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EQUITY
 12 Months Ended
Dec. 31, 2021
EQUITY [Abstract]  
EQUITY
18
EQUITY


a)
Capital stock -

As of December 31, 2021, 2020 and 2019 a total of 94,382,317 shares have been issued at US$5 per share.


 b)
Treasury stock -

We present below the stocks of Credicorp Ltd., that the entities of the Group maintain as of December 31, 2021, 2020 and 2019:

   
Number of shares
  
As of December 31, 2021
  
Shares of the Group
    
Shared-based payment (*)
    
Total
  
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
BCP
    
–
      
134,133
      
134,133
  
Grupo Crédito
    
–
      
7,871
      
7,871
  
Pacífico Seguros
    
–
      
22,966
      
22,966
  
Credicorp Capital Servicios Financieros
    
–
      
15,561
      
15,561
  
Mibanco
    
–
      
14,418
      
14,418
  
ASB Bank Corp (Atlantic Security Bank)
    
–
      
11,193
      
11,193
  
Prima AFP
    
–
      
6,406
      
6,406
  
Other minors
    
–
      
16,975
      
16,975
  
     
14,620,846
      
229,523
      
14,850,369
  

 
  
Number of shares
  
As of December 31, 2020
  
Shares of the Group
    
Shared-based payment (*)
    
Total
  
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
BCP
    
–
      
159,339
      
159,339
  
Grupo Crédito
    
–
      
32,512
      
32,512
  
Pacífico Seguros
    
–
      
29,845
      
29,845
  
Credicorp Capital Servicios Financieros
    
–
      
17,598
      
17,598
  
Mibanco
    
–
      
14,872
      
14,872
  
Atlantic Security Bank
    
–
      
11,434
      
11,434
  
Prima AFP
    
–
      
7,664
      
7,664
  
Other minors
    
–
      
20,342
      
20,342
  
     
14,620,846
      
293,606
      
14,914,452
  

   
Number of shares
  
As of December 31, 2019
  
Shares of the Group
    
Shared-based payment (*)
    
Total
  
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
BCP
    
–
      
134,169
      
134,169
  
Pacífico Seguros
    
–
      
29,539
      
29,539
  
Credicorp Capital Servicios Financieros
    
–
      
13,830
      
13,830
  
Mibanco
    
–
      
9,060
      
9,060
  
Credicorp Perú
    
–
      
21,695
      
21,695
  
Credicorp Capital Limited
    
–
      
9,518
      
9,518
  
Prima AFP
    
–
      
6,397
      
6,397
  
Other minors
    
4,387
      
22,723
      
27,110
  
     
14,625,233
      
246,931
      
14,872,164
  

(*) Corresponds to treasury stock that were granted to employees and senior management, for which they have the right to vote. These stocks are not vested at said dates, see Note 20.

During 2021, 2020 and 2019, the Group purchased 97,951, 240,151 and 129,807 shares of Credicorp Ltd., respectively, for a total of US$16.1 million (equivalent to S/58.9 million), US$44.4 million (equivalent to S/151.9 million) and US$31 million (equivalent to a S/103.2 million), respectively.


 c)
Reserves -

Certain Group’s subsidiaries are required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 percent, depending on its activities and the country in which production takes place); this reserve must be constituted with annual transfers of not less than 10 percent of net profits. As of December 31, 2021, 2020 and 2019, the balance of this reserves amounts approximately to S/7,088.6 million, S/6,990.1 million and S/6,236.5 million, respectively.

At the Board meetings held on February 25, 2021, February 27, 2020 and February 27, 2019, the decision was made to transfer from “Retained earnings” to “Reserves” S/347.0 million, S/1,977.1 million and S/1,858.8 million, respectively.

“Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income and on cash flow hedges derivative instruments, net of deferred income tax and non-controlling interest. Movement was as follows:

   
Other reserves:
  
   
Instruments that will not be reclassified to profit or loss
    
Instruments that will be reclassified to consolidated statement of income
  
   
Equity
instruments at
fair value
    
Debt
instruments at
fair value
    
Reserve for
cash flow
hedges
    
Insurance
reserves
    
Foreign
currency
translation
reserve
    
Total
  
   
S/(000)

 
S/(000)
 
S/(000)
 
S/(000)
 
S/(000)
 
S/(000)

                                                 
Balance as of January 1, 2019
    
452,551
      
229,470
      
(3,161
)
    
–
      
29,593
      
708,453
  
Decrease (increase) in net unrealized gains on investments
    
(58,342
)
    
762,132
      
–
      
–
      
–
      
703,790
  
Transfer to results of the net realized loss of investments
    
–
      
420,987
      
–
      
–
      
–
      
420,987
  
Transfer of the impairment credit loss on investments to profit or loss
    
–
      
(745
)
    
–
      
–
      
–
      
(745
)
Change in net unrealized loss on cash flow hedges derivatives
    
–
      
–
      
(62,002
)
    
–
      
–
      
(62,002
)
Transfer of net realized losses on cash flow hedges derivatives to profit or loss
    
–
      
–
      
35,059
      
–
      
–
      
35,059
  
Other reserves
     –       –       –       (658,491 )     –       (658,491 )
Foreign exchange translation
    
–
      
–
      
–
      
–
      
(58,862
)
    
(58,862
)
Balance as of December 31, 2019
    
394,209
      
1,411,844
      
(30,104
)
    
(658,491
)
    
(29,269
)
    
1,088,189
  
Decrease (increase) in net unrealized gains on investments
    
(79,007
)
    
352,008
      
–
      
–
      
–
      
273,001
  
Transfer to results of the net realized loss of investments
    
–
      
440,416
      
–
      
–
      
–
      
440,416
  
Transfer of recovery of credit loss of investments to profit or loss
    
–
      
52,263
      
–
      
–
      
–
      
52,263
  
Change in net unrealized loss on cash flow hedges derivatives
    
–
      
–
      
(66,782
)
    
–
      
–
      
(66,782
)
Transfer of net realized losses on cash flow hedges derivatives to profit or loss
    
–
      
–
      
55,784
      
–
      
–
      
55,784
  
Other reserves
    
–
      
–
      
–
      
(234,107
)
    
–
      
(234,107
)
Foreign exchange translation
    
–
      
–
      
–
      
–
      
258,353
      
258,353
  
Net movement in hedges of net investments in foreign businesses
     –       –       –       –       (1,219 )     (1,219 )
Balance as of December 31, 2020
    
315,202
      
2,256,531
      
(41,102
)
    
(892,598
)
    
227,865
      
1,865,898
  
Decrease in net unrealized gains on investments
    
(108,317
)
    
(2,411,900
)
    
–
      
–
      
–
      
(2,520,217
)
Transfer to results of the net realized loss of investments
    
–
      
3,848
      
–
      
–
      
–
      
3,848
  
Transfer of recovery of credit loss of investments to profit or loss
    
–
      
8,121
      
–
      
–
      
–
      
8,121
  
Change in net unrealized gain on cash flow hedges derivatives
    
–
      
–
      
97,251
      
–
      
–
      
97,251
  
Transfer of net realized gain on cash flow hedges derivatives to profit or loss
    
–
      
–
      
(56,422
)
    
–
      
–
      
(56,422
)
Other reserves
    
–
      
–
      
–
      
733,932
      
–
      
733,932
  
Foreign exchange translation
    
–
      
–
      
–
      
–
      
160,810
      
160,810
  
Net movement in hedges of net investments in foreign businesses
    
–
      
–
      
–
      
–
      
(57,319
)
    
(57,319
)
Balance as of December 31, 2021
    
206,885
      
(143,400
)
    
(273
)
    
(158,666
)
    
331,356
      
235,902
  


d)
Components of other comprehensive income -

The movement of the item is as follows:

   
2021
    
2020
    
2019
  
   
S/(000)

 
S/(000)

 
S/(000)

To be reclassified to the consolidated statement of income in later periods
                        
Net unrealized (loss) gain
    
(2,411,900
)
    
352,008
      
762,132
  
Transfer to results of net realized loss
    
3,848
      
440,416
      
420,987
  
Transfer of recovery (provision) of credit loss to profit or loss
    
8,121
      
52,263
      
(745
)
Sub total
    
(2,399,931
)
    
844,687
      
1,182,374
  
Non-controlling interest
    
(39,890
)
    
13,814
      
16,082
  
Income tax
    
(52,086
)
    
11,717
      
22,259
  
     
(2,491,907
)
    
870,218
      
1,220,715
  
                         
Cash flow hedge reserves:
                        
Net gain (loss) on cash flow hedges
    
97,251
      
(66,782
)
    
(62,002
)
Transfer of net realized (gains) losses on cash flow hedges derivatives to profit or loss
    
(56,422
)
    
55,784
      
35,059
  
Sub total
    
40,829
      
(10,998
)
    
(26,943
)
Non-controlling interest
    
923
      
(252
)
    
(618
)
Income tax
    
16,834
      
(3,933
)
    
(10,290
)
     
58,586
      
(15,183
)
    
(37,851
)
                         
Other reserves:
                        
Insurances reserves
    
733,932
      
(234,107
)
    
(658,491
)
Non-controlling interest
    
8,513
      
(2,867
)
    
(8,065
)
Income tax
    
26,846
      
(26,846
)
    
–
  
     
769,291
      
(263,820
)
    
(666,556
)
                         
Foreign exchange traslation:
                        
Exchange gains or losses
    
160,810
      
258,353
      
(58,862
)
Net movement in hedges of net investments in foreign businesses
    
(57,319
)
    
(1,219
)
    
–
  
Sub total
    
103,491
      
257,134
      
(58,862
)
Non-controlling interest
    
358
      
(1,301
)
    
539
  
     
103,849
      
255,833
      
(58,323
)
Not to be reclassified to the consolidated statement of income in later periods:
                        
Equity instruments at fair value through other comprehensive income -
                        
Net unrealized loss
    
(108,317
)
    
(79,007
)
    
(58,342
)
Non-controlling interest
    
33
      
(165
)
    
(3
)
Income tax
    
(5,402
)
    
(3,414
)
    
(5,999
)
     
(113,686
)
    
(82,586
)
    
(64,344
)
Attributable to:
                        
Credicorp’s equity holders
    
(1,629,996
)
    
777,709
      
379,736
  
Non-controlling interest
    
(30,063
)
    
9,229
      
7,935
  
     
(1,660,059
)
    
786,938
      
387,671
  


e)
Dividend distribution –

The chart below shows the distribution of dividends agreed by the Board of Directors :


   
2021
    
2020
    
2019
  
                         
Date of Meeting - Board of Directors
    
26.08.2021
      
27.02.2020
      
27.02.2019
  
Dividends distribution, net of treasury shares effect (in thousands of soles)
    
398,808
      
2,392,844
      
1,595,229
  
Payment of dividends per share (in soles)
    
5.0000
      
30.0000
      
20.0000
  
Date of dividends payout
    
07.10.2021
      
08.05.2020
      
10.05.2019
  
Exchange rate published by the SBS
    
4.1310
      
3.4081
      
3.3150
  
Dividends payout (equivalent in thousands of US$)
    
96,540
      
702,105
      
481,215
  

In the Board of Directors held in September 25, 2019, they agreed an additional dividend payment, net of the effect of treasury stock, for approximately S/638.1 million from the retain earnings and reserves. Said dividends have been paid in November 22, 2019.

In accordance with current Peruvian legislation, there is no restriction for overseas remittance of dividends or the repatriation of foreign investment. As of December 31, 2021, 2020 and 2019 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.


 f)
Regulatory capital -

As of December 31, 2021 and 2020, the regulatory capital requirement (“patrimonio efectivo” in Perú) applicable to Credicorp subsidiaries engaged in financial services and insurance activities in Perú, determined under the provisions of the Peruvian banking and insurance regulator, SBS, totals approximately S/29,741.6 million and S/28,969.3 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/10,294.3 million and S/7,973.9 million, respectively, the minimum regulatory capital required by the SBS.