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EQUITY | 12 Months Ended
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Dec. 31, 2021
EQUITY [Abstract] |
EQUITY |
18 | EQUITY
| a) | Capital stock -
As of December 31, 2021, 2020 and 2019 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., that the entities of the Group maintain as of December 31, 2021, 2020 and 2019:
|  | 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 |
Grupo Crédito |  |  | – |  |  |  | 7,871 |  |  |  | 7,871 |
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 |
Prima AFP |  |  | – |  |  |  | 6,406 |  |  |  | 6,406 |
Other minors |  |  | – |  |  |  | 16,975 |  |  |  | 16,975 |
|  |  | 14,620,846 |  |  |  | 229,523 |  |  |  | 14,850,369 |
|  | Number of shares |
As of December 31, 2020 |  | Shares of the Group |  |  | Shared-based payment (*) |  |  | Total |
Atlantic Security Holding Corporation |  |  | 14,620,846 |  |  |  | – |  |  |  | 14,620,846 |
BCP |  |  | – |  |  |  | 159,339 |  |  |  | 159,339 |
Grupo Crédito |  |  | – |  |  |  | 32,512 |  |  |  | 32,512 |
Pacífico Seguros |  |  | – |  |  |  | 29,845 |  |  |  | 29,845 |
Credicorp Capital Servicios Financieros |  |  | – |  |  |  | 17,598 |  |  |  | 17,598 |
Mibanco |  |  | – |  |  |  | 14,872 |  |  |  | 14,872 |
Atlantic Security Bank |  |  | – |  |  |  | 11,434 |  |  |  | 11,434 |
Prima AFP |  |  | – |  |  |  | 7,664 |  |  |  | 7,664 |
Other minors |  |  | – |  |  |  | 20,342 |  |  |  | 20,342 |
|  |  | 14,620,846 |  |  |  | 293,606 |  |  |  | 14,914,452 |
|  | Number of shares |
As of December 31, 2019 |  | Shares of the Group |  |  | Shared-based payment (*) |  |  | Total |
Atlantic Security Holding Corporation |  |  | 14,620,846 |  |  |  | – |  |  |  | 14,620,846 |
BCP |  |  | – |  |  |  | 134,169 |  |  |  | 134,169 |
Pacífico Seguros |  |  | – |  |  |  | 29,539 |  |  |  | 29,539 |
Credicorp Capital Servicios Financieros |  |  | – |  |  |  | 13,830 |  |  |  | 13,830 |
Mibanco |  |  | – |  |  |  | 9,060 |  |  |  | 9,060 |
Credicorp Perú |  |  | – |  |  |  | 21,695 |  |  |  | 21,695 |
Credicorp Capital Limited |  |  | – |  |  |  | 9,518 |  |  |  | 9,518 |
Prima AFP |  |  | – |  |  |  | 6,397 |  |  |  | 6,397 |
Other minors |  |  | 4,387 |  |  |  | 22,723 |  |  |  | 27,110 |
|  |  | 14,625,233 |  |  |  | 246,931 |  |  |  | 14,872,164 |
(*) Corresponds to treasury stock that were granted to employees and senior management, for which they have the right to vote. These stocks are not vested at said dates, see Note 20. During 2021, 2020 and 2019, the Group purchased 97,951, 240,151 and 129,807 shares of Credicorp Ltd., respectively, for a total of US$16.1 million (equivalent to S/58.9 million), US$44.4 million (equivalent to S/151.9 million) and US$31 million (equivalent to a S/103.2 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, 2021, 2020 and 2019, the balance of this reserves amounts approximately to S/7,088.6 million, S/6,990.1 million and S/6,236.5 million, respectively. At the Board meetings held on February 25, 2021, February 27, 2020 and February 27, 2019, the decision was made to transfer from “Retained earnings” to “Reserves” S/347.0 million, S/1,977.1 million and S/1,858.8 million, respectively. “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 reclassified 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, 2019 |  |  | 452,551 |  |  |  | 229,470 |  |  |  | (3,161 | ) |  |  | – |  |  |  | 29,593 |  |  |  | 708,453 |
Decrease (increase) in net unrealized gains on investments |  |  | (58,342 | ) |  |  | 762,132 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 703,790 |
Transfer to results of the net realized loss of investments |  |  | – |  |  |  | 420,987 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 420,987 |
Transfer of the impairment credit loss on investments to profit or loss |  |  | – |  |  |  | (745 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (745 | )
Change in net unrealized loss on cash flow hedges derivatives |  |  | – |  |  |  | – |  |  |  | (62,002 | ) |  |  | – |  |  |  | – |  |  |  | (62,002 | )
Transfer of net realized losses on cash flow hedges derivatives to profit or loss |  |  | – |  |  |  | – |  |  |  | 35,059 |  |  |  | – |  |  |  | – |  |  |  | 35,059 |
Other reserves |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (658,491 | ) |  |  | – |  |  |  | (658,491 | )
Foreign exchange translation |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (58,862 | ) |  |  | (58,862 | )
Balance as of December 31, 2019 |  |  | 394,209 |  |  |  | 1,411,844 |  |  |  | (30,104 | ) |  |  | (658,491 | ) |  |  | (29,269 | ) |  |  | 1,088,189 |
Decrease (increase) in net unrealized gains on investments |  |  | (79,007 | ) |  |  | 352,008 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 273,001 |
Transfer to results of the net realized loss of investments |  |  | – |  |  |  | 440,416 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 440,416 |
Transfer of recovery of credit loss of investments to profit or loss |  |  | – |  |  |  | 52,263 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 52,263 |
Change in net unrealized loss on cash flow hedges derivatives |  |  | – |  |  |  | – |  |  |  | (66,782 | ) |  |  | – |  |  |  | – |  |  |  | (66,782 | )
Transfer of net realized losses on cash flow hedges derivatives to profit or loss |  |  | – |  |  |  | – |  |  |  | 55,784 |  |  |  | – |  |  |  | – |  |  |  | 55,784 |
Other reserves |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (234,107 | ) |  |  | – |  |  |  | (234,107 | )
Foreign exchange translation |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 258,353 |  |  |  | 258,353 |
Net movement in hedges of net investments in foreign businesses |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,219 | ) |  |  | (1,219 | )
Balance as of December 31, 2020 |  |  | 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 |
| d) | Components of other comprehensive income -
The movement of the item is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
To be reclassified to the consolidated statement of income in later periods |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized (loss) gain |  |  | (2,411,900 | ) |  |  | 352,008 |  |  |  | 762,132 |
Transfer to results of net realized loss |  |  | 3,848 |  |  |  | 440,416 |  |  |  | 420,987 |
Transfer of recovery (provision) of credit loss to profit or loss |  |  | 8,121 |  |  |  | 52,263 |  |  |  | (745 | )
Sub total |  |  | (2,399,931 | ) |  |  | 844,687 |  |  |  | 1,182,374 |
Non-controlling interest |  |  | (39,890 | ) |  |  | 13,814 |  |  |  | 16,082 |
Income tax |  |  | (52,086 | ) |  |  | 11,717 |  |  |  | 22,259 |
|  |  | (2,491,907 | ) |  |  | 870,218 |  |  |  | 1,220,715 |
Cash flow hedge reserves: |  |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) on cash flow hedges |  |  | 97,251 |  |  |  | (66,782 | ) |  |  | (62,002 | )
Transfer of net realized (gains) losses on cash flow hedges derivatives to profit or loss |  |  | (56,422 | ) |  |  | 55,784 |  |  |  | 35,059 |
Sub total |  |  | 40,829 |  |  |  | (10,998 | ) |  |  | (26,943 | )
Non-controlling interest |  |  | 923 |  |  |  | (252 | ) |  |  | (618 | )
Income tax |  |  | 16,834 |  |  |  | (3,933 | ) |  |  | (10,290 | )
|  |  | 58,586 |  |  |  | (15,183 | ) |  |  | (37,851 | )
Other reserves: |  |  |  |  |  |  |  |  |  |  |  |
Insurances reserves |  |  | 733,932 |  |  |  | (234,107 | ) |  |  | (658,491 | )
Non-controlling interest |  |  | 8,513 |  |  |  | (2,867 | ) |  |  | (8,065 | )
Income tax |  |  | 26,846 |  |  |  | (26,846 | ) |  |  | – |
|  |  | 769,291 |  |  |  | (263,820 | ) |  |  | (666,556 | )
Foreign exchange traslation: |  |  |  |  |  |  |  |  |  |  |  |
Exchange gains or losses |  |  | 160,810 |  |  |  | 258,353 |  |  |  | (58,862 | )
Net movement in hedges of net investments in foreign businesses |  |  | (57,319 | ) |  |  | (1,219 | ) |  |  | – |
Sub total |  |  | 103,491 |  |  |  | 257,134 |  |  |  | (58,862 | )
Non-controlling interest |  |  | 358 |  |  |  | (1,301 | ) |  |  | 539 |
|  |  | 103,849 |  |  |  | 255,833 |  |  |  | (58,323 | )
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 |  |  | (108,317 | ) |  |  | (79,007 | ) |  |  | (58,342 | )
Non-controlling interest |  |  | 33 |  |  |  | (165 | ) |  |  | (3 | )
Income tax |  |  | (5,402 | ) |  |  | (3,414 | ) |  |  | (5,999 | )
|  |  | (113,686 | ) |  |  | (82,586 | ) |  |  | (64,344 | )
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Credicorp’s equity holders |  |  | (1,629,996 | ) |  |  | 777,709 |  |  |  | 379,736 |
Non-controlling interest |  |  | (30,063 | ) |  |  | 9,229 |  |  |  | 7,935 |
|  |  | (1,660,059 | ) |  |  | 786,938 |  |  |  | 387,671 |
| e) | Dividend distribution –
The chart below shows the distribution of dividends agreed by the Board of Directors :
|  | 2021 |  |  | 2020 |  |  | 2019 |
Date of Meeting - Board of Directors |  |  | 26.08.2021 |  |  |  | 27.02.2020 |  |  |  | 27.02.2019 |
Dividends distribution, net of treasury shares effect (in thousands of soles) |  |  | 398,808 |  |  |  | 2,392,844 |  |  |  | 1,595,229 |
Payment of dividends per share (in soles) |  |  | 5.0000 |  |  |  | 30.0000 |  |  |  | 20.0000 |
Date of dividends payout |  |  | 07.10.2021 |  |  |  | 08.05.2020 |  |  |  | 10.05.2019 |
Exchange rate published by the SBS |  |  | 4.1310 |  |  |  | 3.4081 |  |  |  | 3.3150 |
Dividends payout (equivalent in thousands of US$) |  |  | 96,540 |  |  |  | 702,105 |  |  |  | 481,215 |
In the Board of Directors held in September 25, 2019, they agreed an additional dividend payment, net of the effect of treasury stock, for approximately S/638.1 million from the retain earnings and reserves. Said dividends have been paid in November 22, 2019. 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, 2021, 2020 and 2019 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.
| f) | Regulatory capital -
As of December 31, 2021 and 2020, 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/29,741.6 million and S/28,969.3 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/10,294.3 million and S/7,973.9 million, respectively, the minimum regulatory capital required by the SBS.

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