INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investment at Fair Value Through Profit or Loss

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.

Investments at Fair Value through Other Comprehensive Income

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

Maturities and Annual Market Rates of Debts Instruments Investments

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

Balance of Government Bonds

(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

Balance of Securitization Instruments

(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

Amortized Cost of Investments

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).

Balance of Investments Classified by Maturity

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