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EQUITY
 12 Months Ended
Dec. 31, 2023
EQUITY [Abstract]  
EQUITY
16
EQUITY


a)
Capital stock -

As of December 31, 2023, 2022 and 2021 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., the number of shares that the Group’s subsidiaries own in Credicorp Ltd. as of December 31, 2023, 2022 and 2021:

   
Number of shares
  
As of December 31, 2023
  
Shares of the Group
    
Shared-based payment (*)
    
Total
  
                   
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
BCP
    
–
      
109,185
      
109,185
  
Atlantic Security International Financial Services
    –       39,309       39,309  
Grupo Crédito
    
–
      
36,698
      
36,698
  
Pacífico Seguros
    
–
      
19,912
      
19,912
  
Mibanco
    
–
      
14,128
      
14,128
  
Credicorp Capital Servicios Financieros
    
–
      
13,267
      
13,267
  
ASB Bank Corp.
    
–
      
12,041
      
12,041
  
Other minors
    
–
      
20,710
      
20,710
  
     
14,620,846
      
265,250
      
14,886,096
  

 
  
Number of shares
  
As of December 31, 2022
   Shares of the Group    
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
  
Other minors
    
–
      
22,994
      
22,994
  
     
14,620,846
      
228,377
      
14,849,223
  

   
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
  
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
  
Other minors
    
–
      
23,381
      
23,381
  
     
14,620,846
      
229,523
      
14,850,369
  

(*) It corresponds mainly to the treasury shares that were granted to employees and Senior Management, for which they have the right to vote, and to a lesser extent to the shares acquired for coverage purposes for the new complementary retention program. These shares are not released on said dates.

During 2023, 2022 and 2021, the Group purchased 163,067, 137,604 and 97,951 shares of Credicorp Ltd., respectively, for a total of US$22.5 million (equivalent to S/85.6 million), US$22.5 million (equivalent to S/83.6 million) and US$16.1 million (equivalent to a S/58.9 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, 2023, 2022 and 2021, the balance of this reserves amounts approximately to S/8,621.7 million, S/7,783.3 million and S/7,088.6 million, respectively.

At the Board meetings held on April 27, 2023, April 28, 2022 and February 25, 2021, the decision was made to transfer from “Retained earnings” to “Reserves” S/2,593.6 million, S/2,354.9 million and  S/347.0 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, 2021
    
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
  
Impact of initial application of IRFS 17
    –       –       –       158,666       –       158,666  
Others
    –       3,900       –       –       5,681       9,581  
Balances as of January 1, 2022 - Restated
     206,885       (139,500 )     (273 )     –       337,037       404,149  
Decrease in net unrealized gains on investments
    
(36,477
)
    
(1,629,016
)
    
–
      
–
      
–
      
(1,665,493
)
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
    
–
      
–
      
–
      
1,133,536
      
–
      
1,133,536
  
Foreign exchange translation
    
–
      
–
      
–
      
–
      
(301,969
)
    
(301,969
)
Net movement in hedges of net investments in foreign businesses
     –       –       –       –       39,587       39,587  
Balance as of December 31, 2022 - Restated
   
170,408
      
(1,655,559
)
    
788
      
1,133,536
      
74,655
      
(276,172
)
Decrease (increase) in net unrealized gains on investments
    
(12,247
)
    
1,241,632
      
–
      
–
      
–
      
1,229,385
  
Transfer to results of the net realized loss of investments
    
–
      
7,789
      
–
      
–
      
–
      
7,789
  
Transfer of recovery of credit loss of investments to profit or loss
    
–
      
8,716
      
–
      
–
      
–
      
8,716
  
Change in net unrealized gain on cash flow hedges derivatives
    
–
      
–
      
18,359
      
–
      
–
      
18,359
  
Transfer of net realized gain on cash flow hedges derivatives to profit or loss
    
–
      
–
      
(30,550
)
    
–
      
–
      
(30,550
)
Other reserves
    
–
      
–
      
–
      
(754,192
)
    
–
      
(754,192
)
Foreign exchange translation
    
–
      
–
      
–
      
–
      
73,498
      
73,498
  
Net movement in hedges of net investments in foreign businesses
    
–
      
–
      
–
      
–
      
18,950
      
18,950
  
Balance as of December 31, 2023
    
158,161
      
(397,422
)
    
(11,403
)
    
379,344
      
167,103
      
295,783
  


d)
Components of other comprehensive income -

The movement of the item is as follows:

   
2023
    
2022
    
2021
  
          (Restated)        
     
S/(000)

   
S/(000)

   
S/(000)

To be reclassified to the consolidated statement of income in later periods comprehensive income
                       
                         
Debt instruments at fair value through other -                        
Net unrealized gain (loss)
    
1,241,632
      
(1,629,016
)
    
(2,411,900
)
Transfer to results of net realized loss
    
7,789
      
49,754
      
3,848
  
Transfer of recovery of credit loss to profit or loss
    
8,716
      
63,203
      
8,121
  
Sub total
    
1,258,137
      
(1,516,059
)
    
(2,399,931
)
Non-controlling interest
    
18,317
      
(15,535
)
    
(39,890
)
Income tax
    
58,489
      
(82,459
)
    
(52,086
)
     
1,334,943
      
(1,614,053
)
    
(2,491,907
)
                         
Cash flow hedge reserves -
                        
Net gain on cash flow hedges
    
18,359
      
29,109
      
97,251
  
Transfer of net realized gain on cash flow hedges derivatives to profit or loss
    
(30,550
)
    
(28,048
)
    
(56,422
)
Sub total
    
(12,191
)
    
1,061
      
40,829
  
Non-controlling interest
    
(148
)
    
27
      
923
  
Income tax
    
(5,104
)
    
158
      
16,834
  
     
(17,443
)
    
1,246
      
58,586
  
                         
Other reserves -
                        
Insurances reserves
    
(754,192
)
    
1,133,536
      
733,932
  
Non-controlling interest
    
(8,619
)
    
10,604
      
8,513
  
Income tax
    
–
      
–
      
26,846
  
     
(762,811
)
    
1,144,140
      
769,291
  
                         
Foreign exchange traslation -
                        
Exchange gains or losses
    
73,498
      
(301,969
)
    
160,810
  
Net movement in hedges of net investments in foreign businesses
    
18,950
      
39,587
      
(57,319
)
Sub total
    
92,448
      
(262,382
)
    
103,491
  
Non-controlling interest
    
(34
)
    
(114
)
    
358
  
     
92,414
      
(262,496
)
    
103,849
  

    2023      2022      2021   
           (Restated)         

    S/(000)       S/(000)       S/(000)  
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
    
(12,247
)
    
(36,477
)
    
(108,317
)
Non-controlling interest
    
127
      
23
      
33
  
Income tax
    
3,791
      
(2,109
)
    
(5,402
)
     
(8,329
)
    
(38,563
)
    
(113,686
)
Attributable to:
                        
Credicorp’s equity holders
    
571,955
      
(680,321
)
    
(1,629,996
)
Non-controlling interest
    
9,643
      
(4,995
)
    
(30,063
)
     
581,598
      
(685,316
)
    
(1,660,059
)


e)
Dividend distribution –

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


   
2023
    
2022
    
2021
  
                   
Date of Meeting - Board of Directors
    
27.04.2023
      
28.04.2022
      
26.08.2021
  
Dividends distribution, net of treasury shares effect (in thousands of soles)
    
1,994,037
      
1,196,422
      
398,808
  
Payment of dividends per share (in soles)
    
25.0
      
15.0
      
5.0
  
Date of dividends payout
    
09.06.2023
      
10.06.2022
      
07.10.2021
  
Exchange rate published by the SBS
    
3.6901
      
3.7560
      
4.1310
  
Dividends payout (equivalent in thousands of US$)
    
540,375
      
318,536
      
96,540
  

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, 2023, 2022 and 2021 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.


 f)
Regulatory capital -

As of December 31, 2023 and 2022, 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/33,452.6 million and S/31,754.6 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/7,731.9 million and S/8,157 million, respectively, the minimum regulatory capital required by the SBS.