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PROPERTY, FURNITURE AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2023
PROPERTY, FURNITURE AND EQUIPMENT, NET [Abstract]  
PROPERTY, FURNITURE AND EQUIPMENT, NET
9
PROPERTY, FURNITURE AND EQUIPMENT, NET


a)
The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2023, 2022, and 2021 is as follows:

 

   
Land
    
Buildings and
other
constructions
    
Installations
    
Furniture
and fixtures
    
Computer
hardware
    
Vehicles
and
equipment
    
Work in
progress
    
2023
    
2022
    
2021
  
    S/(000)
  S/(000)
  S/(000)
  S/(000)
  S/(000)
  S/(000)
  S/(000)
  S/(000)
  S/(000)
  S/(000)
Cost -
                                                                                
Balance as of January 1
    
375,485
      
1,146,905
      
731,678
      
467,134
      
571,046
      
112,161
      
58,787
      
3,463,196
      
3,500,890
      
3,515,202
  
Additions
    
–
      
3,008
      
16,056
      
41,287
      
93,782
      
360
      
167,878
      
322,371
      
192,700
      
107,790
  
Acquisition of business
    
–
      
–
      
–
      
364
      
91
      
–
      
–
      
455
      
419
      
–
  
Transfers
    
–
      
–
   
45,603
      
10,434
      
1,192
      
285
      
(57,514
)
    
–
      
–
      
–
  
Disposals and others
    
(48,372
)
    
(9,269
)
    
(13,856
)
    
(33,432
)
    
(51,900
)
    
(5,011
)
    
(51,896
)
    
(213,736
)
    
(230,813
)
    
(122,102
)
Balance as of December 31
    
327,113
      
1,140,644
      
779,481
      
485,787
      
614,211
      
107,795
      
117,255
      
3,572,286
      
3,463,196
      
3,500,890
  
                                                                                 
Accumulated depreciation -
                                                                                
Balance as of January 1
    
–
      
725,590
      
550,001
      
324,080
      
492,609
      
89,818
      
–
      
2,182,098
      
2,192,111
      
2,140,327
  
Depreciation of the period
    
–
      
22,575
      
34,658
      
30,904
      
35,643
      
5,328
      
–
      
129,108
      
128,443
      
140,173
  
Acquisition of business
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
102
      
–
  
Disposals and others
    
–
      
(3,479
)
    
(13,603
)
    
(27,138
)
    
(47,278
)
    
(4,947
)
    
–
      
(96,445
)
    
(138,558
)
    
(88,389
)
Balance as of December 31
    
–
      
744,686
      
571,056
      
327,846
      
480,974
      
90,199
      
–
      
2,214,761
      
2,182,098
      
2,192,111
  
                                                                                 
Net carrying amount
    
327,113
      
395,958
      
208,425
      
157,941
      
133,237
      
17,596
      
117,255
      
1,357,525
      
1,281,098
      
1,308,779
  

Banks, financial institutions and insurance entities operating in Peru cannot pledge their fixed assets.

During the years 2023 and 2022, the Group, as part of the investment in fixed assets, has made disbursements related mainly to the purchase of computer equipment, furniture and fixtures and the remodeling of its various agencies. During 2021, as part of the investment in fixed assets that it makes annually, it has made disbursements related mainly to the remodeling of its headquarters located in La Molina, San Pedro office, Lima office.

During the year 2023, Management decided to sell various land and buildings, the approximate sale price of which was S/53.1 million, with a net cost of S/51.4 million (as of December 31, 2022, an approximate sale price of S/46.1 million, with a net cost of S/33.8 million).

Credicorp Ltd. subsidiaries maintain insurance on their main assets in accordance with the policies established by management.

Due to the implementation of IFRS 17, the expense for depreciation and amortization of fixed assets is distributed in the consolidated income statement in the depreciation and amortization item S/125.0 million and S/4.1 million corresponding to the attributable expense in the item insurance technical result.

Management periodically reviews the residual value, useful life and the depreciation method used of the Group’s property, furniture and equipment; in order to ensure that these are consistent with your current economic benefit and life expectations. In the opinion of Management, as of December 31, 2023, 2022 and 2021, there is no evidence of impairment of the Group’s properties, furniture and equipment.