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v3.21.1

INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
INVESTMENTS |
Schedule of investment held for trading at fair value throught Profit or loss | a) Investment at fair value through profit or loss consist of the following:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Certificates of deposit BCRP (i) |  | 1,872,875 |  | —
Government treasury bonds (ii) |  | 1,584,913 |  | 1,276,573
Mutual funds (iii) |  | 979,296 |  | 593,552
Restricted mutual funds (iv) |  | 436,881 |  | 460,086
Investment funds |  | 362,493 |  | 327,659
Corporate bonds |  | 328,315 |  | 326,673
Shares (v) |  | 289,349 |  | 83,085
Participation in RAL Funds (vi) |  | 278,819 |  | 300,398
Hedge funds (vii) |  | 126,938 |  | 33,640
Subordinated bonds |  | 103,162 |  | 80,084
Central Bank of Chile bonds |  | 15,306 |  | 182,540
Multilateral organization bonds |  | 14,765 |  | 53,353
RPI International Holding, LP (viii) |  | 5,641 |  | 68,584
Others |  | 55,344 |  | 59,564
Balance before accrued interest |  | 6,454,097 |  | 3,845,791
Accrued interest |  | 13,374 |  | 4,971
Total |  | 6,467,471 |  | 3,850,762
(i) As of December 31, 2020, the balance corresponds to 5,174 certificates of deposit for US$517.23 million, equivalent to S/1,872.9 million, accruing interest at an effective annual rate from 0.25 percent to 0.28 percent, and maturing from January to March 2021. From October to December 2020, it was purchased instruments issued through public auction by the BCRP as part of an exchange operation in order to regulate the liquidity of the financial system. (ii) As of December 31, 2020 and 2019 the balance of these instruments includes the following government treasury bonds:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Colombian Treasury bonds |  | 1,120,991 |  | 1,102,865
Peruvian Treasury bonds |  | 349,219 |  | 95,308
Brasil Treasury bonds |  | 53,857 |  | —
Chile Treasury bonds |  | 21,072 |  | —
Panama Treasury bonds |  | 20,644 |  | —
Mexico Treasury bonds |  | 19,130 |  | —
U.S. treasury and federal agency bonds |  | — |  | 78,400
Total |  | 1,584,913 |  | 1,276,573
(iii) The increase in the balance corresponds mainly to the purchase of new participations in the funds “Credicorp Capital Latin American Corporate Debt Fund” and “Credicorp Capital Latin American Investment Grade Fund”, whose balances as of 31 December, 2020, amounting to S/135.5 million and S/99.4 million, respectively. (iv) The restricted mutual funds comprise mainly 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) The increase of the balance in shares of capital corresponds mainly to the exchange realized of RPI International Holding, LP’s participations into Royalty Pharma plc’s ordinary shares (see item viii). As of December 31, 2020, the balance includes 757,692 new shares of Royalty Pharma plc for US$37.9 million, equivalent to S/137.2 million (see Note 24(ii)). (vi) As of December 31, 2020, these funds are approximately S/173.2 million in bolivianos and S/105.6 million in U.S. Dollars (S/166.9 million in bolivianos and S/133.5 million in U.S. Dollars at December 31, 2019) and comprise the investments made by the Group in the Central Bank of Bolivia as collateral for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia. (vii) The increase of the balance corresponds mainly to the purchase of new participations in hedge funds, denominated mainly in Colombian pesos, in the Fondo de Inversión Colectiva Fonval and in the Fondo de capital privado 4G Credicorp Capital – Sura, whose balances as of December 31, 2020 amount to S/35.5 million and S/49.0 million, respectively. (viii) It corresponds to participations in RPI International Holding, LP, who invests in a series of subordinate funds whose objective is to invest in Royalty Pharma Investments, an investment fund established under the laws of Ireland. This investment fund is dedicated to buying medical and biotechnology patents. Participations in RPI International Holdings, LP, are not liquid and require authorization for negotiation. On June 29, 2020, Atlantic Security Bank (ASB) exchanged 97,355 of its participations in RPI International Holding, LP, for 973,545 shares of Royalty Pharma plc, a public company established under the laws of England and Wales, whose shares are listed on the Nasdaq Stock Exchange; at the date of said transaction, the unit prices of the participations and shares amounted to US$205.10 and US$20.51, respectively. It is worth mentioning that this transaction was realized as a result of Royalty Pharma plc executed its Initial Public Offering of Shares (IPO) in June 2020 (see item (v)). In this sense, the decrease of the balance is mainly due to the exchange mentioned in the paragraph before; as of December 31, 2020, the balance corresponds to 7,594 participations for approximately US$1.55 million equivalent to S/5.6 million (as of December 31, 2019, 112,187 participations for US$20.7 million equivalent to S/68.6 million).
Schedule of detailed information about investment at fair value through profit or loss and available for sale investments | b) Investments at fair value through other comprehensive income consist of the following:
|  | 2020 |  | 2019
|  |  |  | Unrealized gross amount |  |  |  |  |  | Unrealized gross amount |  |
|  | Amortized |  |  |  |  |  | Estimated |  | Amortized |  |  |  |  |  | Estimated
|  | cost |  | Profits |  | Losses |  | fair value |  | cost |  | Profits |  | Losses |  | fair value
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Debts instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit BCRP (i) |  | 15,343,851 |  | 20,431 |  | — |  | 15,364,282 |  | 8,649,885 |  | 15,388 |  | (1) |  | 8,665,272
Corporate bonds (ii) |  | 12,177,023 |  | 1,132,719 |  | (52,953) |  | 13,256,789 |  | 7,974,080 |  | 706,394 |  | (8,322) |  | 8,672,152
Government treasury bonds (iii) |  | 11,051,662 |  | 1,158,845 |  | (5,458) |  | 12,205,049 |  | 6,009,137 |  | 690,048 |  | (1,109) |  | 6,698,076
Securitization instruments (iv) |  | 703,920 |  | 63,131 |  | (21,471) |  | 745,580 |  | 580,778 |  | 53,328 |  | (8,344) |  | 625,762
Negotiable certificates of deposit (v) |  | 873,218 |  | 14,093 |  | (1,420) |  | 885,891 |  | 369,016 |  | 856 |  | (303) |  | 369,569
Subordinated bonds |  | 191,966 |  | 19,933 |  | (317) |  | 211,582 |  | 150,172 |  | 14,085 |  | (100) |  | 164,157
Others |  | 147,327 |  | 14,802 |  | (44) |  | 162,085 |  | 167,529 |  | 7,896 |  | — |  | 175,425
|  | 40,488,967 |  | 2,423,954 |  | (81,663) |  | 42,831,258 |  | 23,900,597 |  | 1,487,995 |  | (18,179) |  | 25,370,413
Equity instruments designated at the initial recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inversiones Centenario |  | 112,647 |  | 168,132 |  | — |  | 280,779 |  | 112,647 |  | 195,305 |  | — |  | 307,952
Bolsa de Valores de Lima |  | 19,423 |  | 3,942 |  | — |  | 23,365 |  | 19,423 |  | 2,115 |  | — |  | 21,538
Alicorp S.A.A. |  | 12,198 |  | 153,935 |  | — |  | 166,133 |  | 12,198 |  | 201,567 |  | — |  | 213,765
Bolsa de Comercio de Santiago |  | 15,306 |  | — |  | (3,995) |  | 11,311 |  | 4,964 |  | 5,688 |  | — |  | 10,652
Compañía Universal Textil S.A. |  | 9,597 |  | — |  | (3,163) |  | 6,434 |  | 9,597 |  | 248 |  | (3,432) |  | 6,413
Pagos Digitales Peruanos S.A. |  | 5,197 |  | — |  | (5,197) |  | — |  | 5,197 |  | — |  | — |  | 5,197
Bolsa de Valores de Colombia |  | 5,380 |  | 118 |  | — |  | 5,498 |  | 872 |  | 4,070 |  | (53) |  | 4,889
Corporación Andina de Fomento |  | — |  | — |  | — |  | — |  | 4,441 |  | 181 |  | — |  | 4,622
Others |  | 7,640 |  | 1,786 |  | (396) |  | 9,030 |  | 2,638 |  | 1,533 |  | — |  | 4,171
|  | 187,388 |  | 327,913 |  | (12,751) |  | 502,550 |  | 171,977 |  | 410,707 |  | (3,485) |  | 579,199
Balance before accrued interest |  | 40,676,355 |  | 2,751,867 |  | (94,414) |  | 43,333,808 |  | 24,072,574 |  | 1,898,702 |  | (21,664) |  | 25,949,612
Accrued interest |  |  |  |  |  |  |  | 410,081 |  |  |  |  |  |  |  | 253,111
Total |  |  |  |  |  |  |  | 43,743,889 |  |  |  |  |  |  |  | 26,202,723
Schedule of detailed information about 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 the years of 2020 and 2019, are as follows:
|  |  |  |  |  | Annual effective interest rate
|  |  |  |  |  | 2020 |  | 2019
|  |  |  |  |  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  |  |  | Other
|  |  |  |  |  | S/ |  | US$ |  | currencies |  | S/ |  | US$ |  | currencies
|  | Maturities |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max
|  | 2020 |  | 2019 |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | %
Certificates of deposit BCRP |  | Jan-2021 /Mar-2023 |  | Jan-2020 / Jul-2021 |  | 0.25 |  | 0.73 |  | — |  | — |  | — |  | — |  | 2.02 |  | 2.35 |  | — |  | — |  | — |  | —
Corporate bonds (*) |  | Jan-2021 / Jul-2070 |  | Jan-2020 / Feb-2065 |  | (0.31) |  | 16.21 |  | 0.01 |  | 10.51 |  | 0.78 |  | 6.25 |  | 1.09 |  | 8.16 |  | 0.47 |  | 8.25 |  | 0.62 |  | 6.55
Government treasury bonds (**) |  | Jan-2021 / Feb-2055 |  | Jan-2020 / Feb-2055 |  | (1.20) |  | 5.08 |  | 0.03 |  | 4.61 |  | 0.07 |  | 0.41 |  | 0.55 |  | 5.31 |  | 1.11 |  | 4.61 |  | 0.43 |  | 0.82
Securitization instruments |  | Jan-2021 / Sep-2045 |  | May-2020 / Sep-2045 |  | 1.32 |  | 13.36 |  | 1.51 |  | 9.19 |  | — |  | 6.00 |  | 2.46 |  | 13.26 |  | 3.08 |  | 9.14 |  | 1.68 |  | 6.00
Negotiable certificates of deposits |  | Jan-2021 / Jul-2033 |  | Jan-2020 / Dec-2026 |  | — |  | — |  | 2.48 |  | 4.57 |  | 0.05 |  | 5.90 |  | 3.27 |  | 4.01 |  | 2.48 |  | 2.68 |  | 1.00 |  | 4.98
Subordinated bonds |  | Apr-2022 / Aug-2045 |  | Apr-2022 / Aug-2045 |  | (0.04) |  | 5.74 |  | 0.16 |  | 4.76 |  | — |  | — |  | 1.21 |  | 5.52 |  | 3.27 |  | 5.23 |  | 1.53 |  | 1.53
Others |  | Jan-2021 / Feb-2035 |  | Jan-2020 / Jan-2028 |  | (0.18) |  | 5.84 |  | 3.38 |  | 4.52 |  | — |  | — |  | 1.95 |  | 3.73 |  | 4.73 |  | 6.92 |  | — |  | —
(*) As of December 31, 2020, the annual effective interest rate of (0.31) percent and 16.21 percent correspond to bonds issued by JP Morgan Chase & Co. and Cineplex S.A., respectively; excluding such interest rates, the range is from 0.01 percent to 14.31 percent. (**) As of December 31, 2020, the annual effective interest rate of (1.20) percent corresponds to a bond issued by the Peruvian Treasury; Excluding said interest rate, the rate range starts from 0.16 percent.
Schedule of detailed information about government treasury bonds | (iii) As of December 31, 2020 and 2019, the balance includes the following Government Treasury Bonds:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Peruvian treasury bonds (*) |  | 11,343,664 |  | 5,959,066
U.S. treasury and federal agency bonds |  | 564,380 |  | 391,475
Colombian treasury bonds |  | 101,741 |  | 61,009
Chilean treasury bonds |  | 81,502 |  | 173,364
Bolivian treasury bonds |  | 74,248 |  | 72,516
Others |  | 39,514 |  | 40,646
Total |  | 12,205,049 |  | 6,698,076
(*) The balance includes new bonds issued by the Peruvian Government. As of December 31, 2020, the bonds accrue annual effective rates from (1.20) percent to 5.08 percent and have maturities from January 2023 to February 2055.
Schedule of detailed information about securitization instruments | (iv) As of December 31, 2020 and 2019, the balance of securitization instruments includes the following:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Inmuebles Panamericana |  | 164,091 |  | 169,959
Abengoa Transmisión del Norte |  | 99,112 |  | 87,377
Colegios Peruanos S.A. |  | 63,268 |  | 37,585
Costa de Sol S.A. |  | 51,483 |  | —
Nessus Hoteles Perú S.A. |  | 40,050 |  | 39,768
Industrias de Aceite S.A. |  | 37,175 |  | 32,050
Fábrica Nacional de Cemento S.A. |  | 34,537 |  | 31,512
Homecenters Peruanos S.A. |  | 32,308 |  | 35,269
Concesionaria La Chira S.A. |  | 32,138 |  | 30,801
Others (minor than S/30.5 million) |  | 191,418 |  | 161,441
Total |  | 745,580 |  | 625,762
Schedule of detailed information about held to maturity investments | c) Amortized cost investments consist of the following:
|  | 2020
|  | Carrying |  | Fair
|  | amount |  | value
|  | S/(000) |  | S/(000)
Peruvian sovereign bonds (i) |  | 4,740,275 |  | 5,439,612
Foreign government bonds (i) |  | 28,909 |  | 28,695
Certificates of payment on work progress (CRPAO) (ii) |  | 89,095 |  | 93,602
Sub total |  | 4,858,279 |  | 5,561,909
Accrued interest |  | 104,801 |  | 104,801
Total investments at amortized cost |  | 4,963,080 |  | 5,666,710
Provision for credit losses |  | (698) |  | (698)
Total investments at amortized cost, net |  | 4,962,382 |  | 5,666,012
|  | 2019
|  | Carrying |  | Fair
|  | amount |  | value
|  | S/(000) |  | S/(000)
Peruvian sovereign bonds (i) |  | 3,277,667 |  | 3,694,631
Foreign government bonds (i) |  | 21,168 |  | 21,168
Certificates of payment on work progress (CRPAO) (ii) |  | 100,298 |  | 103,015
Sub total |  | 3,399,133 |  | 3,818,814
Accrued interest |  | 78,180 |  | 78,180
Total investments at amortized cost |  | 3,477,313 |  | 3,896,994
Provision for credit losses |  | (267) |  | (267)
Total investments at amortized cost, net |  | 3,477,046 |  | 3,896,727
(i) As of December 31, 2020, said bonds have maturities between January 2021 and February 2042, accruing interest at an annual effective interest rate between 0.74 percent and 5.06 percent on bonds denominated in soles and between 0.0 percent and 3.05 percent annual on bonds issued in other currencies. (as of December 31, 2019, have maturities between January 2020 and February 2042, accruing interest at an annual effective interest rate between 2.14 percent and 5.28 percent on bonds denominated in soles and between 0.45 percent and 2.53 percent on bonds issued in other currencies). Likewise, Credicorp Management has determined that as of December 31, 2020, the difference between amortized cost and the fair value of these investments is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity. As of December 31, 2020, the Group has repurchase agreement transactions for investments at amortized cost for an estimated fair value of S/2,766.2 million (S/1,569.3 million as of December 31, 2019), the related liability for which is presented in the caption “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). (ii) As of December 31, 2020 there are 121 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (153 CRPAOs as of December 31, 2019), issued by the Peruvian Government to finance projects and concessions. Said issuance is a mechanism established in the concession agreement 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 2021 and April 2026, accruing interest at an annual effective rate between 2.42 percent and 3.47 percent as of December 31, 2020 (between January 2020 and April 2026, accruing interest at an annual effective rate between 3.74 percent and 4.67 percent as of December 31, 2019). d) The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:
|  | 2020
|  |  |  | At fair value |  |
|  | At fair value |  | through other |  |
|  | through profit |  | comprehensive |  | Amortized
|  | or loss |  | income |  | cost
|  | S/(000) |  | S/(000) |  | S/(000)
Up to 3 months |  | 1,973,038 |  | 14,564,360 |  | 11,518
From 3 months to 1 year |  | 94,554 |  | 2,606,845 |  | 42,398
From 1 to 3 years |  | 462,168 |  | 4,272,547 |  | 163,144
From 3 to 5 years |  | 486,310 |  | 3,770,438 |  | 631,832
More than 5 years |  | 1,290,057 |  | 17,617,068 |  | 4,009,387
Without maturity |  | 2,147,970 |  | 502,550 |  | —
Total |  | 6,454,097 |  | 43,333,808 |  | 4,858,279
|  | 2019
|  |  |  | At fair value |  |
|  | At fair value |  | through other |  |
|  | through profit |  | comprehensive |  | Amortized
|  | or loss |  | income |  | cost
|  | S/(000) |  | S/(000) |  | S/(000)
Up to 3 months |  | 237,624 |  | 2,420,464 |  | 9,969
From 3 months to 1 year |  | 269,199 |  | 6,694,486 |  | 908,271
From 1 to 3 years |  | 472,215 |  | 2,155,053 |  | 42,440
From 3 to 5 years |  | 289,393 |  | 2,961,767 |  | 690,289
More than 5 years |  | 1,029,883 |  | 11,138,643 |  | 1,748,164
Without maturity |  | 1,547,477 |  | 579,199 |  | —
Total |  | 3,845,791 |  | 25,949,612 |  | 3,399,133

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