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TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 12 Months Ended
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Dec. 31, 2023
TRANSACTIONS AND BALANCES WITH RELATED PARTIES [Abstract] |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES |
28 | TRANSACTIONS AND BALANCES WITH RELATED PARTIES
| a) | The Group’s consolidated financial statements as of December 31, 2023 and 2022 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO.
| b) | The following table presents the main transactions and balances with related parties and individuals as of December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Statement of financial position - |  |  |  |  |  |  |  |
Direct loans |  |  | 2,063,739 |  |  |  | 1,804,837 |
Investments (i) |  |  | 806,700 |  |  |  | 800,021 |
Deposits (ii) |  |  | (713,503 | ) |  |  | (1,138,115 | )
Derivatives at fair value |  |  | 516,292 |  |  |  | 336,867 |
| (i) | As of December 31, 2023, the balance includes mainly S/166.8 million of corporate bonds, S/146.5 million of Alicorp S.A.A. shares; S/135.9 million of Inversiones Centenario shares and S/120.5 million of corporate bonds issued by Corporación Primax. The increase in the balance corresponds mainly to the fluctuation that positively affected the investments in corporate bonds of Alicorp S.A. and Corporación Primax. As of December 31, 2022, the balance includes mainly S/158.1 million of corporate bonds, S/157.0 million of Alicorp S.A.A. shares; S/155.3 million of corporate bonds issued by Cementos Pacasmayo S.A. and S/126.8 million of Inversiones Centenario shares.
| (ii) | Corresponds to deposits from legal entities and individuals. As of December 31, 2023 and 2022, the balance corresponds mainly to higher deposits held by companies and related persons.
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Statement of income |  |  |  |  |  |  |  |
Interest income related to loans |  |  | 31,892 |  |  |  | 38,896 |
Interest expenses related to deposits |  |  | (30,914 | ) |  |  | (24,143 | )
Other income |  |  | 9,452 |  |  |  | 13,232 |
Contingent risks and commitments |  |  |  |  |  |  |  |
Indirect loans |  |  | 584,463 |  |  |  | 433,639 |
| c) | All transactions with related parties are made in accordance with normal market conditions available to other customers. As of December 31, 2023, direct loans to related companies are secured by collateral, had maturities between January 2024 and A ugust 2030, at an annual soles average interest rate of 7.70 percent and at an annual foreign currency average interest rate of 6.04 percent (as of December 31, 2022, maturities between January 2023 an June 2029, at an annual soles average interest rate of 6.86 percent and at an annual foreign currency average interest rate of 4.59 percent). Also, as of December 31, 2023 and December 31, 2022, the Group maintains an allowance for loan losses for related parties amounting to S/15.2 million and S/8.5 million, respectively.
| d) | As of December 31, 2023 and 2022, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. As of December 31, 2023 and 2022, direct loans to employees, directors, key management and family members amounted to S/1,383.3 million and S/1,179.2 million, respectively; they are repaid monthly and earn interest at market rates.
| e) | The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2023 and 2022 was as follows:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Director’s compensation |  |  | 7,387 |  |  |  | 7,850 |
Senior Management Compensation: |  |  |  |  |  |  |  |
Remuneration |  |  | 49,573 |  |  |  | 40,201 |
Stock awards vested |  |  | 21,444 |  |  |  | 28,450 |
Total |  |  | 78,404 |  |  |  | 76,501 |
| f) | As of December 31, 2023 and 2022 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
At fair value through profit or loss: |  |  |  |  |  |  |  |
Mutual funds, investment funds and hedge funds |  |  |  |  |  |  |  |
U.S. Dollars |  |  | 516,834 |  |  |  | 626,404 |
Bolivianos |  |  | 179,131 |  |  |  | 163,701 |
Colombian pesos |  |  | 170,769 |  |  |  | 70,987 |
Soles |  |  | 108,830 |  |  |  | 76,535 |
Chilean pesos |  |  | 7,198 |  |  |  | 5,735 |
Total |  |  | 982,762 |  |  |  | 943,362 |
Restricted mutual funds, note 6(a)(iv) |  |  | 334,162 |  |  |  | 351,317 |

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