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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES |
Schedule of financial instruments | The following table presents the measurement categories and the carrying value of the financial instruments under IAS 39 and IFRS 9 as of January 1, 2018:
|  | IAS 39 |  | IFRS 9
|  |  |  | Carrying |  |  |  | Carrying
Financial assets |  | Category |  | amount |  | Category |  | amount
|  |  |  | S/(000) |  |  |  | S/(000)
Cash and due from banks |  | Loans and receivables |  | 23,221,987 |  | Amortized cost |  | 23,221,987
Cash collateral, reverse repurchase agreements and securities borrowings |  | Loans and receivables |  | 7,480,420 |  | Amortized cost |  | 7,480,420
Investments |  | At fair value through profit or loss |  | 4,024,737 |  | At fair value through profit or loss |  | 5,613,356
|  | Available-for-sale |  | 24,423,891 |  | At fair value through other comprehensive income (Debt instruments) |  | 22,181,733
|  |  |  |  |  | At fair value through other comprehensive income (Designated equity instruments) |  | 653,539
|  | Held-to-maturity |  | 4,413,373 |  | Amortized cost |  | 4,411,637
Loans, net |  | Loans and receivables |  | 95,977,277 |  | Amortized cost |  | 95,770,509
Financial assets designated at fair value through profit or loss |  | At fair value through profit or loss (Designated upon initial recognition) |  | 537,685 |  | At fair value through profit or loss (Designated upon initial recognition) |  | 537,685
Premiums and other policies receivable |  | Loans and receivables |  | 656,829 |  | Amortized cost |  | 649,135
Accounts receivable from reinsurers and coinsurers |  | Loans and receivables |  | 715,695 |  | Amortized cost |  | 715,553
Due from customers on acceptances |  | Loans and receivables |  | 532,034 |  | Amortized cost |  | 532,034
Derivatives receivable |  | At fair value for trading or for hedging purposes |  | 701,826 |  | At fair value for trading or for hedging purposes |  | 701,826
Other assets |  | Loans and receivables |  | 1,759,125 |  | Amortized cost |  | 1,759,125
|  | Total financial assets |  | 164,444,879 |  |  |  | 164,228,539
Financial liabilities |  |  |  |  |  |  |  |
Liabilities |  | Amortized cost |  | 130,842,331 |  | Amortized cost |  | 130,956,515
Liabilities |  | At fair value |  | 8,791,390 |  | At fair value |  | 8,791,390
|  | Total financial liabilities |  | 139,633,721 |  |  |  | 139,747,905
Schedule of financial liabilities at date of initial application of IFRS 9 | The following table presents the detail of the reconciliation of balances of financial assets under IAS 39 to IFRS 9, distinguishing between the impacts due to category change and impairment remeasurement:
|  |  |  | Change of |  | Impairment |  |
Financial assets |  | IAS 39 |  | category |  | remeasurement |  | IFRS 9
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Cash and due from banks |  | 23,221,987 |  | — |  | — |  | 23,221,987
Cash collateral, reverse repurchase agreements and securities borrowings |  | 7,480,420 |  | — |  | — |  | 7,480,420
Investments: |  |  |  |  |  |  |  |
At fair value through profit or loss : |  |  |  |  |  |  |  |
Opening balance under IAS 39 |  | 4,024,737 |  |  |  |  |  |
Addition: From investments available for sale (*) |  |  |  | 1,588,619 |  |  |  |
Closing balance under IFRS 9 |  |  |  |  |  |  |  | 5,613,356
At fair value through other comprehensive income (debt): |  |  |  |  |  |  |  |
Opening balance under IAS 39 |  | — |  |  |  |  |  |
Addition: From investments available for sale |  |  |  | 22,181,733 |  |  |  |
Closing balance under IFRS 9 |  |  |  |  |  |  |  | 22,181,733
At fair value through other comprehensive income (Designated equity instruments) |  | — |  | 653,539 |  | — |  | 653,539
Available for sale: |  |  |  |  |  |  |  |
Opening balance under IAS 39 |  | 24,423,891 |  |  |  |  |  |
Subtraction: Reclassification to investments at fair value through profit or loss (*) |  |  |  | (1,588,619) |  |  |  |
Subtraction: Reclassification to investments at fair value through other comprehensive income (debt) |  |  |  | (22,181,733) |  |  |  |
Subtraction: Reclassification to investments at fair value through other comprehensive income (Designated - equity) |  |  |  | (653,539) |  |  |  |
Closing balance under IFRS 9 |  |  |  |  |  |  |  | —
Amortized cost: |  |  |  |  |  |  |  |
Opening balance under IAS 39 |  | — |  |  |  |  |  |
Addition: From investments held-to-maturity (IAS 39) |  |  |  | 4,413,373 |  |  |  |
Remeasurement: Expected loss (IFRS 9) |  |  |  |  |  | (1,736) |  |
Closing balance under IFRS 9 |  |  |  |  |  |  |  | 4,411,637
Held-to-maturity: |  |  |  |  |  |  |  |
Opening balance under IAS 39 |  | 4,413,373 |  |  |  |  |  |
Subtraction: Reclassification to investments at amortized cost |  |  |  | (4,413,373) |  |  |  |
Closing balance under IFRS 9 |  |  |  |  |  |  |  | —
Loans, net |  | 95,977,277 |  | — |  | (206,768) |  | 95,770,509
Financial assets designated at fair value through profit or loss |  | 537,685 |  | — |  | — |  | 537,685
Premiums and other policies receivable |  | 656,829 |  | — |  | (7,694) |  | 649,135
Accounts receivable from reinsurers and coinsurers |  | 715,695 |  | — |  | (142) |  | 715,553
Due from customers on acceptances |  | 532,034 |  | — |  | — |  | 532,034
Derivative receivables |  | 701,826 |  | — |  | — |  | 701,826
Other assets |  | 1,759,125 |  | — |  | — |  | 1,759,125
Total |  | 164,444,879 |  | — |  | (216,340) |  | 164,228,539
Schedule of reconciliation of provision for impairment |
| - |  | Reconciliation of the balances of the provision for impairment under IAS 39 and IFRS 9 as of January 1, 2018:
|  |  |  | Impairment |  |
|  | IAS 39 |  | remeasurement |  | IFRS 9
|  | S/(000) |  | S/(000) |  | S/(000)
Financial asset: |  |  |  |  |  |
Investment at amortized cost |  | — |  | 1,736 |  | 1,736
Loans |  | 4,500,498 |  | 206,768 |  | 4,707,266
Premiums and other policies receivable |  | 12,255 |  | 7,694 |  | 19,949
Accounts receivable from reinsurers and coinsurers |  | 8,715 |  | 142 |  | 8,857
Total financial assets |  | 4,521,468 |  | 216,340 |  | 4,737,808
Financial liabilities: |  |  |  |  |  |
Provision for credit losses on indirect loans |  | 442,510 |  | 114,184 |  | 556,694
Total financial liabilities |  | 442,510 |  | 114,184 |  | 556,694
Schedule of detailed information about basis of consolidation | At December 31, 2019 and 2018, 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):
|  |  |  | Percentage of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Activity and country of |  | interest (direct |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Entity |  | incorporation |  | and indirect) |  | Assets |  | Liabilities |  | Equity |  | Net income (loss)
|  |  |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  |  |  | % |  | % |  | 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 |  | 165,072,249 |  | 156,578,928 |  | 142,514,228 |  | 136,996,483 |  | 22,558,021 |  | 19,582,445 |  | 3,638,334 |  | 2,544,847
Pacífico Compañía de Seguros y Reaseguros S.A. and Subsidiaries (ii) |  | Insurance, Peru |  | 98.79 |  | 98.79 |  | 13,783,515 |  | 12,222,763 |  | 10,963,533 |  | 9,590,768 |  | 2,819,982 |  | 2,631,995 |  | 381,492 |  | 353,292
Atlantic Security Holding Corporation and Subsidiaries (iii) |  | Capital Markets, Cayman Islands |  | 100.00 |  | 100.00 |  | 6,076,928 |  | 6,607,494 |  | 4,986,657 |  | 5,395,262 |  | 1,090,271 |  | 1,212,232 |  | 601,629 |  | 351,425
Credicorp Capital Ltd. and Subsidiaries (iv) |  | Capital Markets and asset management, Bermuda |  | 100.00 |  | 100.00 |  | 4,807,905 |  | 3,393,325 |  | 3,832,287 |  | 2,695,499 |  | 975,618 |  | 697,826 |  | 41,634 |  | 35,191
CCR Inc.(v) |  | Special purpose Entity, Bahamas |  | 100.00 |  | 100.00 |  | 386,146 |  | 543,113 |  | 385,253 |  | 543,896 |  | 893 |  | (783) |  | 1,676 |  | 2,179
| (i) |  | The main activity of Grupo Crédito is to invest in shares listed in the Peruvian-Stock Exchange and in unlisted shares of Peruvian companies. Below, we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes:
|  | Activity |  | Percentage of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and |  | interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | country of |  | (direct and indirect) |  | Assets |  | Liabilities |  | Equity |  | Net income (loss)
Entity |  | incorporation |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  |  |  | % |  | % |  | 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 |  | 97.71 |  | 97.71 |  | 152,426,848 |  | 144,768,951 |  | 133,456,760 |  | 127,683,654 |  | 18,970,088 |  | 17,085,297 |  | 3,641,935 |  | 3,391,015
Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) |  | Banking, Bolivia |  | 99.96 |  | 99.96 |  | 10,552,154 |  | 10,020,148 |  | 9,773,372 |  | 9,239,568 |  | 778,782 |  | 780,580 |  | 94,666 |  | 99,402
Prima AFP (c) |  | Private pension fund administrator, Peru |  | 100.00 |  | 100.00 |  | 982,591 |  | 874,649 |  | 284,643 |  | 241,307 |  | 697,948 |  | 633,342 |  | 196,590 |  | 139,586
Krealo SpA and Subsidiaries (d) |  | Holding, Chile |  | 100.00 |  | — |  | 72,847 |  | — |  | 41,765 |  | — |  | 31,082 |  | — |  | (6,476) |  | —
| 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 Peru oriented towards the micro and small business sector. At December 31, 2019, the assets, liabilities, equity and net income of Mibanco amount to approximately S/13,741.7 million, S/11,655.7 million, S/2,086.0 million and S/401.0 million, respectively (S/13,220.3 million, S/11,321.8 million, S/1,898.5 million, and S/462.1 million, respectively at December 31, 2018). 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. At December 31, 2019, the assets, liabilities, equity and net profit of BCB were approximately S/10,480.9 million, S/9,743.9 million, S/737.0 million and S/79.0 million, respectively (S/9,956.9 million, S/ 9,265.8 million, S/691.1 million and S/78.3 million, respectively at December 31, 2018). c)Prima AFP is a private pension fund and its activities are regulated by the SBS. d)Krealo SpA (hereinafter “Krealo") was established in January 2019; and is oriented to make capital investments outside the country. On July 1, 2019, Krealo acquired Tenpo SpA and Multicaja Prepago S.A.
| (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 and Crediseguro Seguros Generales, 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 Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers.
| (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, Ultraserfinco S.A. and Banco Compartir 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:
|  | Percentage of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | interest (direct |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Entity |  | and indirect) |  | Assets |  | Liabilities |  | Equity |  | Net income (loss)
|  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | % |  | % |  | 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 |  | 3,400,683 |  | 2,037,411 |  | 2,692,520 |  | 1,761,112 |  | 708,163 |  | 276,299 |  | 22,964 |  | 19,945
Credicorp Capital Holding Chile and Subsidiaries (b) |  | 100.00 |  | 100.00 |  | 1,161,991 |  | 933,822 |  | 1,017,072 |  | 762,192 |  | 144,919 |  | 171,630 |  | (5,222) |  | (36,663)
Credicorp Capital Holding Perú S.A. and Subsidiaries (c) |  | 100.00 |  | 100.00 |  | 228,421 |  | 339,220 |  | 114,913 |  | 141,943 |  | 113,508 |  | 197,277 |  | 24,452 |  | 42,684
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 subsidiary is Credicorp Capital Colombia S.A. 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. CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP.
Schedule of Property, furniture and equipment estimated useful lives |
|  | Years
Buildings and other construction |  | 33
Installations |  | 10
Furniture and fixtures |  | 10
Vehicles and equipment |  | 5
Computer hardware |  | 4
Schedule of intangible assets estimated useful lives | Intangible assets identified as a consequence of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their fair values 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
Client relationship – Credicorp Capital Holding Chile (Inversiones IMT) |  | 22
Client relationship - Edyficar Peru |  | 10
Client relationship – Mibanco |  | 7
Client relationship - Ultraserfinco |  | 9.2
Brand - Mibanco |  | 25
Brand - Culqi |  | 5
Fund manager contract - Credicorp Capital Colombia |  | 20 and 28
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) |  | 11 and 24
Fund manager contract - Ultraserfinco |  | 23
Core deposits - Mibanco |  | 6
Others |  | Between 3 and 7.5

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