XML 33 R14.htm IDEA: XBRL DOCUMENT v3.22.1
LOANS, NET
 12 Months Ended
Dec. 31, 2021
LOANS, NET [Abstract]  
LOANS, NET
7
LOANS, NET

a)
This item consists of the following:

   
2021
    
2020
  
    S/(000)
  S/(000)
Direct loans -
                
Loans
    
120,621,183
      
115,213,536
  
Leasing receivables
    
6,446,450
      
5,775,917
  
Credit cards
    
5,626,026
      
5,629,189
  
Factoring receivables
    
3,572,697
      
2,153,689
  
Discounted notes
    
2,718,321
      
1,483,723
  
Advances and overdrafts in current account
    
69,238
      
52,807
  
Refinanced loans
    
1,800,465
      
1,669,395
  
Total direct loans
    
140,854,380
      
131,978,256
  
                 
Internal overdue loans and under legal collection loans
    
5,562,439
      
4,685,569
  
     
146,416,819
      
136,663,825
  
Add (less) -
                
Accrued interest
    
1,280,262
      
1,197,489
  
Unearned interest
    
(99,669
)
    
(201,429
)
Total direct loans
    
147,597,412
      
137,659,885
  
Expected loss provision for direct loans (c)
    
(8,477,308
)
    
(9,898,760
)
Total direct loans, net
    
139,120,104
      
127,761,125
  

The credits granted as part of the Reactiva Perú program are guaranteed by the Peruvian Government. The total granted through this program as of December 31, 2021 is S/18,404.6 million (S/24,286.5 million as of December 31, 2020). Likewise, as of December 31,2021, loans from the Reactiva Perú program were rescheduled for an amount of S/7,539.9 million. Likewise, the Group has repurchase agreements which guarantees are detailed in Note 5(c). See more details of this program in the Note 2(b).

The government, to serve small companies that the Reactiva Perú program does not reach, has established the Business Support Fund for the MYPE (FAE-MYPE) which represents for MiBanco a total of S/14.8 million and S/209.9 million for FAE-MYPE 1 and FAE-MYPE 2, respectively as of December 31, 2021 (S/79.9 million and S/273.6 million for FAE-MYPE 1 and FAE-MYPE 2, respectively as of December 31, 2020). Likewise, as of December 31,2021, loans from the FAE-MYPE 2 program were rescheduled for an amount of S/55.9 million. See more details of this program in the Note 2(b).

Due COVID-19 Pandemic effects, BCP and MiBanco, the main Subsidiaries of Credicorp have offered its clients the opportunity to reschedule their loans for 30 or 90 days without incurring in overdue fees and interest on capital. As of December 31, 2021, the rescheduled portfolio amounted to S/20,961.1 million (S/24,813.2 million as of December 31, 2020).

In the loan portfolio, the most vulnerable microfinance operations correspond to Mibanco, and in BCP stand-alone to the Pyme and consumer loans, where debt reprogramming rates reached 5.3 percent, 34.0 percent and 11.4 percent respectively as of December 31, 2021 (15.3 percent, 20.8 percent and 33.5 percent respectively as of December 31, 2020).

  b)
As of December 31, 2021 and 2020, the composition of the gross credit balance is as follows:

   
2021
    
2020
  
    S/(000)

  S/(000)

                 
Direct loans
    
146,416,819
      
136,663,825
  
Indirect loans, Note 21(a)
    
22,914,343
      
20,973,810
  
Due from customers on banker’s acceptances 3(r)
    
532,404
      
455,343
  
Total
    
169,863,566
      
158,092,978
  

The movement of gross balance of loan portfolio by stages is as follows for the periods of 2021 and 2020:

Stage 1
                                                            
Loans by class
  
Balance at
December 31,
2020
    
Transfer to
Stage 2
    
Transfer to
Stage 3
    
Transfer
from
Stage 2
    
Transfer from
Stage 3
    
New loans,
liquidation, write-
offs and
forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2021
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
84,366,795
      
(13,032,923
)
    
(912,504
)
    
8,283,495
      
464,932
      
5,398,312
      
1,482,015
      
–
      
4,231,341
      
90,281,463
  
Residential mortgage loans
    
18,063,315
      
(2,595,038
)
    
(226,183
)
    
1,622,944
      
76,745
      
1,378,089
      
(45,768
)
    
(474
)
    
428,559
      
18,702,189
  
Micro-business loans
    
11,580,793
      
(12,106,836
)
    
(332,694
)
    
4,401,320
      
142,517
      
9,164,707
      
(2,193,954
)
    
–
      
147,843
      
10,803,696
  
Consumer loans
    
9,980,504
      
(4,602,656
)
    
(685,511
)
    
1,961,919
      
72,304
      
4,394,600
      
757,707
      
–
      
114,956
      
11,993,823
  
Total
    
123,991,407
      
(32,337,453
)
    
(2,156,892
)
    
16,269,678
      
756,498
      
20,335,708
      
–
      
(474
)
    
4,922,699
      
131,781,171
  

Stage 2
                                                            
Loans by class
  
Balance at
December 31,
2020
    
Transfer to
Stage 1
    
Transfer to
Stage 3
    
Transfer
from
Stage 1
    
Transfer from
Stage 3
    
New loans,
liquidation, write-
offs and
forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2021
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)
Commercial loans
    
10,090,159
      
(8,283,495
)
    
(3,350,523
)
    
13,032,923
      
800,280
      
(2,042,256
)
    
800,739
      
–
      
294,582
      
11,342,409
  
Residential mortgage loans
    
1,360,460
      
(1,622,944
)
    
(516,497
)
    
2,595,038
      
185,299
      
(255,142
)
    
(5,529
)
    
–
      
17,440
      
1,758,125
  
Micro-business loans
    
8,451,947
      
(4,401,320
)
    
(1,921,386
)
    
12,106,836
      
164,077
      
(4,686,408
)
    
(794,634
)
    
–
      
8,246
      
8,927,358
  
Consumer loans
    
2,584,176
      
(1,961,919
)
    
(854,967
)
    
4,602,656
      
214,329
      
(1,666,707
)
    
(576
)
    
–
      
4,083
      
2,921,075
  
Total
    
22,486,742
      
(16,269,678
)
    
(6,643,373
)
    
32,337,453
      
1,363,985
      
(8,650,513
)
    
–
      
–
      
324,351
      
24,948,967
  

Stage 3
                                                            
Loans by class
  
Balance at
December 31, 
2020
    
Transfer to
Stage 1
    
Transfer to
Stage 2
    
Transfer
from
Stage 1
    
Transfer from
Stage 2
    
New loans,
liquidation, write-
offs and
forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2021
  
 
   S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
6,850,481
      
(464,932
)
    
(800,280
)
    
912,504
      
3,350,523
      
(1,413,990
)
    
5,957
      
(30,101
)
    
346,581
      
8,756,743
  
Residential mortgage loans
    
1,144,605
      
(76,745
)
    
(185,299
)
    
226,183
      
516,497
      
(270,401
)
    
(3,696
)
    
(9,126
)
    
29,128
      
1,371,146
  
Micro-business loans
    
1,978,448
      
(142,517
)
    
(164,077
)
    
332,694
      
1,921,386
      
(2,017,681
)
    
(9,675
)
    
(6,629
)
    
14,261
      
1,906,210
  
Consumer loans
    
1,641,295
      
(72,304
)
    
(214,329
)
    
685,511
      
854,967
      
(1,808,007
)
    
7,414
      
(1,237
)
    
6,019
      
1,099,329
  
Total
    
11,614,829
      
(756,498
)
    
(1,363,985
)
    
2,156,892
      
6,643,373
      
(5,510,079
)
    
–
      
(47,093
)
    
395,989
      
13,133,428
  

Consolidated 3 Stages
                                          
Loans by class
  
Balance at
December 31,
2020
    
Loan write-
offs
    
New loans,
liquidation and
forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2021
  
 
   S/(000)
  S/(000)

  S/(000)

  S/(000)
  S/(000)
  S/(000)

  S/(000)

Commercial loans
    
101,307,435
      
(157,472
)
    
2,099,538
      
2,288,711
      
(30,101
)
    
4,872,504
      
110,380,615
  
Residential mortgage loans
    
20,568,380
      
(30,217
)
    
882,763
      
(54,993
)
    
(9,600
)
    
475,127
      
21,831,460
  
Micro-business loans
    
22,011,188
      
(1,477,691
)
    
3,938,309
      
(2,998,263
)
    
(6,629
)
    
170,350
      
21,637,264
  
Consumer loans
    
14,205,975
      
(1,263,951
)
    
2,183,837
      
764,545
      
(1,237
)
    
125,058
      
16,014,227
  
Total
    
158,092,978
      
(2,929,331
)
    
9,104,447
      
–
      
(47,567
)
    
5,643,039
      
169,863,566
  

Stage 1
                                                            
Loans by class
  
Balance at
December 31,
2019
    
Transfer to
Stage 2
    
Transfer to
Stage 3
    
Transfer
from
Stage 2
  
Transfer from
Stage 3
    
New loans,
liquidation, write-
offs and
forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2020
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
75,838,248
      
(11,454,423
)
    
(1,156,992
)
    
6,357,672
      
208,847
      
9,161,013
      
3,077,315
      
–
      
2,335,115
      
84,366,795
  
Residential mortgage loans
    
17,903,028
      
(2,119,501
)
    
(85,736
)
    
965,659
      
10,610
      
1,064,765
      
7,965
      
–
      
316,525
      
18,063,315
  
Micro-business loans
    
13,782,323
      
(12,403,714
)
    
(395,404
)
    
2,699,000
      
117,762
      
10,635,242
      
(3,006,249
)
    
–
      
151,833
      
11,580,793
  
Consumer loans
    
12,222,858
      
(4,958,492
)
    
(769,528
)
    
2,018,818
      
21,518
      
1,438,695
      
(79,031
)
    
–
      
85,666
      
9,980,504
  
Total
    
119,746,457
      
(30,936,130
)
    
(2,407,660
)
    
12,041,149
      
358,737
      
22,299,715
      
–
      
–
      
2,889,139
      
123,991,407
  

Stage 2
                                                            
Loans by class
  
Balance at December 31, 2019
    
Transfer to
Stage 1
    
Transfer to
Stage 3
    
Transfer from
Stage 1
    
Transfer from
Stage 3
    
New loans,
liquidation, write-
offs and
forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2020
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
4,883,039
      
(6,357,672
)
    
(1,690,324
)
    
11,454,423
      
301,053
      
421,704
      
915,980
      
–
      
161,956
      
10,090,159
  
Residential mortgage loans
    
778,702
      
(965,659
)
    
(276,415
)
    
2,119,501
      
7,597
      
(317,002
)
    
173
      
–
      
13,563
      
1,360,460
  
Micro-business loans
    
1,839,597
      
(2,699,000
)
    
(1,001,599
)
    
12,403,714
      
95,468
      
(1,283,205
)
    
(906,426
)
    
–
      
3,398
      
8,451,947
  
Consumer loans
    
2,210,504
      
(2,018,818
)
    
(1,235,709
)
    
4,958,492
      
62,822
      
(1,385,764
)
    
(9,727
)
    
–
      
2,376
      
2,584,176
  
Total
    
9,711,842
      
(12,041,149
)
    
(4,204,047
)
    
30,936,130
      
466,940
      
(2,564,267
)
    
–
      
–
      
181,293
      
22,486,742
  

Stage 3
                                                            
Loans by class
  
Balance at
December 31,
2019
    
Transfer to
Stage 1
    
Transfer to
Stage 2
    
Transfer
from
Stage 1
    
Transfer from
Stage 2
    
New loans,
liquidation, write-
offs and
forgivens, net
   
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2020
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
3,771,417
      
(208,847
)
    
(301,053
)
    
1,156,992
      
1,690,324
      
606,823
      
9,933
      
(14,938
)
    
139,830
      
6,850,481
  
Residential mortgage loans
    
994,991
      
(10,610
)
    
(7,597
)
    
85,736
      
276,415
      
(207,041
)
    
1
      
(8,167
)
    
20,877
      
1,144,605
  
Micro-business loans
    
1,350,858
      
(117,762
)
    
(95,468
)
    
395,404
      
1,001,599
      
(566,112
)
    
2,738
      
(3,934
)
    
11,125
      
1,978,448
  
Consumer loans
    
848,650
      
(21,518
)
    
(62,822
)
    
769,528
      
1,235,709
      
(1,115,561
)
    
(12,672
)
    
(3,607
)
    
3,588
      
1,641,295
  
Total
    
6,965,916
      
(358,737
)
    
(466,940
)
    
2,407,660
      
4,204,047
      
(1,281,891
)
    
–
      
(30,646
)
    
175,420
      
11,614,829
  

Consolidated 3 Stages
                                          
Loans by class
  
Balance at December 31, 2019
    
Loan write-
offs
    
New loans, liquidation and forgivens, net
    
Transfers
between classes
of loans
    
Sale of loan
portfolio
    
Exchange
differences and
others
    
Balance at
December 31,
2020
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
84,492,704
      
(115,471
)
    
10,305,011
      
4,003,228
      
(14,938
)
    
2,636,901
      
101,307,435
  
Residential mortgage loans
    
19,676,721
      
(39,862
)
    
580,584
      
8,139
      
(8,167
)
    
350,965
      
20,568,380
  
Micro-business loans
    
16,972,778
      
(506,473
)
    
9,292,398
      
(3,909,937
)
    
(3,934
)
    
166,356
      
22,011,188
  
Consumer loans
    
15,282,012
      
(531,964
)
    
(530,666
)
    
(101,430
)
    
(3,607
)
    
91,630
      
14,205,975
  
Total
    
136,424,215
      
(1,193,770
)
    
19,647,327
      
–
      
(30,646
)
    
3,245,852
      
158,092,978
  

  c)
As of December 31, 2021, and 2020, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances:

Stage 1
                              
                               
Loans by class
  
Balance at
December 31,
2020
    
Transfer to
Stage 2
    
Transfer to
Stage 3
    
Transfer
from
Stage 2
    
Transfer
from
Stage 3
    
New loans,
liquidation,
write-offs
and
forgivens,
net
    
Changes in
PD, LGD,
EAD (*)
    
Transfers
between
classes of
loans
    
Sale of loan
portfolio
    
Exchange
differences
and others
    
Balance at
December 31,
2021
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
721,503
      
(336,903
)
    
(21,434
)
    
305,143
      
29,199
      
(3,446
)
    
(178,612
)
    
67,526
      
–
      
24,904
      
607,880
  
Residential mortgage loans
    
157,935
      
(46,021
)
    
(3,699
)
    
60,588
      
39,211
      
48,386
      
(184,733
)
    
158
      
–
      
4,881
      
76,706
  
Micro-business loans
    
610,188
      
(659,532
)
    
(18,743
)
    
276,189
      
25,295
      
834,576
      
(583,915
)
    
(63,200
)
    
–
      
13,304
      
434,162
  
Consumer loans
    
355,436
      
(305,127
)
    
(25,628
)
    
202,265
      
82,773
      
204,751
      
(199,591
)
    
(4,484
)
    
–
      
7,202
      
317,597
  
Total
    
1,845,062
      
(1,347,583
)
    
(69,504
)
    
844,185
      
176,478
      
1,084,267
      
(1,146,851
)
    
–
      
–
      
50,291
      
1,436,345
  

Stage 2
     
Balance at
December 31,
 2020
          
Transfer to
Stage 1
          
Transfer to
Stage 3
          
Transfer
from
Stage 1
          
Transfer
from
Stage 3
          
New loans,
liquidation,
write-offs
and
forgivens,
net
          
Changes in
PD, LGD,
EAD (*)
          
Transfers
between
classes of
loans
          
Sale of loan
portfolio
          
Exchange
differences
and others
          
Balance at
December 31,
2021
     
 
 
Loans by class
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
666,002
      
(305,143
)
    
(299,463
)
    
336,903
      
97,276
      
(197,390
)
    
264,953
      
83,136
      
–
      
6,507
      
652,781
  
Residential mortgage loans
    
111,739
      
(60,588
)
    
(45,120
)
    
46,021
      
94,787
      
10,612
      
(61,872
)
    
(298
)
    
–
      
2,107
      
97,388
  
Micro-business loans
    
1,087,978
      
(276,189
)
    
(383,355
)
    
659,532
      
67,236
      
(479,918
)
    
31,194
      
(81,319
)
    
–
      
96
      
625,255
  
Consumer loans
    
946,312
      
(202,265
)
    
(412,088
)
    
305,127
      
188,858
      
(334,140
)
    
147,216
      
(1,519
)
    
–
      
262
      
637,763
  
Total
    
2,812,031
      
(844,185
)
    
(1,140,026
)
    
1,347,583
      
448,157
      
(1,000,836
)
    
381,491
      
–
      
–
      
8,972
      
2,013,187
  

Stage 3
     
Balance at
December 31,
2020
          
Transfer to
Stage 1
          
Transfer to
Stage 2
          
Transfer
from
Stage 1
          
Transfer
from
Stage 2
          
New loans,
liquidation,
write-offs
and
forgivens,
net
          
Changes in
PD, LGD,
EAD (*)
          
Transfers
between
classes of
loans
          
Sale of loan
portfolio
          
Exchange
differences
and others
          
Balance at
December 31,
2021
     
 
 
Loans by class
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
2,229,427
      
(29,199
)
    
(97,276
)
    
21,434
      
299,463
      
(471,283
)
    
742,567
      
(26,219
)
    
(27,726
)
    
89,604
      
2,730,792
  
Residential mortgage loans
    
639,750
      
(39,211
)
    
(94,787
)
    
3,699
      
45,120
      
(174,618
)
    
410,446
      
(1,867
)
    
(5,613
)
    
17,720
      
800,639
  
Micro-business loans
    
1,445,988
      
(25,295
)
    
(67,236
)
    
18,743
      
383,355
      
(1,804,583
)
    
1,166,499
      
22,871
      
(6,335
)
    
14,625
      
1,148,632
  
Consumer loans
    
1,463,365
      
(82,773
)
    
(188,858
)
    
25,628
      
412,088
      
(1,618,776
)
    
924,246
      
5,215
      
(1,159
)
    
2,440
      
941,416
  
Total
    
5,778,530
      
(176,478
)
    
(448,157
)
    
69,504
      
1,140,026
      
(4,069,260
)
    
3,243,758
      
–
      
(40,833
)
    
124,389
      
5,621,479
  

Consolidated 3 Stages
              
Credit loss of the period
                          
   
Balance at
December 31,
2020
    
Loan write-
offs and
forgivens
    
New loans
and
liquidation,
net
    
Changes in
PD, LGD,
EAD (*)
    
Transfers
between
classes of
loans
    
Sale of loan
portfolio
    
Exchange
differences
and others
    
Balance at
December 31,
2021 (**)
  
 
Loans by class
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
3,616,932
      
(160,079
)
    
(512,040
)
    
828,908
      
124,443
      
(27,726
)
    
121,015
      
3,991,453
  
Residential mortgage loans
    
909,424
      
(39,189
)
    
(76,431
)
    
163,841
      
(2,007
)
    
(5,613
)
    
24,708
      
974,733
  
Micro-business loans
    
3,144,154
      
(1,517,271
)
    
67,346
      
613,778
      
(121,648
)
    
(6,335
)
    
28,025
      
2,208,049
  
Consumer loans
    
2,765,113
      
(1,349,843
)
    
(398,322
)
    
871,871
      
(788
)
    
(1,159
)
    
9,904
      
1,896,776
  
Total
    
10,435,623
      
(3,066,382
)
    
(919,447
)
    
2,478,398
      
–
      
(40,833
)
    
183,652
      
9,071,011
  

Stage 1
  
                           
                               
Loans by class
  
Balance at
December 31,
2019
    
Transfer to
Stage 2
    
Transfer to
Stage 3
    
Transfer
from
Stage 2
    
Transfer
from
Stage 3
    
New loans,
liquidation,
write-offs
and
forgivens,
net
    
Changes in
PD, LGD,
EAD (*)
    
Transfers
between
classes of
loans
    
Sale of loan
portfolio
    
Exchange
differences
and others
    
Balance at
December 31,
2020
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
388,685
      
(319,248
)
    
(22,486
)
    
316,999
      
17,175
      
30,824
      
107,989
      
155,568
      
–
      
45,997
      
721,503
  
Residential mortgage loans
    
38,085
      
(43,170
)
    
(1,721
)
    
31,320
      
4,980
      
30,797
      
92,322
      
258
      
–
      
5,064
      
157,935
  
Micro-business loans
    
425,642
      
(854,632
)
    
(63,397
)
    
324,242
      
26,997
      
551,140
      
199,197
      
(14,574
)
    
–
      
15,573
      
610,188
  
Consumer loans
    
248,355
      
(392,000
)
    
(45,561
)
    
418,592
      
29,305
      
422,158
      
(191,856
)
    
(141,252
)
    
–
      
7,695
      
355,436
  
Total
    
1,100,767
      
(1,609,050
)
    
(133,165
)
    
1,091,153
      
78,457
      
1,034,919
      
207,652
      
–
      
–
      
74,329
      
1,845,062
  

Stage 2
     
Balance at
December 31,
2019
          
Transfer to
Stage 1
          
Transfer to
Stage 3
          
Transfer
from
Stage 1
          
Transfer
from
Stage 3
          
New loans,
liquidation,
write-offs
and
forgivens,
net
          
Changes in
PD, LGD,
EAD (*)
          
Transfers
between
classes of
loans
          
Sale of loan
 portfolio
          
Exchange
differences
and others
          
Balance at
December 31,
2020
     
 
 
Loans by class
    S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000)
Commercial loans
    
166,135
      
(316,999
)
    
(118,072
)
    
319,248
      
42,832
      
4,911
      
473,890
      
91,534
      
–
      
2,523
      
666,002
  
Residential mortgage loans
    
25,684
      
(31,320
)
    
(19,698
)
    
43,170
      
3,977
      
(24,980
)
    
113,363
      
4
      
–
      
1,539
      
111,739
  
Micro-business loans
    
249,960
      
(324,242
)
    
(275,227
)
    
854,632
      
51,478
      
(231,405
)
    
851,228
      
(88,758
)
    
–
      
312
      
1,087,978
  
Consumer loans
    
513,431
      
(418,592
)
    
(650,885
)
    
392,000
      
57,554
      
(285,948
)
    
1,341,355
      
(2,780
)
    
–
      
177
      
946,312
  
Total
    
955,210
      
(1,091,153
)
    
(1,063,882
)
    
1,609,050
      
155,841
      
(537,422
)
    
2,779,836
      
–
      
–
      
4,551
      
2,812,031
  

Stage 3
     
Balance at
December 31,
2019
          
Transfer to
Stage 1
          
Transfer to
Stage 2
          
Transfer
from
Stage 1
          
Transfer
from
Stage 2
          
New loans,
liquidation,
write-offs
and
forgivens,
net
          
Changes in
PD, LGD,
EAD (*)
          
Transfers
between
classes of
loans
          
Sale of loan
portfolio
          
Exchange
differences
and others
          
Balance at
December 31,
2020
     
 
 
Loans by class
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
1,315,227
      
(17,175
)
    
(42,832
)
    
22,486
      
118,072
      
(154,589
)
    
989,400
      
(22,478
)
    
(13,124
)
    
34,440
      
2,229,427
  
Residential mortgage loans
    
472,711
      
(4,980
)
    
(3,977
)
    
1,721
      
19,698
      
(102,806
)
    
247,475
      
1
      
(4,523
)
    
14,430
      
639,750
  
Micro-business loans
    
960,885
      
(26,997
)
    
(51,478
)
    
63,397
      
275,227
      
(683,408
)
    
870,928
      
31,414
      
(3,511
)
    
9,531
      
1,445,988
  
Consumer loans
    
702,959
      
(29,305
)
    
(57,554
)
    
45,561
      
650,885
      
(954,465
)
    
1,113,651
      
(8,937
)
    
(2,332
)
    
2,902
      
1,463,365
  
Total
    
3,451,782
      
(78,457
)
    
(155,841
)
    
133,165
      
1,063,882
      
(1,895,268
)
    
3,221,454
      
–
      
(23,490
)
    
61,303
      
5,778,530
  

Consolidated 3 Stages
              
Credit loss of the period
                          
  
Loans by class
  
Balance at
December 31,
2019
    
Loan write-
offs and
forgivens
    
New loans
and
liquidation,
net
    
Changes in
PD, LGD,
EAD (*)
    
Transfers
between
classes of
loans
    
Sale of loan
portfolio
    
Exchange
differences
and others
    
Balance at
December 31,
2020 (**)
  
    S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

S/(000)

Commercial loans
    
1,870,047
      
(141,669
)
    
22,815
      
1,571,279
      
224,624
      
(13,124
)
    
82,960
      
3,616,932
  
Residential mortgage loans
    
536,480
      
(46,519
)
    
(50,470
)
    
453,160
      
263
      
(4,523
)
    
21,033
      
909,424
  
Micro-business loans
    
1,636,487
      
(529,268
)
    
165,595
      
1,921,353
      
(71,918
)
    
(3,511
)
    
25,416
      
3,144,154
  
Consumer loans
    
1,464,745
      
(551,662
)
    
(266,593
)
    
2,263,150
      
(152,969
)
    
(2,332
)
    
10,774
      
2,765,113
  
Total
    
5,507,759
      
(1,269,118
)
    
(128,653
)
    
6,208,942
      
–
      
(23,490
)
    
140,183
      
10,435,623
  


(*)
The movement includes the following effects: (i) calibrations to the PD, LGD and EAD models; (ii) updates to macroeconomic models and projections; (iii) increase or decrease of credit risk of loans due to stage changes; (iv) increase or decrease of credit risk of loans that remain in the same stage.


(**)
The movement in the allowance for loan losses of the period 2021 includes the allowance for direct and indirect loans for approximately S/8,477.3 million y S/593.7 million, respectively (approximately S/9,898.8 million and S/536.9 million, respectively, at December 31, 2020). The expected loan loss for indirect loan is included in “Other liabilities” of the consolidated statement of financial position, Note 13(a). In Management’s opinion, the allowance for loan losses recorded as of December 31, 2021 and 2020 has been established in accordance with IFRS 9 and is sufficient to cover losses on the loan portfolio.

Gross balance of direct loans, indirect loans and from customers on banker’s acceptances portfolio:

As of December 31, 2021, the gross balance of direct and indirect loans increased compared to December 31, 2020. This was mainly driven by disbursement in the Wholesale Banking portfolio of BCP Stand-alone, due to the economic reactivation after the Pandemic. Microbusiness is the only segment where the loans decreased, due to operations that were reclassified as Commercial loans. In addition, approximately 800.0 million soles migrated from Commercial loans to Consumer loans, because ASB started to comply with Panamá regulation.

Additionally, it is important to note there have been significant movements between stages, due to the end of the grace period of loans disbursed under the program Reactiva Perú, part of which went from Stage 1 to Stage 2 or Stage 3 depending on the increase in their level of credit risk. In addition, a considerable amount of the impairments generated by the Pandemic have materialized, moving to Stage 3. This was partially offset by the high volume of write-offs registered in BCP Stand-alone and Mibanco Perú.

Allowance for loan losses from direct loans, indirect loans and from customers on banker’s acceptances:

As of December 31, 2021, the gross balance of direct and indirect loans decreased compared to December 31, 2020. This was mainly driven by: (i) calibrations of the internal credit risk models, both PD and LGD, which generated a decrease in Stage 1 and 2, which was partially offset by updates to macroeconomic models and projections; (ii) high volume of write-offs, which generated a decrease in Stage 3, mostly due to the impairments generated by the Pandemic, mainly in BCP Stand-alone and Mibanco Perú.

The explanation of the calibrations made to the internal credit risk models is detailed on the note 34.1(c).


 d)
Interest rates on loans are set considering the rates prevailing in the markets where the Group’s subsidiaries operate.


e)
A portion of the loan portfolio is collateralized with guarantees received from customers, which mainly consist of mortgages, trust assignments, securities and industrial and mercantile pledges.


f)
The following table presents the gross direct loan portfolio as of December 31, 2021 and 2020 by maturity based on the remaining period to the payment due date:

   
2021
    
2020
  
    S/(000)

S/(000)

Outstanding loans -
                
Up to 1 year
    
64,096,027
      
51,346,112
  
From 1 to 3 years
    
36,354,113
      
40,897,556
  
From 3 to 5 years
    
9,327,203
      
12,812,446
  
From 5 to 15 years
     26,926,208
       23,115,920
  
More than 15 years
    
4,150,829
      
3,806,222
  
     
140,854,380
      
131,978,256
  
                 
Internal overdue loans -
                
Overdue up to 90 days
    
1,353,655
      
984,630
  
Over 90 days
    
4,208,784
      
3,700,939
  
     
5,562,439
      
4,685,569
  
                 
Total
    
146,416,819
      
136,663,825
  

See credit risk analysis in Note 34.1.