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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2023
OPERATING SEGMENTS [Abstract] |
OPERATING SEGMENTS |
27 | OPERATING SEGMENTS
The Credicorp Board of Directors organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. Next, we present the Group´s business lines:
| a) | Universal Banking -
Includes the operations related to the granting of various 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 current accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the results and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB).
| b) | Insurance and Pensions -
| - | Insurance: includes, mainly, the issue of insurance policies to cover losses in commercial property, transport, marine vessels, automobiles, life, health and pensions, operations carried out through Pacífico Compañía de Seguros y Reaseguros.
| - | Pensions: provides Management Service of private pension funds to the affiliates, operation carried out from Prima AFP.
| c) | Microfinance -
Includes the management of loans, credits, deposits and current accounts of the small and microenterprises: carried out through Mibanco, Banco de la Microempresa S.A. and Mibanco - Banco de la Microempresa de Colombia S.A.
| d) | Investment Management & Advisory -
Brokerage service and investment management services offered to a broad and diverse clientele, which includes corporations, institutional investors, governments and foundations; also, the structuring and placement of issues in the primary market, as well as the execution and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds. All of 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, and the establishment 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, 2023, 2022 and 2021.
| (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, 2023, 2022 and 2021:
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | External |  |  | From other segments (**) |  |  | Net interest, similar income and expenses |  |  | Other income (***) |  |  | Provision for credit losses on loan portfolio |  |  | Depreciation, amortization and right in use |  |  | Income Tax |  |  | Net Profit |  |  | Additions of fixed assets, intangibles and goodwill |  |  | Total assets |  |  | Total liabilities |
Universal Banking |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banco de Crédito del Perú |  |  | 16,987 |  |  |  | 578 |  |  |  | 9,927 |  |  |  | 4,511 |  |  |  | (2,846 | ) |  |  | (459 | ) |  |  | (1,497 | ) |  |  | 4,203 |  |  |  | 765 |  |  |  | 178,834 |  |  |  | 155,913 |
Banco de Crédito de Bolivia |  |  | 920 |  |  |  | – |  |  |  | 163 |  |  |  | 211 |  |  |  | (50 | ) |  |  | (25 | ) |  |  | (62 | ) |  |  | 83 |  |  |  | 16 |  |  |  | 13,465 |  |  |  | 12,612 |
|  |  | 17,907 |  |  |  | 578 |  |  |  | 10,090 |  |  |  | 4,722 |  |  |  | (2,896 | ) |  |  | (484 | ) |  |  | (1,559 | ) |  |  | 4,286 |  |  |  | 781 |  |  |  | 192,299 |  |  |  | 168,525 |
Insurance and Pensión funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  |  | 2,233 |  |  |  | – |  |  |  | 285 |  |  |  | 951 |  |  |  | – |  |  |  | (4 | ) |  |  | (40 | ) |  |  | 818 |  |  |  | 79 |  |  |  | 15,865 |  |  |  | 13,446 |
Prima AFP |  |  | 395 |  |  |  | – |  |  |  | 4 |  |  |  | 388 |  |  |  | – |  |  |  | (24 | ) |  |  | (57 | ) |  |  | 150 |  |  |  | 17 |  |  |  | 741 |  |  |  | 241 |
|  |  | 2,628 |  |  |  | – |  |  |  | 289 |  |  |  | 1,339 |  |  |  | – |  |  |  | (28 | ) |  |  | (97 | ) |  |  | 968 |  |  |  | 96 |  |  |  | 16,606 |  |  |  | 13,687 |
Microfinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MiBanco |  |  | 3,238 |  |  |  | 134 |  |  |  | 2,160 |  |  |  | 161 |  |  |  | (923 | ) |  |  | (88 | ) |  |  | (47 | ) |  |  | 204 |  |  |  | 129 |  |  |  | 16,898 |  |  |  | 13,902 |
Mibanco Colombia |  |  | 489 |  |  |  | – |  |  |  | 255 |  |  |  | 46 |  |  |  | (125 | ) |  |  | (16 | ) |  |  | 26 |  |  |  | (73 | ) |  |  | 44 |  |  |  | 2,113 |  |  |  | 1,849 |
|  |  | 3,727 |  |  |  | 134 |  |  |  | 2,415 |  |  |  | 207 |  |  |  | (1,048 | ) |  |  | (104 | ) |  |  | (21 | ) |  |  | 131 |  |  |  | 173 |  |  |  | 19,011 |  |  |  | 15,751 |
Investment Management & Advisory |  |  | 1,026 |  |  |  | 39 |  |  |  | 114 |  |  |  | 591 |  |  |  | – |  |  |  | (37 | ) |  |  | (43 | ) |  |  | (167 | ) |  |  | 13 |  |  |  | 10,144 |  |  |  | 8,484 |
Other segments |  |  | 377 |  |  |  | 1 |  |  |  | 30 |  |  |  | 8 |  |  |  | (13 | ) |  |  | (6 | ) |  |  | (168 | ) |  |  | (258 | ) |  |  | 151 |  |  |  | 4,274 |  |  |  | 2,935 |
Eliminations |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (3,494 | ) |  |  | (3,649 | )
Total consolidated |  |  | 25,665 |  |  |  | 752 |  |  |  | 12,938 |  |  |  | 6,867 |  |  |  | (3,957 | ) |  |  | (659 | ) |  |  | (1,888 | ) |  |  | 4,960 |  |  |  | 1,214 |  |  |  | 238,840 |  |  |  | 205,733 |
| (*) | Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical insurance results.
| (**) | Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Corresponds to other income (include income and expenses for commissions) and technical insurance results.
|  | Income (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | External |  |  | From other segments (**) |  |  | Net interest similar income and expensese |  |  | Other Income (***) |  |  | Provision for credit losses on loan portfolio |  |  | Depreciation, amortization and right use |  |  | Income Tax |  |  | Net profit |  |  | Additions of fixed assets, 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 Pensión funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pacífico Seguros y subsidiarias |  |  | 1,689 |  |  |  | 63 |  |  |  | 301 |  |  |  | 758 |  |  |  | – |  |  |  | (3 | ) |  |  | (12 | ) |  |  | 467 |  |  |  | 80 |  |  |  | 14,565 |  |  |  | 12,149 |
Prima AFP |  |  | 354 |  |  |  | 4 |  |  |  | – |  |  |  | 354 |  |  |  | – |  |  |  | (23 | ) |  |  | (48 | ) |  |  | 110 |  |  |  | 29 |  |  |  | 735 |  |  |  | 238 |
|  |  | 2,043 |  |  |  | 67 |  |  |  | 301 |  |  |  | 1,112 |  |  |  | – |  |  |  | (26 | ) |  |  | (60 | ) |  |  | 577 |  |  |  | 109 |  |  |  | 15,300 |  |  |  | 12,387 |
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 Management & Advisory |  |  | 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 |  |  | 20,919 |  |  |  | 725 |  |  |  | 11,092 |  |  |  | 5,908 |  |  |  | (2,159 | ) |  |  | (636 | ) |  |  | (2,111 | ) |  |  | 4,760 |  |  |  | 920 |  |  |  | 235,414 |  |  |  | 205,819 |
| (*) | Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results.
| (**) | Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Corresponds to other income (include income and expenses for commissions) and technical results.
|  | 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 |  |  | 11,143 |  |  |  | 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 Pensions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 Management & Advisory |  |  | 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 |  |  | 19,449 |  |  |  | 549 |  |  |  | 9,360 |  |  |  | 4,923 |  |  |  | (1,559 | ) |  |  | (683 | ) |  |  | (1,661 | ) |  |  | 3,672 |  |  |  | 640 |  |  |  | 244,847 |  |  |  | 217,809 |
| (*) | Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results.
| (**) | Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
| (***) | Corresponds to other income (include income and expenses for commissions) and technical results.
| (ii) | The following table presents (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, 2023, 2022 and 2021:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Total income (*) |  |  | Operating Income (**) |  |  | Total current non assets (***) |  |  | Total, liabilities |  |  | Total income (*) |  |  | Operating Income (**) |  |  | Total current non assets (***) |  |  | Total, liabilities |  |  | Total income (*) |  |  | Operating Income (**) |  |  | Total current non assets (***) |  |  | Total liabilities |
Perú |  |  | 17,279 |  |  |  | 11,922 |  |  |  | 4,648 |  |  |  | 180,268 |  |  |  | 14,053 |  |  |  | 10,430 |  |  |  | 4,325 |  |  |  | 179,855 |  |  |  | 17,330 |  |  |  | 8,682 |  |  |  | 3,773 |  |  |  | 188,505 |
Bermudas |  |  | 5,394 |  |  |  | (45 | ) |  |  | – |  |  |  | 2,086 |  |  |  | 5,151 |  |  |  | (28 | ) |  |  | 134 |  |  |  | 2,123 |  |  |  | 18 |  |  |  | (17 | ) |  |  | 134 |  |  |  | 2,174 |
Panamá |  |  | 384 |  |  |  | 174 |  |  |  | 31 |  |  |  | 5,580 |  |  |  | 295 |  |  |  | 105 |  |  |  | 3 |  |  |  | 8,384 |  |  |  | 309 |  |  |  | 103 |  |  |  | 30 |  |  |  | 10,389 |
Cayman Islands |  |  | 502 |  |  |  | 358 |  |  |  | – |  |  |  | 154 |  |  |  | 72 |  |  |  | 72 |  |  |  | – |  |  |  | 139 |  |  |  | 17 |  |  |  | – |  |  |  | – |  |  |  | 88 |
Bolivia |  |  | 1,082 |  |  |  | 328 |  |  |  | 122 |  |  |  | 12,784 |  |  |  | 960 |  |  |  | 377 |  |  |  | 113 |  |  |  | 11,885 |  |  |  | 978 |  |  |  | 373 |  |  |  | 121 |  |  |  | 13,012 |
Colombia |  |  | 855 |  |  |  | 199 |  |  |  | 193 |  |  |  | 4,060 |  |  |  | 193 |  |  |  | 132 |  |  |  | 22 |  |  |  | 2,283 |  |  |  | 601 |  |  |  | 213 |  |  |  | 415 |  |  |  | 2,610 |
United States of America |  |  | 29 |  |  |  | – |  |  |  | 14 |  |  |  | 19 |  |  |  | 8 |  |  |  | – |  |  |  | 5 |  |  |  | 15 |  |  |  | 33 |  |  |  | 1 |  |  |  | 1 |  |  |  | 5 |
Chile |  |  | 129 |  |  |  | 2 |  |  |  | 75 |  |  |  | 778 |  |  |  | 187 |  |  |  | 4 |  |  |  | 119 |  |  |  | 1,132 |  |  |  | 166 |  |  |  | 1 |  |  |  | 131 |  |  |  | 1,026 |
Others |  |  | 11 |  |  |  | – |  |  |  | – |  |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | 3 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total consolidated |  |  | 25,665 |  |  |  | 12,938 |  |  |  | 5,083 |  |  |  | 205,733 |  |  |  | 20,919 |  |  |  | 11,092 |  |  |  | 4,724 |  |  |  | 205,819 |  |  |  | 19,452 |  |  |  | 9,356 |  |  |  | 4,605 |  |  |  | 217,809 |
| (*) | 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.

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