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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2021
OPERATING SEGMENTS [Abstract]  
OPERATING SEGMENTS
31
OPERATING SEGMENTS

The Credicorp Board of Directors organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. Next, we present the Group´s business lines:


 a)
Universal Banking -

Includes the operations related to the granting of various credits and financial instruments to individuals and legal entities, from the segments of wholesale and retail banking, such as the obtaining of funds from the public through deposits and current accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the results and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB).


 b)
Insurance and Pensions -


-
Insurance: includes, mainly, the issue of insurance policies to cover losses in commercial property, transport, marine vessels, automobiles, life, health and pensions, operations carried out through Pacífico Compañía de Seguros y Reaseguros.


-
Pensions: provides Management Service of private pension funds to the affiliates, operation carried out from Prima AFP.


c)
Microfinance -

Includes the management of loans, credits, deposits and current accounts of the small and microenterprises: carried out through Mibanco, Banco de la Microempresa S.A. and Mibanco – Banco de la Microempresa de Colombia S.A.


 d)
Investment Banking and Wealth Management –

Brokerage service and investment management services offered to a broad and diverse clientele, which includes corporations, institutional investors, governments and foundations; also, the structuring and placement of issues in the primary market, as well as the execution and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds.

All of these services are provided through Credicorp Capital Ltd. and subsidiaries and ASB Bank Corp.

Management of these business lines is designed to:


 -
Promote the joint action of our businesses in order to take advantage of the synergies which result from the diversification of our portfolio.


-
Strengthening our leadership in the financial sector through our growth in new businesses, and the establishment of an investment banking platform available not only to the corporate world, but also to the retail segment, especially to the Small and Medium Enterprise (SME) and Consumer sectors.


-
Improve the ongoing search to adapt our business models, processes and procedures into line with best practices worldwide.


The operating results of the Group’s new business lines are monitored separately by the Board of Directors and Senior Management on a monthly basis, in order to make decisions regarding the allocation of resources and the evaluation of the performance of each one of the segments. The Chief Operating Decision Maker (CODM) of Credicorp is the Chief Executive Officer (CEO). The performance of the segments is evaluated based on the operating profits or losses and is measured consistently with the operating profits and losses presented in the consolidated statement of income.

Financial information by segment is prepared subject to the minimum controls necessary and on a uniform basis, with coherent grouping according to the type of activity and customer. The transfer prices used for determining income and expenses generated among the operating segments are similar to the prices that would be applicable to transactions carried out at arm’s length.

None of the income derives from transactions carried out with a single customer or counterparty which is equal to or greater than 10 percent or more of the total income of the Group as of December 31, 2021, 2020 and 2019.

  (i)
The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2021, 2020 and 2019:

   
Income (*)
                                                        
2021
  
External
    
From other segments (**)
    
Net interest, similar income and expenses
    
Other income, net (***)
    
Provision for credit losses on loan portfolio
    
Depreciation and amortization
    
Income tax
    
Net profit
    
Additions of fixed asset, intangibles and goodwill
    
Total assets
    
Total liabilities
  
Universal Banking
                                                                  
Banco de Crédito del Perú
    
11,143
      
368
      
6,194
      
3,262
      
(1,034
)
    
(441
)
    
(1,275
)
    
3,391
      
449
      
184,715
      
166,387
  
Banco de Crédito de Bolivia
    
891
      
10
      
337
      
157
      
(17
)
    
(23
)
    
(63
)
    
72
      
27
      
13,800
      
12,965
  
Insurance and Pension funds
                                                                                        
Pacífico Seguros and subsidiaries
    
3,544
      
64
      
610
      
228
      
–
      
(57
)
    
(5
)
    
(130
)
    
81
      
16,491
      
14,194
  
Prima AFP
    
407
      
1
      
(4
)
    
406
      
–
      
(21
)
    
(65
)
    
146
      
12
      
840
      
265
  
Microfinance
                                                                                        
Mibanco
    
2,114
      
–
      
1,860
      
(12
)
    
(504
)
    
(78
)
    
(143
)
    
266
      
50
      
16,163
      
13,800
  
Mibanco Colombia (****)
    
302
      
–
      
229
      
35
      
(4
)
    
(14
)
    
(16
)
    
43
      
8
      
1,393
      
1,159
  
Investment Banking and Wealth Management
    
866
      
73
      
89
      
767
      
1
      
(45
)
    
(25
)
    
147
      
11
      
14,744
      
12,990
  
Other segments
    
182
      
33
      
47
      
80
      
(1
)
    
(4
)
    
(69
)
    
(263
)
    
2
      
3,377
      
2,634
  
Eliminations
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
(6,701
)
    
(6,609
)
Total consolidated
    
19,449
      
549
      
9,362
      
4,923
      
(1,559
)
    
(683
)
    
(1,661
)
    
3,672
      
640
      
244,822
      
217,785
  

   
Income (*)
                                                        
2020
  
External
    
From other segments (**)
    
Net interest, similar income and expenses
    
Other income, net (***)
    
Provision for credit losses on loan portfolio
    
Depreciation and amortization
    
Income tax
    
Net profit
    
Additions of fixed asset, intangibles and goodwill
    
Total assets
    
Total liabilities
  
Universal Banking
                                                                  
Banco de Crédito del Perú
    
10,775
      
412
      
5,994
      
2,795
      
(4,637
)
    
(428
)
    
(51
)
    
619
      
464
      
180,766
      
164,632
  
Banco de Crédito de Bolivia
    
773
      
7
      
330
      
103
      
(252
)
    
(23
)
    
139
      
(74
)
    
16
      
12,472
      
11,781
  
Insurance and Pension funds
                                                                                        
Pacífico Seguros and subsidiaries
    
3,211
      
57
      
526
      
602
      
–
      
(59
)
    
(2
)
    
195
      
49
      
16,025
      
13,039
  
Prima AFP
    
389
      
2
      
(8
)
    
388
      
–
      
(21
)
    
(67
)
    
148
      
7
      
1,108
      
408
  
Microfinance
                                                                                        
Mibanco
    
1,972
      
–
      
1,506
      
24
      
(1,118
)
    
(86
)
    
142
      
(379
)
    
51
      
15,649
      
13,540
  
Mibanco Colombia (****)
    
238
      
–
      
165
      
28
      
(75
)
    
(14
)
    
19
      
(51
)
    
13
      
1,208
      
993
  
Investment Banking and Wealth Management
    
1,102
      
31
      
70
      
920
      
–
      
(35
)
    
(34
)
    
(78
)
    
29
      
11,715
      
9,995
  
Other segments
    
(78
)
    
16
      
(12
)
    
(96
)
    
2
      
(4
)
    
(36
)
    
(46
)
    
4
      
3,484
      
2,531
  
Eliminations
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
(5,021
)
    
(4,958
)
Total consolidated
    
18,382
      
525
      
8,571
      
4,764
      
(6,080
)
    
(670
)
    
110
      
334
      
633
      
237,406
      
211,961
  


(*)
Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.

(**)
Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.

(***)
Corresponds to other income (include income and expenses for commissions) and insurance underwriting result.
  (****)
Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in Note 2(a).

   
Income (*)
                                                        
2019
  
External
    
From other segments (**)
    
Net interest, similar income and expenses
    
Other income, net (***)
    
Provision for credit losses on loan portfolio
    
Depreciation and amortization
    
Income tax
    
Net profit
    
Additions of fixed asset, intangibles and goodwill
    
Total assets
    
Total liabilities
  
Universal Banking
                                                                  
Banco de Crédito del Perú
    
11,750
      
345
      
6,245
      
3,632
      
(1,558
)
    
(413
)
    
(1,160
)
    
3,239
      
349
      
139,832
      
123,040
  
Banco de Crédito de Bolivia
    
736
      
4
      
329
      
117
      
(61
)
    
(19
)
    
(43
)
    
79
      
16
      
10,481
      
9,744
  
Insurance and Pension funds
                                                                                        
Pacífico Seguros and subsidiaries
    
3,224
      
23
      
493
      
346
      
–
      
(58
)
    
(6
)
    
381
      
45
      
13,785
      
10,964
  
Prima AFP
    
457
      
3
      
(1
)
    
457
      
–
      
(20
)
    
(85
)
    
197
      
8
      
909
      
211
  
Microfinance
                                                                                        
Mibanco
    
2,408
      
126
      
1,901
      
62
      
(472
)
    
(87
)
    
(168
)
    
401
      
60
      
13,576
      
11,489
  
Mibanco Colombia (****)
    
68
      
–
      
56
      
4
      
(8
)
    
(2
)
    
(2
)
    
3
      
2
      
1,169
      
968
  
Investment Banking and Wealth Management
    
968
      
6
      
69
      
885
      
–
      
(22
)
    
(16
)
    
230
      
236
      
9,423
      
7,950
  
Other segments
    
63
      
100
      
–
      
(108
)
    
(1
)
    
(3
)
    
(143
)
    
(178
)
    
87
      
2,998
      
992
  
Eliminations
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
(4,314
)
    
(4,245
)
Total consolidated
    
19,674
      
607
      
9,092
      
5,395
      
(2,100
)
    
(624
)
    
(1,623
)
    
4,352
      
803
      
187,859
      
161,113
  


(*)
Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.

(**)
Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.

(***)
Corresponds to other income (include income and expenses for commissions) and insurance underwriting result.

(****)
Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in Note 2(a).


(ii)
The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, as of December 31, 2021, 2020 and 2019:

   
2021
    
2020
    
2019
  
   
Total
income (*)
    
Operating
income (**)
    
Total non current
assets (***)
    
Total
liabilities
    
Total
income (*)
    
Operating
income (**)
    
Total non
current
assets (***)
    
Total
liabilities
    
Total
income (*)
    
Operating
income (**)
    
Total non
current
assets (***)
    
Total
liabilities
  
Perú
    
17,327
      
8,684
      
3,773
      
188,481
      
16,452
      
8,413
      
3,825
      
187,291
      
17,990
      
9,105
      
3,925
      
142,161
  
Bolivia
    
978
      
373
      
121
      
13,012
      
853
      
357
      
101
      
11,870
      
809
      
368
      
93
      
9,815
  
Colombia
    
601
      
213
      
415
      
2,610
      
566
      
144
      
451
      
2,607
      
356
      
21
      
432
      
2,769
  
Panama (****)
    
309
      
103
      
30
      
10,389
      
261
      
(73
)
    
32
      
7,321
      
165
      
(96
)
    
20
      
4,975
  
Chile
    
166
      
1
      
131
      
1,026
      
134
      
(2
)
    
171
      
853
      
142
      
(2
)
    
209
      
1,088
  
United States of America
    
33
      
1
      
1
      
5
      
33
      
–
      
3
      
6
      
10
      
(1
)
    
3
      
6
  
Bermuda
    
18
      
(17
)
    
134
      
2,174
      
(14
)
    
(22
)
    
134
      
1,930
      
13
      
10
      
117
      
266
  
Cayman Islands
    
17
      
–
      
–
      
88
      
97
      
112
      
–
      
83
      
189
      
184
      
–
      
33
  
Total consolidated
    
19,449
      
9,358
      
4,605
      
217,785
      
18,382
      
8,929
      
4,717
      
211,961
      
19,674
      
9,589
      
4,799
      
161,113
  


(*)
Including total interest and similar income, other income and net premiums earned from insurance activities.

(**)
Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result.

(***)
Non-current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net.

(****)
In August 2021, the merger by absorption between ASB Bank Corp. and Atlantic Security Bank (absorbed entity) was carried out. See more detail in Note 2(a).