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EQUITY
 12 Months Ended
Dec. 31, 2024
EQUITY [Abstract]  
EQUITY
16
EQUITY


a)
Capital stock -

As of December 31, 2024, 2023 and 2022 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., that the entities of the Group maintain as of December 31, 2024, 2023 and 2022:

   
Number of shares
  
2024
  
Shares of the
Group
    
Shared-based
payment (*)
    
Total
  
                   
Atlantic Security Holding Corporation
    
14,620,846
      
–
      
14,620,846
  
Atlantic Security International Financial Services    
–
      
125,843
      
125,843
  
BCP     –       94,686       94,686  
Grupo Crédito
    
–
      
38,050
      
38,050
  
Pacífico Seguros
    
–
      
17,756
      
17,756
  
MiBanco
    
–
      
12,720
      
12,720
  
Credicorp Capital Servicios Financieros
    
–
      
10,440
      
10,440
  
ASB Bank Corp.
   
–
      
10,310
      
10,310
  
Prima AFP     –       3,174       3,174  
Other Subsidiaries     –       12,812       12,812  
     
14,620,846
      
325,791
      
14,946,637
  


 
Number of shares
  
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
  
Prima AFP    
–
      
3,920
      
3,920
  
Other Subsidiaries
    
–
      
16,790
      
16,790
  
     
14,620,846
      
265,250
      
14,886,096
  

   
Number of shares
  
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  
Prima AFP
     –      
5,406
      
5,406
  
Other Subsidiaries    
–
      
17,588
      
17,588
  
     
14,620,846
      
228,377
      
14,849,223
  

(*) 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 2024, 2023 and 2022, the Group purchased 174,161, 163,067 and 137,604 shares of Credicorp Ltd., respectively, for a total of US$29.3 million (equivalent to S/110.9 million), US$22.5 million (equivalent to S/85.6 million) and US$22.5 million (equivalent to a S/83.6 million), respectively.

The purchase of shares during 2024 for S/110.9 million consists of S/2.4 million for the shares at par value and S/108.5 million for the higher value paid for the shares acquired. The purchase of shares during 2023 for S/85.6 million consists of S/2.3 million for the shares at par value and S/83.3 million for the higher value paid for the shares acquired.


 c)
Reserves and other reserves -

Certain Group’s subsidiaries are required to keep a reserve that equals a percentage of paid-in capital (20.0, 30.0 or 50.0 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 10.0 percent of net profits. As of December 31, 2024, 2023 and 2022, the balance of this reserves amounts approximately to S/9,175.8 million, S/8,621.7 million and S/7,783.3 million, respectively.

At the Board meetings held on April 27, 2024, April 27, 2023 and April 28, 2022, the decision was made to transfer from “Retained earnings” to “Reserves” S/1,778.8 million, S/2,593.6 million and  S/2,354.9 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, 2022
    
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 to income statement of credit loss on investments
    
–
      
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
    
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 to income statement of credit loss on investments
    
–
      
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
  
Increase in net unrealized gains on investments
    
24,116
      
136,783
      
–
      
–
      
–
      
160,899
  
Transfer to results of the net realized loss of investments
    
–
      
36,712
      
–
      
–
      
–
      
36,712
  
Transfer to income statement of credit loss on investments
    
–
      
32,776
      
–
      
–
      
–
      
32,776
  
Change in net unrealized gain on cash flow hedges derivatives
    
–
      
–
      
27,186
      
–
      
–
      
27,186
  
Transfer of net realized gain on cash flow hedges derivatives to profit or gain
    
–
      
–
      
(17,416
)
    
–
      
–
      
(17,416
)
Other reserves
    
–
      
–
      
–
      
(69,383
)
    
–
      
(69,383
)
Foreign exchange translation
    
–
      
–
      
–
      
–
      
(114,143
)
    
(114,143
)
Transfer of fair value reserve to accumulated results
    
(137,787
)
    
–
      
–
      
–
      
–
      
(137,787
)
Balance as of December 31, 2024
    
44,490
      
(191,151
)
    
(1,633
)
    
309,961
      
52,960
      
214,627
  


d)
Components of other comprehensive income -

The movement of the item is as follows:

   
2024
    
2023
    
2022
  
     
S/(000)

   
S/(000)

   
S/(000)

To be reclassified to the consolidated statement of income in later periods Equity instruments at fair value with changes in other comprehensive income
                       
Net unrealized gain (loss)
    
136,783
      
1,241,632
      
(1,629,016
)
Transfer to results of net realized loss
    
36,712
      
7,789
      
49,754
  
Transfer of recovery of credit loss to profit or loss
    
32,776
      
8,716
      
63,203
  
Sub total
    
206,271
      
1,258,137
      
(1,516,059
)
Non-controlling interest
    
4,612
      
18,317
      
(15,535
)
Income tax
    
(5,118
)
    
58,489
      
(82,459
)
     
205,765
      
1,334,943
      
(1,614,053
)
                         
Cash flow hedge reserves:
                        
Net gain on cash flow hedges
    
27,186
      
18,359
      
29,109
  
Transfer of net realized gain on cash flow hedges derivatives to profit or loss
    
(17,416
)
    
(30,550
)
    
(28,048
)
Sub total
    
9,770
      
(12,191
)
    
1,061
  
Non-controlling interest
    
125
      
(148
)
    
27
  
Income tax
    
4,030
      
(5,104
)
    
158
  
     
13,925
      
(17,443
)
    
1,246
  
                         
Other reserves:
                        
Insurances reserves
    
(69,383
)
    
(754,192
)
    
1,133,536
  
Non-controlling interest
    
(793
)
    
(8,619
)
    
10,604
  
     
(70,176
)
    
(762,811
)
    
1,144,140
  
                         
Foreign exchange traslation:
                        
Exchange gains or losses
    
(114,143
)
    
73,498
      
(301,969
)
Net movement in hedges of net investments in foreign businesses
    
–
      
18,950
      
39,587
  
Sub total
    
(114,143
)
    
92,448
      
(262,382
)
Non-controlling interest
    
1
      
(34
)
    
(114
)
     
(114,142
)
    
92,414
      
(262,496
)

    2024     2023     2022  

    S/(000)
    S/(000)
    S/(000)
Not to be reclassified to the consolidated statement of income in later periods:
                       
                         
Equity instruments at fair value with changes in other comprehensive income
                       
Net unrealized gain (loss)
    
24,116
      
(12,247
)
    
(36,477
)
Transfer to accumulated results from investment sale
     (137,787 )     –       –  
Sub total
     (113,671 )     (12,247 )     (36,477 )
Non-controlling interest
    
7
      
127
      
23
  
Income tax
    
(8,439
)
    
3,791
      
(2,109
)
     
(122,103
)
    
(8,329
)
    
(38,563
)
Attributable to:
                        
Credicorp’s equity holders
    
(81,156
)
    
571,955
      
(680,321
)
Non-controlling interest
    
3,952
      
9,643
      
(4,995
)
     
(77,204
)
    
581,598
      
(685,316
)


e)
Dividend distribution –

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


   
2024
    
2023
    
2022
  
                   
Date of Meeting - Board of Directors
    
25.04.2024
      
27.04.2023
      
28.04.2022
  
Dividends distribution, net of treasury shares effect (in thousands of soles)
    
2,788,657
      
1,994,037
      
1,196,422
  
Payment of dividends per share (in soles)
    
35.0
      
25.0
      
15.0
  
Date of dividends payout
    
14.06.2024
      
09.06.2023
      
10.06.2022
  
Exchange rate published by the SBS
    
3.7685
      
3.6901
      
3.7560
  
Dividends payout (equivalent in thousands of US$)
    
739,991
      
540,375
      
318,536
  

At the Board of Directors held on August 29, 2024, agreed an additional dividend payment, net of the effect of treasury shares, for approximately S/875.9 million charged to reserves. These dividends were paid on October 18, 2024.

On April 24, 2025, the Board of Directors of Credicorp Ltd. approved the distribution of a cash dividend of S/3,775.3 million equivalent to S/40.00 per share, to be distributed on June 13, 2025.

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, 2024, 2023 and 2022 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.


 f)
Regulatory capital -

In accordance with the rules issued by the SBS relating to the ‘Regulations for the Consolidated Supervision of Financial and Mixed Conglomerates’, the regulatory capital requirement (“patrimonio efectivo” in Peru) applicable to Credicorp subsidiaries are determined based on the specific requirements per subsidiary and in accordance with the requirements of each regulator in the country in which they operate. As of December 31, 2024, and 2023, the effective capital requirements amounted to S/29,123.5 million and S/25,720.7 million respectively.

The effective capital of Credicorp and its subsidiaries determined in accordance with the provisions of these regulations amounted to S/40,009.5 million and S/33,452.6 million as of December 31, 2024, and 2023, respectively, which exceeded the minimum capital required by the SBS by S/10,885.9 million and S/7,731.9 million, respectively.