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INTANGIBLE ASSETS AND GOODWILL, NET | 12 Months Ended
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Dec. 31, 2023
INTANGIBLE ASSETS AND GOODWILL, NET [Abstract] |
INTANGIBLE ASSETS AND GOODWILL, NET |
10 | INTANGIBLE ASSETS AND GOODWILL, NET
| a) | Intangible assets –
The movement of intangible assets with limited useful life for the years ended December 31, 2023, 2022 and 2021 is as follows:
Description |  | Client relationships (i) |  |  | Brand name (ii) |  |  | Fund manager contract (iii) |  |  | Relationships with holders |  |  | Software and developments |  |  | Intangible in progress |  |  | Other |  |  | 2023 |  |  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Cost - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances at January 1 |  |  | 373,602 |  |  |  | 171,864 |  |  |  | 73,412 |  |  |  | 21,100 |  |  |  | 3,642,091 |  |  |  | 867,213 |  |  |  | 17,953 |  |  |  | 5,167,235 |  |  |  | 4,708,305 |  |  |  | 4,293,864 |
Additions |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 244,879 |  |  |  | 577,462 |  |  |  | 6,462 |  |  |  | 828,803 |  |  |  | 703,670 |  |  |  | 532,244 |
Acquisition of business |  |  | 2,507 |  |  |  | 3,457 |  |  |  | – |  |  |  | – |  |  |  | 10,678 |  |  |  | – |  |  |  | – |  |  |  | 16,642 |  |  |  | 7,533 |  |  |  | – |
Transfers |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 436,050 |  |  |  | (436,050 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Disposals and others |  |  | (204 | ) |  |  | – |  |  |  | 4,303 |  |  |  | – |  |  |  | (54,676 | ) |  |  | (107,063 | ) |  |  | 6,339 |  |  |  | (151,301 | ) |  |  | (252,273 | ) |  |  | (117,803 | )
Balance as of December 31 |  |  | 375,905 |  |  |  | 175,321 |  |  |  | 77,715 |  |  |  | 21,100 |  |  |  | 4,279,022 |  |  |  | 901,562 |  |  |  | 30,754 |  |  |  | 5,861,379 |  |  |  | 5,167,235 |  |  |  | 4,708,305 |
Accumulated amortization - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | 302,513 |  |  |  | 60,488 |  |  |  | 12,824 |  |  |  | 21,100 |  |  |  | 2,637,685 |  |  |  | – |  |  |  | 5,409 |  |  |  | 3,040,019 |  |  |  | 2,795,084 |  |  |  | 2,475,466 |
Amortization of the period |  |  | 15,025 |  |  |  | 5,827 |  |  |  | 3,573 |  |  |  | – |  |  |  | 407,583 |  |  |  | – |  |  |  | 4,576 |  |  |  | 436,584 |  |  |  | 403,726 |  |  |  | 381,794 |
Disposals and others |  |  | (307 | ) |  |  | – |  |  |  | (24 | ) |  |  | – |  |  |  | (42,326 | ) |  |  | – |  |  |  | 416 |  |  |  | (42,241 | ) |  |  | (158,791 | ) |  |  | (62,176 | )
Balance as of December 31 |  |  | 317,231 |  |  |  | 66,315 |  |  |  | 16,373 |  |  |  | 21,100 |  |  |  | 3,002,942 |  |  |  | – |  |  |  | 10,401 |  |  |  | 3,434,362 |  |  |  | 3,040,019 |  |  |  | 2,795,084 |
Net carrying amount |  |  | 58,674 |  |  |  | 109,006 |  |  |  | 61,342 |  |  |  | – |  |  |  | 1,276,080 |  |  |  | 901,562 |  |  |  | 20,353 |  |  |  | 2,427,017 |  |  |  | 2,127,216 |  |  |  | 1,913,221 |
During 2023, activated disbursements were mainly related to the implementation and development of various IT projects such as Yape, Collection Suite, Telecredit - Office Banking, Data Lake - Data Vault, Integrated Management of Payment Solutions, Operational CRM, IO App, Among others. During 2022, the Group has made disbursements mainly related to the implementation and development of various IT projects such as Cubo – Mis Financiero, Yape, DataLake – Data Vault, IFRS 9 Strategic Tool, Office Banking, Vision Plus, among others. During 2021, the Group has made disbursements mainly related to the implementation and development of various IT projects such as Data Lake - Data Vault, Mobile Banking I14, Telephone Banking by voice call I15 and improvements in Yape, among others. Due to the implementation of IFRS 17, the expense for depreciation and amortization of intangibles is distributed in the consolidated income statement in the depreciation and amortization item by S/386.1 million and S/50.5 million corresponding to the attributable expense in the item insurance technical result. In the opinion of Management, the net book value of intangibles does not exceed their recoverable value as of December 31, 2023, 2022 and 2021.
| (i) | Client relationships -
This item consists of the following:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Prima AFP - AFP Unión Vida |  |  | 37,701 |  |  |  | 45,262 |
Credicorp Capital Holding Chile - Inversiones IMT |  |  | 13,410 |  |  |  | 15,564 |
Joinnus S.A.C. |  |  | 2,507 |  |  |  | – |
Ultraserfinco S.A. |  |  | 2,000 |  |  |  | 6,971 |
Compañía Incubadora de Soluciones Móviles S.A-Culqi |  |  | 1,792 |  |  |  | 1,809 |
Tenpo SpA |  |  | 1,264 |  |  |  | 1,483 |
Net carrying amount |  |  | 58,674 |  |  |  | 71,089 |
| (ii) | Brand name -
This item consists of the following:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
MiBanco |  |  | 105,244 |  |  |  | 111,009 |
Joinnus S.A.C. |  |  | 3,457 |  |  |  | – |
Compañía Incubadora de Soluciones Móviles S.A-Culqi |  |  | 305 |  |  |  | 367 |
Net carrying amount |  |  | 109,006 |  |  |  | 111,376 |
| (iii) | Fund management contract -
This item consists of the following:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Credicorp Capital Holding Chile - Inversiones IMT |  |  | 29,553 |  |  |  | 30,495 |
Credicorp Capital Colombia |  |  | 29,229 |  |  |  | 27,620 |
Ultrasefinco S.A. |  |  | 2,560 |  |  |  | 2,473 |
Net carrying amount |  |  | 61,342 |  |  |  | 60,588 |
Management has assessed at each reporting date that there was no indication that customer relationships, brand name, fund management contract and software and developments may be impaired.
| b) | Goodwill -
Goodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGU for the purposes of impairment testing, as follows:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
MiBanco - Edyficar Perú |  |  | 273,694 |  |  |  | 273,694 |
Prima AFP - AFP Unión Vida |  |  | 124,641 |  |  |  | 124,641 |
Credicorp Capital Colombia S.A |  |  | 111,799 |  |  |  | 92,188 |
Banco de Crédito del Perú |  |  | 52,359 |  |  |  | 52,359 |
MiBanco Colombia |  |  | 49,629 |  |  |  | 99,979 |
Pacífico Seguros |  |  | 36,354 |  |  |  | 36,354 |
Joinnus S.A.C |  |  | 35,700 |  |  |  | – |
Atlantic Security Holding Corporation |  |  | 29,795 |  |  |  | 29,795 |
Tenpo SpA |  |  | 22,697 |  |  |  | 23,441 |
Monokera S.A.S |  |  | 22,656 |  |  |  | – |
Wally POS S.A.C |  |  | 21,046 |  |  |  | 24,214 |
Tenpo Technologie SpA |  |  | 11,719 |  |  |  | 13,155 |
Sami Shop S.A.C |  |  | 4,000 |  |  |  | – |
Compañía Incubadora de Soluciones Móviles S.A-Culqi |  |  | 2,297 |  |  |  | 2,297 |
Crediseguro Seguros Personales |  |  | 96 |  |  |  | 96 |
Net carrying amount |  |  | 798,482 |  |  |  | 772,213 |
The recoverable amount of all of the CGUs has been determined based in the present value of the discounted cash flows or dividends determined principally with assumptions of revenue and expenses projection (based on efficiency ratios). Goodwill balance of Credicorp Capital Colombia S.A, Mibanco Colombia, Tenpo SPA and Tenpo Technologie SpA. are affected by the effect of the local exchange rate currency of the country in which they operate against the exchange rate of functional currency of Credicorp Ltd. and subsidiaries. As of December 31, 2023, the Group recorded an impairment of MiBanco Colombia (formerly Bancompartir S.A) for $75,199 million Colombian peso equivalent S/64.1 million and S/7.8 million of minority interest. To determine this impairment, a fair value of $438,259 million Colombian peso, equivalent to US$113.2 million, and a book value of $513,458 million Colombian peso, equivalent to US$132.5 million, were estimated. For the estimation, a discount rate of 15.1 percent and a perpetual growth rate of 6.8 percent were used as assumptions. During 2022, no impairment losses were recorded. The following table summarizes the key assumptions used for the calculation of the present value in 2023 and 2022:
|  | 2023 |
Description |  | Terminal value growth rate |  |  | Discount rate |
|  | % |  |  | % |
Mibanco - Edyficar Perú |  |  | 5.60 |  |  |  | 13.10 |
Prima AFP - AFP Unión Vida |  |  | 1.60 |  |  |  | 15.50 |
Mibanco Colombia |  |  | 6.80 |  |  |  | 15.10 |
Credicorp Capital Colombia S.A |  |  | 4.60 |  |  |  | 14.90 |
Banco de Crédito del Perú |  |  | 4.60 |  |  |  | 12.40 |
Pacífico Seguros (*) |  |  | 4.60 |  |  | 11.8 and 13.9 |
Atlantic Security Holding Corporation |  |  | 2.30 |  |  |  | 12.60 |
Tenpo SpA |  |  | – |  |  |  | 25.00 |
Compañía Incubadora de Soluciones Móviles S.A- Culqi |  |  | – |  |  |  | 25.00 |
Wally POS S.A.C. |  |  | – |  |  |  | 25.00 |
Sami Shop S.A.C. |  |  | – |  |  |  | 25.00 |
|  | 2022 |
Description |  | Terminal value growth rate |  |  | Discount rate |
|  | % |  |  | % |
Mibanco - Edyficar Perú |  |  | 5.60 |  |  |  | 14.30 |
Prima AFP - AFP Unión Vida |  |  | 1.60 |  |  |  | 16.10 |
MiBanco - Colombia |  |  | 6.00 |  |  |  | 16.80 |
Credicorp Capital Colombia S.A. |  |  | 4.80 |  |  |  | 17.90 |
Banco de Crédito del Perú |  |  | 4.60 |  |  |  | 12.80 |
Pacífico Seguros (*) |  |  | 4.60 |  |  | 13.0 and 14.3 |
Atlantic Security Holding Corporation |  |  | 2.30 |  |  |  | 15.20 |
Tenpo SpA |  |  | – |  |  |  | 25.00 |
Compañía Incubadora de Soluciones Móviles S.A - Culqi |  |  | – |  |  |  | 25.00 |
(*) As of December 31, 2023, and 2022, it corresponds to the discount rates used to determine the recoverable value of the cash flows that correspond to the general and life insurance business lines. Cash flows of 5 to 10 years were included, depending on the maturity of the business in the discounted cash flow model. Estimated growth rates are based on historical performance and Management’s expectations regarding market development. A long-term growth rate in perpetuity has been determined considering account forecasts included in industry reports. Discount rates represent the assessment of the specific risks of the CGU. The discount rate originates from the financial asset pricing model (MVAF). The cost of capital is derived from the benefits that the Group’s investors expect to obtain, the specific risk incorporated by applying comparable individual beta factors adjusted to the debt structure of each CGU and the specific country and market risk premiums for each CGU. Beta factors are evaluated annually based on available market information. As a result of the evaluation carried out on the goodwill, an impairment in the goodwill of Mibanco Colombia was recognized, which is explained by a combination of lower projected flows and increased capital contributions in 2023 and 2024, partially offset by a lower discount rate. The macroeconomic context has had a relevant impact on business results. The higher rates have put downward pressure on the intermediation margin due to a higher cost of funding and the difficulty of transferring this increase to active rates. Additionally, the portfolio has deteriorated in a context of low economic growth and high inflation rates; mainly due to the greater transfer of credits to Stage 2 and Stage 3. The key assumptions described above may change if market and economic conditions change. As of December 31, 2023, and 2022, the Group estimates that the reasonableness of these possible changes in these assumptions would not cause the recoverable amount of all CGUs to decrease below their book value.

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