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EQUITY, NET
 12 Months Ended
Dec. 31, 2022
EQUITY, NET [Abstract]  
EQUITY, NET
18
EQUITY, NET


a)
Share Capital -

As of December 31, 2022, 2021 and 2020 a total of 94,382,317 shares have been issued at US$5 per share.


 b)
Treasury shares -

We present below the shares of Credicorp Ltd., that the entities of the Group maintain as of December 31, 2022, 2021 and 2020:

   
Number of shares
  
As of December 31, 2022
  
Treasury
    
Shared-based payment (*)
    
Total
  
                   
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
BCP
    
–
      
120,505
      
120,505
  
Grupo Crédito
    
–
      
23,214
      
23,214
  
Pacífico Seguros
    
–
      
20,606
      
20,606
  
Credicorp Capital Servicios Financieros
    
–
      
15,007
      
15,007
  
MiBanco
    
–
      
14,260
      
14,260
  
ASB Bank Corp.
    
–
      
11,791
      
11,791
  
Prima AFP
    
–
      
5,406
      
5,406
  
Other minors
    
–
      
17,588
      
17,588
  
     
14,620,846
      
228,377
      
14,849,223
  

 
  
Number of shares
  
As of December 31, 2021
  
Treasury
    
Shared-based payment (*)
    
Total
  
                   
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
BCP
    
–
      
134,133
      
134,133
  
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
  
Grupo Crédito
     –       7,871       7,871  
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
  
Treasury
    
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
  
ASB Bank Corp. (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
  

(*) It comprises treasury shares that were granted to employees and senior management, for which they have the right to vote. These shares are not vested at said dates, see note 20.

During 2022, 2021 and 2020, the Group purchased 137,604, 97,951 and 240,151 shares of Credicorp Ltd., respectively, for a total of US$22.5 million (equivalent to S/83.6 million), US$16.1 million (equivalent to S/58.9 million) and US$44.4 million (equivalent to a S/151.9 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, 2022, 2021 and 2020, the balance of this reserves amounts approximately to S/7,783.3 million, S/7,088.6 million and S/6,990.1 million, respectively.

At the Board meetings held on April 28, 2022, February 25, 2021 and February 27, 2020, the decision was made to transfer from “Retained earnings” to “Reserves” S/2,354.9 million, S/347.0 million and  S/1,977.1 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 reclassifed 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, 2020
    
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
  
Decrease in net unrealized gains on investments
    
(33,298
)
    
(1,637,875
)
    
–
      
–
      
–
      
(1,671,173
)
Transfer to results of the net realized loss of investments
    
–
      
49,754
      
–
      
–
      
–
      
49,754
  
Transfer of recovery of credit loss of investments to profit or loss
    
–
      
63,203
      
–
      
–
      
–
      
63,203
  
Change in net unrealized gain on cash flow hedges derivatives
    
–
      
–
      
29,109
      
–
      
–
      
29,109
  
Transfer of net realized gain on cash flow hedges derivatives to profit or loss
    
–
      
–
      
(28,048
)
    
–
      
–
      
(28,048
)
Other reserves
    
–
      
–
      
–
      
927,838
      
–
      
927,838
  
Foreign exchange translation
    
–
      
–
      
–
      
–
      
(296,288
)
    
(296,288
)
Net movement in hedges of net investments in foreign businesses
    
–
      
–
      
–
      
–
      
39,587
      
39,587
  
Balance as of December 31, 2022
    
173,587
      
(1,668,318
)
    
788
      
769,172
      
74,655
      
(650,116
)


d)
Components of other comprehensive income -

The movement of the item is as follows:

   
2022
    
2021
    
2020
  
   
S/(000)

 
S/(000)

 
S/(000)

To be reclassified to the consolidated statement of income in later periods
                       
Debt instruments at fair value through other comprehensive income                        
Net unrealized (loss) gain
    
(1,637,875
)
    
(2,411,900
)
    
352,008
  
Transfer to results of net realized loss
    
49,754
      
3,848
      
440,416
  
Transfer of recovery (provision) of credit loss to profit or loss
    
63,203
      
8,121
      
52,263
  
Sub total
    
(1,524,918
)
    
(2,399,931
)
    
844,687
  
Non-controlling interest
    
(15,535
)
    
(39,890
)
    
13,814
  
Income tax
    
(82,459
)
    
(52,086
)
    
11,717
  
     
(1,622,912
)
    
(2,491,907
)
    
870,218
  
                         
Cash flow hedge reserves:
                        
Net gain (loss) on cash flow hedges
    
29,109
      
97,251
      
(66,782
)
Transfer of net realized (gains) losses on cash flow hedges derivatives to profit or loss
    
(28,048
)
    
(56,422
)
    
55,784
  
Sub total
    
1,061
      
40,829
      
(10,998
)
Non-controlling interest
    
27
      
923
      
(252
)
Income tax
    
158
      
16,834
      
(3,933
)
     
1,246
      
58,586
      
(15,183
)
                         
Other reserves:
                        
Insurances reserves
    
927,838
      
733,932
      
(234,107
)
Non-controlling interest
    
10,604
      
8,513
      
(2,867
)
Income tax
    
–
      
26,846
      
(26,846
)
     
938,442
      
769,291
      
(263,820
)
                         
Foreign exchange traslation:
                        
Exchange difference on translation of foreign currency transactions
    
(296,288
)
    
160,810
      
258,353
  
Net movement in hedges of net investments in foreign businesses
    
39,587
      
(57,319
)
    
(1,219
)
Sub total
    
(256,701
)
    
103,491
      
257,134
  
Non-controlling interest
    
(114
)
    
358
      
(1,301
)
     
(256,815
)
    
103,849
      
255,833
  
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
    
(33,298
)
    
(108,317
)
    
(79,007
)
Non-controlling interest
    
23
      
33
      
(165
)
Income tax
    
(2,109
)
    
(5,402
)
    
(3,414
)
     
(35,384
)
    
(113,686
)
    
(82,586
)
Attributable to:
                        
Credicorp's shareholders
    
(886,018
)
    
(1,629,996
)
    
777,709
  
Non-controlling interest
    
(4,995
)
    
(30,063
)
    
9,229
  
     
(891,013
)
    
(1,660,059
)
    
786,938
  


e)
Dividend distribution –

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


   
2022
    
2021
    
2020
  
                         
Date of Meeting - Board of Directors
    
28.04.2022
      
26.08.2021
      
27.02.2020
  
Dividends distribution, net of treasury shares effect (in thousands of soles)
    
1,196,422
      
398,808
      
2,392,844
  
Payment of dividends per share (in soles)
    
15.0
      
5.0
      
30.0
  
Date of dividends payout
    
10.06.2022
      
07.10.2021
      
08.05.2020
  
Exchange rate published by the SBS
    
3.7560
      
4.1310
      
3.4081
  
Dividends payout (equivalent in thousands of US$)
    
318,536
      
96,540
      
702,105
  

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, 2022, 2021 and 2020 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.


 f)
Regulatory capital -

As of December 31, 2022 and 2021, the regulatory capital requirement (“patrimonio efectivo” in Peru) applicable to Credicorp subsidiaries engaged in financial services and insurance activities in Peru, determined under the provisions of the Peruvian banking and insurance regulator, SBS, totals approximately S/31,754.6 million and S/29,741.6 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/8,157.0 million and S/10,294.3 million, respectively, the minimum regulatory capital required by the SBS.