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TRANSACTIONS AND BALANCES WITH RELATED PARTIES
12 Months Ended
Dec. 31, 2021
TRANSACTIONS AND BALANCES WITH RELATED PARTIES [Abstract]  
TRANSACTIONS AND BALANCES WITH RELATED PARTIES
32
TRANSACTIONS AND BALANCES WITH RELATED PARTIES


a)
The Group’s consolidated financial statements at December 31, 2021 and 2020 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO.


b)
The following table presents the main transactions and balances with related parties and individuals as of December 31, 2021 and 2020:

   
2021
   
2020
 
   
S/(000)
   
S/(000)
 
Statement of financial position -
               
Direct loans
   
1,848,299
     
1,909,516
 
Investments (i)
   
871,779
     
1,165,661
 
Deposits (ii)
   
(768,564
)
   
(1,582,412
)
Derivatives at fair value
   
2,325
     
4,408
 



(i)
During the year 2021, the balance includes mainly S/183.3 million of corporate bonds, S/178.6 million of corporate bonds issued by Cementos Pacasmayo S.A., S/137.7 million of shares of Alicorp S.A.A. and S/184.8 million of shares of Inversiones Centenario. The decrease in the balance corresponds mainly to the fluctuation that negatively affected the investments in shares of Inversiones Centenario and Alicorp S.A.A.A.

During the year 2020, the balance mainly includes S/208.2 million of corporate bonds and S/120.9 million of Alicorp S.A.A. shares, S174.4 million of corporate bonds issued by Cementos Pacasmayo S.A., and S/196.5 million of Inversiones Centenario shares.


(ii)
Corresponds to deposits from legal entities and individuals. As of December 31, 2021 and 2020, the balance corresponds mainly to Inversiones Piuranas S.A., Cementos Pacasmayo S.A.A. and Grupo Piurano de Inversiones S.A. and the decrease in deposits in 2021 with respect to 2020 is due to the fact that these entities carried out fewer operations.

   
2021
   
2020
 
   
S/(000)
   
S/(000)
 
Statement of income
               
Interest income related to loans
   
39,603
     
57,373
 
Interest expenses related to deposits
   
(16,236
)
   
(17,212
)
Other income
   
10,243
     
24,411
 
                 
Off-balance sheet
               
Indirect loans
   
459,562
     
431,089
 

The decrease in interest accrued on loans is mainly due to the fact that the loans for the 2021 period have already matured and been cancelled. Likewise, the decrease in deposits and interest expense decreased in the same proportion as a result of entities withdrawing loans received as demand deposits. Finally, as a result of the decrease in the operations of related entities, the variation in other income is evidenced mainly by the entity Inversiones Centenario S.A.A.A.


c)
All transactions with related parties are made in accordance with normal market conditions available to other customers. At December 31, 2021 and 2020, direct loans to related companies are secured by collateral, had maturities between January 2022 an March 2029, at an annual soles average interest rate of 6.37 percent and at an annual foreign currency average interest rate of 4.03 percent (as of December 31, 2020, maturities between January 2021 an March 2036, at an annual soles average interest rate of 5.33 percent and at an annual foreign currency average interest rate of 4.45 percent). Also, as of December 31, 2021 and December 31, 2020, the Group maintains an allowance for loan losses for related parties amounting to S/23.4 million and S/9.1 million, respectively.


d)
At December 31, 2021 and 2020, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. At December 31, 2021 and 2020, direct loans to employees, directors, key management and family members amounted to S/1,054.7 million and S/1,062.1 million, respectively; they are repaid monthly and earn interest at market rates.


e)
The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2021 and 2020 was as follows:

   
2021
   
2020
 
   
S/(000)
   
S/(000)
 
     





Director’s compensation
   
6,862
     
6,106
 
Senior Management Compensation:
               
Remuneration
   
45,164
     
32,396
 
Stock awards vested
   
10,351
     
22,756
 
Total
   
62,377
     
61,258
 


f)
As of December 31, 2021 and 2020 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below:

   
2021
   
2020
 
   
S/(000)
   
S/(000)
 
At fair value through profit or loss:
               
Mutual funds, investment funds and hedge funds
               
U.S. Dollars (i)
   
588,330
     
427,012
 
Bolivianos
   
157,332
     
138,887
 
Colombian pesos
   
78,773
     
67,284
 
Soles(ii)
   
45,741
     
117,177
 
Chilean pesos
   
2,140
     
1,522
 
Total
   
872,316
     
751,882
 
                 
Restricted mutual funds, Note 6(a)(iv)
   
365,954
     
436,881
 



(i)
The increase in the balance corresponds mainly to the purchase of new participations in mutual funds managed by Credicorp Capital Asset Management.


(ii)
The decrease in soles currency in the year 2021 with respect to 2020 is due to the redemption of participation quotas in mutual funds managed by Credicorp Capital S.A. S.A.F.