XML 38 R13.htm IDEA: XBRL DOCUMENT v3.25.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2024
INVESTMENTS [Abstract]  
INVESTMENTS
6
INVESTMENTS

a)
Investment at fair value through profit or loss consist of the following:

 
  
2024
    
2023
  
 
  
S/(000)

 
S/(000)

 
                
Government Bonds (i)
    
1,685,543
      
1,555,548
  
Investment funds (ii)
    
1,401,956
      
1,199,026
  
Mutual funds (iii)
    
622,157
      
1,106,548
  
Participation in RAL Funds (iv)
     432,503
       145,414
  
Restricted mutual funds (v)
    
307,225
      
334,162
  
Corporate bonds
    
75,601
      
228,302
  
Shares
    
71,425
      
38,723
  
ETF (Exchange - Traded Fund)
    
39,309
      
29,582
  
Subordinated bonds
    24,587
       31,582
  
Bonds from financial organizations
     22,081
       92,907
  
Central Bank of Chile bonds
    
11,355
      
12,655
  
Certificates of deposit BCRP
    –
       192,666
  
Others
    
7,676
      
9,208
  
Balance before accrued interest
    
4,701,418
      
4,976,323
  
Accrued interest
    
13,925
      
6,338
  
Total
    
4,715,343
      
4,982,661
  


(i)
As of December 31, 2024, and 2023 the balance of these instruments includes the following government treasury bonds:

   
2024
    
2023
  
 
  
S/(000)

 
S/(000)

 
                
Colombian treasury bonds
     1,018,392       1,401,000  
Peruvian treasury bonds
     420,019       141,349  
Chilean treasury bonds
     87,505       8,497  
United States of America trasury bonds
    73,338       –  
Mexican treasury bonds
    43,334       –  
Panama Government Bonds
    42,955        –
  
Swiss Government Bonds
    
–
      
4,702
  
Total
    
1,685,543
      
1,555,548
  


(ii)
As of December 31, 2024, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia, and other countries, which represent 59.6 percent, 27.5 percent, 9.5 percent, and 3.4 percent respectively. As of December 31, 2023, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia, and other countries, which represented 54.3 percent, 28.1 percent, 10.0 percent, and 7.6 percent respectively.


(iii)
As of December 31, 2024, the balance corresponds to mutual funds from Bolivia, Ireland, Luxembourg, and other countries, which represent 63.3 percent, 12.5 percent, 12.5 percent, and 11.7 percent of the total, respectively. As of December 31, 2023, the balance corresponds to mutual funds from Luxembourg, Bolivia, Ireland, and other countries, which represent 52.0 percent, 35.5 percent, 6.7 percent, and 5.8 percent of the total, respectively.

(iv)
As of December 31, 2024, these funds are approximately Bs725.5 million, equivalent to S/398.1 million, and US$9.1 million, equivalent to S/34.4 million. As of December 31, 2023, these funds amounted to approximately Bs194.6 million, equivalent to S/105.2 million, and US$10.8 million, equivalent to S/40.2 million; and include the investments made by the Group in the Central Bank of Bolivia as guarantee for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia.


(v)
The restricted mutual funds comprise the participation quotas in the private pension funds managed by Prima AFP and are maintained in compliance with the legal regulations in Peru. Their availability is restricted, and the yield received is the same as that received by the private pension funds managed.

  b)
Investments at fair value through other comprehensive income consist of the following:

   
2024
    
2023
  
         
Unrealized gross amount
                
Unrealized gross amount
        
   
Cost
    
Profits
    
Losses
    
Estimated
fair value
    
Cost
    
Profits
    
Losses
    
Estimated
fair value
  
     
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

   
S/(000)

                                                                 
Debts instruments:
                                                                
                                                                 
Corporate bonds (i)
    
14,481,834
      
159,106
      
(535,597
)
    
14,105,343
      
13,643,405
      
177,408
      
(643,985
)
    
13,176,828
  
Government Bonds (ii)
    
12,112,328
      
231,115
      
(96,788
)
    
12,246,655
      
10,387,141
      
185,055
      
(207,320
)
    
10,364,876
  
Certificates of deposit BCRP (iii)
     11,431,599
       4,542
       (384 )     11,435,757
       10,924,181
       11,125
       (53 )     10,935,253
  
Securitization instruments (iv)
    
735,673
      
15,414
      
(41,592
)
    
709,495
      
710,695
      
15,611
      
(48,421
)
    
677,885
  
Negotiable certificates of deposit (v)
    
416,236
      
5,247
      
(3,676
)
    
417,807
      
458,503
      
6,501
      
(2,368
)
    
462,636
  
Subordinated bonds
    
171,618
      
2,329
      
(5,482
)
    
168,465
      
282,368
      
2,243
      
(6,793
)
    
277,818
  
Others
    
367,348
      
1,231
      
(2,023
)
    
366,556
      
340,867
      
1,210
      
(1,739
)
    
340,338
  
     
39,716,636
      
418,984
      
(685,542
)
    
39,450,078
      
36,747,160
      
399,153
      
(910,679
)
    
36,235,634
  
Equity instruments designated at the initial recognition
                                                                
                                                                 
Shares issued by:
                                                                
Inversiones Centenario
    
112,647
      
–
      
(8,488
)
    
104,159
      
112,647
      
23,214
      
–
      
135,861
  
Holding Bursatil Chilena S.A.
     13,232       1,738       –       14,970       20,457       –       (1,761 )     18,696  
Holding Bursatil Regional S.A.
     20,599       –       (6,023 )     14,576       20,599       –       (2,318 )     18,281  
Corporación Andina de Fomento
    
4,441
      
873
      
–
      
5,314
      
4,441
      
776
      
–
      
5,217
  
Compañía Universal Textil S.A.
    
4,369
      
–
      
(2,583
)
    
1,786
      
6,195
      
–
      
(2,415
)
    
3,780
  
Pagos Digitales Peruanos S.A.
    
5,611
      
–
      
(5,611
)
    
–
      
5,611
      
–
      
(5,611
)
    
–
  
Alicorp S.A.A.
    –
       –
       –
       –
       12,197
       134,185
       –
       146,382
  
Others
    
3,726
      
2,733
      
–
      
6,459
      
3,555
      
3,055
      
(25
)
    
6,585
  
     
164,625
      
5,344
      
(22,705
)
    
147,264
      
185,702
      
161,230
      
(12,130
)
    
334,802
  
                                                                 
Balance before accrued interest
    
39,881,261
      
424,328
      
(708,247
)
    
39,597,342
      
36,932,862
      
560,383
      
(922,809
)
    
36,570,436
  
Accrued interest
                            
545,296
                              
473,504
  
Total
                            
40,142,638
                              
37,043,940
  

Credicorp’s management has determined that unrealized losses on investments in debt instruments at fair value through other comprehensive income as of 2024 and 2023 are temporary in nature, considering factors such as the planned strategy in relation to the security or portfolio identified, the related collateral and the credit rating of the issuers.

As of December 31, 2024, as a result of the evaluation of the loss due to impairment of investments at fair value through other comprehensive income, the Group has recorded a provision for credit losses of S/27.9 million (S/4.3 million as of 2023), which is presented in the item “Net gain on securities”, see Note 21, in the consolidated statement of income. Likewise, Management has decided and has the ability to maintain each of these investments for a sufficient period of time to allow an early recovery of fair value, even before their recovery or maturity.

The maturities and annual market rates of debts instruments investments at fair value through other comprehensive income as of 2024 and 2023, are as follows:


  Maturities  
Annual market rate of return

2024
  
2023
  
2024
    
2023
  
         
S/
           US$           Other currencies
    
S/
           US$           Other currencies
  
 
 
  
 
  
Min
    
Max
    
Min
    
Max
    
Min
    
Max
    
Min
    
Max
    
Min
    
Max
    
Min
    
Max
  
 
 
  
 
  
%
    
%
    
%
    
%
    
%
    
%
    
%
    
%
    
%
    
%
    
%
    
%
  
 
 
  
 
                                                                            
Corporate bonds
Jan-2025 / Nov-2095
  
Jan-2024 / Nov-2095
    
3.14
      
16.62
      
3.90
      
44.18
      
2.28
      
7.50
      
3.17
   
18.23
      
2.26
      
54.02
      
2.98
      
15.67
  
Government bonds
Jan-2025 / Dec-2055
  
Jan-2024 / Feb-2055
    
2.83
      
7.08
      
2.97
      
9.95
      
4.19
      
4.19
      
0.90
      
6.82
      
0.92
      
8.89
      
4.19
      
4.19
  
Certificates of deposit BCRP
Jan-2025 / Jun-2026
  Jan-2024 / Dec-2024
     4.24
        4.93
        –
        –
        –
        –
        5.42
        6.74
        –
        –
        –
        –
  
Securitization instruments
Sep-2025 / Oct-2049
  
Sep-2025 / Sep-2045
    
3.99
      
20.86
      
5.17
      
23.94
      
5.80
      
6.00
      
4.11
      
29.78
      
6.09
      
16.11
      
5.80
      
6.00
  
Negotiable certificates of deposits
Feb-2025 / Nov-2037
  
Jan-2024 / Nov-2037
    
–
      
–
      
–
      
–
      
0.53
      
6.10
      
–
      
–
      
–
      
–
      
0.53
      
5.74
  
Subordinated bonds
Apr-2025 / Jun-2055
  
Apr-2024 / Aug-2045
    
3.81
      
8.03
      
2.28
      
8.05
      
–
      
–
      
3.23
   
9.42
      
2.81
      
7.14
      
–
      
–
  
Others
Apr-2025 / Feb-2035
  
Apr-2024 / Feb-2035
    
2.55
      
3.42
      
7.50
      
7.67
      
0.90
      
4.25
      
0.14
   
1.76
      
8.12
      
9.08
      
0.25
      
6.10
  

Likewise, as of December 31, 2024, the Group has entered into repurchase agreements (Repos) on government bonds and BCRP certificates of deposit classified as investments at fair value with changes in other comprehensive income for an estimated market value of S/5,934.5 million (S/4,269.9 million as of December 31, 2023); whose related liability is presented in the item “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see Note 5(c).

  (i)
At December 31, 2024, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Chile and other countries, representing 42.2 percent, 33.2 percent, 3.6 percent and 21.0 percent of the total, respectively. At December 31, 2023, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Colombia and other countries, representing 40.2 percent, 34.2 percent, 4.3 percent and 21.3 percent of the total, respectively.

As of December 31, 2024, the Group maintains IRS, which have been designated as hedges of the fair value of certain fixed-rate bonds in U.S. Dollar issued by corporate companies classified as investments at fair value through other comprehensive income, for a nominal amount of S/790.4 million (S/778.9 million as of December 31, 2023), see Note 12(c); through said IRS these bonds were economically converted at a variable rate.

Likewise, as of December 31, 2024, the Group maintains cross currency swaps (CCS) designated as derivative instruments for cash flow hedging of corporate bonds for a nominal value of S/47.0 million (cash flow hedge of corporate bonds for a nominal value of S/126.6 million as of December 31, 2023), through which the bonds were economically converted to soles at a fixed rate, see Note 12(c).

(ii)
As of December 31, 2024 and December 31, 2023, the balance includes the following Government Bonds:

 
  
2024
    
2023
  
   
S/(000)

 
S/(000)

             
Peruvian Government Bonds
    
10,387,634
      
8,260,261
  
United States of America Government Bonds
    
1,279,202
      
1,740,125
  
Colombian Government Bonds
    
341,299
      
204,525
  
Panama Government Bonds
    108,069
       1,039
  
Chilean Government Bonds
    
79,282
      
78,034
  
Qatar Government Bonds
    11,653
       12,109
  
Bolivian Government Bonds
    
1,834
      
41,436
  
Others
    
37,682
      
27,347
  
Total
    
12,246,655
      
10,364,876
  

  (iii)
As of December 31, 2024, the Group maintains 116,499 certificates of deposits BCRP (111,613 as of December 31, 2023); which are instruments issued at discount through public auction, traded on the Peruvian secondary market and payable in soles.

(iv)
As of December 31, 2024 and 2023, the balance of securitization instruments includes the following:

   
2024
    
2023
  
   
S/(000)

 
S/(000)

             
Inmuebles Panamericana S.A.
    
149,074
      
153,034
  
Colegios Peruanos S.A.
    
81,291
      
77,560
  
ATN S.A.
    77,244
       77,666
  
Multimercados Zonales S.A.C.
     54,374       53,540  
Inmobiliaria Terrano S.A. y Operadora Portuaria S.A.
     40,125       40,530  
Nessus Hoteles Perú S.A.
    
36,629
      
34,330
  
Costa del Sol S.A.
    35,483
       36,717
  
Concesionaria La Chira S.A.
     26,279       27,457  
Centro Comercial Plaza Norte S.A.C.
     25,241       24,504  
Centro Comercial Mall del Sur S.A.C.
     25,215       –  
Ferreyros S.A.
    23,784       25,068  
Asociación Civil San Juan Bautista
     22,327       23,565  
Redesur y Tesur
    21,748        24,504
  
Compañía de Turismo La Paz S.A.C.
    19,780        24,174
  
Aeropuertos del Perú S.A.
     14,058       14,730  
Other minors
    
56,843
      
40,506
  
Total
    
709,495
      
677,885
  

The instruments have payments primarily semiannual through 2049. The underlying asset pool consists mainly of accounts receivable for income, service income and maintenance and marketing contributions (Inmuebles Panamericana S.A.), and accounts receivable for electric transmission services for the Carhuamayo - Cajamarca line (ATN S.A.).

(v)
As of December 31, 2024 the balance corresponds to certificates equivalent to S/417.8 million in other currencies, issued mainly by the Bolivian financial systems. As of December 31, 2023, the balance corresponds to certificates equivalent to S/462.6 million in other currencies. issued mainly by the financial systems of Colombia and Bolivia.


  c)
Amortized cost investments consist of the following:

 
  
2024
  
 
  
Carrying
    
Fair
  
 
  
amount
    
value
  
 
  
S/(000)

 
S/(000)

 
                
Peruvian Government Bonds (i)    
8,085,248
      
7,558,307
  
Corporate bonds (i)
    
534,396
      
536,321
  
Bonds from financial organizations (i)
    48,090        48,307
  
Subordinated bonds (i)
    44,763        45,148
  
Other government bonds (i)
     29,074       29,185  
Negotiable certificates of deposits
     23,889       23,904  
Certificates of payment on work progress (CRPAO) (ii)
    
8,321
      
8,270
  

   
8,773,781
      
8,249,442
  
Accrued interest
    
194,096
      
194,096
  
Total investments at amortized cost, net    
8,967,877
      
8,443,538
  

 
  
2023
  
 
  
Carrying
    
Fair
  
 
  
amount
    
value
  
 
    
S/(000)

   
S/(000)

 
                
Peruvian Government Bonds (i)
    
9,323,970
      
8,860,624
  
Corporate bonds (i)
    447,245       447,774  
Other government bonds (i)
     89,484       89,482  
Negotiable certificates of deposits
     55,336
        29,672
  
Subordinated bonds (i)
    
29,648
      
29,801
  
Certificates of payment on work progress (CRPAO) (ii)
    
22,717
      
22,433
  

   
9,968,400
      
9,479,786
  
Accrued interest
    
220,527
      
220,527
  
Total investments at amortized cost, net
    
10,188,927
      
9,700,313
  

The expected loss of investments at amortized cost as of December 31, 2024 and 2023 is S/2.9 million and S/2.3 million, respectively.

(i)
As of December 31, 2024, these bonds have maturities between January 2025 and February 2042; and have annual market rates between 4.40 percent and 7.02 percent annually for bonds issued in soles, between 4.32 percent and 15.39 percent for bonds issued in US$ dollars, and between 5.30 percent and 10.40 percent annually for bonds issued in other currencies. As of December 31, 2023, they have maturities between January 2024 and February 2042; and have annual market rates between 5.59 percent and 6.82 percent annually for bonds issued in soles, between 4.53 percent and 21.23 percent for bonds issued in US$ dollars, and between 8.67 percent and 11.53 percent annually for bonds issued in other currencies.

Likewise, Credicorp Management has determined that as of December 31, 2024, the difference between amortized cost and the fair value of these investments is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity.

As of December 31, 2024, the Group has repurchased agreement transactions for investments at amortized cost for a value of S/1,063.4 million (S/2,264.1 million as of December 31, 2023), the related liability for which is presented in the caption “Payables from repurchase agreements and securities lending” in the consolidated statement of financial position, see Note 5(c).

(ii)
As of December 31, 2024, there are 8 certificates of Annual Recognition of Work Progress Payment - CRPAO (26 CRPAO as of December 31, 2023), issued by the Peruvian State to finance projects and concessions. Said issuance is a mechanism established in the concession contract signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2025 and April 2026 and have annual market rates between 6.5 percent and 6.8 percent (between January 2024 and April 2026 and have annual market rates between 7.1 percent and 7.8 percent as of December 31, 2023).

In 2024, the Government of the Republic of Peru made a public offer to repurchase certain sovereign bonds to renew its debt and finance the fiscal deficit. Although the SBS in its Resolution No. 7033-2012 establishes that any sale or transfer of investments at maturity obliges financial institutions to reclassify all instruments in this category to investments available for sale, on June 28, 2024, the SBS issued a multiple official letter No. 41264-2024-SBS, authorizing financial institutions to participate in said offer, regardless of the classification category assigned to said instruments; taking into account the purpose of the buyback carried out by the Republic of Peru. In this sense, the Bank participated in securities repurchase and exchange program offered by the Ministry of Economy and Finance on behalf of the Peruvian Government. Through this program sovereign bonds were repurchased for S/1,450.0 million maturing in August 2024 and February 2029. Likewise, sovereign bonds maturing between August 2026 and February 2029 were exchanged for approximately S/780.8 million, and in return, were received sovereign bonds maturing in August 2039 for approximately S/795.4 million. This operation generated a net profit of S/24.5 million that was recognized in in the consolidated statement of income.

Likewise, during 2023, the Ministry of Economy and Finance, on behalf of the Peruvian Government, made a public offer to repurchase or exchange sovereign bonds. The SBS issued a multiple official letter No. 28112-2023, authorizing financial institutions to participate in said offer. In this sense, the Bank participated in the securities exchange program, through which it delivered sovereign bonds for S/1,183.6 million maturing between September 2023 and August 2028, which accrued effective interest rates between 5.08 and 6.62 percent; and received in exchange a sovereign bond for S/1,185.8 million maturing in August 2033 and an effective interest rate of 7.16 percent. This exchange generated a loss of S/27.8 million that was recognized in the consolidated statement of income.

  d)
The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:

   
2024
  
   
At fair value
through other
comprehensive
income
    
Amortized
cost
  
   
S/(000)

 
S/(000)

             
Up to 3 months
    
4,631,496
      
161,924
  
From 3 months to 1 year
    
8,960,899
      
196,986
  
From 1 to 3 years
    
5,259,160
      
642,039
  
From 3 to 5 years
    
5,176,129
      
2,211,166
  
More than 5 years
    
15,422,394
      
5,561,666
  
Without maturity
    
147,264
      
–
  
Total
    
39,597,342
      
8,773,781
  

   
2023
  
   
At fair value
through other
comprehensive
income
    
Amortized
cost
  
     
S/(000)

   
S/(000)

                 
Up to 3 months
    
5,297,064
      
102,203
  
From 3 months to 1 year
    
7,778,579
      
1,309,800
  
From 1 to 3 years
    
5,409,142
      
733,057
  
From 3 to 5 years
    
5,378,056
      
1,193,767
  
More than 5 years
    
12,372,792
      
6,629,573
  
Without maturity
    
334,803
      
–
  
Total
    
36,570,436
      
9,968,400