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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2018
Disclosure of operating segments [abstract] |
Disclosure of operating segments [text block] |
| 30 | OPERATING SEGMENTS
In the Credicorp Board of Directors meeting held on December 20, 2017, it was agreed to organize the Group’s subsidiaries into new business lines, grouping them according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. This change came into effect as from April 1, 2018, and the new business lines are:
| 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 Edyficar S.A.S. (Encumbra).
| d) | Investment Banking and Wealth Management –
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; Atlantic Security Bank (ASB) and the Wealth Management team of BCP. Management of these business lines is designed to:
| - | Promote the joint action of our businesses in order to take advantage of the synergies which resulting 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 bring 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 per cent or more of the total income of the Group at December 31, 2018, 2017 and 2016. The information presented at December 31, 2017 and 2016, and for the years then ended, has been restated, according to the new definition of business lines for comparison purposes.
| (i) | The table below shows (in millions of soles) a breakdown of the Group’s total income, operating income and non-current assets; classified by location of customers and assets, respectively for the years ended December 31, 2018, 2017 and 2016:
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  | 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 |  |  | Capital expenditures, intangible assets and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 10,757 |  |  |  | 381 |  |  |  | 5,616 |  |  |  | 3,275 |  |  |  | (1,046 | ) |  |  | (277 | ) |  |  | (1,137 | ) |  |  | 2,927 |  |  |  | 397 |  |  |  | 132,880 |  |  |  | 117,803 |
Banco de Crédito de Bolivia |  |  | 686 |  |  |  | 4 |  |  |  | 309 |  |  |  | 124 |  |  |  | (52 | ) |  |  | (12 | ) |  |  | (45 | ) |  |  | 78 |  |  |  | 45 |  |  |  | 9,957 |  |  |  | 9,266 |
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros and Subsidiaries |  |  | 2,861 |  |  |  | 21 |  |  |  | 446 |  |  |  | 1,181 |  |  |  | – |  |  |  | (51 | ) |  |  | (4 | ) |  |  | 353 |  |  |  | 85 |  |  |  | 12,224 |  |  |  | 9,591 |
Prima AFP |  |  | 371 |  |  |  | 2 |  |  |  | – |  |  |  | 371 |  |  |  | – |  |  |  | (18 | ) |  |  | (58 | ) |  |  | 140 |  |  |  | 9 |  |  |  | 875 |  |  |  | 241 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  |  | 2,468 |  |  |  | 88 |  |  |  | 1,956 |  |  |  | 156 |  |  |  | (430 | ) |  |  | (49 | ) |  |  | (193 | ) |  |  | 462 |  |  |  | 50 |  |  |  | 13,220 |  |  |  | 11,322 |
Edyficas S.A.S. |  |  | 44 |  |  |  | – |  |  |  | 40 |  |  |  | 1 |  |  |  | (4 | ) |  |  | – |  |  |  | (4 | ) |  |  | 5 |  |  |  | – |  |  |  | 119 |  |  |  | 62 |
Investment Banking and Wealth Management |  |  | 886 |  |  |  | (14 | ) |  |  | 98 |  |  |  | 634 |  |  |  | – |  |  |  | (21 | ) |  |  | (29 | ) |  |  | 146 |  |  |  | 8 |  |  |  | 9,665 |  |  |  | 8,190 |
Other segments |  |  | 83 |  |  |  | 97 |  |  |  | 33 |  |  |  | 106 |  |  |  | – |  |  |  | (1 | ) |  |  | (51 | ) |  |  | (40 | ) |  |  | 7 |  |  |  | 2,862 |  |  |  | 950 |
Eliminations |  |  | – |  |  |  | – |  |  |  | (9 | ) |  |  | (454 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4,539 | ) |  |  | (4,428 | )
Total consolidated |  |  | 18,156 |  |  |  | 579 |  |  |  | 8,489 |  |  |  | 5,394 |  |  |  | (1,532 | ) |  |  | (429 | ) |  |  | (1,521 | ) |  |  | 4,071 |  |  |  | 601 |  |  |  | 177,263 |  |  |  | 152,997 |
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  | 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 |  |  | Capital expenditures, intangible assets and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 10,095 |  |  |  | 371 |  |  |  | 5,300 |  |  |  | 2,927 |  |  |  | (1,313 | ) |  |  | (261 |  |  |  | (996 | ) |  |  | 2,638 |  |  |  | 286 |  |  |  | 128,259 |  |  |  | 114,543 |
Banco de Crédito de Bolivia |  |  | 616 |  |  |  | 2 |  |  |  | 315 |  |  |  | 119 |  |  |  | (71 | ) |  |  | (11 |  |  |  | (40 | ) |  |  | 75 |  |  |  | 10 |  |  |  | 9,118 |  |  |  | 8,482 |
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros and Subsidiaries |  |  | 2,790 |  |  |  | 120 |  |  |  | 423 |  |  |  | 1,369 |  |  |  | – |  |  |  | (49 | ) |  |  | (28 | ) |  |  | 326 |  |  |  | 56 |  |  |  | 11,409 |  |  |  | 8,560 |
Prima AFP |  |  | 388 |  |  |  | 3 |  |  |  | 1 |  |  |  | 387 |  |  |  | – |  |  |  | (23 | ) |  |  | (66 | ) |  |  | 140 |  |  |  | 10 |  |  |  | 883 |  |  |  | 264 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  |  | 2,337 |  |  |  | 77 |  |  |  | 1,829 |  |  |  | 98 |  |  |  | (399 | ) |  |  | (49 |  |  |  | (146 | ) |  |  | 399 |  |  |  | 44 |  |  |  | 12,363 |  |  |  | 10,666 |
Edyficas S.A.S. |  |  | 30 |  |  |  | – |  |  |  | 27 |  |  |  | 1 |  |  |  | (5 | ) |  |  | (1 |  |  |  | – |  |  |  | (1 | ) |  |  | 1 |  |  |  | 92 |  |  |  | 37 |
Investment Banking and Wealth Management |  |  | 906 |  |  |  | (5 | ) |  |  | 135 |  |  |  | 658 |  |  |  | – |  |  |  | (25 |  |  |  | (33 | ) |  |  | 252 |  |  |  | 7 |  |  |  | 10,389 |  |  |  | 8,730 |
Other segments |  |  | 565 |  |  |  | 77 |  |  |  | 42 |  |  |  | 535 |  |  |  | (1 | ) |  |  | (1 |  |  |  | (84 | ) |  |  | 353 |  |  |  | 2 |  |  |  | 2,781 |  |  |  | 1,668 |
Eliminations |  |  | – |  |  |  | – |  |  |  | (1 | ) |  |  | (516 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4,822 | ) |  |  | (4,731 | )
Total consolidated |  |  | 17,727 |  |  |  | 645 |  |  |  | 8,071 |  |  |  | 5,578 |  |  |  | (1,789 | ) |  |  | (420 |  |  |  | (1,393 | ) |  |  | 4,182 |  |  |  | 416 |  |  |  | 170,472 |  |  |  | 148,219 |
| (*) | Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.
| (**) | Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Corresponds to income for commissions received and other income (include income and expenses for commissions) and the profits arising from the collection of premiums less claims for loss coverage from insurance activities.
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | 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 |  |  | Capital expenditures, intangible assets and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 10,582 |  |  |  | 297 |  |  |  | 5,334 |  |  |  | 3,120 |  |  |  | (1,454 | ) |  |  | (248 | ) |  |  | (885 | ) |  |  | 2,586 |  |  |  | 265 |  |  |  | 117,329 |  |  |  | 105,107 |
Banco de Crédito de Bolivia |  |  | 532 |  |  |  | 12 |  |  |  | 299 |  |  |  | 111 |  |  |  | (50 | ) |  |  | (12 | ) |  |  | (50 | ) |  |  | 81 |  |  |  | 10 |  |  |  | 7,949 |  |  |  | 7,329 |
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros and Subsidiaries |  |  | 2,160 |  |  |  | 56 |  |  |  | 393 |  |  |  | 983 |  |  |  | – |  |  |  | (45 | ) |  |  | (51 | ) |  |  | 303 |  |  |  | 48 |  |  |  | 10,200 |  |  |  | 7,826 |
Prima AFP |  |  | 399 |  |  |  | 13 |  |  |  | 1 |  |  |  | 407 |  |  |  | – |  |  |  | (21 | ) |  |  | (70 | ) |  |  | 156 |  |  |  | 8 |  |  |  | 884 |  |  |  | 278 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  |  | 2,045 |  |  |  | 101 |  |  |  | 1,628 |  |  |  | 46 |  |  |  | (274 | ) |  |  | (55 | ) |  |  | (100 | ) |  |  | 336 |  |  |  | 39 |  |  |  | 11,235 |  |  |  | 9,658 |
Edyficas S.A.S. |  |  | 25 |  |  |  | – |  |  |  | 23 |  |  |  | 1 |  |  |  | (7 | ) |  |  | (1 | ) |  |  | – |  |  |  | (2 | ) |  |  | – |  |  |  | 77 |  |  |  | 18 |
Investment Banking and Wealth Management |  |  | 873 |  |  |  | 20 |  |  |  | 149 |  |  |  | 592 |  |  |  | – |  |  |  | (24 | ) |  |  | (31 | ) |  |  | 247 |  |  |  | 9 |  |  |  | 9,910 |  |  |  | 8,244 |
Other segments |  |  | 189 |  |  |  | 90 |  |  |  | 60 |  |  |  | 51 |  |  |  | – |  |  |  | (1 | ) |  |  | (94 | ) |  |  | (97 | ) |  |  | 8 |  |  |  | 3,313 |  |  |  | 2,256 |
Eliminations |  |  | – |  |  |  | – |  |  |  | (29 | ) |  |  | (378 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4,462 | ) |  |  | (4,397 | )
Total consolidated |  |  | 16,805 |  |  |  | 589 |  |  |  | 7,858 |  |  |  | 4,933 |  |  |  | (1,785 | ) |  |  | (407 | ) |  |  | (1,281 | ) |  |  | 3,610 |  |  |  | 387 |  |  |  | 156,435 |  |  |  | 136,319 |
| (*) | Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.
| (**) | Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Corresponds to income for commissions received and other income (include income and expenses for commissions) and the profits arising from the collection of premiums less claims for loss coverage from insurance activities.
| (ii) | The following table presents (in millions of soles) the distribution of the external revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, at December 31, 2018, 2017 and 2016:
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | External income (*) |  |  | Operating income (**) |  |  | Total non current assets (***) |  |  | Total liabilities |  |  | External income (*) |  |  | Operating income (**) |  |  | Total non current assets (***) |  |  | Total liabilities |  |  | External income (*) |  |  | Operating income (**) |  |  | Total non current assets (***) |  |  | Total liabilities |
Peru |  |  | 16,633 |  |  |  | 8,913 |  |  |  | 3,102 |  |  |  | 135,422 |  |  |  | 13,234 |  |  |  | 8,199 |  |  |  | 2,976 |  |  |  | 130,953 |  |  |  | 15,087 |  |  |  | 8,051 |  |  |  | 2,994 |  |  |  | 119,813 |
Bermuda |  |  | 13 |  |  |  | 14 |  |  |  | 88 |  |  |  | 169 |  |  |  | 2,708 |  |  |  | 37 |  |  |  | 121 |  |  |  | 933 |  |  |  | 152 |  |  |  | 27 |  |  |  | 124 |  |  |  | 1,254 |
Panama |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Cayman Islands |  |  | 285 |  |  |  | 104 |  |  |  | 3 |  |  |  | 5,465 |  |  |  | 512 |  |  |  | 183 |  |  |  | 5 |  |  |  | 5,250 |  |  |  | 466 |  |  |  | 147 |  |  |  | 5 |  |  |  | 5,695 |
Bolivia |  |  | 750 |  |  |  | 344 |  |  |  | 78 |  |  |  | 9,317 |  |  |  | 813 |  |  |  | 338 |  |  |  | 102 |  |  |  | 8,490 |  |  |  | 682 |  |  |  | 321 |  |  |  | 79 |  |  |  | 7,246 |
Colombia |  |  | 314 |  |  |  | (2 | ) |  |  | 138 |  |  |  | 1,823 |  |  |  | 286 |  |  |  | 10 |  |  |  | 145 |  |  |  | 1,573 |  |  |  | 264 |  |  |  | 17 |  |  |  | 172 |  |  |  | 1,396 |
United States of America |  |  | 6 |  |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | 2 |
Chile |  |  | 153 |  |  |  | (6 | ) |  |  | 84 |  |  |  | 799 |  |  |  | 167 |  |  |  | (5 | ) |  |  | 139 |  |  |  | 1,018 |  |  |  | 160 |  |  |  | (4 | ) |  |  | 138 |  |  |  | 913 |
Total consolidado |  |  | 18,156 |  |  |  | 9,367 |  |  |  | 3,493 |  |  |  | 152,997 |  |  |  | 17,728 |  |  |  | 8,762 |  |  |  | 3,488 |  |  |  | 148,219 |  |  |  | 16,819 |  |  |  | 8,559 |  |  |  | 3,512 |  |  |  | 136,319 |
| (*) | Including total interest and similar income, other income and net premiums earned from insurance activities.
| (**) | Operating income includes the net interest income from banking activities and the amount of the premiums earned, less insurance claims.
| (***) | Non-current assets consist of property, furniture and equipment, intangible assets and goodwill, net.

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