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OPERATING SEGMENTS
 12 Months Ended
Dec. 31, 2023
OPERATING SEGMENTS [Abstract]  
OPERATING SEGMENTS
27
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 Management & Advisory -

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, 2023, 2022 and 2021.

  (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, 2023, 2022 and 2021:

   
Income (*)
                                                        
2023
  
External
    
From other
segments (**)
    
Net interest,
similar
income and
expenses
    
Other
income
(***)
    
Provision
for credit
losses on
loan
portfolio
    
Depreciation,
amortization and
right in use
    
Income
Tax
    
Net Profit
    
Additions of
fixed assets,
intangibles
and goodwill
    
Total
assets
    
Total
liabilities
  
Universal Banking
                                                                  
Banco de Crédito del Perú
    
16,987
      
578
      
9,927
      
4,511
      
(2,846
)
    
(459
)
    
(1,497
)
    
4,203
      
765
      
178,834
      
155,913
  
Banco de Crédito de Bolivia
    
920
      
–
      
163
      
211
      
(50
)
    
(25
)
    
(62
)
    
83
      
16
      
13,465
      
12,612
  
      17,907       578       10,090       4,722       (2,896 )     (484 )     (1,559 )     4,286       781       192,299       168,525  
Insurance and Pensión funds
                                                                                        
Pacífico Seguros y subsidiarias
    
2,233
      
–
      
285
      
951
      
–
      
(4
)
    
(40
)
    
818
      
79
      
15,865
      
13,446
  
Prima AFP
    
395
      
–
      
4
      
388
      
–
      
(24
)
    
(57
)
    
150
      
17
      
741
      
241
  
      2,628       –       289       1,339       –       (28 )     (97 )     968       96       16,606       13,687  
Microfinance
                                                                                        
MiBanco
    
3,238
      
134
      
2,160
      
161
      
(923
)
    
(88
)
    
(47
)
    
204
      
129
      
16,898
      
13,902
  
Mibanco Colombia
    
489
      
–
      
255
      
46
      
(125
)
    
(16
)
    
26
      
(73
)
    
44
      
2,113
      
1,849
  
      3,727       134       2,415       207       (1,048 )     (104 )     (21 )     131       173       19,011       15,751  
                                                                                         
Investment Management & Advisory
    
1,026
      
39
      
114
      
591
      
–
      
(37
)
    
(43
)
    
(167
)
    
13
      
10,144
      
8,484
  
Other segments
    
377
      
1
      
30
      
8
      
(13
)
    
(6
)
    
(168
)
    
(258
)
    
151
      
4,274
      
2,935
  
Eliminations
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
(3,494
)
    
(3,649
)
Total consolidated
    
25,665
      
752
      
12,938
      
6,867
      
(3,957
)
    
(659
)
    
(1,888
)
    
4,960
      
1,214
      
238,840
      
205,733
  


(*)
Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical insurance results.

(**)
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 technical insurance results.

   
Income (*)
                                                        
2022
  
External
    
From other
segments
(**)
    
Net interest
similar income
and expensese
    
Other
Income
(***)
    
Provision
for credit
losses on
loan
portfolio
    
Depreciation,
amortization
and right use
    
Income
Tax
    
Net profit
    
Additions of
fixed assets,
intangibles
and goodwill
    
Total
assets
    
Total
liabilities
  
Universal Banking
                                                                  
Banco de Crédito del Perú
    
13,510
      
518
      
7,828
      
3,139
      
(1,448
)
    
(452
)
    
(1,625
)
    
4,258
      
590
      
177,907
      
157,485
  
Banco de Crédito de Bolivia
    
865
      
9
      
325
      
167
      
(69
)
    
(24
)
    
(112
)
    
68
      
15
      
12,698
      
11,838
  
      14,375       527       8,153       3,306       (1,517 )     (476 )     (1,737 )     4,326       605       190,605       169,323  
Insurance and Pensión funds
                                                                                        
Pacífico Seguros y subsidiarias
    
1,689
      
63
      
301
      
758
      
–
      
(3
)
    
(12
)
    
467
      
80
      
14,565
      
12,149
  
Prima AFP
    
354
      
4
      
–
      
354
      
–
      
(23
)
    
(48
)
    
110
      
29
      
735
      
238
  
      2,043       67       301       1,112       –       (26 )     (60 )     577       109       15,300       12,387  
Microfinance
                                                                                        
MiBanco
    
2,750
      
–
      
2,139
      
31
      
(597
)
    
(76
)
    
(165
)
    
425
      
96
      
17,226
      
14,444
  
Mibanco Colombia
    
375
      
–
      
236
      
45
      
(45
)
    
(13
)
    
(7
)
    
14
      
8
      
1,530
      
1,290
  
      3,125       –       2,375       76       (642 )     (89 )     (172 )     439       104       18,756       15,734  
                                                                                         
Investment Management & Advisory
    
923
      
90
      
98
      
666
      
–
      
(41
)
    
(15
)
    
21
      
41
      
14,051
      
10,670
  
Other segments
    
453
      
41
      
165
      
748
      
–
      
(4
)
    
(127
)
    
(603
)
    
61
      
3,476
      
2,606
  
Eliminations
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
(6,774
)
    
(4,901
)
Total consolidated
    
20,919
      
725
      
11,092
      
5,908
      
(2,159
)
    
(636
)
    
(2,111
)
    
4,760
      
920
      
235,414
      
205,819
  


(*)
Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results.

(**)
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 technical results.

 
  
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
      
6,192
      
3,262
      
(1,034
)
    
(441
)
    
(1,275
)
    
3,391
      
449
      
184,740
      
166,411
  
Banco de Crédito de Bolivia
    
891
      
10
      
337
      
157
      
(17
)
    
(23
)
    
(63
)
    
72
      
27
      
13,800
      
12,965
  
 
     12,034       378       6,529       3,419       (1,051 )     (464 )     (1,338 )     3,463       476       198,540       179,376  
Insurance and Pensions
                                                                                       
Pacífico Seguros y subsidiarias
    
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
  
 
     3,951       65       606       634       –       (78 )     (70 )     16       93       17,331       14,459  
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
  
 
     2,416       –       2,089       23       (508 )     (92 )     (159 )     309       58       17,556       14,959  
Investment Management & Advisory
    
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
      
9,360
      
4,923
      
(1,559
)
    
(683
)
    
(1,661
)
    
3,672
      
640
      
244,847
      
217,809
  


(*)
Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and technical results.

(**)
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 technical results.

  (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, 2023, 2022 and 2021:

   
2023
    
2022
    
2021
  
   
Total
income (*)
    
Operating
Income (**)
    
Total
current non
assets (***)
    
Total,
liabilities
    
Total
income (*)
    
Operating
Income (**)
    
Total
current non
assets (***)
    
Total,
liabilities
    
Total
income (*)
    
Operating
Income (**)
    
Total
current non
assets (***)
    
Total
liabilities
  
Perú
    
17,279
      
11,922
      
4,648
      
180,268
      
14,053
      
10,430
      
4,325
      
179,855
      
17,330
      
8,682
      
3,773
      
188,505
  
Bermudas
    
5,394
      
(45
)
    
–
      
2,086
      
5,151
      
(28
)
    
134
      
2,123
      
18
      
(17
)
    
134
      
2,174
  
Panamá
    
384
      
174
      
31
      
5,580
      
295
      
105
      
3
      
8,384
      
309
      
103
      
30
      
10,389
  
Cayman Islands    
502
      
358
      
–
      
154
      
72
      
72
      
–
      
139
      
17
      
–
      
–
      
88
  
Bolivia
    
1,082
      
328
      
122
      
12,784
      
960
      
377
      
113
      
11,885
      
978
      
373
      
121
      
13,012
  
Colombia
    
855
      
199
      
193
      
4,060
      
193
      
132
      
22
      
2,283
      
601
      
213
      
415
      
2,610
  
United States of America
   
29
      
–
      
14
      
19
      
8
      
–
      
5
      
15
      
33
      
1
      
1
      
5
  
Chile
    
129
      
2
      
75
      
778
      
187
      
4
      
119
      
1,132
      
166
      
1
      
131
      
1,026
  
Others
     11       –       –       4       –       –       3       3       –       –       –       –  
Total consolidated
    
25,665
      
12,938
      
5,083
      
205,733
      
20,919
      
11,092
      
4,724
      
205,819
      
19,452
      
9,356
      
4,605
      
217,809
  


(*)
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.