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EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2023
EQUITY [Abstract] |
Treasury Stock | We present below the stocks of Credicorp Ltd., the number of shares that the Group’s subsidiaries own in Credicorp Ltd. as of December 31, 2023, 2022 and 2021:
|  | Number of shares |
As of December 31, 2023 |  | Shares of the Group |  |  | Shared-based payment (*) |  |  | Total |
Atlantic Security Holding Corporation |  |  | 14,620,846 |  |  |  | – |  |  |  | 14,620,846 |
BCP |  |  | – |  |  |  | 109,185 |  |  |  | 109,185 |
Atlantic Security International Financial Services |  |  | – |  |  |  | 39,309 |  |  |  | 39,309 |
Grupo Crédito |  |  | – |  |  |  | 36,698 |  |  |  | 36,698 |
Pacífico Seguros |  |  | – |  |  |  | 19,912 |  |  |  | 19,912 |
Mibanco |  |  | – |  |  |  | 14,128 |  |  |  | 14,128 |
Credicorp Capital Servicios Financieros |  |  | – |  |  |  | 13,267 |  |  |  | 13,267 |
ASB Bank Corp. |  |  | – |  |  |  | 12,041 |  |  |  | 12,041 |
Other minors |  |  | – |  |  |  | 20,710 |  |  |  | 20,710 |
|  |  | 14,620,846 |  |  |  | 265,250 |  |  |  | 14,886,096 |
|  | Number of shares |
As of December 31, 2022 |  | Shares of the Group |  |  | Shared-based payment (*) |  |  | Total |
Atlantic Security Holding Corporation |  |  | 14,620,846 |  |  |  | – |  |  |  | 14,620,846 |
BCP |  |  | – |  |  |  | 120,505 |  |  |  | 120,505 |
Grupo Crédito |  |  | – |  |  |  | 23,214 |  |  |  | 23,214 |
Pacífico Seguros |  |  | – |  |  |  | 20,606 |  |  |  | 20,606 |
Credicorp Capital Servicios Financieros |  |  | – |  |  |  | 15,007 |  |  |  | 15,007 |
Mibanco |  |  | – |  |  |  | 14,260 |  |  |  | 14,260 |
ASB Bank Corp |  |  | – |  |  |  | 11,791 |  |  |  | 11,791 |
Other minors |  |  | – |  |  |  | 22,994 |  |  |  | 22,994 |
|  |  | 14,620,846 |  |  |  | 228,377 |  |  |  | 14,849,223 |
|  | 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 |
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 |
Grupo Crédito |  |  | – |  |  |  | 7,871 |  |  |  | 7,871 |
Other minors |  |  | – |  |  |  | 23,381 |  |  |  | 23,381 |
|  |  | 14,620,846 |  |  |  | 229,523 |  |  |  | 14,850,369 |
(*) It corresponds mainly to the treasury shares that were granted to employees and Senior Management, for which they have the right to vote, and to a lesser extent to the shares acquired for coverage purposes for the new complementary retention program. These shares are not released on said dates.
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 reclassifed 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, 2021 |  |  | 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 |
Impact of initial application of IRFS 17 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 158,666 |  |  |  | – |  |  |  | 158,666 |
Others |  |  | – |  |  |  | 3,900 |  |  |  | – |  |  |  | – |  |  |  | 5,681 |  |  |  | 9,581 |
Balances as of January 1, 2022 - Restated |  |  | 206,885 |  |  |  | (139,500 | ) |  |  | (273 | ) |  |  | – |  |  |  | 337,037 |  |  |  | 404,149 |
Decrease in net unrealized gains on investments |  |  | (36,477 | ) |  |  | (1,629,016 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,665,493 | )
Transfer to results of the net realized loss of investments |  |  | – |  |  |  | 49,754 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 49,754 |
Transfer of recovery of credit loss of investments to profit or loss |  |  | – |  |  |  | 63,203 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 63,203 |
Change in net unrealized gain on cash flow hedges derivatives |  |  | – |  |  |  | – |  |  |  | 29,109 |  |  |  | – |  |  |  | – |  |  |  | 29,109 |
Transfer of net realized gain on cash flow hedges derivatives to profit or loss |  |  | – |  |  |  | – |  |  |  | (28,048 | ) |  |  | – |  |  |  | – |  |  |  | (28,048 | )
Other reserves |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,133,536 |  |  |  | – |  |  |  | 1,133,536 |
Foreign exchange translation |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (301,969 | ) |  |  | (301,969 | )
Net movement in hedges of net investments in foreign businesses |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 39,587 |  |  |  | 39,587 |
Balance as of December 31, 2022 - Restated |  |  | 170,408 |  |  |  | (1,655,559 | ) |  |  | 788 |  |  |  | 1,133,536 |  |  |  | 74,655 |  |  |  | (276,172 | )
Decrease (increase) in net unrealized gains on investments |  |  | (12,247 | ) |  |  | 1,241,632 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,229,385 |
Transfer to results of the net realized loss of investments |  |  | – |  |  |  | 7,789 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 7,789 |
Transfer of recovery of credit loss of investments to profit or loss |  |  | – |  |  |  | 8,716 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 8,716 |
Change in net unrealized gain on cash flow hedges derivatives |  |  | – |  |  |  | – |  |  |  | 18,359 |  |  |  | – |  |  |  | – |  |  |  | 18,359 |
Transfer of net realized gain on cash flow hedges derivatives to profit or loss |  |  | – |  |  |  | – |  |  |  | (30,550 | ) |  |  | – |  |  |  | – |  |  |  | (30,550 | )
Other reserves |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (754,192 | ) |  |  | – |  |  |  | (754,192 | )
Foreign exchange translation |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 73,498 |  |  |  | 73,498 |
Net movement in hedges of net investments in foreign businesses |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 18,950 |  |  |  | 18,950 |
Balance as of December 31, 2023 |  |  | 158,161 |  |  |  | (397,422 | ) |  |  | (11,403 | ) |  |  | 379,344 |  |  |  | 167,103 |  |  |  | 295,783 |
Components of Other Comprehensive Income | The movement of the item is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (Restated) |  |  |  |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
To be reclassified to the consolidated statement of income in later periods comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments at fair value through other - |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain (loss) |  |  | 1,241,632 |  |  |  | (1,629,016 | ) |  |  | (2,411,900 | )
Transfer to results of net realized loss |  |  | 7,789 |  |  |  | 49,754 |  |  |  | 3,848 |
Transfer of recovery of credit loss to profit or loss |  |  | 8,716 |  |  |  | 63,203 |  |  |  | 8,121 |
Sub total |  |  | 1,258,137 |  |  |  | (1,516,059 | ) |  |  | (2,399,931 | )
Non-controlling interest |  |  | 18,317 |  |  |  | (15,535 | ) |  |  | (39,890 | )
Income tax |  |  | 58,489 |  |  |  | (82,459 | ) |  |  | (52,086 | )
|  |  | 1,334,943 |  |  |  | (1,614,053 | ) |  |  | (2,491,907 | )
Cash flow hedge reserves - |  |  |  |  |  |  |  |  |  |  |  |
Net gain on cash flow hedges |  |  | 18,359 |  |  |  | 29,109 |  |  |  | 97,251 |
Transfer of net realized gain on cash flow hedges derivatives to profit or loss |  |  | (30,550 | ) |  |  | (28,048 | ) |  |  | (56,422 | )
Sub total |  |  | (12,191 | ) |  |  | 1,061 |  |  |  | 40,829 |
Non-controlling interest |  |  | (148 | ) |  |  | 27 |  |  |  | 923 |
Income tax |  |  | (5,104 | ) |  |  | 158 |  |  |  | 16,834 |
|  |  | (17,443 | ) |  |  | 1,246 |  |  |  | 58,586 |
Other reserves - |  |  |  |  |  |  |  |  |  |  |  |
Insurances reserves |  |  | (754,192 | ) |  |  | 1,133,536 |  |  |  | 733,932 |
Non-controlling interest |  |  | (8,619 | ) |  |  | 10,604 |  |  |  | 8,513 |
Income tax |  |  | – |  |  |  | – |  |  |  | 26,846 |
|  |  | (762,811 | ) |  |  | 1,144,140 |  |  |  | 769,291 |
Foreign exchange traslation - |  |  |  |  |  |  |  |  |  |  |  |
Exchange gains or losses |  |  | 73,498 |  |  |  | (301,969 | ) |  |  | 160,810 |
Net movement in hedges of net investments in foreign businesses |  |  | 18,950 |  |  |  | 39,587 |  |  |  | (57,319 | )
Sub total |  |  | 92,448 |  |  |  | (262,382 | ) |  |  | 103,491 |
Non-controlling interest |  |  | (34 | ) |  |  | (114 | ) |  |  | 358 |
|  |  | 92,414 |  |  |  | (262,496 | ) |  |  | 103,849 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  |  | (Restated) |  |  |  |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
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 |  |  | (12,247 | ) |  |  | (36,477 | ) |  |  | (108,317 | )
Non-controlling interest |  |  | 127 |  |  |  | 23 |  |  |  | 33 |
Income tax |  |  | 3,791 |  |  |  | (2,109 | ) |  |  | (5,402 | )
|  |  | (8,329 | ) |  |  | (38,563 | ) |  |  | (113,686 | )
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Credicorp’s equity holders |  |  | 571,955 |  |  |  | (680,321 | ) |  |  | (1,629,996 | )
Non-controlling interest |  |  | 9,643 |  |  |  | (4,995 | ) |  |  | (30,063 | )
|  |  | 581,598 |  |  |  | (685,316 | ) |  |  | (1,660,059 | )
Distribution of Dividends | The chart below shows the distribution of dividends agreed by the Board of Directors :
|  | 2023 |  |  | 2022 |  |  | 2021 |
Date of Meeting - Board of Directors |  |  | 27.04.2023 |  |  |  | 28.04.2022 |  |  |  | 26.08.2021 |
Dividends distribution, net of treasury shares effect (in thousands of soles) |  |  | 1,994,037 |  |  |  | 1,196,422 |  |  |  | 398,808 |
Payment of dividends per share (in soles) |  |  | 25.0 |  |  |  | 15.0 |  |  |  | 5.0 |
Date of dividends payout |  |  | 09.06.2023 |  |  |  | 10.06.2022 |  |  |  | 07.10.2021 |
Exchange rate published by the SBS |  |  | 3.6901 |  |  |  | 3.7560 |  |  |  | 4.1310 |
Dividends payout (equivalent in thousands of US$) |  |  | 540,375 |  |  |  | 318,536 |  |  |  | 96,540 |

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