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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2022
OPERATING SEGMENTS [Abstract] |
OPERATING SEGMENTS |
31 | OPERATING SEGMENTS
The Board of Directors of Credicorp organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; in order to optimize the management thereof. We present the Group´s business lines below:
| a) | Universal Banking -
Comprising operations related to the granting of different 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 checking accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the profit or loss and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB).
| b) | Insurance and Pensions -
| - | Insurance: it mainly includes the issuance of insurance policies to cover losses in commercial property, transport, marine vessels, automobiles, life, health and pensions, which are carried out through Pacífico Compañía de Seguros y Reaseguros and its subsidiaries.
| - | Pensions funds: It provides Management Service of private pension funds to the affiliates, which is carried out from Prima AFP.
| c) | Microfinance -
Includes management of loans, deposits and checking accounts of the small and microenterprises which are carried out through Mibanco, Banco de la Microempresa S.A. and Mibanco – Banco de la Microempresa de Colombia S.A.
| d) | Investment Banking and Equity Management -
Comprising brokerage service and investment management services offered to a broad and diverse clientele, which includes corporations, institutional investors, governments and foundations; also, comprising the structuring and placement of issues in the primary market, as well as the implementation and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds. All these services are provided through Credicorp Capital Ltd. and subsidiaries and ASB Bank Corp. Management of these business lines is designed to:
| - | Promote the joint action of our businesses in order to take advantage of the synergies which result from the diversification of our portfolio.
| - | Strengthening our leadership in the financial sector through our growth in new businesses, through the implementation 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 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 percent or more of the total income of the Group as of December 31, 2022, 2021 and 2020.
| (i) | The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2022, 2021 and 2020:
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | 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 |  |  | Additions of fixed asset, intangibles and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 13,510 |  |  |  | 518 |  |  |  | 7,828 |  |  |  | 3,139 |  |  |  | (1,448 | ) |  |  | (452 | ) |  |  | (1,625 | ) |  |  | 4,258 |  |  |  | 590 |  |  |  | 177,907 |  |  |  | 157,485 |
Banco de Crédito de Bolivia |  |  | 865 |  |  |  | 9 |  |  |  | 325 |  |  |  | 167 |  |  |  | (69 | ) |  |  | (24 | ) |  |  | (112 | ) |  |  | 68 |  |  |  | 15 |  |  |  | 12,698 |  |  |  | 11,838 |
|  |  | 14,375 |  |  |  | 527 |  |  |  | 8,153 |  |  |  | 3,306 |  |  |  | (1,517 | ) |  |  | (476 | ) |  |  | (1,737 | ) |  |  | 4,326 |  |  |  | 605 |  |  |  | 190,605 |  |  |  | 169,323 |
Insurance and Pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  |  | 3,763 |  |  |  | 63 |  |  |  | 727 |  |  |  | 620 |  |  |  | – |  |  |  | (50 | ) |  |  | (12 | ) |  |  | 452 |  |  |  | 80 |  |  |  | 15,905 |  |  |  | 13,504 |
Prima AFP |  |  | 354 |  |  |  | 4 |  |  |  | – |  |  |  | 354 |  |  |  | – |  |  |  | (23 | ) |  |  | (48 | ) |  |  | 110 |  |  |  | 29 |  |  |  | 735 |  |  |  | 238 |
|  |  | 4,117 |  |  |  | 67 |  |  |  | 727 |  |  |  | 974 |  |  |  | – |  |  |  | (73 | ) |  |  | (60 | ) |  |  | 562 |  |  |  | 109 |  |  |  | 16,640 |  |  |  | 13,742 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  |  | 2,750 |  |  |  | – |  |  |  | 2,139 |  |  |  | 31 |  |  |  | (597 | ) |  |  | (76 | ) |  |  | (165 | ) |  |  | 425 |  |  |  | 96 |  |  |  | 17,226 |  |  |  | 14,444 |
Mibanco Colombia (****) |  |  | 375 |  |  |  | – |  |  |  | 236 |  |  |  | 45 |  |  |  | (45 | ) |  |  | (13 | ) |  |  | (7 | ) |  |  | 14 |  |  |  | 8 |  |  |  | 1,530 |  |  |  | 1,290 |
|  |  | 3,125 |  |  |  | – |  |  |  | 2,375 |  |  |  | 76 |  |  |  | (642 | ) |  |  | (89 | ) |  |  | (172 | ) |  |  | 439 |  |  |  | 104 |  |  |  | 18,756 |  |  |  | 15,734 |
Investment Banking and Wealth Management |  |  | 923 |  |  |  | 90 |  |  |  | 98 |  |  |  | 666 |  |  |  | – |  |  |  | (41 | ) |  |  | (15 | ) |  |  | 21 |  |  |  | 41 |  |  |  | 14,051 |  |  |  | 10,670 |
Other segments |  |  | 453 |  |  |  | 41 |  |  |  | 165 |  |  |  | 748 |  |  |  | – |  |  |  | (4 | ) |  |  | (127 | ) |  |  | (603 | ) |  |  | 61 |  |  |  | 3,476 |  |  |  | 2,606 |
Eliminations |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,774 | ) |  |  | (4,901 | )
Total consolidated |  |  | 22,993 |  |  |  | 725 |  |  |  | 11,518 |  |  |  | 5,770 |  |  |  | (2,159 | ) |  |  | (683 | ) |  |  | (2,111 | ) |  |  | 4,745 |  |  |  | 920 |  |  |  | 236,754 |  |  |  | 207,174 |
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | 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 |  |  | Additions of fixed asset, intangibles and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 11,146 |  |  |  | 368 |  |  |  | 6,192 |  |  |  | 3,262 |  |  |  | (1,034 | ) |  |  | (441 | ) |  |  | (1,275 | ) |  |  | 3,391 |  |  |  | 449 |  |  |  | 184,740 |  |  |  | 166,411 |
Banco de Crédito de Bolivia |  |  | 891 |  |  |  | 10 |  |  |  | 337 |  |  |  | 157 |  |  |  | (17 | ) |  |  | (23 | ) |  |  | (63 | ) |  |  | 72 |  |  |  | 27 |  |  |  | 13,800 |  |  |  | 12,965 |
|  |  | 12,034 |  |  |  | 378 |  |  |  | 6,529 |  |  |  | 3,419 |  |  |  | (1,051 | ) |  |  | (464 | ) |  |  | (1,338 | ) |  |  | 3,463 |  |  |  | 476 |  |  |  | 198,540 |  |  |  | 179,376 |
Insurance and Pesion funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  |  | 3,544 |  |  |  | 64 |  |  |  | 610 |  |  |  | 228 |  |  |  | – |  |  |  | (57 | ) |  |  | (5 | ) |  |  | (130 | ) |  |  | 81 |  |  |  | 16,491 |  |  |  | 14,194 |
Prima AFP |  |  | 407 |  |  |  | 1 |  |  |  | (4 | ) |  |  | 406 |  |  |  | – |  |  |  | (21 | ) |  |  | (65 | ) |  |  | 146 |  |  |  | 12 |  |  |  | 840 |  |  |  | 265 |
|  |  | 3,951 |  |  |  | 65 |  |  |  | 606 |  |  |  | 634 |  |  |  | – |  |  |  | (78 | ) |  |  | (70 | ) |  |  | 16 |  |  |  | 93 |  |  |  | 17,331 |  |  |  | 14,459 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  |  | 2,114 |  |  |  | – |  |  |  | 1,860 |  |  |  | (12 | ) |  |  | (504 | ) |  |  | (78 | ) |  |  | (143 | ) |  |  | 266 |  |  |  | 50 |  |  |  | 16,163 |  |  |  | 13,800 |
Mibanco Colombia (****) |  |  | 302 |  |  |  | – |  |  |  | 229 |  |  |  | 35 |  |  |  | (4 | ) |  |  | (14 | ) |  |  | (16 | ) |  |  | 43 |  |  |  | 8 |  |  |  | 1,393 |  |  |  | 1,159 |
|  |  | 2,416 |  |  |  | – |  |  |  | 2,089 |  |  |  | 23 |  |  |  | (508 | ) |  |  | (92 | ) |  |  | (159 | ) |  |  | 309 |  |  |  | 58 |  |  |  | 17,556 |  |  |  | 14,959 |
Investment banking and wealth management |  |  | 866 |  |  |  | 73 |  |  |  | 89 |  |  |  | 767 |  |  |  | 1 |  |  |  | (45 | ) |  |  | (25 | ) |  |  | 147 |  |  |  | 11 |  |  |  | 14,744 |  |  |  | 12,990 |
Other segments |  |  | 182 |  |  |  | 33 |  |  |  | 47 |  |  |  | 80 |  |  |  | (1 | ) |  |  | (4 | ) |  |  | (69 | ) |  |  | (263 | ) |  |  | 2 |  |  |  | 3,377 |  |  |  | 2,634 |
Eliminations |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,701 | ) |  |  | (6,609 | )
Total consolidated |  |  | 19,452 |  |  |  | 549 |  |  |  | 9,360 |  |  |  | 4,923 |  |  |  | (1,559 | ) |  |  | (683 | ) |  |  | (1,661 | ) |  |  | 3,672 |  |  |  | 640 |  |  |  | 244,847 |  |  |  | 217,809 |
| (*) | Comprising total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.
| (**) | Comprising income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Comprising other income (include income and expenses for commissions) and insurance underwriting result.
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  | External |  |  | From other segments (**) |  |  | Net interest, similar income and expenses |  |  | Otros income, net (***) |  |  | Provision for credit losses on loan portfolio |  |  | Depreciation y amortization |  |  | Income tax |  |  | Net profit |  |  | Additions of fixed asset, intangibles and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 10,808 |  |  |  | 412 |  |  |  | 5,992 |  |  |  | 2,797 |  |  |  | (4,637 | ) |  |  | (428 | ) |  |  | (51 | ) |  |  | 619 |  |  |  | 464 |  |  |  | 180,766 |  |  |  | 164,632 |
Banco de Crédito de Bolivia |  |  | 773 |  |  |  | 7 |  |  |  | 330 |  |  |  | 103 |  |  |  | (252 | ) |  |  | (23 | ) |  |  | 139 |  |  |  | (74 | ) |  |  | 16 |  |  |  | 12,472 |  |  |  | 11,781 |
|  |  | 11,548 |  |  |  | 419 |  |  |  | 6,322 |  |  |  | 2,898 |  |  |  | (4,889 | ) |  |  | (451 | ) |  |  | 88 |  |  |  | 545 |  |  |  | 480 |  |  |  | 193,238 |  |  |  | 176,413 |
Insurance and pension funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  |  | 3,211 |  |  |  | 57 |  |  |  | 526 |  |  |  | 602 |  |  |  | – |  |  |  | (59 | ) |  |  | (2 | ) |  |  | 195 |  |  |  | 49 |  |  |  | 16,025 |  |  |  | 13,039 |
Prima AFP |  |  | 389 |  |  |  | 2 |  |  |  | (8 | ) |  |  | 388 |  |  |  | – |  |  |  | (21 | ) |  |  | (67 | ) |  |  | 148 |  |  |  | 7 |  |  |  | 1,108 |  |  |  | 408 |
|  |  | 3,600 |  |  |  | 59 |  |  |  | 518 |  |  |  | 990 |  |  |  | – |  |  |  | (80 | ) |  |  | (69 | ) |  |  | 343 |  |  |  | 56 |  |  |  | 17,133 |  |  |  | 13,447 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mibanco |  |  | 1,972 |  |  |  | – |  |  |  | 1,506 |  |  |  | 24 |  |  |  | (1,118 | ) |  |  | (86 | ) |  |  | 142 |  |  |  | (379 | ) |  |  | 51 |  |  |  | 15,649 |  |  |  | 13,540 |
Mibanco Colombia (****) |  |  | 238 |  |  |  | – |  |  |  | 165 |  |  |  | 28 |  |  |  | (75 | ) |  |  | (14 | ) |  |  | 19 |  |  |  | (51 | ) |  |  | 13 |  |  |  | 1,208 |  |  |  | 993 |
|  |  | 2,210 |  |  |  | – |  |  |  | 1,671 |  |  |  | 52 |  |  |  | (1,193 | ) |  |  | (100 | ) |  |  | 161 |  |  |  | (430 | ) |  |  | 64 |  |  |  | 16,857 |  |  |  | 14,533 |
Investment Banking and Wealth Management |  |  | 1,102 |  |  |  | 31 |  |  |  | 70 |  |  |  | 920 |  |  |  | – |  |  |  | (35 | ) |  |  | (34 | ) |  |  | (78 | ) |  |  | 29 |  |  |  | 11,715 |  |  |  | 9,995 |
Other segments |  |  | (78 | ) |  |  | 16 |  |  |  | (12 | ) |  |  | (96 | ) |  |  | 2 |  |  |  | (4 | ) |  |  | (36 | ) |  |  | (46 | ) |  |  | 4 |  |  |  | 3,484 |  |  |  | 2,531 |
Eliminations |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5,021 | ) |  |  | (4,958 | )
Total consolidated |  |  | 18,415 |  |  |  | 525 |  |  |  | 8,569 |  |  |  | 4,766 |  |  |  | (6,080 | ) |  |  | (670 | ) |  |  | 110 |  |  |  | 334 |  |  |  | 633 |  |  |  | 237,406 |  |  |  | 211,961 |
| (*) | Comprising total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.
| (**) | Comprising income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Comprising other income (including income and expenses for commissions) and insurance underwriting result.
| (****) | Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia.
| (ii) | The following table shows (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, as of December 31, 2022, 2021 and 2020:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Total income (*) |  |  | Operating income (**) |  |  | Total non current assets (***) |  |  | Total liabilities |  |  | Total income (*) |  |  | Operating income (**) |  |  | Total non current assets (***) |  |  | Total liabilities |  |  | Total income (*) |  |  | Operating income (**) |  |  | Total non current assets (***) |  |  | Total liabilities |
Peru |  |  | 16,127 |  |  |  | 11,518 |  |  |  | 4,325 |  |  |  | 181,210 |  |  |  | 17,330 |  |  |  | 8,682 |  |  |  | 3,773 |  |  |  | 188,505 |  |  |  | 16,485 |  |  |  | 8,411 |  |  |  | 3,825 |  |  |  | 187,291 |
Bermuda |  |  | 5,151 |  |  |  | (28 | ) |  |  | 134 |  |  |  | 2,123 |  |  |  | 18 |  |  |  | (17 | ) |  |  | 134 |  |  |  | 2,174 |  |  |  | (14 | ) |  |  | (22 | ) |  |  | 134 |  |  |  | 1,930 |
Panama (****) |  |  | 295 |  |  |  | 105 |  |  |  | 3 |  |  |  | 8,384 |  |  |  | 309 |  |  |  | 103 |  |  |  | 30 |  |  |  | 10,389 |  |  |  | 261 |  |  |  | (73 | ) |  |  | 32 |  |  |  | 7,321 |
Cayman Islands |  |  | 72 |  |  |  | 72 |  |  |  | – |  |  |  | 139 |  |  |  | 17 |  |  |  | – |  |  |  | – |  |  |  | 88 |  |  |  | 97 |  |  |  | 112 |  |  |  | – |  |  |  | 83 |
Bolivia |  |  | 960 |  |  |  | 377 |  |  |  | 113 |  |  |  | 11,885 |  |  |  | 978 |  |  |  | 373 |  |  |  | 121 |  |  |  | 13,012 |  |  |  | 853 |  |  |  | 357 |  |  |  | 101 |  |  |  | 11,870 |
Colombia |  |  | 193 |  |  |  | 132 |  |  |  | 22 |  |  |  | 2,283 |  |  |  | 601 |  |  |  | 213 |  |  |  | 415 |  |  |  | 2,610 |  |  |  | 566 |  |  |  | 144 |  |  |  | 451 |  |  |  | 2,607 |
United States of America |  |  | 8 |  |  |  | – |  |  |  | 5 |  |  |  | 15 |  |  |  | 33 |  |  |  | 1 |  |  |  | 1 |  |  |  | 5 |  |  |  | 33 |  |  |  | – |  |  |  | 3 |  |  |  | 6 |
Chile |  |  | 187 |  |  |  | 4 |  |  |  | 119 |  |  |  | 1,132 |  |  |  | 166 |  |  |  | 1 |  |  |  | 131 |  |  |  | 1,026 |  |  |  | 134 |  |  |  | (2 | ) |  |  | 171 |  |  |  | 853 |
Others |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total consolidated |  |  | 22,993 |  |  |  | 12,180 |  |  |  | 4,724 |  |  |  | 207,174 |  |  |  | 19,452 |  |  |  | 9,356 |  |  |  | 4,605 |  |  |  | 217,809 |  |  |  | 18,415 |  |  |  | 8,927 |  |  |  | 4,717 |  |  |  | 211,961 |
| (*) | Including total interest and similar income, other income and net premiums earned from insurance activities.
| (**) | Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result.
| (***) | Non-current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net.
| (****) | In August 2021, the merger by absorption between ASB Bank Corp. and Atlantic Security Bank (absorbed entity) was carried out. See more detail in Note 2(a).

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