 | 946,605 | ||||
Wells Fargo Bank N.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 898,275 | 190,699 | |||||
Bank of New York Mellon [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 593,440 | 572,100 | |||||
International Finance Corporation (IFC) [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | [2] | 567,240 | 382,840 | ||||
Standard Chartered Bank Hong Kong LTD [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 483,654 | 0 | |||||
Sumitomo Mitsui Banking Corporation [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 426,535 | 0 | |||||
Corporacion Financiera de Desarrollo (COFIDE) [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 409,890 | 503,538 | |||||
Caixabank [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 370,900 | 190,700 | |||||
Commerzbank AG [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 370,900 | 0 | |||||
Banco De La Nacion [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 355,000 | 0 | |||||
Citibank N.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 185,450 | 381,400 | |||||
Zurcher Kantonalbank [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 185,450 | 95,350 | |||||
Bradesco Bac Florida Bank [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 92,725 | 76,280 | |||||
Banco BBVA Peru [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 60,000 | 114,000 | |||||
Bancolombia S.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 58,171 | 59,604 | |||||
Banco Bisa S.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 51,364 | 0 | |||||
Banco Nacional de Bolivia S.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 50,994 | 0 | |||||
Banco Internacional del Peru S.A.A. (Interbank) [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | [3] | 50,933 | 150,000 | ||||
ICBC Peru Bank S.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 50,000 | 100,000 | |||||
Notional amount | $ 20 | S/ 74,200 | |||||
Banco de Occidente [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 47,463 | 84,096 | |||||
Bancoldex [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 45,292 | 126,957 | |||||
Standard Chartered Bank [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 0 | 266,923 | |||||
Scotiabank Peru S.A.A. [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 0 | 120,000 | |||||
The Toronto Dominion Bank [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 0 | 247,910 | |||||
Others [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
International funds and others | 65,118 | 85,466 | |||||
Wells Fargo Bank NY-Agent Administrative, Standard Chartered Bank, JP Morgan Chase Bank N.A., HSBC Bank and Bank of America [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Borrowing term | 25 months | 25 months | |||||
Number of foreign banks as borrowers | Bank | 5 | 5 | |||||
Wells Fargo Bank NY-Agent Administrative, Standard Chartered Bank, JP Morgan Chase Bank N.A., HSBC Bank and Bank of America [Member] | Interest Rate Swap [Member] | |||||||
DUE TO BANKS AND CORRESPONDENTS [Abstract] | |||||||
Notional amount | $ 250 | $ 250 | S/ 927,300 | S/ 927,300 | |||
Borrowings basis spread on variable rate, term | 3 months | ||||||
Borrowings basis spread on variable rate | 0.015 | ||||||
[1]The balances as of December 31, 2023 and 2022, include a loan under Club Deal Loan for 25 months for US$250.0 million equivalent to S/927.3 million, having five foreign banks as borrowers: Wells Fargo Bank NY - Agent Administrative, Standard Chartered Bank, JP Morgan Chase Bank N.A., HSBC Bank and Bank of America. Subsequently, in April 2023, JP Morgan Chase Bank carried out a partial assignment of its collection rights in favor of ICBC Perú Bank S.A. for US$20.0 million or S/74.2 million, making it the sixth borrower of the Deal Club.The loan accrues interest at a 3-month SOFR variable rate plus a spread of 1.5 percent. Likewise, the expenses linked to said transaction were deferred and are coming accruing proportionally over the life of the loan.[2]As of December 31, 2023, Mibanco maintain cross currency swaps (CCS) that were designated as cash flow hedges of certain repo operations in U.S. dollars for a nominal amount of US$60.0 million, equivalent to S/222.5 million.[3]As of December 31, 2023, Mibanco maintain a foreign currency forward for a nominal amount of US$14.7 million, equivalent to S/54.4 million. |
DUE TO BANKS AND CORRESPONDEN_5
DUE TO BANKS AND CORRESPONDENTS, Promotional credit lines (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Promotional credit lines | S/ 4,389,433 | S/ 4,107,294 |
Minimum [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Maturity date | January 2024 | January 2023 |
Minimum [Member] | Soles Currency [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 2.23% | 2.23% |
Minimum [Member] | Bolivianos [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 4.90% | 6% |
Minimum [Member] | Colombian Pesos [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 0.45% | 0.40% |
Minimum [Member] | US Dollars [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 5.78% | 1.50% |
Maximum [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Maturity date | April 2035 | December 2031 |
Maximum [Member] | Soles Currency [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 9.33% | 9.45% |
Maximum [Member] | Bolivianos [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 6.90% | 6% |
Maximum [Member] | Colombian Pesos [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 17.64% | 17.04% |
Maximum [Member] | US Dollars [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 7.09% | 6.32% |
Corporacion Financiera de Desarrollo and Fondo de Cooperacion para el Desarrollo Social [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Promotional credit lines | S/ 4,389,400 | S/ 4,107,300 |
Corporacion Financiera de Desarrollo and Fondo de Cooperacion para el Desarrollo Social [Member] | Foreign Currency [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Interest rate | 7.75% | 7.75% |
Corporacion Financiera de Desarrollo and Fondo de Cooperacion para el Desarrollo Social [Member] | Minimum [Member] | Soles Currency [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Maturity date | January 2024 | January 2023 |
Interest rate | 3.50% | 3.50% |
Corporacion Financiera de Desarrollo and Fondo de Cooperacion para el Desarrollo Social [Member] | Maximum [Member] | Soles Currency [Member] | ||
Disclosure of detailed information about promotional credit lines [Line Items] | ||
Maturity date | January 2032 | January 2032 |
Interest rate | 7.60% | 7.60% |
DUE TO BANKS AND CORRESPONDEN_6
DUE TO BANKS AND CORRESPONDENTS, Due to banks and correspondents maturities (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of due to banks and correspondents [Abstract] | ||
Due to banks and correspondents maturities | S/ 12,076,567 | S/ 8,801,911 |
Lines of credit granted by various local and foreign financial institutions | 11,752,200 | 8,801,900 |
Up to 3 months [Member] | ||
Maturities of due to banks and correspondents [Abstract] | ||
Due to banks and correspondents maturities | 3,513,860 | 1,420,872 |
From 3 Months to 1 Year [Member] | ||
Maturities of due to banks and correspondents [Abstract] | ||
Due to banks and correspondents maturities | 3,514,114 | 1,562,224 |
From 1 to 3 Years [Member] | ||
Maturities of due to banks and correspondents [Abstract] | ||
Due to banks and correspondents maturities | 1,568,163 | 2,660,926 |
From 3 to 5 years [Member] | ||
Maturities of due to banks and correspondents [Abstract] | ||
Due to banks and correspondents maturities | 795,765 | 694,308 |
More than 5 Years [Member] | ||
Maturities of due to banks and correspondents [Abstract] | ||
Due to banks and correspondents maturities | S/ 2,684,665 | S/ 2,463,581 |
BONDS AND NOTES ISSUED, Summary
BONDS AND NOTES ISSUED, Summary of Bonds and Notes Issued (Details) ¥ in Thousands, S/ in Thousands, Bs. in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||||||
Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 BOB (Bs.) | Sep. 19, 2023 PEN (S/) | Sep. 19, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 BOB (Bs.) | Jul. 21, 2022 USD ($) | Dec. 31, 2021 PEN (S/) | [1] | ||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Carrying amount | S/ 14,373,760 | S/ 16,851,889 | ||||||||||||||||
Interest payable | 221,025 | 155,305 | ||||||||||||||||
Notes and debentures issued | S/ 14,594,785 | S/ 17,007,194 | [1] | S/ 17,823,146 | ||||||||||||||
Minimum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Maturity | January 2024 | January 2023 | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Maturity | April 2035 | December 2031 | ||||||||||||||||
Senior Notes One [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 2.70% | 2.70% | 2.70% | 2.70% | ||||||||||||||
Senior Notes One [Member] | Cash Flow Hedges [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Issued amount | S/ 816,000 | S/ 839,100 | $ 220,000 | $ 220,000 | ||||||||||||||
Senior Notes One [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [2] | Semi-annual | ||||||||||||||||
Maturity | [2] | January 2025 | January 2025 | |||||||||||||||
Issued amount | $ | [2] | 700,000 | 700,000 | |||||||||||||||
Carrying amount | [2] | S/ 2,571,032 | S/ 2,623,445 | |||||||||||||||
Senior Notes One [Member] | Banco de Credito del Peru [Member] | Cash Flow Hedges [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Issued amount | [2] | S/ 815,980 | $ 220,000 | |||||||||||||||
Senior Notes One [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [2] | 2.70% | 2.70% | 2.70% | 2.70% | |||||||||||||
Senior Notes Two [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [3] | Semi-annual | ||||||||||||||||
Maturity | [3] | September 2024 | September 2024 | |||||||||||||||
Issued amount | [3] | S/ 2,900,000 | S/ 2,900,000 | |||||||||||||||
Carrying amount | [3] | S/ 2,496,413 | S/ 2,490,872 | |||||||||||||||
Senior Notes Two [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [3] | 4.65% | 4.65% | 4.65% | 4.65% | |||||||||||||
Senior Notes Three [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [4] | Semi-annual | ||||||||||||||||
Maturity | [4] | June 2025 | June 2025 | |||||||||||||||
Issued amount | S/ 1,802,600 | S/ 1,907,000 | $ 500,000 | [4] | 500,000 | [4] | ||||||||||||
Carrying amount | S/ 1,706,587 | [4] | S/ 1,827,682 | [4] | $ 486,000 | |||||||||||||
Senior Notes Three [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [4] | 2.75% | 2.75% | 2.75% | 2.75% | |||||||||||||
Senior Notes Four [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 5.05% | |||||||||||||||||
Issued amount | $ | $ 30,000 | |||||||||||||||||
Senior Notes Four [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [5] | Semi-annual | ||||||||||||||||
Maturity | [5] | June 2027 | June 2027 | |||||||||||||||
Issued amount | $ | [5] | $ 30,000 | 30,000 | |||||||||||||||
Carrying amount | [5] | S/ 111,143 | S/ 114,246 | |||||||||||||||
Senior Notes Four [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [5] | 5.05% | 5.05% | 5.05% | 5.05% | |||||||||||||
Senior Notes Five [Member] | Cash Flow Hedges [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 0.97% | 0.97% | 0.97% | 0.97% | ||||||||||||||
Maturity | November 19, 2025 | |||||||||||||||||
Issued amount | S/ 79,000 | ¥ 3,000,000 | S/ 79,000 | ¥ 3,000,000 | ||||||||||||||
Senior Notes Five [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [6] | Semi-annual | ||||||||||||||||
Maturity | [6] | November 2025 | ||||||||||||||||
Issued amount | ¥ | [6] | 3,000,000 | ||||||||||||||||
Carrying amount | [6] | S/ 78,828 | ||||||||||||||||
Senior Notes Five [Member] | Banco de Credito del Peru [Member] | Cash Flow Hedges [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Issued amount | [6] | S/ 78,969 | ¥ 3,000,000 | |||||||||||||||
Senior Notes Five [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [6] | 0.97% | 0.97% | 0.97% | 0.97% | |||||||||||||
Senior Notes Six [Member] | Cash Flow Hedges [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Issued amount | S/ 145,700 | ¥ 5,000,000 | ¥ 5,000,000 | |||||||||||||||
Senior Notes Six [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [6] | Semi-annual | ||||||||||||||||
Maturity | [6] | December 2023 | ||||||||||||||||
Issued amount | ¥ | [6] | ¥ 5,000,000 | ||||||||||||||||
Carrying amount | [6] | S/ 145,522 | ||||||||||||||||
Senior Notes Six [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [6] | 0.45% | 0.45% | 0.45% | 0.45% | |||||||||||||
Senior Notes Seven [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | April 2023 | |||||||||||||||||
Issued amount | $ | 716,301 | |||||||||||||||||
Carrying amount | S/ 2,713,911 | |||||||||||||||||
Senior Notes Seven [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||||||||
Corporate Bonds and Senior Notes [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Carrying amount | S/ 7,046,715 | S/ 9,987,796 | ||||||||||||||||
Corporate Bonds, First Program, First Issuance Series A [Member] | MiBanco Colombia [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Quarterly | |||||||||||||||||
Maturity | January 2025 | January 2025 | ||||||||||||||||
Issued amount | $ | $ 112,500 | 112,500 | ||||||||||||||||
Carrying amount | S/ 82,712 | S/ 72,118 | ||||||||||||||||
Corporate Bonds, First Program, First Issuance Series A [Member] | MiBanco Colombia [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 9% | 9% | 9% | 9% | ||||||||||||||
Subordinated bonds [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Carrying amount | S/ 5,680,120 | S/ 5,738,414 | ||||||||||||||||
Subordinated Bonds One [Member] | Banco de Credito del Peru [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [7] | Semi-annual | ||||||||||||||||
Maturity | [7] | July 2030 / September 2031 | July 2030 / September 2031 | |||||||||||||||
Issued amount | $ | [7] | $ 1,350,000 | 1,350,000 | |||||||||||||||
Carrying amount | [7] | S/ 4,954,968 | S/ 5,064,963 | |||||||||||||||
Subordinated Bonds One [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | Minimum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [7] | 3.13% | 3.13% | 3.13% | 3.13% | |||||||||||||
Subordinated Bonds One [Member] | Banco de Credito del Peru [Member] | Fixed interest rate [member] | Maximum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [7] | 3.25% | 3.25% | 3.25% | 3.25% | |||||||||||||
Subordinated Bonds, First Program, First Issuance Series A [Member] | Pacifico Seguros [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | [8] | Quarterly | ||||||||||||||||
Maturity | [8] | November 2026 | ||||||||||||||||
Issued amount | $ | [8] | 60,000 | ||||||||||||||||
Carrying amount | [8] | S/ 228,840 | ||||||||||||||||
Subordinated Bonds, First Program, First Issuance Series A [Member] | Pacifico Seguros [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | [8] | 6.97% | 6.97% | 6.97% | 6.97% | |||||||||||||
Subordinated Bonds, Second Program, Second Issuance Series A [Member] | Pacifico Seguros [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | December 2030 | December 2030 | ||||||||||||||||
Issued amount | $ | $ 50,000 | 50,000 | ||||||||||||||||
Carrying amount | S/ 205,952 | S/ 173,635 | ||||||||||||||||
Subordinated Bonds, Second Program, Second Issuance Series A [Member] | Pacifico Seguros [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 4.41% | 4.41% | 4.41% | 4.41% | ||||||||||||||
Subordinated Bonds, Second Program, Second Issuance Series B [Member] | Pacifico Seguros [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | May 2033 | |||||||||||||||||
Issued amount | $ | $ 60,000 | |||||||||||||||||
Carrying amount | S/ 185,450 | |||||||||||||||||
Subordinated Bonds, Second Program, Second Issuance Series B [Member] | Pacifico Seguros [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 8% | 8% | 8% | 8% | ||||||||||||||
Subordinated Bonds, Second Program, First Issuance Series B [Member] | MiBanco [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | June 2027 | June 2027 | ||||||||||||||||
Issued amount | S/ 30,000 | S/ 30,000 | ||||||||||||||||
Carrying amount | S/ 30,000 | S/ 30,000 | ||||||||||||||||
Subordinated Bonds, Second Program, First Issuance Series B [Member] | MiBanco [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 7.22% | 7.22% | 7.22% | 7.22% | ||||||||||||||
Subordinated Bonds, Third program, Issuance IV [Member] | Banco De Credito De Bolivia [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | February 2033 | |||||||||||||||||
Issued amount | Bs. | Bs. 137,200 | |||||||||||||||||
Carrying amount | S/ 65,562 | |||||||||||||||||
Subordinated Bonds, Third program, Issuance IV [Member] | Banco De Credito De Bolivia [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 5.85% | 5.85% | 5.85% | 5.85% | ||||||||||||||
Subordinated Bonds, Third program, Issuance III [Member] | Banco De Credito De Bolivia [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | August 2030 | August 2030 | ||||||||||||||||
Issued amount | Bs. | Bs. 100,000 | Bs. 100,000 | ||||||||||||||||
Carrying amount | S/ 54,067 | S/ 55,653 | ||||||||||||||||
Subordinated Bonds, Third program, Issuance III [Member] | Banco De Credito De Bolivia [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 6% | 6% | 6% | 6% | ||||||||||||||
Subordinated Bonds, Third program, Issuance I [Member] | Banco De Credito De Bolivia [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | August 2028 | August 2028 | ||||||||||||||||
Issued amount | Bs. | Bs. 70,000 | Bs. 70,000 | ||||||||||||||||
Carrying amount | S/ 37,847 | S/ 39,047 | ||||||||||||||||
Subordinated Bonds, Third program, Issuance I [Member] | Banco De Credito De Bolivia [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 6.25% | 6.25% | 6.25% | 6.25% | ||||||||||||||
Subordinated Bonds Fourth Program First Issuance Series A [Member] | MiBanco [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Semi-annual | |||||||||||||||||
Maturity | March 2031 | March 2031 | ||||||||||||||||
Issued amount | S/ 155,000 | S/ 155,000 | ||||||||||||||||
Carrying amount | S/ 146,274 | S/ 146,276 | ||||||||||||||||
Subordinated Bonds Fourth Program First Issuance Series A [Member] | MiBanco [Member] | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 5.84% | 5.84% | 5.84% | 5.84% | ||||||||||||||
Negotiable Certificates of Deposit [Member] | MiBanco Colombia [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | To maturity | |||||||||||||||||
Maturity | January 2024 / January 2027 | January 2023 / January 2027 | ||||||||||||||||
Issued amount | $ | $ 1,295,640 | $ 978,455 | ||||||||||||||||
Carrying amount | S/ 1,239,824 | S/ 769,132 | ||||||||||||||||
Negotiable Certificates of Deposit [Member] | MiBanco Colombia [Member] | Fixed interest rate [member] | Minimum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 1% | 1% | 1% | 1% | ||||||||||||||
Negotiable Certificates of Deposit [Member] | MiBanco Colombia [Member] | Fixed interest rate [member] | Maximum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 17.90% | 17.90% | 17.90% | 17.90% | ||||||||||||||
Negotiable Certificates of Deposit [Member] | MiBanco [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Interest payment | Annual | |||||||||||||||||
Maturity | January 2024 / June 2025 | January 2023 / June 2024 | ||||||||||||||||
Issued amount | S/ 407,101 | S/ 356,547 | ||||||||||||||||
Carrying amount | S/ 407,101 | S/ 356,547 | ||||||||||||||||
Negotiable Certificates of Deposit [Member] | MiBanco [Member] | Fixed interest rate [member] | Minimum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 3.30% | 3.30% | 3.30% | 3.30% | ||||||||||||||
Negotiable Certificates of Deposit [Member] | MiBanco [Member] | Fixed interest rate [member] | Maximum [Member] | ||||||||||||||||||
Disclosure of detailed information about borrowings [Abstract] | ||||||||||||||||||
Annual interest rate | 8.41% | 8.41% | 8.41% | 8.41% | ||||||||||||||
[1]See note 3(b).[2]The Bank issued Senior Notes under the Medium-Term Program proof approximately US$ 700.0 2.70 Perú |
BONDS AND NOTES ISSUED, Summa_2
BONDS AND NOTES ISSUED, Summary (Details) S/ in Thousands, $ in Thousands, ¥ in Millions | 12 Months Ended | ||||||||||||||||
Jul. 21, 2022 USD ($) | Mar. 30, 2021 USD ($) | Jul. 02, 2020 USD ($) | Dec. 31, 2023 USD ($) Swap | Dec. 31, 2022 USD ($) | Dec. 31, 2023 PEN (S/) | Dec. 31, 2023 JPY (¥) | Sep. 19, 2023 PEN (S/) | Sep. 19, 2023 JPY (¥) | May 17, 2023 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 JPY (¥) | ||||||
Bonds and notes [Abstract] | |||||||||||||||||
Carrying amount | S/ | S/ 14,373,760 | S/ 16,851,889 | |||||||||||||||
Nominal value of bonds designated as hedges | S/ | S/ 65,749,481 | 63,818,334 | |||||||||||||||
MiBanco [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 0.40% | ||||||||||||||||
Senior Notes One [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Senior notes issued | $ 700,000 | ||||||||||||||||
Redemption price percentage | 100% | ||||||||||||||||
Borrowings, interest rate | 2.70% | 2.70% | 2.70% | ||||||||||||||
Senior Notes One [Member] | Cash Flow Hedges [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | $ 220,000 | $ 220,000 | S/ 816,000 | 839,100 | |||||||||||||
Senior Notes One [Member] | Treasury of the United States of America's Rate [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 0.20% | 0.20% | 0.20% | ||||||||||||||
Senior Notes Two [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 0.25% | 0.25% | 0.25% | ||||||||||||||
Redemption price percentage | 100% | ||||||||||||||||
Senior Notes Three [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | $ 500,000 | [1] | $ 500,000 | [1] | S/ 1,802,600 | 1,907,000 | |||||||||||
Carrying amount | $ 486,000 | S/ 1,706,587 | [1] | 1,827,682 | [1] | ||||||||||||
Maturity date | [1] | June 2025 | June 2025 | ||||||||||||||
Senior Notes Three [Member] | Hedges of Net Investment in Foreign Operations [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | $ 228,800 | $ 228,800 | |||||||||||||||
Nominal value of bonds designated as hedges | S/ | 872,800 | ||||||||||||||||
Senior Notes Three [Member] | Treasury of the United States of America's Rate [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 0.40% | 0.40% | 0.40% | ||||||||||||||
Senior Notes Four [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | $ 30,000 | ||||||||||||||||
Redemption price percentage | 100% | ||||||||||||||||
Borrowings, interest rate | 5.05% | ||||||||||||||||
Senior Notes Five [Member] | Cash Flow Hedges [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | S/ 79,000 | ¥ 3,000 | S/ 79,000 | ¥ 3,000 | |||||||||||||
Borrowings, interest rate | 0.97% | 0.97% | 0.97% | ||||||||||||||
Maturity date | November 19, 2025 | ||||||||||||||||
Senior Notes Six [Member] | Cash Flow Hedges [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | ¥ 5,000 | S/ 145,700 | ¥ 5,000 | ||||||||||||||
3.125% Subordinated Fixed-to-Fixed Rate Notes due 2030 [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | $ 850,000 | ||||||||||||||||
Redemption price percentage | 100% | ||||||||||||||||
Borrowings, interest rate | 3.125% | ||||||||||||||||
3.125% Subordinated Fixed-to-Fixed Rate Notes due 2030 [Member] | MiBanco [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Borrowing term | 5 years | ||||||||||||||||
3.125% Subordinated Fixed-to-Fixed Rate Notes due 2030 [Member] | Treasury of the United States of America's Rate [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 0.45% | ||||||||||||||||
3.125% Subordinated Fixed-to-Fixed Rate Notes due 2030 [Member] | Treasury of the United States of America's Rate [Member] | MiBanco [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 3% | ||||||||||||||||
3.250% Subordinated Fixed-to-Fixed Rate Notes due 2031 [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Senior notes issued | $ 500,000 | ||||||||||||||||
Redemption price percentage | 100% | ||||||||||||||||
Borrowings, interest rate | 3.25% | ||||||||||||||||
3.250% Subordinated Fixed-to-Fixed Rate Notes due 2031 [Member] | MiBanco [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Spread on interest rate | 2.45% | ||||||||||||||||
Borrowing term | 5 years | ||||||||||||||||
Subordinated Bonds, First Program, First Issuance [Member] | Pacifico Seguros [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Notional amount | $ 60,000 | ||||||||||||||||
Cross-Currency Swaps [Member] | |||||||||||||||||
Bonds and notes [Abstract] | |||||||||||||||||
Number of derivative instruments divided | Swap | 2 | ||||||||||||||||
[1]As of December 31, 2023, Credicorp Ltd. maintains Senior Notes for approximately US$486.0 million, equivalent to S/1,802.6 million (US$500.0 million, equivalent to S/1,907.0 million as of December 31, 2022) at fixed interest rate, whose maturity date is on June 17, 2025. All or part of the notes may be redeemed primarily in the following ways: (i) on any date prior to May 17, 2025, upon full or partial repurchase, with a penalty interest rate equal to the United States Treasury rate plus 40 basis points, and (ii) on any date on or after May 17, 2025, at par value. Principal will be paid on the maturity date or upon redemption of the notes. In December 2023, the Group decided to unwind the accounting hedge of the net investment abroad held for a portion of these bonds issued for approximately US$228.8 million (US$228.8 million, equivalent to S/872.8 million as of December 31, 2022), which hedged for the same amount the exposure of the net investment in the subsidiary Atlantic Security Holding Corporation (ASHC), incorporated in Cayman Islands and whose functional currency is the US dollar, see note 30.2(b)(ii). This hedge was intended to hedge the exchange rate fluctuation risk associated with the translation of the net investment held in ASHC to the Group’s functional currency (in Soles). |
BONDS AND NOTES ISSUED, Maturit
BONDS AND NOTES ISSUED, Maturity Information (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Bonds and notes issued by maturity [Abstract] | ||
Bonds and notes issued | S/ 14,373,760 | S/ 16,851,889 |
Up to 3 Months [Member] | ||
Bonds and notes issued by maturity [Abstract] | ||
Bonds and notes issued | 174,341 | 128,442 |
From 3 Months to 1 Year [Member] | ||
Bonds and notes issued by maturity [Abstract] | ||
Bonds and notes issued | 3,660,915 | 3,671,142 |
From 1 to 3 Years [Member] | ||
Bonds and notes issued by maturity [Abstract] | ||
Bonds and notes issued | 4,728,629 | 7,184,334 |
From 3 to 5 Years [Member] | ||
Bonds and notes issued by maturity [Abstract] | ||
Bonds and notes issued | 159,754 | 388,396 |
More than 5 Years [Member] | ||
Bonds and notes issued by maturity [Abstract] | ||
Bonds and notes issued | S/ 5,650,121 | S/ 5,479,575 |
EQUITY, Capital Stock (Details)
EQUITY, Capital Stock (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Share Capital [Abstract] | |||
Number of shares issued (in shares) | 94,382,317 | 94,382,317 | 94,382,317 |
Par value per share (in dollars per share) | $ 5 | $ 5 | $ 5 |
EQUITY, Treasury Stock (Details
EQUITY, Treasury Stock (Details) S/ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 PEN (S/) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 PEN (S/) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 PEN (S/) shares | ||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | |
Number of shares, shared-based payment (in shares) | [1] | 265,250 | 265,250 | 228,377 | 228,377 | 229,523 | 229,523 |
Number of shares, total (in shares) | 14,886,096 | 14,886,096 | 14,849,223 | 14,849,223 | 14,850,369 | 14,850,369 | |
Purchase of number of treasury shares (in shares) | 163,067 | 163,067 | 137,604 | 137,604 | 97,951 | 97,951 | |
Purchase of treasury shares | $ 22.5 | S/ 85.6 | $ 22.5 | S/ 83.6 | $ 16.1 | S/ 58.9 | |
Atlantic Security Holding Corporation [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | |
Number of shares, shared-based payment (in shares) | [1] | 0 | 0 | 0 | 0 | 0 | 0 |
Number of shares, total (in shares) | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | 14,620,846 | |
Banco de Credito del Peru [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 109,185 | 109,185 | 120,505 | 120,505 | 134,133 | 134,133 |
Number of shares, total (in shares) | 109,185 | 109,185 | 120,505 | 120,505 | 134,133 | 134,133 | |
Atlantic Security International Financial Services [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | |||||
Number of shares, shared-based payment (in shares) | [1] | 39,309 | 39,309 | ||||
Number of shares, total (in shares) | 39,309 | 39,309 | |||||
Grupo Credito [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 36,698 | 36,698 | 23,214 | 23,214 | 7,871 | 7,871 |
Number of shares, total (in shares) | 36,698 | 36,698 | 23,214 | 23,214 | 7,871 | 7,871 | |
Pacfico Seguros [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 19,912 | 19,912 | 20,606 | 20,606 | 22,966 | 22,966 |
Number of shares, total (in shares) | 19,912 | 19,912 | 20,606 | 20,606 | 22,966 | 22,966 | |
Mibanco [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 14,128 | 14,128 | 14,260 | 14,260 | 14,418 | 14,418 |
Number of shares, total (in shares) | 14,128 | 14,128 | 14,260 | 14,260 | 14,418 | 14,418 | |
Credicorp Capital Servicios Financieros [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 13,267 | 13,267 | 15,007 | 15,007 | 15,561 | 15,561 |
Number of shares, total (in shares) | 13,267 | 13,267 | 15,007 | 15,007 | 15,561 | 15,561 | |
ASB Bank Corp [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 12,041 | 12,041 | 11,791 | 11,791 | 11,193 | 11,193 |
Number of shares, total (in shares) | 12,041 | 12,041 | 11,791 | 11,791 | 11,193 | 11,193 | |
Other Minors [Member] | |||||||
Treasury Stock [Abstract] | |||||||
Number of treasury shares (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | |
Number of shares, shared-based payment (in shares) | [1] | 20,710 | 20,710 | 22,994 | 22,994 | 23,381 | 23,381 |
Number of shares, total (in shares) | 20,710 | 20,710 | 22,994 | 22,994 | 23,381 | 23,381 | |
[1] It corresponds mainly to the treasury shares that were granted to employees and Senior Management, for which they have the right to vote, and to a lesser extent to the shares acquired for coverage purposes for the new complementary retention program. These shares are not released on said dates. |
EQUITY, Reserves (Details)
EQUITY, Reserves (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||||
Apr. 27, 2023 | Apr. 28, 2022 | Feb. 25, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reserves [Abstract] | ||||||
Percentage of reserve required one | 20% | |||||
Percentage of reserve required two | 30% | |||||
Percentage of reserve required three | 50% | |||||
Statutory reserve | S/ 8,621,700 | S/ 7,783,300 | S/ 7,088,600 | |||
Transfer from retained earnings to reserves | S/ 2,593,600 | S/ 2,354,900 | S/ 347,000 | |||
Other reserves [Abstract] | ||||||
Beginning Balances | (276,172) | 235,902 | 1,865,898 | |||
Decrease (increase) in net unrealized gains on investments | 1,229,385 | (1,665,493) | (2,520,217) | |||
Transfer to results of the net realized loss of investments | 7,789 | 49,754 | 3,848 | |||
Transfer of recovery of credit loss of investments to profit or loss | 8,716 | 63,203 | 8,121 | |||
Change in net unrealized gain on cash flow hedges derivatives | 18,359 | 29,109 | 97,251 | |||
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | (30,550) | (28,048) | (56,422) | |||
Other reserves | (754,192) | 1,133,536 | 733,932 | |||
Foreign exchange translation | 73,498 | (301,969) | 160,810 | |||
Net movement in hedges of net investments in foreign businesses | 18,950 | 39,587 | (57,319) | |||
Ending Balances | S/ 295,783 | (276,172) | 235,902 | |||
Minimum [Member] | ||||||
Reserves [Abstract] | ||||||
Percentage of reserve required to be maintained of net profits | 10% | |||||
IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Other reserves | 9,581 | |||||
Impact of Initial Application of IFRS 17 [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 158,666 | |||||
Ending Balances | 158,666 | |||||
After Adjustment Initial Application [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 404,149 | |||||
Ending Balances | 404,149 | |||||
Equity Instruments at Fair Value [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | S/ 170,408 | 206,885 | 315,202 | |||
Decrease (increase) in net unrealized gains on investments | (12,247) | (36,477) | (108,317) | |||
Transfer to results of the net realized loss of investments | 0 | 0 | 0 | |||
Transfer of recovery of credit loss of investments to profit or loss | 0 | 0 | 0 | |||
Change in net unrealized gain on cash flow hedges derivatives | 0 | 0 | 0 | |||
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | 0 | 0 | 0 | |||
Other reserves | 0 | 0 | 0 | |||
Foreign exchange translation | 0 | 0 | 0 | |||
Net movement in hedges of net investments in foreign businesses | 0 | 0 | 0 | |||
Ending Balances | 158,161 | 170,408 | 206,885 | |||
Equity Instruments at Fair Value [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Other reserves | 0 | |||||
Equity Instruments at Fair Value [Member] | Impact of Initial Application of IFRS 17 [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 0 | |||||
Ending Balances | 0 | |||||
Equity Instruments at Fair Value [Member] | After Adjustment Initial Application [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 206,885 | |||||
Ending Balances | 206,885 | |||||
Debt Instruments at Fair Value [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | (1,655,559) | (143,400) | 2,256,531 | |||
Decrease (increase) in net unrealized gains on investments | 1,241,632 | (1,629,016) | (2,411,900) | |||
Transfer to results of the net realized loss of investments | 7,789 | 49,754 | 3,848 | |||
Transfer of recovery of credit loss of investments to profit or loss | 8,716 | 63,203 | 8,121 | |||
Change in net unrealized gain on cash flow hedges derivatives | 0 | 0 | 0 | |||
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | 0 | 0 | 0 | |||
Other reserves | 0 | 0 | 0 | |||
Foreign exchange translation | 0 | 0 | 0 | |||
Net movement in hedges of net investments in foreign businesses | 0 | 0 | 0 | |||
Ending Balances | (397,422) | (1,655,559) | (143,400) | |||
Debt Instruments at Fair Value [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Other reserves | 3,900 | |||||
Debt Instruments at Fair Value [Member] | Impact of Initial Application of IFRS 17 [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 0 | |||||
Ending Balances | 0 | |||||
Debt Instruments at Fair Value [Member] | After Adjustment Initial Application [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | (139,500) | |||||
Ending Balances | (139,500) | |||||
Reserve for Cash Flow Hedges [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 788 | (273) | (41,102) | |||
Decrease (increase) in net unrealized gains on investments | 0 | 0 | 0 | |||
Transfer to results of the net realized loss of investments | 0 | 0 | 0 | |||
Transfer of recovery of credit loss of investments to profit or loss | 0 | 0 | 0 | |||
Change in net unrealized gain on cash flow hedges derivatives | 18,359 | 29,109 | 97,251 | |||
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | (30,550) | (28,048) | (56,422) | |||
Other reserves | 0 | 0 | 0 | |||
Foreign exchange translation | 0 | 0 | 0 | |||
Net movement in hedges of net investments in foreign businesses | 0 | 0 | 0 | |||
Ending Balances | (11,403) | 788 | (273) | |||
Reserve for Cash Flow Hedges [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Other reserves | 0 | |||||
Reserve for Cash Flow Hedges [Member] | Impact of Initial Application of IFRS 17 [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 0 | |||||
Ending Balances | 0 | |||||
Reserve for Cash Flow Hedges [Member] | After Adjustment Initial Application [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | (273) | |||||
Ending Balances | (273) | |||||
Insurance Reserves [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 1,133,536 | (158,666) | (892,598) | |||
Decrease (increase) in net unrealized gains on investments | 0 | 0 | 0 | |||
Transfer to results of the net realized loss of investments | 0 | 0 | 0 | |||
Transfer of recovery of credit loss of investments to profit or loss | 0 | 0 | 0 | |||
Change in net unrealized gain on cash flow hedges derivatives | 0 | 0 | 0 | |||
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | 0 | 0 | 0 | |||
Other reserves | (754,192) | 1,133,536 | 733,932 | |||
Foreign exchange translation | 0 | 0 | 0 | |||
Net movement in hedges of net investments in foreign businesses | 0 | 0 | 0 | |||
Ending Balances | 379,344 | 1,133,536 | (158,666) | |||
Insurance Reserves [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Other reserves | 0 | |||||
Insurance Reserves [Member] | Impact of Initial Application of IFRS 17 [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 158,666 | |||||
Ending Balances | 158,666 | |||||
Insurance Reserves [Member] | After Adjustment Initial Application [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 0 | |||||
Ending Balances | 0 | |||||
Foreign Currency Translation Reserve [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 74,655 | 331,356 | 227,865 | |||
Decrease (increase) in net unrealized gains on investments | 0 | 0 | 0 | |||
Transfer to results of the net realized loss of investments | 0 | 0 | 0 | |||
Transfer of recovery of credit loss of investments to profit or loss | 0 | 0 | 0 | |||
Change in net unrealized gain on cash flow hedges derivatives | 0 | 0 | 0 | |||
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | 0 | 0 | 0 | |||
Other reserves | 0 | 0 | 0 | |||
Foreign exchange translation | 73,498 | (301,969) | 160,810 | |||
Net movement in hedges of net investments in foreign businesses | 18,950 | 39,587 | (57,319) | |||
Ending Balances | S/ 167,103 | 74,655 | 331,356 | |||
Foreign Currency Translation Reserve [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Other reserves | 5,681 | |||||
Foreign Currency Translation Reserve [Member] | Impact of Initial Application of IFRS 17 [Member] | IFRS 17 [member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | 0 | |||||
Ending Balances | 0 | |||||
Foreign Currency Translation Reserve [Member] | After Adjustment Initial Application [Member] | ||||||
Other reserves [Abstract] | ||||||
Beginning Balances | S/ 337,037 | |||||
Ending Balances | S/ 337,037 |
EQUITY, Components of Other Com
EQUITY, Components of Other Comprehensive Income (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt instruments at fair value through other comprehensive income [Abstract] | |||
Net unrealized gain (loss) | S/ 1,241,632 | S/ (1,629,016) | S/ (2,411,900) |
Transfer to results of net realized loss | 7,789 | 49,754 | 3,848 |
Transfer of recovery of credit loss to profit or loss | 8,716 | 63,203 | 8,121 |
Sub total | 1,258,137 | (1,516,059) | (2,399,931) |
Non-controlling interest | 18,317 | (15,535) | (39,890) |
Income tax | 58,489 | (82,459) | (52,086) |
Other comprehensive income, net realized and unrealized (loss) | 1,334,943 | (1,614,053) | (2,491,907) |
Cash flow hedge reserves [Abstract] | |||
Net gain on cash flow hedges | 18,359 | 29,109 | 97,251 |
Transfer of net realized gain on cash flow hedges derivatives to profit or loss | (30,550) | (28,048) | (56,422) |
Sub total | (12,191) | 1,061 | 40,829 |
Non-controlling interest | (148) | 27 | 923 |
Income tax | (5,104) | 158 | 16,834 |
Other comprehensive income, cash flow hedge | (17,443) | 1,246 | 58,586 |
Other reserves [Abstract] | |||
Insurances reserves | (754,192) | 1,133,536 | 733,932 |
Non-controlling interest | (8,619) | 10,604 | 8,513 |
Income tax | 0 | 0 | 26,846 |
Other reserves | (762,811) | 1,144,140 | 769,291 |
Foreign exchange translation [Abstract] | |||
Exchange gains or losses | 73,498 | (301,969) | 160,810 |
Net movement in hedges of net investments in foreign businesses | 18,950 | 39,587 | (57,319) |
Sub total | 92,448 | (262,382) | 103,491 |
Non-controlling interest | (34) | (114) | 358 |
Other comprehensive income, net of tax, exchange differences on translation of foreign operations | 92,414 | (262,496) | 103,849 |
Equity instruments at fair value through other comprehensive income [Abstract] | |||
Net unrealized loss | (12,247) | (36,477) | (108,317) |
Non-controlling interest | 127 | 23 | 33 |
Income tax | 3,791 | (2,109) | (5,402) |
Net loss on equity instruments designated at fair value through other comprehensive income | (8,329) | (38,563) | (113,686) |
Attributable to [Abstract] | |||
Credicorp's equity holders | 571,955 | (680,321) | (1,629,996) |
Non-controlling interest | 9,643 | (4,995) | (30,063) |
Total other comprehensive income | S/ 581,598 | S/ (685,316) | S/ (1,660,059) |
EQUITY, Distribution of Dividen
EQUITY, Distribution of Dividends (Details) S/ / shares in Units, S/ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 PEN (S/) S/ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 PEN (S/) S/ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 PEN (S/) S/ / shares | Dec. 31, 2021 USD ($) | |
Dividend distribution [Abstract] | ||||||
Date of Meeting - Board of Directors | Apr. 27, 2023 | Apr. 27, 2023 | Apr. 28, 2022 | Apr. 28, 2022 | Aug. 26, 2021 | Aug. 26, 2021 |
Dividends distribution, net of treasury shares effect | S/ 1,994,037 | $ 540,375 | S/ 1,196,422 | $ 318,536 | S/ 398,808 | $ 96,540 |
Payment of dividends per share (in sol per share) | S/ 25 | S/ 15 | S/ 5 | |||
Date of dividends payout | Sep. 06, 2023 | Sep. 06, 2023 | Oct. 06, 2022 | Oct. 06, 2022 | Jul. 10, 2021 | Jul. 10, 2021 |
Exchange rate published by the SBS | 3.6901 | 3.6901 | 3.756 | 3.756 | 4.131 | 4.131 |
Dividends payout (equivalent in thousands of US$) | S/ 1,994,037 | $ 540,375 | S/ 1,196,422 | $ 318,536 | S/ 398,808 | $ 96,540 |
Withholding tax rate | 5% | 5% | 5% | 5% | 5% | 5% |
EQUITY, Regulatory Capital (Det
EQUITY, Regulatory Capital (Details) - PEN (S/) S/ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory capital [Abstract] | ||
Capital commitments | S/ 33,452.6 | S/ 31,754.6 |
Increase of capital requirement | S/ 7,731.9 | S/ 8,157.0 |
TAX SITUATION, Summary (Details
TAX SITUATION, Summary (Details) - Regime | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Abstract] | ||||
Applicable tax rate | 29.50% | 29.50% | 29.50% | |
Percentage of profit sharing | 5% | 5% | 5% | |
Average effective tax rate | (27.58%) | (30.78%) | (31.15%) | |
Total general income tax rate | 40% | 38% | ||
2022 [Member] | ||||
Income Tax [Abstract] | ||||
Surcharge rate | 3% | |||
2023 [Member] | ||||
Income Tax [Abstract] | ||||
Surcharge rate | 5% | |||
2024 [Member] | ||||
Income Tax [Abstract] | ||||
Surcharge rate | 5% | |||
2025 [Member] | ||||
Income Tax [Abstract] | ||||
Surcharge rate | 5% | |||
2026 [Member] | ||||
Income Tax [Abstract] | ||||
Surcharge rate | 5% | |||
2027 [Member] | ||||
Income Tax [Abstract] | ||||
Surcharge rate | 5% | |||
Bolivia [Member] | ||||
Income Tax [Abstract] | ||||
Applicable tax rate | 25% | 25% | ||
Percentage of additional rate if return on equity exceeds | 6% | |||
Tax rate effect from change in tax rate | 25% | |||
Average effective tax rate | 50% | |||
Chile [Member] | ||||
Income Tax [Abstract] | ||||
Number of tax regimes | 2 | |||
Chile [Member] | Minimum [Member] | ||||
Income Tax [Abstract] | ||||
Tax rate effect from change in tax rate | 35% | |||
Chile [Member] | Maximum [Member] | ||||
Income Tax [Abstract] | ||||
Tax rate effect from change in tax rate | 4% | |||
Country of Domicile [Member] | ||||
Income Tax [Abstract] | ||||
Applicable tax rate | 27% | |||
Colombia [Member] | ||||
Income Tax [Abstract] | ||||
Applicable tax rate | 35% |
TAX SITUATION, Tax Rates (Detai
TAX SITUATION, Tax Rates (Details) S/ in Millions | 12 Months Ended | |
Dec. 31, 2023 PEN (S/) Tax value unit | Dec. 31, 2022 PEN (S/) | |
Income Tax Rate [Abstract] | ||
Tax value unit | Tax value unit | 120,000 | |
Tax value amount | S/ | S/ 4.4 | S/ 3.6 |
Differential rate on net profit and expenses | 10% | |
Percentage of industry and commerce tax as a tax discount for income tax, notices and boards | 100% | |
Percentage of industry and commerce tax, notices and boards can be taken as a tax discount | 50% | |
2023 [Member] | ||
Income Tax Rate [Abstract] | ||
Increase in net income tax compared to the previous year | 35% | |
Available time of inspection | 6 months | |
2024 [Member] | ||
Income Tax Rate [Abstract] | ||
Increase in net income tax compared to the previous year | 25% | |
Available time of inspection | 12 months |
TAX SITUATION, Reconciliation o
TAX SITUATION, Reconciliation of the Statutory Income Tax Rate to the Effective Tax Rate (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
TAX SITUATION [Abstract] | |||
Theoretical tax and income tax rate in Peru | S/ (2,040,900) | S/ (2,022,500) | S/ (1,573,200) |
Theoretical tax and income tax rate in Peru | (29.50%) | (29.50%) | (29.50%) |
Decrease (Increase) in the statutory tax rate due to [Abstract] | |||
Decrease (Increase) due to the profit of subsidiaries not domiciled in Peru | S/ 52,800 | S/ (75,800) | S/ (12,800) |
Provision tax on dividends | (235,700) | (168,400) | (78,600) |
Non-taxable income, net | 335,300 | 156,200 | 3,600 |
Income tax and effective income tax rate | S/ (1,888,451) | S/ (2,110,501) | S/ (1,660,987) |
Decrease (Increase) in the statutory tax rate due to [Abstract] | |||
Decrease (Increase) due to the profit of subsidiaries not domiciled in Peru | 0.77% | (1.11%) | (0.24%) |
Provision tax on dividends | (3.44%) | (2.46%) | (1.47%) |
Non-taxable income, net | 4.59% | 2.29% | 0.06% |
Income tax and effective income tax rate | (27.58%) | (30.78%) | (31.15%) |
TAX SITUATION, Income Tax Expen
TAX SITUATION, Income Tax Expense (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current [Abstract] | |||
Current tax expense | S/ 1,964,539 | S/ 1,997,438 | S/ 1,113,594 |
Deferred [Abstract] | |||
Deferred tax expense | (76,088) | 113,063 | 547,393 |
Total | 1,888,451 | 2,110,501 | 1,660,987 |
In Peru [Member] | |||
Current [Abstract] | |||
Current tax expense | 1,669,370 | 1,799,467 | 945,937 |
Deferred [Abstract] | |||
Deferred tax expense | (28,734) | 37,447 | 548,920 |
In Other Countries [Member] | |||
Current [Abstract] | |||
Current tax expense | 295,169 | 197,971 | 167,657 |
Deferred [Abstract] | |||
Deferred tax expense | S/ (47,354) | S/ 75,616 | S/ (1,527) |
TAX SITUATION, Deferred Income
TAX SITUATION, Deferred Income Tax (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Deferred liabilities [Abstract] | |||||
Deferred income tax asset, net | S/ 1,182,195 | S/ 1,134,747 | [1] | S/ 1,146,468 | |
Unrealized Gains and Losses Generated by Investments at Fair Value Through Other Comprehensive Income and Cash Flow Hedges Derivatives [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 36,300 | 114,000 | |||
Deferred Income Tax Asset, Net [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred income tax asset, net | 1,182,195 | 1,134,747 | |||
Deferred Income Tax Asset, Net [Member] | Allowance for Loan Losses for Loan Portfolio [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 1,023,000 | 1,108,687 | |||
Deferred Income Tax Asset, Net [Member] | Provision for Workers Profit Sharing [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 70,908 | 73,402 | |||
Deferred Income Tax Asset, Net [Member] | Provision for Sundry Expenses and Risks [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 59,984 | 35,393 | |||
Deferred Income Tax Asset, Net [Member] | Carry Forward Tax Losses [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 63,668 | 50,675 | |||
Deferred Income Tax Asset, Net [Member] | Provision for Pending Vacations [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 32,370 | 31,724 | |||
Deferred Income Tax Asset, Net [Member] | Depreciation of Improvements for Leased Premises [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 20,436 | 23,762 | |||
Deferred Income Tax Asset, Net [Member] | Unrealized Losses Due to Valuation of Investments at Fair Value Through Other Comprehensive Income [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 5,837 | 5,160 | |||
Deferred Income Tax Asset, Net [Member] | Provision of Stock Awards [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 13,821 | 45,510 | |||
Deferred Income Tax Asset, Net [Member] | Unrealized Losses Due to Valuation of Investments at Fair Value Through Other Comprehensive Income [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 39,364 | 71,214 | |||
Deferred Income Tax Asset, Net [Member] | Others [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 209,491 | 120,239 | |||
Deferred liabilities [Abstract] | |||||
Deferred liability | (48,389) | (33,238) | |||
Deferred Income Tax Asset, Net [Member] | Intangibles Net [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (176,271) | (253,696) | |||
Deferred Income Tax Asset, Net [Member] | Adjustment for difference in exchange of Superintendencia Nacional de Aduanas y de Administracion Tributaria (SUNAT) and SBS [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (45,016) | (61,858) | |||
Deferred Income Tax Asset, Net [Member] | Buildings Depreciation [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (63,839) | (64,462) | |||
Deferred Income Tax Asset, Net [Member] | Deferred Acquisitions Costs [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (16,070) | (16,537) | |||
Deferred Income Tax Asset, Net [Member] | Unrealized Gain Due to Valuation of Investments at Fair Value Through Other Comprehensive Income [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (3,743) | (1,099) | |||
Deferred Income Tax Asset, Net [Member] | Buildings Revaluation [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (2,552) | (3,113) | |||
Deferred Income Tax Asset, Net [Member] | Unrealized Gain in Valuation on Cash Flow Hedge Derivatives [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 0 | 8,246 | |||
Deferred liabilities [Abstract] | |||||
Deferred liability | (804) | (5,262) | |||
Deferred Income Tax Liability, Net [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (107,517) | (75,005) | |||
Deferred Income Tax Liability, Net [Member] | Provision for Workers Profit Sharing [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 17,897 | 12,911 | |||
Deferred Income Tax Liability, Net [Member] | Provision for Sundry Expenses and Risks [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 12,395 | 21,192 | |||
Deferred Income Tax Liability, Net [Member] | Carry Forward Tax Losses [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 19,757 | 19,757 | |||
Deferred Income Tax Liability, Net [Member] | Unrealized Losses Due to Valuation of Investments at Fair Value Through Other Comprehensive Income [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 8,731 | 41,146 | |||
Deferred Income Tax Liability, Net [Member] | Deferred Income from Commissions on Remuneration [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 5,274 | 4,992 | |||
Deferred Income Tax Liability, Net [Member] | Others [Member] | |||||
Deferred asset [Abstract] | |||||
Deferred asset | 8,674 | 10,270 | |||
Deferred liabilities [Abstract] | |||||
Deferred liability | (64,853) | (56,965) | |||
Deferred Income Tax Liability, Net [Member] | Intangibles Net [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (36,569) | (37,315) | |||
Deferred Income Tax Liability, Net [Member] | Gain Generated in the Reorganization of Pacifico EPS [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (39,515) | (39,515) | |||
Deferred Income Tax Liability, Net [Member] | Deferred Acquisitions Costs [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (8,186) | (22,991) | |||
Deferred Income Tax Liability, Net [Member] | Unrealized Gain Due to Valuation of Investments at Fair Value Through Other Comprehensive Income [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (13,846) | (10,716) | |||
Deferred Income Tax Liability, Net [Member] | Reserve for Reinstatement Premium Costs and Deductibles [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (10,942) | (11,251) | |||
Deferred Income Tax Liability, Net [Member] | Leasing Operations Related to Loans [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | (3,038) | (3,224) | |||
Deferred Income Tax Liability, Net [Member] | Buildings Revaluation [Member] | |||||
Deferred liabilities [Abstract] | |||||
Deferred liability | S/ (3,296) | S/ (3,296) | |||
[1]See note 3(b). |
TAX SITUATION, Income Tax Retur
TAX SITUATION, Income Tax Returns Open for Examination by Tax Authorities (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Tax authorities [Abstract] | |
Maximum period that authority has right to review and amend the annual income tax returns after their filing date | 4 years |
Banco de Credito del Peru [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2016 2017 2020 2021 2022 2023 |
Sworn declaration of income tax year | 2019 |
Mibanco [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2018 2021 2022 2023 |
Sworn declaration of income tax year | 2021 |
Pacifico Compania de Seguros y Reaseguros [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2018 2019 2020 2021 2022 2023 |
Credicorp Capital Servicios Financieros [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2018 2019 2020 2021 2022 2023 |
Credicorp Capital Peru [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2018 2019 2020 2021 2022 2023 |
Credicorp Capital Holding Peru [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2018 2019 2020 2021 2022 2023 |
Grupo Credito [Member] | |
Tax authorities [Abstract] | |
Tax year open to examination | 2018 2019 2020 2021 2022 2023 |
Sworn declaration of income tax year | 2017 |
TAX SITUATION, Income Tax Decla
TAX SITUATION, Income Tax Declarations Pending Examination by Oversees Tax Authorities (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Colombia [Member] | |
Annual income tax declarations pending examination by overseas tax authorities [Abstract] | |
Period for taxpayers obliged to apply transfer prices and report tax losses | 6 years |
Banco de Credito de Bolivia [Member] | |
Annual income tax declarations pending examination by overseas tax authorities [Abstract] | |
Annual income tax returns | 2015 2016 2017 2018 2019 2020 2021 2022 2023 |
Mibanco Colombia [Member] | |
Annual income tax declarations pending examination by overseas tax authorities [Abstract] | |
Annual income tax returns | 2019 2020 2021 2022 2023 |
Credicorp Capital Colombia [Member] | |
Annual income tax declarations pending examination by overseas tax authorities [Abstract] | |
Annual income tax returns | 2017 2018 2019 2020 2021 2022 2023 |
CONTINGENT RISKS AND COMMITME_3
CONTINGENT RISKS AND COMMITMENTS (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Contingent Credits - Indirect Loans [Abstract] | |||
Indirect loans | [1] | S/ 20,051,615 | S/ 20,928,055 |
Responsibilities under credit line agreements | [2] | 87,091,701 | 86,597,041 |
Total | 107,143,316 | 107,525,096 | |
Endorsements and Standby Letters [Member] | |||
Contingent Credits - Indirect Loans [Abstract] | |||
Indirect loans | 17,737,645 | 18,244,865 | |
Import and Export Letters of Credit [Member] | |||
Contingent Credits - Indirect Loans [Abstract] | |||
Indirect loans | [1] | S/ 2,313,970 | S/ 2,683,190 |
[1]In the normal course of their business, the Group’s banking subsidiaries are party to transactions with off-balance sheet risk. These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statement of financial position.[2]Lines of credit include consumer loans and other consumer loan facilities (credit card receivables) granted to customers and are cancelable upon related notice to the customer. |
INTEREST, SIMILAR INCOME AND _3
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Similar Income [Abstract] | |||
Interest on loans | S/ 15,044,864 | S/ 12,419,281 | S/ 10,170,680 |
Interest on investments at fair value through other comprehensive income | 1,984,408 | 1,595,570 | 1,152,542 |
Interest on due from banks | 1,133,211 | 467,387 | 49,637 |
Interest on investments at amortized cost | 456,543 | 382,097 | 323,689 |
Interest on investments at fair value through profit or loss | 48,376 | 38,550 | 50,562 |
Dividends received | 46,080 | 29,226 | 40,637 |
Other interest and similar income | 85,013 | 79,171 | 62,659 |
Total | 18,798,495 | 15,011,282 | 11,850,406 |
Interest and Similar Expense [Abstract] | |||
Interest on deposits and obligations | (3,141,307) | (1,688,245) | (865,474) |
Interest on due to banks and correspondents | (1,158,665) | (683,078) | (435,426) |
Interest on bonds and notes issued | (634,299) | (728,218) | (836,977) |
Financial expenses of insurance activities | (466,814) | (426,477) | 0 |
Deposit Insurance Fund | (237,441) | (230,255) | (213,741) |
Interest on lease liabilities | (25,574) | (25,054) | (27,374) |
Other interest and similar expense | (196,423) | (138,337) | (111,810) |
Total | S/ (5,860,523) | S/ (3,919,664) | S/ (2,490,802) |
COMMISSIONS AND FEES (Details)
COMMISSIONS AND FEES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commissions and Fees [Abstract] | |||
Total | S/ 3,804,459 | S/ 3,642,857 | S/ 3,493,734 |
At Point in Time [member] | |||
Commissions and Fees [Abstract] | |||
Maintenance of accounts, transfers and credit and debit card services | 1,465,318 | 1,595,547 | 1,442,966 |
Commissions for banking services | 443,040 | 367,946 | 301,592 |
Collection services | 119,563 | 119,636 | 107,442 |
Commissions for consulting and technical studies | 61,390 | 66,291 | 62,384 |
Commissions for salary advance and payment of services | 59,903 | 66,330 | 52,557 |
Commissions for brokerages, stockbrokers and stock markets. | 43,861 | 44,225 | 40,769 |
Commissions for intermediation in virtual platforms | 41,376 | 35,324 | 29,983 |
Operational commissions | 41,082 | 36,213 | 76,626 |
Commissions for placements | 32,253 | 27,686 | 18,451 |
Penalty commissions | 1,635 | 3,104 | 21,420 |
Others | 97,450 | 127,051 | 81,947 |
Total | 2,406,871 | 2,489,353 | 2,236,137 |
Over Time [member] | |||
Commissions and Fees [Abstract] | |||
Funds and equity management | 700,663 | 628,739 | 717,227 |
Contingent loans and foreign trade fees | 651,392 | 450,874 | 459,165 |
Commissions for custody of securities | 45,533 | 73,891 | 81,205 |
Total | S/ 1,397,588 | S/ 1,153,504 | S/ 1,257,597 |
NET GAIN ON SECURITIES (Details
NET GAIN ON SECURITIES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net gain on securities [abstract] | |||
Net gain (loss) on investments at fair value through profit or loss | S/ 325,808 | S/ (114,892) | S/ (102,761) |
Net gain in associates | 117,089 | 104,461 | 74,021 |
(Provision) of credit loss for investments at fair value with changes in other comprehensive income, note 6(b) | (4,321) | (58,260) | (6,816) |
Net (loss) gain on investments at fair value with changes in other comprehensive income | (14,917) | 75,273 | 65,976 |
Others | 1,485 | (1,114) | (1,770) |
Total | S/ 425,144 | S/ 5,468 | S/ 28,650 |
INSURANCE AND UNDERWRITING RE_3
INSURANCE AND UNDERWRITING RESULT, Insurance Service Result (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance service result [Abstract] | |||
Insurance Service Result | S/ 1,602,421 | S/ 1,302,347 | S/ 0 |
Insurance Contracts [Member] | |||
Insurance service result [Abstract] | |||
Income from the Insurance Service | 3,855,408 | 3,533,270 | |
Claims incurred and adjustments related to past claims incurred and other insurance service expenses | (2,232,672) | (2,122,652) | |
Losses in onerous contracts and reversal of losses | (17,181) | (92,530) | |
Others | (3,134) | (15,741) | |
Insurance Service Expenses | (2,252,987) | (2,230,923) | |
Insurance Service Result | 1,602,421 | 1,302,347 | |
Insurance Contracts [Member] | Contracts Measured Under BBA and VFA [Member] | |||
Insurance service result [Abstract] | |||
Income from the Insurance Service | 226,125 | 211,323 | |
Insurance Contracts [Member] | Contracts Measured Under PAA [Member] | |||
Insurance service result [Abstract] | |||
Income from the Insurance Service | S/ 3,629,283 | S/ 3,321,947 |
INSURANCE AND UNDERWRITING RE_4
INSURANCE AND UNDERWRITING RESULT, Reinsurance Result (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reinsurance result [Abstract] | |||
Reinsurance result | S/ (391,321) | S/ (460,899) | S/ 0 |
Reinsurance Contracts [Member] | |||
Reinsurance result [Abstract] | |||
Variation in incurred claim provision - pending Claims - Reinsurance | 448,500 | 317,110 | |
Adjustment changes of incurred claim provision - RA - Reinsurance | (9) | 0 | |
Income from reinsurance recoveries | 448,491 | 317,110 | |
Premiums assigned to the reinsurance period | (839,812) | (778,009) | |
Expenses for assigning the premiums paid to the reinsurer | (839,812) | (778,009) | |
Reinsurance result | S/ (391,321) | S/ (460,899) |
INSURANCE AND UNDERWRITING RE_5
INSURANCE AND UNDERWRITING RESULT, BBA and VFA of the Insurance Service (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Insurance revenue, amounts relating to changes in liability for remaining coverage [abstract] | ||
Change in risk adjustment for non-financial risk | S/ (22,759) | S/ (15,379) |
Contracts Measured Under BBA and VFA [Member] | ||
Insurance revenue, amounts relating to changes in liability for remaining coverage [abstract] | ||
CSM recognized for services provided | 128,639 | 131,588 |
Change in risk adjustment for non-financial risk | 12,357 | 15,982 |
Expenses for insurance services and expected | 81,995 | 65,329 |
Cash recovery for the purchase of insurance | 3,134 | (1,576) |
Income from the Insurance Service | S/ 226,125 | S/ 211,323 |
INSURANCE AND UNDERWRITING RE_6
INSURANCE AND UNDERWRITING RESULT, Onerous and Non-onerous Contracts (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | S/ 1,154,977 | S/ (657,390) |
Risk Adjustment for Non-financial Risk [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | (106,460) | (20,343) |
Total [Member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 20,474 | 14,491 |
Total [Member] | Insurance Acquisition Cash Flows [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 106,243 | 86,299 |
Total [Member] | Claims and Other Directly Attributable Expenses [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 794,420 | 633,888 |
Total [Member] | Estimates of the Present Value of Future Inflows [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | (994,790) | (836,194) |
Total [Member] | Risk Adjustment for Non-financial Risk [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 8,138 | 10,131 |
Total [Member] | CSM [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 106,463 | 120,367 |
Onerous contracts [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 20,474 | 14,491 |
Onerous contracts [member] | Insurance Acquisition Cash Flows [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 21,123 | 14,022 |
Onerous contracts [member] | Claims and Other Directly Attributable Expenses [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 135,905 | 165,170 |
Onerous contracts [member] | Estimates of the Present Value of Future Inflows [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | (138,467) | (167,263) |
Onerous contracts [member] | Risk Adjustment for Non-financial Risk [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 1,913 | 2,562 |
Onerous contracts [member] | CSM [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 0 | 0 |
Non-onerous contracts [Member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 0 | 0 |
Non-onerous contracts [Member] | Insurance Acquisition Cash Flows [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 85,120 | 72,277 |
Non-onerous contracts [Member] | Claims and Other Directly Attributable Expenses [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 658,515 | 468,718 |
Non-onerous contracts [Member] | Estimates of the Present Value of Future Inflows [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | (856,323) | (668,931) |
Non-onerous contracts [Member] | Risk Adjustment for Non-financial Risk [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | 6,225 | 7,569 |
Non-onerous contracts [Member] | CSM [member] | ||
Impact of new business for onerous and non-onerous contracts [Abstract] | ||
Impact on provisions for contracts recognized in the period | S/ 106,463 | S/ 120,367 |
INSURANCE AND UNDERWRITING RE_7
INSURANCE AND UNDERWRITING RESULT, CSM (Details) - Contractual service margin [member] - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | S/ 2,084,053 | S/ 1,377,615 |
One year [member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | 113,378 | 115,614 |
Two years [member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | 115,736 | 148,085 |
Three years [member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | 116,736 | 164,542 |
Four years [member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | 117,284 | 165,924 |
Five years [member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | 114,531 | 152,654 |
From 6 to 10 years [Member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | 494,953 | 413,518 |
Older than 10 years [member] | ||
Estimate of release of CSM considering reversals of loss component [Abstract] | ||
Contractual service margin | S/ 1,011,435 | S/ 217,278 |
INSURANCE AND UNDERWRITING RE_8
INSURANCE AND UNDERWRITING RESULT, Fair Value of Underlying Assets (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IL Controlled [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | S/ 91,502 | S/ 84,570 |
IL Controlled Soles [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 186,879 | 187,088 |
IL Balanced [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 79,671 | 72,059 |
IL Balanced II [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 382,326 | 370,484 |
IL Global Balanced [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 87,527 | 75,301 |
IL Capitalized [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 1,433 | 328 |
IL Capitalized II [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 259 | 190 |
IL Global Growth [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | 1,073 | 198 |
IL Sustainable Capitalization [Member] | ||
Fair value of underlying assets [Abstract] | ||
fair value of the underlying assets | S/ 804 | S/ 0 |
INSURANCE AND UNDERWRITING RE_9
INSURANCE AND UNDERWRITING RESULT, Insurance Contract Portfolios (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impact of transition approaches adopted to establish CSM for insurance contract portfolios [Abstract] | ||
Balances at the beginning of the period | S/ 8,595,335 | S/ 9,366,394 |
Changes related to future service | 1,444 | 110,637 |
Changes related to the current service | 720,026 | 538,113 |
Balances at the end of the period | 9,567,014 | 8,595,335 |
Contractual Service Margin [Member] | ||
Impact of transition approaches adopted to establish CSM for insurance contract portfolios [Abstract] | ||
Balances at the beginning of the period | 992,527 | 1,251,473 |
Changes related to future service | (11,385) | (181,050) |
Changes related to the current service | (74,030) | (77,896) |
Balances at the end of the period | S/ 907,112 | S/ 992,527 |
INSURANCE AND UNDERWRITING R_10
INSURANCE AND UNDERWRITING RESULT, Insurance Premiums (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | S/ 0 | S/ 0 | S/ 2,671,530 | |
Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 4,279,422 | |||
Technical Reserve Adjustment [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | (923,849) | |||
Total Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [1] | 3,355,573 | ||
Premiums Ceded to Reinsurers and Co-insurers, Net [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [2] | (738,706) | ||
Results of Financial Assets Designated at Fair Value Through Profit and Loss [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 54,663 | |||
Life Insurance [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 1,457,965 | |||
Life Insurance [Member] | Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 2,508,154 | |||
Life Insurance [Member] | Technical Reserve Adjustment [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | (890,216) | |||
Life Insurance [Member] | Total Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [1] | 1,617,938 | ||
Life Insurance [Member] | Premiums Ceded to Reinsurers and Co-insurers, Net [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [2] | (214,636) | ||
Life Insurance [Member] | Results of Financial Assets Designated at Fair Value Through Profit and Loss [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 54,663 | |||
Health Insurance [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 585,255 | |||
Health Insurance [Member] | Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 630,790 | |||
Health Insurance [Member] | Technical Reserve Adjustment [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | (30,457) | |||
Health Insurance [Member] | Total Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [1] | 600,333 | ||
Health Insurance [Member] | Premiums Ceded to Reinsurers and Co-insurers, Net [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [2] | (15,078) | ||
Health Insurance [Member] | Results of Financial Assets Designated at Fair Value Through Profit and Loss [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 0 | |||
General Insurance [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 628,310 | |||
General Insurance [Member] | Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | 1,140,478 | |||
General Insurance [Member] | Technical Reserve Adjustment [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | (3,176) | |||
General Insurance [Member] | Total Gross Written Premiums [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [1] | 1,137,302 | ||
General Insurance [Member] | Premiums Ceded to Reinsurers and Co-insurers, Net [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | [2] | (508,992) | ||
General Insurance [Member] | Results of Financial Assets Designated at Fair Value Through Profit and Loss [Member] | ||||
Composition of net premiums earned [Abstract] | ||||
Net premiums earned | S/ 0 | |||
[1]Gross written premiums by insurance type are described below:[2]”Premiums ceded to reinsurers and coinsurers, net” include: |
INSURANCE AND UNDERWRITING R_11
INSURANCE AND UNDERWRITING RESULT, Gross Written Premiums by Insurance Type (Details) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 PEN (S/) | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 3,355,573 | |
Percentage of gross written premium | 100% | |
Life Insurance [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 1,617,938 | [1] |
Percentage of gross written premium | 48.22% | [1] |
Percentage of breakdown of life insurance gross written premium | 100% | |
Life Insurance [Member] | Disability And Survival [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 645,194 | [2] |
Percentage of breakdown of life insurance gross written premium | 39.88% | [2] |
Life Insurance [Member] | Credit Life [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 593,370 | |
Percentage of breakdown of life insurance gross written premium | 36.67% | |
Life Insurance [Member] | Individual Life [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 119,220 | [3] |
Percentage of breakdown of life insurance gross written premium | 7.37% | [3] |
Life Insurance [Member] | Group Life [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 150,777 | |
Percentage of breakdown of life insurance gross written premium | 9.32% | |
Life Insurance [Member] | Annuities [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 109,377 | |
Percentage of breakdown of life insurance gross written premium | 6.76% | |
Health Insurance [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 600,333 | [4] |
Percentage of gross written premium | 17.89% | [4] |
Health Insurance [Member] | Medical Assistance Services [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 519,800 | |
Percentage of entity's revenue | 86.59% | |
General Insurance [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 1,137,302 | [5] |
Percentage of gross written premium | 33.89% | [5] |
Percentage rate of breakdown of general insurance gross written premium | 100% | |
General Insurance [Member] | Automobile [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 334,939 | |
Percentage rate of breakdown of general insurance gross written premium | 29.45% | |
General Insurance [Member] | Fire and Allied Lines [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 311,048 | |
Percentage rate of breakdown of general insurance gross written premium | 27.35% | |
General Insurance [Member] | Theft and Robbery [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 110,815 | |
Percentage rate of breakdown of general insurance gross written premium | 9.74% | |
General Insurance [Member] | Third Party Liability [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 109,907 | |
Percentage rate of breakdown of general insurance gross written premium | 9.66% | |
General Insurance [Member] | Transport [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 58,300 | |
Percentage rate of breakdown of general insurance gross written premium | 5.13% | |
General Insurance [Member] | Technical Lines [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 63,792 | [6] |
Percentage rate of breakdown of general insurance gross written premium | 5.61% | [6] |
General Insurance [Member] | Marine Hull [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 29,414 | |
Percentage rate of breakdown of general insurance gross written premium | 2.59% | |
General Insurance [Member] | SOAT (Mandatory Automobile Line) [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 25,662 | |
Percentage rate of breakdown of general insurance gross written premium | 2.26% | |
General Insurance [Member] | Aviation [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 38,275 | |
Percentage rate of breakdown of general insurance gross written premium | 3.37% | |
General Insurance [Member] | Others [Member] | ||
Gross written premiums by insurance type [Abstract] | ||
Gross written premiums | S/ 55,150 | |
Percentage rate of breakdown of general insurance gross written premium | 4.84% | |
[1]The breakdown of life insurance gross written premiums is as follows:[2]This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym).[3]Individual life insurance premiums include Investment Link insurance contracts.[4]Gross health insurance premiums include medical assistance that amounts to S/ 519.8 86.59 |
INSURANCE AND UNDERWRITING R_12
INSURANCE AND UNDERWRITING RESULT, Premiums Ceded to Reinsurers and Coinsurers, Net (Details) S/ in Thousands | 12 Months Ended |
Dec. 31, 2021 PEN (S/) | |
Premiums ceded to reinsurers and coinsurers, net [Abstract] | |
Premiums ceded for automatic contracts (mainly excess of loss) | S/ (355,356) |
Premiums ceded for facultative contracts | (392,346) |
Annual variation of reserve risk in progress of premiums ceded | 8,996 |
Premiums ceded to reinsurers and coinsurers | S/ (738,706) |
INSURANCE and UNDERWRITING R_13
INSURANCE and UNDERWRITING RESULT, Components of Insurance Claims (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | S/ 0 | S/ 0 | S/ 2,341,917 |
Life Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 1,777,295 | ||
General Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 254,616 | ||
Health Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 310,006 | ||
Gross Claims [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 2,884,258 | ||
Gross Claims [Member] | Life Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 2,183,789 | ||
Gross Claims [Member] | General Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 375,162 | ||
Gross Claims [Member] | Health Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | 325,307 | ||
Ceded Claims [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | (542,341) | ||
Ceded Claims [Member] | Life Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | (406,494) | ||
Ceded Claims [Member] | General Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | (120,546) | ||
Ceded Claims [Member] | Health Insurance [Member] | |||
Claims incurred for life, general and health insurance contracts [Abstract] | |||
Net insurance claims | S/ (15,301) |
SALARIES AND EMPLOYEES BENEFI_3
SALARIES AND EMPLOYEES BENEFITS (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Salaries and employees benefits expense [Abstract] | |||
Salaries | S/ 2,430,121 | S/ 2,176,165 | S/ 2,090,835 |
Vacations, medical assistance and others | 433,441 | 357,879 | 342,435 |
Bonuses | 320,084 | 301,097 | 280,568 |
Workers profit sharing | 286,895 | 311,459 | 165,091 |
Additional participation | 276,177 | 271,995 | 342,065 |
Social security | 254,770 | 234,867 | 213,640 |
Severance indemnities | 180,637 | 167,020 | 159,845 |
Share-based payment plans | 83,328 | 81,679 | 73,997 |
Total | S/ 4,265,453 | S/ 3,902,161 | S/ 3,668,476 |
ADMINISTRATIVE EXPENSES (Detail
ADMINISTRATIVE EXPENSES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Administrative Expenses [Abstract] | |||
IT expenses and systems outsourcing | S/ 1,080,001 | S/ 908,339 | S/ 741,429 |
Publicity and loyalty programs | 720,718 | 652,587 | 486,885 |
Audit, consulting and professional fees | 336,715 | 333,325 | 312,978 |
Taxes and contributions | 264,326 | 280,171 | 289,484 |
Transport and communications | 226,860 | 225,491 | 208,244 |
Repair and maintenance | 157,127 | 136,105 | 123,232 |
Outsourcing | 144,534 | 113,211 | 99,440 |
Sundry supplies | 118,510 | 87,844 | 57,093 |
Commissions by agents | 115,120 | 106,356 | 104,700 |
Short term, low value and variable income lease | 108,357 | 91,680 | 86,417 |
Security and protection | 64,432 | 64,480 | 63,500 |
Subscriptions and quotes | 61,945 | 55,914 | 55,331 |
Electricity and water | 56,359 | 50,566 | 48,886 |
Insurance | 56,324 | 62,994 | 62,142 |
Electronic processing | 39,764 | 35,896 | 39,528 |
Cleaning | 22,677 | 20,435 | 20,105 |
Others | 229,434 | 188,671 | 154,323 |
Total | S/ 3,803,203 | S/ 3,414,065 | S/ 2,953,717 |
OTHER INCOME AND EXPENSES (Deta
OTHER INCOME AND EXPENSES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other income [Abstract] | |||
Net results from sale of loan portfolio | S/ 83,515 | S/ 18,712 | S/ 15,700 |
Rental income | 46,836 | 44,257 | 35,218 |
Income from previous years | 33,969 | 66,531 | 33,969 |
Contract resolution impact | 6,559 | 5,352 | 16,817 |
Recovery of other accounts receivable and other assets | 1,862 | 1,299 | 3,728 |
Net income from the sale of property, furniture and equipment | 1,654 | 14,979 | 16,083 |
Gain from the sale of adjudicated assets | 0 | 11,355 | 0 |
Others | 266,258 | 105,561 | 145,052 |
Total other income | 440,653 | 268,046 | 266,567 |
Other expenses [Abstract] | |||
Derecognition of intangibles due to withdrawals and dismissed projects | 96,978 | 25,140 | 17,630 |
Provision for sundry risks, see Note 12(j) | 95,873 | 43,846 | 70,824 |
Losses due to operational risk | 66,302 | 74,512 | 58,956 |
Association in participation | 53,097 | 40,955 | 47,176 |
Administrative and tax penalties | 28,882 | 1,626 | 1,601 |
Donations | 23,354 | 16,362 | 9,949 |
Expenses on improvements in building for rent | 17,445 | 18,962 | 23,814 |
Provision for other accounts receivable | 11,975 | 18,736 | 28,324 |
Operating expenses due to COVID-19 | 7,775 | 20,177 | 50,107 |
Others | 132,920 | 103,982 | 126,733 |
Total other expenses | S/ 534,601 | S/ 364,298 | S/ 435,114 |
EARNING PER SHARE (Details)
EARNING PER SHARE (Details) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EARNING PER SHARE [Abstract] | |||
Net income attributable to equity holders of Credicorp | S/ 4,865,540 | S/ 4,647,818 | S/ 3,584,582 |
Number of Stock [Abstract] | |||
Ordinary stock, Note 16(a) (in shares) | 94,382,317 | 94,382,317 | 94,382,317 |
Less - opening balance of treasury stock (in shares) | (14,849,223) | (14,850,369) | (14,914,734) |
Sale (acquisition) of treasury stock, net | (55,283) | (3,615) | 26,604 |
Weighted average number of ordinary shares for basic earnings (in shares) | 79,477,811 | 79,528,333 | 79,494,187 |
Plus - dilution effect - stock awards (in shares) | 177,709 | 168,462 | 182,208 |
Weighted average number of ordinary shares adjusted for the effect of dilution (in shares) | 79,655,520 | 79,696,795 | 79,676,395 |
Basic earnings per share (in sol per share) | S/ 61.22 | S/ 58.44 | S/ 45.09 |
Diluted earnings per share (in sol per share) | S/ 61.08 | S/ 58.32 | S/ 44.99 |
OPERATING SEGMENTS, Information
OPERATING SEGMENTS, Information Relating to Operating Segments (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | S/ 25,665,000 | S/ 20,919,000 | S/ 19,449,000 | ||
From other segments | [1],[2] | 752,000 | 725,000 | 549,000 | ||
Net interest, similar income and expenses | 12,937,972 | 11,091,618 | 9,359,604 | |||
Other income, net | [3] | 6,867,000 | 5,908,000 | 4,923,000 | ||
Provision for credit losses on loan portfolio | (3,957,143) | (2,158,555) | (1,558,951) | |||
Depreciation, amortization and right in use | (659,000) | (636,000) | (683,000) | |||
Income tax | (1,888,000) | (2,111,000) | (1,661,000) | |||
Net profit | 4,959,878 | 4,760,110 | 3,671,829 | |||
Additions of fixed assets, intangibles and goodwill | 1,214,000 | 920,000 | 640,000 | |||
Total assets | 238,840,188 | 235,414,157 | [4] | 243,443,872 | [4] | |
Total liabilities | 205,733,123 | 205,818,944 | [4] | 216,611,348 | [4] | |
Universal Banking [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 17,907,000 | 14,375,000 | 12,034,000 | ||
From other segments | [1],[2] | 578,000 | 527,000 | 378,000 | ||
Net interest, similar income and expenses | 10,090,000 | 8,153,000 | 6,529,000 | |||
Other income, net | [3] | 4,722,000 | 3,306,000 | 3,419,000 | ||
Provision for credit losses on loan portfolio | (2,896,000) | (1,517,000) | (1,051,000) | |||
Depreciation, amortization and right in use | (484,000) | (476,000) | (464,000) | |||
Income tax | (1,559,000) | (1,737,000) | (1,338,000) | |||
Net profit | 4,286,000 | 4,326,000 | 3,463,000 | |||
Additions of fixed assets, intangibles and goodwill | 781,000 | 605,000 | 476,000 | |||
Total assets | 192,299,000 | 190,605,000 | ||||
Total liabilities | 168,525,000 | 169,323,000 | ||||
Insurance and Pension Funds [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 2,628,000 | 2,043,000 | 3,951,000 | ||
From other segments | [1],[2] | 0 | 67,000 | 65,000 | ||
Net interest, similar income and expenses | 289,000 | 301,000 | 606,000 | |||
Other income, net | [3] | 1,339,000 | 1,112,000 | 634,000 | ||
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |||
Depreciation, amortization and right in use | (28,000) | (26,000) | (78,000) | |||
Income tax | (97,000) | (60,000) | (70,000) | |||
Net profit | 968,000 | 577,000 | 16,000 | |||
Additions of fixed assets, intangibles and goodwill | 96,000 | 109,000 | 93,000 | |||
Total assets | 16,606,000 | 15,300,000 | ||||
Total liabilities | 13,687,000 | 12,387,000 | ||||
Microfinance [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 3,727,000 | 3,125,000 | 2,416,000 | ||
From other segments | [1],[2] | 134,000 | 0 | 0 | ||
Net interest, similar income and expenses | 2,415,000 | 2,375,000 | 2,089,000 | |||
Other income, net | [3] | 207,000 | 76,000 | 23,000 | ||
Provision for credit losses on loan portfolio | (1,048,000) | (642,000) | (508,000) | |||
Depreciation, amortization and right in use | (104,000) | (89,000) | (92,000) | |||
Income tax | (21,000) | (172,000) | (159,000) | |||
Net profit | 131,000 | 439,000 | 309,000 | |||
Additions of fixed assets, intangibles and goodwill | 173,000 | 104,000 | 58,000 | |||
Total assets | 19,011,000 | 18,756,000 | ||||
Total liabilities | 15,751,000 | 15,734,000 | ||||
Operating Segments [Member] | Universal Banking Banco de Crdito del Peru [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 16,987,000 | 13,510,000 | 11,143,000 | ||
From other segments | [1],[2] | 578,000 | 518,000 | 368,000 | ||
Net interest, similar income and expenses | 9,927,000 | 7,828,000 | 6,192,000 | |||
Other income, net | [3] | 4,511,000 | 3,139,000 | 3,262,000 | ||
Provision for credit losses on loan portfolio | (2,846,000) | (1,448,000) | (1,034,000) | |||
Depreciation, amortization and right in use | (459,000) | (452,000) | (441,000) | |||
Income tax | (1,497,000) | (1,625,000) | (1,275,000) | |||
Net profit | 4,203,000 | 4,258,000 | 3,391,000 | |||
Additions of fixed assets, intangibles and goodwill | 765,000 | 590,000 | 449,000 | |||
Total assets | 178,834,000 | 177,907,000 | ||||
Total liabilities | 155,913,000 | 157,485,000 | ||||
Operating Segments [Member] | Universal Banking Banco de Credito de Bolivia [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 920,000 | 865,000 | 891,000 | ||
From other segments | [1],[2] | 0 | 9,000 | 10,000 | ||
Net interest, similar income and expenses | 163,000 | 325,000 | 337,000 | |||
Other income, net | [3] | 211,000 | 167,000 | 157,000 | ||
Provision for credit losses on loan portfolio | (50,000) | (69,000) | (17,000) | |||
Depreciation, amortization and right in use | (25,000) | (24,000) | (23,000) | |||
Income tax | (62,000) | (112,000) | (63,000) | |||
Net profit | 83,000 | 68,000 | 72,000 | |||
Additions of fixed assets, intangibles and goodwill | 16,000 | 15,000 | 27,000 | |||
Total assets | 13,465,000 | 12,698,000 | ||||
Total liabilities | 12,612,000 | 11,838,000 | ||||
Operating Segments [Member] | Insurance and Pension Funds Pacifico Seguros y Subsidiarias [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 2,233,000 | 1,689,000 | 3,544,000 | ||
From other segments | [1],[2] | 0 | 63,000 | 64,000 | ||
Net interest, similar income and expenses | 285,000 | 301,000 | 610,000 | |||
Other income, net | [3] | 951,000 | 758,000 | 228,000 | ||
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |||
Depreciation, amortization and right in use | (4,000) | (3,000) | (57,000) | |||
Income tax | (40,000) | (12,000) | (5,000) | |||
Net profit | 818,000 | 467,000 | (130,000) | |||
Additions of fixed assets, intangibles and goodwill | 79,000 | 80,000 | 81,000 | |||
Total assets | 15,865,000 | 14,565,000 | ||||
Total liabilities | 13,446,000 | 12,149,000 | ||||
Operating Segments [Member] | Insurance and Pension Funds Prima AFP [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 395,000 | 354,000 | 407,000 | ||
From other segments | [1],[2] | 0 | 4,000 | 1,000 | ||
Net interest, similar income and expenses | 4,000 | 0 | (4,000) | |||
Other income, net | [3] | 388,000 | 354,000 | 406,000 | ||
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |||
Depreciation, amortization and right in use | (24,000) | (23,000) | (21,000) | |||
Income tax | (57,000) | (48,000) | (65,000) | |||
Net profit | 150,000 | 110,000 | 146,000 | |||
Additions of fixed assets, intangibles and goodwill | 17,000 | 29,000 | 12,000 | |||
Total assets | 741,000 | 735,000 | ||||
Total liabilities | 241,000 | 238,000 | ||||
Operating Segments [Member] | Microfinance Mibanco [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 3,238,000 | 2,750,000 | 2,114,000 | ||
From other segments | [1],[2] | 134,000 | 0 | 0 | ||
Net interest, similar income and expenses | 2,160,000 | 2,139,000 | 1,860,000 | |||
Other income, net | [3] | 161,000 | 31,000 | (12,000) | ||
Provision for credit losses on loan portfolio | (923,000) | (597,000) | (504,000) | |||
Depreciation, amortization and right in use | (88,000) | (76,000) | (78,000) | |||
Income tax | (47,000) | (165,000) | (143,000) | |||
Net profit | 204,000 | 425,000 | 266,000 | |||
Additions of fixed assets, intangibles and goodwill | 129,000 | 96,000 | 50,000 | |||
Total assets | 16,898,000 | 17,226,000 | ||||
Total liabilities | 13,902,000 | 14,444,000 | ||||
Operating Segments [Member] | MiBanco Colombia [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 489,000 | 375,000 | 302,000 | ||
From other segments | [1],[2] | 0 | 0 | 0 | ||
Net interest, similar income and expenses | 255,000 | 236,000 | 229,000 | |||
Other income, net | [3] | 46,000 | 45,000 | 35,000 | ||
Provision for credit losses on loan portfolio | (125,000) | (45,000) | (4,000) | |||
Depreciation, amortization and right in use | (16,000) | (13,000) | (14,000) | |||
Income tax | 26,000 | (7,000) | (16,000) | |||
Net profit | (73,000) | 14,000 | 43,000 | |||
Additions of fixed assets, intangibles and goodwill | 44,000 | 8,000 | 8,000 | |||
Total assets | 2,113,000 | 1,530,000 | ||||
Total liabilities | 1,849,000 | 1,290,000 | ||||
Operating Segments [Member] | Investment Management & Advisory [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 1,026,000 | 923,000 | 866,000 | ||
From other segments | [1],[2] | 39,000 | 90,000 | 73,000 | ||
Net interest, similar income and expenses | 114,000 | 98,000 | 89,000 | |||
Other income, net | [3] | 591,000 | 666,000 | 767,000 | ||
Provision for credit losses on loan portfolio | 0 | 0 | 1,000 | |||
Depreciation, amortization and right in use | (37,000) | (41,000) | (45,000) | |||
Income tax | (43,000) | (15,000) | (25,000) | |||
Net profit | (167,000) | 21,000 | 147,000 | |||
Additions of fixed assets, intangibles and goodwill | 13,000 | 41,000 | 11,000 | |||
Total assets | 10,144,000 | 14,051,000 | ||||
Total liabilities | 8,484,000 | 10,670,000 | ||||
Operating Segments [Member] | Other Segments [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 377,000 | 453,000 | 182,000 | ||
From other segments | [1],[2] | 1,000 | 41,000 | 33,000 | ||
Net interest, similar income and expenses | 30,000 | 165,000 | 47,000 | |||
Other income, net | [3] | 8,000 | 748,000 | 80,000 | ||
Provision for credit losses on loan portfolio | (13,000) | 0 | (1,000) | |||
Depreciation, amortization and right in use | (6,000) | (4,000) | (4,000) | |||
Income tax | (168,000) | (127,000) | (69,000) | |||
Net profit | (258,000) | (603,000) | (263,000) | |||
Additions of fixed assets, intangibles and goodwill | 151,000 | 61,000 | 2,000 | |||
Total assets | 4,274,000 | 3,476,000 | ||||
Total liabilities | 2,935,000 | 2,606,000 | ||||
Elimination Segments [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
External | [1] | 0 | 0 | 0 | ||
From other segments | [1],[2] | 0 | 0 | 0 | ||
Net interest, similar income and expenses | 0 | 0 | 0 | |||
Other income, net | [3] | 0 | 0 | 0 | ||
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |||
Depreciation, amortization and right in use | 0 | 0 | 0 | |||
Income tax | 0 | 0 | 0 | |||
Net profit | 0 | 0 | 0 | |||
Additions of fixed assets, intangibles and goodwill | 0 | 0 | 0 | |||
Total assets | (3,494,000) | (6,774,000) | ||||
Total liabilities | S/ (3,649,000) | S/ (4,901,000) | ||||
Previously stated [member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 244,847,000 | |||||
Total liabilities | 217,809,000 | |||||
Previously stated [member] | Operating Segments [Member] | Universal Banking [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 198,540,000 | |||||
Total liabilities | 179,376,000 | |||||
Previously stated [member] | Operating Segments [Member] | Universal Banking Banco de Crdito del Peru [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 184,740,000 | |||||
Total liabilities | 166,411,000 | |||||
Previously stated [member] | Operating Segments [Member] | Universal Banking Banco de Credito de Bolivia [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 13,800,000 | |||||
Total liabilities | 12,965,000 | |||||
Previously stated [member] | Operating Segments [Member] | Insurance and Pension Funds [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 17,331,000 | |||||
Total liabilities | 14,459,000 | |||||
Previously stated [member] | Operating Segments [Member] | Insurance and Pension Funds Pacifico Seguros y Subsidiarias [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 16,491,000 | |||||
Total liabilities | 14,194,000 | |||||
Previously stated [member] | Operating Segments [Member] | Insurance and Pension Funds Prima AFP [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 840,000 | |||||
Total liabilities | 265,000 | |||||
Previously stated [member] | Operating Segments [Member] | Microfinance [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 17,556,000 | |||||
Total liabilities | 14,959,000 | |||||
Previously stated [member] | Operating Segments [Member] | Microfinance Mibanco [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 16,163,000 | |||||
Total liabilities | 13,800,000 | |||||
Previously stated [member] | Operating Segments [Member] | MiBanco Colombia [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 1,393,000 | |||||
Total liabilities | 1,159,000 | |||||
Previously stated [member] | Operating Segments [Member] | Investment Management & Advisory [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 14,744,000 | |||||
Total liabilities | 12,990,000 | |||||
Previously stated [member] | Operating Segments [Member] | Other Segments [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | 3,377,000 | |||||
Total liabilities | 2,634,000 | |||||
Previously stated [member] | Elimination Segments [Member] | ||||||
Information relating to operating segments [Abstract] | ||||||
Total assets | (6,701,000) | |||||
Total liabilities | S/ (6,609,000) | |||||
[1]Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results.[2]Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.[3]Corresponds to other income (include income and expenses for commissions) and technical results.[4]See note 3(b). |
OPERATING SEGMENTS, Distributio
OPERATING SEGMENTS, Distribution of Total Revenue, Operating Revenue and Non-current Assets of Group Based on Location (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | S/ 25,665,000 | S/ 20,919,000 | S/ 19,452,000 | ||
Operating income | [2] | 12,938,000 | 11,092,000 | 9,356,000 | ||
Total non-current assets | [3] | 5,083,000 | 4,724,000 | |||
Total liabilities | 205,733,123 | 205,818,944 | [4] | 216,611,348 | [4] | |
Peru [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 17,279,000 | 14,053,000 | 17,330,000 | ||
Operating income | [2] | 11,922,000 | 10,430,000 | 8,682,000 | ||
Total non-current assets | [3] | 4,648,000 | 4,325,000 | |||
Total liabilities | 180,268,000 | 179,855,000 | ||||
Bermudas [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 5,394,000 | 5,151,000 | 18,000 | ||
Operating income | [2] | (45,000) | (28,000) | (17,000) | ||
Total non-current assets | [3] | 0 | 134,000 | |||
Total liabilities | 2,086,000 | 2,123,000 | ||||
Panama [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 384,000 | 295,000 | 309,000 | ||
Operating income | [2] | 174,000 | 105,000 | 103,000 | ||
Total non-current assets | [3] | 31,000 | 3,000 | |||
Total liabilities | 5,580,000 | 8,384,000 | ||||
Cayman Islands [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 502,000 | 72,000 | 17,000 | ||
Operating income | [2] | 358,000 | 72,000 | 0 | ||
Total non-current assets | [3] | 0 | 0 | |||
Total liabilities | 154,000 | 139,000 | ||||
Bolivia [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 1,082,000 | 960,000 | 978,000 | ||
Operating income | [2] | 328,000 | 377,000 | 373,000 | ||
Total non-current assets | [3] | 122,000 | 113,000 | |||
Total liabilities | 12,784,000 | 11,885,000 | ||||
Colombia [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 855,000 | 193,000 | 601,000 | ||
Operating income | [2] | 199,000 | 132,000 | 213,000 | ||
Total non-current assets | [3] | 193,000 | 22,000 | |||
Total liabilities | 4,060,000 | 2,283,000 | ||||
United States of America [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 29,000 | 8,000 | 33,000 | ||
Operating income | [2] | 0 | 0 | 1,000 | ||
Total non-current assets | [3] | 14,000 | 5,000 | |||
Total liabilities | 19,000 | 15,000 | ||||
Chile [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 129,000 | 187,000 | 166,000 | ||
Operating income | [2] | 2,000 | 4,000 | 1,000 | ||
Total non-current assets | [3] | 75,000 | 119,000 | |||
Total liabilities | 778,000 | 1,132,000 | ||||
Others [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total income | [1] | 11,000 | 0 | 0 | ||
Operating income | [2] | 0 | 0 | 0 | ||
Total non-current assets | [3] | 0 | 3,000 | |||
Total liabilities | S/ 4,000 | S/ 3,000 | ||||
Previously stated [member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 4,605,000 | ||||
Total liabilities | 217,809,000 | |||||
Previously stated [member] | Peru [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 3,773,000 | ||||
Total liabilities | 188,505,000 | |||||
Previously stated [member] | Bermudas [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 134,000 | ||||
Total liabilities | 2,174,000 | |||||
Previously stated [member] | Panama [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 30,000 | ||||
Total liabilities | 10,389,000 | |||||
Previously stated [member] | Cayman Islands [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 0 | ||||
Total liabilities | 88,000 | |||||
Previously stated [member] | Bolivia [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 121,000 | ||||
Total liabilities | 13,012,000 | |||||
Previously stated [member] | Colombia [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 415,000 | ||||
Total liabilities | 2,610,000 | |||||
Previously stated [member] | United States of America [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 1,000 | ||||
Total liabilities | 5,000 | |||||
Previously stated [member] | Chile [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 131,000 | ||||
Total liabilities | 1,026,000 | |||||
Previously stated [member] | Others [Member] | ||||||
Distribution of total revenue, operating revenue and non-current assets [Abstract] | ||||||
Total non-current assets | [3] | 0 | ||||
Total liabilities | S/ 0 | |||||
[1]Including total interest and similar income, other income and net premiums earned from insurance activities.[2]Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result.[3]Non-current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net.[4]See note 3(b). |
TRANSACTIONS AND BALANCES WIT_3
TRANSACTIONS AND BALANCES WITH RELATED PARTIES, Main Transactions with Related Parties (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Statement of financial position [Abstract] | |||
Direct loans | S/ 2,063,739 | S/ 1,804,837 | |
Investments (i) | [1] | 806,700 | 800,021 |
Deposits (ii) | [2] | (713,503) | (1,138,115) |
Derivatives at fair value | 516,292 | 336,867 | |
Statement of income [Abstract] | |||
Interest income related to loans | 31,892 | 38,896 | |
Interest expenses related to deposits | (30,914) | (24,143) | |
Other income | 9,452 | 13,232 | |
Contingent risks and commitments [Abstract] | |||
Indirect loans | 584,463 | 433,639 | |
Allowance for loan losses for related parties | S/ 15,200 | S/ 8,500 | |
Average Interest Rate [Member] | |||
Contingent risks and commitments [Abstract] | |||
Borrowings, interest rate | 7.70% | 6.86% | |
Foreign Currency Average Interest Rate [Member] | |||
Contingent risks and commitments [Abstract] | |||
Borrowings, interest rate | 6.04% | 4.59% | |
Investments in Bonds [Member] | |||
Statement of financial position [Abstract] | |||
Investments (i) | S/ 166,800 | S/ 158,100 | |
Alicorp S.A.A [Member] | Investments in Shares [Member] | |||
Statement of financial position [Abstract] | |||
Investments (i) | 146,500 | 157,000 | |
Cementos Pacasmayo S.A [Member] | Investments in Bonds [Member] | |||
Statement of financial position [Abstract] | |||
Investments (i) | 155,300 | ||
Inversiones Centenario [Member] | Investments in Shares [Member] | |||
Statement of financial position [Abstract] | |||
Investments (i) | 135,900 | 126,800 | |
Employees, Directors, Key Management and Family Members [Member] | |||
Statement of financial position [Abstract] | |||
Direct loans | 1,383,300 | S/ 1,179,200 | |
Corporacion Primax [Member] | Investments in Bonds [Member] | |||
Statement of financial position [Abstract] | |||
Investments (i) | S/ 120,500 | ||
[1]As of December 31, 2023, the balance includes mainly S/166.8 million of corporate bonds, S/146.5 million of Alicorp S.A.A. shares; S/135.9 million of Inversiones Centenario shares andS/120.5 million of corporate bonds issued by Corporación Primax. The increase in the balance corresponds mainly to the fluctuation that positively affected the investments in corporate bonds of Alicorp S.A. and Corporación Primax.As of December 31, 2022, the balance includes mainly S/ 158.1 157.0 155.3 126.8 higher deposits held by companies and related persons. |
TRANSACTIONS AND BALANCES WIT_4
TRANSACTIONS AND BALANCES WITH RELATED PARTIES, Group's Key executives' Compensation (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Key personnel compensation [Abstract] | ||
Key management personnel compensation | S/ 78,404 | S/ 76,501 |
Director's Compensation [Member] | ||
Key personnel compensation [Abstract] | ||
Key management personnel compensation | 7,387 | 7,850 |
Remunerations [Member] | ||
Key personnel compensation [Abstract] | ||
Key management personnel compensation | 49,573 | 40,201 |
Stock Awards [Member] | ||
Key personnel compensation [Abstract] | ||
Key management personnel compensation | S/ 21,444 | S/ 28,450 |
TRANSACTIONS AND BALANCES WIT_5
TRANSACTIONS AND BALANCES WITH RELATED PARTIES, Group Holds Interests in Various Funds (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
At fair value through profit or loss [Abstract] | ||||||
Mutual funds, investment funds and hedge funds | S/ 982,762 | S/ 943,362 | ||||
Fair value through profit or loss | 4,982,661 | 4,199,334 | [1] | S/ 5,928,538 | ||
Restricted Mutual Funds [Member] | ||||||
At fair value through profit or loss [Abstract] | ||||||
Fair value through profit or loss | [2] | 334,162 | 351,317 | |||
U.S. Dollars [Member] | ||||||
At fair value through profit or loss [Abstract] | ||||||
Mutual funds, investment funds and hedge funds | 516,834 | 626,404 | ||||
Bolivianos [Member] | ||||||
At fair value through profit or loss [Abstract] | ||||||
Mutual funds, investment funds and hedge funds | 179,131 | 163,701 | ||||
Colombian Pesos [Member] | ||||||
At fair value through profit or loss [Abstract] | ||||||
Mutual funds, investment funds and hedge funds | 170,769 | 70,987 | ||||
Soles [Member] | ||||||
At fair value through profit or loss [Abstract] | ||||||
Mutual funds, investment funds and hedge funds | 108,830 | 76,535 | ||||
Chilean Pesos [Member] | ||||||
At fair value through profit or loss [Abstract] | ||||||
Mutual funds, investment funds and hedge funds | S/ 7,198 | S/ 5,735 | ||||
[1]See note 3(b).[2]The restricted mutual funds comprise the participation quotas in the private pension funds managed by Prima AFP and are maintained in compliance with the legal regulations in Peru. Their availability is restricted, and the yield received is the same as that received by the private pension funds managed. |
FINANCIAL INSTRUMENTS CLASSIF_3
FINANCIAL INSTRUMENTS CLASSIFICATION (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Assets [Abstract] | |||||
Cash and due from banks | S/ 33,930,948 | S/ 34,183,840 | [1] | S/ 39,320,740 | |
Cash collateral, reverse repurchase agreements and securities borrowings | 1,410,647 | 1,101,856 | [1] | 1,766,948 | |
At fair value through profit or loss | 4,982,661 | 4,199,334 | [1] | 5,928,538 | |
Investments at fair value through other comprehensive income, Note 6(b) | 37,043,940 | 30,786,161 | [1] | 34,758,443 | |
Amortized cost investments | 10,188,927 | 10,445,729 | [1] | 8,265,559 | |
Loans, net | 136,698,135 | 140,753,972 | [1] | 139,120,104 | |
Financial assets designated at fair value through profit or loss | 228,538,857 | 226,165,509 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | [1] | 532,404 | |
Other assets, Note 12(a) | 3,060,266 | 3,226,138 | |||
Liabilities [Abstract] | |||||
Deposits and obligations | 147,704,994 | 147,020,787 | [1] | 149,596,545 | |
Payables from repurchase agreements and securities lending | 10,168,427 | 12,966,725 | [1] | 22,013,866 | |
Due to banks and correspondents | 12,278,681 | 8,937,411 | [1] | 7,212,946 | |
Due from customers on banker's acceptances | 412,401 | 699,678 | [1] | 532,404 | |
Lease liabilities | 512,579 | 578,074 | [1] | 655,294 | |
Financial liabilities at fair value through profit or loss | 641,915 | 191,010 | [1] | 337,909 | |
Bonds and notes issued | 14,594,785 | 17,007,194 | [1] | S/ 17,823,146 | |
Other liabilities, Note 12(a) | 5,478,510 | 5,309,868 | |||
Financial Liabilities [Member] | |||||
Liabilities [Abstract] | |||||
Deposits and obligations | 147,704,994 | 147,020,787 | |||
Payables from repurchase agreements and securities lending | 10,168,427 | 12,966,725 | |||
Due to banks and correspondents | 12,278,681 | 8,937,411 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | |||
Lease liabilities | 512,579 | 578,074 | |||
Financial liabilities at fair value through profit or loss | 641,915 | 191,010 | |||
Bonds and notes issued | 14,594,785 | 17,007,194 | |||
Other liabilities, Note 12(a) | 5,478,510 | 5,309,868 | |||
Financial liabilities, at fair value | 191,792,292 | 192,710,747 | |||
Financial Liabilities at Fair Value through Profit or Loss [Member] | Investments and Derivates [Member] | |||||
Liabilities [Abstract] | |||||
Deposits and obligations | 0 | 0 | |||
Payables from repurchase agreements and securities lending | 0 | 0 | |||
Due to banks and correspondents | 0 | 0 | |||
Due from customers on banker's acceptances | 0 | 0 | |||
Lease liabilities | 0 | 0 | |||
Financial liabilities at fair value through profit or loss | 641,915 | 191,010 | |||
Bonds and notes issued | 0 | 0 | |||
Other liabilities, Note 12(a) | 891,999 | 1,345,665 | |||
Financial liabilities, at fair value | 1,533,914 | 1,536,675 | |||
Financial Liabilities at Fair Value through Profit or Loss [Member] | Investments Designated at Inception [Member] | |||||
Liabilities [Abstract] | |||||
Deposits and obligations | 0 | 0 | |||
Payables from repurchase agreements and securities lending | 0 | 0 | |||
Due to banks and correspondents | 0 | 0 | |||
Due from customers on banker's acceptances | 0 | 0 | |||
Lease liabilities | 0 | 0 | |||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||
Bonds and notes issued | 0 | 0 | |||
Other liabilities, Note 12(a) | 0 | 0 | |||
Financial liabilities, at fair value | 0 | 0 | |||
Financial Liabilities Measured at Amortized Cost [Member] | |||||
Liabilities [Abstract] | |||||
Deposits and obligations | 147,704,994 | 147,020,787 | |||
Payables from repurchase agreements and securities lending | 10,168,427 | 12,966,725 | |||
Due to banks and correspondents | 12,278,681 | 8,937,411 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | |||
Lease liabilities | 512,579 | 578,074 | |||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||
Bonds and notes issued | 14,594,785 | 17,007,194 | |||
Other liabilities, Note 12(a) | 4,586,511 | 3,964,203 | |||
Financial liabilities, at fair value | 190,258,378 | 191,174,072 | |||
Financial Assets [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 33,930,948 | 34,183,840 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 1,410,647 | 1,101,856 | |||
At fair value through profit or loss | 4,982,661 | 4,199,334 | |||
Investments at fair value through other comprehensive income, Note 6(b) | 37,043,940 | 30,786,161 | |||
Amortized cost investments | 10,188,927 | 10,445,729 | |||
Loans, net | 136,698,135 | 140,753,972 | |||
Financial assets designated at fair value through profit or loss | 810,932 | 768,801 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | |||
Other assets, Note 12(a) | 3,060,266 | 3,226,138 | |||
Financial assets, at fair value | 228,538,857 | 226,165,509 | |||
Financial Assets at Fair Value through Profit or Loss [Member] | |||||
Assets [Abstract] | |||||
Financial assets, at fair value | 810,932 | 768,801 | |||
Financial Assets at Fair Value through Profit or Loss [Member] | Investments and Derivates [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 0 | 0 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 0 | 0 | |||
At fair value through profit or loss | 4,982,661 | 4,199,334 | |||
Investments at fair value through other comprehensive income, Note 6(b) | 0 | 0 | |||
Amortized cost investments | 0 | 0 | |||
Loans, net | 0 | 0 | |||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||
Due from customers on banker's acceptances | 0 | 0 | |||
Other assets, Note 12(a) | 987,663 | 1,478,726 | |||
Financial assets, at fair value | 5,970,324 | 5,678,060 | |||
Financial Assets at Fair Value through Profit or Loss [Member] | Investments Designated at Inception [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 0 | 0 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 0 | 0 | |||
At fair value through profit or loss | 0 | 0 | |||
Investments at fair value through other comprehensive income, Note 6(b) | 0 | 0 | |||
Amortized cost investments | 0 | 0 | |||
Loans, net | 0 | 0 | |||
Financial assets designated at fair value through profit or loss | 810,932 | 768,801 | |||
Due from customers on banker's acceptances | 0 | 0 | |||
Other assets, Note 12(a) | 0 | 0 | |||
Financial assets, at fair value | 810,932 | 768,801 | |||
Financial Assets at Fair Value through Other Comprehensive Income [Member] | Investments Designated at Inception [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 0 | 0 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 0 | 0 | |||
At fair value through profit or loss | 0 | 0 | |||
Investments at fair value through other comprehensive income, Note 6(b) | 334,802 | 336,355 | |||
Amortized cost investments | 0 | 0 | |||
Loans, net | 0 | 0 | |||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||
Due from customers on banker's acceptances | 0 | 0 | |||
Other assets, Note 12(a) | 0 | 0 | |||
Financial assets, at fair value | 334,802 | 336,355 | |||
Financial Assets at Fair Value through Other Comprehensive Income [Member] | Investments [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 0 | 0 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 0 | 0 | |||
At fair value through profit or loss | 0 | 0 | |||
Investments at fair value through other comprehensive income, Note 6(b) | 36,709,138 | 30,449,806 | |||
Amortized cost investments | 0 | 0 | |||
Loans, net | 0 | 0 | |||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||
Due from customers on banker's acceptances | 0 | 0 | |||
Other assets, Note 12(a) | 0 | 0 | |||
Financial assets, at fair value | 36,709,138 | 30,449,806 | |||
Financial Assets Measured at Amortized Cost [Member] | |||||
Assets [Abstract] | |||||
Cash and due from banks | 33,930,948 | 34,183,840 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 1,410,647 | 1,101,856 | |||
At fair value through profit or loss | 0 | 0 | |||
Investments at fair value through other comprehensive income, Note 6(b) | 0 | 0 | |||
Amortized cost investments | 10,188,927 | 10,445,729 | |||
Loans, net | 136,698,135 | 140,753,972 | |||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||
Due from customers on banker's acceptances | 412,401 | 699,678 | |||
Other assets, Note 12(a) | 2,072,603 | 1,747,412 | |||
Financial assets, at fair value | S/ 184,713,661 | S/ 188,932,487 | |||
[1]See note 3(b). |
FINANCIAL AND NON-FINANCIAL R_3
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Classification of Direct Loans and Allowances of Loans (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Direct loans and allowances [Abstract] | ||||||
Gross | S/ 143,483,254 | S/ 147,190,269 | ||||
Less: Allowance for loan losses | 8,277,916 | [1] | 7,872,402 | [1],[2] | S/ 8,477,308 | |
Total, net | 135,205,338 | 139,317,867 | ||||
Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 116,289,508 | 115,037,167 | ||||
Less: Allowance for loan losses | 1,176,682 | 1,203,345 | ||||
Total, net | 115,112,826 | 113,833,822 | ||||
Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 16,275,600 | 21,484,461 | ||||
Less: Allowance for loan losses | 1,382,554 | 1,596,693 | ||||
Total, net | 14,893,046 | 19,887,768 | ||||
Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 10,918,146 | 10,668,641 | ||||
Less: Allowance for loan losses | 5,718,680 | 5,072,364 | ||||
Total, net | 5,199,466 | 5,596,277 | ||||
Neither Past Due Nor Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 127,986,359 | 132,442,325 | ||||
Past Due but Not Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 4,578,748 | 4,079,303 | ||||
Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 10,918,147 | 10,668,641 | ||||
Commercial Loans [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 76,820,401 | 81,668,900 | ||||
Less: Allowance for loan losses | 3,215,552 | 3,253,601 | ||||
Total, net | 73,604,849 | 78,415,299 | ||||
Commercial Loans [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 65,950,398 | 67,689,627 | ||||
Less: Allowance for loan losses | 489,706 | 503,651 | ||||
Total, net | 65,460,692 | 67,185,976 | ||||
Commercial Loans [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 4,769,861 | 7,539,513 | ||||
Less: Allowance for loan losses | 394,868 | 489,381 | ||||
Total, net | 4,374,993 | 7,050,132 | ||||
Commercial Loans [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 6,100,142 | 6,439,760 | ||||
Less: Allowance for loan losses | 2,330,978 | 2,260,569 | ||||
Total, net | 3,769,164 | 4,179,191 | ||||
Commercial Loans [Member] | Neither Past Due Nor Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 69,089,455 | 73,733,770 | ||||
Commercial Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 65,012,678 | 66,885,472 | ||||
Commercial Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 4,076,777 | 6,848,298 | ||||
Commercial Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Commercial Loans [Member] | Past Due but Not Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,630,804 | 1,495,370 | ||||
Commercial Loans [Member] | Past Due but Not Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 937,720 | 804,155 | ||||
Commercial Loans [Member] | Past Due but Not Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 693,084 | 691,215 | ||||
Commercial Loans [Member] | Past Due but Not Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Commercial Loans [Member] | Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 6,100,142 | 6,439,760 | ||||
Commercial Loans [Member] | Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Commercial Loans [Member] | Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Commercial Loans [Member] | Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 6,100,142 | 6,439,760 | ||||
Residential Mortgage Loans [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 24,176,919 | 23,235,575 | ||||
Less: Allowance for loan losses | 960,620 | 968,148 | ||||
Total, net | 23,216,299 | 22,267,427 | ||||
Residential Mortgage Loans [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 19,150,071 | 18,640,433 | ||||
Less: Allowance for loan losses | 54,102 | 83,536 | ||||
Total, net | 19,095,969 | 18,556,897 | ||||
Residential Mortgage Loans [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 3,558,101 | 3,207,082 | ||||
Less: Allowance for loan losses | 121,257 | 126,834 | ||||
Total, net | 3,436,844 | 3,080,248 | ||||
Residential Mortgage Loans [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,468,747 | 1,388,060 | ||||
Less: Allowance for loan losses | 785,261 | 757,778 | ||||
Total, net | 683,486 | 630,282 | ||||
Residential Mortgage Loans [Member] | Neither Past Due Nor Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 21,543,102 | 20,961,268 | ||||
Residential Mortgage Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 18,590,194 | 18,213,711 | ||||
Residential Mortgage Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 2,952,908 | 2,747,557 | ||||
Residential Mortgage Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Residential Mortgage Loans [Member] | Past Due but Not Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,165,070 | 886,247 | ||||
Residential Mortgage Loans [Member] | Past Due but Not Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 559,877 | 426,722 | ||||
Residential Mortgage Loans [Member] | Past Due but Not Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 605,193 | 459,525 | ||||
Residential Mortgage Loans [Member] | Past Due but Not Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Residential Mortgage Loans [Member] | Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,468,747 | 1,388,060 | ||||
Residential Mortgage Loans [Member] | Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Residential Mortgage Loans [Member] | Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Residential Mortgage Loans [Member] | Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,468,747 | 1,388,060 | ||||
Micro-Business Loans [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 22,425,750 | 22,372,293 | ||||
Less: Allowance for loan losses | 2,067,129 | 1,969,888 | ||||
Total, net | 20,358,621 | 20,402,405 | ||||
Micro-Business Loans [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 15,992,994 | 13,364,592 | ||||
Less: Allowance for loan losses | 347,783 | 315,837 | ||||
Total, net | 15,645,211 | 13,048,755 | ||||
Micro-Business Loans [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 4,630,184 | 7,266,262 | ||||
Less: Allowance for loan losses | 431,278 | 540,906 | ||||
Total, net | 4,198,906 | 6,725,356 | ||||
Micro-Business Loans [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,802,572 | 1,741,439 | ||||
Less: Allowance for loan losses | 1,288,068 | 1,113,145 | ||||
Total, net | 514,504 | 628,294 | ||||
Micro-Business Loans [Member] | Neither Past Due Nor Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 19,591,376 | 19,581,178 | ||||
Micro-Business Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 15,728,517 | 13,128,339 | ||||
Micro-Business Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 3,862,859 | 6,452,839 | ||||
Micro-Business Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Micro-Business Loans [Member] | Past Due but Not Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,031,802 | 1,049,676 | ||||
Micro-Business Loans [Member] | Past Due but Not Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 264,477 | 236,253 | ||||
Micro-Business Loans [Member] | Past Due but Not Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 767,325 | 813,423 | ||||
Micro-Business Loans [Member] | Past Due but Not Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Micro-Business Loans [Member] | Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,802,572 | 1,741,439 | ||||
Micro-Business Loans [Member] | Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Micro-Business Loans [Member] | Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Micro-Business Loans [Member] | Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,802,572 | 1,741,439 | ||||
Consumer Loans [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 20,060,184 | 19,913,501 | ||||
Less: Allowance for loan losses | 2,034,615 | 1,680,765 | ||||
Total, net | 18,025,569 | 18,232,736 | ||||
Consumer Loans [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 15,196,045 | 15,342,515 | ||||
Less: Allowance for loan losses | 285,091 | 300,321 | ||||
Total, net | 14,910,954 | 15,042,194 | ||||
Consumer Loans [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 3,317,454 | 3,471,604 | ||||
Less: Allowance for loan losses | 435,151 | 439,572 | ||||
Total, net | 2,882,303 | 3,032,032 | ||||
Consumer Loans [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,546,685 | 1,099,382 | ||||
Less: Allowance for loan losses | 1,314,373 | 940,872 | ||||
Total, net | 232,312 | 158,510 | ||||
Consumer Loans [Member] | Neither Past Due Nor Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 17,762,427 | 18,166,109 | ||||
Consumer Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 14,934,631 | 15,136,571 | ||||
Consumer Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 2,827,796 | 3,029,538 | ||||
Consumer Loans [Member] | Neither Past Due Nor Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Consumer Loans [Member] | Past Due but Not Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 751,072 | 648,010 | ||||
Consumer Loans [Member] | Past Due but Not Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 261,414 | 205,944 | ||||
Consumer Loans [Member] | Past Due but Not Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 489,658 | 442,066 | ||||
Consumer Loans [Member] | Past Due but Not Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Consumer Loans [Member] | Impaired [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 1,546,685 | 1,099,382 | ||||
Consumer Loans [Member] | Impaired [Member] | Stage 1 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Consumer Loans [Member] | Impaired [Member] | Stage 2 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | 0 | 0 | ||||
Consumer Loans [Member] | Impaired [Member] | Stage 3 [Member] | ||||||
Direct loans and allowances [Abstract] | ||||||
Gross | S/ 1,546,685 | S/ 1,099,382 | ||||
[1]As of December 31, 2023, and 2022, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances:[2]See note 3(b). |
FINANCIAL AND NON-FINANCIAL R_4
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Renegotiated Loans, Refinanced Loans and Expected Loss (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Renegotiated loans and expected credit loss [Abstract] | ||
Refinanced loans | S/ 2,407,516 | S/ 2,100,018 |
Expected loss | 8,645,945 | 8,530,986 |
Refinanced Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Refinanced loans | 2,386,168 | 2,090,159 |
Expected loss | 1,026,340 | 866,151 |
Renegotiated Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Renegotiated loans | 6,996,206 | 9,706,484 |
Expected loss | 1,060,726 | 1,541,085 |
Stage 1 [Member] | Refinanced Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Refinanced loans | 56,439 | 67,619 |
Expected loss | 1,445 | 702 |
Stage 1 [Member] | Renegotiated Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Renegotiated loans | 4,093,815 | 5,137,915 |
Expected loss | 36,800 | 60,660 |
Stage 2 [Member] | Refinanced Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Refinanced loans | 41,380 | 23,157 |
Expected loss | 5,984 | 1,698 |
Stage 2 [Member] | Renegotiated Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Renegotiated loans | 1,536,104 | 2,544,631 |
Expected loss | 146,087 | 211,866 |
Stage 3 [Member] | Refinanced Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Refinanced loans | 2,288,349 | 1,999,383 |
Expected loss | 1,018,911 | 863,751 |
Stage 3 [Member] | Renegotiated Loans [Member] | ||
Renegotiated loans and expected credit loss [Abstract] | ||
Renegotiated loans | 1,366,287 | 2,023,938 |
Expected loss | S/ 877,839 | S/ 1,268,559 |
FINANCIAL AND NON-FINANCIAL R_5
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Impaired Loans, Fair Value of Collateral, Allowances for Loan Losses (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Direct credits and allowances [Abstract] | ||
Allowance for loan losses | S/ 8,645,945 | S/ 8,530,986 |
Impaired [Member] | ||
Direct credits and allowances [Abstract] | ||
Impaired loans | 10,918,146 | 10,668,641 |
Fair value of collateral | 6,988,837 | 7,571,071 |
Allowance for loan losses | 5,718,680 | 5,072,364 |
Commercial Loans [Member] | ||
Direct credits and allowances [Abstract] | ||
Impaired loans | 6,100,142 | 6,439,760 |
Fair value of collateral | 5,013,453 | 5,646,832 |
Allowance for loan losses | 2,330,978 | 2,260,569 |
Residential Mortgage Loans [Member] | ||
Direct credits and allowances [Abstract] | ||
Impaired loans | 1,468,747 | 1,388,060 |
Fair value of collateral | 1,257,251 | 1,204,144 |
Allowance for loan losses | 785,261 | 757,778 |
Micro-Business Loans [Member] | ||
Direct credits and allowances [Abstract] | ||
Impaired loans | 1,802,572 | 1,741,439 |
Fair value of collateral | 347,343 | 440,715 |
Allowance for loan losses | 1,288,068 | 1,113,145 |
Consumer Loans [Member] | ||
Direct credits and allowances [Abstract] | ||
Impaired loans | 1,546,685 | 1,099,382 |
Fair value of collateral | 370,790 | 279,380 |
Allowance for loan losses | S/ 1,314,373 | S/ 940,872 |
FINANCIAL AND NON-FINANCIAL R_6
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Classification of Loans by Maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Delayed payment from first day and internal overdue loans [Abstract] | ||
Current loans | S/ 127,986,359 | S/ 132,442,147 |
Current but impaired loans | 4,303,046 | 4,461,962 |
Loans with delay in payments of one day or more but not internal overdue loans | 5,060,682 | 4,332,339 |
Internal overdue loans | 6,133,167 | 5,953,821 |
Total | 143,483,254 | 147,190,269 |
Total past due under IFRS 7 | 11,193,848 | 10,286,161 |
Neither Past Due Nor Impaired [Member] | ||
Delayed payment from first day and internal overdue loans [Abstract] | ||
Current loans | 127,986,359 | 132,442,147 |
Current but impaired loans | 0 | 0 |
Loans with delay in payments of one day or more but not internal overdue loans | 0 | 0 |
Internal overdue loans | 0 | 178 |
Total | 127,986,359 | 132,442,325 |
Total past due under IFRS 7 | 0 | 178 |
Past Due but Not Impaired [Member] | ||
Delayed payment from first day and internal overdue loans [Abstract] | ||
Current loans | 0 | 0 |
Current but impaired loans | 0 | 0 |
Loans with delay in payments of one day or more but not internal overdue loans | 4,067,581 | 3,504,999 |
Internal overdue loans | 511,167 | 574,304 |
Total | 4,578,748 | 4,079,303 |
Total past due under IFRS 7 | 4,578,747 | 4,079,304 |
Impaired [Member] | ||
Delayed payment from first day and internal overdue loans [Abstract] | ||
Current loans | 0 | 0 |
Current but impaired loans | 4,303,046 | 4,461,962 |
Loans with delay in payments of one day or more but not internal overdue loans | 993,101 | 827,340 |
Internal overdue loans | 5,622,000 | 5,379,339 |
Total | 10,918,147 | 10,668,641 |
Total past due under IFRS 7 | S/ 6,615,101 | S/ 6,206,680 |
FINANCIAL AND NON-FINANCIAL R_7
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Summary (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Risk Management [Abstract] | ||||
Percentage of volatility in economic growth is driven by external factors | 60% | |||
Percentage of probabilities of event of moderate magnitude | 54% | |||
Percentage of probabilities of event of strong magnitude | 22% | |||
Percentage of probabilities of event of weak magnitude | 20% | |||
Percentage of probabilities of event of neutral magnitude | 3% | |||
Baseline [Member] | ||||
Financial Risk Management [Abstract] | ||||
Probabilities | 50% | 50% | ||
Optimistic [Member] | ||||
Financial Risk Management [Abstract] | ||||
Probabilities | 40% | 25% | ||
Pessimistic [Member] | ||||
Financial Risk Management [Abstract] | ||||
Probabilities | 10% | 25% | ||
Forecast [Member] | 2023 [Member] | ||||
Financial Risk Management [Abstract] | ||||
Estimated percentage of economy rebound | 0.60% | |||
Forecast [Member] | 2024 [Member] | ||||
Financial Risk Management [Abstract] | ||||
Estimated percentage of economy rebound | 2% | |||
Events After Reporting Period [Member] | ||||
Financial Risk Management [Abstract] | ||||
Percentage of probabilities of event of moderate magnitude | 37% | |||
Percentage of probabilities of event of strong magnitude | 12% | |||
Percentage of probabilities of event of weak magnitude | 33% | |||
Percentage of probabilities of event of neutral magnitude | 18% | |||
Scenario Plan [Member] | ||||
Financial Risk Management [Abstract] | ||||
Percentage of economic growth due to recovery of domestic demand | 3% |
FINANCIAL AND NON-FINANCIAL R_8
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Classification of Direct Loans by Banking and Maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Classification of loans by type of banking and maturity [Abstract] | ||
Current loans | S/ 127,986,359 | S/ 132,442,147 |
Current but impaired loans | 4,303,046 | 4,461,962 |
Loans with delay in payments of one day or more but not internal overdue loans | 5,060,682 | 4,332,339 |
Internal overdue loans | 6,133,167 | 5,953,821 |
Total | 143,483,254 | 147,190,269 |
Commercial Loans [Member] | ||
Classification of loans by type of banking and maturity [Abstract] | ||
Current loans | 69,089,494 | 73,733,752 |
Current but impaired loans | 2,901,367 | 3,115,029 |
Loans with delay in payments of one day or more but not internal overdue loans | 1,662,457 | 1,496,743 |
Internal overdue loans | 3,167,083 | 3,323,376 |
Total | 76,820,401 | 81,668,900 |
Residential Mortgage Loans [Member] | ||
Classification of loans by type of banking and maturity [Abstract] | ||
Current loans | 21,543,101 | 20,961,268 |
Current but impaired loans | 484,375 | 506,639 |
Loans with delay in payments of one day or more but not internal overdue loans | 1,405,344 | 1,076,953 |
Internal overdue loans | 744,099 | 690,715 |
Total | 24,176,919 | 23,235,575 |
Micro-Business Loans [Member] | ||
Classification of loans by type of banking and maturity [Abstract] | ||
Current loans | 19,591,337 | 19,581,019 |
Current but impaired loans | 333,213 | 365,265 |
Loans with delay in payments of one day or more but not internal overdue loans | 978,265 | 950,477 |
Internal overdue loans | 1,522,935 | 1,475,532 |
Total | 22,425,750 | 22,372,293 |
Consumer Loans [Member] | ||
Classification of loans by type of banking and maturity [Abstract] | ||
Current loans | 17,762,427 | 18,166,108 |
Current but impaired loans | 584,091 | 475,029 |
Loans with delay in payments of one day or more but not internal overdue loans | 1,014,616 | 808,166 |
Internal overdue loans | 699,050 | 464,198 |
Total | S/ 20,060,184 | S/ 19,913,501 |
FINANCIAL AND NON-FINANCIAL R_9
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Allowances for Direct and Indirect Loan Losses and its Estimations (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Provision of Credit Loss for Direct and Indirect Loan [Abstract] | ||
Allowance account for credit losses of financial assets | S/ 8,645,945 | S/ 8,530,986 |
Optimistic [Member] | ||
Provision of Credit Loss for Direct and Indirect Loan [Abstract] | ||
Allowance account for credit losses of financial assets | 8,617,203 | 8,457,825 |
Baseline [Member] | ||
Provision of Credit Loss for Direct and Indirect Loan [Abstract] | ||
Allowance account for credit losses of financial assets | 8,654,612 | 8,517,295 |
Pessimistic [Member] | ||
Provision of Credit Loss for Direct and Indirect Loan [Abstract] | ||
Allowance account for credit losses of financial assets | S/ 8,712,061 | S/ 8,631,531 |
FINANCIAL AND NON-FINANCIAL _10
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Risk-rating Analysis (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trading Securities, Available-for-sale and Held-to-maturity Investments [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 52,215,528 | S/ 45,431,224 |
Percentage of financial assets | 100% | 100% |
AAA [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 0 | S/ 242,679 |
Percentage of financial assets | 0% | 0.50% |
AAA [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 1,007,270 | S/ 2,313,750 |
Percentage of financial assets | 1.90% | 5.10% |
AA- a AA+ [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 0 | S/ 311,810 |
Percentage of financial assets | 0% | 0.70% |
AA- a AA+ [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 2,447,819 | S/ 1,201,340 |
Percentage of financial assets | 4.70% | 2.60% |
A- to A+ [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 65,360 | S/ 1,931,461 |
Percentage of financial assets | 0.10% | 4.30% |
A- to A+ [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 2,709,151 | S/ 1,356,963 |
Percentage of financial assets | 5.20% | 3% |
BBB- to BBB+ [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 22,584,226 | S/ 18,828,927 |
Percentage of financial assets | 43.30% | 41.50% |
BBB- to BBB+ [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 4,273,210 | S/ 4,322,363 |
Percentage of financial assets | 8.20% | 9.50% |
BB- to BB+ [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 657,658 | S/ 454,480 |
Percentage of financial assets | 1.30% | 1% |
BB- to BB+ [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 2,045,242 | S/ 2,790,835 |
Percentage of financial assets | 3.90% | 6.10% |
Lower and Equal to +B [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 132,148 | S/ 0 |
Percentage of financial assets | 0.30% | 0% |
Lower and Equal to +B [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 673,757 | S/ 132,760 |
Percentage of financial assets | 1.30% | 0.30% |
BCRP Certificates of Deposit [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 11,127,919 | S/ 7,019,479 |
Percentage of financial assets | 21.30% | 15.50% |
Listed and Unlisted Securities [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 312,648 | S/ 344,842 |
Percentage of financial assets | 0.60% | 0.80% |
Listed and Unlisted Securities [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 60,877 | S/ 34,182 |
Percentage of financial assets | 0.10% | 0.10% |
Restricted Mutual Funds [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 334,162 | S/ 351,317 |
Percentage of financial assets | 0.60% | 0.80% |
Investment Funds [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 651,307 | S/ 628,476 |
Percentage of financial assets | 1.20% | 1.40% |
Investment Funds [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 547,719 | S/ 257,098 |
Percentage of financial assets | 1% | 0.60% |
Mutual Funds [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 1,824 | S/ 76,111 |
Percentage of financial assets | 0% | 0.20% |
Mutual Funds [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 1,104,724 | S/ 1,505,939 |
Percentage of financial assets | 2.10% | 3.30% |
Participations of RAL Funds [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 145,414 | S/ 167,781 |
Percentage of financial assets | 0.30% | 0.40% |
Hedge Funds [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 0 | S/ 0 |
Percentage of financial assets | 0% | 0% |
Hedge Funds [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 291 | S/ 280 |
Percentage of financial assets | 0% | 0% |
Other Instruments [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 242,310 | S/ 237,174 |
Percentage of financial assets | 0.50% | 0.50% |
Other Instruments [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 1,090,492 | S/ 921,177 |
Percentage of financial assets | 2.10% | 1.80% |
Subtotal [Member] | In Peru [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 36,109,562 | S/ 30,426,756 |
Percentage of financial assets | 69.20% | 67.20% |
Subtotal [Member] | In Other Countries [Member] | ||
Analysis of Risk-rating of Investments [Abstract] | ||
Financial assets | S/ 16,105,966 | S/ 15,004,468 |
Percentage of financial assets | 30.80% | 32.80% |
FINANCIAL AND NON-FINANCIAL _11
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Concentration of Financial Instruments Exposed to Credit Risk - Economic Factors (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | S/ 228,538,857 | S/ 226,165,509 | |
Financial Instruments with Exposure to Credit Risk [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 228,538,857 | 226,165,509 | |
Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 184,713,661 | 188,932,487 | |
Central Reserve Bank of Peru [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 34,770,498 | 31,177,347 | |
Central Reserve Bank of Peru [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 23,642,580 | 24,157,868 | |
Financial Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 21,883,932 | 22,998,515 | |
Financial Services [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 14,499,904 | 14,507,901 | |
Commerce [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 25,624,094 | 27,879,196 | |
Commerce [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 24,611,067 | 26,448,551 | |
Manufacturing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 24,979,672 | 25,412,964 | |
Manufacturing [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 22,857,640 | 23,541,034 | |
Government and Public Administration [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 23,831,766 | 20,692,292 | |
Government and Public Administration [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 9,808,792 | 10,318,450 | |
Mortgage Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 23,395,049 | 22,381,290 | |
Mortgage Loans [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 23,395,049 | 22,381,290 | |
Consumer Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 18,457,100 | 18,740,588 | |
Consumer Loans [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 18,457,100 | 18,740,588 | |
Real Estate and Leasing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 9,060,166 | 10,172,639 | |
Real Estate and Leasing [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 8,989,709 | 10,088,768 | |
Communications, Storage and Transportation [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 10,115,830 | 7,919,245 | |
Communications, Storage and Transportation [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 8,592,952 | 6,495,988 | |
Community Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 6,463,322 | 6,500,918 | |
Community Services [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 6,463,322 | 6,500,918 | |
Electricity, Gas and Water [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 8,832,651 | 8,422,873 | |
Electricity, Gas and Water [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,642,005 | 4,884,840 | |
Construction [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,702,665 | 4,031,278 | |
Construction [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,284,049 | 3,633,858 | |
Agriculture [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,589,154 | 4,888,915 | |
Agriculture [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,569,647 | 4,867,488 | |
Mining [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,920,331 | 4,039,411 | |
Mining [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,755,224 | 3,883,227 | |
Education, Health and Other Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,418,620 | 2,615,736 | |
Education, Health and Other Services [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,490,560 | 1,631,340 | |
Hotels and Restaurants [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,480,313 | 2,736,252 | |
Hotels and Restaurants [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,480,313 | 2,736,252 | |
Insurance [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 94,278 | 1,009,518 | |
Insurance [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 88,947 | 1,003,613 | |
Fishing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 658,455 | 579,032 | |
Fishing [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 658,316 | 578,526 | |
Others [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,260,961 | 3,967,500 | |
Others [Member] | Financial Assets at Amortized Cost [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,426,485 | 2,531,987 | |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 5,970,324 | 5,678,060 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Central Reserve Bank of Peru [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 192,666 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Financial Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 3,409,897 | 3,866,108 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Commerce [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 5,969 | 17,992 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Manufacturing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 195,981 | 139,321 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Government and Public Administration [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 1,713,104 | 826,279 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Mortgage Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Consumer Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Real Estate and Leasing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 67,209 | 68,797 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Communications, Storage and Transportation [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 69,371 | 55,499 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Community Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Electricity, Gas and Water [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 134,229 | 180,772 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Construction [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 3,336 | 12,899 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Agriculture [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 3,699 | 485 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Mining [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 9,399 | 6,323 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Education, Health and Other Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 113,028 | 89,033 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Hotels and Restaurants [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Insurance [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 5,138 | 1,363 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Fishing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 139 | 506 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Others [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 47,159 | 412,683 |
At Fair Value Through Profit for Loss Designated at Inception [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 810,932 | 768,801 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Central Reserve Bank of Peru [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Financial Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 73,182 | 312,993 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Commerce [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 29 | 28 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Manufacturing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 78 | 35,435 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Government and Public Administration [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 241,294 | 207 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Mortgage Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Consumer Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Real Estate and Leasing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Communications, Storage and Transportation [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 495,995 | 270,906 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Community Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Electricity, Gas and Water [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 83 | 107,161 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Construction [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Agriculture [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Mining [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Education, Health and Other Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 271 | 42,071 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Hotels and Restaurants [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Insurance [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Fishing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Others [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Other Comprehensive Income Investments [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 37,043,940 | 30,786,161 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Central Reserve Bank of Peru [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 10,935,252 | 7,019,479 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Financial Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 3,900,949 | 4,311,513 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Commerce [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 1,007,029 | 1,412,625 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Manufacturing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 1,925,973 | 1,697,174 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Government and Public Administration [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 12,068,576 | 9,547,356 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Mortgage Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 0 | 0 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Consumer Loans [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 0 | 0 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Real Estate and Leasing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 3,248 | 15,074 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Communications, Storage and Transportation [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 957,512 | 1,096,852 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Community Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 0 | 0 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Electricity, Gas and Water [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 4,056,334 | 3,250,100 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Construction [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 415,280 | 384,521 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Agriculture [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 15,808 | 20,942 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Mining [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 155,708 | 149,861 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Education, Health and Other Services [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 814,761 | 853,292 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Hotels and Restaurants [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 0 | 0 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Insurance [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 193 | 4,542 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Fishing [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 0 | 0 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Others [Member] | |||
Financial Instruments with Exposure to Credit Risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | S/ 787,317 | S/ 1,022,830 |
[1]It includes non-trading investments that did not pass SPPI test.[2]OCI: Other comprehensive income. |
FINANCIAL AND NON-FINANCIAL _12
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Concentration of Financial Instruments Exposed to Credit Risk by Geographical Areas (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | S/ 228,538,857 | S/ 226,165,509 | |
Peru [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 189,938,486 | 188,006,599 | |
Bolivia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 13,020,681 | 12,144,089 | |
United States of America [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 10,461,660 | 10,422,208 | |
Colombia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 6,428,143 | 5,661,926 | |
Chile [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,530,577 | 3,562,281 | |
Brazil [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 301,564 | 1,320,384 | |
Mexico [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 606,041 | 575,135 | |
Panama [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 461,532 | 450,237 | |
Canada [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 154,103 | 176,523 | |
France [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 315,004 | 352,043 | |
Luxembourg [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 624,696 | 1,045,413 | |
United Kingdom [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 384,942 | 305,522 | |
Spain [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 236,581 | 117,563 | |
Switzerland [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 36,992 | 82,308 | |
Netherlands [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 42,359 | 70,521 | |
Other in Europe [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 460,531 | 278,702 | |
Other [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,534,965 | 1,594,055 | |
Financial Assets at Amortized Cost [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 184,713,661 | 188,932,487 | |
Financial Assets at Amortized Cost [Member] | Peru [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 163,235,790 | 167,378,965 | |
Financial Assets at Amortized Cost [Member] | Bolivia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 11,609,164 | 10,808,527 | |
Financial Assets at Amortized Cost [Member] | United States of America [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,464,455 | 1,799,795 | |
Financial Assets at Amortized Cost [Member] | Colombia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,939,155 | 4,073,211 | |
Financial Assets at Amortized Cost [Member] | Chile [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,629,984 | 2,287,020 | |
Financial Assets at Amortized Cost [Member] | Brazil [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 121,301 | 1,123,155 | |
Financial Assets at Amortized Cost [Member] | Mexico [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 195,420 | 132,132 | |
Financial Assets at Amortized Cost [Member] | Panama [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 389,002 | 402,303 | |
Financial Assets at Amortized Cost [Member] | Canada [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 29,760 | 34,449 | |
Financial Assets at Amortized Cost [Member] | France [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 9,569 | 28,841 | |
Financial Assets at Amortized Cost [Member] | Luxembourg [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 7,020 | 7,020 | |
Financial Assets at Amortized Cost [Member] | United Kingdom [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 53,576 | 16,017 | |
Financial Assets at Amortized Cost [Member] | Spain [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 14,721 | 88,723 | |
Financial Assets at Amortized Cost [Member] | Switzerland [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 166 | 175 | |
Financial Assets at Amortized Cost [Member] | Netherlands [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,247 | 31,483 | |
Financial Assets at Amortized Cost [Member] | Other in Europe [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 293,096 | 51,758 | |
Financial Assets at Amortized Cost [Member] | Other [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 719,235 | 668,913 | |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 5,970,324 | 5,678,060 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Peru [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 1,601,757 | 1,257,305 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Bolivia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 550,271 | 588,484 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | United States of America [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 736,813 | 839,762 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Colombia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 1,692,862 | 894,043 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Chile [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 310,247 | 622,346 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Brazil [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 11,837 | 3,091 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Mexico [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 14,040 | 16,561 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Panama [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 4,166 | 383 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Canada [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 31,772 | 38,413 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | France [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 168,648 | 163,577 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Luxembourg [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 617,676 | 1,038,393 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | United Kingdom [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 64,738 | 93,717 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Spain [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 23,356 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Switzerland [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 4,705 | 4 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Netherlands [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Other in Europe [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 74,709 | 80,611 |
At Fair Value Through Profit or Loss Held for Trading, Hedging and Others [Member] | Other [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 62,727 | 41,370 |
At Fair Value Through Profit for Loss Designated at Inception [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 810,932 | 768,801 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Peru [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,333 | 328 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Bolivia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | United States of America [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 258 | 450,160 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Colombia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 6,359 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Chile [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Brazil [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Mexico [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 40,811 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Panama [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Canada [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | France [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 7,584 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Luxembourg [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | United Kingdom [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 1,978 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Spain [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Switzerland [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Netherlands [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Other in Europe [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 10,126 | |
At Fair Value Through Profit for Loss Designated at Inception [Member] | Other [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 809,341 | 251,455 | |
At Fair Value Through Other Comprehensive Income Investments [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 37,043,940 | 30,786,161 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Peru [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 25,099,606 | 19,370,001 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Bolivia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 861,246 | 747,078 |
At Fair Value Through Other Comprehensive Income Investments [Member] | United States of America [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 7,260,134 | 7,332,491 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Colombia [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 796,126 | 688,313 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Chile [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 590,346 | 652,915 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Brazil [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 168,426 | 194,138 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Mexico [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 396,581 | 385,631 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Panama [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 68,364 | 47,551 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Canada [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 92,571 | 103,661 |
At Fair Value Through Other Comprehensive Income Investments [Member] | France [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 136,787 | 152,041 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Luxembourg [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 0 | 0 |
At Fair Value Through Other Comprehensive Income Investments [Member] | United Kingdom [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 266,628 | 193,810 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Spain [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 198,504 | 28,840 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Switzerland [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 32,121 | 82,129 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Netherlands [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 40,112 | 39,038 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Other in Europe [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | 92,726 | 136,207 |
At Fair Value Through Other Comprehensive Income Investments [Member] | Other [Member] | |||
Concentration of financial instruments exposed to credit risk [Abstract] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [2] | S/ 943,662 | S/ 632,317 |
[1]It includes non-trading investments that did not pass SPPI test.[2]OCI: Other comprehensive income. |
FINANCIAL AND NON-FINANCIAL _13
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Financial Assets Subject to Offsetting (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Assets Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial assets | S/ 8,932,269 | S/ 6,142,719 |
Net of financial assets presented in the consolidated statements of financial position | 8,932,269 | 6,142,719 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | (5,731,514) | (3,348,477) |
Related amounts not offset in the consolidated statement of financial position, Cash collateral received | (156,757) | (370,892) |
Net amount | 3,043,998 | 2,423,350 |
Receivables from Derivatives [Member] | ||
Financial Assets Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial assets | 987,663 | 1,500,335 |
Net of financial assets presented in the consolidated statements of financial position | 987,663 | 1,500,335 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | (234,550) | (285,850) |
Related amounts not offset in the consolidated statement of financial position, Cash collateral received | (139,833) | (145,945) |
Net amount | 613,280 | 1,068,540 |
Cash Collateral, Reverse Repurchase Agreements and Securities Borrowings [Member] | ||
Financial Assets Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial assets | 1,410,647 | 1,101,856 |
Net of financial assets presented in the consolidated statements of financial position | 1,410,647 | 1,101,856 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | 0 | 0 |
Related amounts not offset in the consolidated statement of financial position, Cash collateral received | (16,924) | (224,947) |
Net amount | 1,393,723 | 876,909 |
Investments at Fair Value Through Other Comprehensive Income and Amortized Cost Pledged as Collateral [Member] | ||
Financial Assets Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial assets | 6,533,959 | 3,540,528 |
Net of financial assets presented in the consolidated statements of financial position | 6,533,959 | 3,540,528 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | (5,496,964) | (3,062,627) |
Related amounts not offset in the consolidated statement of financial position, Cash collateral received | 0 | 0 |
Net amount | S/ 1,036,995 | S/ 477,901 |
FINANCIAL AND NON-FINANCIAL _14
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Financial Liabilities Subject to Offsetting (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Liabilities Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial liabilities | S/ 11,060,426 | S/ 14,333,999 |
Net amounts of financial liabilities presented in the consolidated statements of financial position | 11,060,426 | 14,333,999 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | (7,801,323) | (10,941,384) |
Related amounts not offset in the consolidated statement of financial position, Cash collateral pledged | (778,637) | (834,147) |
Net amount | 2,480,466 | 2,558,468 |
Payables on Derivatives [Member] | ||
Financial Liabilities Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial liabilities | 891,999 | 1,367,274 |
Net amounts of financial liabilities presented in the consolidated statements of financial position | 891,999 | 1,367,274 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | (234,550) | (285,850) |
Related amounts not offset in the consolidated statement of financial position, Cash collateral pledged | (170,998) | (184,378) |
Net amount | 486,451 | 897,046 |
Payables on Repurchase Agreements and Securities Lending [Member] | ||
Financial Liabilities Subject to Offsetting [Abstract] | ||
Gross amounts recognized financial liabilities | 10,168,427 | 12,966,725 |
Net amounts of financial liabilities presented in the consolidated statements of financial position | 10,168,427 | 12,966,725 |
Related amounts not offset in the consolidated statement of financial position, Financial instruments | (7,566,773) | (10,655,534) |
Related amounts not offset in the consolidated statement of financial position, Cash collateral pledged | (607,639) | (649,769) |
Net amount | S/ 1,994,015 | S/ 1,661,422 |
FINANCIAL AND NON-FINANCIAL _15
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, VAR by Risk Type (Details) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 PEN (S/) ft² Number Series | Dec. 31, 2022 PEN (S/) | |
Value at risk [Abstract] | ||
Maximum level of confidence | 99% | |
Statistical probability | 1% | |
Number of day used to calculate value at risk | 1 day | |
Amplified time frame of value at risk | 10 days | |
Value at risk by area | ft² | 10 | |
Number of market risk factors | Number | 129 | |
Number of market curves | Number | 45 | |
Number of stock prices | Number | 43 | |
Number of mutual fund values | Number | 37 | |
Series of volatility | Series | 4 | |
Consolidated VaR by type of risk | S/ 28,860 | S/ 74,247 |
Minimum [Member] | ||
Value at risk [Abstract] | ||
Holding period of value at risk | 1 day | |
Maximum [Member] | ||
Value at risk [Abstract] | ||
Holding period of value at risk | 10 days | |
Interest Rate Risk [Member] | ||
Value at risk [Abstract] | ||
Consolidated VaR by type of risk | S/ 29,399 | 74,343 |
Price Risk [Member] | ||
Value at risk [Abstract] | ||
Consolidated VaR by type of risk | 5,291 | 5,219 |
Volatility Risk [Member] | ||
Value at risk [Abstract] | ||
Consolidated VaR by type of risk | 20 | 2,032 |
Diversification Effect [Member] | ||
Value at risk [Abstract] | ||
Consolidated VaR by type of risk | S/ (5,850) | S/ (7,347) |
FINANCIAL AND NON-FINANCIAL _16
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Exposure to Interest Rate Risk (Details) - Interest Rate Risk [Member] - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | S/ 223,518,730 | S/ 221,382,221 | |
Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 35,341,595 | 35,285,696 | |
Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 47,232,867 | 41,231,890 | |
Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 136,698,135 | 140,753,972 | |
Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 810,932 | 768,801 | |
Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 872,046 | 744,008 | |
Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 2,563,155 | 2,597,854 |
Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 235,859,810 | 231,561,015 | |
Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 147,704,994 | 147,020,787 | |
Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 22,447,108 | 21,904,136 | |
Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 12,318,133 | 11,154,008 | |
Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 641,915 | 191,010 | |
Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 14,594,785 | 17,007,194 | |
Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 5,045,810 | 4,688,667 |
Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 33,107,065 | 29,595,213 | |
Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (2,273,696) | 81,974 | |
Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 749,323 | 2,383,943 | |
Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 3,023,019 | 2,301,969 | |
Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (14,614,776) | (10,096,820) | |
Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Non-interest Bearing [Member] | Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 11,076,119 | 10,948,596 | |
Non-interest Bearing [Member] | Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 7,734,585 | 6,836,829 | |
Non-interest Bearing [Member] | Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 336,078 | 337,031 | |
Non-interest Bearing [Member] | Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (186,611) | 474,306 | |
Non-interest Bearing [Member] | Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 810,932 | 768,801 | |
Non-interest Bearing [Member] | Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Non-interest Bearing [Member] | Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 2,381,135 | 2,531,629 |
Non-interest Bearing [Member] | Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 43,047,782 | 38,886,736 | |
Non-interest Bearing [Member] | Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 1,379,377 | 3,032,925 | |
Non-interest Bearing [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 372,523 | 679,950 | |
Non-interest Bearing [Member] | Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 2,841,625 | 1,303,917 | |
Non-interest Bearing [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 641,915 | 191,010 | |
Non-interest Bearing [Member] | Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 159,195 | 11,270 | |
Non-interest Bearing [Member] | Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 4,546,082 | 4,072,451 |
Non-interest Bearing [Member] | Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 33,107,065 | 29,595,213 | |
Non-interest Bearing [Member] | Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Non-interest Bearing [Member] | Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Non-interest Bearing [Member] | Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Non-interest Bearing [Member] | Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (31,971,663) | (27,938,140) | |
Non-interest Bearing [Member] | Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (14,614,776) | (10,096,820) | |
Up to 1 Month [Member] | Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 35,898,357 | 40,231,980 | |
Up to 1 Month [Member] | Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 13,900,784 | 15,413,219 | |
Up to 1 Month [Member] | Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 1,331,553 | 6,177,458 | |
Up to 1 Month [Member] | Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 19,650,760 | 18,513,077 | |
Up to 1 Month [Member] | Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Up to 1 Month [Member] | Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 872,046 | 62,001 | |
Up to 1 Month [Member] | Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 143,214 | 66,225 |
Up to 1 Month [Member] | Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 47,424,048 | 40,000,944 | |
Up to 1 Month [Member] | Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 40,740,255 | 36,293,889 | |
Up to 1 Month [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 5,987,961 | 2,919,374 | |
Up to 1 Month [Member] | Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 116,515 | 198,602 | |
Up to 1 Month [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Up to 1 Month [Member] | Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 81,635 | 48,301 | |
Up to 1 Month [Member] | Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 497,682 | 540,778 |
Up to 1 Month [Member] | Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
Up to 1 Month [Member] | Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (557,166) | 21,547 | |
Up to 1 Month [Member] | Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 72,943 | 171,485 | |
Up to 1 Month [Member] | Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 630,109 | 149,938 | |
Up to 1 Month [Member] | Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (12,082,857) | 252,583 | |
Up to 1 Month [Member] | Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (12,082,857) | 252,583 | |
1 to 3 Months [Member] | Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 23,179,881 | 24,560,048 | |
1 to 3 Months [Member] | Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 1,707,822 | 1,339,844 | |
1 to 3 Months [Member] | Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 4,489,604 | 2,548,155 | |
1 to 3 Months [Member] | Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 16,975,402 | 20,548,048 | |
1 to 3 Months [Member] | Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 3 Months [Member] | Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 124,001 | |
1 to 3 Months [Member] | Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 7,053 | 0 |
1 to 3 Months [Member] | Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 23,412,071 | 15,862,998 | |
1 to 3 Months [Member] | Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 16,793,946 | 13,244,363 | |
1 to 3 Months [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 6,344,769 | 2,193,017 | |
1 to 3 Months [Member] | Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 178,525 | 279,488 | |
1 to 3 Months [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 3 Months [Member] | Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 94,831 | 73,546 | |
1 to 3 Months [Member] | Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 0 | 72,584 |
1 to 3 Months [Member] | Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 3 Months [Member] | Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (401,730) | 784,183 | |
1 to 3 Months [Member] | Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 830,415 | |
1 to 3 Months [Member] | Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 401,730 | 46,232 | |
1 to 3 Months [Member] | Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (633,920) | 9,481,233 | |
1 to 3 Months [Member] | Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (12,716,777) | 9,733,816 | |
3 to 12 Months [Member] | Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 51,432,126 | 45,200,726 | |
3 to 12 Months [Member] | Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 3,050,481 | 2,635,747 | |
3 to 12 Months [Member] | Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 9,475,564 | 3,088,999 | |
3 to 12 Months [Member] | Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 38,874,328 | 38,917,974 | |
3 to 12 Months [Member] | Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
3 to 12 Months [Member] | Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 558,006 | |
3 to 12 Months [Member] | Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 31,753 | 0 |
3 to 12 Months [Member] | Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 32,449,718 | 34,076,794 | |
3 to 12 Months [Member] | Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 22,762,047 | 24,789,328 | |
3 to 12 Months [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 3,477,433 | 5,582,701 | |
3 to 12 Months [Member] | Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 496,768 | 515,873 | |
3 to 12 Months [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
3 to 12 Months [Member] | Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 5,711,424 | 3,186,038 | |
3 to 12 Months [Member] | Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 2,046 | 2,854 |
3 to 12 Months [Member] | Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
3 to 12 Months [Member] | Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 621,531 | 285,225 | |
3 to 12 Months [Member] | Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 676,380 | 450,835 | |
3 to 12 Months [Member] | Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 54,849 | 165,610 | |
3 to 12 Months [Member] | Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 19,603,939 | 11,409,157 | |
3 to 12 Months [Member] | Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 6,887,162 | 21,142,973 | |
1 to 5 Years [Member] | Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 68,465,212 | 66,602,284 | |
1 to 5 Years [Member] | Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 8,674,709 | 8,875,620 | |
1 to 5 Years [Member] | Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 12,827,007 | 10,793,965 | |
1 to 5 Years [Member] | Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 46,963,496 | 46,932,699 | |
1 to 5 Years [Member] | Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 5 Years [Member] | Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 5 Years [Member] | Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 0 | 0 |
1 to 5 Years [Member] | Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 70,655,639 | 83,684,644 | |
1 to 5 Years [Member] | Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 57,611,088 | 61,459,266 | |
1 to 5 Years [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 3,238,356 | 7,368,172 | |
1 to 5 Years [Member] | Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 1,862,006 | 1,526,519 | |
1 to 5 Years [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 5 Years [Member] | Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 7,944,189 | 13,330,687 | |
1 to 5 Years [Member] | Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 0 | 0 |
1 to 5 Years [Member] | Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
1 to 5 Years [Member] | Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (1,936,331) | (913,631) | |
1 to 5 Years [Member] | Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 931,208 | |
1 to 5 Years [Member] | Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 1,936,331 | 1,844,839 | |
1 to 5 Years [Member] | Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | (4,126,758) | (17,995,991) | |
1 to 5 Years [Member] | Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 2,760,404 | 3,146,982 | |
More than 5 Years [Member] | Total Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 33,467,035 | 33,838,587 | |
More than 5 Years [Member] | Cash and Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 273,214 | 184,437 | |
More than 5 Years [Member] | Investments [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 18,773,061 | 18,286,282 | |
More than 5 Years [Member] | Loans, Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 14,420,760 | 15,367,868 | |
More than 5 Years [Member] | Financial Assets Designated at Fair Value Through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
More than 5 Years [Member] | Reinsurance and Insurance Contract Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
More than 5 Years [Member] | Other Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 0 | 0 |
More than 5 Years [Member] | Total Liabilities and Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 18,870,552 | 19,048,899 | |
More than 5 Years [Member] | Deposits and Obligations [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 8,418,281 | 8,201,016 | |
More than 5 Years [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 3,026,066 | 3,160,922 | |
More than 5 Years [Member] | Insurance and Reinsurance Contract Liability [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 6,822,694 | 7,329,609 | |
More than 5 Years [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
More than 5 Years [Member] | Bonds and Notes Issued [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 603,511 | 357,352 | |
More than 5 Years [Member] | Other Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | [1] | 0 | 0 |
More than 5 Years [Member] | Equity [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
More than 5 Years [Member] | Derivative Net [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | (95,350) | |
More than 5 Years [Member] | Derivative Financial Assets [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 0 | |
More than 5 Years [Member] | Derivative Financial Liabilities [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 0 | 95,350 | |
More than 5 Years [Member] | Marginal Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | 14,596,483 | 14,694,338 | |
More than 5 Years [Member] | Accumulated Gap [Member] | |||
Interest Rate Risk Analysis of Repricing Gap [Abstract] | |||
Credit exposure | S/ 17,356,887 | S/ 17,841,320 | |
[1]Other assets and other liabilities only include financial accounts. |
FINANCIAL AND NON-FINANCIAL _17
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Sensitivity Analysis Regarding Change in Interest Rates (Details) - Interest Rate Risk [Member] - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Soles at 50 Basis Points change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 0.50% | 0.50% |
Sensitivity of net profit | S/ 15,052 | S/ 39,920 |
Sensitivity of net economic value | S/ 511,851 | S/ 345,530 |
Soles at 75 Basis Points change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 0.75% | 0.75% |
Sensitivity of net profit | S/ 22,578 | S/ 59,880 |
Sensitivity of net economic value | S/ 767,776 | S/ 518,295 |
Soles at 100 Basis Points Change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 1% | 1% |
Sensitivity of net profit | S/ 30,104 | S/ 79,840 |
Sensitivity of net economic value | S/ 1,023,702 | S/ 691,060 |
Soles at 150 Basis Points Change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 1.50% | 1.50% |
Sensitivity of net profit | S/ 45,156 | S/ 119,760 |
Sensitivity of net economic value | S/ 1,535,553 | S/ 1,036,590 |
U.S. Dollar at 50 Basis Points Change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 0.50% | 0.50% |
Sensitivity of net profit | S/ 48,060 | S/ 103,546 |
Sensitivity of net economic value | S/ 119,342 | S/ 306,792 |
U.S. Dollar at 75 Basis Points Change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 0.75% | 0.75% |
Sensitivity of net profit | S/ 72,090 | S/ 155,319 |
Sensitivity of net economic value | S/ 179,013 | S/ 460,188 |
U.S. Dollar at 100 Basis Points Change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 1% | 1% |
Sensitivity of net profit | S/ 96,120 | S/ 207,092 |
Sensitivity of net economic value | S/ 238,684 | S/ 613,584 |
U.S. Dollar at 150 Basis Points Change [Member] | ||
Sensitivity Analysis Changes in Interest Rates [Abstract] | ||
Changes in basis points | 1.50% | 1.50% |
Sensitivity of net profit | S/ 144,180 | S/ 310,638 |
Sensitivity of net economic value | S/ 358,026 | S/ 920,375 |
FINANCIAL AND NON-FINANCIAL _18
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Market Price Sensitivity Tests (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity Securities at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 33,480 | S/ 32,649 |
Equity Securities at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 83,700 | 81,621 |
Equity Securities at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 100,440 | 97,946 |
Mutual Funds at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 108,747 | 157,932 |
Mutual Funds at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 271,867 | 394,831 |
Mutual Funds at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 326,241 | 473,797 |
Restricted Mutual Funds at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 33,416 | 35,132 |
Restricted Mutual Funds at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 83,541 | 87,829 |
Restricted Mutual Funds at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 100,249 | 105,395 |
Participation in RAL Funds at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 14,541 | 16,778 |
Participation in RAL Funds at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 36,354 | 41,945 |
Participation in RAL Funds at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 43,624 | 50,334 |
Investment Funds at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 118,071 | 86,053 |
Investment Funds at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 295,178 | 215,133 |
Investment Funds at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 354,214 | 258,160 |
Hedge Funds at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 29 | 28 |
Hedge Funds at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 73 | 70 |
Hedge Funds at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 87 | 84 |
Exchange Trade Funds at 10 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 10% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 2,958 | 2,504 |
Exchange Trade Funds at 25 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 25% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 7,396 | 6,261 |
Exchange Trade Funds at 30 Percent Change [Member] | ||
Market Price Sensitivity Tests [Abstract] | ||
Sensitivity analysis, percentage changes in market price | 30% | |
Sensitivity analysis, expected unrealized gain (loss) due to change in market price | S/ 8,875 | S/ 7,513 |
FINANCIAL AND NON-FINANCIAL _19
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Assets and Liabilities by Currencies (Details) Bs. in Millions, $ in Millions, $ in Millions | Dec. 31, 2023 PEN (S/) | Dec. 31, 2023 BOB (Bs.) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 CLP ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 BOB (Bs.) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2021 PEN (S/) | [1] | ||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary assets | S/ 238,840,188,000 | S/ 235,414,157,000 | [1] | S/ 243,443,872,000 | ||||||||
Total monetary liabilities | (205,733,123,000) | (205,818,944,000) | [1] | S/ (216,611,348,000) | ||||||||
Gains (losses) on net monetary position | (1,998,924,000) | (1,016,599,000) | ||||||||||
Total position in currency derivatives | 2,252,730,000 | 225,784,000 | ||||||||||
Hedging a foreign investment | 0 | 872,750,000 | ||||||||||
Total monetary position with effect on income | 253,806,000 | 81,935,000 | ||||||||||
Total monetary position with effect on equity | 3,109,418,000 | 2,657,727,000 | ||||||||||
Net monetary position | S/ 3,363,224,000 | S/ 2,739,662,000 | ||||||||||
Foreign exchange rate for buying and selling | 3.709 | 860.3 | 961.9 | 380.9 | 3.814 | 954.7 | 566.7 | 348 | ||||
Monetary Assets [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary assets | S/ 77,883,262,000 | S/ 78,217,734,000 | ||||||||||
Monetary Liabilities [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary liabilities | (79,882,186,000) | (79,234,333,000) | ||||||||||
US Dollars [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Gains (losses) on net monetary position | (2,391,977,000) | (1,163,139,000) | ||||||||||
Total position in currency derivatives | 2,622,188,000 | 353,166,000 | ||||||||||
Hedging a foreign investment | [2] | 0 | 872,750,000 | |||||||||
Total monetary position with effect on income | 230,211,000 | 62,777,000 | ||||||||||
Total monetary position with effect on equity | 904,434,000 | 785,030,000 | ||||||||||
Net monetary position | 1,134,645,000 | 847,807,000 | ||||||||||
US Dollars [Member] | Monetary Assets [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary assets | 77,387,709,000 | 77,853,626,000 | ||||||||||
US Dollars [Member] | Monetary Liabilities [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary liabilities | (79,779,686,000) | (79,016,765,000) | ||||||||||
Other Currencies [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Gains (losses) on net monetary position | 393,053,000 | 146,540,000 | ||||||||||
Total position in currency derivatives | (369,458,000) | (127,382,000) | ||||||||||
Hedging a foreign investment | [2] | 0 | 0 | |||||||||
Total monetary position with effect on income | 23,595,000 | 19,158,000 | ||||||||||
Total monetary position with effect on equity | 2,204,984,000 | 1,872,697,000 | ||||||||||
Net monetary position | 2,228,579,000 | 1,891,855,000 | ||||||||||
Other Currencies [Member] | Monetary Assets [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary assets | 495,553,000 | 364,108,000 | ||||||||||
Other Currencies [Member] | Monetary Liabilities [Member] | ||||||||||||
Assets And Liabilities by Currencies [Abstract] | ||||||||||||
Total monetary liabilities | S/ (102,500,000) | S/ (217,568,000) | ||||||||||
[1]See note 3(b).[2] As of December 31, 2023 the accounting hedge of net investment abroad was revoked, where part of our liability position in dollars related to the balance of the caption “bonds and notes issued”, see Note 15(a)(iii), was designated as cover our permanent investment in Atlantic Security Holding |
FINANCIAL AND NON-FINANCIAL _20
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Sensitivity Analysis (Details) - Currency rate sensitivity [Member] - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Devaluation at 5% in US Dollar [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in consolidated results | S/ 10,962 | S/ 2,989 |
Sensitivity analysis, change in other comprehensive income | S/ 43,377 | 37,382 |
Devaluation at 10% in US Dollar [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in consolidated results | S/ 20,928 | 5,707 |
Sensitivity analysis, change in other comprehensive income | S/ 82,812 | 71,366 |
Revaluation at 5% in US Dollar [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in consolidated results | S/ (12,116) | (3,304) |
Sensitivity analysis, change in other comprehensive income | S/ (47,944) | (41,317) |
Revaluation at 10% in US Dollar [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in consolidated results | S/ (25,579) | (6,975) |
Sensitivity analysis, change in other comprehensive income | S/ (101,214) | (87,226) |
Devaluation at 5% in Boliviano [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in other comprehensive income | S/ 40,969 | 45,462 |
Devaluation at 10% in Boliviano [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in other comprehensive income | S/ 78,214 | 86,791 |
Revaluation at 5% in Boliviano [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in other comprehensive income | S/ (45,282) | (50,247) |
Revaluation at 10% in Boliviano [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in other comprehensive income | S/ (95,595) | (106,078) |
Devaluation at 5% in Peso Colombian [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in other comprehensive income | S/ 45,804 | 26,984 |
Devaluation at 10% in Peso Colombian [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in other comprehensive income | S/ 87,444 | 51,515 |
Revaluation at 5% in Peso Colombian [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in other comprehensive income | S/ (50,626) | (29,825) |
Revaluation at 10% in Peso Colombian [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in other comprehensive income | S/ (106,876) | (62,963) |
Devaluation at 5% in Peso Chilean [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in consolidated results | S/ 18,136 | 16,571 |
Devaluation at 10% in Peso Chilean [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in consolidated results | S/ 34,624 | 31,636 |
Revaluation at 5% in Peso Chilean [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 5% | |
Sensitivity analysis, change in consolidated results | S/ (20,046) | (18,316) |
Revaluation at 10% in Peso Chilean [Member] | ||
Currency rate sensibility [Abstract] | ||
Sensitivity analysis, change in currency rates | 10% | |
Sensitivity analysis, change in consolidated results | S/ (42,318) | S/ (38,667) |
FINANCIAL AND NON-FINANCIAL _21
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Cash Flows Payable by Remaining Contractual Maturities (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT [Abstract] | ||
Period to measure the amount of liquid assets available to meet cash outflows needs | 30 days | |
Percentage of core limits of indicators for any excess presented in treasury risk committee | 100% | |
Cash Flows Payable by Remaining Contractual Maturities [Abstract] | ||
Financial assets | S/ 266,090,203 | S/ 265,071,306 |
Financial liabilities by type [Abstract] | ||
Liabilities | 197,359,132 | 205,947,740 |
Derivative financial liabilities [Abstract] | ||
Contractual amounts receivable (Inflows) | 6,600,103 | 5,616,526 |
Contractual amounts payable (outflows) | 6,536,490 | 5,538,709 |
Total liabilities | 63,613 | 77,817 |
Deposits and Obligations [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 151,938,373 | 150,050,713 |
Payables from Reverse Purchase Agreements and Security Lendings and due to Banks and Correspondents [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 24,276,296 | 31,554,718 |
Financial Liabilities Designated at Fair Value through Profit or Loss [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 641,915 | 191,010 |
Bonds and Notes Issued [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 14,098,521 | 17,523,636 |
Lease Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 513,116 | 618,117 |
Other Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 5,890,911 | 6,009,546 |
Up to a Month [Member] | ||
Cash Flows Payable by Remaining Contractual Maturities [Abstract] | ||
Financial assets | 38,552,719 | 51,659,698 |
Financial liabilities by type [Abstract] | ||
Liabilities | 52,871,574 | 46,508,943 |
Derivative financial liabilities [Abstract] | ||
Contractual amounts receivable (Inflows) | 961,788 | 1,451,819 |
Contractual amounts payable (outflows) | 939,961 | 1,454,360 |
Total liabilities | 21,827 | (2,541) |
Up to a Month [Member] | Deposits and Obligations [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 42,289,107 | 37,822,104 |
Up to a Month [Member] | Payables from Reverse Purchase Agreements and Security Lendings and due to Banks and Correspondents [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 6,048,623 | 4,359,993 |
Up to a Month [Member] | Financial Liabilities Designated at Fair Value through Profit or Loss [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 641,915 | 191,010 |
Up to a Month [Member] | Bonds and Notes Issued [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 214,609 | 217,504 |
Up to a Month [Member] | Lease Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 30,710 | 32,390 |
Up to a Month [Member] | Other Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 3,646,610 | 3,885,942 |
From 1 to 3 Months [Member] | ||
Cash Flows Payable by Remaining Contractual Maturities [Abstract] | ||
Financial assets | 26,270,643 | 29,779,019 |
Financial liabilities by type [Abstract] | ||
Liabilities | 21,530,921 | 16,594,369 |
Derivative financial liabilities [Abstract] | ||
Contractual amounts receivable (Inflows) | 1,059,625 | 1,931,304 |
Contractual amounts payable (outflows) | 1,053,036 | 1,932,240 |
Total liabilities | 6,589 | (936) |
From 1 to 3 Months [Member] | Deposits and Obligations [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 18,369,890 | 13,802,039 |
From 1 to 3 Months [Member] | Payables from Reverse Purchase Agreements and Security Lendings and due to Banks and Correspondents [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 2,581,452 | 2,368,114 |
From 1 to 3 Months [Member] | Financial Liabilities Designated at Fair Value through Profit or Loss [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 0 | 0 |
From 1 to 3 Months [Member] | Bonds and Notes Issued [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 188,158 | 171,471 |
From 1 to 3 Months [Member] | Lease Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 33,118 | 35,637 |
From 1 to 3 Months [Member] | Other Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 358,303 | 217,108 |
From 3 Months to 12 Months [Member] | ||
Cash Flows Payable by Remaining Contractual Maturities [Abstract] | ||
Financial assets | 60,976,000 | 55,988,081 |
Financial liabilities by type [Abstract] | ||
Liabilities | 38,441,811 | 36,071,903 |
Derivative financial liabilities [Abstract] | ||
Contractual amounts receivable (Inflows) | 3,153,643 | 972,276 |
Contractual amounts payable (outflows) | 3,185,326 | 977,394 |
Total liabilities | (31,683) | (5,118) |
From 3 Months to 12 Months [Member] | Deposits and Obligations [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 26,491,876 | 25,833,124 |
From 3 Months to 12 Months [Member] | Payables from Reverse Purchase Agreements and Security Lendings and due to Banks and Correspondents [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 5,994,505 | 6,525,912 |
From 3 Months to 12 Months [Member] | Financial Liabilities Designated at Fair Value through Profit or Loss [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 0 | 0 |
From 3 Months to 12 Months [Member] | Bonds and Notes Issued [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 5,624,264 | 3,357,173 |
From 3 Months to 12 Months [Member] | Lease Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 89,984 | 105,931 |
From 3 Months to 12 Months [Member] | Other Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 241,182 | 249,763 |
From 1 to 5 Years [Member] | ||
Cash Flows Payable by Remaining Contractual Maturities [Abstract] | ||
Financial assets | 92,329,896 | 81,860,492 |
Financial liabilities by type [Abstract] | ||
Liabilities | 69,019,417 | 85,685,455 |
Derivative financial liabilities [Abstract] | ||
Contractual amounts receivable (Inflows) | 1,394,394 | 876,270 |
Contractual amounts payable (outflows) | 1,329,268 | 840,215 |
Total liabilities | 65,126 | 36,055 |
From 1 to 5 Years [Member] | Deposits and Obligations [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 55,511,772 | 64,047,112 |
From 1 to 5 Years [Member] | Payables from Reverse Purchase Agreements and Security Lendings and due to Banks and Correspondents [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 5,749,977 | 7,913,422 |
From 1 to 5 Years [Member] | Financial Liabilities Designated at Fair Value through Profit or Loss [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 0 | 0 |
From 1 to 5 Years [Member] | Bonds and Notes Issued [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 7,492,224 | 13,402,553 |
From 1 to 5 Years [Member] | Lease Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 256,960 | 314,714 |
From 1 to 5 Years [Member] | Other Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 8,484 | 7,654 |
Over 5 Years [Member] | ||
Cash Flows Payable by Remaining Contractual Maturities [Abstract] | ||
Financial assets | 47,960,945 | 45,784,016 |
Financial liabilities by type [Abstract] | ||
Liabilities | 15,495,409 | 21,087,070 |
Derivative financial liabilities [Abstract] | ||
Contractual amounts receivable (Inflows) | 30,653 | 384,857 |
Contractual amounts payable (outflows) | 28,899 | 334,500 |
Total liabilities | 1,754 | 50,357 |
Over 5 Years [Member] | Deposits and Obligations [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 9,275,728 | 8,546,334 |
Over 5 Years [Member] | Payables from Reverse Purchase Agreements and Security Lendings and due to Banks and Correspondents [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 3,901,739 | 10,387,277 |
Over 5 Years [Member] | Financial Liabilities Designated at Fair Value through Profit or Loss [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 0 | 0 |
Over 5 Years [Member] | Bonds and Notes Issued [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 579,266 | 374,935 |
Over 5 Years [Member] | Lease Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | 102,344 | 129,445 |
Over 5 Years [Member] | Other Liabilities [Member] | ||
Financial liabilities by type [Abstract] | ||
Liabilities | S/ 1,636,332 | S/ 1,649,079 |
FINANCIAL AND NON-FINANCIAL _22
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Estimates of Accumulated Claims Incurred (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | S/ 14,584,486 | S/ 13,740,451 |
1 year later | 1,134,245 | 672,318 |
2 years later | 496,461 | 451,971 |
3 years later | 228,226 | 214,789 |
4 years later | 86,872 | 100,842 |
5 years later | 35,422 | 38,857 |
6 years later | 19,272 | 19,840 |
7 years later | 19,563 | 10,456 |
8 years later | 14,442 | 8,963 |
9 years later | 2,033 | 6,312 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 16,621,022 | 15,264,799 |
Liabilities / Gross Obligations accumulated by claims | 2,761,562 | 2,566,425 |
Discount event | (193,602) | (173,665) |
Effect of Risk Adjustment for non-financial risk | 21,590 | 13,478 |
Gross LIC of the Temporary Regime and Definitive Regime | 2,589,549 | 0 |
Gross provision for incurred claims | 5,179,099 | 2,406,238 |
2022/2023 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,724,774 | 2,034,760 |
1 year later | 614,260 | 334,135 |
2 years later | 191,387 | 186,582 |
3 years later | 99,775 | 77,225 |
4 years later | 44,274 | 41,660 |
5 years later | 15,491 | 19,976 |
6 years later | 4,663 | 9,282 |
7 years later | 6,197 | 2,918 |
8 years later | 9,695 | 6,941 |
9 years later | 1,648 | 6,312 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 2,712,164 | 2,719,791 |
Liabilities / Gross Obligations accumulated by claims | 1,421,449 | 1,485,336 |
Discount event | (83,109) | (90,322) |
Effect of Risk Adjustment for non-financial risk | 21,590 | 13,478 |
Gross LIC of the Temporary Regime and Definitive Regime | 1,359,929 | 0 |
Gross provision for incurred claims | 2,719,859 | 1,408,492 |
2021/2022 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,687,397 | 1,828,421 |
1 year later | 317,513 | 203,932 |
2 years later | 197,750 | 168,287 |
3 years later | 89,213 | 94,517 |
4 years later | 24,184 | 44,507 |
5 years later | 7,492 | 9,036 |
6 years later | 2,405 | 4,259 |
7 years later | 6,962 | 5,650 |
8 years later | 4,639 | 2,022 |
9 years later | 356 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 2,337,911 | 2,360,631 |
Liabilities / Gross Obligations accumulated by claims | 839,516 | 675,107 |
Discount event | (64,783) | (49,865) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 774,733 | 0 |
Gross provision for incurred claims | 1,549,466 | 625,242 |
2020/2021 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 2,000,372 | 1,538,374 |
1 year later | 137,774 | 88,496 |
2 years later | 71,537 | 63,339 |
3 years later | 22,757 | 29,408 |
4 years later | 7,511 | 6,004 |
5 years later | 2,762 | 3,340 |
6 years later | 7,395 | 4,258 |
7 years later | 5,953 | 1,888 |
8 years later | 66 | 0 |
9 years later | 29 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 2,256,156 | 1,735,107 |
Liabilities / Gross Obligations accumulated by claims | 321,842 | 244,120 |
Discount event | (27,666) | (19,828) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 294,176 | 0 |
Gross provision for incurred claims | 588,352 | 224,292 |
2019/2020 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,538,564 | 1,433,243 |
1 year later | 38,655 | 24,014 |
2 years later | 13,276 | 14,697 |
3 years later | 5,093 | 4,127 |
4 years later | 2,712 | 2,408 |
5 years later | 5,379 | 3,298 |
6 years later | 4,331 | 2,041 |
7 years later | 358 | 0 |
8 years later | 42 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 1,608,410 | 1,483,828 |
Liabilities / Gross Obligations accumulated by claims | 81,747 | 77,292 |
Discount event | (7,361) | (6,629) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 74,386 | 0 |
Gross provision for incurred claims | 148,772 | 70,663 |
2018/2019 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,450,470 | 1,193,707 |
1 year later | 9,523 | 7,683 |
2 years later | 5,701 | 4,570 |
3 years later | 2,263 | 2,842 |
4 years later | 4,684 | 3,085 |
5 years later | 4,008 | 3,207 |
6 years later | 438 | 0 |
7 years later | 93 | 0 |
8 years later | 0 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 1,477,180 | 1,215,094 |
Liabilities / Gross Obligations accumulated by claims | 34,361 | 27,675 |
Discount event | (3,597) | (2,051) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 30,764 | 0 |
Gross provision for incurred claims | 61,528 | 25,624 |
2017/2018 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,154,065 | 1,698,250 |
1 year later | 6,872 | 6,463 |
2 years later | 8,398 | 8,586 |
3 years later | 4,665 | 4,092 |
4 years later | 3,148 | 3,178 |
5 years later | 262 | 0 |
6 years later | 40 | 0 |
7 years later | 0 | 0 |
8 years later | 0 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 1,177,450 | 1,720,569 |
Liabilities / Gross Obligations accumulated by claims | 30,289 | 31,556 |
Discount event | (2,890) | (2,256) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 27,399 | 0 |
Gross provision for incurred claims | 54,798 | 29,300 |
2016/2017 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,628,377 | 1,073,982 |
1 year later | 1,693 | 1,752 |
2 years later | 4,265 | 3,113 |
3 years later | 3,902 | 2,578 |
4 years later | 278 | 0 |
5 years later | 28 | 0 |
6 years later | 0 | 0 |
7 years later | 0 | 0 |
8 years later | 0 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 1,638,543 | 1,081,425 |
Liabilities / Gross Obligations accumulated by claims | 13,396 | 10,070 |
Discount event | (1,687) | (1,101) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 11,709 | 0 |
Gross provision for incurred claims | 23,418 | 8,969 |
2015/2016 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,039,516 | 998,136 |
1 year later | 3,475 | 2,876 |
2 years later | 3,441 | 2,797 |
3 years later | 505 | 0 |
4 years later | 81 | 0 |
5 years later | 0 | 0 |
6 years later | 0 | 0 |
7 years later | 0 | 0 |
8 years later | 0 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 1,047,018 | 1,003,809 |
Liabilities / Gross Obligations accumulated by claims | 8,955 | 6,723 |
Discount event | (1,207) | (740) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 7,748 | 0 |
Gross provision for incurred claims | 15,496 | 5,983 |
2014/2015 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 963,490 | 800,436 |
1 year later | 3,453 | 2,967 |
2 years later | 577 | 0 |
3 years later | 53 | 0 |
4 years later | 0 | 0 |
5 years later | 0 | 0 |
6 years later | 0 | 0 |
7 years later | 0 | 0 |
8 years later | 0 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 967,573 | 803,403 |
Liabilities / Gross Obligations accumulated by claims | 6,335 | 6,503 |
Discount event | (775) | (580) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 5,560 | 0 |
Gross provision for incurred claims | 11,120 | 5,923 |
2013/2014 [member] | ||
Gross estimates of the undiscounted amount of the claims [Abstract] | ||
At the end of the claim year | 1,397,461 | 1,141,142 |
1 year later | 1,027 | 0 |
2 years later | 129 | 0 |
3 years later | 0 | 0 |
4 years later | 0 | 0 |
5 years later | 0 | 0 |
6 years later | 0 | 0 |
7 years later | 0 | 0 |
8 years later | 0 | 0 |
9 years later | 0 | 0 |
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence | 1,398,617 | 1,141,142 |
Liabilities / Gross Obligations accumulated by claims | 3,672 | 2,043 |
Discount event | (527) | (293) |
Effect of Risk Adjustment for non-financial risk | 0 | 0 |
Gross LIC of the Temporary Regime and Definitive Regime | 3,145 | 0 |
Gross provision for incurred claims | S/ 6,290 | S/ 1,750 |
FINANCIAL AND NON-FINANCIAL _23
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Capital Management (Details) - PEN (S/) S/ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Capital management [Abstract] | ||
Regulatory capital requirement | S/ 33,452.6 | S/ 31,754.6 |
Regulatory capital exceeds minimum regulatory capital required | S/ 7,731.9 | S/ 8,156.9 |
FINANCIAL AND NON-FINANCIAL _24
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Financial Instruments Recorded at Fair Value and Fair Value Hierarchy (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Derivative financial assets | S/ 987,663 | S/ 1,478,726 |
Derivative financial liabilities | 891,899 | 1,345,665 |
Increase (decrease) in fair value of financial assets designated as measured at fair value through profit or loss, attributable to changes in credit risk of financial assets | 3,200 | 7,500 |
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability | 6,900 | 11,200 |
Net impact of debit valuation and credit valuation adjustments | (4,000) | (6,000) |
Net unrealized gain (loss) of Level 3 financial instruments | (3,400) | (100) |
Fair Value [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 43,825,196 | 37,233,022 |
Financial liabilities, at fair value | 1,533,914 | 1,536,675 |
Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 37,043,940 | 30,786,161 |
Investments at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 4,982,661 | 4,199,334 |
Financial Assets at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 810,932 | 768,801 |
Corporate Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 13,385,150 | 12,978,065 |
Government Treasury Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 10,590,202 | 8,686,140 |
Certificates of Deposit BCRP [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 10,935,253 | 7,019,479 |
Negotiable Certificates of Deposits [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 482,047 | 607,218 |
Securitization Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 683,930 | 673,836 |
Subordinated Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 280,939 | 363,426 |
Other Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 351,617 | 121,642 |
Equity Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 334,802 | 336,355 |
Level 1 [Member] | Fair Value [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 19,911,813 | 17,744,380 |
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 16,117,919 | 14,357,103 |
Level 1 [Member] | Investments at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 2,983,312 | 2,619,090 |
Level 1 [Member] | Financial Assets at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 810,582 | 768,187 |
Level 1 [Member] | Corporate Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 6,176,329 | 6,103,452 |
Level 1 [Member] | Government Treasury Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 9,722,319 | 7,917,699 |
Level 1 [Member] | Certificates of Deposit BCRP [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Negotiable Certificates of Deposits [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Securitization Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Subordinated Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 71,590 | 176,712 |
Level 1 [Member] | Other Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Equity Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 147,681 | 159,240 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 22,696,426 | 18,500,735 |
Financial liabilities, at fair value | 1,533,914 | 1,536,675 |
Level 2 [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 20,788,914 | 16,412,681 |
Level 2 [Member] | Investments at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 919,499 | 608,714 |
Level 2 [Member] | Financial Assets at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 350 | 614 |
Level 2 [Member] | Corporate Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 7,139,979 | 6,874,613 |
Level 2 [Member] | Government Treasury Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 867,883 | 768,441 |
Level 2 [Member] | Certificates of Deposit BCRP [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 10,935,253 | 7,019,479 |
Level 2 [Member] | Negotiable Certificates of Deposits [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 482,047 | 607,218 |
Level 2 [Member] | Securitization Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 683,930 | 673,836 |
Level 2 [Member] | Subordinated Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 209,349 | 186,714 |
Level 2 [Member] | Other Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 297,220 | 121,642 |
Level 2 [Member] | Equity Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 173,253 | 160,738 |
Level 3 [Member] | Fair Value [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,216,957 | 987,907 |
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 137,107 | 16,377 |
Level 3 [Member] | Investments at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,079,850 | 971,530 |
Level 3 [Member] | Financial Assets at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 68,842 | 0 |
Level 3 [Member] | Government Treasury Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Certificates of Deposit BCRP [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Negotiable Certificates of Deposits [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Securitization Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Subordinated Bonds [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Other Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 54,397 | 0 |
Level 3 [Member] | Equity Instruments [Member] | Available for Sale [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 13,868 | 16,377 |
Derivative Financial Assets [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 987,663 | 1,478,726 |
Derivative Financial Assets [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 230,818 | 410,439 |
Derivative Financial Assets [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 384,238 | 467,140 |
Derivative Financial Assets [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 334,562 | 500,348 |
Derivative Financial Assets [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 35,754 | 98,656 |
Derivative Financial Assets [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,104 | 1,349 |
Derivative Financial Assets [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,187 | 794 |
Derivative Financial Assets [Member] | Level 1 [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 1 [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 1 [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 1 [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 1 [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 1 [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 1 [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 2 [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 987,663 | 1,478,726 |
Derivative Financial Assets [Member] | Level 2 [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 230,818 | 410,439 |
Derivative Financial Assets [Member] | Level 2 [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 384,238 | 467,140 |
Derivative Financial Assets [Member] | Level 2 [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 334,562 | 500,348 |
Derivative Financial Assets [Member] | Level 2 [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 35,754 | 98,656 |
Derivative Financial Assets [Member] | Level 2 [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,104 | 1,349 |
Derivative Financial Assets [Member] | Level 2 [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,187 | 794 |
Derivative Financial Assets [Member] | Level 3 [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 3 [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 3 [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 3 [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 3 [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 3 [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Assets [Member] | Level 3 [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 891,999 | 1,345,665 |
Derivative Financial Liabilities [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 641,915 | 191,010 |
Derivative Financial Liabilities [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 429,365 | 749,420 |
Derivative Financial Liabilities [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 205,112 | 278,385 |
Derivative Financial Liabilities [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 205,341 | 288,857 |
Derivative Financial Liabilities [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 46,561 | 24,385 |
Derivative Financial Liabilities [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 4,002 | 3,168 |
Derivative Financial Liabilities [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 1,618 | 1,450 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 1 [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 891,999 | 1,345,665 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 641,915 | 191,010 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 429,365 | 749,420 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 205,112 | 278,385 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 205,341 | 288,857 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 46,561 | 24,385 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 4,002 | 3,168 |
Derivative Financial Liabilities [Member] | Level 2 [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 1,618 | 1,450 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Financial Liabilities at Fair Value through Profit or Loss [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Interest Rate Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Foreign Currency Forwards [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Cross Currency Swaps [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Foreign Exchange Options [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative Financial Liabilities [Member] | Level 3 [Member] | Futures [Member] | ||
Financial Assets and Liabilities at Fair Value [Abstract] | ||
Financial liabilities, at fair value | S/ 0 | S/ 0 |
FINANCIAL AND NON-FINANCIAL _25
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Financial Instruments Not Measured At Fair Value (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Not Measured at Fair Value [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | S/ 186,617,786 | S/ 188,372,784 |
Financial liabilities, at fair value | 202,754,037 | 202,006,508 |
Financial assets | 187,106,400 | 189,676,495 |
Financial liabilities | 202,576,511 | 202,328,080 |
Deposits and Obligations [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 147,704,994 | 147,020,787 |
Financial liabilities | 147,704,994 | 147,020,787 |
Payables from Repurchase Agreements and Securities Lending [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 10,168,427 | 12,966,725 |
Financial liabilities | 10,168,427 | 12,966,725 |
Due to Banks and Correspondents and Other Entities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 12,308,392 | 9,012,529 |
Financial liabilities | 12,278,681 | 8,937,411 |
Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 412,401 | 699,678 |
Financial liabilities | 412,401 | 699,678 |
Lease Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 512,579 | 578,074 |
Financial liabilities | 512,579 | 578,074 |
Bond and Notes Issued [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 14,742,600 | 16,610,504 |
Financial liabilities | 14,594,785 | 17,007,194 |
Insurance Contract Liability [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 12,318,133 | 11,154,008 |
Financial liabilities | 12,318,133 | 11,154,008 |
Other Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 4,586,511 | 3,964,203 |
Financial liabilities | 4,586,511 | 3,964,203 |
Cash and Due from Banks [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 33,930,948 | 34,183,840 |
Financial assets | 33,930,948 | 34,183,840 |
Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,410,647 | 1,101,856 |
Financial assets | 1,410,647 | 1,101,856 |
Investments at Amortized Cost [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 9,700,313 | 9,142,018 |
Financial assets | 10,188,927 | 10,445,729 |
Loans, Net [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 136,698,135 | 140,753,972 |
Financial assets | 136,698,135 | 140,753,972 |
Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 412,401 | 699,678 |
Financial assets | 412,401 | 699,678 |
Reinsurance Contract Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 872,046 | 744,008 |
Financial assets | 872,046 | 744,008 |
Other Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 3,593,296 | 1,747,412 |
Financial assets | 3,593,296 | 1,747,412 |
Level 1 [Member] | Not Measured at Fair Value [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 9,338,213 | 8,849,683 |
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Deposits and Obligations [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Due to Banks and Correspondents and Other Entities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Lease Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Bond and Notes Issued [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Insurance Contract Liability [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Other Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 [Member] | Cash and Due from Banks [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Investments at Amortized Cost [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 9,338,213 | 8,849,683 |
Level 1 [Member] | Loans, Net [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Reinsurance Contract Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 [Member] | Other Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 [Member] | Not Measured at Fair Value [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 177,279,573 | 179,523,101 |
Financial liabilities, at fair value | 202,754,037 | 202,006,508 |
Level 2 [Member] | Deposits and Obligations [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 147,704,994 | 147,020,787 |
Level 2 [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 10,168,427 | 12,966,725 |
Level 2 [Member] | Due to Banks and Correspondents and Other Entities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 12,308,392 | 9,012,529 |
Level 2 [Member] | Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 412,401 | 699,678 |
Level 2 [Member] | Lease Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 512,579 | 578,074 |
Level 2 [Member] | Bond and Notes Issued [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 14,742,600 | 16,610,504 |
Level 2 [Member] | Insurance Contract Liability [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 12,318,133 | 11,154,008 |
Level 2 [Member] | Other Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 4,586,511 | 3,964,203 |
Level 2 [Member] | Cash and Due from Banks [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 33,930,948 | 34,183,840 |
Level 2 [Member] | Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 1,410,647 | 1,101,856 |
Level 2 [Member] | Investments at Amortized Cost [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 362,100 | 292,335 |
Level 2 [Member] | Loans, Net [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 136,698,135 | 140,753,972 |
Level 2 [Member] | Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 412,401 | 699,678 |
Level 2 [Member] | Reinsurance Contract Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 872,046 | 744,008 |
Level 2 [Member] | Other Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 3,593,296 | 1,747,412 |
Level 3 [Member] | Not Measured at Fair Value [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Deposits and Obligations [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Payables from Repurchase Agreements and Securities Lending [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Due to Banks and Correspondents and Other Entities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Lease Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Bond and Notes Issued [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Insurance Contract Liability [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Other Liabilities [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 [Member] | Cash and Due from Banks [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Investments at Amortized Cost [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Loans, Net [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Due from Customers on Banker's Acceptances [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Reinsurance Contract Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 [Member] | Other Assets [Member] | ||
Financial Instruments Not Measured at Fair Value [Abstract] | ||
Financial assets, at fair value | S/ 0 | S/ 0 |
FINANCIAL AND NON-FINANCIAL _26
FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT, Net Assets Under Administration Off the Balance Sheet (Details) - PEN (S/) S/ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Net Assets [Abstract] | ||
Assigned value of the financial assets | S/ 131,605 | S/ 139,191 |
Investment Funds and Mutual Funds [Member] | ||
Net Assets [Abstract] | ||
Assigned value of the financial assets | 55,773 | 69,264 |
Pension Funds [Member] | ||
Net Assets [Abstract] | ||
Assigned value of the financial assets | 36,867 | 30,596 |
Equity Managed [Member] | ||
Net Assets [Abstract] | ||
Assigned value of the financial assets | 35,016 | 35,062 |
Bank Trusts [Member] | ||
Net Assets [Abstract] | ||
Assigned value of the financial assets | S/ 3,949 | S/ 4,269 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Apr. 30, 2012 USD ($) | Sep. 30, 2011 USD ($) | Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | Dec. 31, 2016 PEN (S/) Subsidary | Dec. 31, 2016 USD ($) Subsidary | Dec. 31, 2011 USD ($) | Dec. 31, 2010 USD ($) | Dec. 31, 2011 USD ($) | Jan. 30, 2024 USD ($) | Nov. 11, 2021 Individual | |
Legal claim contingencies [Abstract] | ||||||||||||
Donations | S/ | S/ 23,354,000 | S/ 16,362,000 | S/ 9,949,000 | |||||||||
Number of individuals | Individual | 65 | |||||||||||
Madoff Trustee Litigation [Member] | ||||||||||||
Legal claim contingencies [Abstract] | ||||||||||||
Principal amount on redemptions | $ 120,000,000 | |||||||||||
Fairfield Litigation [Member] | ||||||||||||
Legal claim contingencies [Abstract] | ||||||||||||
Principal amount on redemptions | $ 115,200,000 | |||||||||||
Fuerza Popular 2011 Campaign [Member] | ||||||||||||
Legal claim contingencies [Abstract] | ||||||||||||
Donations | $ 1,950,000 | $ 1,700,000 | $ 3,650,000 | |||||||||
Peruanos Por el Kambio Campaign [Member] | ||||||||||||
Legal claim contingencies [Abstract] | ||||||||||||
Number of subsidiaries made donations | Subsidary | 3 | 3 | ||||||||||
Peruanos Por el Kambio Campaign [Member] | BCP Stand-alone, Mibanco and Grupo Pacifico [Member] | ||||||||||||
Legal claim contingencies [Abstract] | ||||||||||||
Donations | S/ 711,000 | $ 200,000 | ||||||||||
Madoff Agreement [Member] | Events After Reporting Period [Member] | ||||||||||||
Legal claim contingencies [Abstract] | ||||||||||||
Settlement agreement amount | $ 42,800,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) S/ / shares in Units, $ in Millions | 12 Months Ended | ||||||||
Mar. 27, 2024 PEN (S/) S/ / shares | Jan. 01, 2024 USD ($) | Jan. 01, 2024 PEN (S/) | Jan. 01, 2024 USD ($) | Jan. 01, 2024 USD ($) | Jan. 01, 2024 USD ($) Bs. / $ | Dec. 31, 2023 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 | |
Dividend distribution [Abstract] | |||||||||
Date of meeting held by management for dividends declared | Apr. 27, 2023 | Apr. 28, 2022 | Aug. 26, 2021 | ||||||
Dividends declared | S/ 62,976,000 | S/ 73,607,000 | |||||||
Date of dividends payout | Sep. 06, 2023 | Oct. 06, 2022 | Jul. 10, 2021 | ||||||
Events After Reporting Period [Member] | |||||||||
Issued bonds [Abstract] | |||||||||
Bonds issued | $ | $ 800 | $ 800 | $ 800 | $ 800 | |||||
Bond term | 5 years | ||||||||
Issuance of bond | S/ 1,150,000,000 | $ 500 | |||||||
Coupon rates | 5.85% | 7.85% | |||||||
Dividend distribution [Abstract] | |||||||||
Date of meeting held by management for dividends declared | Mar. 27, 2024 | ||||||||
Dividend declared (in dollars per share) | S/ / shares | S/ 0.3092 | ||||||||
Dividends declared | S/ 4,011,305,596.83 | ||||||||
Increase in retained earnings | S/ 653,202,453.18 | ||||||||
Dividends record date | Apr. 17, 2024 | ||||||||
Date of dividends payout | May 08, 2024 |