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PROPERTY, FURNITURE AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
PROPERTY, FURNITURE AND EQUIPMENT, NET [Abstract]  
PROPERTY, FURNITURE AND EQUIPMENT, NET
9
PROPERTY, FURNITURE AND EQUIPMENT, NET


a)
The composition of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2024, 2023, and 2022 is as follows:

 

   
Land
    
Buildings and
other
constructions
    
Installations
    
Furniture
and fixtures
    
Computer
hardware
    
Vehicles
and
equipment
    
Work in
progress
    
2024
    
2023
    
2022
  
    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
    
327,113
      
1,140,644
      
779,481
      
485,787
      
614,211
      
107,795
      
117,255
      
3,572,286
      
3,463,196
      
3,500,890
  
Additions
    
–
      
58,536
      
66,580
      
49,478
      
62,819
      
699
      
72,032
      
310,144
      
322,371
      
192,700
  
Acquisition of business
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
455
      
419
  
Transfers
    
–
      
–
   
35,210
      
1,151
      
40,987
      
1,252
      
(78,600
)
    
–
      
–
      
–
  
Disposals and others
    
(32,959
)
    
(24,373
)
    
(11,422
)
    
(30,649
)
    
(57,180
)
    
(3,703
)
    
(19,670
)
    
(179,956
)
    
(213,736
)
    
(230,813
)
Balance as of December 31
    
294,154
      
1,174,807
      
869,849
      
505,767
      
660,837
      
106,043
      
91,017
      
3,702,474
      
3,572,286
      
3,463,196
  
                                                                                 
Accumulated depreciation -
                                                                                
Balance as of January 1
    
–
      
744,686
      
571,056
      
327,846
      
480,974
      
90,199
      
–
      
2,214,761
      
2,182,098
      
2,192,111
  
Depreciation of the period
    
–
      
23,612
      
38,855
      
28,924
      
57,585
      
4,555
      
–
      
153,531
      
129,108
      
128,443
  
Acquisition of business
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
102
  
Disposals and others
    
–
      
(16,992
)
    
(10,633
)
    
(26,513
)
    
(46,597
)
    
(3,692
)
    
–
      
(104,427
)
    
(96,445
)
    
(138,558
)
Balance as of December 31
    
–
      
751,306
      
599,278
      
330,257
      
491,962
      
91,062
      
–
      
2,263,865
      
2,214,761
      
2,182,098
  
                                                                                 
Net carrying amount
    
294,154
      
423,501
      
270,571
      
175,510
      
168,875
      
14,981
      
91,017
      
1,438,609
      
1,357,525
      
1,281,098
  

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

During 2024, the Group, as part of the investment in fixed assets, has made disbursements mainly related to computer equipment and the remodeling of its various agencies. Likewise, during the years 2023 and 2022, the Group, as part of the investment in fixed assets, has made disbursements mainly related to the purchase of computer equipment, furniture and fixtures and the remodeling of its various agencies.

During the year 2024, Management decided to sell various land and buildings, the approximate sale price of which was S/98.2 million, with a net cost of S/30.2 million (during 2023, an approximate sale price of S/53.1 million with a net cost of S/51.4 million; during 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, depreciation expense of fixed assets is distributed in the consolidated income statement under depreciation item and attributable expense under the insurance technical result item for S/149.9 million and S/3.6 million, respectively, for the year 2024; S/125.0 million and S/4.1 million, respectively, for the year 2023.

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, 2024, 2023 and 2022, there is no evidence of impairment of the Group’s properties, furniture and equipment.