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EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2021
EQUITY [Abstract] |
Treasury Shares | 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.
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 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 |
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 |
Distribution of Dividends | 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 |

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