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SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES  
Schedule of detailed information about basis of consolidation

At December 31, 2020 and 2019, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends):

 

 

 

Activity and country of

 

Percentage of interest 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity

 

incorporation

 

(direct and indirect)

 

Assets

 

Liabilities

 

Equity

 

Net income (loss):

 

    

 

    

2020

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

    

2019

 

 

 

 

%  

 

%  

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

Grupo Crédito S.A. and Subsidiaries (i)

 

Holding, Peru

 

100.00

 

100.00

 

210,298,709

 

165,072,249

 

189,194,894

 

142,514,228

 

21,103,815

 

22,558,021

 

274,816

 

3,638,334

Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii)

 

Insurance, Peru

 

98.81

 

98.79

 

16,020,865

 

13,783,515

 

13,036,221

 

10,963,533

 

2,984,644

 

2,819,982

 

194,639

 

381,492

Atlantic Security Holding Corporation and Subsidiaries (iii)

 

Capital Markets, Cayman Islands

 

100.00

 

100.00

 

8,593,553

 

6,076,928

 

6,876,666

 

4,986,657

 

1,716,887

 

1,090,271

 

507,303

 

601,629

Credicorp Capital Ltd. and Subsidiaries (iv)

 

Capital Markets and asset management, Bermuda

 

100.00

 

100.00

 

4,535,200

 

4,807,905

 

3,600,354

 

3,832,287

 

934,846

 

975,618

 

(65,575)

 

41,634

CCR Inc.(v)

 

Special purpose Entity, Bahamas

 

100.00

 

100.00

 

259,373

 

386,146

 

257,996

 

385,253

 

1,377

 

893

 

484

 

1,676

 

(i)

Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes:

 

 

 

 

 

Percentage of interest 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Activity and country of

 

(direct and indirect)

 

Assets

 

Liabilities

 

Equity

 

Net income (loss):

Entity

 

incorporation

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

 

 

 

%

 

%

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

Banco de Crédito del Perú and Subsidiaries (a)

    

Banking, Peru

    

97.71

    

97.71

    

195,702,525

    

152,426,848

    

177,367,887

    

133,456,760

    

18,334,638

    

18,970,088

    

244,303

    

3,641,935

Inversiones Credicorp Bolivia S.A. and Subsidiaries (b)

 

Banking, Bolivia

 

99.96

 

99.96

 

12,533,378

 

10,552,154

 

11,802,383

 

9,773,372

 

730,995

 

778,782

 

(65,653)

 

94,666

Prima AFP (c)

 

Private pension fund administrator, Peru

 

100.00

 

100.00

 

1,107,706

 

982,591

 

407,536

 

284,643

 

700,170

 

697,948

 

148,141

 

196,590

Krealo SpA and Subsidiaries (d)

 

Holding, Chile

 

100.00

 

100.00

 

95,693

 

72,847

 

22,453

 

41,765

 

73,240

 

31,082

 

(19,912)

 

(6,476)

 

a)    BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”).

Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Peru oriented towards the micro and small business sector. At December 31, 2020, the assets, liabilities, equity and net result of Mibanco amount to approximately S/15,649.5 million, S/13,539.5 million, S/2,110.0 million and S/(379.3) million, respectively (S/13,741.7 million, S/11,655.7 million, S/2,086.0 million, and S/401.0 million, respectively at December 31, 2019). At the General Shareholders’ Meeting on November 9, 2020, it was agreed to increase Mibanco’s share capital by S/ 400 million. On December 20, 2020, BCP contributed S/ 380 million and Grupo Crédito S/20 million. As of December 31, 2020, the shares are pending issuance.

b)    Inversiones Credicorp Bolivia S.A. (hereinafter  “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products.

Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. At December 31, 2020, the assets, liabilities, equity and net result of BCB were approximately S/12,472.4 million, S/11,781.4 million, S/691.0 million and S/(74.3) million, respectively (S/10,480.9 million, S/ 9,743.9 million, S/737.0 million and S/79.0 million, respectively at December 31, 2019).

c)     Prima AFP is a private pension fund and its activities are regulated by the SBS.

d)    Krealo SpA (hereinafter “Krealo”) was established in January 2019; and is oriented to make capital investments outside the country. On July 1, 2019, Krealo acquired Tenpo SpA and Tenpo Prepago S.A. (before Multicaja Prepago S.A.)

(ii)

Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively.

(iii)

Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers.

(iv)

Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco - Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes:

 

 

Percentage of interest 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity

 

(direct and indirect)

 

Assets

 

Liabilities

 

Equity

 

Net income (loss):

 

    

2020

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

    

2019

    

2020

    

2019

 

 

%  

 

%  

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

S/(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credicorp Holding Colombia S.A.S. and Subsidiaries (a)

 

100.00

 

100.00

 

3,229,783

 

3,400,683

 

2,606,724

 

2,692,520

 

623,059

 

708,163

 

(60,398)

 

22,964

Credicorp Capital Holding Chile and Subsidiaries (b)

 

100.00

 

100.00

 

915,013

 

1,161,991

 

744,027

 

1,017,072

 

170,986

 

144,919

 

(16,979)

 

(5,222)

Credicorp Capital Holding Perú S.A. and Subsidiaries (c)

 

100.00

 

100.00

 

358,241

 

228,421

 

228,555

 

114,913

 

129,686

 

113,508

 

37,804

 

24,452

 

a)     Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons.

Its main subsidiaries are Credicorp Capital Colombia S.A, which was acquired in Colombia in the year 2012 and merged with Ultraserfinco S.A. In June 2020, this subsidiary is oriented to the activities of commission agents and securities brokers. Likewise, Mibanco Colombia (before Banco Compartir S.A.) was acquired in the year 2019 and merged with Edyficar S.A.S. in October 2020, this subsidiary is oriented to grant credits to the micro and small business sector. As of December 31, 2020 and 2019, the direct and indirect interest held by Credicorp and the assets, liabilities, equity and net income were:

 

    

Percentage of interest

    

 

 

 

    

 

 

 

    

 

 

 

    

 

 

 

Entity

 

(direct and indirect)

 

Assets

 

Liabilities

 

Equity

 

Net income (loss):

 

 

2020

 

2019

 

2020

    

2019

 

2020

    

2019

 

2020

    

2019

 

2020

    

2019

 

 

%  

 

%  

 

%  

 

%  

 

%  

 

%  

 

%  

 

%  

 

%  

 

%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credicorp Capital Colombia S.A.

 

100.00

 

100.00

 

1,630,701

 

1,896,733

 

1,438,236

 

1,757,850

 

192,465

 

138,883

 

45,454

 

23,101

Mibanco – Banco de la Microempresa de Colombia S.A.

 

83.07

 

77.47

 

1,207,875

 

1,045,912

 

992,611

 

888,092

 

215,264

 

157,820

 

(50,742)

 

(2,105)

 

b)    Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A.

c)    Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate.

(v)

CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP.

 

Schedule of Property, furniture and equipment estimated useful lives

 

 

 

 

    

Years

 

 

 

Buildings and other construction

 

33

Installations

 

10

Furniture and fixtures

 

10

Vehicles and equipment

 

 5

Computer hardware

 

 4

 

Schedule of intangible assets estimated useful lives

Intangible assets identified as a consequence of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their fair values determined on the acquisition date and are amortized using the straight line method over their estimated useful life as follows:

 

 

 

 

    

Estimated

 

 

useful life in

 

 

years

 

 

 

Client relationship - Prima AFP (AFP Unión Vida)

 

20

Client relationship – Credicorp Capital Holding Chile (Inversiones IMT)

 

22

Client relationship - Edyficar Peru

 

10

Client relationship – Mibanco

 

 7

Client relationship - Ultraserfinco

 

9.2

Brand - Mibanco

 

25

Brand - Culqi

 

 5

Fund manager contract - Credicorp Capital Colombia

 

20 and 28

Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT)

 

11 and 24

Fund manager contract - Ultraserfinco

 

23

Core deposits - Mibanco

 

 6

Others

 

Between 3 and 7.5