0001104659-21-056535 | 20-F | XBRL Viewer

S/ 237,406,163

S/ 187,859,340

S/ 177,263,000

211,960,516

161,113,030

152,997,000

25,445,647

26,746,310

S/ 22,062,063

Grupo Crdito S.A. and Subsidiaries

S/ 334,138

S/ 4,352,331

S/ 4,071,305

Disclosure Of Significant Accounting Policies [Line Items]

^[1]

Holding, Peru

^[1]

100.00%

^[1]

S/ 210,298,709

S/ 165,072,249

^[1]

189,194,894

142,514,228

^[1]

21,103,815

22,558,021

Pacfico Compaa de Seguros y Reaseguros S.A.and Subsidiaries

^[1]

S/ 274,816

S/ 3,638,334

Disclosure Of Significant Accounting Policies [Line Items]

^[2]

Insurance, Peru

^[2]

98.81%

98.79%

^[2]

S/ 16,020,865

S/ 13,783,515

^[2]

13,036,221

10,963,533

^[2]

2,984,644

2,819,982

Banco de Credito del Peru and Subsidiaries [Member]

^[2]

S/ 194,639

S/ 381,492

Disclosure Of Significant Accounting Policies [Line Items]

Banking, Peru

97.71%

S/ 195,702,525

S/ 152,426,848

177,367,887

133,456,760

18,334,638

18,970,088

Inversiones Credicorp Bolivia S.A. and Subsidiaries [Member]

S/ 244,303

S/ 3,641,935

Disclosure Of Significant Accounting Policies [Line Items]

Banking, Bolivia

99.96%

S/ 12,533,378

S/ 10,552,154

11,802,383

9,773,372

730,995

778,782

Atlantic Security Holding Corporation and Subsidiaries [Member]

S/ (65,653)

S/ 94,666

Disclosure Of Significant Accounting Policies [Line Items]

^[3]

Capital Markets, Cayman Islands

^[3]

100.00%

^[3]

S/ 8,593,553

S/ 6,076,928

^[3]

6,876,666

4,986,657

^[3]

1,716,887

1,090,271

Credicorp Capital Ltd. and Subsidiaries [Member]

^[3]

S/ 507,303

S/ 601,629

Disclosure Of Significant Accounting Policies [Line Items]

^[4]

Capital Markets and asset management, Bermuda

^[4]

100.00%

^[4]

S/ 4,535,200

S/ 4,807,905

^[4]

3,600,354

3,832,287

^[4]

934,846

975,618

Disclosure Of Significant Accounting Policies [Line Items]

^[4]

S/ (65,575)

S/ 41,634

CCR Inc [Member]

^[5]

Special purpose Entity, Bahamas

^[5]

100.00%

^[5]

S/ 259,373

S/ 386,146

^[5]

257,996

385,253

^[5]

1,377

893

Disclosure Of Significant Accounting Policies [Line Items]

^[5]

S/ 484

S/ 1,676

Prima AFP S.A [Member]

Private pension fund administrator, Peru

100.00%

S/ 1,107,706

S/ 982,591

407,536

284,643

700,170

697,948

Krealo SpA and Subsidiaries

S/ 148,141

S/ 196,590

Disclosure Of Significant Accounting Policies [Line Items]

Holding, Chile

100.00%

S/ 95,693

S/ 72,847

22,453

41,765

73,240

31,082

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS

S/ (19,912)

S/ (6,476)

[1]	Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes
[2]	Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively.
[3]	Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers.
[4]	Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco - Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes
[5]	CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP.

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Aug. 25, 2020 USD ($)	Apr. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)	Dec. 31, 2018 PEN (S/)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 PEN (S/)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Commitments and Contingencies [Line Items]
Donations				S/ 128,884,000	S/ 10,378,000	S/ 10,550,000			$ 3,650,000
BCP Stand-alone
Commitments and Contingencies [Line Items]
Amount of fine	$ 482,000
Madoff Trustee Litigations [Member]
Commitments and Contingencies [Line Items]
Principal amount on redemptions			$ 120,000,000
Fairfield Liquidator Litigation [Member]
Commitments and Contingencies [Line Items]
Principal amount on redemptions		$ 115,200,000
Fujimori 2011 Campaign [Member]
Commitments and Contingencies [Line Items]
Donations									$ 1,950,000	$ 1,700,000
Peruanos Por el Kambio Campaign [Member] \| BCP Stand-alone, Mibanco and Grupo Pacifico
Commitments and Contingencies [Line Items]
Donations							$ 200,000	S/ 711,000

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS

12 Months Ended

Dec. 31, 2020

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS

16 TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS

a) This item consists of the following:


	2020
	Technical	Technical
	reserves for	reserves for
	claims	premiums (*)	Total
	S/(000)	S/(000)	S/(000)

Life insurance	1,288,056	8,784,732	10,072,788
General insurance	629,330	656,963	1,286,293
Health insurance	133,088	182,907	315,995
Total	2,050,474	9,624,602	11,675,076


	2019
	Technical	Technical
	reserves for	reserves for
	claims	premiums (*)	Total
	S/(000)	S/(000)	S/(000)

Life insurance	908,362	7,548,684	8,457,046
General insurance	590,588	651,129	1,241,717
Health insurance	77,278	174,192	251,470
Total	1,576,228	8,374,005	9,950,233

(*)As of December 31, 2020, the life insurance technical reserves include the mathematical reserves of income amounting to S/6,806.1 million (S/5,961.0 million as of December 31, 2019).

Insurance claims reserves represent reported claims and an estimate for incurred but non reported claims (IBNR). Reported claims are adjusted on the basis of technical reports received from independent adjusters.

Insurance claims to be paid by reinsurers and co-insurers represents ceded claims, which are presented in “Accounts receivable from reinsurers and coinsurers” of the consolidated statement of financial position, See note 9(b).

As of December 31, 2020, the reserves for direct claims include reserves for IBNR for life, general and health insurance for an amount of S/602.7 million, S/42.5 million and S/125.3 million, respectively (S/393.4 million, S/24.3 million and S/63.5 million, respectively, as of December 31, 2019).

The increase in reserves is mainly due to the mortality experienced due to COVID-19. Thus, the increase in the technical reserve for claims corresponds to the effect experienced by the business lines due to increases in the reserve amount for outstanding claims due to Overmortality and IBNR. Likewise, the increase in technical reserves for premiums is mainly due to the increase due to new sales in the Income line and in addition to the increase due to the variation in market rates of all pension lines (Income, Complementary Risk Work Insurance -SCTR for its acronym in Spanish and AFP Old Regime).

As of December 31, 2020 due to the COVID-19 pandemic, IBNR reserves were calculated in two parts: a) IBNR reserve for regular claims and b) IBNR reserve for expected excess mortality (deaths above the average number of cases months pre-pandemic). (See note 3 (e) (i)).

As of December 31, 2019 and in previous years, the differences between the estimates of the reserves for incurred and non-reported claims and the settled and pending liquidation claims have not been significant. In the case of general and health risks, the retrospective analysis indicates that the amounts accrued are adequate and in Management’s opinion, the estimate of the reserve for IBNR is sufficient to cover any obligation as of December 31, 2020 and 2019.

In the case of Medical Assistance (AMED for its acronym in Spanish), the IBNR estimate included the estimate of regular claims and also the IBNR estimate for COVID-19 claims, which had a different frequency and cost than regular claims (See note 3 (e ) (ii)).

In general, claims reserves have been estimated using prudential criteria due to the uncertainty in the loss ratio caused by the pandemic that began in 2020.

Technical reserves include reserves for obligations for future benefits under insurance of life and personal accidents in force; and the unearned premium reserves in respect of the portion of premiums written that is allocable to the unexpired portion of the related policy periods of related coverage.

b) Movement of insurance claims reserves (direct and assumed), occurred during the years 2020 and 2019:


	2020
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)

Beginning balance	908,362	590,588	77,278	1,576,228
Gross claims, Note 26	1,383,344	326,183	281,627	1,991,154
Payments	(1,012,012)	(363,374)	(225,882)	(1,601,268)
Exchange difference	8,362	75,933	65	84,360
Ending balance	1,288,056	629,330	133,088	2,050,474


	2019
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)

Beginning balance	732,868	562,430	71,372	1,366,670
Gross claims, Note 26	1,001,671	524,142	326,980	1,852,793
Payments	(822,644)	(510,678)	(321,085)	(1,654,407)
Exchange difference	(3,533)	14,694	11	11,172
Ending balance	908,362	590,588	77,278	1,576,228

The increase in technical reserves for claims mainly corresponds to excess mortality in the Life Insurance Businesses and the provision of services for Health Insurance. The impact by business is detailed below:


	IBNR Balance	Claims reported
Business line	COVID - 19	COVID – 19	Total Impact COVID-19
Vida Individual	S/ 7.0 MM	S/ 17.1 MM	S/ 24.1 MM
Vida Grupo	S/ 9.8 MM	S/ 9 MM	S/ 18.8 MM
Vida Ley	S/ 11.3 MM	S/ 19.4 MM	S/ 30.7 MM
Vida Crédito	S/ 21.7 MM	S/ 101.8 MM	S/ 123.5 MM
SISCO	S/ 49.0 MM	S/ 112.9 MM	S/ 161.9 MM
Asistencia Médica	S/ 24.5 MM	S/ 33.1 MM	S/ 57.6 MM
Totales	S/ 123.3 MM	S/ 293.3 MM	S/ 416.6 MM

c) Technical reserves occurred during the years 2020 and 2019:


	2020
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)

Beginning balance	7,548,684	651,129	174,192	8,374,005
Time course expenses and others	75,115	818	—	75,933
Unearned premium and other technical reserves variation, net	1,006	(36,323)	8,501	(26,816)
Insurance subscriptions	599,149	5,941	—	605,090
Adjustment by application of market rates	263,820	—	—	263,820
Exchange difference and others	296,958	35,398	214	332,570
Ending balance	8,784,732	656,963	182,907	9,624,602


	2019
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)

Beginning balance	6,329,512	593,938	162,551	7,086,001
Time course expenses and others	67,989	(3,891)	—	64,098
Unearned premium and other technical reserves variation, net	(61,834)	62,862	11,685	12,713
Insurance subscriptions	604,262	8,692	—	612,954
Adjustment by application of market rates	666,556	—	—	666,556
Exchange difference and others	(57,801)	(10,472)	(44)	(68,317)
Ending balance	7,548,684	651,129	174,192	8,374,005

The increase in technical reserves for premiums is mainly due to the increase in new income sales, an increase in the adjustment of market rates of pension lines (Income, Complementary Risk Work Insurance -SCTR for its Spanish acronym and AFP Old Regime), as well as the increase in the amount of the unearned premium reserve due to an increase in the “Vida Ley” portfolio, due to the new regulation that covers from the first day of work.

As of December 31, 2020 and 2019 no additional reserves were needed as a result of the liability adequacy test. Likewise, the main assumptions to be used in response to the effects of the pandemic due to reserves for mortality claims and COVID-19 reserves are detailed on note 3 (e) (i) and 3 (e) (ii).

The main assumptions used to estimate of retirement, disability and survival annuities and individual life (including Investment link insurance contracts) reserves, as of those dates, are as follows:


	2020		2019
Mortality	Mortality table	Technical rates	Mortality table	Technical rates
Annuities	SPP-S-2017 and SPP-I- 2017	Between 3.21% - 7.96% / Between 2.50% - 5.25%	SPP-S-2017 and SPP-I- 2017	Between 3.81% - 7.99% / Between 2.50% - 5.25% soles VAC
Pension insurance – Temporary Regime / SCTR (*)	-	-	B-85 and MI-85	3.00% soles VAC
Pension insurance – Definitive Regime	B-85 and MI-85	1.7% soles VAC / 3.68% nominal dollars	B-85 and MI-85	2.41% soles VAC / 4.26% nominal dollars
Pension insurance – Definitive Regime / SCTR	B-85 adjusted and MI-85	1.7% soles VAC / 3.68% nominal dollars / 5.25% soles adjusted / 3.68% dollars adjusted	B-85 adjusted and MI-85	Between 2.41%, 3.00%, soles VAC / 4.26% nominal dollars / 5.67% soles adjusted / 4.26% dollars adjusted
Pension insurance – Temporary Regime /SCTR	SPP-S-2017- and SPP-I-2017	3.648% soles VAC/3.672% soles VAC/2.734% soles VAC	SPP-S-2017-and SPP-I-2017	3.816% soles VAC/Between 0.94% -2.83% soles VAC/ 3.771% soles VAC
Pension insurance - SCTR (Longevity)	-	-	SPP-S-2017 and SPP-I-2017	Soles VAC 3.771%
Individual life	CSO 80 adjusted	Between 4.00% - 5.00%	CSO 80 adjusted	Between 4.00% - 5.00%

(*)Complementary Work Risk Insurance (SCTR the Spanish acronym).

The sensitivity of the estimates used by the Group to measure its insurance risks is represented primarily by the life insurance risks; the main variables as of December 31, 2020 and 2019, are the interest rates and the mortality tables used. The Group has evaluated the changes in its most significant reserves related to life insurance contracts included in retirement, disability and survival annuities reserves of +/- 100 bps of the interest rates and of +/- 5 bps of the mortality factors, with the following results:


	2020			2019
		Variation of the reserve			Variation of the reserve
Variables	Reserve	Amount	Percentage	Reserve	Amount	Percentage
			%			%
Portfolio in S/ - Base amount	4,121,791	—	—	3,896,211	—	—
Changes in interest rates: + 100 bps	3,783,665	(338,126)	(8.20)	3,575,717	(320,494)	(8.23)
Changes in interest rates: - 100 bps	4,530,919	409,128	9.93	4,285,955	389,743	10.00
Changes in Mortality tables to 105%	4,095,670	(26,121)	(0.63)	3,872,104	(24,107)	(0.62)
Changes in Mortality tables to 95%	4,148,940	27,149	0.66	3,922,178	25,967	0.67

Portfolio in US$- Base amount	847,563	—	—	614,766	—	—
Changes in interest rates: + 100 bps	801,574	(45,989)	(5.43)	568,767	(45,999)	(7.48)
Changes in interest rates: - 100 bps	902,102	54,539	6.43	669,412	54,646	8.89
Changes in Mortality tables to 105%	842,068	(5,495)	(0.65)	609,349	(5,417)	(0.88)
Changes in Mortality tables to 95%	853,308	5,745	0.68	620,430	5,664	0.92

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of of detailed information about Life Insurance Businesses and the provision of services for Health Insurance (Details) S/ in Millions	12 Months Ended
	Dec. 31, 2020 PEN (S/)
Business Line [Line Items]
IBNR Balance COVID - 19	S/ 123.3
Claims reported COVID - 19	293.3
Total Impact COVID-19	416.6
Vida Individual
Business Line [Line Items]
IBNR Balance COVID - 19	7.0
Claims reported COVID - 19	17.1
Total Impact COVID-19	24.1
Vida Grupo
Business Line [Line Items]
IBNR Balance COVID - 19	9.8
Claims reported COVID - 19	9.0
Total Impact COVID-19	18.8
Vida Ley
Business Line [Line Items]
IBNR Balance COVID - 19	11.3
Claims reported COVID - 19	19.4
Total Impact COVID-19	30.7
Vida Crdito
Business Line [Line Items]
IBNR Balance COVID - 19	21.7
Claims reported COVID - 19	101.8
Total Impact COVID-19	123.5
SISCO
Business Line [Line Items]
IBNR Balance COVID - 19	49.0
Claims reported COVID - 19	112.9
Total Impact COVID-19	161.9
Asistencia Mdica
Business Line [Line Items]
IBNR Balance COVID - 19	24.5
Claims reported COVID - 19	33.1
Total Impact COVID-19	S/ 57.6

CASH AND DUE FROM BANKS (Tables)

12 Months Ended

Dec. 31, 2020

CASH AND DUE FROM BANKS

Schedule of detailed information about cash and cash equivalents


	2020	2019
	S/(000)	S/(000)

Cash and clearing (b)	5,233,643	4,917,674
Deposits with Central Reserve Bank of Peru (BCRP) (b)	26,003,415	18,367,651
Deposits with Central Bank of Bolivia and Colombia (b)	1,085,785	652,579
Deposits with foreign banks (c)	3,350,106	1,402,403
Deposits with local banks (c)	1,027,081	481,412
Interbank funds	32,222	137,722
Accrued interest	1,515	14,601
Total cash and cash equivalents	36,733,767	25,974,042
Restricted funds	19,227	12,720
Total cash	36,752,994	25,986,762

Schedule of detailed information about reserve deposits


	2020	2019
	S/(000)	S/(000)

Legal cash requirements (i)
Deposits with Central Reserve Bank of Peru	16,903,941	13,727,222
Deposits with Central Bank of Bolivia	1,079,878	646,865
Deposits with Republic Bank of Colombia	5,907	5,714
Cash in vaults of Bank	4,529,683	4,132,347
Total legal cash requirements	22,519,409	18,512,148

Additional funds
Overnight deposits with Central Reserve Bank of Peru (ii)	2,972,744	4,640,429
Term deposits with Central Reserve Bank of Peru (iii)	5,988,900	—
Cash in vaults of Bank and others	703,960	785,327
Other Deposits BCRP	137,830	—
Total additional funds	9,803,434	5,425,756
Total	32,322,843	23,937,904

(i) At December 31, 2020 cash and deposits that generate interest subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 4.00 percent and 34.51 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP (5.01 percent and 35.06 percent, respectively, at December 31, 2019).

In Management’s opinion, the Group has complied with the calculation legal cash requirements established by current regulations.

(ii) At December 31, 2020, the Group maintains four “overnight” deposits with the BCRP, of which are two denominated in soles in amount of S/559.7 million and two in U.S Dollars in amount of US$666.4 million, equivalent to S/2,413.0 million. At said date, the deposit in soles and deposits in U.S Dollars accrue interest at annual rates of 0.15 percent and 0.13 percent, respectively, and have maturities at 4 days.

At December 31, 2019, the Group maintains three “overnight” deposits with the BCRP, which are one denominated in soles in amount of S/360.0 million and two in U.S Dollars in amount of US$1,291.6 million, equivalent to S/4,280.4 million . At said date, deposits in soles and deposits in U.S Dollars accrue interest at annual rates of 1.00 percent and 1.57, respectively, and have maturities at 2 days.

(iii) In order to temporarily control the liquidity generated by the disbursement of the credit repurchase agreement with a National Government Guarantee represented in securities, and in view of the BCRP’s offer of profitable rates for short-term deposits. The Group maintains sixteen term deposits, which are denominated in soles. As of that date, the deposits accrue interest at an annual rate of 0.25 percent and have maturities between January 4 and 7, 2021.

SIGNIFICANT TRANSACTIONS - Additional Information (Details) S/ in Thousands, $ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Feb. 28, 2021	Nov. 30, 2020	May 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 PEN (S/)	Dec. 31, 2018	Dec. 31, 2020 PEN (S/)
Disclosure of detailed information about business combination [line items]
Percentage of GDP			31.00%			20.00%
Rate						(29.50%)	(29.50%)	(29.50%)
Number of government-backed programs \| item						2
Threshold period for maximum amount of guaranteed credits to be granted depending on average monthly sales volume							3 months
Threshold period for maximum amount of guaranteed credits to be granted depending on average debt							2 months
Term of program						36 months
Maximum grace period above the term of program						12 months
Effective annual rate						0.50%			0.50%
Liquidated repurchase agreement operations									S/ 50,729,000
Amount issued Internationally \| $						$ 7,000.0
Reactiva Peru program
Disclosure of detailed information about business combination [line items]
Percentage of GDP						8.00%
Initial resources of program									30,000,000
Additional resources of program									30,000,000
Total resources of program									60,000,000
Panama
Disclosure of detailed information about business combination [line items]
Percentage of GDP	10.10%	17.90%	75.00%
Bolivia
Disclosure of detailed information about business combination [line items]
Rate				25.00%
Change in percentage of ROE				6.00%
Percentage of net profits Capitalized				100.00%
Percentage of economy sank						26.60%
Bolivia \| Maximum
Disclosure of detailed information about business combination [line items]
Percentage of GDP						(7.90%)
Colombia
Disclosure of detailed information about business combination [line items]
Percentage of GDP						6.80%
Rate							33.00%	33.00%
Points per capita of GDP launched In an credit program						20.10%
Peru
Disclosure of detailed information about business combination [line items]
Percentage of GDP					29.80%	11.10%
Peru \| Reactiva Peru program \| Loans disbursed up to S/90.0 thousand
Disclosure of detailed information about business combination [line items]
Maximum amount of guaranteed credits to be granted depending on average debt							S/ 40
Guarantee coverage as a percent for loans disbursed							98.00%
Loans disbursed							S/ 90
Peru \| Reactiva Peru program \| Minimum \| Loans disbursed greater than S/90.0 thousand and up to S/10.0 million
Disclosure of detailed information about business combination [line items]
Guarantee coverage as a percent for loans disbursed							80.00%
Loans disbursed							S/ 90
Peru \| Reactiva Peru program \| Maximum \| Loans disbursed greater than S/90.0 thousand and up to S/10.0 million
Disclosure of detailed information about business combination [line items]
Guarantee coverage as a percent for loans disbursed							95.00%
Loans disbursed							S/ 10,000
Peru \| Business Support Fund
Disclosure of detailed information about business combination [line items]
Loans disbursed									S/ 4,000,000
Peru \| Business Support Fund \| Minimum
Disclosure of detailed information about business combination [line items]
Guarantee coverage as a percent for loans disbursed						90.00%			90.00%
Peru \| Business Support Fund \| Maximum
Disclosure of detailed information about business combination [line items]
Guarantee coverage as a percent for loans disbursed						98.00%			98.00%
Peru \| FAE funds for Agriculture
Disclosure of detailed information about business combination [line items]
Loans disbursed									S/ 2,000,000
Peru \| FAE funds for Tourism
Disclosure of detailed information about business combination [line items]
Loans disbursed									S/ 1,500,000

NET PREMIUMS EARNED - Premiums Ceded to Reinsurers and Coinsurers (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Premiums ceded for automatic contracts [Member]

^[1]

S/ (548,024)

S/ (559,160)

S/ (497,646)

Premiums ceded for facultative contracts [Member]

(244,112)

(254,839)

(243,427)

Annual variation of reserve risk in progress of premiums ceded [Member]

(327,098)

(289,386)

(288,928)

EVENTS OCURRED AFTER THE REPORT PERIOD

S/ 23,186

S/ 14,935

S/ (34,709)

[1]	“Premiums ceded to reinsurers and coinsurers, net” include:

INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about brand intangible assets (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	S/ 1,818,398	S/ 1,666,265	S/ 1,464,372
Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	125,385	132,604
Mibanco \| Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	124,610	131,440
Culqi [Member] \| Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	S/ 775	S/ 1,164

CASH AND DUE FROM BANKS - The composition of the funds (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Legal cash requirements
Deposits with Central Reserve Bank of Peru	S/ 16,903,941	S/ 13,727,222
Deposits with Central Bank of Bolivia	1,079,878	646,865
Deposits with Republic Bank of Colombia	5,907	5,714
Cash in vaults of Bank	4,529,683	4,132,347
Total legal cash requirements	22,519,409	18,512,148
Additional funds
Overnight deposits with Central Reserve Bank of Peru (ii)	2,972,744	4,640,429
Term deposits with Central Reserve Bank of Peru (iii)	5,988,900
Cash in vaults of Bank and others	703,960	785,327
Other Deposits BCRP	137,830
Total additional funds	9,803,434	5,425,756
Total	S/ 32,322,843	S/ 23,937,904

SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	3 years
Maximum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	5 years
Client relationship - Prima AFP (AFP Unin Vida)
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	20 years
Client relationship - Credicorp Capital Holding Chile (Inversiones IMT)
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	22 years
Client relationship - Edyficar Peru
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	10 years
Client relationship - Mibanco
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	7 years
Client relationship - Ultraserfinco
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	9 years 2 months
Brand - Mibanco
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	25 years
Brand - Culqi
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	5 years
Fund manager contract - Credicorp Capital Colombia \| Minimum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	20 years
Fund manager contract - Credicorp Capital Colombia \| Maximum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	28 years
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) \| Minimum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	11 years
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) \| Maximum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	24 years
Fund manager contract - Ultraserfinco
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	23 years
Core deposits - Mibanco
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	6 years
Other Intangible Assets [Member] \| Minimum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	3 years
Other Intangible Assets [Member] \| Maximum
Disclosure Of Significants Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	7 years 6 months

LOANS, NET - Direct and indirect loans (Details) S/ in Thousands	12 Months Ended
	Dec. 31, 2020 PEN (S/)
Disclosure of Loans, Net [Line Items]
Balances at the beginning of the period	S/ 5,507,759
Balances at the end of the period	S/ 10,435,623

INVESTMENTS - Investments available-for-sale (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Investments [Line Items]
Financial assets at amortised cost	S/ 40,488,967	S/ 23,900,597
Shares At Amortised Cost	187,388	171,977
Financial assets at amortised cost before accrued interest	40,676,355	24,072,574
Gains on available-for-sale financial assets	2,423,954	1,487,995
Gains on shares	327,913	410,707
Gains on financial assets before adjusting interest	2,751,867	1,898,702
Losses on available-for-sale financial assets	(81,663)	(18,179)
Losses on shares	(12,751)	(3,485)
Losses on financial assets before adjusting interest	(94,414)	(21,664)
Financial assets available-for-sale	42,831,258	25,370,413
Shares at estimated fair value	502,550	579,199
Financial assets at estimated fair value before accrued interest	43,333,808	25,949,612
Interest income on financial assets	410,081	253,111
Financial assets at fair value through other comprehensive income	43,743,889	26,202,723
Alicorp S.A.A
Disclosure of Investments [Line Items]
Shares At Amortised Cost	12,198	12,198
Gains on shares	153,935	201,567
Losses on shares		0
Shares at estimated fair value	166,133	213,765
Inversiones Centenario S.A.A [Member]
Disclosure of Investments [Line Items]
Shares At Amortised Cost	112,647	112,647
Gains on shares	168,132	195,305
Losses on shares		0
Shares at estimated fair value	280,779	307,952
Bolsa de Valores de Lima [Member]
Disclosure of Investments [Line Items]
Shares At Amortised Cost	19,423	19,423
Gains on shares	3,942	2,115
Losses on shares		0
Shares at estimated fair value	23,365	21,538
Bolsa de Comercio de Santiago [Member]
Disclosure of Investments [Line Items]
Shares At Amortised Cost	15,306	4,964
Gains on shares		5,688
Losses on shares	(3,995)	0
Shares at estimated fair value	11,311	10,652
Compania Universal Textil S.A. [Member]
Disclosure of Investments [Line Items]
Shares At Amortised Cost	9,597	9,597
Gains on shares		248
Losses on shares	(3,163)	(3,432)
Shares at estimated fair value	6,434	6,413
Pagos Digitales Peruanos S.A.
Disclosure of Investments [Line Items]
Shares At Amortised Cost	5,197	5,197
Gains on shares		0
Losses on shares	(5,197)	0
Shares at estimated fair value		5,197
Corporacin Andina de Fomento
Disclosure of Investments [Line Items]
Shares At Amortised Cost		4,441
Gains on shares		181
Losses on shares		0
Shares at estimated fair value		4,622
Bolsa de Valores de Colombiaa [Member]
Disclosure of Investments [Line Items]
Shares At Amortised Cost	5,380	872
Gains on shares	118	4,070
Losses on shares		(53)
Shares at estimated fair value	5,498	4,889
Other [Member]
Disclosure of Investments [Line Items]
Shares At Amortised Cost	7,640	2,638
Gains on shares	1,786	1,533
Losses on shares	(396)	0
Shares at estimated fair value	9,030	4,171
Corporate, leasing and subordinated bonds [Member]
Disclosure of Investments [Line Items]
Financial assets at amortised cost	12,177,023	7,974,080
Gains on available-for-sale financial assets	1,132,719	706,394
Losses on available-for-sale financial assets	(52,953)	(8,322)
Financial assets available-for-sale	13,256,789	8,672,152
Certificates of deposit BCRP
Disclosure of Investments [Line Items]
Financial assets at amortised cost	15,343,851	8,649,885
Gains on available-for-sale financial assets	20,431	15,388
Losses on available-for-sale financial assets		(1)
Financial assets available-for-sale	15,364,282	8,665,272
Government Treasury Bonds
Disclosure of Investments [Line Items]
Financial assets at amortised cost	11,051,662	6,009,137
Gains on available-for-sale financial assets	1,158,845	690,048
Losses on available-for-sale financial assets	(5,458)	(1,109)
Financial assets available-for-sale	12,205,049	6,698,076
Securitization instruments [Member]
Disclosure of Investments [Line Items]
Financial assets at amortised cost	703,920	580,778
Gains on available-for-sale financial assets	63,131	53,328
Losses on available-for-sale financial assets	(21,471)	(8,344)
Financial assets available-for-sale	745,580	625,762
Negotiable certificates of deposit [Member]
Disclosure of Investments [Line Items]
Financial assets at amortised cost	873,218	369,016
Gains on available-for-sale financial assets	14,093	856
Losses on available-for-sale financial assets	(1,420)	(303)
Financial assets available-for-sale	885,891	369,569
Subordinated bonds
Disclosure of Investments [Line Items]
Financial assets at amortised cost	191,966	150,172
Gains on available-for-sale financial assets	19,933	14,085
Losses on available-for-sale financial assets	(317)	(100)
Financial assets available-for-sale	211,582	164,157
Others
Disclosure of Investments [Line Items]
Financial assets at amortised cost	147,327	167,529
Gains on available-for-sale financial assets	14,802	7,896
Losses on available-for-sale financial assets	(44)	0
Financial assets available-for-sale	S/ 162,085	S/ 175,425

EVENTS OCURRED AFTER THE REPORT PERIOD

12 Months Ended

Dec. 31, 2020

EVENTS OCURRED AFTER THE REPORT PERIOD

36 EVENTS OCURRED AFTER THE REPORT PERIOD

Merger between Credicorp Capital Securities, Inc. and Ultralat Capital Markets, LLC:

On February 1, 2021, we finalized the merger between Credicorp Capital Securities, Inc. and Ultralat Capital Markets, LLC, which resulted in Credicorp Capital LLC. Credicorp Capital LLC is a broker-dealer registered with FINRA and the SEC. Credicorp Capital LLC is owned by Credicorp Capital Limited, which is wholly owned by Credicorp Ltd. Credicorp Capital LLC has an affiliate investment adviser, Credicorp Capital Advisors LLC. They share the same board of directors and ownership.

This operation will not have an impact on the consolidated financial statements of Credicorp Ltd. and Subsidiaries.

Merger between ASB Bank Corp and Atlantic Security Bank:

ASHC is executing a merger by absorption between its subsidiaries Atlantic Security Bank (Cayman Islands) and ASB Bank Corp (Panama), with the latter being the surviving entity. The process is in the regulatory approval stage and is expected to be concluded within the second quarter of 2021.

This operation will not have an impact on the consolidated financial statements of Credicorp Ltd. and Subsidiaries.

Interest rate ceiling

On March 2021, a new interest rate ceiling law was approved by Peru’s congress, which grants the BCRP the power to set rates every six months, with the purpose of regulating the market for consumer, small consumer, SMEs, and credit card loans. Additionally, the law also defines a new regulation on certain fee charges, which will be supervised by the SBS.

Management is in the process of evaluating the potential effects it could have on the Consolidated financial statements of Credicorp Ltd. and Subsidiaries of 2021 because the law has not been regulated yet.

BCP subordinated bonds repurchase, make-whole redemption and issuance:

As of March 2021, the Bank announced the results of a buyback offer for two subordinated bonds. A total of US$ 60.0 million was repurchased from the Subordinated Bond maturing in 2026, of which the outstanding amount was US$181.5 million. A total of US$ 11.0 million were exchanged and a total of US$ 88.5 million was repurchased from the Subordinated Bond maturing in 2027, of which the outstanding amount was US$294.7 million. Then the Bank announced a make-whole redemption from the Subordinated Bond maturing in 2026 and from the Subordinated Bond maturing in 2027, which will take place on April 2021.

At the same time, the Bank issued a subordinated bond under the Medium-Term Bond Program for US$ 500.0 million at a semi-annual coupon rate of 3.25 percent, maturing in September 30, 2031. The bonds issued have the option of repurchase in the year 2026 under the following conditions:

On September 30, 2026, BCP has the option to redeem all the bonds at a redemption price equal to 100% of the aggregate principal amount, otherwise, from that date it will pay a rate of fixed interest equal to the Treasury of the United States of America’s rate plus 245 basis points.

ii.After September 30, 2026, BCP may redeem all or part of the bonds at a redemption price equal to the greater of (1) 100% of the principal amount of the notes and (2) the sum of the remaining flows discounted at a discount rate equivalent to the Treasury of the United States of America’s rate plus 40 basis points.

DEPOSITS AND OBLIGATIONS

12 Months Ended

Dec. 31, 2020

DEPOSITS AND OBLIGATIONS

DEPOSITS AND OBLIGATIONS

14 DEPOSITS AND OBLIGATIONS

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Demand deposits	54,530,355	34,213,188
Saving deposits	50,069,129	35,179,770
Time deposits	28,121,094	32,853,576
Severance indemnity deposits	7,736,747	7,897,199
Bank’s negotiable certificates	1,202,996	1,180,461
Total	141,660,321	111,324,194
Interest payable	705,181	681,191
Total	142,365,502	112,005,385

The Group has established a policy to remunerate demand deposits and savings accounts according to a growing interest rate scale, based on the average balance maintained in those accounts; on the other hand, according to its policy, balances that are lower than a specified amount for each type of account do not bear interest. Also, time deposits earn interest at market rates.

Interest rates are determined by the Group considering the interest rates prevailing in the market in which each of the Group’s subsidiaries operates.

The increase in the balance corresponds mainly to funds disbursed by the government through the Reactiva Peru program intended for the economic reactivation of companies, funds released from the AFPs, bonds granted by the government to the natural people; and among other liquidity injection measures due to the COVID-19 crisis, see Note 2(b).

b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below:


	2020	2019
	S/(000)	S/(000)

Non-interest-bearing -
In Peru	44,037,934	25,641,446
In other countries	3,585,185	2,674,724
	47,623,119	28,316,170

Interest-bearing -
In Peru	82,907,313	74,413,962
In other countries	11,129,889	8,594,062
	94,037,202	83,008,024

Total	141,660,321	111,324,194

c) The balance of time deposits classified by maturity is as follows:


	2020	2019
	S/(000)	S/(000)

Up to 3 months	13,750,133	14,674,773
From 3 months to 1 year	6,849,436	8,975,269
From 1 to 3 years	4,143,040	6,096,891
From 3 to 5 years	473,479	819,446
More than 5 years	2,905,006	2,287,197
Total	28,121,094	32,853,576

In Management’s opinion the Group’s deposits and obligations are diversified with no significant concentrations as of December 31, 2020 and 2019.

At December 31, 2020 and 2019, of the total balance of deposits and obligations, approximately S/45,448.1 million and S/35,511.9 million, respectively, are secured by the Peruvian “Fondo de Seguro de Depósitos” (Deposit Insurance Fund). At said dates, maximum amount of coverage per depositor recognized by “Fondo de Seguro de Depósitos” totaled S/101,522 and S/100,661, respectively.

As of December 31, 2020 and 2019, of the total balance of deposits and obligations, approximately 214,426.3 million Colombian pesos (equivalent to S/228.4 million) and 201,715.7 million Colombian pesos (equivalent to S/203.1 million), respectively, are secured by the Colombian “Financial Institutions Guarantee Fund” (Fogafín, for its Spanish acronym). At said dates, maximum amount of coverage per depositor recognized by “Fogafín” totaled 50,000,000.0 Colombian pesos (equivalent to S/53,250) and 50,000,000.0 Colombian pesos (equivalent to S/50,350), respectively.

INTANGIBLE ASSETS AND GOODWILL, NET (Tables)

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS AND GOODWILL, NET

Schedule of detailed information about intangible assets

The movement of intangible assets with limited useful life for the years ended December 31, 2020, 2019 and 2018 was as follows:


	Client		Fund			Intangible
	relationships	Brand	manager	Relationships	Software and	in
Description	(i)	name (ii)	contract (iii)	with holders	developments	progress	Other	2020	2019	2018
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Cost -
Balances at January 1	378,896	193,247	94,143	21,100	2,702,983	364,925	49,695	3,804,989	3,406,333	3,090,365
Additions	—	—	—	—	91,652	443,557	32	535,241	371,957	419,789
Acquisition of business, Note 2(a)	—	—	—	—	—	—	—	—	126,128	—
Transfers	—	—	—	—	230,477	(230,477)	—	—	—	—
Disposals and others	5,625	(21,383)	9,557	—	(11,013)	(27,366)	(1,786)	(46,366)	(99,429)	(103,821)
Balances at December 31	384,521	171,864	103,700	21,100	3,014,099	550,639	47,941	4,293,864	3,804,989	3,406,333

Accumulated amortization -
Balance at January 1	243,951	60,643	12,441	20,219	1,774,183	—	27,287	2,138,724	1,941,961	1,747,475
Amortization of the year	27,699	7,062	4,502	881	312,163	—	3,511	355,818	308,966	258,984
Acquisition of business, Note 2(a)	—	—	—	—	—	—	—	—	3,104	—
Disposals and others	2,318	(21,226)	2,426	—	(3,551)	—	957	(19,076)	(115,307)	(64,498)
Balance at December 31	273,968	46,479	19,369	21,100	2,082,795	—	31,755	2,475,466	2,138,724	1,941,961

Net carrying amount	110,553	125,385	84,331	—	931,304	550,639	16,186	1,818,398	1,666,265	1,464,372

Schedule of detailed information about client relationships intangible assets

This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Prima AFP - AFP Unión Vida	69,974	82,322
Credicorp Capital Holding Chile - Inversiones IMT	20,782	19,333
Mibanco	3,007	15,036
Ultraserfinco	12,592	13,400
Culqi	2,167	2,550
Tenpo	2,031	2,304
Net carrying amount	110,553	134,945

Schedule of detailed information about brand intangible assets

This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Mibanco	124,610	131,440
Culqi	775	1,164
Net carrying amount	125,385	132,604

Schedule of detailed information about fund manager contract intangible assets

This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Credicorp Capital Colombia	42,328	42,352
Credicorp Capital Holding Chile - Inversiones IMT	38,553	34,997
Ultrasefinco S.A.	3,450	4,353
Net carrying amount	84,331	81,702

Schedule of reconciliation of changes in goodwill

Goodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGU for the purposes of impairment testing, as follows:


	2020	2019
	S/(000)	S/(000)
Mibanco - Edyficar Perú	273,694	273,694
MiBanco Colombia - Banco Compartir S.A.	135,658	191,898
Prima AFP - AFP Unión Vida	124,641	124,641
Credicorp Capital Colombia (*)	124,447	72,134
Banco de Crédito del Perú	52,359	52,359
Pacífico Seguros	36,354	36,354
Atlantic Security Holding Corporation	29,795	29,795
Tenpo SpA	26,602	23,051
Tenpo Prepago S.A. (before "Multicaja Prepago S.A.")	14,956	12,943
Compañía Incubadora de Soluciones Móviles S.A-Culqi	2,297	3,518
Crediseguro Seguros Personales	96	96
Ultraserfinco S.A. (*)	—	45,339
Net carrying amount	820,899	865,822

Summary of key assumptions used for calculation of fair value less selling costs

The following table summarizes the key assumptions used for the calculation of fair value less selling costs in 2020 and 2019:


	2020
	Terminal
	value growth
Description	rate	Discount rate
	%	%
Mibanco - Edyficar Perú	3.00	12.19
Prima AFP - AFP Unión Vida	1.00	11.43
Credicorp Capital Colombia	3.80	12.62
Banco de Crédito del Perú	5.00	10.93
Pacífico Seguros (*)	5.00	10.44 and 11.81
Atlantic Security Holding Corporation	2.00	11.29
Mibanco Colombia - Bancompartir	4.00	13.20
Tenpo	5.00	25.00
Compañía Incubadora de Soluciones Móviles S.A. - Culqi	5.00	25.00


	2019
	Terminal
	value growth
Description	rate	Discount rate
	%	%
Mibanco - Edyficar Perú	3.00	12.35
Prima AFP - AFP Unión Vida	1.00	11.63
Credicorp Capital Colombia	3.80	12.62
Banco de Crédito del Perú	5.00	11.19
Pacífico Seguros (*)	5.00	10.72 and 12.00
Atlantic Security Holding Corporation	2.00	11.41

(*)As of December 31, 2020 and 2019, it corresponds to the discount rates used to determine the recoverable value of the cash flows that correspond to the general and life insurance business lines.

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of detailed information about variations in the claim reserves by changes in interest rates and mortality tables (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Soles currency
Disclosure of insurance claim reserves and technical reserves [Line Items]
Claim reserve	S/ 4,121,791	S/ 3,896,211
Amount of reserve after changes in interest rate by 100 positive base points	3,783,665	3,575,717
Amount of reserve after changes in interest rate by 100 negative base points	4,530,919	4,285,955
Amount of reserve after increase in mortality tables by 105 percent	4,095,670	3,872,104
Amount of reserve after decrease in mortality tables by 95 percent	4,148,940	3,922,178
Amount of variation of reserve on changes in interest rate by 100 positive base points	(338,126)	(320,494)
Amount of variation of reserve on changes in interest rate by 100 negative base points	409,128	389,743
Amount of variation of reserve on increase in mortality tables by 105 percent	(26,121)	(24,107)
Amount of variation of reserve on decrease in mortality tables by 95 percent	S/ 27,149	S/ 25,967
Percentage of variantion of reserve on changes in interest rate by 100 positive base points	(8.20%)	(8.23%)
Percentage of variantion of reserve on changes in interest rate by 100 negative base points	9.93%	10.00%
Percentage of variation of reserve on increase in mortality tables by 105 percent	(0.63%)	(0.62%)
Percentage of variation of reserve on decrease in mortality tables by 95 percent	0.66%	0.67%
US Dollars [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Claim reserve	S/ 847,563	S/ 614,766
Amount of reserve after changes in interest rate by 100 positive base points	801,574	568,767
Amount of reserve after changes in interest rate by 100 negative base points	902,102	669,412
Amount of reserve after increase in mortality tables by 105 percent	842,068	609,349
Amount of reserve after decrease in mortality tables by 95 percent	853,308	620,430
Amount of variation of reserve on changes in interest rate by 100 positive base points	(45,989)	(45,999)
Amount of variation of reserve on changes in interest rate by 100 negative base points	54,539	54,646
Amount of variation of reserve on increase in mortality tables by 105 percent	(5,495)	(5,417)
Amount of variation of reserve on decrease in mortality tables by 95 percent	S/ 5,745	S/ 5,664
Percentage of variantion of reserve on changes in interest rate by 100 positive base points	(5.43%)	(7.48%)
Percentage of variantion of reserve on changes in interest rate by 100 negative base points	6.43%	8.89%
Percentage of variation of reserve on increase in mortality tables by 105 percent	(0.65%)	(0.88%)
Percentage of variation of reserve on decrease in mortality tables by 95 percent	0.68%	0.92%

EQUITY - Reserves within equity (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of equity [Line Items]
Begining Balances	S/ 1,088,189
Change in net unrealized gains on cash flow hedges	(68,001)	S/ (62,002)	S/ 73,263
Transfer of net realized losses on cash flow hedges to profit or loss	55,784	35,059	(43,643)
Foreign exchange translation	259,572	(58,862)	45,634
Net movement in hedges of net investments in foreign businesses	(1,219)	0	0
Ending Balances	1,865,898	1,088,189
Other reserves [Member]
Disclosure of equity [Line Items]
Begining Balances	1,088,189	708,453	1,236,636
Increase (Decrease) in net unrealized gains on investments	273,001	703,790	(562,545)
Transfer of net realized (gains) loss on investments to profit or loss	440,416	420,987	(38,983)
Transfer of the recovery of the impairment credit loss on investments to profit or loss, Note 24	52,263	(745)	1,909
Change in net unrealized gains on cash flow hedges	(68,001)	(62,002)	73,263
Transfer of net realized losses on cash flow hedges to profit or loss	55,784	35,059	(43,643)
Foreign exchange translation	259,572	(58,862)	45,634
Net movement in hedges of net investments in foreign businesses	(1,219)
Other reserves	(234,107)	(658,491)
Ending Balances	1,865,898	1,088,189	708,453
Investments in equity instruments
Disclosure of equity [Line Items]
Begining Balances	550,065	452,551	431,711
Increase (Decrease) in net unrealized gains on investments	76,849	97,514	20,840
Foreign exchange translation	0
Ending Balances	626,914	550,065	452,551
Investments in debt instruments
Disclosure of equity [Line Items]
Begining Balances	1,255,988	229,470	853,747
Increase (Decrease) in net unrealized gains on investments	196,152	606,276	(583,385)
Transfer of net realized (gains) loss on investments to profit or loss	440,416	420,987	(38,983)
Transfer of the recovery of the impairment credit loss on investments to profit or loss, Note 24	52,263	(745)	1,909
Foreign exchange translation	0
Ending Balances	1,944,819	1,255,988	229,470
Insurance reserves
Disclosure of equity [Line Items]
Begining Balances	(658,491)
Foreign exchange translation	0
Other reserves	(234,107)	(658,491)
Ending Balances	(892,598)	(658,491)
Cash flow hedge reserve
Disclosure of equity [Line Items]
Begining Balances	(30,104)	(3,161)	(32,781)
Increase (Decrease) in net unrealized gains on investments	0	0	0
Transfer of net realized (gains) loss on investments to profit or loss	0	0	0
Transfer of the recovery of the impairment credit loss on investments to profit or loss, Note 24	0	0	0
Change in net unrealized gains on cash flow hedges	(68,001)	(62,002)	73,263
Transfer of net realized losses on cash flow hedges to profit or loss	55,784	35,059	(43,643)
Foreign exchange translation	0	0	0
Net movement in hedges of net investments in foreign businesses	0
Other reserves	0	0
Ending Balances	(42,321)	(30,104)	(3,161)
Foreign currency translation reserve
Disclosure of equity [Line Items]
Begining Balances	(29,269)	29,593	(16,041)
Increase (Decrease) in net unrealized gains on investments	0	0	0
Transfer of net realized (gains) loss on investments to profit or loss	0	0	0
Transfer of the recovery of the impairment credit loss on investments to profit or loss, Note 24	0	0	0
Change in net unrealized gains on cash flow hedges	0	0	0
Transfer of net realized losses on cash flow hedges to profit or loss	0	0	0
Foreign exchange translation	259,572	(58,862)	45,634
Net movement in hedges of net investments in foreign businesses	(1,219)
Other reserves	0	0
Ending Balances	S/ 229,084	S/ (29,269)	S/ 29,593

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

EARNINGS PER SHARE

30 EARNING PER SHARE

The net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows:


	2020	2019	2018

Net income attributable to equity holders of Credicorp (in thousands of Soles)	346,894	4,265,304	3,983,865

Number of stock
Ordinary stock, note 18(a)	94,382,317	94,382,317	94,382,317
Less – opening balance of treasury stock	(14,872,164)	(14,883,274)	(14,902,008)
Acquisition of treasury stock, net	(99,716)	(9,737)	(3,015)
Weighted average number of ordinary shares for basic earnings	79,410,437	79,489,306	79,477,294
Plus - dilution effect - stock awards	212,438	194,213	209,128
Weighted average number of ordinary shares adjusted for the effect of dilution	79,622,875	79,683,519	79,686,422

Basic earnings per share (in Soles)	4.37	53.66	50.13
Diluted earnings per share (in Soles)	4.36	53.53	49.99

INTANGIBLE ASSETS AND GOODWILL, NET - Summary of key assumptions used for calculation of fair value less selling costs (Details)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	4.00%
Discount rate used in current measurement of fair value less costs of disposal	13.20%
Mibanco - Edyficar Peru [Member]
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	3.00%	3.00%
Discount rate used in current measurement of fair value less costs of disposal	12.19%	12.35%
Prima AFP - AFP Union Vida [Member]
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	1.00%	1.00%
Discount rate used in current measurement of fair value less costs of disposal	11.43%	11.63%
Credicorp Capital Colombia S.A. [Member]
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	3.80%	3.80%
Discount rate used in current measurement of fair value less costs of disposal	12.62%	12.62%
BCP stand-alone
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	5.00%	5.00%
Discount rate used in current measurement of fair value less costs of disposal	10.93%	11.19%
Pacifico Seguros [Member]
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	5.00%	5.00%
Pacifico Seguros [Member] \| Fees One [Member]
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current measurement of fair value less costs of disposal	10.44%	10.72%
Pacifico Seguros [Member] \| Fees Two [Member]
Disclosure of detailed information about intangible assets [line items]
Discount rate used in current measurement of fair value less costs of disposal	11.81%	12.00%
Atlantic Security Holding Corporation [Member]
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	2.00%	2.00%
Discount rate used in current measurement of fair value less costs of disposal	11.29%	11.41%
Mibanco Colombia - Bancompartir
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	4.00%
Discount rate used in current measurement of fair value less costs of disposal	13.20%
Tenpo
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	5.00%
Discount rate used in current measurement of fair value less costs of disposal	25.00%
Compaa Incubadora de Soluciones Mviles S.A. - Culqi
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	5.00%
Discount rate used in current measurement of fair value less costs of disposal	25.00%

TAX SITUATION - Income Tax Declarations Pending Examination by Oversses Tax Authorities (Details)	12 Months Ended
	Dec. 31, 2020
Banco De Credito De Bolivia [Member]
Disclosure of tax situation [Line Items]
Annual Income Tax Returns	2012, 2014, 2015 to 2020
Credicorp Capital Colombia [Member]
Disclosure of tax situation [Line Items]
Annual Income Tax Returns	2016, 2017, 2018 to 2020
Credicorp Capital Holding Chile S.A
Disclosure of tax situation [Line Items]
Annual Income Tax Returns	2020

PROPERTY, FURNITURE AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2020

PROPERTY, FURNITURE AND EQUIPMENT, NET

PROPERTY, FURNITURE AND EQUIPMENT, NET

10 PROPERTY, FURNITURE AND EQUIPMENT, NET

The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2020, 2019, and 2018 was as follows:


		Buildings and				Vehicles
		other		Furniture and	Computer	and	Work in
	Land	constructions	Installations	fixtures	hardware	equipment	progress	2020	2019	2018
	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	401,553	1,156,252	653,728	479,748	635,203	116,625	69,368	3,512,477	3,573,580	3,504,226
Additions	34	1,673	6,016	21,301	23,425	1,149	44,522	98,120	134,776	181,459
Acquisition of business, Note 2(a)	—	—	—	—	—	—	—	—	29,893	—
Transfers	—	8,906	19,616	1,529	8,997	3,633	(42,681)	—	—	—
Disposals and others	1,618	4,954	(3,420)	(28,146)	(54,734)	(6,000)	(9,667)	(95,395)	(225,772)	(112,105)
Balance as of December 31	403,205	1,171,785	675,940	474,432	612,891	115,407	61,542	3,515,202	3,512,477	3,573,580

Accumulated depreciation -
Balance as of January 1	—	657,690	478,294	308,020	552,023	88,277	—	2,084,304	2,092,878	1,994,734
Depreciation of the year	—	29,792	27,025	36,866	40,701	7,708	—	142,092	146,066	170,138
Acquisition of business, Note 2(a)	—	—	—	—	—	—	—	—	19,299	—
Transfers	—	—	—	—	—	—	—	—	—	—
Disposals and others	—	1,579	(1,346)	(26,181)	(54,734)	(5,387)	—	(86,069)	(173,939)	(71,994)
Balance as of December 31	—	689,061	503,973	318,705	537,990	90,598	—	2,140,327	2,084,304	2,092,878

Net carrying amount	403,205	482,724	171,967	155,727	74,901	24,809	61,542	1,374,875	1,428,173	1,480,702

Banks, financial institutions and insurance entities operating in Peru are not allowed to pledge their fixed assets.

During 2020, the Group has not had any significant commitment to purchase property, furniture and equipment. Likewise, as part of the investment in fixed assets made annually, it has made disbursements related mainly to the remodeling of its headquarters located in La Molina and the comprehensive remodeling of the Café Dasso office. During the year 2019, the Bank has made disbursements mainly related to the remodeling of its headquarters in La Molina and integral remodeling to the Sucursal Cusco. During 2018, the Bank has carried out operations related to the purchase of computer equipment, furniture and services, as well as the remodeling of its headquarters in La Molina.

Credicorp’s subsidiaries hold insurance contracts over its main assets in accordance with the policies established by Management.

Management periodically reviews the residual value, useful life and method of depreciation of the Group’s property, furniture and equipment to ensure that they are consistent with their actual economic benefits and life expectations. In Management’s opinion, as of December 31, 2020, 2019 and 2018 there is no evidence of impairment of the Group’s property, furniture and equipment.

CASH AND DUE FROM BANKS - Additional Information (Details) S/ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)
Disclosure Of Cash And Cash Equivalents [Line Items]
Implicit interest rate, domestic	4.00%	5.01%	4.00%	5.01%
Implicit interest rate, foreign	34.51%	35.06%	34.51%	35.06%
Overnight deposit one \| S/			S/ 2,413.0	S/ 4,280.4
Interest rate on overnight deposits	0.13%	1.57%	0.13%	1.57%
Interest rate on term deposits	0.25%
Description of maturity of overnight deposits	maturities at 4 days	maturities at 2 days
US Dollars [Member]
Disclosure Of Cash And Cash Equivalents [Line Items]
Overnight deposit one		$ 1,291.6	S/ 559.7	S/ 360.0
Overnight deposit two \| $	$ 666.4
Interest rate on overnight deposits	0.15%	1.00%	0.15%	1.00%

NET PREMIUMS EARNED - Gross Written Premiums After Adjustments by Insurance Type (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 2,860,457

S/ 2,859,739

S/ 2,613,062

Health insurance [Member]

100.00%

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 561,702

S/ 548,163

S/ 536,134

Life insurance contracts [member]

^[1]

19.64%

19.17%

20.53%

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 1,282,233

S/ 1,245,858

S/ 1,144,159

General Insurance [Member]

^[1]

44.83%

43.57%

43.79%

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 1,016,522

S/ 1,065,718

S/ 932,769

Consulting and professional fees

^[1]

35.53%

37.26%

35.68%

[1]	This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.

EARNINGS PER SHARE (Details) - PEN (S/) S/ / shares in Units, S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EARNINGS PER SHARE
Net income attributable to equity holders of Credicorp	S/ 346,894	S/ 4,265,304	S/ 3,983,865
Number of stock
Ordinary stock, Note 18(a)	94,382,317	94,382,317	94,382,317
Less - opening balance of treasury stock	(14,872,164)	(14,883,274)	(14,902,008)
Acquisition of treasury stock, net	S/ (99,716)	S/ (9,737)	S/ (3,015)
Weighted average number of ordinary shares for basic earnings	79,410,437	79,489,306	79,477,294
Plus - dilution effect - stock awards	212,438	194,213	209,128
Weighted average number of ordinary shares adjusted for the effect of dilution	79,622,875	79,683,519	79,686,422
Basic earnings per share (in Soles)	S/ 4.37	S/ 53.66	S/ 50.13
Diluted earnings per share (in Soles)	S/ 4.36	S/ 53.53	S/ 49.99

ADMINISTRATIVE EXPENSES

12 Months Ended

Dec. 31, 2020

ADMINISTRATIVE EXPENSES

ADMINISTRATIVE EXPENSES

28 ADMINISTRATIVE EXPENSES

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Repair and maintenance	417,286	328,875	301,893
Publicity	348,987	380,147	336,203
Taxes and contributions	266,704	291,621	244,400
Consulting and professional fees	214,012	261,144	223,239
Transport and communications	159,556	168,237	176,623
IBM services expenses	146,874	106,102	140,909
Comissions by agents	85,852	84,641	66,775
Lease (*)	74,016	71,581	226,388
Sundry supplies	67,537	74,550	55,176
Security and protection	64,439	66,424	68,691
Electricity and water	51,649	54,952	54,669
Subscriptions and quotes	49,212	44,523	41,150
Insurance	46,047	30,873	24,674
Electronic processing	36,920	28,217	24,928
Cleaning	22,900	21,445	21,903
Audit Services	7,256	6,245	7,165
Services by third-party and others (**)	326,861	341,540	303,043
Total	2,386,108	2,361,117	2,317,829

(*)During the year of 2020 and 2019, the amount corresponds principally to short-term leases and of low value and variable rent, which are recognized in the consolidated statement of income according to the provisions of IFRS 16 “Leases” (During the year 2018, amounts corresponded to all leases recognized in accordance with IAS 17 “Leases”).

(**)The balance is mainly made up of outsourcing, digitization and archiving services, appraisal, representation among other concepts.

CASH AND DUE FROM BANKS (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and clearing	S/ 8,176,612	S/ 6,177,356
Interbank funds	28,576,382	19,809,406
Total cash and cash equivalents	36,733,767	25,974,042	S/ 22,160,803	S/ 23,212,197
Total cash	36,752,994	25,986,762
cash and deposits with banks [Member]
Cash and clearing	5,233,643	4,917,674
Deposits with Central Reserve Bank of Peru (BCRP)	26,003,415	18,367,651
Deposits with Central Bank of Bolivia	1,085,785	652,579
Deposits with foreign banks	3,350,106	1,402,403
Deposits with local banks	1,027,081	481,412
Interbank funds	32,222	137,722
Accrued interest	1,515	14,601
Total cash and cash equivalents	36,733,767	25,974,042
Restricted funds	19,227	12,720
Total cash	S/ 36,752,994	S/ 25,986,762

ADMINISTRATIVE EXPENSES (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

ADMINISTRATIVE EXPENSES

Repair and maintenance

S/ 417,286

S/ 328,875

S/ 301,893

Publicity

348,987

380,147

336,203

Taxes and contributions

266,704

291,621

244,400

214,012

261,144

223,239

Transport and communications

159,556

168,237

176,623

IBM services expenses

146,874

106,102

140,909

Comissions by agents

85,852

84,641

66,775

Lease

74,016

71,581

226,388

Sundry supplies

67,537

74,550

55,176

Security and protection

64,439

66,424

68,691

Electricity and water

51,649

54,952

54,669

Subscriptions and quotes

49,212

44,523

41,150

Insurance

46,047

30,873

24,674

Electronic processing

36,920

28,217

24,928

Cleaning

22,900

21,445

21,903

Audit Services

7,256

6,245

7,165

Services by third-party and others

^[1]

326,861

341,540

303,043

Total

S/ 2,386,108

S/ 2,361,117

S/ 2,317,829

[1]	The balance is mainly made up of outsourcing, digitization and archiving services, appraisal, representation among other concepts.

LOANS, NET

12 Months Ended

Dec. 31, 2020

LOANS, NET

LOANS, NET

7 LOANS, NET

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Direct loans -
Loans	115,213,536	91,481,200
Credit cards	5,629,189	8,479,355
Leasing receivables	5,775,917	5,978,421
Factoring receivables	2,153,689	2,015,513
Discounted notes	1,483,723	2,200,142
Advances and overdrafts in current account	52,807	162,149
Refinanced loans	1,669,395	1,186,167
Restructured loans	—	125
Total direct loans	131,978,256	111,503,072

Internal overdue loans and under legal collection loans	4,685,569	3,304,886
	136,663,825	114,807,958
Add (less) -
Accrued interest	1,197,489	870,410
Unearned interest	(201,429)	(68,689)
Total direct loans	137,659,885	115,609,679
Allowance for loan losses (c)	(9,898,760)	(5,123,962)
Total direct loans, net	127,761,125	110,485,717

The increase of the credits, accrued interest and unearned interest as of December 31, 2020 compared to December 31, 2019, is mainly due to the credits from the Reactiva Peru program and Effective Credits disbursed between the months of May to December 2020. The total granted through this program as of December 31, 2020 is S/24,286.5 million. Loans reporting operations with guarantee of the National Government amount to S/21,672.8 million, see Note 5(c). See more details of the Reactiva Peru program in the Note 2(b).

The government, to serve small companies that the Reactiva Perú program does not reach, has established the Business Support Fund for the MYPE (FAE-MYPE) which represents for Mibanco a total of S/79.9 million and S/273.6 million for FAE-MYPE 1 and FAE-MYPE 2, respectively as of December 31, 2020. See more details of the FAE-MYPE program in the Note 2(b).

Likewise, due COVID-19 Pandemic effects, BCP and Mibanco, the main Subsidiaries of Credicorp have offered its clients in Retail Banking the opportunity to reschedule their loans for 30 or 90 days without incurring in overdue fees and interest on capital. As of December 31, 2020, the rescheduled portfolio amounts to a total of S/24,813.2 million.

In the loan portfolio, the most vulnerable segments are: Mibanco and within BCP stand-alone SME-Pyme and individuals, where debt reprogramming rates reached 15.28 percent, 20.76 percent and 33.54 percent respectively at the end as of December 31, 2020.

b) As of December 31, 2020 and 2019, the composition of the gross credit balance is as follows:


	2020	2019
	S/(000)	S/(000)

Direct loans	136,663,825	114,807,958
Indirect loans, Note 21(a)	20,973,810	21,081,035
Banker’s acceptances outstanding	455,343	535,222
Total	158,092,978	136,424,215

The movement of gross balance of loan portfolio by stages is as follows for the periods of 2020 and 2019:


Stage 1	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	business,	December
Loans by class	2018	Stage 2	Stage 3	Stage 2	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	75,838,248	(11,454,423)	(1,156,992)	6,357,672	208,847	9,161,013	3,077,315	—	2,335,115	—	84,366,795
Residential mortgage loans	17,903,028	(2,119,501)	(85,736)	965,659	10,610	1,064,765	7,965	—	316,525	—	18,063,315
Micro-business loans	13,782,323	(12,403,714)	(395,404)	2,699,000	117,762	10,635,242	(3,006,249)	—	151,833	—	11,580,793
Consumer loans	12,222,858	(4,958,492)	(769,528)	2,018,818	21,518	1,438,695	(79,031)	—	85,666	—	9,980,504
Total	119,746,457	(30,936,130)	(2,407,660)	12,041,149	358,737	22,299,715	—	—	2,889,139	—	123,991,407


Stage 2	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	business,	December
Loans by class	2019	Stage 1	Stage 3	Stage 1	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	4,883,039	(6,357,672)	(1,690,324)	11,454,423	301,053	421,704	915,980	—	161,956	—	10,090,159
Residential mortgage loans	778,702	(965,659)	(276,415)	2,119,501	7,597	(317,002)	173	—	13,563	—	1,360,460
Micro-business loans	1,839,597	(2,699,000)	(1,001,599)	12,403,714	95,468	(1,283,205)	(906,426)	—	3,398	—	8,451,947
Consumer loans	2,210,504	(2,018,818)	(1,235,709)	4,958,492	62,822	(1,385,764)	(9,727)	—	2,376	—	2,584,176
Total	9,711,842	(12,041,149)	(4,204,047)	30,936,130	466,940	(2,564,267)	—	—	181,293	—	22,486,742


Stage 3	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	business,	December
Loans by class	2019	Stage 1	Stage 3	Stage 1	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	3,771,417	(208,847)	(301,053)	1,156,992	1,690,324	606,823	9,933	(14,938)	139,830	—	6,850,481
Residential mortgage loans	994,991	(10,610)	(7,597)	85,736	276,415	(207,041)	1	(8,167)	20,877	—	1,144,605
Micro-business loans	1,350,858	(117,762)	(95,468)	395,404	1,001,599	(566,112)	2,738	(3,934)	11,125	—	1,978,448
Consumer loans	848,650	(21,518)	(62,822)	769,528	1,235,709	(1,115,561)	(12,672)	(3,607)	3,588	—	1,641,295
Total	6,965,916	(358,737)	(466,940)	2,407,660	4,204,047	(1,281,891)	—	(30,646)	175,420	—	11,614,829


Consolidated 3 Stages	Balance at			Transfers		Exchange	Acquisition of	Balance at
	December 31,	Write-offs,	New loans and	between classes	Sale of loan	differences	business,	December
Loans by class	2019	net	liquidation, net	of loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	84,492,704	(115,471)	10,305,011	4,003,228	(14,938)	2,636,901	—	101,307,435
Residential mortgage loans	19,676,721	(39,862)	580,584	8,139	(8,167)	350,965	—	20,568,380
Micro-business loans	16,972,778	(506,473)	9,292,398	(3,909,937)	(3,934)	166,356	—	22,011,188
Consumer loans	15,282,012	(531,964)	(530,666)	(101,430)	(3,607)	91,630	—	14,205,975
Total	136,424,215	(1,193,770)	19,647,327	—	(30,646)	3,245,852	—	158,092,978


Stage 1	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	bussiness,	December
Loans by class	2018	Stage 2	Stage 3	Stage 2	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	74,210,068	(1,157,585)	(569,032)	1,511,304	13,724	1,608,096	370,433	—	(312,259)	163,499	75,838,248
Residential mortgage loans	16,049,110	(411,622)	(135,231)	315,586	12,980	2,108,051	2,633	—	(64,077)	25,598	17,903,028
Micro-business loans	12,236,140	(504,971)	(440,088)	491,781	12,896	1,973,561	(355,466)	—	(462)	368,932	13,782,323
Consumer loans	10,712,871	(624,147)	(307,297)	527,363	17,725	1,832,590	(17,600)	—	(9,896)	91,249	12,222,858
Total	113,208,189	(2,698,325)	(1,451,648)	2,846,034	57,325	7,522,298	−	—	(386,694)	649,278	119,746,457


Stage 2	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	bussiness,	December
Loans by class	2018	Stage 1	Stage 3	Stage 1	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	7,530,106	(1,511,304)	(381,261)	1,157,585	8,894	(1,960,025)	54,299	—	(20,022)	4,767	4,883,039
Residential mortgage loans	762,549	(315,586)	(142,954)	411,622	4,840	59,553	155	—	(1,813)	336	778,702
Micro-business loans	1,965,061	(491,781)	(208,610)	504,971	6,320	95,835	(53,193)	—	(311)	21,305	1,839,597
Consumer loans	1,920,204	(527,363)	(166,708)	624,147	22,807	330,963	(1,261)	—	369	7,346	2,210,504
Total	12,177,920	(2,846,034)	(899,533)	2,698,325	42,861	(1,473,674)	−	—	(21,777)	33,754	9,711,842


Stage 3	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	bussiness,	December
Loans by class	2018	Stage 1	Stage 2	Stage 1	Stage 2	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	3,398,900	(13,724)	(8,894)	569,032	381,261	(446,188)	(33,193)	(72,219)	(18,719)	15,161	3,771,417
Residential mortgage loans	959,033	(12,980)	(4,840)	135,231	142,954	(179,012)	−	(41,080)	(4,634)	319	994,991
Micro-business loans	1,257,956	(12,896)	(6,320)	440,088	208,610	(591,241)	32,745	(33,262)	(366)	55,544	1,350,858
Consumer loans	700,865	(17,725)	(22,807)	307,297	166,708	(296,338)	448	(5,220)	(481)	15,903	848,650
Total	6,316,754	(57,325)	(42,861)	1,451,648	899,533	(1,512,779)	−	(151,781)	(24,200)	86,927	6,965,916


Consolidated 3 Stages	Balance at			Transfers		Exchange	Acquisition of	Balance at
	December 31,	Write-offs,	New loans and	between classes	Sale of loan	differences	bussiness,	December
Loans by class	2018	net	liquidation, net	of loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	85,139,074	(115,040)	(683,077)	391,539	(72,219)	(351,000)	183,427	84,492,704
Residential mortgage loans	17,770,692	(11,671)	2,000,263	2,788	(41,080)	(70,524)	26,253	19,676,721
Micro-business loans	15,459,157	(666,506)	2,144,661	(375,914)	(33,262)	(1,139)	445,781	16,972,778
Consumer loans	13,333,940	(747,948)	2,615,163	(18,413)	(5,220)	(10,008)	114,498	15,282,012
Total	131,702,863	(1,541,165)	6,077,010	−	(151,781)	(432,671)	769,959	136,424,215

c) At December 31, 2020 and 2019, the allowance for loan loss for direct and indirect loans was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan loss is shown below for direct and indirect loans:


Stage 1						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2019	Stage 2	Stage 3	Stage 2	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	388,685	(319,248)	(22,486)	316,999	17,175	30,824	107,989	155,568	—	45,997	—	721,503
Residential mortgage loans	38,085	(43,170)	(1,721)	31,320	4,980	30,797	92,322	258	—	5,064	—	157,935
Micro-business loans	425,642	(854,632)	(63,397)	324,242	26,997	551,140	199,197	(14,574)	—	15,573	—	610,188
Consumer loans	248,355	(392,000)	(45,561)	418,592	29,305	422,158	(191,856)	(141,252)	—	7,695	—	355,436
Total	1,100,767	(1,609,050)	(133,165)	1,091,153	78,457	1,034,919	207,652	—	—	74,329	—	1,845,062


Stage 2						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2019	Stage 1	Stage 3	Stage 1	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	166,135	(316,999)	(117,858)	319,248	42,832	4,911	473,890	91,534	—	2,523	—	666,216
Residential mortgage loans	25,684	(31,320)	(19,698)	43,170	3,977	(24,980)	113,363	4	—	1,539	—	111,739
Micro-business loans	249,960	(324,242)	(275,227)	854,632	51,478	(231,405)	851,228	(88,758)	—	312	—	1,087,978
Consumer loans	513,431	(418,592)	(650,885)	392,000	57,554	(285,948)	1,341,355	(2,780)	—	177	—	946,312
Total	955,210	(1,091,153)	(1,063,668)	1,609,050	155,841	(537,422)	2,779,836	—	—	4,551	—	2,812,245


Stage 3						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2019	Stage 1	Stage 2	Stage 1	Stage 2	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,315,227	(17,175)	(42,832)	22,486	118,072	(154,589)	989,400	(22,478)	(13,124)	34,440	—	2,229,427
Residential mortgage loans	472,711	(4,980)	(3,977)	1,721	19,698	(102,806)	247,475	1	(4,523)	14,430	—	639,750
Micro-business loans	960,885	(26,997)	(51,478)	63,397	275,227	(683,408)	870,928	31,414	(3,511)	9,531	—	1,445,988
Consumer loans	702,959	(29,305)	(57,554)	45,561	650,885	(954,465)	1,113,651	(8,937)	(2,332)	2,902	—	1,463,365
Total	3,451,782	(78,457)	(155,841)	133,165	1,063,882	(1,895,268)	3,221,454	—	(23,490)	61,303	—	5,778,530


Consolidated 3 Stages		Credit loss of the period
			New loans		Transfers
	Balance at		and	Changes in	between		Exchange	Acquisition	Balance at
	December	Write-offs,	liquidation,	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	31, 2019	net	net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020 (*)
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,870,047	(141,669)	22,815	1,571,279	224,624	(13,124)	82,960	—	3,616,932
Residential mortgage loans	536,480	(46,519)	(50,470)	453,160	263	(4,523)	21,033	—	909,424
Micro-business loans	1,636,487	(529,268)	165,595	1,921,353	(71,918)	(3,511)	25,416	—	3,144,154
Consumer loans	1,464,745	(551,662)	(266,593)	2,263,150	(152,969)	(2,332)	10,774	—	2,765,113
Total	5,507,759	(1,269,118)	(128,653)	6,208,942	—	(23,490)	140,183	—	10,435,623


Stage 1						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2018	Stage 2	Stage 3	Stage 2	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	311,767	(11,258)	(9,281)	41,033	9,492	36,768	10,982	4,886	—	(8,834)	3,130	388,685
Residential mortgage loans	31,479	(2,069)	(726)	7,857	6,178	6,850	(11,675)	134	—	(490)	547	38,085
Micro-business loans	342,519	(22,272)	(49,368)	57,319	9,631	(71,852)	149,468	(6,511)	—	(5,759)	22,467	425,642
Consumer loans	276,019	(18,691)	(80,991)	90,915	16,831	(97,213)	57,927	1,491	—	(176)	2,243	248,355
Total	961,784	(54,290)	(140,366)	197,124	42,132	(125,447)	206,702	—	—	(15,259)	28,387	1,100,767


Stage 2						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2018	Stage 1	Stage 3	Stage 1	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	151,999	(41,033)	(21,988)	11,258	6,102	(4,601)	62,277	994	—	(511)	1,638	166,135
Residential mortgage loans	22,404	(7,857)	(4,562)	2,069	2,434	2,780	8,409	42	—	(100)	65	25,684
Micro-business loans	263,593	(57,319)	(43,113)	22,272	5,576	(121,662)	172,546	(956)	—	63	8,960	249,960
Consumer loans	500,535	(90,915)	(43,031)	18,691	21,996	(153,370)	257,845	(80)	—	(19)	1,779	513,431
Total	938,531	(197,124)	(112,694)	54,290	36,108	(276,853)	501,077	—	—	(567)	12,442	955,210


Stage 3						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2018	Stage 1	Stage 2	Stage 1	Stage 2	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,355,363	(9,492)	(6,102)	9,281	21,988	(275,028)	301,493	(33,973)	(55,783)	(6,348)	13,828	1,315,227
Residential mortgage loans	470,286	(6,178)	(2,434)	726	4,562	(101,740)	146,860	—	(24,319)	(15,245)	193	472,711
Micro-business loans	979,292	(9,631)	(5,576)	49,368	43,113	(457,093)	327,884	32,878	(27,267)	(22,688)	50,605	960,885
Consumer loans	609,275	(16,831)	(21,996)	80,991	43,031	(255,086)	284,403	1,095	(3,943)	(30,628)	12,648	702,959
Total	3,414,216	(42,132)	(36,108)	140,366	112,694	(1,088,947)	1,060,640	—	(111,312)	(74,909)	77,274	3,451,782


Consolidated 3 Stages			Credit loss of the period
	Balance at		New loans	Changes in	Transfers	Sale of	Exchange	Acquisition	Balance at
	December	Write-offs,	and	PDs, LGDs,	between classes of	loan	differences	of business,	December
Loans by class	31, 2018	net	liquidation,net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019 (*)
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,819,129	(181,520)	(61,341)	374,752	(28,093)	(55,783)	(15,693)	18,596	1,870,047
Residential mortgage loans	524,169	(42,920)	(49,190)	143,594	176	(24,319)	(15,835)	805	536,480
Micro-business loans	1,585,404	(816,886)	166,279	649,898	25,411	(27,267)	(28,384)	82,032	1,636,487
Consumer loans	1,385,829	(781,593)	275,924	600,175	2,506	(3,943)	(30,823)	16,670	1,464,745
Total	5,314,531	(1,822,919)	331,672	1,768,419	—	(111,312)	(90,735)	118,103	5,507,759

(*)The movement in the allowance for loan losses of the period 2020 includes the allowance for direct and indirect loans for approximately S/9,898.8 million and S/536.9 million, respectively (approximately S/5,124.0 million and S/383.8 million, respectively, at December 31, 2019). The expected loan loss for indirect loan is included in “Other liabilities” of the consolidated statement of financial position, Note 13(a). In Management’s opinion, the allowance for loan losses recorded as of December 31, 2020 and 2019 has been established in accordance with IFRS 9 and is sufficient to cover incurred losses on the loan portfolio.

During the 2020, Credicorp’s stock of provisions increased significantly compared to the stock as of December 31, 2019, mainly in the two first quarters, due to the projected effects related to COVID-19. This increase was reduced during the last two quarters of 2020 due to the end of the confinement, the progressive economic reactivation observed in the early indicators and better macroeconomic expectations for the following years. It should be noted that these expectations can be altered by future waves of infections or strict confinement measures.

The main methodological adjustments in internal credit risk models made during 2020 are:

Internal models were reviewed, and upgrades were carried out using representative and updated COVID-19 impact customer surveys, using updated information on customer transaction after confinement. This made it possible to characterize the different types of clients in order to assign them the corresponding level of risk in a granular manner and in line with the first observed indicators of early payment of the transactions and portfolio maturities (real data observed that complements the assumptions used).

LGD (Loss Given Default) estimates were adjusted with updated information on assumptions, recovery costs and payments from clients in arrears, in order to collect the impact of COVID-19 on recoveries, which have been affected by delays in lawsuits, deterioration in the value of guarantees and increased penalties.

Further, the macroeconomic projections were updated, collecting a better expectation for 2021, although it is noted that these projections are not expected to recover the absolute levels of the pre-Covid-19 context yet.

d) Interest rates on loans are set considering the rates prevailing in the markets where the Group’s subsidiaries operate.

e) A portion of the loan portfolio is collateralized with guarantees received from customers, which mainly consist of mortgages, trust assignments, securities and industrial and mercantile pledges.

f) The following table presents the gross direct loan portfolio at December 31, 2020 and 2019 by maturity based on the remaining period to the payment due date:


	2020	2019
	S/(000)	S/(000)
Outstanding loans -
Up to 1 year	51,346,112	53,306,936
From 1 to 3 years	40,897,556	24,586,441
From 3 to 5 years	12,812,446	9,615,514
More than 5 years	26,922,142	23,994,181
	131,978,256	111,503,072
Internal overdue loans -
Overdue 90 days	984,630	692,161
Over 90 days	3,700,939	2,612,725
	4,685,569	3,304,886

Total	136,663,825	114,807,958

See credit risk analysis in Note 34.1.

NET GAIN ON SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

NET GAIN ON SECURITIES

Schedule of components of net gain on securities

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)


Net gain on investments at fair value through other comprehensive income	291,944	317,862	135,253
Net gain in associates (i)	64,672	79,844	72,254
Net gain on financial assets at fair value through profit or loss (ii)	221,060	147,582	33,333
(Provision) recovery of credit loss for investments at fair value through other comprehensive income (iii), Note 6(b)	(52,263)	745	1,909
Others	(2,331)	781	80
Total	523,082	546,814	242,829

(i)It mainly includes the gain of its associated “Entidad Prestadora de Salud” for approximately S/60.0 million during the year 2020 (S/53.6 million during the year 2019).

(ii)The variation is due to the result obtained mainly from the following subsidiaries:

-Atlantic Security Bank (ASB) obtained a net profit for approximately S/141.7 million, which corresponds mainly to the unrealized profit from the Royalty Pharma plc’s shares (see Note 6(a)(v)) (during 2019, net profit for approximately S/51.2 million).

-Credicorp Capital Colombia S.A. obtained a net profit for approximately S/93.1 million (during 2019, net profit for approximately S/32.0 million).

-Atlantic Security Private Equity General Partner obtained a net loss for approximately S/47.0 million corresponding to unrealized losses from the Carlyle Peru Fund L.P. investment funds (during 2019, net profit for approximately S/13.1 million).

-Banco de Crédito del Perú obtained a net loss for approximately S/18.4 million, mainly due to realized losses (during 2019, net profit for approximately S/1.1 million).

(iii)The balance includes provisions recorded mainly by the following subsidiaries during 2020: (i) S/28.8 million by Pacífico Seguros, mainly from securitization instruments issued by Compañía de Turismo La Paz S.A.C. and Peruvian corporate bonds issued by Rutas de Lima S.A.C., (ii) S/10.7 million by Banco de Crédito del Perú, mainly from Peruvian corporate bonds from the mining sector, and (iii) S/8.9 million by Banco de Crédito de Bolivia (BCB). The higher provision compared to year 2019 is mainly due to the impact of COVID-19. See more details of the impact of COVID-19 in Note 2(b)

OPERATING SEGMENTS - Distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

S/ 18,382,000

S/ 19,674,000

S/ 17,995,000

^[2]

8,929,000

9,589,000

8,958,000

4,717,000

4,799,000

3,536,000

211,960,516

161,113,030

152,997,000

Peru

^[1]

16,452,000

17,990,000

16,472,000

^[2]

8,413,000

9,105,000

8,474,000

3,825,000

3,925,000

3,145,000

187,291,000

142,161,000

135,422,000

Bermuda Country [Member]

^[1]

(14,000)

13,000

^[2]

(22,000)

10,000

14,000

134,000

117,000

88,000

1,930,000

266,000

169,000

Panama [Member]

^[1]

18,000

2,000

^[2]

491,000

Cayman Islands [Member]

^[1]

340,000

354,000

285,000

^[2]

39,000

88,000

134,000

32,000

20,000

3,000

6,913,000

5,008,000

5,465,000

Bolivia

^[1]

853,000

809,000

750,000

^[2]

357,000

368,000

344,000

101,000

93,000

78,000

11,870,000

9,815,000

9,317,000

Colombia

^[1]

566,000

356,000

314,000

^[2]

144,000

21,000

(2,000)

451,000

432,000

138,000

2,607,000

2,769,000

1,823,000

United States

^[1]

33,000

10,000

6,000

^[2]

(1,000)

3,000

6,000

2,000

Chile [Member]

^[1]

134,000

142,000

153,000

^[2]

(2,000)

(6,000)

171,000

209,000

84,000

Schedule of detailed information about basis of consolidation

S/ 853,000

S/ 1,088,000

S/ 799,000

[1]	Including total interest and similar income, other income and net premiums earned from insurance activities.
[2]	Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result.

INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES

12 Months Ended

Dec. 31, 2020

22 INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Interest and similar income
Interest on loans	10,027,834	10,664,519	10,041,097
Interest on investments at fair value through other comprehensive income	1,097,952	1,070,469	954,288
Interest on investments at amortized cost	226,516	194,803	211,102
Interest on due from banks (*)	74,813	320,713	159,381
Interest on investments at fair value through profit or loss	47,696	46,170	87,409
Dividends received	25,603	25,259	24,390
Other interest and similar income	47,234	59,731	44,967
Total	11,547,648	12,381,664	11,522,634

Interest and similar expense
Interest on deposits and obligations	(1,188,335)	(1,458,910)	(1,202,025)
Interest on bonds and notes issued	(883,913)	(900,172)	(911,006)
Interest on due to banks and correspondents	(557,141)	(590,908)	(623,001)
Deposit Insurance Fund	(183,132)	(151,626)	(140,184)
Interest on lease liabilities	(32,295)	(36,484)	—
Other interest and similar expense	(131,490)	(151,813)	(157,313)
Total	(2,976,306)	(3,289,913)	(3,033,529)

(*) As of December 31, 2020, the item suffered a decrease that is mainly due to a significant drop in the interest rate paid by the BCR to the ordinary reserve accounts. See note 4.

INTANGIBLE ASSETS AND GOODWILL, NET - Additional Information (Details) S/ in Thousands, $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)	Dec. 31, 2018 PEN (S/)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 COP ($)	Dec. 31, 2020 PEN (S/)
Disclosure of detailed information about intangible assets [line items]
Impairment loss	S/ 1,410	S/ 1,410
Gross impairment loss	S/ 63,978	0	S/ 38,189
Estimated fair value of goodwill				$ 95.7	$ 366,691
Book value		S/ 865,822		$ 113.4	$ 434,825	S/ 820,899
Discount rate				13.20%	13.20%	13.20%
Growth rate				4.00%	4.00%	4.00%
2021	0.00%
2022	98.00%
2023	94.00%
2024	94.00%
2025	80.00%
Perpetual payment	80.00%
Dividend tax rate	10.00%
Exchange Rate of the Colombian Peso to the Dollar	3,833
Exchange rate of the Colombian Peso to the dollar		3.3150	3.2929	3.4081	3.4081	3.4081
Mibanco Colombia - Bancompartir
Disclosure of detailed information about intangible assets [line items]
Gross impairment loss	S/ 64,000
Book value		S/ 191,898				S/ 135,658
Participation of Credicorp
Disclosure of detailed information about intangible assets [line items]
Gross impairment loss	54,000
Minority participation
Disclosure of detailed information about intangible assets [line items]
Gross impairment loss	S/ 10,000

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES

At December 31, 2020 and 2019, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends):

	Activity and country of	Percentage of interest
Entity	incorporation	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
		2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
		%	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Grupo Crédito S.A. and Subsidiaries (i)	Holding, Peru	100.00	100.00	210,298,709	165,072,249	189,194,894	142,514,228	21,103,815	22,558,021	274,816	3,638,334
Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii)	Insurance, Peru	98.81	98.79	16,020,865	13,783,515	13,036,221	10,963,533	2,984,644	2,819,982	194,639	381,492
Atlantic Security Holding Corporation and Subsidiaries (iii)	Capital Markets, Cayman Islands	100.00	100.00	8,593,553	6,076,928	6,876,666	4,986,657	1,716,887	1,090,271	507,303	601,629
Credicorp Capital Ltd. and Subsidiaries (iv)	Capital Markets and asset management, Bermuda	100.00	100.00	4,535,200	4,807,905	3,600,354	3,832,287	934,846	975,618	(65,575)	41,634
CCR Inc.(v)	Special purpose Entity, Bahamas	100.00	100.00	259,373	386,146	257,996	385,253	1,377	893	484	1,676

(i)

Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes:

		Percentage of interest
	Activity and country of	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
Entity	incorporation	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
		%	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Banco de Crédito del Perú and Subsidiaries (a)	Banking, Peru	97.71	97.71	195,702,525	152,426,848	177,367,887	133,456,760	18,334,638	18,970,088	244,303	3,641,935
Inversiones Credicorp Bolivia S.A. and Subsidiaries (b)	Banking, Bolivia	99.96	99.96	12,533,378	10,552,154	11,802,383	9,773,372	730,995	778,782	(65,653)	94,666
Prima AFP (c)	Private pension fund administrator, Peru	100.00	100.00	1,107,706	982,591	407,536	284,643	700,170	697,948	148,141	196,590
Krealo SpA and Subsidiaries (d)	Holding, Chile	100.00	100.00	95,693	72,847	22,453	41,765	73,240	31,082	(19,912)	(6,476)

a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”).

Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Peru oriented towards the micro and small business sector. At December 31, 2020, the assets, liabilities, equity and net result of Mibanco amount to approximately S/15,649.5 million, S/13,539.5 million, S/2,110.0 million and S/(379.3) million, respectively (S/13,741.7 million, S/11,655.7 million, S/2,086.0 million, and S/401.0 million, respectively at December 31, 2019). At the General Shareholders’ Meeting on November 9, 2020, it was agreed to increase Mibanco’s share capital by S/ 400 million. On December 20, 2020, BCP contributed S/ 380 million and Grupo Crédito S/20 million. As of December 31, 2020, the shares are pending issuance.

b) Inversiones Credicorp Bolivia S.A. (hereinafter “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products.

Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. At December 31, 2020, the assets, liabilities, equity and net result of BCB were approximately S/12,472.4 million, S/11,781.4 million, S/691.0 million and S/(74.3) million, respectively (S/10,480.9 million, S/ 9,743.9 million, S/737.0 million and S/79.0 million, respectively at December 31, 2019).

c) Prima AFP is a private pension fund and its activities are regulated by the SBS.

d) Krealo SpA (hereinafter “Krealo”) was established in January 2019; and is oriented to make capital investments outside the country. On July 1, 2019, Krealo acquired Tenpo SpA and Tenpo Prepago S.A. (before Multicaja Prepago S.A.)

(ii)

Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales, Crediseguro Seguros Generales and Pacifico Asiste and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively.

(iii)

Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers.

(iv)

Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco - Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes:

	Percentage of interest
Entity	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	%	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Credicorp Holding Colombia S.A.S. and Subsidiaries (a)	100.00	100.00	3,229,783	3,400,683	2,606,724	2,692,520	623,059	708,163	(60,398)	22,964
Credicorp Capital Holding Chile and Subsidiaries (b)	100.00	100.00	915,013	1,161,991	744,027	1,017,072	170,986	144,919	(16,979)	(5,222)
Credicorp Capital Holding Perú S.A. and Subsidiaries (c)	100.00	100.00	358,241	228,421	228,555	114,913	129,686	113,508	37,804	24,452

a) Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons.

Its main subsidiaries are Credicorp Capital Colombia S.A, which was acquired in Colombia in the year 2012 and merged with Ultraserfinco S.A. In June 2020, this subsidiary is oriented to the activities of commission agents and securities brokers. Likewise, Mibanco Colombia (before Banco Compartir S.A.) was acquired in the year 2019 and merged with Edyficar S.A.S. in October 2020, this subsidiary is oriented to grant credits to the micro and small business sector. As of December 31, 2020 and 2019, the direct and indirect interest held by Credicorp and the assets, liabilities, equity and net income were:

	Percentage of interest
Entity	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	%	%	%	%	%	%	%	%	%	%

Credicorp Capital Colombia S.A.	100.00	100.00	1,630,701	1,896,733	1,438,236	1,757,850	192,465	138,883	45,454	23,101
Mibanco – Banco de la Microempresa de Colombia S.A.	83.07	77.47	1,207,875	1,045,912	992,611	888,092	215,264	157,820	(50,742)	(2,105)

b) Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A.

c) Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate.

(v)

CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP.

Schedule of Property, furniture and equipment estimated useful lives


		Years

Buildings and other construction		33
Installations		10
Furniture and fixtures		10
Vehicles and equipment		5
Computer hardware		4

Schedule of intangible assets estimated useful lives

Intangible assets identified as a consequence of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their fair values determined on the acquisition date and are amortized using the straight line method over their estimated useful life as follows:


		Estimated
		useful life in
		years

Client relationship - Prima AFP (AFP Unión Vida)		20
Client relationship – Credicorp Capital Holding Chile (Inversiones IMT)		22
Client relationship - Edyficar Peru		10
Client relationship – Mibanco		7
Client relationship - Ultraserfinco		9.2
Brand - Mibanco		25
Brand - Culqi		5
Fund manager contract - Credicorp Capital Colombia		20 and 28
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT)		11 and 24
Fund manager contract - Ultraserfinco		23
Core deposits - Mibanco		6
Others		Between 3 and 7.5

INVESTMENTS - Additional Information (Details) $ / shares in Units, S/ in Thousands		12 Months Ended
	Jun. 29, 2020 item $ / shares shares	Dec. 31, 2020 PEN (S/) item shares	Dec. 31, 2019 PEN (S/) item	Dec. 31, 2020 USD ($) item	Dec. 31, 2020 PEN (S/) item	Dec. 31, 2019 USD ($) item	Dec. 31, 2019 PEN (S/) item	Jul. 30, 2019 USD ($)
Disclosure of Investments [Line Items]
Individual unrealized loss		S/ 13,000	S/ 1,500
Credit derivative, nominal amount					S/ 54,844,606		S/ 69,720,506
Non-current financial assets at fair value through profit or loss					6,467,471		3,850,762
Estimated fair value					42,831,258		25,370,413
Dividends received		2,674,400	3,610,700
Financial assets at amortised cost					2,196,220		1,907,738
Provision of credit loss		S/ 52,300
Recovery of credit loss			S/ 700
Financial Assets Maturity Date Description		January 2021 and April 2026	January 2020 and April 2026
Peruvian company Rutas de Lima S.A.C
Disclosure of Investments [Line Items]
Individual unrealized loss		S/ 40,500
Peru
Disclosure of Investments [Line Items]
Percentage of corporate bonds issued		43.60%	51.70%
United States
Disclosure of Investments [Line Items]
Percentage of corporate bonds issued		32.30%	26.80%
Colombia
Disclosure of Investments [Line Items]
Percentage of corporate bonds issued		4.60%	3.60%
Other countries
Disclosure of Investments [Line Items]
Percentage of corporate bonds issued		19.50%	17.90%
Repurchase Agreement [Member]
Disclosure of Investments [Line Items]
Investments in equity instruments designated at fair value through other comprehensive income					S/ 997,800		S/ 1,588,700
Certificates of payment on work progress [Member] \| Minimum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				2.42%	2.42%	3.74%	3.74%
Certificates of payment on work progress [Member] \| Maximum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				3.47%	3.47%	4.67%	4.67%
Financial assets at amortised cost, class [member]
Disclosure of Investments [Line Items]
Notional amount \| $								$ 2,117,500.000
Financial assets at amortised cost \| $								73,030,400
Financial assets, at fair value					S/ 2,766,200		S/ 1,569,300	75,147,900
Credit exposure \| $								$ 82,400.000
Participation in Credicorp Capital Latin American Corporate Debt Fund
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss					135,500
Participation in Credicorp Capital Latin American Investment Grade Fund
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss					99,400
Participation in Royalty Pharma plc
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss				$ 37,900,000	137,200
Investment in number of shares \| shares		757,692
Participation inFondo de Inversin Colectiva Fonval
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss					35,500
Participation in Fondo de capital privado 4G Credicorp Capital
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss					S/ 49,000
The Soles [Member] \| Minimum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				0.74%	0.74%	2.14%	2.14%
The Soles [Member] \| Maximum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				5.06%	5.06%	5.28%	5.28%
US Dollars [Member] \| Minimum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				0.00%	0.00%	0.45%	0.45%
US Dollars [Member] \| Maximum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				3.05%	3.05%	2.53%	2.53%
US Dollars [Member] \| Participation in RAL Fund [Member]
Disclosure of Investments [Line Items]
Estimated fair value					S/ 105,600		S/ 133,500
Bolivianos [Member] \| Participation in RAL Fund [Member]
Disclosure of Investments [Line Items]
Estimated fair value					S/ 173,200		S/ 166,900
Certificates of deposit BCRP
Disclosure of Investments [Line Items]
Number of instruments or interests issued or issuable \| item				5,174	5,174	87,530	87,530
Certificates of deposits				$ 517,230,000	S/ 1,872,900
Number of certificates of deposits \| item		153,760
Non-current financial assets at fair value through profit or loss					1,872,875		S/ 0
Estimated fair value					15,364,282		S/ 8,665,272
Balance of investment \| $				$ 6,650,000
Certificates of deposit BCRP \| Colombia
Disclosure of Investments [Line Items]
Balance of investment					24,100
Certificates of deposit BCRP \| Bolivia
Disclosure of Investments [Line Items]
Balance of investment					S/ 861,800
Certificates of deposit BCRP \| Minimum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				0.25%	0.25%
Certificates of deposit BCRP \| Maximum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				0.28%	0.28%
Certificates of deposit BCRP \| Currency swaps \| Cash flow hedges
Disclosure of Investments [Line Items]
Certificates of deposits					S/ 405,200
Certificates of deposit BCRP \| The Soles [Member] \| Minimum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				0.25%	0.25%	2.02%	2.02%
Certificates of deposit BCRP \| The Soles [Member] \| Maximum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				0.73%	0.73%	2.35%	2.35%
Government Treasury Bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss					S/ 1,584,913		S/ 1,276,573
Estimated fair value					S/ 12,205,049		S/ 6,698,076
Government Treasury Bonds \| Minimum
Disclosure of Investments [Line Items]
Percentage of effective annual interest rate excluding bonds interest rate				0.16%	0.16%
Government Treasury Bonds \| The Soles [Member] \| Minimum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				(1.20%)	(1.20%)	0.55%	0.55%
Government Treasury Bonds \| The Soles [Member] \| Maximum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				5.08%	5.08%	5.31%	5.31%
Government Treasury Bonds \| US Dollars [Member] \| Minimum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				0.03%	0.03%	1.11%	1.11%
Government Treasury Bonds \| US Dollars [Member] \| Maximum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				4.61%	4.61%	4.61%	4.61%
Derivatives held as hedges [Member]
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					S/ 2,811,888		S/ 6,270,638
Derivatives held as hedges [Member] \| Cross currency swap contract four [Member] \| Cash flow hedges
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					90,525		82,850
Derivatives held as hedges [Member] \| Cross currency swap contract five [Member] \| Cash flow hedges
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					0		231,980
Derivatives held as hedges [Member] \| Cross currency swap contract five [Member] \| Fair value hedges [member]
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					628,700		618,800
Derivatives held as hedges [Member] \| Interest rate swap contract six [Member] \| Cash flow hedges
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					0		994,200
Derivatives held as hedges [Member] \| Cross currency swap contract [Member] \| Cash flow hedges
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					487,046		107,425
Amortized cost [Member]
Disclosure of Investments [Line Items]
Balance of investment					S/ 4,858,279		3,399,133
Bonds issued by JP Morgan Chase & Co. and Cineplex S.A \| Minimum
Disclosure of Investments [Line Items]
Percentage of effective annual interest rate excluding bonds interest rate				0.01%	0.01%
Bonds issued by JP Morgan Chase & Co. and Cineplex S.A \| Maximum
Disclosure of Investments [Line Items]
Percentage of effective annual interest rate excluding bonds interest rate				14.31%	14.31%
Bonds issued by JP Morgan Chase & Co.
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				(0.31%)	(0.31%)
Bonds issued by Cineplex S.A
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				16.21%	16.21%
Bond issued by the Peruvian Treasury
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				(1.20%)	(1.20%)
Corporate bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss					S/ 328,315		326,673
Corporate bonds \| Currency swaps \| Cash flow hedges
Disclosure of Investments [Line Items]
Credit derivative, nominal amount					S/ 81,800		S/ 107,400
Corporate bonds \| The Soles [Member] \| Minimum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				(0.31%)	(0.31%)	1.09%	1.09%
Corporate bonds \| The Soles [Member] \| Maximum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				16.21%	16.21%	8.16%	8.16%
Corporate bonds \| US Dollars [Member] \| Minimum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				0.01%	0.01%	0.47%	0.47%
Corporate bonds \| US Dollars [Member] \| Maximum
Disclosure of Investments [Line Items]
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets				10.51%	10.51%	8.25%	8.25%
RPI International Holding, LP
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss				$ 1,550,000	S/ 5,641	$ 20,700,000	S/ 68,584
Investment in number of shares \| shares	973,545
Number of participations \| item	97,355	7,594	112,187
Unit price of participations \| $ / shares	$ 205.10
Unit price of shares \| $ / shares	$ 20.51
Peruvian sovereign bonds [Member]
Disclosure of Investments [Line Items]
Financial Assets Maturity Date Description		January 2023 to February 2055
Peruvian sovereign bonds [Member] \| Minimum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				(1.20%)	(1.20%)
Peruvian sovereign bonds [Member] \| Maximum
Disclosure of Investments [Line Items]
Annual effective interest rate of held to maturity investments				5.08%	5.08%

CASH AND DUE FROM BANKS

12 Months Ended

Dec. 31, 2020

CASH AND DUE FROM BANKS

CASH AND DUE FROM BANKS

4 CASH AND DUE FROM BANKS

The composition of the item is presented below:


	2020	2019
	S/(000)	S/(000)

Cash and clearing (b)	5,233,643	4,917,674
Deposits with Central Reserve Bank of Peru (BCRP) (b)	26,003,415	18,367,651
Deposits with Central Bank of Bolivia and Colombia (b)	1,085,785	652,579
Deposits with foreign banks (c)	3,350,106	1,402,403
Deposits with local banks (c)	1,027,081	481,412
Interbank funds	32,222	137,722
Accrued interest	1,515	14,601
Total cash and cash equivalents	36,733,767	25,974,042
Restricted funds	19,227	12,720
Total cash	36,752,994	25,986,762

Cash and cash equivalents presented in the consolidated statement of cash flows exclude restricted funds, see note 3(ac).

b) Cash, clearing and deposits with Central Banks and Bank of the Republic -

These accounts mainly include the legal cash requirements that Subsidiaries of Credicorp must keep to be able to honor their obligations with the public. The composition of these funds is as follows:


	2020	2019
	S/(000)	S/(000)

Legal cash requirements (i)
Deposits with Central Reserve Bank of Peru	16,903,941	13,727,222
Deposits with Central Bank of Bolivia	1,079,878	646,865
Deposits with Republic Bank of Colombia	5,907	5,714
Cash in vaults of Bank	4,529,683	4,132,347
Total legal cash requirements	22,519,409	18,512,148

Additional funds
Overnight deposits with Central Reserve Bank of Peru (ii)	2,972,744	4,640,429
Term deposits with Central Reserve Bank of Peru (iii)	5,988,900	—
Cash in vaults of Bank and others	703,960	785,327
Other Deposits BCRP	137,830	—
Total additional funds	9,803,434	5,425,756
Total	32,322,843	23,937,904

In Management’s opinion, the Group has complied with the calculation legal cash requirements established by current regulations.

c) Deposits with local and foreign banks -

Deposits with local and foreign banks mainly consist of balances in soles and U.S. dollars; these are cash in hand and earn interest at market rates. At December 31, 2020 and 2019 Credicorp and its Subsidiaries do not maintain significant deposits with any bank in particular.

NET GAIN ON SECURITIES - (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net gain on financial assets at fair value through profit or loss

S/ 221,060

S/ 147,582

S/ 33,333

(Provision) recovery of credit loss for investments at fair value through other comprehensive income (iii), Note 6(b)

(52,263)

745

1,909

Net gain in associates (i)

(2,331)

781

Total

523,082

546,814

242,829

Associates [member]

^[1]

64,672

79,844

72,254

Trading securities [member]

Net gain on investments at fair value through other comprehensive income

S/ 291,944

S/ 317,862

S/ 135,253

[1]	It mainly includes the gain of its associated “Entidad Prestadora de Salud” for approximately S/60.0 million during the year 2020 (S/53.6 million during the year 2019).(ii)

NET GAIN ON SECURITIES

12 Months Ended

Dec. 31, 2020

NET GAIN ON SECURITIES

NET GAIN ON SECURITIES

24 NET GAIN ON SECURITIES

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)


Net gain on investments at fair value through other comprehensive income	291,944	317,862	135,253
Net gain in associates (i)	64,672	79,844	72,254
Net gain on financial assets at fair value through profit or loss (ii)	221,060	147,582	33,333
(Provision) recovery of credit loss for investments at fair value through other comprehensive income (iii), Note 6(b)	(52,263)	745	1,909
Others	(2,331)	781	80
Total	523,082	546,814	242,829

(i)It mainly includes the gain of its associated “Entidad Prestadora de Salud” for approximately S/60.0 million during the year 2020 (S/53.6 million during the year 2019).

(ii)The variation is due to the result obtained mainly from the following subsidiaries:

-Credicorp Capital Colombia S.A. obtained a net profit for approximately S/93.1 million (during 2019, net profit for approximately S/32.0 million).

-Banco de Crédito del Perú obtained a net loss for approximately S/18.4 million, mainly due to realized losses (during 2019, net profit for approximately S/1.1 million).

SALARIES AND EMPLOYEES BENEFITS

12 Months Ended

Dec. 31, 2020

SALARIES AND EMPLOYEES BENEFITS

SALARIES AND EMPLOYEES BENEFITS

27 SALARIES AND EMPLOYEES BENEFITS

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Salaries	1,959,399	1,816,939	1,738,913
Vacations, medical assistance and others	286,129	360,334	336,609
Bonuses	271,712	264,171	248,704
Social security	209,782	200,935	184,489
Additional participation	165,859	243,787	233,146
Workers’ profit sharing	164,716	252,850	228,786
Severance indemnities	151,725	151,945	142,363
Share-based payment plans	103,632	120,062	106,865
Total	3,312,954	3,411,023	3,219,875

FINANCIAL RISK MANAGEMENT - Classification of Loans by Maturity (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial risk management [line Items]
Current loans	S/ 124,673,294	S/ 106,143,913
Current but impaired	4,860,128	2,274,182
Loans with delay in payments of one day or more but not internal overdue loans	2,444,834	3,084,977
Internal overdue loans	4,685,569	3,304,886
Total gross direct credits	136,663,825	114,807,958
Total past due under IFRS 7	7,130,404	6,389,863
Neither past due nor impaired [Member]
Disclosure of financial risk management [line Items]
Current loans	124,673,294	106,143,943
Current but impaired	0	0
Loans with delay in payments of one day or more but not internal overdue loans	0	0
Internal overdue loans	1,839	103
Total gross direct credits	124,675,133	106,144,046
Total past due under IFRS 7	1,839	103
Past due but not impaired [Member]
Disclosure of financial risk management [line Items]
Current loans	0	(30)
Current but impaired	0	0
Loans with delay in payments of one day or more but not internal overdue loans	1,824,361	2,569,349
Internal overdue loans	358,107	275,296
Total gross direct credits	2,182,468	2,844,615
Total past due under IFRS 7	2,182,468	2,844,645
Financial assets impaired [member]
Disclosure of financial risk management [line Items]
Current loans	0	0
Current but impaired	4,860,128	2,274,182
Loans with delay in payments of one day or more but not internal overdue loans	620,473	515,628
Internal overdue loans	4,325,623	3,029,487
Total gross direct credits	9,806,224	5,819,297
Total past due under IFRS 7	S/ 4,946,097	S/ 3,545,115

COMMISSIONS AND FEES - Additional Information (Details) S/ in Millions	12 Months Ended
	Dec. 31, 2020 PEN (S/)
Recharge and Paypal business
Disclosure OfFee And Commission Income Expense Explanatory [Line Items]
Increase in revenue	S/ 47,676

NET PREMIUMS EARNED - Life Insurance Gross Written Premiums After Adjustments (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 2,860,457

S/ 2,859,739

S/ 2,613,062

Life insurance contracts [member]

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 1,282,233

S/ 1,245,858

S/ 1,144,159

Servicewise participation rate in Life Insurance Gross Premium

100.00%

Credit life [Member] | Life insurance contracts [member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 582,064

S/ 536,091

S/ 507,496

Servicewise participation rate in Life Insurance Gross Premium

45.39%

43.03%

44.36%

Disability And Survival [Member] | Life insurance contracts [member]

Revenue from insurance contracts issued, without reduction for reinsurance held

^[2]

S/ 458,653

S/ 470,066

S/ 272,144

Servicewise participation rate in Life Insurance Gross Premium

^[2]

35.77%

37.73%

23.79%

Individual Life [Member] | Life insurance contracts [member]

Revenue from insurance contracts issued, without reduction for reinsurance held

^[3]

S/ 46,391

S/ 60,705

S/ 203,662

Servicewise participation rate in Life Insurance Gross Premium

^[3]

3.62%

4.87%

17.80%

Groupo life [Member] | Life insurance contracts [member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 129,315

S/ 128,656

S/ 113,273

Servicewise participation rate in Life Insurance Gross Premium

10.09%

10.33%

9.90%

Annuities [Member] | Life insurance contracts [member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 65,810

S/ 50,340

S/ 47,584

Servicewise participation rate in Life Insurance Gross Premium

5.13%

4.04%

4.15%

[1]	This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.
[2]	This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym).
[3]	Individual life insurance premiums include Investment Link insurance contracts.

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Additional Information (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	S/ 11,675,076	S/ 9,950,233
Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	10,072,788	8,457,046
Claims incurred but not reported	602,700	393,400
General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	1,286,293	1,241,717
Claims incurred but not reported	42,500	24,300
Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	315,995	251,470
Claims incurred but not reported	125,300	63,500
Mathematic reserve [Member] \| Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	S/ 6,806,100	S/ 5,961,000

- Details

Name:	ifrs-full_InsuranceContractsAxis=bap_MathematicReserveMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

LOANS, NET (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Direct loans -
Loans	S/ 115,213,536	S/ 91,481,200
Leasing receivables	5,775,917	5,978,421
Credit cards	5,629,189	8,479,355
Discounted notes	1,483,723	2,200,142
Factoring receivables	2,153,689	2,015,513
Advances and overdrafts in current account	52,807	162,149
Refinanced loans	1,669,395	1,186,167
Restructured loans		125
Total direct loans	131,978,256	111,503,072
Internal overdue loans and under legal collection loans	4,685,569	3,304,886
Direct loans including internal overdue loans and under legal collection loans	136,663,825	114,807,958
Accrued interest	1,197,489	870,410
Unearned interest	(201,429)	(68,689)
Total direct loans	137,659,885	115,609,679
Allowance for loan losses	(9,898,760)	(5,123,962)
Total direct loans, net	127,761,125	110,485,717
Indirect loans, Note 20	S/ 20,973,810	S/ 21,081,035

SHARE-BASED COMPENSATION PLANS	12 Months Ended
SHARE-BASED COMPENSATION PLANS	Dec. 31, 2020
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	20 SHARE-BASED COMPENSATION PLANS As indicated in Note 3(x), in March of each year, the Group grants its own shares to certain key employees. The awarded shares are liberated in the three following years for up to 33.3 percent of the shares granted in each of the three previous years. The Group assumes the payment of the related income tax on behalf of its employees, which depend on the country of residence and the annual compensation of the employee. As of December 31, 2020, 2019 and 2018, the Group has granted 176,212, 116,594 and 119,840 Credicorp shares, of which 293,888, 246,931 and 260,548 shares not vested as of December 31, 2020, 2019 and 2018, respectively. During those years, the recorded expense amounted to approximately S/103.6 million, S/120.1 million and S/106.9 million, respectively, see Note 27.

OTHER ASSETS AND OTHER LIABILITIES - Additional Information (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Other Assets And Other Liabilities [Line Items]
Gains (losses) on cash flow hedges, net of tax	S/ (68,001)	S/ (62,002)	S/ 73,263
Investments in associates	645,886	628,822
impairment net carrying amount		300
Property, plant and equipment	1,374,875	1,428,173	1,480,702
Sale value	78	38,969	S/ 25,552
Investment property [member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Property, plant and equipment	1,050,400	937,800
Land [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Additions from acquisitions, investment property		1,300
Property, plant and equipment	403,205
Additions correspond to the acquisition		1,300
Buildings [member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Additions from acquisitions, investment property		8,800
Property, plant and equipment	482,724
Additions correspond to the acquisition		8,800
Entidad Prestadora de Salud [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Investments in associates	603,400	571,900
Revoked hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Gains (losses) on cash flow hedges, net of tax	38,200	3,800
Cash flow hedges
Disclosure of Other Assets And Other Liabilities [Line Items]
Gains (losses) on cash flow hedges, net of tax	2,900	100
Trujillo
Disclosure of Other Assets And Other Liabilities [Line Items]
Disbursements for the improvements of buildings	3,800
Santiago de Surco
Disclosure of Other Assets And Other Liabilities [Line Items]
Additions from acquisitions, investment property		10,100
Additions correspond to the acquisition		10,100
Disbursements for the improvements of buildings	2,400
San Martn de Porres
Disclosure of Other Assets And Other Liabilities [Line Items]
Additions from acquisitions, investment property		8,700
Additions correspond to the acquisition		8,700
San Isidro
Disclosure of Other Assets And Other Liabilities [Line Items]
Disposals, investment property		27,500
San Isidro \| Buildings [member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Disposals, investment property		6,300
Chiclayo
Disclosure of Other Assets And Other Liabilities [Line Items]
Disposals, investment property		3,400
Chiclayo \| Buildings [member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Disposals, investment property		S/ 4,200
Comas district
Disclosure of Other Assets And Other Liabilities [Line Items]
Additions from acquisitions, investment property	12,500
Additions correspond to the acquisition	12,500
Arequipa
Disclosure of Other Assets And Other Liabilities [Line Items]
Disbursements for the improvements of buildings	5,100
Jr. Huallaga
Disclosure of Other Assets And Other Liabilities [Line Items]
Sale value	80
Disposal cost	S/ 90

INVESTMENTS - Investment at fair value (Details) S/ in Thousands, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PEN (S/)
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		S/ 6,467,471		S/ 3,850,762
Certificates of deposit BCRP
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		1,872,875		0
Government Treasury Bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		1,584,913		1,276,573
Colombian Treasury bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		1,120,991		1,102,865
Peruvian treasury bonds [Member]
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		349,219		95,308
U.S. treasury and federal agency bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss				78,400
Mutual funds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		979,296		593,552
Restricted mutual funds [Member]
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		436,881		460,086
Corporate bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		328,315		326,673
Investment funds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		362,493		327,659
Shares
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		289,349		83,085
Participation in RAL Fund [Member]
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		278,819		300,398
Hedge funds [Member]
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		126,938		33,640
Subordinated bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		103,162		80,084
Central Bank of Chile bonds
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		15,306		182,540
Multilateral organization bonds [Member]
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		14,765		53,353
RPI International Holding, LP
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss	$ 1,550	5,641	$ 20,700	68,584
Others
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		55,344		59,564
Financial assets at fair value through profit or loss, classified as held for trading, category [Member]
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		6,454,097		3,845,791
Accrued interest
Disclosure of Investments [Line Items]
Non-current financial assets at fair value through profit or loss		S/ 13,374		S/ 4,971

FINANCIAL INSTRUMENTS CLASSIFICATION (Details) - PEN (S/)
S/ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Jan. 01, 2019

Dec. 31, 2018

Jan. 01, 2018

Jan. 01, 2017

Guarantee funds, reverse repurchase agreements and securities borrowings

S/ 36,752,994

S/ 25,986,762

2,394,302

4,288,524

Investments at fair value through other comprehensive income, Note 6(b)

823,270

620,544

43,743,889

26,202,723

Available-for-sale investments

42,831,258

25,370,413

2,196,220

1,907,738

Financial assets designated at fair value through profit or loss

127,761,125

110,485,717

228,255,471

179,870,703

937,223

838,731

919,419

791,704

455,343

535,222

3,038,053

2,792,968

Payables from repurchase agreements and security lendings

142,365,502

112,005,385

27,923,617

7,678,016

5,978,257

8,841,732

455,343

535,222

338,446

216,734

S/ 216,734

S/ 291,693

S/ 235,185

Financial liabilities at fair value through profit or loss

750,578

830,153

S/ 852,800

561,602

493,700

16,319,407

14,946,363

Categories of Financial Position [Member]

4,478,967

4,246,826

Guarantee funds, reverse repurchase agreements and securities borrowings

36,752,994

25,986,762

2,394,302

4,288,524

Investments at fair value through other comprehensive income, Note 6(b)

6,467,471

3,850,762

43,743,889

26,202,723

4,962,382

3,477,046

Financial assets designated at fair value through profit or loss

127,761,125

110,485,717

823,270

620,544

937,223

838,731

919,419

791,704

455,343

535,222

3,038,053

2,792,968

228,255,471

179,870,703

Payables from repurchase agreements and security lendings

142,365,502

112,005,385

27,923,617

7,678,016

5,978,257

8,841,732

455,343

535,222

338,446

216,734

Financial liabilities at fair value through profit or loss

750,578

847,504

561,602

493,700

16,319,407

14,946,363

4,478,967

4,246,826

Financial assets at fair value through profit or loss, classified as held for trading, category [Member]

199,171,719

149,811,482

Financial assets designated at fair value through profit or loss

^[1]

7,681,968

4,942,869

Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Categories of Financial Position [Member]

Guarantee funds, reverse repurchase agreements and securities borrowings

Investments at fair value through other comprehensive income, Note 6(b)

6,467,471

3,850,762

Financial assets designated at fair value through profit or loss

1,214,497

1,092,107

7,681,968

4,942,869

Payables from repurchase agreements and security lendings

Financial liabilities at fair value through profit or loss

561,602

493,700

1,205,213

1,040,282

1,766,815

1,533,982

Designated at inception

Financial assets designated at fair value through profit or loss

823,270

620,544

Designated at inception | Categories of Financial Position [Member]

Guarantee funds, reverse repurchase agreements and securities borrowings

Investments at fair value through other comprehensive income, Note 6(b)

Financial assets designated at fair value through profit or loss

823,270

620,544

823,270

620,544

Payables from repurchase agreements and security lendings

Financial liabilities at fair value through profit or loss

At fair value through other comprehensive income [Member] | Categories of Financial Position [Member]

Guarantee funds, reverse repurchase agreements and securities borrowings

Investments at fair value through other comprehensive income, Note 6(b)

43,241,339

25,623,934

Financial assets designated at fair value through profit or loss

43,241,339

25,623,934

Payables from repurchase agreements and security lendings

Financial liabilities at fair value through profit or loss

At fair value through other comprehensive income (Debt instruments)

Financial assets designated at fair value through profit or loss

43,743,889

26,202,723

At fair value through other comprehensive income (Debt instruments) | Categories of Financial Position [Member]

Guarantee funds, reverse repurchase agreements and securities borrowings

Investments at fair value through other comprehensive income, Note 6(b)

502,550

578,789

Financial assets designated at fair value through profit or loss

502,550

578,789

Payables from repurchase agreements and security lendings

Financial liabilities at fair value through profit or loss

Financial Assets And Liabilities At Amortised Cost Category [Member] | Categories of Financial Position [Member]

Guarantee funds, reverse repurchase agreements and securities borrowings

36,752,994

25,986,762

2,394,302

4,288,524

Investments at fair value through other comprehensive income, Note 6(b)

4,962,382

3,477,046

Financial assets designated at fair value through profit or loss

127,761,125

110,485,717

937,223

838,731

919,419

791,704

455,343

535,222

1,823,556

1,700,861

176,006,344

148,104,567

Payables from repurchase agreements and security lendings

142,365,502

112,005,385

27,923,617

7,678,016

5,978,257

8,841,732

455,343

535,222

338,446

216,734

Financial liabilities at fair value through profit or loss

750,578

847,504

16,319,407

14,946,363

3,273,754

3,206,544

Schedule of detailed information of interest income expenses

S/ 197,404,904

S/ 148,277,500

[1]	It includes non-trading investments that did not pass SPPI test.

INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES (Tables)

12 Months Ended

Dec. 31, 2020

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Interest and similar income
Interest on loans	10,027,834	10,664,519	10,041,097
Interest on investments at fair value through other comprehensive income	1,097,952	1,070,469	954,288
Interest on investments at amortized cost	226,516	194,803	211,102
Interest on due from banks (*)	74,813	320,713	159,381
Interest on investments at fair value through profit or loss	47,696	46,170	87,409
Dividends received	25,603	25,259	24,390
Other interest and similar income	47,234	59,731	44,967
Total	11,547,648	12,381,664	11,522,634

Interest and similar expense
Interest on deposits and obligations	(1,188,335)	(1,458,910)	(1,202,025)
Interest on bonds and notes issued	(883,913)	(900,172)	(911,006)
Interest on due to banks and correspondents	(557,141)	(590,908)	(623,001)
Deposit Insurance Fund	(183,132)	(151,626)	(140,184)
Interest on lease liabilities	(32,295)	(36,484)	—
Other interest and similar expense	(131,490)	(151,813)	(157,313)
Total	(2,976,306)	(3,289,913)	(3,033,529)

(*) As of December 31, 2020, the item suffered a decrease that is mainly due to a significant drop in the interest rate paid by the BCR to the ordinary reserve accounts. See note 4

LOANS, NET - Composition of the gross credit balance (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LOANS, NET
Direct loans	S/ 136,663,825	S/ 114,807,958
Indirect loans, Note 21(a)	20,973,810	21,081,035
Banker's acceptances outstanding	455,343	535,222
Total	S/ 158,092,978	S/ 136,424,215

NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	S/ 1,708,113	S/ 1,531,418	S/ 1,212,198
Life insurance contracts [member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	1,244,771	901,239	636,867
General insurance [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	194,739	315,381	277,931
Health insurance contracts [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	268,603	314,798	297,400
Gross claims [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	1,991,154	1,852,793	1,580,167
Gross claims [Member] \| Life insurance contracts [member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	1,383,344	1,001,671	737,982
Gross claims [Member] \| General insurance [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	326,183	524,142	535,003
Gross claims [Member] \| Health insurance contracts [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	281,627	326,980	307,182
Ceded claims [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	(283,041)	(321,375)	(367,969)
Ceded claims [Member] \| Life insurance contracts [member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	(138,573)	(100,432)	(101,115)
Ceded claims [Member] \| General insurance [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	(131,444)	(208,761)	(257,072)
Ceded claims [Member] \| Health insurance contracts [Member]
Disclosure of claims and benefits incurred [Line Items]
Net insurance claims	S/ (13,024)	S/ (12,182)	S/ (9,782)

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

3 SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of Credicorp’s consolidated financial statements are set out below:

a) Basis of presentation, use of estimates and changes in accounting policies -

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The consolidated financial statements as of December 31, 2020 and 2019, have been prepared following the historical cost criteria, except for investments at fair value through profit or loss, investments at fair value through other comprehensive income, financial assets designated at fair value through profit or loss, derivative financial instruments, and financial liabilities at fair value through profit or loss; which have been measured at fair value.

The consolidated financial statements are presented in Soles (S/), which is the functional currency of Credicorp Ltd and subsidiaries, see paragraph (c) below, and values are rounded to thousands of soles, except when otherwise indicated.

The preparation of the consolidated financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of significant events in notes to the consolidated financial statements.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The final results could differ from said estimates; however, the Management expects that the variations, if any, will not have a material impact on the consolidated financial statements.

The most significant estimates included in the accompanying consolidated financial statements are related to the calculation of the allowance of the expected credit loss on loan portfolio, the valuation of investments, the technical reserves for insurance claims and premiums, the impairment of goodwill , the expected credit loss for investments at fair value through other comprehensive income and investments at amortized cost, the valuation of share-based payment plans and the valuation of derivative financial instruments.

Furthermore, other estimates exist, such as the estimated useful life of intangible assets, property, furniture and equipment and the deferred income tax assets and liabilities. The accounting criteria used for said estimates are described below.

The Group has adopted the following standards and modifications for first time for its annual period that starts on January 1, 2020, as described below:

(i) Amendments to IAS 1 and IAS 8 - Definition of materiality.

The amendments to these standards provide a new definition of “materiality”, as that information whose omission by mistake or obstruction is reasonably expected to influence the decision-making of the primary users of financial statements. The amendments clarify that materiality depends on the nature or magnitude of information, individually or in aggregate with other information, in the context of the financial statements.

These amendments have no impact on the consolidated financial statements and are not expected to have future impacts for the Group.

(ii) Amendments to IFRS 3 - Business Definition -

The amendments to this standard provide a new definition of business that requires an acquisition to include at least one input and a substantive process that together significantly contribute to the ability to create products. The definition of the term “products” is modified to focus on goods and services provided to customers, generating investment income and other income, and excludes returns in the form of lower costs, savings and other economic benefits.

These amendments have no impact on the consolidated financial statements and are not expected to have future impacts for the Group.

(iii) Amendments to IFRS 7, IFRS 9 and IAS 39 - Reference rate reform -

The amendments made to IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement provide certain exceptions in relation to the benchmark interest rate reforms.

Exceptions are related to hedge accounting and have the effect that the amendments should not generally cause the termination of hedge accounting. However, any ineffectiveness of the hedge will continue to be recorded in the consolidated income statement.

These modifications have no impact on the consolidated financial statements and are not expected to have future significant impacts for the Group.

(iv) Modifications to the Conceptual Framework of Financial Reporting -

The revised conceptual framework includes some new concepts and definitions, as well as criteria for the recognition of assets and liabilities, and clarifies some other concepts. In particular, the IASB has issued a revised Conceptual Framework to be used for standard setting decisions with immediate effect. The key changes include:

-Increasing the importance of administration in the objective of financial information.

-Restore prudence as a component of neutrality.

-Define a reporting entity, which can be a legal entity, or a part of an entity.

-Review the definitions of an asset and a liability.

-Eliminate the probability threshold for recognition and add guidelines on derecognition.

-Add guides on different measurement bases; and

-Establish that profit or loss is the main performance indicator and that, in principle, income and expenses in other comprehensive income should be recycled when this improves the relevance or faithful representation of the financial statements.

No changes will be made to any of the current accounting standards. However, entities that rely on the Framework to determine their accounting policies for transactions, events, or conditions that are not otherwise addressed under accounting standards must apply the revised Framework as of January 1, 2020. These entities must consider whether its accounting policies are still appropriate under the revised Framework.

These modifications have no impact on the consolidated financial statements and are not expected to have future impacts for the Group.

(v) Amendment to IFRS 16 “Leases” - Covid-19 related to rentals

This amendment was issued on May 28, 2020, is applicable for annual periods beginning on June 1, 2020 and provides an exemption in relation to the accounting treatment of modification to lease contracts under IFRS16, to lessees who obtain modifications to lease contracts in the context of Covid-19 (grace periods and extension of lease payments dates).

The adoption of the amendment did not have a significant effect on the consolidated financial statements.

The Group have applied the following standards and modifications for first time for its annual report that have started on January 1, 2019:

(i) IFRS 16 “Leases” -

On January 2016, the IASB issued the IFRS 16, ‘Leases’ to replace the current standards related to the treatment of leases (IAS 17, ‘Leases’ and IFRIC 4, ‘Determining whether an arrangement contains a lease” and other related interpretations, which are valid until December 31, 2018).

According with IFRS 16, a contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for a consideration.

IFRS 16 mainly affect the accounting treatment for lessees, and will result in the recognition of almost all lease contracts in the statement of financial position, since the standard eliminates the distinction between finance and operating leases.

Pursuant to the new standard, is required the recognition of an asset (right-of-use of the leased asset) and of a financial liability because of the lease payments. The only exemptions are for short term and low value leases, both could be recorded in a straight line as an expense in the consolidated statement of income.

The consolidated statement of income also is affected, since the total expense is normally higher in the initial years of the lease contract and lower in the final years. Furthermore, the operating costs are replaced with interest and depreciation, therefore key metrics such as earnings before interest, taxes, depreciation and amortization (EBITDA) will change.

The principal and interest payments of the lease liabilities are classified in the consolidated statement of cash flows within the financing activities.

The accounting treatment for lessors continues with a similar model to IAS 17; therefore, the lessors will continue to perform a classification test to distinguish between financial and operating leases.

The new requirements of the IFRS 16 were applied by adjusting our consolidated statement of financial position as of January 1, 2019, date of initial application, without restating the financial information of the comparative period, in accordance to what is allowed by the transition provisions of the aforementioned standard. On the date of the initial application, the Group has considered the following aspects:

The use of a single discount rate in a lease portfolio with reasonably similar characteristics.

Choose not to apply the recognition and measurement requirements established by the IFRS 16 to: (i) leases with a remaining lease term of less than 12 months as of January 1, 2019, and (ii) leases in which the underlying asset is of low value. In these cases, payments will be recognized as an expense in a straight line over the term of the lease.

The exclusion of the initial direct costs for the measurement of the asset by right of use.

For the contracts concluded before the transition date, the Group relied on its assessment carried out applying IAS 17 and IFRIC 4; that is, not to reevaluate again if a contract is, or contains, an operating lease.

In that regard, as of January 1, 2019, the Group has recorded right-of-use assets for approximately S/855.5 million, lease liabilities for approximately S/852.8 million and deferred charges for prepayments for approximately S/2.7 million. There was no net impact on the retained earnings.

(ii) Prepayment features with negative compensation- amendments to IFRS 9 “Financial instruments” -

The narrow-scope amendments made to IFRS 9 Financial Instruments in October 2017 enable entities to measure certain pre-payable financial assets with negative compensation at amortized cost. These assets, which include some loan and debt securities, would otherwise have to be measured at fair value through profit or loss.

To qualify for amortized cost measurement, the negative compensation must be ‘reasonable compensation for early termination of the contract’ and the asset must be held within a ‘held to collect’ business model.

(iii) Long-term Interests in Associates and Joint Ventures – Amendments to IAS 28 “Investments in Associates and Join Ventures” -

The amendments clarify the accounting record of long-term interests in an associate or joint venture, which in substance form part of the net investment in the associate or joint venture, but to which equity accounting is not applied. Entities must record for such interests under IFRS 9 Financial Instruments before applying the loss allocation and impairment requirements in IAS 28.

(iv) Plan Amendment, Curtailment or Settlement - Amendments to IAS 19 “Employee Benefits” -

The amendments to IAS 19 clarify the accounting for defined benefit plan amendments, curtailments and settlements. They confirm that entities must:

Calculate the current service cost and net interest for the remainder of the reporting period after a plan amendment, curtailment or settlement by using the updated assumptions from the date of the change.

Any reduction in a surplus should be recognized immediately in profit or loss either as part of past service cost, or as a gain or loss on settlement. In other words, a reduction in a surplus must be recognized in profit or loss even if that surplus was not previously recognized because of the impact of the asset ceiling.

Separately recognize any changes in the asset ceiling through other comprehensive income.

(v) IFRIC 23 “Uncertainty over income tax treatments” -

The interpretation explains how to recognize, and measure deferred and current income tax assets and liabilities when there is uncertainty over a tax treatment. In particular, it discusses:

How to determine the appropriate obligation or right, and that each uncertain tax treatment should be considered separately or together as a group, depending on which approach better predicts the resolution of the uncertainty.

That the entity should assume a tax authority will examine the uncertain tax treatments and have full knowledge of all related information, that is, that detection risk should be ignored.

That the entity should reflect the effect of the uncertainty in its income tax accounting when it is not probable that the tax authorities will accept the treatment.

That the impact of the uncertainty should be measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty, and

That the judgments and estimates made must be reassessed whenever circumstances have changed or there is new information that affects the judgments.

While there are no new disclosure requirements, entities are reminded of the general requirement to provide information about judgments and estimates made in preparing the financial statements.

The entry into force of this interpretation has not had any significant impact on the consolidated financial statements of the Group.

The modifications indicated above, except IFRS 16, had no impact on the amounts recognized in previous or current periods and are not expected to significantly affect future periods.

In 2019, the Group adopted the following changes regarding the valuation and recognition of mathematical income reserves:

Change of criteria in the discount rates used, and thus reflect the effect of market interest rates in the measurement of insurance liabilities,

Because the financial assets that have a direct effect on the annuities are measured at fair value with a change in comprehensive income, it was decided to recognize in the consolidated statement of comprehensive income the proportion corresponding to the annuities of the unrealized results that generate the assets and that have a direct effect on said annuities.

These situations were treated as a change in accounting policies in accordance with the provisions of IFRS 4 - Insurance Contracts.

These changes in accounting policy generated a greater income reserve amounting to S /666.6 million, which was recognized in the consolidated statement of comprehensive income for the year, under the heading Insurance reserves of the consolidated statement of changes in equity, taking into account Consideration that the effect was not material in previous years, in accordance with the provisions of IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

b) Basis of consolidation -

Investment in subsidiaries -

The consolidated financial statements comprise the financial statements of Credicorp and its Subsidiaries for all the years presented.

Under IFRS 10 all entities over which the Group has control are subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:

Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee),

Exposure, or rights, to variable returns from its involvement with the investee, and

The ability to use its power over the investee to affect its returns.

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

The contractual arrangement with the other vote holders of the investee.

Rights arising from other contractual arrangements.

The Group’s voting rights and potential voting rights.

The Group assesses whether or not it controls an investee if the facts and circumstances indicate that there are changes in any of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements include assets, liabilities, income and expenses of Credicorp and its subsidiaries.

Profit or loss for the period and each component of the other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interest, even if this results in the non-controlling interest with a negative balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Assets in custody or managed by the Group, such as investment funds and private pension funds (AFP funds) and others, are not part of the Group’s consolidated financial statements, Note 3(ab).

Transactions with non-controlling interest -

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction and any resulting difference between the price paid and the price for which non-controlling interests are adjusted is recognized directly in the consolidated statement of changes in net equity.

The Group does not record any additional goodwill after the purchase of the non-controlling interest, nor does it recognize a gain or loss from the sale of the non-controlling interest.

Loss of control -

If the Group loses control over a subsidiary, it derecognizes the carrying amount of the related assets (including goodwill) and liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any residual investment retained is recognized at fair value.

Investments in associates -

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but without exercising control over said policies.

The Group’s investments in its associates are recognized initially at cost and are subsequently accounted for using the equity method. They are included in “Other assets” in the consolidated statement of financial position; the returns resulting from the use of the equity method of accounting are included in “Net gain on securities” of the consolidated statement of income.

	Activity and country of	Percentage of interest
Entity	incorporation	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
		2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
		%	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Grupo Crédito S.A. and Subsidiaries (i)	Holding, Peru	100.00	100.00	210,298,709	165,072,249	189,194,894	142,514,228	21,103,815	22,558,021	274,816	3,638,334
Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii)	Insurance, Peru	98.81	98.79	16,020,865	13,783,515	13,036,221	10,963,533	2,984,644	2,819,982	194,639	381,492
Atlantic Security Holding Corporation and Subsidiaries (iii)	Capital Markets, Cayman Islands	100.00	100.00	8,593,553	6,076,928	6,876,666	4,986,657	1,716,887	1,090,271	507,303	601,629
Credicorp Capital Ltd. and Subsidiaries (iv)	Capital Markets and asset management, Bermuda	100.00	100.00	4,535,200	4,807,905	3,600,354	3,832,287	934,846	975,618	(65,575)	41,634
CCR Inc.(v)	Special purpose Entity, Bahamas	100.00	100.00	259,373	386,146	257,996	385,253	1,377	893	484	1,676

(i)

		Percentage of interest
	Activity and country of	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
Entity	incorporation	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
		%	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Banco de Crédito del Perú and Subsidiaries (a)	Banking, Peru	97.71	97.71	195,702,525	152,426,848	177,367,887	133,456,760	18,334,638	18,970,088	244,303	3,641,935
Inversiones Credicorp Bolivia S.A. and Subsidiaries (b)	Banking, Bolivia	99.96	99.96	12,533,378	10,552,154	11,802,383	9,773,372	730,995	778,782	(65,653)	94,666
Prima AFP (c)	Private pension fund administrator, Peru	100.00	100.00	1,107,706	982,591	407,536	284,643	700,170	697,948	148,141	196,590
Krealo SpA and Subsidiaries (d)	Holding, Chile	100.00	100.00	95,693	72,847	22,453	41,765	73,240	31,082	(19,912)	(6,476)

c) Prima AFP is a private pension fund and its activities are regulated by the SBS.

(ii)

(iii)

(iv)

	Percentage of interest
Entity	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	%	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Credicorp Holding Colombia S.A.S. and Subsidiaries (a)	100.00	100.00	3,229,783	3,400,683	2,606,724	2,692,520	623,059	708,163	(60,398)	22,964
Credicorp Capital Holding Chile and Subsidiaries (b)	100.00	100.00	915,013	1,161,991	744,027	1,017,072	170,986	144,919	(16,979)	(5,222)
Credicorp Capital Holding Perú S.A. and Subsidiaries (c)	100.00	100.00	358,241	228,421	228,555	114,913	129,686	113,508	37,804	24,452

	Percentage of interest
Entity	(direct and indirect)		Assets		Liabilities		Equity		Net income (loss):
	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
	%	%	%	%	%	%	%	%	%	%

Credicorp Capital Colombia S.A.	100.00	100.00	1,630,701	1,896,733	1,438,236	1,757,850	192,465	138,883	45,454	23,101
Mibanco – Banco de la Microempresa de Colombia S.A.	83.07	77.47	1,207,875	1,045,912	992,611	888,092	215,264	157,820	(50,742)	(2,105)

(v)

c) Functional, presentation and foreign currency transactions –

(i)

Functional and presentation currency -

Credicorp and its Subsidiaries which operate in Peru consider the sol as their functional and presentation currency since it reflects the nature of the economic events and relevant circumstances for most of the Group´s entities, given the fact their major transactions and/operations, such as: loans granted, financing obtained, sale of insurance premiums, interests and similar income, interest and similar expenses, as well as a significant percentage of their purchases; they are agreed and settled in soles.

(ii)

Transactions and balances in foreign currency -

Foreign currency transactions are those entered into in currencies other than the functional currency. These transactions are initially recorded by Group entities at the exchange rates of their functional currencies at the transaction dates. Monetary assets and liabilities denominated in foreign currency are adjusted at the exchange rate of the functional currency prevailing at the date of the consolidated statement of financial position.

The differences arising from the exchange rate prevailing at the date of each consolidated statement of financial position presented and the exchange rate initially used in recording transactions are recognized in the consolidated statement of income in the period in which they occur, in “Net gain from exchange differences”, except for those that correspond to monetary items that are part of a hedging strategy for a net investment abroad, said accumulated difference is recognized in the caption “Exchange differences on translation of foreign operations” in the consolidated statement of comprehensive income.. Non-monetary assets and liabilities acquired in foreign currency are recorded at the exchange rate prevailing at the initial transaction date and are not subsequently adjusted.

(iii) Group entities with functional currency other than the presentation currency -

Given that the Group’s entities in Colombia, Chile, Cayman Islands, Panama and Bolivia have a functional currency different from the sol, the balances were translated into Soles for consolidation purposes in accordance with IAS 21, “The Effects of Changes in Foreign Exchange Rates” as follows:

-Assets and liabilities, at the closing rate prevailing at the date of each consolidated statement of financial position.

-Income and expense, at the average exchange rate for each month of the year.

All resulting exchange differences were recognized within “Exchange differences on translation of foreign operations”, including the differences in financial instruments designated as accounting hedges of said investments, in the consolidated statement of comprehensive income.

d) Recognition of income and expenses from banking activities –

Effective interest rate method:

Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortized cost and at fair value through other comprehensive income. Interest expenses corresponding to liabilities measured at amortized cost are also recorded using the EIR.

The EIR is the rate that exactly discounts future cash flows that are estimated to be paid or received during the life of the instrument or a shorter period, if appropriate, to the gross carrying amount of the financial asset or financial liability. The EIR (and, therefore, the amortized cost of the financial asset or liability) is calculated taking into account any discount, premium and transaction costs that are an integral part of the effective interest rate of the financial instrument, but the expected credit loss are not included.

Interest income and expenses:

The Group calculates interest income by applying the EIR to the gross carrying amount of those financial assets that are not impaired.

When a financial asset becomes impaired and, therefore, is considered in Stage 3 (as set out in Note 3(i) impairment of financial assets), the Group calculates interest income by applying the interest rate effective at the carrying amount of the asset, net of its provision for credit loss. If the evidence that the criteria for the recognition of the financial asset in Stage 3 are no longer met, the Group recalculates interest income in gross terms.

Interest income and expenses accrued from all financial instruments that generate interest, including those related to financial instruments carried at fair value through profit or loss, are recorded under the heading “Interest and similar income” and “Interest and similar expenses” of the consolidated statement of income.

Dividends:

Dividends are recorded as income when they are declared.

Commissions and fees:

Commission income (which is not an integral part of the EIR) and fees are recorded as they accrue. Commissions and fees include, among others, the commission charged for the banking service in general such as account maintenance, shipping, transfers, loan syndication fees and contingent credit fees.

Other income and expenses:

All other income and expenses are recorded in the period in which the performance obligation is satisfied.

e) Insurance activities -

Product classification:

Insurance contracts are those contracts when the Group (the insurer) has accepted a significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. This definition also includes reinsurance contracts that the Group holds.

Once a contract has been classified as an insurance contract, it remains an insurance contract for the remainder of its lifetime, even if the insurance risk reduces significantly during this period, unless all rights and obligations are extinguished or expire.

Life insurance contracts offered by the Group include retirement, disability and survival insurance, annuities and individual life which includes Investment Link insurance contracts. The non-life insurance contracts issued by the Group mainly include automobile, fire and allied lines, technical branches and healthcare.

Reinsurance:

The Group cedes insurance risk in the normal course of its operations for most of its businesses. Reinsurance assets represent balances due from reinsurance companies. Reinsurance ceded is placed on both a proportional and non-proportional basis.

Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims reserve or settled claims and ceded premiums, associated with the ceded policies and in accordance with the related reinsurance contracts.

Reinsurance assets are reviewed for impairment at each reporting date of the consolidated statement of financial position or more frequently when an indication of impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an event that occurred after initial recognition of the reinsurance asset that the Group may not receive all outstanding amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. The impairment loss is recorded in the consolidated statement of income.

Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders.

The Group also assumes reinsurance risk in the normal course of business for non-life insurance contracts when applicable. Premiums and claims on assumed reinsurance are recognized as revenue or expenses in the same manner as they would be if the reinsurance were considered direct business, taking into account the classification of the reinsured insurance contract.

Reinsurance liabilities represent balances due to reinsurance companies. Amounts payable are estimated in a manner consistent with the related reinsurance contract.

Premiums and claims are presented as gross amounts for reinsurance ceded. Reinsurance assets or liabilities are written off when contractual rights are terminated or expire or when the contract is transferred to a third party.

Reinsurance contracts that do not transfer significant insurance risk are not material to the insurance segment.

Insurance receivables:

Insurance receivables are recognized when they are enforceable and measured on initial recognition at the fair value of the consideration received or receivable. Subsequent to initial recognition, insurance receivables are measured at amortized cost.

As of December 31, 2020 and 2019 the carrying amount of the insurance receivables is similar to their fair value due to their short term. The carrying value of insurance receivables is reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The impairment loss is recorded in the consolidated statement of income. Insurance receivables are derecognized when the de-recognition criteria for financial assets, as described in Note 3(g), have been met.

“Investment Link” assets:

“Investment Link” assets represent financial instruments held for purposes of funding a group of life insurance contracts and for which investment gains and losses are allocated directly to the policyholders who bear the investment and reinvestment risk. Each account has specific characteristics and the assets are carried at fair value. The balances of each account are legally segregated and are not subject to claims that arise out of any other business of the Group. The liabilities linked to these contracts are equal in amount to the assets that support them, net of the commissions that the Group charges for the management of these contracts.

Deferred acquisition costs (DAC):

These comprise the direct costs that originate with and are related to traditional life and Investment Link insurance contracts, which are deferred; all other acquisition costs are recognized as an expense when incurred. The direct acquisition costs comprise primarily agent commissions corresponding to the underwriting and policy issuance costs.

Subsequent to initial recognition, these costs are amortized on a straight line basis based on the average expiration period of the related insurance contracts. Amortization is recorded in the consolidated statement of income.

DAC for general insurance and health products are amortized over the period in which the related revenues are earned.

DAC are derecognized when the related contracts are either settled or disposed of.

An impairment review is performed at the date of the consolidated statement of financial position or more frequently when an indication of impairment arises. When the recoverable amounts are less than the carrying value an impairment loss is recognized in the consolidated statement of income. DAC is also considered in the liability adequacy test for each reporting period.

Reinsurance commissions:

Commissions on reinsurance contracts for ceded premiums are amortized on a straight line basis over the term of the coverage of the related insurance contract.

Insurance contract liabilities:

(i)

Life insurance contract liabilities -

Life insurance liabilities are recognized when contracts are entered into.

The technical reserves maintained by the Group include the reserves of all of the business lines, comprising both the mathematical reserves and those of ongoing risk, as well as the reserves for outstanding claims, settled claims, claim settlement costs, claims incurred but not reported, as applicable to each line.

Due to the nature of the business, the mathematical reserves of the pension lines represent the main part of the Group’s reserves, with the line of Life Annuities as the major source of reserves due to the important volume of premiums and as a result of having only single premiums. In order to determine the reserves of this business, the discounted present value of the expected future pensions, calculated on the basis of mortality tables and interest rates. Those are based on the asset portfolio which supports the liabilities. Additionally, the constituted reserves include the amount required to cover the maintenance expenses related to the administration of the payment of future pensions.

The mathematical reserves of the income lines are determined by the sum of the value discounted from future expected pensions to be paid during a defined period or not defined, calculated on the basis of the current mortality and morbidity tables, and the market discount interest rates of the investment portfolio. During the year 2018, the Group adopted the new mortality tables approved and published by the SBS through Resolution SBS No.886-2018; these tables reflect recent changes in the life expectancy.

The Group also uses discount rates in measuring annuities, in order to reflect the market value in the measurement of insurance liabilities, as follows:

-As of December 31, 2020 and 2019, the Group uses the market rate for harvests of the portfolio of its financial assets for pension flows shifted by currency (market rates).

As of December 31, 2020 and 2019, the adjustments to the liabilities at each reporting date of the consolidated statement of financial position are recorded in the consolidated statement of income (due to the effects of the variations in the mortality tables) and in the consolidated statement of comprehensive income (due to the effect of the market rate), both effects are included in the consolidated statement of income as of December 31, 2020. The liability is derecognized when the contract expires, is discharged or is cancelled.

Also, given that the financial assets that have a direct effect on the annuities are measured at fair value through other comprehensive income, the Group modified the recognition of its annuities with the aim of recognizing in the consolidated statement of comprehensive income the proportion that corresponds to annuities, of the unrealized results generated by the assets and that have a direct effect in said annuities.

On the other hand, in the Individual Life business the Group offers some products which are only risk related and others of risk and savings, the latter being those which comprise the highest percentage of reserves of the line. Risk and savings products can be differentiated between those with a guaranteed interest rate and others without guaranteed interest, the reserve for the first group being equal to the balance of the policy accounts plus the unaccredited surplus interest, and for the second group it is equal to the balance of the policy accounts. Said accounts are established with the premiums collected, tax deductions, expenses and costs of insurance and the accreditation of interest based on the yield of the portfolio which supports said reserves.

Life insurance claims reserves include reserves for reported claims and the estimates of the incurred claims buy not reported (IBNR) to the Group. As of December 31, 2019, reserves for claims occurred and not reported were determined on the basis of the Chain Ladder methodology (a generally accepted actuarial method), whereby the weighted average of past claim development is projected into the future; this projection is based on the ratios of occurrence of accumulated past claims. Due to the COVID-19 pandemic, as of December 31, 2020, IBNR reserves were calculated in two parts:

a) IBNR reserve for regular claims and

b) IBNR reserve for expected excess mortality (deaths above the average number of cases in the pre-pandemic months).

For part a) the reserves were determined based on the Chain Ladder methodology, maintaining the expected loss ratio of the periods prior to the pandemic and for part b) the IBNR reserves were determined based on the estimate of deaths in addition to the average (excess mortality) of each portfolio and subtracting additional claims to the average already reported to the company. The excess mortality of each portfolio is calculated taking into account the excess mortality experienced in the country by geographic location and age ranges and the representation of the portfolio of policyholders in those same segments. It should be noted that, due to periods of social confinement and stoppage of certain activities, the claim report during 2020 has shown greater delays than in previous years, which translates into an increase in IBNR and an increase in claims, likewise, it is reflected in the increase in the reserve for pending claims. In general, claim reserves have been estimated with prudential criteria due to the uncertainty in the loss ratio caused by the pandemic.

At each reporting date, an evaluation is carried out as to whether the life insurance liabilities are adequate, net of the related DAC, by means of a liability adequacy test as established by IFRS 4. At December 31, of 2020 and 2019, the Group’s Management concluded that the liabilities are sufficient and, therefore, they have not recognized any additional liability for life insurance contracts.

(ii)

Non-life insurance contract liabilities (which comprise general and healthcare insurance) -

Non-life insurance contract liabilities are recognized when contracts are entered into.

Claims reserves are based on the last estimated cost of all claims incurred but not settled at the date of the consolidated statement of financial position, whether reported or not, together with related claim handling costs and the expected reduction in value of salvage and other recoveries. Delays can be experienced in the notification and settlement of certain types of claims, therefore their ultimate cost cannot be known with certainty at the date of the consolidated statement of financial position.

Claims occurred but not reported are estimated and included in the provision (liabilities). The reserves for claims that have not been reported are determined based on the Chain Ladder methodology (a generally accepted actuarial method) that considers the statistical analysis of the experience in reporting claims of the Group, the expected costs of the claims to be reported and when appropriate, adjustments in the last estimated periods based on the frequency and/or severity of the cases to better reflect the current conditions.

During 2020, the Group incorporated in the estimate of the reserve for incurred and unreported claims (IBNR) of the general insurance businesses, adjustments in the expected frequency of claims during the months of confinement, stoppage of transport and activities in the country, as well as the decrease in the insured portfolio that was later recovering its usual level.

In the case of Medical Assistance (“AMED” in Spanish), the IBNR estimate included the estimate of regular claims and also the IBNR estimate for COVID claims, which had a different frequency and cost than regular claims. For the months prior to the pandemic, the estimate of expected claims was maintained considering that during 2020 the reporting of claims had a significant delay compared to previous years as a result of the confinement decreed in the country.

For the months of pandemic, from March 2020 onwards, the regular IBNR incorporated in the estimate the decrease in the frequency of outpatient consultations (only hospitalizations and emergencies were attended) while the IBNR COVID included the claims estimated by the pandemic with the costs expected treatment, hospitalizations and intensive care admissions. During the year 2021, the development and reporting of regular claims and COVID will continue to be monitored, given that activities and mobilization in the country are not yet at the usual levels.

No provision is recognized for stabilization or catastrophic reserves. The liability is written off when the contract expires, is eliminated or canceled.

Technical reserves for non-life insurance contracts comprise the provision for unearned premiums which represents premiums received for risks that have not yet expired. Generally, the reserve is liberated during the term of the contract and is recognized as premium income.

At each reporting date, the Group reviews the risk from outstanding claims and an existing liability adequacy test as laid out under IFRS 4, to determine whether there is any overall excess of expected claims over unearned premiums. If these estimates show that the carrying amount of the unearned premiums is inadequate, the deficiency is recognized in the consolidated statement of income by setting up a provision for liability adequacy. At December 31, 2020 and 2019, Management determined that the liabilities were adequate; therefore, it has not recorded any additional liabilities for non-life insurance contracts.

Income recognition:

(i) Gross premiums -

Life insurance contracts -

Gross premiums on life contracts are recognized as revenue when due from the policyholder. For single premium business, revenue is recognized on the date on which the policy is effective.

Non-life insurance contracts -

Gross non-life insurance direct and assumed premiums comprise the total premiums written and are recognized on the date of issue of the policy as a receivable. At the same time, a reserve is recorded for unearned premiums which represent premiums for risks that have not yet expired. Unearned premiums are recognized as income over the contract period which is also the coverage and risk period.

(ii) Fees and commission income -

Investment Link insurance contract policyholders remunerate the Group for policy administration services, investment management services, surrenders and other contract fees. These fees are recognized as revenue in the consolidated statement of income in the period in which the services are provided.

Recognition of benefits, claims and expenses:

(i) Benefits and claims -

The benefits and claims for life insurance contracts include the cost of all claims arising during the year including internal and external claim handling costs that are directly related to the processing and settlement of claims. Death, survival and disability claims are recorded on the basis of notifications received. Pension payments are recorded when they accrue.

General and health insurance claims include all claims occurring during the year, whether reported or not, internal and external claim handling costs that are directly related to the processing and settlement of claims, a reduction for the value of salvage and other recoveries, and any adjustment to claims outstanding from previous years.

(ii) Ceded premiums -

Comprise the total premiums payable for the coverage of the insurance contracts and are recognized on the date on which the validity of the insurance policy commences. Unearned ceded premiums are deferred over the term of the underlying insurance contract.

(iii) Reinsurance claims -

Reinsurance claims are recognized when the related gross insurance claim is recognized according to the terms of the relevant contract.

f) Financial instruments: Initial recognition and subsequent measurement -

A financial instrument is any agreement that originates a financial asset of one entity and a financial liability or equity instrument of another entity.

The Group determined the classification of its financial instruments at the date of initial recognition.

All the financial instruments are initially recognized at fair value plus the incremental costs related to the transaction that are directly attributable to the purchase or issue of the instrument, except in the case of financial assets or liabilities carried at fair value through profit or loss.

The purchases or sales of financial assets that require the delivery of the assets within a term established according to market regulations or conventions (regular market terms) are recognized on the negotiation date, in other words, the date in which the Group commits to purchase or sell the asset.

Policy applicable from January 1, 2018 -

At December 31, 2020 and 2019, the Group classified the financial assets in one of the categories defined by IFRS 9: financial assets at fair value through profit or loss, at fair value though other comprehensive income and at amortized cost, based on:

-The business model for managing the financial assets and

-The characteristics of the contractual cash flows of the financial asset.

Business model -

Represents how the financial assets are managed to generate cash flows and it does not depend on the Management’s intention with regard to an individual instrument. Financial assets can be managed for the purpose of: i) obtaining contractual cash flows; ii) obtaining contractual cash flows and sale; or iii) others. In order to evaluate the business models, the Group considers:

-The risks that affect the performance of the business model, and in particular, the way in which these risks are managed.

-How the performance of the business model and the financial assets, held within this business model, are evaluated and informed to the key personnel of the Administration of the Group.

If the cash flows after initial recognition are carried out in a manner other than what is expected by the Group, the classification of the remaining financial assets maintained in this business model is not modified.

When the financial asset is maintained in the business models i) and ii), it requires the application of the “Solely Payments of Principal and Interest” test - “SPPI”.

SPPI Test (Solely Payments of Principal and Interest) –

This test consists in the evaluation of the cash flows generated by a financial instrument in order to verify if the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest. In order to conform to this concept, the cash flows must solely include the consideration of the time value of money and the credit risk. If the contractual terms introduce risk exposure or cash flow volatility, such as the exposure to changes in the prices of capital instruments or the prices of raw materials, the financial asset is classified at fair value through profit or loss. Hybrid contracts must be evaluated as a whole, including all the integrated characteristics. The accounting of a hybrid contract that contains an embedded derivative is carried out jointly, in other words, the entire instrument is measured at fair value through profit or loss.

(i) Financial assets at amortized cost -

A financial asset is classified at amortized cost if the following conditions are met:

It is held within a business model the objective of which is to maintain the financial asset to obtain the contractual cash flows, and

The contractual conditions give rise, on specified dates, to cash flows that are solely payments of the principal and interest.

After their initial recognition, the financial assets of this category are valued at amortized cost, using the effective interest rate method, minus any credit loss provision. The amortized cost is calculated considering any discount or premium incurred in the acquisition and professional fees that constitute an integral part of the effective interest rate. The interests income are included in the item “Interest and similar income” of the consolidated income statement.

Financial assets at amortized cost include direct credits that are recorded when the disbursement of the funds in favor of the clients is carried out, and indirect (contingent) credits that are recorded when the documents that support said credit facilities are issued. Furthermore, the Group considers as refinanced or restructured those credits that, due to difficulties in payment on the part of the debtor, change their payment schedule.

The impairment loss is calculated using the expected loss approach and recognized in the consolidated income statement in the item “Net gain on securities” for investments and in the item “Provision for credit losses on loan portfolio” for loans.

The balance of the financial assets, measured at amortized cost, is presented net of the provision for credit losses in the consolidated statement of financial position.

The accounting treatment of repurchase and reverse repurchase agreements and securities lending and borrowing is explained in Note 3(f)(v).

(ii) Financial assets at fair value through other comprehensive income –

The financial assets that the Group maintains in this category are: a) investments in debt instruments, and b) investments in equity instruments, not for trading, irrevocably designated at initial recognition.

Investments in debt instruments -

A financial asset is classified and measured at fair value through other comprehensive income when the following conditions are followed:

The financial asset is maintained within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and

The contractual conditions give rise, on specified dates, to cash flows that are solely payments of principal and interest.

After their initial recognition, investments in debt instruments are measured at fair value, recording the unrealized gains and losses in the consolidated statement of comprehensive income, net of their corresponding income tax and non-controlling interest, until the investment is sold; upon which the accumulated profit or loss is recognized in the item “Net gain on securities” of the consolidated statement of income.

Interest is recognized in the consolidated statement of income in the item “Interest and similar income” and it is reported as interest income using the effective interest rate method.

When a debt instrument is designated in a fair value hedging relationship, any change in the fair value due to changes in the hedged risk is recognized in the item “Interest and similar income” of the consolidated statement of income.

The gains or losses due to exchange differences related to the amortized cost of the debt instrument are recognized in the consolidated statement of income, and those related to the difference between the amortized cost and the fair value are recognized as part of the unrealized gain or loss in the consolidated statement of comprehensive income.

The estimated fair value of the investments in debt instruments is mainly determined based on quotations or, in their absence, based on the discounted cash flows using market rates in accordance with the credit quality and the maturity term of the investment.

The impairment loss of investments in debt instruments is calculated using the expected loss approach and is recognized in the consolidated statement of comprehensive income, charged to the item “Net gain on securities” of the consolidated statement of income; in this sense, it does not reduce the carrying amount of the financial asset in the consolidated statement of financial position, which is maintained at fair value. The impairment loss recognized in the consolidated statement of comprehensive income is reclassified to the consolidated statement of income when the debt instrument is derecognized.

Investments in equity instruments, not for trading, designated upon initial recognition (equity instruments designated at the initial recognition) -

At the moment of their initial recognition, the Group can make an irrevocable choice to present the equity instruments, which are not for trading, but for strategic purposes, in the category “At fair value through other comprehensive income”.

After their initial recognition, the equity investments are measured at fair value, recording the unrealized gains and losses in the consolidated statement of comprehensive income, net of their corresponding income tax and non-controlling interest, until the investment is sold, whereupon the accumulated gain or loss is transferred to the item “Retained earnings” of the consolidated statement of changes in equity; in other words, they are not subsequently reclassified to the consolidated statement of income.

As a result, the equity instruments classified in this category do not require a loss impairment evaluation.

Dividends are recognized when the collection right has been established and they are recorded in the item “Interest and similar income” of the consolidated statement of income.

(iii) Financial assets at fair value through profit or loss -

Financial assets must be classified and measured at fair value through profit or loss, unless they are classified and measured at “Amortized cost” or “At fair value through other comprehensive income”.

The financial assets that the Group maintains in this category are: a) Investments in debt instruments, b) investments in equity instruments for trading purposes, c) financial assets designated at fair value through profit or loss from their initial recognition, and d) derivative financial instruments for trading purposes.

Debt instruments -

Said instruments are classified in this category since: a) they are maintained for trading purposes, or b) their cash flows are not solely payments of principal and interest.

After their initial recognition they are measured at fair value, recording the changes in the item “Net gain on securities” of the consolidated statement of income. Interests accrued are calculated using the contractual interest rate and recorded in the “Interest and similar income” item of the consolidated statement of income.

Equity instruments -

Equity instruments are classified and measured at fair value through profit or loss, unless an irrevocable choice is made, at the time of initial recognition, to designate them at fair value through other comprehensive income.

After their initial recognition, they are measured at fair value, recording the changes in the item “Net gains on securities” of the consolidated statement of income. The profit from dividends is recorded in the item “Interest and similar income” of consolidated statement of income when the right to payment has been recognized.

Financial assets designated at fair value through profit or loss from initial recognition -

Upon initial recognition, Management can irrevocably designate financial assets as measured at fair value through profit or loss, if doing so eliminates or significantly reduces an incongruence of measurement or recognition that would otherwise arise from the measurement of the assets or liabilities or from the recognition of the profit and losses thereof on different bases.

After initial recognition they are measured at fair value, recording the changes in the consolidated statement of income.

As of December 31, 2020 and 2019, the Group classified the financial liabilities upon initial recognition as measured at amortized cost, except in the case of the financial liabilities at fair value through profit or loss. These liabilities include the derivatives measured at fair value.

The interest incurred is accrued in the item “Interest and similar expense” of the consolidated statement of income.

Furthermore, upon initial recognition, Management can irrevocably designate financial liabilities as measured at fair value through profit or loss when one of the following criteria is complied with:

-An incongruence in the measurement is eliminated or significantly reduced, which would otherwise arise from using different criteria to measure assets or liabilities; or

-They are part of a group of financial liabilities, which are managed and their yield is evaluated based on fair value, according to a documented investment strategy or risk management; or

-The financial liability contains one or more embedded derivatives that otherwise significantly modify the required cash flows.

(iv) Reclassification of financial assets and liabilities –

From January 1, 2018, the reclassification of financial assets will always take place as long as when the business model that manages financial assets is changed. We expect this change will be less than frequently. These changes are determined by the Group Management as a result of external or internal changes, which must be necessary for the Group’s operations and demonstrable against third parties. Therefore, a change in the Group’s business model will take place only when it starts or stop carrying out an activity that is significant for its operations. The financial liabilities are never reclassified.

(v) Repurchase and reverse repurchase agreements and securities lending and borrowing -

Securities sold under repurchase agreements at a specified future date are not derecognized from the consolidated statement of financial position as the Group retains substantially all of the risks and rewards of ownership. The cash received is recorded as an asset in “Cash and due from banks” and the corresponding obligation to return it is recognized too, including accrued interest, as a liability in “Payables from repurchase agreements and securities lending”, reflecting the transaction’s economic substance as a loan to the Group. The difference between the sale and repurchase price was treated as interest expense and accrued over the life of the agreement using the effective interest rate and was recognized in “Interest and similar expenses” of the consolidated statement of income.

As part of this transaction the Group grants assets as collateral. When the counterparty receives securities and has the right to sell or re-pledge, the Group reclassifies those securities in “Investments at fair value through other comprehensive income pledged as collateral” or “Amortized cost investments pledged as collateral”, as appropriate, of the consolidated statement of financial position. When the counterparty receives cash as collateral that will be restricted until the maturity of the contract, the Group reclassifies the cash in “Cash collateral, reverse repurchase agreements and securities borrowings” in the consolidated statement of financial position, which includes accrued interest that is calculated according to the effective interest rate method. Likewise, when the counterparty receives loan portfolio, the Group maintains these loans in “Loan portfolio, net” in the statement of financial position, whose control is kept in off-balance sheet accounts.

Conversely, securities purchased under reverse repurchase agreements at a specified future date are not recognized in the consolidated statement of financial position. The cash granted is recorded as an outgoing asset in “Cash and due from banks” account and the corresponding right to charge it, including accrued interest, is recorded in “Cash collateral, reverse repurchase agreements and securities borrowing”, reflecting the transaction’s economic substance as a loan granted by the Group. The difference between the purchase and resale price is recorded in “Interest and similar income” of the consolidated statement of income and is accrued over the life of the agreement using the effective interest rate method.

If securities purchased under reverse repurchase agreement are subsequently sold to third parties, the obligation to return the securities is recorded as a short sale in the consolidated statement of financial position as “Financial liabilities at fair value through profit or loss” and measured at fair value, with any gains or losses included in the consolidated statement of income as “Net gain on securities”.

Securities lending and borrowing transactions are usually collateralized by securities. The transfer of the securities to counterparties is only reflected in the consolidated statement of financial position if the risks and rewards of ownership are also transferred.

g) De-recognition of financial assets and liabilities -

Financial assets:

A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognized when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement.

In that case, the Group also recognizes the associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of (i) the original carrying amount of the asset, and (ii) the maximum amount of consideration that the Group could be required to repay.

Financial liabilities:

A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such exchange or modification is treated as a withdrawal of the original liability and the recognition of a new liability; the difference between the carrying amount of the original financial liability and the consideration paid is recognized in the consolidated statement of income.

h) Offsetting financial instruments -

Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and Management has the intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

i) Impairment of financial assets -

Policy applicable from January 1, 2018 -

As of December 31, 2020 and 2019, the Group applies a three-stage approach to measure the provision for credit loss, using an impairment model based on the expected credit losses as established in IFRS 9, for the following categories:

-Financial assets at amortized cost,

-Debt instruments classified as investments at fair value through other comprehensive income, and

-Indirect loans that are presented in off-balance accounts.

The financial assets classified or designated at fair value through profit of loss and the equity instruments designated at fair value through other comprehensive income, are not subject to impairment evaluation.

Financial assets migrate through three stages according to the change in the credit risk from the initial recognition.

Impairment model of expected credit losses -

The calculations of credit losses are products of models with a series of underlying assumptions with regard to the choice of the variable inputs and their interdependencies. The impairment model for expected credit loss reflects the present value of all the cash deficit events related to the events of default, whether (i) during the following twelve months or (ii) during the expected useful life of a financial instrument depending on the impairment of the credit from the beginning. The expected credit loss reflects an unbiased result weighted by probability that considers a range of multiple outcomes based on reasonable and supportable forecasts.

The provisions for credit losses will be measured on each reporting date following a three-stage model of expected credit losses based on the degree of credit impairment from its origin:

-Stage 1: Financial assets whose credit risk has not increased significantly since its initial recognition, a reserve will be recognized for losses equivalent to the credit losses expected to occur from defaults in the following 12 months. For those instruments with a maturity less than 12 months, a probability of default corresponding to the remaining term until maturity is used.

-Stage 2: Financial assets that have presented a significant increase in credit risk compared with initial recognition, but are not considered impaired, a reserve will be recognized for losses equivalent to the credit losses expected to occur during the remaining life of the asset.

-Stage 3: Financial assets with evidence of impairment on the reporting date, a reserve will be recognized for losses equivalent to the expected credit losses during the entire life of the asset. The interest income will be recognized based on the carrying amount of the asset, net of the loss reserve.

Measurement of the expected loss –

The measurement of the expected credit loss is mainly based on the product of probability of default (PD), loss given default (LGD), and exposure at default (EAD), discounted at the reporting date and considering the expected macroeconomic effects and all in accordance with the new regulation.

The details of these statistical parameters are the following:

-PD: is an estimate of the probability of default in a determined time horizon. A default can only occur at a determined moment during the remaining estimated life, if the provision has not been previously derecognized and it is still in the loan portfolio.

-LGD: is an estimate of the loss produced in the case a predetermined value is produced at a given time. It is based on the difference between the contractual cash flows owed and those that the lender would expect to receive, even after the liquidation of any guarantee. Generally, it is expressed as a percentage of the EAD.

-EAD: is an estimate of the exposure on a future default date, which considers the changes expected in the exposure after the reporting date, including the reimbursements of principal and interest, whether programmed by contract or otherwise, and the interest accrued due to default payments.

The fundamental difference between the credit loss considered as Stage 1 and Stage 2 is the PD horizon. The estimates of Stage 1 use a 12‑month horizon, while those situated in Stage 2 use an expected loss calculated with the remaining term of the asset and considers the effect of the significant increase in credit risk. Finally, Stage 3 will estimate the expected loss based on the best estimate (“ELBE”), according to the situation of the collection process of each asset.

Changes from one stage to another –

The classification of an instrument as stage 1 or stage 2 depends on the concept of “significant increase in credit risk” on the reporting date compared with the origination date; in this sense, the definition used considers the following criteria:

-An account is classified in stage 2 if it has more than 30 days in arrears.

-Risk thresholds have been established based on the internal models and based on relative difference thresholds (by portfolio and risk level) in which the instrument was originated.

-The follow-up systems, alerts and monitoring of risk portfolios are integrated, as established by the current risk policy in Wholesale and Retail Banking.

Additionally, all the accounts that are classified as default on the reporting date are considered as stage 3. The significant risk increase evaluations from their initial recognition and of credit impairment are carried out independently on each reporting date. The assets can move in both directions, from one stage to another.

Prospective information -

The measurement of expected credit losses for each stage and the evaluation of significant increases in credit risk must consider information regarding previous events and current conditions, as well as the projections of future events and economic conditions. The estimate of the risk parameters (PD, LGD, EAD), used in the calculation of the provision in stages 1 and 2, included macroeconomic variables that differ between portfolios. These projections have a 3‑year period and, additionally, a long-term projection.

The estimate of expected losses for stages 1, 2 and 3 will be a weighted estimate that considers three future macroeconomic scenarios. The base, optimist and pessimist scenarios are based on macroeconomic projections provided by the internal team of economic studies and approved by Senior Management. This same team also provides the probabilities of occurrence of each scenario. It should be stated, that the design of the scenario is adjusted at least once a year, with the possibility of a greater frequency if required by the surrounding conditions.

Macroeconomic factors -

In its models, the Group bases itself on an wide variety of prospective information such as economic inputs, including: the growth of the gross domestic product (GDP), unemployment rates, the base rates of the central bank, among others. It is possible that the inputs and models used to calculate the expected credit losses do not always capture all the market characteristics on the date of the financial statements. To reflect this, qualitative adjustments or overlays such as temporary adjustments can be carried out using the opinion of experts.

Expected life -

For the instruments in Stage 2 or 3, the reserves for losses will cover the lifetime expected credit losses of the instrument. For the majority of the instruments, the expected life is limited to the remaining term of the product, adjusted by expected advance payments. In the case of revolving products, an analysis was carried out in order to determine the expected life period.

Presentation of allowance for loan losses in the consolidated statement of financial position -

-Financial assets measured at amortized cost: as a deduction from the gross carrying amount of the financial assets;

-Debt instruments measured at fair value through other comprehensive income: it does not recognize any provision in the statement of financial position because the carrying amount of these assets is their fair value; however, the expected credit loss is presented in other comprehensive income;

-Indirect loans: the credit loss provision is presented in the item “Other liabilities” of the statement of financial position.

Policy applicable up to December 31, 2017 -

The Group assessed at the end of each period whether there was any objective evidence that a financial asset or a group of financial assets was impaired. An impairment existed if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), had had an impact on the estimated future cash flows of the financial asset or group of financial assets that could be reliably estimated. Evidence of impairment could have included indications that the borrower or a group of borrowers was experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability of bankruptcy or other legal financial reorganization process and where observable data indicate that there was a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

The criterion used for each category of financial assets was follows:

(i)

Financial assets carried at amortized cost -

For loans, receivables and held-to-maturity investments that were carried at amortized cost, the Group first assessed whether impairment existed individually for financial assets that were individually significant, or collectively for financial assets that were not individually significant. If the Group determined that no objective evidence of impairment existed for an individually assessed financial asset, whether significant or not, it included that asset in a group of financial assets with similar credit risk characteristics and collectively assessed them for impairment. Assets that were individually assessed for impairment and for which an impairment loss was, or continues to be, recognized were not included in a collective assessment of impairment.

The amount of any impairment loss identified was measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that had not yet been incurred).

The carrying amount of the asset was reduced through the use of a provision account and the amount of the loss was recognized in the consolidated statement of income. A loan, together with the respective associated provision, was written off when classified as a loss and was fully provisioned and there was real and verifiable evidence that the loan was irrecoverable and collection efforts had been concluded without success, the impossibility of foreclosures or all collateral had been realized or had been transferred to the Group.

If in any subsequent year, the amount of the estimated impairment loss increased or decreased because of an event occurring after the impairment was recognized, the previously recognized impairment loss was increased or reduced by adjusting the provision account. If in the future a written-off loan was later recovered, the recovery was recognized in the consolidated statement of income, as a credit to “Recovery of written off loans”.

The present value of the estimated future cash flows was discounted at the financial asset’s original effective interest rate. If a loan had a variable interest rate, the discount rate for measuring any impairment loss was the current effective interest rate.

The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflected the cash flows that could have resulted from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure was probable.

For collective assessment of impairment, financial assets were grouped considering the Group’s internal credit rating system, which considered credit risk characteristics; for example: asset type, industry, geographical location, collateral type and past-due status and other relevant factors.

Future cash flows from a group of financial assets that were collectively evaluated for impairment were estimated on the basis of historical loss experience for assets with similar credit risk characteristics to those in the group. Historical loss experience was adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the years on which the historical loss experience was based and to remove the effects of conditions in the historical period that did not exist. The methodology and assumptions used were reviewed regularly to reduce any differences between loss estimates and actual loss experience.

(ii)

Available-for-sale investments -

For available-for-sale financial investments, the Group assessed at each date of the consolidated statement of financial position whether there was objective evidence that an investment or a group of investments was impaired.

In the case of equity investments, objective evidence could have included a significant or prolonged decline in their fair value below cost. “Significant” was to be evaluated against the original cost of the investment and “prolonged” against the period in which the fair value had been below its original cost. The determination of what was “significant” or “prolonged” required judgment. In making this judgment, the Group evaluated, among other factors, the duration or extent to which the fair value of an investment was less than its cost.

When there was evidence of impairment, the cumulative loss (measured as the difference between the acquisition cost and the current fair value, less any previously recognized impairment loss) was removed from the available-for-sale investments reserve of the consolidated statement of changes in equity and recognized in the consolidated statement of income. Impairment losses on equity investments were not reversed through the consolidated statement of income; increases in their fair value after impairment were recognized directly in the consolidated statement of comprehensive income.

In the case of debt instruments, impairment was assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment was the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the consolidated statement of income. Future interest income was based on the reduced carrying amount and was accrued using the interest rate used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income was recorded as part of “Interest and similar income” of the consolidated statement of income. If in a subsequent year, the fair value of a debt instrument increases and the increase could be objectively related to an event occurring after the impairment loss was recognized in the consolidated statements of income, the impairment loss was reversed through the consolidated statement of income.

Renegotiated loans -

When a loan is modified, it is not considered as past due but maintained its previous classification as impaired or not impaired. If the debtor complied with the new agreement over the following six months, and an analysis of its payment capacity supported a new improved risk classification, the loan is classified as not impaired. If, subsequent to the loan modification, the debtor failed to comply with the new agreement, it is considered as impaired and past due.

j) Leases -

Policy aplicable from January 1, 2019 -

As of December 31, 2020 and 2019, the Group maintains mainly lease premises, used as offices and agencies, and servers and technological platforms, which were registered in accordance with the provisions of IFRS 16 “Leases”. This standard considers that a contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for a consideration.

Initial Recognition -

The lease contracts are recorded in the consolidated statement of financial position as an right-of-use asset and a lease liability in the date the leased asset is available for use.

The right-of-use assets are initially recognized at cost including the following:

-The amount of the initial measurement of the lease liability.

-Any lease payment paid to the lessor before the start date or on the same date.

-Direct costs incurred and costs for dismantling or rehabilitation, if any.

Lease liabilities include the present value of fixed payments and variable lease payments that are based on an index or rate. Lease payments that will be made under renewal options with reasonable certainty of being exercised are included in the measurement of the liability.

Lease payments are discounted using the interest rate implicit in the lease, if that rate could be determined easily, or the incremental interest rate by loans of the lesse, which is the interest rate that the lessee would have to pay for borrowing for a term similar, the funds necessary to obtain an asset of similar value asset by the right-of-use in a similar economic environment with similar terms, guarantees and conditions.

In determining the term of the lease, Management considers all the facts and circumstances that create an economic incentive to exercise the extension option, or not to exercise a termination option. Likewise, the estimation of the extension or termination options will be revalued only if an event or changes in the circumstances occur within the control of the entity that affects said estimate.

Subsequent Recognition -

The right-of-use asset is generally depreciated in a straight line during the shortest period of the asset’s useful life and the lease term. If the Group is reasonably certain of exercising a purchase option, the right-of-use asset depreciates over the useful life of the underlying asset.

The Group has chosen to measure the asset at cost less depreciation and accumulated impairment loss, and adjusting any new measurement of the lease liability. Depreciation is calculated in a straight line within the term of the lease.

The liability will be recorded at its amortized cost, that is, it will be increased to reflect the accrued interest, recognize in the heading “Interest, returns and similar expenses” of the consolidated statement of income, and the fees paid will be subtracted.

Likewise, the balance of the liability will be reviewed in the following cases:

-When there is a change in the expected amount to be paid under a residual value guarantee.

-When there is a change in future lease installments to reflect the variation in an index or interest rate.

-When there is a change in the terms o the lease.

-When there is a change in the evaluation of an option to purchase the underlying asset.

The changes will be recorded as an adjustment of the lease liability and the right of use, unless the book value of the right of use has been reduced to zero, in which case it must be recorded against the consolidated statement of income.

Short-term leases with little significant value are recognized in a straight line as an expense in the “Administrative expenses” item of the consolidated statement of income.

The accounting treatment of lessors continues with a similar model to that of IAS 17; In that sense, lessors continue to perform a classification test to distinguish between financial and operating leases.

Policy aplicable up to December 31, 2018 -

As of December 31, 2018, the Group recorded the leases according to the IAS 17 “Leases”. According to that standard, the determination of whether an arrangement is, or contains, a lease was based on the substance of the arrangement at the inception date: whether fulfillment of the arrangement was dependent on the use of a specific asset or assets and on whether the arrangement conveys a right to use the asset even if that right was not explicitly specified in an arrangement.

Operating leases:

Leases in which a significant portion of the risks and benefits of the asset were held by the lessor were classified as operating leases. Under this concept the Group had mainly leased premises used as offices and agencies of the Group’s subsidiaries.

Payments made under an operating lease were charged to the “Administrative expenses” heading of the consolidated statement of income based on the straight-line method in the lease period.

When an operating lease was terminated before the lease period has expired, any penalty payment to the lessor was recognized as an expense in the period in which termination takes place.

Finance leases:

Finance leases were recognized as granted loans at the present value of the future lease collections. The difference between the gross receivable amount and the present value of the loan was recognized as unearned interest. Lease income was recognized over the term of the lease agreement using the effective interest rate method, which reflected a constant periodic rate of return.

k) Property, furniture and equipment -

Property, furniture and equipment are recorded at historical acquisition cost less accumulated depreciation and impairment losses, if applicable. Historical acquisition costs include expenditures that are directly attributable to the acquired property, furniture or equipment. Maintenance and repair costs are charged to the consolidated statement of income; significant renewals and improvements are capitalized when it is probable that future economic benefits, in excess of the originally assessed standard of performance, will flow from the use of the acquired property, furniture or equipment.

Land is not depreciated. Depreciation is calculated using the straight-line method over the estimated useful lives, which are as follows:


		Years

Buildings and other construction		33
Installations		10
Furniture and fixtures		10
Vehicles and equipment		5
Computer hardware		4

An item of property, furniture and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income.

Assets’ residual value and the selected useful life are periodically reviewed to ensure that they are consistent with current economic benefits and life expectancy.

l) Investment properties -

Investment properties are held to earn rentals or for capital appreciation or both rather than for: (a) use in the production or supply or goods or services or for administrative purposes; or (b) sale in the ordinary course of business. Property that is being constructed or developed for future use as investment property is recognized at cost before completion.

Investment properties are initially measured at fair value, which is the purchase transaction price, unless otherwise indicated. Transaction costs are included in the initial measurement, which includes the purchase price and any other cost directly attributable to the transaction.

For subsequent recognition, an entity shall choose as its accounting policy either the fair value model or the cost model and shall apply that policy to all its investment property. At the date of the consolidated financial statements, the Group has opted for keeping the cost model. Accordingly, investment properties are accounted for at their acquisition cost less accumulated depreciation and the accumulated impairment losses, if any.

An entity can opt for recognizing and depreciating separately the components of an investment property or as a single unit for recording and depreciation purposes. The Group recognizes as a single unit each of its investment properties and has estimated a useful life of 33 years for purposes of determining depreciation under the straight-line method.

Rental income is recognized as rents that are accrued under the related rental agreement; depreciation expenses as well as related expenses directly with the maintenance of the leased assets, they are recorded net in the item of “Other Income” of the consolidated statement of income.

m) Seized assets -

Seized assets are recorded at the lower of cost or estimated market value, which is obtained from valuations made by independent appraisers. Reductions in book values are recorded in the consolidated statement of income.

n) Business combination -

Business combinations made are accounted for using the acquisition method in accordance with IFRS 3 “Business Combination”, regardless of whether they are equity instruments or other acquired assets.

The acquisition cost is the sum of the consideration paid for the acquisition measured at fair value at the acquisition date and the amount of the share in the non-controlling interest acquired. For each business combination the Group decides whether to measure the non-controlling interest in the acquiree at fair value or at the proportional share in the identifiable net assets of the acquired. Acquisition-related costs are recognized as expense and are included within “Administrative expenses” in the consolidated statement of income.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for its own classification and denomination according to the contractual terms, economic circumstances and prevailing conditions at the date of acquisition. This includes the separation of embedded derivative contracts signed by the acquiree.

Any contingency transferred by the acquirer is recognized at fair value at the acquisition date. The contingency classified as an asset or liability that is a financial instrument and is within the scope of IFRS 9 “Financial instruments”, is measured at fair value with changes recognized in the consolidated statement of income or consolidated statement of comprehensive income. If the contingency is not within the scope of IFRS 9, it is measured in accordance with the applicable IFRS. A contingency that is classified as equity should not be measured again and its subsequent settlement is accounted for within equity.

The acquisition of a non-controlling interest is recorded directly in net equity, any difference between the amount paid and the acquired net assets is recorded as an equity transaction. Accordingly, the Group recognizes no additional goodwill after the acquisition of the non-controlling interest, nor does it recognize any profit or loss from the disposal of the non-controlling interest.

Equity attributable to the non-controlling interest is shown separately in the consolidated statement of financial position. Profit attributable to the non-controlling interest is shown separately in the consolidated statement of income and consolidated statement of comprehensive income.

If a business combination achieved in stages, the acquisition date and the value of the previous participation of the acquirer is measured again at a fair value at the date of acquisition. The gains or losses arising from such remedy are recognized is recognized in profit or loss. During 2020 there have been no business combinations.

Combinations of entities under common control

A business combination between entities or businesses under common control is outside the scope of IFRS 3, because it corresponds to a business combination in which all the entities or businesses that are combined are controlled, ultimately, by the same part or parts, before and after the business combination. In these transactions, the Group recognizes the assets acquired under the interest unification method, whereby the assets and liabilities of the combined companies are reflected at their book values and no goodwill is recognized as a result of the combination.

The consolidated financial statements of the Group have been presented considering the aforementioned. See Note 2(a).

o) Intangible assets -

Comprise internally developed and acquired software licenses used by the Group. Acquired software licenses are measured upon initial recognition at cost and are amortized using the straight-line method over their estimated useful life (between 3 and 5 years).


		Estimated
		useful life in
		years

Client relationship - Prima AFP (AFP Unión Vida)		20
Client relationship – Credicorp Capital Holding Chile (Inversiones IMT)		22
Client relationship - Edyficar Peru		10
Client relationship – Mibanco		7
Client relationship - Ultraserfinco		9.2
Brand - Mibanco		25
Brand - Culqi		5
Fund manager contract - Credicorp Capital Colombia		20 and 28
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT)		11 and 24
Fund manager contract - Ultraserfinco		23
Core deposits - Mibanco		6
Others		Between 3 and 7.5

The period and the amortization method, for intangible assets are reviewed at the end of each period. If the expected useful life differs from previous estimates, the amortization period will be changed accordingly. If there has been a change in the expected pattern of conduct of the future economic benefits embodied in the asset, the amortization method shall be amended to reflect these changes.

Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of income when the asset is derecognized.

p) Goodwill -

Goodwill is the excess of the aggregate of the consideration transferred and the fair value recognized for the acquisition of the net value of the identifiable net assets acquired and liabilities assumed. If the fair value of the net assets acquired exceeds the aggregate consideration transferred, then the gain is recognized in the consolidated statement of income.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to these units.

Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill and the assets disposed of are included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.

Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.

q) Impairment of non-financial assets -

The Group assesses, at each reporting date, whether there is an indicator that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of the value of the asset or the CGU less costs to sell and its value in use and is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are considered, if any. If this kind of transactions cannot be identified, an appropriate valuation model is used. These calculations are verified against valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.

For non-financial assets, excluding goodwill, an assessment is made at each reporting date of whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized.

The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of income.

r) Due from customers on acceptances -

Due from customers on acceptances corresponds to accounts payable from customers for import and export transactions, whose obligations have been accepted by the Group. The obligations that must be assumed by the Group for such transactions are recorded as liabilities.

s) Financial guarantees -

In the ordinary course of business, the Group issues financial guarantees, such as letters of credit, guarantees and banker’s acceptances. Financial guarantees are initially recognized at fair value, which is equivalent to the commission initially received, also, letters of credit and guarantees are recorded in caption “Other liabilities” of the consolidated statement of financial position and banker’s acceptances are presented in the consolidated statement of financial position. Subsequent to initial recognition, the Group’s liability under each guarantee is measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization recognized in the consolidated statement of income, and the best estimate of expenditure required to settle any financial obligation arising as a result of the financial guarantee.

Any increase in the liability relating to a financial guarantee is included in the consolidated statement of income. The commission received is recognized in “Commissions and fees” of the consolidated statement of income on a straight line basis over the life of the granted financial guarantee.

t) Provisions -

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow or resources embodying economic benefits will be required to settle said obligation and a reliable estimate of the amount can be made.

The expense relating to any provision is presented in the consolidated statement of income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the specific risks of the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

u) Contingencies -

Contingent liabilities are not recognized in the consolidated financial statements. They are disclosed in the Notes, unless the probability of an outflow of resources is remote. Contingent assets are not recorded in the financial statements; they are disclosed if it is probable that an inflow of economic benefits will be realized.

v) Income tax -

Income tax is computed based on the individual financial statements of each of the Group’s members.

Deferred income tax reflects the effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts determined for tax purposes. Deferred assets and liabilities are measured using the tax rates expected to be applied to taxable income in the years in which temporary differences are expected to be recovered or eliminated. The measurement of deferred assets and deferred liabilities reflects the tax consequences that arise from the manner in which Credicorp and its Subsidiaries expect, at the date of the consolidated statement of financial position, to recover or settle the carrying amount of its assets and liabilities.

The carrying amount of deferred tax assets and liabilities may change, even though there is no change in the amount of the related temporary differences, due to a change in the income tax rate. In this case, the resulting change in deferred tax, corresponding to the change in rate, will be recognized in profit or loss, except to the extent that it relates to items previously recognized outside of the consolidated income statement (either in other comprehensive income or directly in equity).

Deferred tax assets and liabilities are recognized regardless of when the timing differences are likely to reverse. Deferred tax assets are recognized when it is likely to exist sufficient tax benefits for the application of temporary difference. At the date of the consolidated statement of financial position, Credicorp and its Subsidiaries assess unrecognized deferred assets and the carrying amount of recognized deferred assets.

Credicorp and its Subsidiaries determine their deferred income tax based on the tax rate applicable to their undistributed earnings; any additional tax on dividend distribution is recorded on the date a liability is recognized.

Deferred tax assets and liabilities are offset if there is a legal right of offset and the deferred taxes are related to the same taxpaying entity and the same tax authority.

w) Earnings per share -

Basic earnings per share is calculated by dividing the net profit for the year attributable to Credicorp’s equity holders by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased and held as treasury stock.

Diluted earnings per share is calculated by dividing the net profit attributable to Credicorp’s equity holders by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased and held as treasury stock, plus the weighted average number of ordinary shares that would have been issued if all potential ordinary shares with dilutive effect have been converted into ordinary shares.

x) Share-based payment transactions -

The cost of the Group’s remuneration plan is recognized, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘the vesting date”).

The cumulative expense recognized for equity-settled liquidations at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense is recorded in “Salaries and employee benefits” of the consolidated statement of income.

When the terms of a share-based liquidation are modified, the minimum expense recognized is maintained as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based payment arrangement, or which is otherwise beneficial to the employee as measured at the date of modification.

The dilutive effect of the shares granted under this plan is reflected as a share dilution in the computation of diluted earnings per share, see paragraph (w) above.

y) Derivative financial instruments and hedge accounting -

Trading -

The Group negotiates derivative financial instruments in order to meet its costumers’ needs. The Group may also take positions with the expectation of profiting from favorable movements in prices, rates or indexes.

Part of the transactions with derivatives, which provide effective economic hedges under the Group’s risk management positions, do not qualify for hedge accounting under the specific rules of IFRS 9 and are, therefore, treated as trading derivatives.

Derivative financial instruments are initially recognized at fair value in the consolidated statement of financial position and subsequently are remeasured at fair value. Fair values are estimated based on the market exchange and interest rates. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Gain and losses for changes in their fair value are recorded in the consolidated statement of income.

Hedging -

The Group uses derivative instruments to manage exposures to interest rate and foreign currency. In order to manage particular risks, the Group applies hedge accounting for transactions which meet the specified criteria.

In accordance with IFRS 9, to qualify as hedging operations, all the following conditions must be met:

-The coverage ratio consist only of hedging instruments and hedged items eligible.

-At inception, the Group formally designates and documents the hedge relationship, the risk management objective and strategy for using the hedge. This documentation includes the identification of the hedging instrument, the hedged item, the nature of the risk being hedged and a description of how the Group assesses whether the hedging relationship meets the hedge effectiveness requirements.

-The hedge relationship meets all of the following hedge effectiveness requirements:

-An economic relationship between the hedged item and the hedging instrument.

-The effect of credit risk does not dominate the value changes that result from the economic relationship.

-The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item.

The accounting treatment is established based on the nature of the hedged item and compliance with hedging criteria.

Cash flow hedges -

The effective portion of the accumulated gain or loss on the hedging instrument is recognized directly as part of other comprehensive income in “Cash flow hedge reserve” in the consolidated statement of changes in equity, and it is reclassified to the consolidated statement of income in the same period or periods in which the covered operation affects results; that is, when income or financial expenses related with coverage are registered, or when a forecasted transaction occurs.

The part of the gain or loss in derivatives that represents the ineffective portion is recognized immediately in the consolidated statement of income.

Amounts originally recognized in other comprehensive income and subsequently reclassified to the consolidated statement of income are registered as expenses or income in the cases in which the hedged item is reported.

If the forecasted transaction or firm commitment is no longer expected to occur, the accumulated gain or loss previously recognized in the cash flow hedge reserve is transferred to the consolidated statement of income. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any unrealized accumulated gain or loss previously in the cash flow hedge reserve remains in said reserve until the planned transaction or firm commitment affects profit or loss. At the same time, the derivative is recorded as a trading derivative.

ii)

Fair value hedges -

The change in the fair value of a fair value hedge and the change in the fair value of the hedged item attributable to the risk hedged are recorded as a part of the carrying value of the hedged item and recognized in the consolidated statement of income.

For fair value hedges relating to items carried at amortized cost, any adjustment to the carrying amount of these items, as a result of discontinuation of the hedge, will be amortized through the consolidated statement of income over the remaining life of the hedge. Amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged.

If the hedged item is derecognized, the unamortized fair value is recognized immediately in the consolidated statement of income.

The hedge relationship is terminated when the hedging instrument expires or is sold, terminated or exercised, or where the hedge no longer meets the criteria for hedge accounting, the hedge relationship is terminated. For fair value hedges related with items recorded at amortized cost, the difference between the carrying value of the hedged item on termination and the face value is amortized over the remaining term of the original hedge using the effective interest rate. If the hedged item is derecognized, the unamortized fair value adjustment is recognized immediately in the consolidated statement of income. At the same time, the derivative is recorded as a trading derivative.

iii)

Hedges of net investments in foreign businesses –

Hedges of net investments in foreign operations are recognized for in a similar manner to cash flow hedges.

Any gain or loss on the hedging instrument related to the effective portion of the hedge is recognized in other comprehensive income and accumulated in the caption “Exchange differences on translation of foreign operations” of the consolidated statement of changes in net equity. The gain or loss related to the ineffective portion is recognized immediately in the consolidated statement of income under “Other income” or “Other expenses”.

Accumulated gains and losses in the consolidated statement of changes in net equity are reclassified to the consolidated statement of income when the net investment abroad is disposed or sold partially.

iv)

Embedded derivatives -

Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contract, and said host contract is not held for trading or designated at fair value through profit or loss.

The Group has investments indexed to certain life insurance contracts liabilities, denominated “Investment Link”. These instruments have been classified at inception by the Group as “Financial instruments at fair value though profit or loss”, See Note 3(f)(iii) for the periods 2020 and 2019, and Note 8.

z) Fair value measurement -

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

-In the principal market for the asset or liability, or

-In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group. Also, the fair value of a liability reflects its non-performance risk.

When available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level of input used that is significant to the fair value measurement as a whole:

-Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

-Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

-Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized at fair value in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Also, fair values of financial instruments measured at amortized cost are disclosed in Note 34.7(b).

aa) Segment reporting -

The Group reports financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specified criteria.

Operating segments are a component of an entity for which separate financial information is available that is evaluated regularly by the entity’s Chief Operating Decision Maker (“CODM”) in making decisions about how to allocate resources and in assessing performance. Generally, financial information is required to be reported on the same basis as it is used internally for evaluating operating segments’ performance and deciding how to allocate resources to segments, Note 31.

ab) Fiduciary activities, management of funds and pension funds –

The Group provides custody, trustee, investment management and advisory services to third parties that result in the holding of assets on their behalf. These assets and income arising thereon are excluded from these consolidated financial statements, as they are not assets of the Group, Note 34.8.

Commissions generated for these activities are included as “Commissions and fees” of the consolidated statement of income.

ac) Cash and cash equivalents -

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise balances of cash and non-restricted balances with central banks, overnight deposits, interbank funds, time deposits with maturities of three months or less from the date of acquisition, excluding restricted cash, see Note 4(a).

Cash collateral pledged as a part of a repurchase agreement is presented in “Cash collateral, reverse repurchase agreement and securities borrowings” in the consolidated statement of financial position, see Note 5(a).

Cash collateral pledged in the negotiation of derivative financial instrument and others are presented in “Other assets” in the consolidated statement of financial position, See Note 13.

ad) International Financial Reporting Standards issued but not yet effective -

The Group decided not to early adopt the following standards and interpretations that were issued but are not effective as of December 31, 2020:

(i) Amendment to IAS 1: Classification of Liabilities as Current or Non-current –

The amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as current or non-current, depending on the rights that exist at the end of the reporting period. Classification is not affected by the entity’s expectations or by events after the reporting date (for example, a waiver or failure to comply with an agreement).

Amendments also indicate what IAS 1 means when it refers to “liquidating” a liability. Changes can affect the classification of liabilities, particularly with regard to entities that previously considered management’s intentions when determining the classification and for some liabilities that may be converted into equity.

Amendments that should be applied retroactively in accordance with standard requirements under IAS 8 Accounting Policies, Changes in Estimates and Errors.

In May 2020, IASB issued a Proposal for a Standard that proposed extending the effective date of changes to January 1, 2023.

The amendments are effective for the annual periods reported on or after January 1, 2023 and must be applied retrospectively.

(ii) Amendment to IAS 16 - Property, Plant and Equipment: Product before use –

In May 2020, the International Accounting Standards Board issued the Property, Plant and Equipment: Product before Provided Use Standard, which prohibits companies to deducting from the cost of an item of Property, Plant and Equipment, any product of the sale of items produced while taking such asset to the location and condition necessary for it to operate in the manner intended by management. Instead, an entity should recognize the proceeds from the sale of those items, and the costs of production associated with those items, in the profit and loss statement.

The amendments are effective as of January 1, 2023 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the first period presented when the entity first applied the amendment.

(iii) Amendments to IFRS 3 - reference to the Conceptual Framework –

Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of contingent liabilities and liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and of the Interpretation IFRIC 21 Liens.

The amendments also confirm that contingent assets should not be recognized on the acquisition date.

The amendments will be effective for the annual periods reported on or after January 1, 2022.

(iv) Onerous Contracts - Cost of fulfilling a contract - Amendments to IAS 37 -

In May 2020, the International Accounting Standards Board issued amendments to IAS 37 to specify what cost an entity needs to include when evaluating whether a contract is onerous or generates losses.

The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to the performance of contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred in the assets used to fulfill the contract.

The Amendment is effective for the annual periods reported that began on or after January 1, 2022.

The Company will apply this modification to contracts for which it has not yet fulfilled all their obligations at the beginning of the annual reported period, in which it is the first time in applying the modifications.

(v) Annual improvements to IFRS Cycle 2018–2020 –

As part of its 2018-2020 annual enhancements to the IFRS standard process in May 2020, the International Accounting Standards Board issued the following amendments:

IFRS 9 Financial Instruments - clarifies which fees should be included in the 10% test for derecognition of financial liabilities.

IFRS 16 Leases - amendment of illustrative example 13 to remove the illustration of lessor payments related to lease improvements, to eliminate any confusion about the treatment of lease incentives.

-IFRS 1 First-time adoption of international financial reporting standards - allows entities that have measured their assets and liabilities at the book values recorded in the books of their parent to also measure any accumulated translation differences using the amounts reported by matrix. This modification will also apply to associates and joint ventures that have taken the same exception of the IFRS 1.

-IAS 41 Agriculture - elimination of the requirement for entities to exclude cash flows from taxes when measuring fair value under IAS 41. This amendment is intended to align with the requirement of the standard to discount cash flows on an after-tax base.

Amendments will be effective for the annual periods reported beginning on or after January 1, 2022 with early adoption permitted.

The Company will apply the modifications related to Financial liabilities, Leases, which will be made on or after the beginning of the annual reported period in which the entity applies the modifications for the first time.

(vi) Amendment to IFRS 10 and IAS 28 - Sale or contribution of assets that takes place an investor and its associate or joint venture -

The IASB has made modifications of limited scope to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in associates and joint ventures”.

Amendments clarify the accounting treatment of asset sales or contributions between an investor and its associates or joint ventures. They further confirm that the accounting treatment will depend on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a “business” (as defined in IFRS 3 “Business Combinations”). When non-monetary assets constitute a business, the investor will recognize the total gain or loss from the sale or contribution of the assets. If the assets do not meet the definition of a business, the gain or loss is recognized by the investor only in proportion to the investment of the other investors in the joint venture associate. These modifications will be applied prospectively.

In December 2015, IASB decided to postpone the date of application of this amendment until its research project on the equity method has been completed.

Amendments will be effective for the annual reporting periods on or after January 1, 2023 and must be applied retrospectively to articles of property, plant and equipment that are made available for use or after the beginning for the first period in which the entity first applies said change.

(vii) IFRS 17 “Insurance Contracts” -

IFRS 17 was issued in May 2017 in replacement of IFRS 4 “Insurance Contracts”. This standard requires a current measurement model, where estimate are remeasured in each reporting period. The contracts are measured using the building blocks of:

Discounted-weighted of probability cash flows

An explicit risk adjustment, and

A contractual service margin which represents the unearned profit of the contract recognized as income over the coverage.

IFRS 17 applies to all types of insurance contracts (life, non-life and reinsurance insurance), regardless of the type of entities that issue them, as well as certain guarantees and financial instruments with certain discretionary participation characteristics. The general objective of IFRS 17 is to provide an accounting model that is more useful and uniform for insurance entities. Unlike IFRS 4, which relies heavily on the application of existing / local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, which covers all relevant accounting aspects.

The standard permits a choice between recognizing the changes in discount rates, either in the statement of income or directly in other comprehensive income. The choice probably reflects how insurers record their financial assets according to IFRS 9.

An optional, simplified premium allocation approach is permitted for the liability for the remaining coverage for short duration contracts, which are often written by non-life insurers.

There is a modification of the general measurement model denominated “Variable commissions method” for certain contracts of insurers with life insurance in which the insured share the yields from the underlying elements. Upon applying the variable commissions’ method, the entity’s participation in changes in fair value of the underlying elements is included in the contractual service margin. Therefore, it is probable that the results of the insurers that use this model will be less volatile than under the general model.

The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features.

Also, its implementation will modify the recognition, measurement, presentation and disclosure of insurance contracts having a significant impact on the underlying valuation models, systems, processes, internal controls and other fundamental aspects of the insurance business.

The Group has established governance structures related to the IFRS 17 project with the Audit Committee as the highest instance. As required by the standard, currently, the entities that make up the Group are in the process of determining the impact of their application.

Initially, IFRS 17 would apply to annual periods beginning on or after January 1, 2021;however, the IASB agreed to defer the effective date of application to annual periods beginning on or after January 1, 2023.

Early adoption is permitted, as long as the Group also applies IFRS 9 and IFRS 15 on the date on which IFRS 17 is applied for the first time.

The Group is in the process of evaluating the impact of the application of these standards, and to date, it considers that there will be no significant impact on the consolidated financial statements, except for IFRS 17.

Likewise, there are no other standards or amendments to standards which have not yet become effective and are expected to have a significant impact on the Group, either in the current or future periods, as well as on expected future transactions.

DEPOSITS AND OBLIGATIONS - Additional information (Details) S/ in Thousands	Dec. 31, 2020 COP ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 COP ($)	Dec. 31, 2019 PEN (S/)
Fondo de Seguro de Depositos [Member]
Disclosure of Deposits and Obligations [Line Items]
Balance Of Deposits And Obligations		S/ 45,448,100		S/ 35,511,900
Maximum Coverage Recognized		101,522		100,661
Financial Institutions Guarantee Fund
Disclosure of Deposits and Obligations [Line Items]
Balance Of Deposits And Obligations	$ 214,426,300,000	228,400	$ 201,715,700,000	203,100
Maximum Coverage Recognized	$ 50,000,000.0	S/ 53,250	$ 50,000,000.0	S/ 50,350

EVENTS OCURRED AFTER THE REPORT PERIOD (Details) - Events After Reporting Period - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2026	Mar. 31, 2021	Apr. 30, 2021
Borrowings, adjustment to interest rate basis	0.40%
Redemption Percentage	100.00%
Medium Term Subordinate Bonds
Borrowings		$ 500.0
Borrowings, interest rate		3.25%
BCP Subordinated Bonds
Repurchase of debt		$ 60.0
Borrowings		181.5	$ 294.7
Borrowings, adjustment to interest rate basis	2.45%
Exhange Of Debt		11.0
Repurchase Of Subordinate Debt		$ 88.5
Redemption Percentage	100.00%

OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2020

OPERATING SEGMENTS

Schedule of breakdown of the group's total income, operating income and non-current assets form segemnt

(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, 2020, 2019 and 2018:



			Net interest,		Provision for				Additions of
	Income (*)		similar	Other	credit losses	Depreciation			fixed asset,
		From other	income and	income,	on loan	and	Income		intangibles	Total	Total
2020	External	segments (**)	expenses	net (***)	portfolio	amortization	tax	Net profit	and goodwill	assets	liabilities
Universal Banking
Banco de Crédito del Perú	10,775	412	6,092	2,795	(4,637)	(428)	(51)	619	464	180,766	164,632
Banco de Crédito de Bolivia	773	7	330	103	(252)	(23)	139	(74)	16	12,472	11,781
Insurance and Pension funds
Pacífico Seguros y subsidiarias	3,211	57	526	602	—	(59)	(2)	195	49	16,025	13,039
Prima AFP	389	2	(8)	388	—	(21)	(67)	148	7	1,108	408
Microfinance
Mibanco	1,972	—	1,550	24	(1,118)	(86)	142	(379)	51	15,649	13,540
Mibanco Colombia (****)	238	—	165	28	(75)	(14)	19	(51)	13	1,208	993
Investment Banking and Wealth Management	1,102	31	70	920	—	(35)	(34)	(78)	29	11,715	9,995
Other segments	(78)	16	431	(96)	2	(4)	(36)	(46)	4	3,484	2,531
Eliminations	—	—	(585)	—	—	—	—	—	—	(5,021)	(4,958)
Total consolidated	18,382	525	8,571	4,764	(6,080)	(670)	110	334	633	237,406	211,961



			Net interest,		Provision for				Additions of
	Income (*)		similar	Other	credit losses	Depreciation			fixed asset,
		From other	income and	income,	on loan	and	Income		intangibles	Total	Total
2019	External	segments (**)	expenses	net (***)	portfolio	amortization	tax	Net profit	and goodwill	assets	liabilities
Universal Banking
Banco de Crédito del Perú	11,750	345	6,245	3,632	(1,558)	(413)	(1,160)	3,239	349	139,832	123,040
Banco de Crédito de Bolivia	736	4	329	117	(61)	(19)	(43)	79	16	10,481	9,744
Insurance and Pension funds
Pacífico Seguros y subsidiarias	3,224	23	493	346	—	(58)	(6)	381	45	13,785	10,964
Prima AFP	457	3	(1)	457	—	(20)	(85)	197	8	909	211
Microfinance
Mibanco	2,408	126	1,901	62	(472)	(87)	(168)	401	60	13,576	11,489
Mibanco Colombia (****)	18	—	13	2	(2)	(1)	1	(2)	1	1,028	888
Edyficar S.A.S. (****)	50	—	43	2	(6)	(1)	(3)	5	1	141	80
Investment Banking and Wealth Management	968	6	69	885	—	(22)	(16)	230	236	9,423	7,950
Other segments	63	100	443	561	(1)	(3)	(143)	(178)	87	2,998	992
Eliminations	—	—	(443)	(669)	—	—	—	—	—	(4,314)	(4,245)
Total consolidated	19,674	607	9,092	5,395	(2,100)	(624)	(1,623)	4,352	803	187,859	161,113

(*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.

(**) 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 insurance underwriting result.

(****) Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in note 2 (a).



			Net interest,		Provision for				Additions of
	Income (*)		similar	Other	credit losses	Depreciation			fixed asset,
		From other	income and	income,	on loan	and	Income		intangibles	Total	Total
2018	External	segments (**)	expenses	net (***)	portfolio	amortization	tax	Net profit	and goodwill	assets	liabilities
Universal Banking
Banco de Crédito del Perú	10,757	381	5,616	3,275	(1,265)	(277)	(1,137)	2,927	397	132,880	117,803
Banco de Crédito de Bolivia	686	4	309	124	(55)	(12)	(45)	78	45	9,957	9,266
Insurance and Pension funds
Pacífico Seguros y subsidiarias	2,700	21	446	667	—	(51)	(4)	353	85	12,224	9,591
Prima AFP	371	2	—	371	—	(18)	(58)	140	9	875	241
Microfinance
Mibanco	2,468	88	1,956	156	(491)	(49)	(193)	462	50	13,220	11,322
Edyficar S.A.S. (****)	44	—	40	1	(4)	—	(4)	5	—	119	62
Investment Banking and Wealth Management	886	(14)	98	634	—	(21)	(29)	146	8	9,665	8,190
Other segments	83	97	33	106	—	(1)	(51)	(40)	7	2,862	950
Eliminations	—	—	(9)	(454)	—	—	—	—	—	(4,539)	(4,428)
Total consolidated	17,995	579	8,489	4,880	(1,815)	(429)	(1,521)	4,071	601	177,263	152,997

(*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.

(**) 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 insurance underwriting result.

(****) Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in note 2 (a).

(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, at December 31, 2020, 2019 and 2018:


	2020				2019				2018
			Total non				Total non				Total non
	Total	Operating	current	Total	Total	Operating	current	Total	Total	Operating	current	Total
	income (*)	income (**)	assets (***)	liabilities	income (*)	income (**)	assets (***)	liabilities	income (*)	income (**)	assets (***)	liabilities
Peru	16,452	8,413	3,825	187,291	17,990	9,105	3,925	142,161	16,472	8,474	3,145	135,422
Bermuda	(14)	(22)	134	1,930	13	10	117	266	13	14	88	169
Panama	18	—	—	491	—	—	—	—	2	—	—	—
Cayman Islands	340	39	32	6,913	354	88	20	5,008	285	134	3	5,465
Bolivia	853	357	101	11,870	809	368	93	9,815	750	344	78	9,317
Colombia	566	144	451	2,607	356	21	432	2,769	314	(2)	138	1,823
United States of America	33	—	3	6	10	(1)	3	6	6	—	—	2
Chile	134	(2)	171	853	142	(2)	209	1,088	153	(6)	84	799
Total consolidado	18,382	8,929	4,717	211,961	19,674	9,589	4,799	161,113	17,995	8,958	3,536	152,997

(*) 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.

EQUITY - Distribution of dividends (Details) S/ / shares in Units, S/ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/) S/ / shares	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PEN (S/) S/ / shares	Dec. 31, 2018 USD ($)	Dec. 31, 2018 PEN (S/) S/ / shares
EQUITY
Dividends distribution, net of treasury shares effect	$ 702,105	S/ 2,392,844	$ 481,215	S/ 1,595,229	$ 343,292	S/ 1,130,427
Payment of dividends per share (in soles)		S/ 30.0000		S/ 20.0000		S/ 14.1726
Exchange rate published by the SBS	3.4081	3.4081	3.3150	3.3150	3.2929	3.2929
Dividends payout (equivalent in thousands of US$)	$ 702,105	S/ 2,392,844	$ 481,215	S/ 1,595,229	$ 343,292	S/ 1,130,427

EQUITY - Analysis of other comprehensive income (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments at fair value through other comprehensive income:
Net unrealized (gain) loss	S/ 196,152	S/ 606,276	S/ (583,385)
Transfer of realized gains on available-for-sale investments to profit or loss, net of realized losses	440,416	420,987	(38,983)
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, net of tax	52,263	(745)	(1,909)
Sub total	688,831	1,026,518	(624,277)
Non-controlling interest	13,814	16,082	(6,397)
Income tax	11,717	22,259	(11,831)
Total investments at fair value through other comprehensive income	714,362	1,064,859	(642,505)
Available-for-sale investments:
Sub total	710,254	290,160	(554,720)
Cash flow hedge:
Net (losses) gains on cash flow hedges	(68,001)	(62,002)	73,263
Transfer of net realized losses (gains) on cash flow hedges derivatives to profit or loss	55,784	35,059	(43,643)
Sub total	(12,469)	(27,561)	30,299
Non-controlling interest	(252)	(618)	679
Income tax	(3,933)	(10,290)	10,942
Other comprehensive income, before tax, cash flow hedges	(16,402)	(37,851)	41,241
Other reserves:
Insurances reserves	(234,107)	(658,491)	0
Non-controlling interest	(2,867)	(8,065)	0
Income tax	(26,846)	0	0
Other comprehensive income, before tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss	(263,820)	(666,556)	0
Foreign exchange translation:
Exchange gains or losses	259,572	(58,862)	45,634
Net movement in hedges of net investments in foreign businesses	(1,219)	0	0
Sub total	258,353	(58,862)	45,634
Non-controlling interest	(1,301)	539	21
Other comprehensive income, net of tax, exchange differences on translation	257,052	(58,323)	45,655
Equity instruments at fair value through other comprehensive income -
Net unrealized gains	76,849	97,514	20,840
Non-controlling interest	(165)	(3)	(37)
Income tax	(3,414)	(5,999)	168
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments	73,270	91,512	20,971
Attributable to:
Other comprehensive income	786,938	387,671	(533,917)
Equity attributable to owners of parent, Total
Equity instruments at fair value through other comprehensive income -
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments	73,270	91,512	20,971
Attributable to:
Other comprehensive income	777,709	379,736	(528,183)
Non-controlling interest
Attributable to:
Other comprehensive income	9,229	7,935	(5,734)
Cash flow hedge reserve
Cash flow hedge:
Sub total	(12,217)	(26,943)	29,620
Other comprehensive income, before tax, cash flow hedges	(16,402)	(37,851)	41,241
Attributable to:
Other comprehensive income	S/ (12,217)	S/ (26,943)	S/ 29,620

SHARE-BASED COMPENSATION PLANS (Details)	12 Months Ended
SHARE-BASED COMPENSATION PLANS (Details)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)	Dec. 31, 2018 PEN (S/)
Share based compensation plans [Line Items]
Number of share options outstanding in share-based payment arrangement	293,888	246,931	260,548
Equity-settled transaction [Member]
Share based compensation plans [Line Items]
Description of vesting requirements for share-based payment arrangement	awarded shares are liberated in the three following years for up to 33.3 percent of the shares granted in each of the three previous years
Number of share options granted in share-based payment arrangement	176,212	116,594	119,840
Number of share options outstanding in share-based payment arrangement	293,888	246,931	260,548
Expense from share-based payment transactions with employees	S/ 103,600,000	S/ 120,100,000	S/ 106,900,000

FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS
Net profit on sale of financial investments	S/ 38,055	S/ 21,879
Changes in the fair value of financial assets	68,311	58,351
Dividends, interests and others	9,261	13,434
Total	S/ 115,627	S/ 93,664	S/ (53,935)

DUE TO BANKS AND CORRESPONDENTS

12 Months Ended

Dec. 31, 2020

DUE TO BANKS AND CORRESPONDENTS

DUE TO BANKS AND CORRESPONDENTS

15 DUE TO BANKS AND CORRESPONDENTS

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)

International funds and others (b)	2,710,224	5,654,014
Promotional credit lines (c)	3,203,263	2,938,981
Inter-bank funds	—	205,000
	5,913,487	8,797,995
Interest payable	64,770	43,737
Total	5,978,257	8,841,732

b) This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Corporación Financiera de Desarrollo (COFIDE)	624,480	406,710
Citibank N.A. (i)	362,100	662,800
The Toronto Dominion Bank	271,575	—
Banco de la Nación	260,000	—
Bank of New York Mellon (ii)	181,051	331,400
Sumitomo Mitsui Banking Corporation (iii)	181,050	984,258
Wells Fargo Bank, N.A. (iv)	181,050	730,074
Bancoldex	118,516	—
Banco BBVA Perú	107,900	85,000
Scotiabank Perú S.A.A.	100,000	100,000
Bankinter	72,420	—
Caja Municipal de Ahorro y Crédito de Arequipa S.A.	25,000	140,000
Bank of America, N.A. (v)	—	994,200
Banco de Desarrollo de America Latina - CAF (vi)	—	662,800
International Finance Corporation (IFC)	—	91,558
Standard Chartered Bank	—	86,827
Banco Internacional del Perú S.A.A. (Interbank)	—	50,000
Others less than S/49.2 millon	225,082	328,387
Total	2,710,224	5,654,014

As of December 31, 2020, the loans have maturities between January 2021 and March 2032 (between January 2020 and March 2032, as of December 31, 2019) and accrue interest in soles currency at rates that fluctuate between 0.92 percent and 4.3 percent and accrue interest in foreign currency at rates that fluctuate between 0.4 percent and 8.3 percent (between 3.17 percent and 8.67 percent and between 0.50 percent and 9.65 percent, as of December 31, 2019).

(i) As of December 31, 2020, the balance corresponded to US$100.0 million, equivalent to S/362.1 million, (US$200.0 million, equivalent to S/662.8 million, as of December 31, 2019) is hedged by a swap of interest rate interest (IRS) for a nominal amount equal to the principal and the same maturity, note 13(b), said loan was economically converted at a fixed rate.

(ii) As of December 31, 2020, the balance corresponded to US$50.0 million equivalent to S/181.1 million (US$100.0 million equivalent to S/331.4 million, as of December 31, 2019) is hedged by an interest rate swap (IRS) for a nominal amount equal to the principal and equal maturity, note 13(b), said loan was economically converted at a fixed rate.

(iii) As of December 31, 2020, the balance corresponds to US$50.0 million equivalent to S/181.1 million (US$297.0 million equivalent to S/984.3 million, as of December 31, 2019) is hedged by an interest rate swap (IRS) for a nominal amount equal to the principal and equal maturity, note 13(b), said loan was economically converted at a fixed rate.

(iv) As of December 31, 2020, the agreed loans for a total of US$190.0 were due,million (US$190.0 million equivalent to S/629.7 million, as of December 31,2019) that were hedged by interest rate swaps (IRS) for amounts nominal amounts equal to the principal and the same maturities, note 13(b), said loans were economically converted at a fixed rate.

(v) As of December 31, 2020, the balance corresponds to US$300.0 million were due, (US$300.0 million equivalent to S/994.2 million, as of December 31, 2019) that is they were hedged by rate swaps (IRS) for nominal amounts equal to the principal and equal maturities, note 13(b), said loans were economically converted at a rate fixed.

(vi) As of December 31, 2020, the loan amounting to US$100 million were due (US$100.0 million, equivalent to S/331.4 million, as of December 31, 2019) that remained hedged by an interest rate swap (IRS) for a nominal amount equal to the principal and same maturity, note 13(b), said loan was economically converted to a fixed rate.

Likewise, at December 31, 2020, the loan for US$100 million were due (US$100.0 million, equivalent to S/331.4 million, as of December 31, 2019) which was hedged by two currency swaps (CCS) whose sum of nominals was equal to the principal and equal maturity, note 13(b), said loan was economically converted to a liability with cash flows in soles and at a fixed rate in soles.

c) Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they mature between January 2021 and July 2029 and bear annual interest in soles at rates that fluctuate between 3.98 percent and 7.25 percent and interest in foreign currency 6.4 percent at December 31, 2020 (between January 2020 and July 2029 and with annual interest in soles between 4.20 percent and 7.60 percent and interest in foreign currency 7.75 percent at December 31, 2019). These credit lines are secured by a loan portfolio totaling S/3,203.3 million and S/2,939.0 million, at December 31, 2020 and December 31, 2019, respectively.

d) The following table presents the maturities of due to banks and correspondents at December 31, 2020 and 2019 based on the period remaining to maturity:


	2020	2019
	S/(000)	S/(000)

Up to 3 months	2,343	2,062,121
From 3 months to 1 year	1,854,351	3,693,328
From 1 to 3 years	819,991	559,511
From 3 to 5 years	601,258	614,265
More than 5 years	2,635,544	1,868,770
Total	5,913,487	8,797,995

e) As of December 31, 2020 and 2019, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/5,913.5 million and S/8,593.0 million, respectively.

f) Certain debts to banks and correspondents include standard covenants addressing observance of financial ratios, the use of the funds and other administrative matters; which, in Management’s opinion, do not limit the Group’s operations and have been complied with at the date of the consolidated financial statements.

TAX SITUATION - Income Tax Expense (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current -
Current tax expense (income)	S/ 1,037,334	S/ 1,675,617	S/ 1,429,808
Deferred tax expense (income)	(1,147,311)	(52,435)	91,101
Total	(109,977)	1,623,182	1,520,909
In Peru
Current -
Current tax expense (income)	926,361	1,469,497	1,315,896
Deferred tax expense (income)	(927,130)	(30,862)	87,952
In other countries
Current -
Current tax expense (income)	110,973	206,120	113,912
Deferred tax expense (income)	S/ (220,181)	S/ (21,573)	S/ 3,149

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) S/ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)	Dec. 31, 2018 PEN (S/)	Dec. 20, 2020 PEN (S/)	Nov. 09, 2020 PEN (S/)	Jan. 01, 2019 USD ($)	Jan. 01, 2019 PEN (S/)	Dec. 31, 2017 PEN (S/)
Disclosure Of Significant Accounting Policies [Line Items]
Assets	S/ 237,406,163	S/ 187,859,340	S/ 177,263,000
Liabilities	211,960,516	161,113,030	152,997,000
Equity	25,445,647	26,746,310						S/ 22,062,063
Profit (loss)	334,138	4,352,331	S/ 4,071,305
Changes in accounting policies		666,600
Amount of increaes in share capital				S/ 20,000
Goodwill as a result of business combination	275,859
Right-of-use assets	702,928	821,840					S/ 855,500
Lease liabilities	S/ 750,578	830,153					S/ 852,800
Deferred charges prepayments \| $						$ 2.7
Minimum
Disclosure Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	3 years
Maximum
Disclosure Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	5 years
Investment property [member]
Disclosure Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, intangible assets other than goodwill	33 years
Mibanco
Disclosure Of Significant Accounting Policies [Line Items]
Assets	S/ 15,649,500	13,741,700
Liabilities	13,539,500	11,655,700
Equity	2,110,000	2,086,000
Profit (loss)	(379,300)	401,000
Amount of increaes in share capital					S/ 400,000
BCP
Disclosure Of Significant Accounting Policies [Line Items]
Amount of increaes in share capital				S/ 380,000
Banco De Credito De Bolivia [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Assets	12,472,400	10,480,900
Liabilities	11,781,400	9,743,900
Equity	691,000	737,000
Profit (loss)	S/ (74,300)	S/ 79,000

OTHER ASSETS AND OTHER LIABILITIES - Provision Additional Information 4 (Details) - PEN (S/) S/ in Millions	Dec. 31, 2020	Dec. 31, 2019
OTHER ASSETS AND OTHER LIABILITIES
Accounts payable to suppliers	S/ 215.0	S/ 313.0
Accounts payable to policyholders	91.5	108.1
Accounts Payable To Intermediaries	87.3	206.5
Accounts payable for purchase of deferred foreign currency	65.9	10.9
Accounts payable for premiums to the Deposit Insurance Fund	46.4
Interbank operations to be settled with the BCRP	39.6	22.4
Liquidation Funds of Financiera TFC	12.5	104.0
Repurchase agreements to be settled	9.5
Accounts payable to an associate	S/ 3.9	52.0
Insurance payable on behalf of third parties		S/ 14.0

COMMISSIONS AND FEES (Tables)

12 Months Ended

Dec. 31, 2020

COMMISSIONS AND FEES

Schedule of detailed information of commissions and fees income

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Maintenance of accounts, transfers and credit and debit card services	1,125,432	1,326,344	1,214,365
Funds and equity management	684,308	676,456	644,038
Contingent loans and foreign trade fees	372,586	372,647	360,798
Commissions for banking services	263,298	282,593	270,784
Collection services	90,456	131,502	234,754
Commissions for consulting and technical studies	57,949	84,725	76,557
Penalty commissions	53,859	84,757	71,049
Commissions for salary advance and payment of services	34,766	49,998	50,456
Brokerage, securities and custody services	35,565	95,207	108,333
Others (i)	194,559	128,552	95,723
Total	2,912,778	3,232,781	3,126,857

(i) The increase corresponds mainly to the S/47,676M increase in revenue in the Recharge and Paypal businesses

INVESTMENTS - Amortized cost investments (Details ) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Investments [Line Items]
Financial assets held to maturity before accrued interest	S/ 4,858,279	S/ 3,399,133
Financial assets held to maturity, accrued interest	104,801	78,180
Held-to-maturity investments	4,963,080	3,477,313
Provision for credit losses	(698)	(267)
Total investments at amortized cost, net	4,962,382	3,477,046
Financial assets held to maturity at fair value before accrued interest	5,561,909	3,818,814
Financial assets held to maturity at fair value, accrued interest	104,801	78,180
Total financial assets held to maturity at fair value	5,666,710	3,896,994
Provision for credit losses at fair value	(698)	(267)
Total investments, net at fair value	5,666,012	3,896,727
Peruvian sovereign bonds [Member]
Disclosure of Investments [Line Items]
Financial assets held to maturity before accrued interest	4,740,275	3,277,667
Financial assets held to maturity at fair value before accrued interest	5,439,612	3,694,631
Bonds of foreign governements [Member]
Disclosure of Investments [Line Items]
Financial assets held to maturity before accrued interest	28,909	21,168
Financial assets held to maturity at fair value before accrued interest	28,695	21,168
Certificates of payment on work progress [Member]
Disclosure of Investments [Line Items]
Financial assets held to maturity before accrued interest	89,095	100,298
Financial assets held to maturity at fair value before accrued interest	S/ 93,602	S/ 103,015

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of detailed information about assumptions used in estimation of insurance reserves (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension insurance - Temporary Regime / SCTR [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	-	B-85 and MI-85
Mortality technical rate in soles used in estimation of insurance reserves		3.00%
Pension insurance - Definitive Regime [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	B-85 and MI-85	B-85 and MI-85
Mortality technical rate in soles vac used in estimation of insurance reserves	1.70%	2.41%
Mortality technical rate in Nominal dollars used in estimation of insurance reserves	3.68%	4.26%
Pension insurance - Definitive Regime / SCTR [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	B-85 adjusted and MI-85	B-85 adjusted and MI-85
Mortality technical rate in us dollars used in estimation of insurance reserves		2.41%
Mortality technical rate in soles vac used in estimation of insurance reserves	1.70%	3.00%
Mortality technical rate in Nominal dollars used in estimation of insurance reserves	3.68%	4.26%
Mortality technical rate in adjusted soles used in estimation of insurance reserves	5.25%	5.67%
Mortality technical rate in adjusted dollars used in estimation of insurance reserves	3.68%	4.26%
Pension insurance - Temporary Regime / SCTR (Longevity) [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	SPP-S-2017- and SPP-I-2017	SPP-S-2017-and SPP-I-2017
Mortality technical rate in us dollars used in estimation of insurance reserves		0.94%
Mortality technical rate in soles vac used in estimation of insurance reserves	3.672%	3.771%
Pension insurance - SCTR (Longevity)
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	-	SPP-S-2017 and SPP-I-2017
Mortality technical rate in soles vac used in estimation of insurance reserves		3.771%
Individual life [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	CSO 80 adjusted	CSO 80 adjusted
Annuity [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts	SPP-S-2017 and SPP-I- 2017	SPP-S-2017 and SPP-I- 2017
Minimum \| Pension insurance - Temporary Regime / SCTR (Longevity) [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Mortality technical rate in soles vac used in estimation of insurance reserves	2.734%	(2.83%)
Minimum \| Individual life [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Mortality technical rate in us dollars used in estimation of insurance reserves	4.00%	4.00%
Minimum \| Annuity [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Mortality technical rate in us dollars used in estimation of insurance reserves	3.21%	3.81%
Mortality technical rate in soles used in estimation of insurance reserves	2.50%	2.50%
Maximum \| Pension insurance - Temporary Regime / SCTR (Longevity) [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Mortality technical rate in soles vac used in estimation of insurance reserves	3.648%	3.816%
Maximum \| Individual life [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Mortality technical rate in us dollars used in estimation of insurance reserves	5.00%	5.00%
Maximum \| Annuity [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Mortality technical rate in us dollars used in estimation of insurance reserves	7.96%	7.99%
Mortality technical rate in soles used in estimation of insurance reserves	5.25%	5.25%

SALARIES AND EMPLOYEES BENEFITS - (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SALARIES AND EMPLOYEES BENEFITS
Salaries	S/ 1,959,399	S/ 1,816,939	S/ 1,738,913
Vacations, medical assistance and others	286,129	360,334	336,609
Bonuses	271,712	264,171	248,704
Social security	209,782	200,935	184,489
Additional participation	165,859	243,787	233,146
Workers' profit sharing	164,716	252,850	228,786
Severance indemnities	151,725	151,945	142,363
Share-based payment plans	103,632	120,062	106,865
Total	S/ 3,312,954	S/ 3,411,023	S/ 3,219,875

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Repurchase agreements (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Borrowings, maturity		maturities where between January 2020 and December 2028
Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial liabilities	S/ 27,164,768	S/ 6,331,465
BCRP Reactiva Peru \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Soles
Borrowings, maturity	May 2023 / December 2023	-
Financial liabilities	S/ 20,916,438	S/ 0
Description of collateral held as security and other credit enhancements	Loans guaranteed by National Government	-
BCRP \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Soles
Borrowings, maturity	March 2021 / July 2024	June 2020 / November 2020
Financial liabilities	S/ 2,903,266	S/ 1,504,088
Description of collateral held as security and other credit enhancements	Investments	Investments
BCRP nota \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Soles
Borrowings, maturity	February 2021 / March 2023	February 2020 / October 2020
Financial liabilities	S/ 1,055,000	S/ 2,800,400
Description of collateral held as security and other credit enhancements	Cash with BCRP	Cash with BCRP
BCRP Reactiva Peru Special \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Soles
Borrowings, maturity	June 2023 / December 2023	-
Financial liabilities	S/ 756,387	S/ 0
Description of collateral held as security and other credit enhancements	Loans guaranteed by National Government	-
Banco Central de Bolivia \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Bolivianos
Borrowings, maturity	February 2021 / December 2022	May 2020 / February 2021
Financial liabilities	S/ 486,331	S/ 398,586
Description of collateral held as security and other credit enhancements	Cash	Cash
Banco de la Repblica de Colombia \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Colombian pesos
Borrowings, maturity	January 2021	January 2020
Financial liabilities	S/ 319,481	S/ 64,540
Description of collateral held as security and other credit enhancements	Investments	Investments
Natixis SA one [Member] \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Soles
Borrowings, maturity	August 2028	August 2020 / August 2028
Financial liabilities	S/ 270,000	S/ 570,000
Description of collateral held as security and other credit enhancements	Investments	Investments
Citigroup Global Markets Limited one [Member] \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	U.S. Dollar
Borrowings, maturity	August 2026	August 2026
Financial liabilities	S/ 162,945	S/ 149,130
Description of collateral held as security and other credit enhancements	Investments	Investments
Natixis S.A Two \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	U.S. Dollar
Borrowings, maturity	August 2026	August 2026
Financial liabilities	S/ 90,525	S/ 82,850
Description of collateral held as security and other credit enhancements	Investments	Investments
Nomura International PLC three \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	U.S. Dollar
Borrowings, maturity	-	August 2020
Financial liabilities		S/ 265,120
Description of collateral held as security and other credit enhancements	-	Investments and cash
Nomura International PLC four \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	U.S. Dollar
Borrowings, maturity	-	August 2020
Financial liabilities		S/ 231,980
Description of collateral held as security and other credit enhancements	-	Investments and cash
Citigroup Global Markets Limited \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Soles
Borrowings, maturity	-	August 2020
Financial liabilities		S/ 100,000
Description of collateral held as security and other credit enhancements	-	Investments
Others \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	-
Borrowings, maturity	January 2021 / April 2033	January 2020 / April 2033
Financial liabilities	S/ 91,160	S/ 64,970
Description of collateral held as security and other credit enhancements	Investments	Investments
Accrued Interest [Member] \| Debt instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial liabilities	S/ 113,235	S/ 99,801

DEPOSITS AND OBLIGATIONS - non-interest-bearing and interest-bearing deposits and obligations (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Deposits and Obligations [Line Items]
Non interest bearing deposits	S/ 47,623,119	S/ 28,316,170
Interest bearing deposits	94,037,202	83,008,024
Total	141,660,321	111,324,194
In Peru [Member]
Disclosure of Deposits and Obligations [Line Items]
Non interest bearing deposits	44,037,934	25,641,446
Interest bearing deposits	82,907,313	74,413,962
Other countries
Disclosure of Deposits and Obligations [Line Items]
Non interest bearing deposits	3,585,185	2,674,724
Interest bearing deposits	S/ 11,129,889	S/ 8,594,062

DEPOSITS AND OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2020

DEPOSITS AND OBLIGATIONS

Schedule of detailed information of deposits and obligations

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Demand deposits	54,530,355	34,213,188
Saving deposits	50,069,129	35,179,770
Time deposits	28,121,094	32,853,576
Severance indemnity deposits	7,736,747	7,897,199
Bank’s negotiable certificates	1,202,996	1,180,461
Total	141,660,321	111,324,194
Interest payable	705,181	681,191
Total	142,365,502	112,005,385

Schedule of detailed information of non-interest bearing and interest-bearing deposits and obligations

b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below:


	2020	2019
	S/(000)	S/(000)

Non-interest-bearing -
In Peru	44,037,934	25,641,446
In other countries	3,585,185	2,674,724
	47,623,119	28,316,170

Interest-bearing -
In Peru	82,907,313	74,413,962
In other countries	11,129,889	8,594,062
	94,037,202	83,008,024

Total	141,660,321	111,324,194

Schedule of detailed information of balances of time deposits by maturity

c) The balance of time deposits classified by maturity is as follows:


	2020	2019
	S/(000)	S/(000)

Up to 3 months	13,750,133	14,674,773
From 3 months to 1 year	6,849,436	8,975,269
From 1 to 3 years	4,143,040	6,096,891
From 3 to 5 years	473,479	819,446
More than 5 years	2,905,006	2,287,197
Total	28,121,094	32,853,576

ADMINISTRATIVE EXPENSES (Tables)

12 Months Ended

Dec. 31, 2020

ADMINISTRATIVE EXPENSES

Schedule of components of administrative expenses

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Repair and maintenance	417,286	328,875	301,893
Publicity	348,987	380,147	336,203
Taxes and contributions	266,704	291,621	244,400
Consulting and professional fees	214,012	261,144	223,239
Transport and communications	159,556	168,237	176,623
IBM services expenses	146,874	106,102	140,909
Comissions by agents	85,852	84,641	66,775
Lease (*)	74,016	71,581	226,388
Sundry supplies	67,537	74,550	55,176
Security and protection	64,439	66,424	68,691
Electricity and water	51,649	54,952	54,669
Subscriptions and quotes	49,212	44,523	41,150
Insurance	46,047	30,873	24,674
Electronic processing	36,920	28,217	24,928
Cleaning	22,900	21,445	21,903
Audit Services	7,256	6,245	7,165
Services by third-party and others (**)	326,861	341,540	303,043
Total	2,386,108	2,361,117	2,317,829

(**)The balance is mainly made up of outsourcing, digitization and archiving services, appraisal, representation among other concepts

OPERATING SEGMENTS (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

S/ 18,382,000

S/ 19,674,000

S/ 17,995,000

^[1],[2]

525,000

607,000

579,000

8,571,342

9,091,751

8,489,105

^[3]

4,764,000

5,395,000

4,880,000

(6,080,000)

(2,100,000)

(1,815,000)

(670,000)

(624,000)

(429,000)

110,000

(1,623,000)

(1,521,000)

334,138

4,352,331

4,071,305

633,000

803,000

601,000

237,406,163

187,859,340

177,263,000

Operating segments [member] | Universal Banking Banco de Crdito del Peru [Member]

211,960,516

161,113,030

152,997,000

^[1]

10,775,000

11,750,000

10,757,000

^[1],[2]

412,000

345,000

381,000

6,092,000

6,245,000

5,616,000

^[3]

2,795,000

3,632,000

3,275,000

(4,637,000)

(1,558,000)

(1,265,000)

(428,000)

(413,000)

(277,000)

(51,000)

(1,160,000)

(1,137,000)

619,000

3,239,000

2,927,000

464,000

349,000

397,000

180,766,000

139,832,000

132,880,000

Operating segments [member] | Universal Banking Banco de Credito de Bolivia [Member]

164,632,000

123,040,000

117,803,000

^[1]

773,000

736,000

686,000

^[1],[2]

7,000

4,000

330,000

329,000

309,000

^[3]

103,000

117,000

124,000

(252,000)

(61,000)

(55,000)

(23,000)

(19,000)

(12,000)

139,000

(43,000)

(45,000)

(74,000)

79,000

78,000

16,000

45,000

12,472,000

10,481,000

9,957,000

Operating segments [member] | Insurance And Pension Funds Pacifico Seguros And Subsidiaries [Member]

11,781,000

9,744,000

9,266,000

^[1]

3,211,000

3,224,000

2,700,000

^[1],[2]

57,000

23,000

21,000

526,000

493,000

446,000

^[3]

602,000

346,000

667,000

(59,000)

(58,000)

(51,000)

(2,000)

(6,000)

(4,000)

195,000

381,000

353,000

49,000

45,000

85,000

16,025,000

13,785,000

12,224,000

Operating segments [member] | Insurance And Pension Funds Prima AFP [Member]

13,039,000

10,964,000

9,591,000

^[1]

389,000

457,000

371,000

^[1],[2]

2,000

3,000

2,000

(8,000)

(1,000)

^[3]

388,000

457,000

371,000

(21,000)

(20,000)

(18,000)

(67,000)

(85,000)

(58,000)

148,000

197,000

140,000

7,000

8,000

9,000

1,108,000

909,000

875,000

Operating segments [member] | Microfinance Mibanco [Member]

408,000

211,000

241,000

^[1]

1,972,000

2,408,000

2,468,000

^[1],[2]

126,000

88,000

1,550,000

1,901,000

1,956,000

^[3]

24,000

62,000

156,000

(1,118,000)

(472,000)

(491,000)

(86,000)

(87,000)

(49,000)

142,000

(168,000)

(193,000)

(379,000)

401,000

462,000

51,000

60,000

50,000

15,649,000

13,576,000

13,220,000

Operating segments [member] | Mibanco Colombia

13,540,000

11,489,000

11,322,000

^[1],[4]

238,000

18,000

^[1],[2],[4]

^[4]

165,000

13,000

^[3],[4]

28,000

2,000

^[4]

(75,000)

(2,000)

^[4]

(14,000)

(1,000)

^[4]

19,000

1,000

^[4]

(51,000)

(2,000)

^[4]

13,000

1,000

^[4]

1,208,000

1,028,000

Operating segments [member] | Microfinance Edyficas SAS [Member]

^[4]

993,000

888,000

^[1],[4]

50,000

44,000

^[1],[2],[4]

^[4]

43,000

40,000

^[3],[4]

2,000

1,000

^[4]

(6,000)

(4,000)

^[4]

(1,000)

^[4]

(3,000)

(4,000)

^[4]

5,000

^[4]

1,000

^[4]

141,000

119,000

Operating segments [member] | Investment Banking and Wealth Management [Member]

^[4]

80,000

62,000

^[1]

1,102,000

968,000

886,000

^[1],[2]

31,000

6,000

(14,000)

70,000

69,000

98,000

^[3]

920,000

885,000

634,000

(35,000)

(22,000)

(21,000)

(34,000)

(16,000)

(29,000)

(78,000)

230,000

146,000

29,000

236,000

8,000

11,715,000

9,423,000

9,665,000

Operating segments [member] | Other segments [member]

9,995,000

7,950,000

8,190,000

^[1]

(78,000)

63,000

83,000

^[1],[2]

16,000

100,000

97,000

431,000

443,000

33,000

^[3]

(96,000)

561,000

106,000

2,000

(1,000)

(4,000)

(3,000)

(1,000)

(36,000)

(143,000)

(51,000)

(46,000)

(178,000)

(40,000)

4,000

87,000

7,000

3,484,000

2,998,000

2,862,000

Elimination Segments [Member]

2,531,000

992,000

950,000

^[1]

^[1],[2]

(585,000)

(443,000)

(9,000)

^[3]

(669,000)

(454,000)

(5,021,000)

(4,314,000)

(4,539,000)

TRANSACTIONS WITH RELATED PARTIES

S/ (4,958,000)

S/ (4,245,000)

S/ (4,428,000)

[1]	Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.
[2]	Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.
[3]	Corresponds to other income (include income and expenses for commissions) and insurance underwriting result.
[4]	Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in note 2 (a).

OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2020

OPERATING SEGMENTS

OPERATING SEGMENTS

31 OPERATING SEGMENTS

In 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:

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).

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.

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.

Investment Banking and Wealth Management –

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; Atlantic Security Bank (ASB) and the Wealth Management team of BCP.

Management of these business lines is designed to:

-Promote the joint action of our businesses in order to take advantage of the synergies which resulting 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 bring 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 per cent or more of the total income of the Group at December 31, 2020, 2019 and 2018.

(i)



			Net interest,		Provision for				Additions of
	Income (*)		similar	Other	credit losses	Depreciation			fixed asset,
		From other	income and	income,	on loan	and	Income		intangibles	Total	Total
2020	External	segments (**)	expenses	net (***)	portfolio	amortization	tax	Net profit	and goodwill	assets	liabilities
Universal Banking
Banco de Crédito del Perú	10,775	412	6,092	2,795	(4,637)	(428)	(51)	619	464	180,766	164,632
Banco de Crédito de Bolivia	773	7	330	103	(252)	(23)	139	(74)	16	12,472	11,781
Insurance and Pension funds
Pacífico Seguros y subsidiarias	3,211	57	526	602	—	(59)	(2)	195	49	16,025	13,039
Prima AFP	389	2	(8)	388	—	(21)	(67)	148	7	1,108	408
Microfinance
Mibanco	1,972	—	1,550	24	(1,118)	(86)	142	(379)	51	15,649	13,540
Mibanco Colombia (****)	238	—	165	28	(75)	(14)	19	(51)	13	1,208	993
Investment Banking and Wealth Management	1,102	31	70	920	—	(35)	(34)	(78)	29	11,715	9,995
Other segments	(78)	16	431	(96)	2	(4)	(36)	(46)	4	3,484	2,531
Eliminations	—	—	(585)	—	—	—	—	—	—	(5,021)	(4,958)
Total consolidated	18,382	525	8,571	4,764	(6,080)	(670)	110	334	633	237,406	211,961



			Net interest,		Provision for				Additions of
	Income (*)		similar	Other	credit losses	Depreciation			fixed asset,
		From other	income and	income,	on loan	and	Income		intangibles	Total	Total
2019	External	segments (**)	expenses	net (***)	portfolio	amortization	tax	Net profit	and goodwill	assets	liabilities
Universal Banking
Banco de Crédito del Perú	11,750	345	6,245	3,632	(1,558)	(413)	(1,160)	3,239	349	139,832	123,040
Banco de Crédito de Bolivia	736	4	329	117	(61)	(19)	(43)	79	16	10,481	9,744
Insurance and Pension funds
Pacífico Seguros y subsidiarias	3,224	23	493	346	—	(58)	(6)	381	45	13,785	10,964
Prima AFP	457	3	(1)	457	—	(20)	(85)	197	8	909	211
Microfinance
Mibanco	2,408	126	1,901	62	(472)	(87)	(168)	401	60	13,576	11,489
Mibanco Colombia (****)	18	—	13	2	(2)	(1)	1	(2)	1	1,028	888
Edyficar S.A.S. (****)	50	—	43	2	(6)	(1)	(3)	5	1	141	80
Investment Banking and Wealth Management	968	6	69	885	—	(22)	(16)	230	236	9,423	7,950
Other segments	63	100	443	561	(1)	(3)	(143)	(178)	87	2,998	992
Eliminations	—	—	(443)	(669)	—	—	—	—	—	(4,314)	(4,245)
Total consolidated	19,674	607	9,092	5,395	(2,100)	(624)	(1,623)	4,352	803	187,859	161,113

(*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.

(**) 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 insurance underwriting result.

(****) Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in note 2 (a).



			Net interest,		Provision for				Additions of
	Income (*)		similar	Other	credit losses	Depreciation			fixed asset,
		From other	income and	income,	on loan	and	Income		intangibles	Total	Total
2018	External	segments (**)	expenses	net (***)	portfolio	amortization	tax	Net profit	and goodwill	assets	liabilities
Universal Banking
Banco de Crédito del Perú	10,757	381	5,616	3,275	(1,265)	(277)	(1,137)	2,927	397	132,880	117,803
Banco de Crédito de Bolivia	686	4	309	124	(55)	(12)	(45)	78	45	9,957	9,266
Insurance and Pension funds
Pacífico Seguros y subsidiarias	2,700	21	446	667	—	(51)	(4)	353	85	12,224	9,591
Prima AFP	371	2	—	371	—	(18)	(58)	140	9	875	241
Microfinance
Mibanco	2,468	88	1,956	156	(491)	(49)	(193)	462	50	13,220	11,322
Edyficar S.A.S. (****)	44	—	40	1	(4)	—	(4)	5	—	119	62
Investment Banking and Wealth Management	886	(14)	98	634	—	(21)	(29)	146	8	9,665	8,190
Other segments	83	97	33	106	—	(1)	(51)	(40)	7	2,862	950
Eliminations	—	—	(9)	(454)	—	—	—	—	—	(4,539)	(4,428)
Total consolidated	17,995	579	8,489	4,880	(1,815)	(429)	(1,521)	4,071	601	177,263	152,997

(*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities.

(**) 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 insurance underwriting result.

(****) Banco Compartir S.A. and Edyficar S.A.S merged in October 2020 to form Mibanco Colombia. See more detail in note 2 (a).

(ii)


	2020				2019				2018
			Total non				Total non				Total non
	Total	Operating	current	Total	Total	Operating	current	Total	Total	Operating	current	Total
	income (*)	income (**)	assets (***)	liabilities	income (*)	income (**)	assets (***)	liabilities	income (*)	income (**)	assets (***)	liabilities
Peru	16,452	8,413	3,825	187,291	17,990	9,105	3,925	142,161	16,472	8,474	3,145	135,422
Bermuda	(14)	(22)	134	1,930	13	10	117	266	13	14	88	169
Panama	18	—	—	491	—	—	—	—	2	—	—	—
Cayman Islands	340	39	32	6,913	354	88	20	5,008	285	134	3	5,465
Bolivia	853	357	101	11,870	809	368	93	9,815	750	344	78	9,317
Colombia	566	144	451	2,607	356	21	432	2,769	314	(2)	138	1,823
United States of America	33	—	3	6	10	(1)	3	6	6	—	—	2
Chile	134	(2)	171	853	142	(2)	209	1,088	153	(6)	84	799
Total consolidado	18,382	8,929	4,717	211,961	19,674	9,589	4,799	161,113	17,995	8,958	3,536	152,997

(*) 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.

FINANCIAL RISK MANAGEMENT - Classification of Loans by Banking and Maturity (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial risk management [line Items]
Current loans	S/ 124,673,294	S/ 106,143,913
Current but impaired loans	4,860,128	2,274,182
Loans with delay in payments of one day or more but not internal overdue loans	2,444,834	3,084,977
Internal overdue loans	4,685,569	3,304,886
Total	136,663,825	114,807,958
Commercial loans [Member]
Disclosure of financial risk management [line Items]
Current loans	74,198,115	59,218,904
Current but impaired loans	3,117,852	1,460,816
Loans with delay in payments of one day or more but not internal overdue loans	683,061	1,027,177
Internal overdue loans	1,900,741	1,390,176
Total	79,899,769	63,097,073
Residential mortgage loans [Member]
Disclosure of financial risk management [line Items]
Current loans	18,828,934	17,985,809
Current but impaired loans	376,053	284,279
Loans with delay in payments of one day or more but not internal overdue loans	744,339	868,087
Internal overdue loans	619,052	537,646
Total	20,568,378	19,675,821
Microbusiness loans [Member]
Disclosure of financial risk management [line Items]
Current loans	19,431,050	14,898,270
Current but impaired loans	683,370	247,076
Loans with delay in payments of one day or more but not internal overdue loans	520,062	635,436
Internal overdue loans	1,355,422	973,043
Total	21,989,904	16,753,825
Consumer loans [Member]
Disclosure of financial risk management [line Items]
Current loans	12,215,195	14,040,930
Current but impaired loans	682,853	282,011
Loans with delay in payments of one day or more but not internal overdue loans	497,372	554,277
Internal overdue loans	810,354	404,021
Total	S/ 14,205,774	S/ 15,281,239

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and due from banks:
Non-interest-bearing	S/ 8,176,612	S/ 6,177,356
Interest-bearing	28,576,382	19,809,406
Total Cash and Due from Banks	36,752,994	25,986,762
Cash collateral, reverse repurchase agreements and securities borrowing	2,394,302	4,288,524
Investments:
At fair value through profit or loss	6,467,471	3,850,762
At fair value through other comprehensive income	42,746,061	24,614,050
At fair value through other comprehensive income pledged as collateral	997,828	1,588,673
Total at fair value through other comprehensive income investments	43,743,889	26,202,723
Amortized cost	2,196,220	1,907,738
Amortized cost pledged as collateral	2,766,162	1,569,308
Total amortized cost Investments	4,962,382	3,477,046
Loans, net:
Loans, net of unearned income	137,659,885	115,609,679
Allowance for loan losses	(9,898,760)	(5,123,962)
Total loans, net	127,761,125	110,485,717
Financial assets designated at fair value through profit or loss	823,270	620,544
Premiums and other policies receivable	937,223	838,731
Accounts receivable from reinsurers and coinsurers	919,419	791,704
Property, furniture and equipment, net	1,374,875	1,428,173
Due from customers on acceptances	455,343	535,222
Intangible assets and goodwill, net	2,639,297	2,532,087
Right-of-use assets, net	702,928	821,840
Deferred tax assets, net	1,693,655	520,848
Other assets	5,777,990	5,478,657
Total assets	237,406,163	187,859,340
Deposits and obligations:
Non-interest-bearing	47,623,119	28,316,170
Interest-bearing	94,742,383	83,689,215
Deposits and obligations	142,365,502	112,005,385
Payables from repurchase agreements and securities lending	27,923,617	7,678,016
Due to banks and correspondents	5,978,257	8,841,732
Banker's acceptances outstanding	455,343	535,222
Accounts payable to reinsurers	338,446	216,734
Lease liabilities	750,578	830,153
Financial liabilities at fair value through profit or loss	561,602	493,700
Technical reserves for insurance claims and premiums	11,675,076	9,950,233
Bonds and notes issued	16,319,407	14,946,363
Deferred tax liabilities, net	105,529	134,204
Other liabilities	5,487,159	5,481,288
Total liabilities	211,960,516	161,113,030
Equity attributable to Credicorps equity holders:
Capital stock	1,318,993	1,318,993
Treasury stock	(208,433)	(207,839)
Capital surplus	192,625	226,037
Reserves	21,429,635	19,437,645
Other reserves	1,865,898	1,088,189
Retained earnings (losses)	347,152	4,374,935
Equity attributable to owners of parent	24,945,870	26,237,960
Non-controlling interest	499,777	508,350
Total equity, net	25,445,647	26,746,310
Total liabilities and net equity	S/ 237,406,163	S/ 187,859,340

TAX SITUATION - Deferred Income Tax (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred asset
Deferred asset	S/ 1,693,655	S/ 520,848
Deferred liabilities
Deferred liability	(105,529)	(134,204)
Buildings [member] \| Other [Member]
Deferred liabilities
Deferred liability	(65,052)	(66,818)
Allowance for loan losses for loan portfolio [Member]
Deferred asset
Deferred asset	1,738,240	699,970
Freezing credits (zero rate) and FAE funds
Deferred asset
Deferred asset	45,317	0
Provision for profit sharing [Member] \| Other [Member]
Deferred asset
Deferred asset	40,648	57,351
Provision for sundry expenses and risks [Member]
Deferred asset
Deferred asset	18,634	5,313
Provision for sundry expenses and risks [Member] \| Other [Member]
Deferred asset
Deferred asset	24,972	35,056
Provision for pending vacations [Member]
Deferred asset
Deferred asset	25,994	24,378
Depreciation of improvements for leased premises [Member]
Deferred asset
Deferred asset	24,945	19,005
Provision of interest on overdue refinanced loans
Deferred asset
Deferred asset	24,254	0
Unrealized loss in valuation on cash flow hedge derivatives [Member]
Deferred asset
Deferred asset	999	14,992
Carry forward tax losses [member]
Deferred asset
Deferred asset	19,443	14,309
Carry forward tax losses [member] \| Other [Member]
Deferred asset
Deferred asset	34,972	4,773
Unrealized losses due to valuation of investments at fair value through other comprehensive income [Member]
Deferred asset
Deferred asset	20,488	6,229
Unrealized losses due to valuation of investments at fair value through other comprehensive income [Member] \| Other [Member]
Deferred asset
Deferred asset	21,062	632
Provision of Stock awards
Deferred asset
Deferred asset	15,325	2,233
Others
Deferred asset
Deferred asset	21,514	19,351
Deferred liabilities
Deferred liability	(36,417)	(11,280)
Others \| Other [Member]
Deferred asset
Deferred asset	83,717	50,403
Deferred liabilities
Deferred liability	(6,623)	(12,977)
Intangibles net [Member]
Deferred liabilities
Deferred liability	(41,491)	(50,048)
Intangibles net [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(219,980)	(223,101)
Adjustment for difference in exchange of SUNAT and SBS [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(28,424)	(30,846)
Deferred acquisitions costs DAC [Member]
Deferred liabilities
Deferred liability	(26,616)	(27,925)
Deferred acquisitions costs DAC [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(14,705)	(17,578)
Unrealized gain due to valuation of investments at fair value through other comprehensive income [Member]
Deferred liabilities
Deferred liability	(36,796)	(34,054)
Unrealized gain due to valuation of investments at fair value through other comprehensive income [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(28,377)	(12,387)
Unrealized gain in valuation on fair value hedge derivatives [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(13,714)	(9,451)
Fluctuation of the fair value of the covered bonds [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(1,707)	(7,971)
Unrealized gain in valuation on cash flow hedge derivatives [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(3,974)	(2,021)
Technical reserves for premiums [Member]
Deferred liabilities
Deferred liability	0	(23,180)
Buildings revaluation [Member]
Deferred liabilities
Deferred liability	(3,558)	(3,463)
Buildings revaluation [Member] \| Other [Member]
Deferred liabilities
Deferred liability	(4,234)	(4,795)
Deferred income due to commission [Member]
Deferred asset
Deferred asset	9,021	8,138
Allowance for loan losses for insurance [Member]
Deferred asset
Deferred asset	0	6,945
Provision for profit sharing
Deferred asset
Deferred asset	4,041	8,562
Gain generated in the reorganization of Pacfico EPS [Member]
Deferred liabilities
Deferred liability	(39,515)	(39,515)
Catastrophic insurance reserve [Member]
Deferred liabilities
Deferred liability	(10,682)	(9,776)
Leasing operations related to loans [Member]
Deferred liabilities
Deferred liability	S/ (3,595)	S/ (3,810)

TRANSACTIONS WITH RELATED PARTIES

12 Months Ended

Dec. 31, 2020

TRANSACTIONS WITH RELATED PARTIES

a) The Group’s consolidated financial statements at December 31, 2020 and 2019 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO.

b) The following table presents the main transactions with related parties as of December 31, 2020 and 2019:


	2020	2019
	S/(000)	S/(000)

Statement of financial position -
Direct loans	1,909,516	1,657,206
Investments (*)	1,165,661	935,286
Deposits (**)	(1,582,412)	(751,990)
Derivatives at fair value	4,408	4,984

(*) The balance includes mainly S/167.1 million of shares and S/200.3 million of bonds issued by Alicorp S.A.A., S/153.0 million of bonds issued by Cementos Pacasmayo S.A., and S/280.8 million of shares of Inversiones Centenario. The increase in the balance corresponds mainly to the acquisition of corporate bonds issued by Alicorp S.A.

(**) It corresponds to deposits of legal and natural persons. The increase corresponds mainly to higher deposits from related companies Inversiones Piuranas, Inversiones Centenario and Cementos Pacasmayo among other variations.


	2020	2019
	S/(000)	S/(000)

Statement of income
Interest income related to loans	57,373	28,477
Interest expenses related to deposits	(17,212)	(10,377)
Other income	24,411	9,698

Off-balance sheet
Indirect loans	431,089	373,865

The increase of the direct loans and accrued interest on loans is mainly due to loan Effective Credits awarded made between May and December 2020. Likewise, the increase in deposits and interest expenses increased in the same proportion as a result of the entities maintaining the loans received as demand deposits.

c) All transactions with related parties are made in accordance with normal market conditions available to other customers. At December 31, 2020 and 2019, direct loans to related companies are secured by collateral, had maturities between January 2021 an March 2036, at an annual soles average interest rate of 5.33 percent and at an annual foreign currency average interest rate of 4.45 percent (as of December 31, 2019, maturities where between January 2020 and December 2028, and the annual soles average interest rate was 6.21 percent and the annual foreign currency average interest rate was 5.70 percent). Also, as of December 31, 2020 and December 31, 2019, the Group maintains an allowance for loan losses for related parties amounting to S/9.1 million and S/12.6 million, respectively.

d) At December 31, 2020 and 2019, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. At December 31, 2020 and 2019, direct loans to employees, directors, key management and family members amounted to S/1,062.1 million and S/1,003.2 million, respectively; they are repaid monthly and earn interest at market rates.

e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2020 and 2019 was as follows:


	2020	2019
	S/(000)	S/(000)

Director’s compensation	6,106	6,766
Senior Management Compensation:
Remuneration	32,396	32,218
Stock awards vested	22,756	27,157
Total	61,258	66,141

f) At December 31, 2020 and 2019 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below:


	2020	2019
	S/(000)	S/(000)
At fair value through profit or loss:
Mutual funds, investment funds and hedge funds
U.S. Dollars (*)	427,012	38,149
Bolivianos	138,887	126,722
Soles	553,947	59,934
Colombian pesos	67,284	17,475
Chilean pesos	1,522	6,765
Total	1,188,652	249,045

Restricted mutual funds, Note 6(a)(iv)	436,881	460,086

(*) The increase in the balance corresponds mainly to the purchase of new participations in mutual funds. See Note 6(a)(iii).

TRANSACTIONS WITH RELATED PARTIES - Group holds interests in various funds managed by certain of the Group's subsidiaries (Details) - PEN (S/)
S/ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Investment funds

Mutual funds - U.S. dollars [Member] | Investment funds

S/ 1,188,652

S/ 249,045

Mutual funds - Bolivianos [Member] | Investment funds

^[1]

427,012

38,149

Mutual funds - Soles [Member] | Investment funds

138,887

126,722

Mutual funds - Colombian pesos [Member] | Investment funds

553,947

59,934

Mutual funds - Chilean pesos [Member] | Investment funds

67,284

17,475

Restricted mutual funds [Member]

1,522

6,765

NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS

S/ 436,881

S/ 460,086

[1]	The increase in the balance corresponds mainly to the purchase of new participations in mutual funds. See Note 6(a)(iii).

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS

12 Months Ended

Dec. 31, 2020

NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS

26 NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS

This item consists of the following:


	2020
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)
Gross claims, Note 16(b)	1,383,344	326,183	281,627	1,991,154
Ceded claims, Note 9(b)	(138,573)	(131,444)	(13,024)	(283,041)
Net insurance claims	1,244,771	194,739	268,603	1,708,113


	2019
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)

Gross claims, Note 16(b)	1,001,671	524,142	326,980	1,852,793
Ceded claims, Note 9(b)	(100,432)	(208,761)	(12,182)	(321,375)
Net insurance claims	901,239	315,381	314,798	1,531,418


	2018
	Life	General	Health
	insurance	insurance	insurance	Total
	S/(000)	S/(000)	S/(000)	S/(000)

Gross claims	737,982	535,003	307,182	1,580,167
Ceded claims, Note 9(b)	(101,115)	(257,072)	(9,782)	(367,969)
Net insurance claims	636,867	277,931	297,400	1,212,198

As of December 31, 2020 the net insurances claims for general insurance had a reduction mainly because of confinement dictated by the Government in the previous months of the year of 2020, see Note 2(b). Among the most affected branches are vehicle insurance, Mandatory Traffic Accident Insurance (“SOAT” by its acronym in Spanish) and personal accidents. Likewise, the increase in net insurances claims for Life Insurances was mainly due to the impact of COVID-19.

ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of amounts arising from insurance contracts

b) The movements of the captions “Accounts receivable and payable to reinsurers and coinsurers” are as follows:

Accounts receivable:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Balances as of January 1	791,704	842,043	715,695
Reported claims of premiums ceded, Note 26	283,041	321,375	367,969
Reserve risk in progress of premiums ceded, Note 25(a)(**)	23,186	(14,935)	34,709
Premiums assumed	—	668	5,882
Settled claims of premiums ceded by reinsurance contracts	(229,729)	(226,769)	(238,936)
Collections and others, net (i)	51,217	(130,678)	(43,276)
Balances at the end of the period	919,419	791,704	842,043

Accounts receivable as of December 31, 2020 and December 31, 2019, include S/282.0 million and S/201.0 million, respectively, which correspond to the assigned portion of technical reserves for premiums ceded to the reinsurers.

(i)As of December 31, 2020, the balance consists of collections made to reinsurers, which were reduced by S/10.0 million, as well as the effect of exchange difference for approximately S/55.0 million; As of December 31, 2019, collections made amounted to S/ 115.0 million and the effect of exchange difference for S/ (4.4) million.

Accounts Payable:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Balances as of January 1	216,734	291,693	235,185
Premiums ceded for automatic contracts (mainly excess of loss), Note 25(a)(**)	244,112	254,839	243,427
Premiums ceded to reinsurers in facultative contracts, Note 25(a)(**)	327,098	289,386	288,928
Coinsurance granted	753	4,332	11,433
Payments and other, net	(450,251)	(623,516)	(487,280)
Balances at the end of the period	338,446	216,734	291,693

BONDS AND NOTES ISSUED - Additional information (Details) S/ in Thousands, ¥ in Millions, $ in Millions						1 Months Ended			60 Months Ended
	Aug. 27, 2024	Aug. 17, 2024	Apr. 24, 2022	Sep. 16, 2021	Jul. 01, 2020 USD ($)	Jul. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 PEN (S/)	Apr. 24, 2022	Sep. 15, 2021	Dec. 31, 2020 JPY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 PEN (S/)	Dec. 31, 2019 JPY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PEN (S/)	Sep. 30, 2019 PEN (S/)	Jul. 31, 2019 JPY (¥)	Jul. 31, 2019 PEN (S/)	Feb. 28, 2019 USD ($)	Feb. 28, 2019 PEN (S/)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 PEN (S/)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 PEN (S/)
Disclosure of bonds and notes issued [Line Items]
Redemption price, as a percentage of principal amount					100.00%
Nominal value of bonds designated as hedges \| S/													S/ 54,844,606					S/ 69,720,506
Redemption price, interest rate basis							25.00%	25.00%
Derivatives [member]
Disclosure of bonds and notes issued [Line Items]
Financial instruments designated as hedging instruments, at fair value												$ 2.6	9,400				$ 8.7	28,800								$ 22.0	S/ 71,700
Consolidated income [Member]
Disclosure of bonds and notes issued [Line Items]
Financial instruments designated as hedging instruments, at fair value													S/ 21,200				6.1	21,200						$ 7.8	S/ 26,000
Treasury of the United States of America's rate
Disclosure of bonds and notes issued [Line Items]
Basis points											0.50%	0.50%	0.50%
Subordinated bonds - BCP One [Member] \| Subsequent Events [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis			Libor plus 704.3 basis points						América's rate plus 50 basis points	America´s rate plus 50 basis point
Subordinated bonds - BCP Two [Member] \| Floating interest rate [member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis				Libor plus 770.8 basis points
Senior Notes One [Member]
Disclosure of bonds and notes issued [Line Items]
Repurchase of debt							$ 291.2
Notional value payable \| S/																			S/ 400,000
Borrowings exchanged \| S/								S/ 1,308,800
Original amount of debt proposed to be exchanged \| S/								2,000,000
Senior Notes Three [Member]
Disclosure of bonds and notes issued [Line Items]
Notional amount \| S/																			S/ 800,000
Repurchase of debt							220.3
Notional value payable							374.6
Borrowings exchanged							$ 205.0
Senior Notes Three [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Notional amount												$ 50.0	S/ 181,100				50.0	165,700
Senior Notes Four [Member]
Disclosure of bonds and notes issued [Line Items]
Notional amount														$ 500.0	S/ 1,810,500
Senior Notes Four [Member] \| Hedges of net investment in foreign operations [member]
Disclosure of bonds and notes issued [Line Items]
Notional amount												135.4	490,300
Basis points														40.00%	40.00%
Nominal value of bonds designated as hedges												135.4	490,300
Senior Notes Five [Member]
Disclosure of bonds and notes issued [Line Items]
Notional amount																						$ 70.0	S/ 253,500
Nominal value of bonds designated as hedges												70.0	232,000
Senior Notes Five [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Notional amount												70.0	253,500				$ 70.0	232,000
Senior Notes Six [Member]
Disclosure of bonds and notes issued [Line Items]
Notional amount																				¥ 5,000.0	S/ 175,300
Senior Notes Six [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Notional amount											¥ 5,000.0		175,300			¥ 5,000.0		S/ 152,500
New Senior Notes under Senior Notes One
Disclosure of bonds and notes issued [Line Items]
Senior notes issued \| S/								S/ 2,500,000
Redemption price, as a percentage of principal amount							100.00%	100.00%
New Senior Notes under Senior Notes One \| Forecast
Disclosure of bonds and notes issued [Line Items]
Redemption price, as a percentage of principal amount	100.00%
New Senior Notes under Senior Notes Three
Disclosure of bonds and notes issued [Line Items]
Senior notes issued \| S/								S/ 700,000
Redemption price, interest rate basis							20.00%	20.00%
New Senior Notes under Senior Notes Three \| Forecast
Disclosure of bonds and notes issued [Line Items]
Redemption price, as a percentage of principal amount		100.00%
6.875% Fixed- to-Floating Rate Subordinated Notes due 2026
Disclosure of bonds and notes issued [Line Items]
Notional value payable						$ 476.1
Repurchase of debt						294.6
6.125% Fixed-to-Floating Rate Subordinated Notes due 2027
Disclosure of bonds and notes issued [Line Items]
Notional value payable						720.0
Repurchase of debt						224.9
Borrowings exchanged						$ 200.4
3.125% Subordinated Fixed-to-Fixed Rate Notes due 2030
Disclosure of bonds and notes issued [Line Items]
Notional amount					$ 850.0
Borrowings, interest rate					3.125%
Interest rate swap \| Senior Notes Seven [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Nominal value of bonds designated as hedges												$ 30.0	108,600
Currency swaps \| Senior Notes Six [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Nominal value of bonds designated as hedges											¥ 5,000.0		S/ 152,500

RIGHT-OF-USE ASSETS AND LEASE LIABILITES (Tables)

12 Months Ended

Dec. 31, 2020

RIGHT-OF-USE ASSETS AND LEASE LIABILITES

Summary of lease agreements


	Property:	Servers and
	Agencies and	technology	Transport	Other
	offices	platforms	units	leases	2020	2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Cost -
Balance as of January 1,	819,046	168,371	3,006	7,394	997,817	—
Additions	28,352	145,140	598	20,411	194,501	997,817
Acquisition of business	—	—	—	—	—	—
Transfers	—	—	—	—	—	—
Disposal and others	(49,544)	(151,877)	(749)	—	(202,170)	—
Balance as of December 31	797,854	161,634	2,855	27,805	990,148	997,817

Accumulated depreciation -
Balance as of January 1,	130,761	40,591	971	3,654	175,977	—
Depreciation of the period	131,815	35,926	837	3,427	172,005	169,406
Acquisition of business	—	—	—	—	—	6,571
Transfers	—	—	—	—	—	—
Disposal and others	(5,144)	(55,763)	145	—	(60,762)	—
Balance as of December 31	257,432	20,754	1,953	7,081	287,220	175,977

Net carrying amount	540,422	140,880	902	20,724	702,928	821,840

BONDS AND NOTES ISSUED (Details) ¥ in Thousands, S/ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 JPY (¥)	Dec. 31, 2019 JPY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 PEN (S/)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PEN (S/)	Sep. 30, 2019 PEN (S/)	Jul. 31, 2019 JPY (¥)	Jul. 31, 2019 PEN (S/)	Feb. 28, 2019 USD ($)	Feb. 28, 2019 PEN (S/)
Disclosure of bonds and notes issued [Line Items]
Borrowings, maturity		maturities where between January 2020 and December 2028
Notes And Debenture Issued Excluding Accrued Interest				S/ 16,181,568				S/ 14,766,848
Interest payable				137,839				179,515
Notes and debentures issued				16,319,407				14,946,363
Senior Notes Three [Member]
Disclosure of bonds and notes issued [Line Items]
Issued amount									S/ 800,000
Senior Notes Three [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Issued amount			$ 50,000	181,100			$ 50,000	165,700
Senior Notes Four [Member]
Disclosure of bonds and notes issued [Line Items]
Issued amount					$ 500,000	S/ 1,810,500
Subordinated bonds Third Program Three [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	6.25
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	August 2028	August 2028
Issued amount \| $			70,000				70,000
Notes And Debenture Issued Excluding Accrued Interest				37,295				33,816
Senior Notes Five [Member]
Disclosure of bonds and notes issued [Line Items]
Issued amount												$ 70,000	S/ 253,500
Senior Notes Five [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Issued amount			70,000	253,500			70,000	232,000
Senior Notes Six [Member]
Disclosure of bonds and notes issued [Line Items]
Issued amount										¥ 5,000,000	S/ 175,300
Senior Notes Six [Member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Issued amount	¥ 5,000,000	¥ 5,000,000		175,300				152,500
Fixed interest rate [member]
Disclosure of bonds and notes issued [Line Items]
Notes And Debenture Issued Excluding Accrued Interest				790,577				953,700
Fixed interest rate [member] \| Cash flow hedges
Disclosure of bonds and notes issued [Line Items]
Notes And Debenture Issued Excluding Accrued Interest				691,163				444,372
Fixed interest rate [member] \| Senior Notes One [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	4.25
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	April 2023	April 2023
Issued amount \| $			716,301				716,301
Notes And Debenture Issued Excluding Accrued Interest				2,552,985				2,318,975
Fixed interest rate [member] \| Senior Notes Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	From 4.65 to 4.85
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	September 2024	October 2020 / September 2024
Issued amount				2,900,000				2,900,000
Notes And Debenture Issued Excluding Accrued Interest				2,469,832				2,872,355
Fixed interest rate [member] \| Senior Notes Three [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	From 2.70 to 5.38
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	January 2025	September 2020 / January 2025
Issued amount				700,000				1,074,628
Notes And Debenture Issued Excluding Accrued Interest				2,453,353				3,464,199
Fixed interest rate [member] \| Senior Notes Four [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	2.75
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	June 2025	-
Issued amount \| $			500,000
Notes And Debenture Issued Excluding Accrued Interest				1,737,139
Fixed interest rate [member] \| Corporate bonds Fourth Program Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	From 5.31 to 7.25
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	December 2021 / November 2022	December 2021/ November 2022
Issued amount				550,000				550,000
Notes And Debenture Issued Excluding Accrued Interest				527,794				527,868
Fixed interest rate [member] \| Corporate bonds Fifth Program One [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	4.25
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	July 2022	July 2022
Issued amount				109,310				109,310
Notes And Debenture Issued Excluding Accrued Interest				108,980				108,821
Fixed interest rate [member] \| Corporate bonds Fifth Program Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	4.59
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	July 2021	July 2021
Issued amount				70,770				70,770
Notes And Debenture Issued Excluding Accrued Interest				69,178				63,430
Fixed interest rate [member] \| Corporate bonds Fifth Program Three [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	3.88
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	August 2022	August 2022
Issued amount				42,660				42,660
Notes And Debenture Issued Excluding Accrued Interest				42,456				42,337
Fixed interest rate [member] \| Subordinated bonds - BCP One [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	From 3.13 to 6.13
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	April 2027 / July 2030	April 2027
Issued amount \| $			1,144,700				720,000
Notes And Debenture Issued Excluding Accrued Interest				4,028,266				2,383,860
Fixed interest rate [member] \| Subordinated bonds - BCP Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	6.88
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	September 2026	September 2026
Issued amount \| $			181,505				476,120
Notes And Debenture Issued Excluding Accrued Interest				651,176				1,549,702
Fixed interest rate [member] \| Subordinated bonds First Program One [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	6.97
Borrowings Interest Payment Basis	Quarterly
Borrowings, maturity	November 2026	November 2026
Issued amount				60,000				60,000
Notes And Debenture Issued Excluding Accrued Interest				217,260				198,840
Fixed interest rate [member] \| Subordinated bonds First Program Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	6.22
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	May 2027	May 2027
Issued amount \| $			15,000				15,000
Notes And Debenture Issued Excluding Accrued Interest				15,000				15,000
Fixed interest rate [member] \| Subordinated bonds Second Program One [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	4.41
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	December 2030	-
Issued amount				50,000
Notes And Debenture Issued Excluding Accrued Interest				164,784
Fixed interest rate [member] \| Subordinated bonds Second Program Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	8.50
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	May 2026	May 2026
Issued amount				100,000				100,000
Notes And Debenture Issued Excluding Accrued Interest				100,000				99,934
Fixed interest rate [member] \| Subordinated Bonds Second Program Three [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	7.22
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	June 2027	June 2027
Issued amount \| $			30,000				30,000
Notes And Debenture Issued Excluding Accrued Interest				30,000				30,000
Fixed interest rate [member] \| Negotiable certificate of deposit - Mibanco [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	From 1.20 to 5.80
Borrowings Interest Payment Basis	Annual
Borrowings, maturity	January 2021 / November 2024	January 2020 / January 2024
Issued amount				1,385				997
Notes And Debenture Issued Excluding Accrued Interest				1,385				997
Fixed interest rate [member] \| Corporate bonds Fifth Program Four [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	4.88
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	October 2021	October 2021
Issued amount				42,200				42,200
Notes And Debenture Issued Excluding Accrued Interest				42,169				29,183
Fixed interest rate [member] \| Subordinated bonds Third Program One [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	5.25
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	August 2022	August 2022
Issued amount				137,200				137,200
Notes And Debenture Issued Excluding Accrued Interest				73,546				66,782
Fixed interest rate [member] \| Subordinated bonds Third Program Two [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	6.00
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	August 2030	-
Issued amount				100,000
Notes And Debenture Issued Excluding Accrued Interest				53,278
Fixed interest rate [member] \| Senior note [Member]
Disclosure of bonds and notes issued [Line Items]
Issued amount \| $							70,000
Notes And Debenture Issued Excluding Accrued Interest								231,738
Fixed interest rate [member] \| Senior Notes Five [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	Libor 3M + 100 pb
Borrowings Interest Payment Basis	Quarterly
Borrowings, maturity	March 2021	March 2021
Issued amount \| ¥	¥ 70,000
Notes And Debenture Issued Excluding Accrued Interest				253,412
Fixed interest rate [member] \| Senior Notes Six [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	0.42
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	August 2021	August 2021
Issued amount \| ¥	¥ 5,000,000	¥ 5,000,000
Notes And Debenture Issued Excluding Accrued Interest				175,087				151,888
Fixed interest rate [member] \| Senior Notes Ten [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	Libor 3M + 55 pb
Borrowings Interest Payment Basis	Quarterly
Borrowings, maturity	March 2022	-
Issued amount \| $			30,000
Notes And Debenture Issued Excluding Accrued Interest				108,479
Fixed interest rate [member] \| Corporate Bonds Fifth Program Five [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	5.91
Borrowings Interest Payment Basis	Semi-annual
Borrowings, maturity	-	January 2020
Issued amount				0				182,410
Notes And Debenture Issued Excluding Accrued Interest				0				182,061
Two Thousand Twelve Series C Floating Rate [Member] \| CCR Inc. MMT 100 - Secured notes [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	4.75
Borrowings Interest Payment Basis	Monthly
Borrowings, maturity	July 2022	July 2022
Issued amount \| $			315,000				315,000
Notes And Debenture Issued Excluding Accrued Interest				257,996				385,253
Floating Interest Rate Member [Member] \| Subordinated negotiable certificates - BCP [Member]
Disclosure of bonds and notes issued [Line Items]
Borrowings, interest rate basis	Libor
Borrowings Interest Payment Basis	Quarterly
Borrowings, maturity	November 2021	November 2021
Issued amount \| $			$ 2,960				$ 2,960
Notes And Debenture Issued Excluding Accrued Interest				S/ 10,718				S/ 9,809

FINANCIAL RISK MANAGEMENT - VAR by Risk Type (Details) - Price risk - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Consolidated VaR by Type Of Asset [Line Items]
Value at risk	S/ 135,461	S/ 11,301
Interest rate risk
Disclosure Of Consolidated VaR by Type Of Asset [Line Items]
Value at risk	163,982	9,274
Price risk
Disclosure Of Consolidated VaR by Type Of Asset [Line Items]
Value at risk	55,748	7,809
Volatility risk
Disclosure Of Consolidated VaR by Type Of Asset [Line Items]
Value at risk	708	463
Diversification effect
Disclosure Of Consolidated VaR by Type Of Asset [Line Items]
Value at risk	S/ (84,977)	S/ (6,245)

FINANCIAL RISK MANAGEMENT - Sensitivity Analysis of the U.S.Dollar (Details) - Consolidated VaR by type of risk - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Devalualtion at 5 in US Dollar [Member]
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items]
Sensitivity Analysis, Percent Change In Currency	5.00%	5.00%
Sensitivity Analysis, change in non-trading monetary assets and liabilities	S/ 15,237	S/ 7,142
Devalualtion at 10 in US Dollar [Member]
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items]
Sensitivity Analysis, Percent Change In Currency	10.00%	10.00%
Sensitivity Analysis, change in non-trading monetary assets and liabilities	S/ 29,089	S/ 13,635
Revaluation In 5 In US Dollar [Member]
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items]
Sensitivity Analysis, Percent Change In Currency	5.00%	5.00%
Sensitivity Analysis, change in non-trading monetary assets and liabilities	S/ (16,841)	S/ (7,894)
Revaluation In 10 In US Dollar [Member]
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items]
Sensitivity Analysis, Percent Change In Currency	10.00%	10.00%
Sensitivity Analysis, change in non-trading monetary assets and liabilities	S/ (35,553)	S/ (16,665)

OTHER ASSETS AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2020

OTHER ASSETS AND OTHER LIABILITIES

OTHER ASSETS AND OTHER LIABILITIES

13 OTHER ASSETS AND OTHER LIABILITIES

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)
Other assets -
Financial instruments:
Receivables (i)	1,307,187	1,311,892
Derivatives receivable (b)	1,214,497	1,092,107
Receivables from sale of invesments (h)	271,066	278,580
Operations in process (c)	245,303	110,389
	3,038,053	2,792,968

Non-financial instruments:
Deferred fees (g)	1,039,557	1,056,656
Investment in associates (d)	645,886	628,822
Investment properties, net (e)	466,859	450,929
Income tax prepayments, net	303,838	191,502
Adjudicated assets, net	135,089	143,349
Improvements in leased premises	90,146	112,385
VAT (IGV) tax credit	49,364	75,605
Others	9,198	26,441
	2,739,937	2,685,689
Total	5,777,990	5,478,657


	2020	2019
	S/(000)	S/(000)
Other liabilities -
Financial instruments:
Accounts payable (j)	1,788,956	1,670,525
Derivatives payable (b)	1,205,213	1,040,282
Accounts payable for acquisitions of investments (h)	260,786	311,348
Salaries and other personnel expenses	614,349	760,140
Allowance for indirect loan losses, Note 7(c)	536,863	383,797
Operations in process (c)	72,800	80,734
	4,478,967	4,246,826
Non-financial instruments:
Taxes	293,873	644,802
Provision for sundry risks (f)	514,382	359,853
Others	199,937	229,807
	1,008,192	1,234,462
Total	5,487,159	5,481,288

b) The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change.

The table below shows as of December 31, 2020 and 2019 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which fair value of derivatives is measured.


		2020				2019				2020 and 2019
				Notional				Notional		Related
		Assets	Liabilities	amount	Maturity	Assets	Liabilities	amount	Maturity	instruments
		S/(000)	S/(000)	S/(000)		S/(000)	S/(000)	S/(000)

Derivatives held for trading (i) -
Foreign currency forwards		256,891	257,999	22,030,623	January 2021 / October 2022	306,148	246,960	27,422,634	January 2020 / October 2020	—
Interest rate swaps		600,718	613,624	20,447,415	January 2021 / December 2031	268,633	350,938	26,268,071	January 2020 / December 2031	—
Currency swaps		323,425	181,454	9,095,243	January 2021 / January 2033	411,656	366,545	8,177,179	January 2020 / January 2033	—
Foreign exchange options		2,673	3,547	426,848	January 2021 / June 2021	6,489	6,089	1,565,083	January 2020 / December 2020	—
Futures		2,694	2,616	32,589	March 2021	10	139	16,901	March 2020	—
		1,186,401	1,059,240	52,032,718		992,936	970,671	63,449,868
Derivatives held as hedges
Cash flow hedges -
Interest rate swaps (IRS)	17(a)(x)	—	2,525	108,630	March 2022	—	—	—	—	Bonds issued
Interest rate swaps (IRS)	17(a)(v)	—	1,473	253,470	March 2021	—	2,555	231,980	March 2021	Bonds issued
Interest rate swaps (IRS)	15(b)(i)	—	315	362,100	March 2021	102	1,111	662,800	May 2020 / November 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(iii)	—	72	181,050	March 2021	55	714	984,258	February 2020 / November 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(ii)	—	60	181,050	March 2021	114	—	331,400	August 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(v)	—	—	—	—	315	839	994,200	May 2020 / August 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(vi)	—	—	—	—	—	447	331,400	June 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(iv)	—	—	—	—	—	1,046	629,660	May 2020 / June 2020	Debt to banks
Cross currency swaps (CCS)	6(b)(ii)/(v)	18,224	74,677	487,046	January 2021 / September 2024	20,803	1,167	107,425	May 2021 / September 2024	Investments (*)
Cross currency swaps (CCS)	17(a)(iii)	5,090	—	181,050	January 2025	—	8,197	165,700	January 2025	Bonds issued
Cross currency swaps (CCS)	17(a)(vi)	4,782	—	175,345	August 2021	—	2,823	152,545	August 2021	Bonds issued
Cross currency swaps (CCS)	5(c)(i)	—	29,001	162,945	August 2026	—	30,352	149,130	August 2026	Repurchase agreements
Cross currency swaps (CCS)	5(c)(ii)	—	11,797	90,525	August 2026	—	12,236	82,850	August 2026	Repurchase agreements
Cross currency swaps (CCS)	5(c)(iv)	—	—	—	—	30,741	—	231,980	August 2020	Repurchase agreements
Cross currency swaps (CCS)	15(b)(vi)	—	—	—	—	7,624	—	331,400	January 2020	Debt to banks
Cross currency swaps (CCS) and Interest rate swaps (IRS)	5(c)(iii)	—	—	—	—	39,417	—	265,120	August 2020	Repurchase agreements

Fair value hedges -
Interest rate swaps (IRS)	6(b)	—	26,053	628,677	March 2022 / May 2023	—	8,124	618,790	June 2021 / May 2023	Investments (*)
		28,096	145,973	2,811,888		99,171	69,611	6,270,638
		1,214,497	1,205,213	54,844,606		1,092,107	1,040,282	69,720,506

(*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2020 and 2019.

(i) Held-for-trading derivatives are principally negotiated to satisfy customers’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedge accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows:


	2020						2019
	Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5		Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5
	months	to 1 year	years	years	years	Total	months	to 1 year	years	years	years	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Foreign currency forwards	148,076	108,541	274	—	—	256,891	199,070	104,265	2,813	—	—	306,148
Interest rate swaps	4,025	25,005	81,209	46,101	444,378	600,718	3,716	8,409	38,569	8,067	209,872	268,633
Currency swaps	12,324	11,499	122,673	36,219	140,710	323,425	7,124	101,368	102,703	67,826	132,635	411,656
Foreign exchange options	379	2,294	—	—	—	2,673	1,844	4,645	—	—	—	6,489
Futures	2,694	—	—	—	—	2,694	10	—	—	—	—	10
Total assets	167,498	147,339	204,156	82,320	585,088	1,186,401	211,764	218,687	144,085	75,893	342,507	992,936


	2020						2019
	Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5		Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5
	months	to 1 year	years	years	years	Total	months	to 1 year	years	years	years	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Foreign currency forwards	145,781	111,956	262	—	—	257,999	154,424	89,739	2,797	—	—	246,960
Interest rate swaps	12,794	23,211	80,629	64,995	431,995	613,624	7,705	13,837	46,840	18,477	264,079	350,938
Currency swaps	15,122	33,147	86,265	20,344	26,576	181,454	41,729	92,917	79,844	50,663	101,392	366,545
Foreign exchange options	676	2,871	—	—	—	3,547	836	5,253	—	—	—	6,089
Futures	2,616	—	—	—	—	2,616	139	—	—	—	—	139
Total liabilities	176,989	171,185	167,156	85,339	458,571	1,059,240	204,833	201,746	129,481	69,140	365,471	970,671

(ii) The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or those that bear interest at variable rates. The Group uses derivative financial instruments as cash flow hedges to cover these risks.

A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below:


	2020					2019
	Up to 1	From 1 to 3	From 3 to 5	Over 5		Up to 1	From 1 to 3	From 3 to 5	Over 5
	year	years	years	years	Total	year	years	years	years	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Cash inflows (assets)	1,268,082	229,366	275,235	255,963	2,028,646	5,081,355	301,865	84,786	254,968	5,722,974
Cash outflows (liabilities)	(1,347,995)	(274,482)	(265,536)	(236,859)	(2,124,872)	(4,693,775)	(330,220)	(91,678)	(355,702)	(5,471,375)
Consolidated statement of income	(4,939)	(5,314)	(4,969)	(25,891)	(41,113)	(8,949)	(4,367)	(487)	(18,139)	(31,942)

As of December 31, 2020, the accumulated balance of net unrealized loss from cash flow hedges, which is included as other comprehensive income in “Cash flow hedge reserves” results from the current hedges, which have an unrealized loss of approximately S/38.2 million and from the revoked hedges, which have an unrealized loss of approximately S/2.9 million (unrealized loss of approximately S/0.1 million from current hedges and unrealized profit for S/3.8 million from revoked hedges, as of December 31, 2019), which is being recognized in the consolidated statement of income over the remaining term of the underlying financial instrument. Also, the transfer of the unrealized loss on cash flow hedges to the consolidated statement of income is presented in Note 18 (c).

c) Transactions in process include deposits received, granted and collected loans, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the consolidated statement of financial position until the first days of the following month. The regularization of these transactions does not affect the Group’s net income.

d) Credicorp’s principal associate is Entidad Prestadora de Salud (EPS), whose balance amounts to S/603.4 million and S/571.9 million as of December 31, 2020 and 2019, respectively.

e) Investment properties -

The movement of investment properties is as follows:


	2020			2019
	Own assets
	Land	Buildings	Total	Total
	S/(000)	S/(000)	S/(000)	S/(000)
Cost
Balance at January 1	253,041	238,325	491,366	484,782
Additions (i)	12,543	13,990	26,533	33,321
Sales (ii)	(31)	(202)	(233)	(26,775)
Disposals and others	(2,114)	(1,634)	(3,748)	38
Ending Period	263,439	250,479	513,918	491,366

Accumulated depreciation
Balance at January 1	—	39,027	39,027	43,488
Depreciation for the year	—	7,018	7,018	6,727
Sales (ii)	—	(148)	(148)	(11,435)
Disposals and others	—	(248)	(248)	247
Ending Period	—	45,649	45,649	39,027

Impairment losses (iii)	689	721	1,410	1,410

Net carrying amount	262,750	204,109	466,859	450,929

Land and buildings are mainly used for office rental, which are free of all encumbrances.

(i) As of December 31, 2020, the main additions correspond to the acquisition of land located in the Comas district in the city of Lima for the amount of S/12.5 million. Likewise, in order to consolidate the real estate projects, the Group has made disbursements mainly for the improvements of buildings one of them located in Arequipa for the amount of S/5.1 million, the other located in Trujillo for approximately S/3.8 million and also improvements on the 13th floor of Panorama building located in the district of Santiago de Surco, Lima amounted of S/2.4 million.

In 2019, the most important additions corresponded to the acquisition of 13th floor of Panorama Building located in the district of Santiago de Surco, Lima for approximately S/10.1 million (S/1.3 million for land and S/8.8 million for building) and land located in the district of San Martín de Porres, Lima for approximately S/8.7 million.

(ii) The amount for sales for the 2020 period is mainly due to the sale of a store N° 112 located in the Jr. Huallaga (Lima) building, whose sale value was S/0.08 million (disposal cost amounted to S/0.09 million).

The amount for the sales of 2019, is mainly made up of the sale of a property located in Camino Real 348, San Isidro (Lima), whose sale value was S/27.5 million (cost of disposal of the property amounted to S/6.3 million); and a property located in Manuel Maria Izaga Street, located in the province of Chiclayo, whose value was S/3.4 million (net cost of the property amounted to S/4.2 million).

(iii) The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount, with the exception of a property located in the city of Ica, for which an impairment of S/0.3 million was recorded during the year of 2019.

As of December 31, 2020, and 2019, the market value of the property amounts to approximately S/1,050.4 million and S/937.8 million, respectively; which was determined through a valuation made by an independent appraiser.

f) The movement of the provision for sundry risks for the years ended December 31, 2020, 2019 and 2018 was as follows:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Balance at the beginning of the year	359,853	342,350	275,841
Provision, Note 29	140,897	27,272	42,236
Increase (decrease), net	13,632	(9,769)	24,273
Balances at the end of the year	514,382	359,853	342,350

Because of the nature of its business, the Group has various pending lawsuits, which provisions are recorded when, in Management’s and its in-house legal advisors opinion, it is likely that these may result in an additional liability and such amount can be reliably estimated. Regarding lawsuits against the Group which have not been recorded as a provision, in Management’s and its in-house legal advisors opinion, they will not result in an additional liability other than those recorded previously and they will not have a material effect on the Group’s consolidated financial statements.

g) As of December 31, 2020, the balance corresponds mainly to the payment in advance in favor of Latam Airlines Group S.A. Peru Branch for US$165.1 million, equivalent to S/597.9 million, (US$202.0 million, equivalent to S/669.4 million as of December 31, 2019) on account of the Latam Pass Miles that the Bank must acquire from January 2020. This advance made is being applied with the miles awarded to our clients for the use of Latam Pass credit cards. Customers can use these miles directly with Latam to exchange tickets, goods or services offered by them.

h) As of December 31, 2020 and 2019, corresponds to accounts receivable and payable for the sale and purchase of financial investments negotiated during the last days of the month, which were settled during the first days of the following month.

i) As of December 31, 2020, the balance is mainly made up of the margin call for derivatives for S/242.3 million, works for taxes for S/169.8 million, visa account for payments to establishments for S/81.1 million, taxes paid on account from third parties and other accounts receivable related to taxes for S/75.3 million, accounts receivable from deferred currency sale for S/60.2 million, dividends receivable for S/6.8 million, accounts receivable from associate for S/6.5 million, among others (as of December 31, 2019, the balance was mainly made up of margin call for derivatives for S/201.7 million, works for taxes for S/253.5 million, account receivable from deferred currency sale for S/128.8 million, taxes paid on account from third parties and other accounts receivable related to taxes for S/94.5 million, visa account for payment to establishments for S/89.1 million, dividends receivable for S/0.4 million, account receivable from an associate for S/6.8 million, among others).

j) As of December 31, 2020, the balance corresponds mainly to accounts payable to suppliers for S/215.0 million, accounts payable to policyholders for S/91.5 million, accounts payable to intermediaries for S/87.3 million, accounts payable for the purchase of deferred foreign currency for S/65.9 million, accounts payable for premiums to the Deposit Insurance Fund for S/46.4 million, interbank operations to be settled with the BCRP for S/39.6 million, Liquidation Funds of Financiera TFC for S/12.5 million, repurchase agreements to be settled for S/9.5 million, accounts payable to an associate for S/3.9 million, among others (as of December 31, 2019, the balance corresponded mainly to accounts payable to suppliers for S/313.0 million, accounts payable to intermediaries for S/206.5 million, accounts payable to policyholders for S/108.1 million, Liquidation funds of Financiera TFC for S/104.0 million, accounts payable to an associate for S/52.0 million, interbank operations to be settled with BCRP for S/22.4 million, insurance payable on behalf of third parties for S/14.0 million and accounts payable for the purchase of deferred foreign currency for S/10.9 million, among others).

CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY - PEN (S/) S/ in Thousands	Capital stock	Shares of the Group	Share-based payment	Capital surplus	Reserves	Investments in equity instruments	Investments in debt instruments	Cash flow hedge reserve	Insurance reserves	Foreign currency translation reserve	Retained earnings	Equity attributable to owners of parent, Total	Non-controlling interest	Total
Balances at Dec. 31, 2017	S/ 1,318,993	S/ (204,398)	S/ (4,539)	S/ 271,948	S/ 14,647,709	S/ 431,711	S/ 853,747	S/ (32,781)	S/ 0	S/ (16,041)	S/ 4,298,578	S/ 21,564,927	S/ 497,136	S/ 22,062,063
Changes in equity
Net profit for the year	0	0	0	0	0	0	0	0	0	0	3,983,865	3,983,865	87,440	4,071,305
Other comprehensive income, Note 18(d)	0	0	0	0	0	20,840	(624,277)	29,620	0	45,634	0	(528,183)	(5,734)	(533,917)
Total comprehensive income	0	0	0	0	0	20,840	(624,277)	29,620	0	45,634	3,983,865	3,455,682	81,706	3,537,388
Transfer of retained earnings to reserves, Note 18(c)	0	0	0	0	2,933,617	0	0	0	0	0	(2,933,617)	0	0	0
Dividend distribution, Note 18(e)	0	0	0	0	0	0	0	0	0	0	(1,130,427)	(1,130,427)	0	(1,130,427)
Dividends paid to interest non-controlling of subsidiaries	0	0	0	0	0	0	0	0	0	0	0	0	(45,134)	(45,134)
Acquisition of non-controlling interest	0	0	0	0	0	0	0	0	0	0	(70,046)	(70,046)	(104,426)	(174,472)
Purchase of treasury stock, Note 18(b)	0	0	(1,869)	(93,544)	0	0	0	0	0	0	0	(95,413)	0	(95,413)
Share-based payment transactions	0	0	2,767	67,790	17,230	0	0	0	0	0	0	87,787	0	87,787
Others	0	45	0	0	0	0	0	0	0	0	26,688	26,733	(2,449)	24,284
Balances (Restated) at Dec. 31, 2018	1,318,993	(204,353)	(3,641)	246,194	17,598,556	452,551	229,470	(3,161)	0	29,593	4,175,041	23,839,243	426,833	24,266,076
Changes in equity
Net profit for the year	0	0	0	0	0	0	0	0	0	0	4,265,304	4,265,304	87,027	4,352,331
Other comprehensive income, Note 18(d)	0	0	0	0	0	97,514	1,026,518	(26,943)	(658,491)	(58,862)	0	379,736	7,935	387,671
Total comprehensive income	0	0	0	0	0	97,514	1,026,518	(26,943)	(658,491)	(58,862)	4,265,304	4,645,040	94,962	4,740,002
Transfer of retained earnings to reserves, Note 18(c)	0	0	0	0	1,858,811	0	0	0	0	0	(1,858,811)	0	0	0
Dividend distribution, Note 18(e)	0	0	0	0	0	0	0	0	0	0	(1,595,229)	(1,595,229)	0	(1,595,229)
Dividends paid to interest non-controlling of subsidiaries	0	0	0	0	0	0	0	0	0	0	0	0	(52,971)	(52,971)
Additional dividends	0	0	0	0	(31,268)	0	0	0	0	0	(606,824)	(638,092)	0	(638,092)
Purchase of treasury stock, Note 18(b)	0	0	(1,814)	(101,411)	0	0	0	0	0	0	0	(103,225)	0	(103,225)
Share-based payment transactions	0	0	2,004	81,254	11,546	0	0	0	0	0	0	94,804	0	94,804
Acquisition of subsidiaries, Note 2(a)	0	0	0	0	0	0	0	0	0	0	0	0	74,392	74,392
Others	0	(35)	0	0	0	0	0	0	0	0	(4,546)	(4,581)	(34,866)	(39,447)
Balances at Dec. 31, 2019	1,318,993	(204,388)	(3,451)	226,037	19,437,645	550,065	1,255,988	(30,104)	(658,491)	(29,269)	4,374,935	26,237,960	508,350	26,746,310
Changes in equity
Net profit for the year	0	0	0	0	0	0	0	0	0	0	346,894	346,894	(12,756)	334,138
Other comprehensive income, Note 18(d)	0	0	0	0	0	76,849	688,831	(12,217)	(234,107)	258,353	0	777,709	9,229	786,938
Total comprehensive income	0	0	0	0	0	76,849	688,831	(12,217)	(234,107)	258,353	346,894	1,124,603	(3,527)	1,121,076
Transfer of retained earnings to reserves, Note 18(c)	0	0	0	0	1,977,091	0	0	0	0	0	(1,977,091)	0	0	0
Dividend distribution, Note 18(e)	0	0	0	0	0	0	0	0	0	0	(2,392,844)	(2,392,844)	0	(2,392,844)
Dividends paid to interest non-controlling of subsidiaries	0	0	0	0	0	0	0	0	0	0	0	0	(32,273)	(32,273)
Additional dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Purchase of treasury stock, Note 18(b)	0	0	(3,418)	(148,543)	0	0	0	0	0	0	0	(151,961)	0	(151,961)
Share-based payment transactions	0	0	2,762	115,131	14,899	0	0	0	0	0	0	132,792	0	132,792
Sale or purchase of treasury stocks	0	62	0	0	0	0	0	0	0	0	0	62	0	62
Others	0	0	0	0	0	0	0	0	0	0	(4,742)	(4,742)	27,227	22,485
Balances at Dec. 31, 2020	S/ 1,318,993	S/ (204,326)	S/ (4,107)	S/ 192,625	S/ 21,429,635	S/ 626,914	S/ 1,944,819	S/ (42,321)	S/ (892,598)	S/ 229,084	S/ 347,152	S/ 24,945,870	S/ 499,777	S/ 25,445,647

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	35 COMMITMENTS AND CONTINGENCIES Legal claim contingencies – i)Madoff Trustee Litigation - In September 2011, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and the substantively consolidated estate of Bernard L. Madoff (the Madoff Trustee) filed a complaint (the Madoff Complaint) against Credicorp’s subsidiary ASB in the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). The Madoff Complaint seeks recovery of approximately US$120.0 million in principal amount, which is alleged to be equal to the amount of redemptions between the end of 2004 and the beginning of 2005 of ASB-managed Atlantic U.S. Blue Chip Fund assets invested in Fairfield Sentry Limited (Fairfield Sentry ), together with fees, costs, interest and expenses. The Madoff Complaint seeks the recovery of these redemptions from ASB as “subsequent transfers” or “avoided transfers” from BLMIS to Fairfield Sentry that Fairfield Sentry in turn subsequently transferred to ASB. The Madoff Trustee has filed similar “clawback” actions against numerous other alleged “subsequent transferees” that invested in Fairfield Sentry and its sister entities, which, in turn, invested in and redeemed funds from BLMIS. There has been significant briefing on issues related to these Madoff Trustee actions, and these cases have been pending for many years. In November 2016, the Bankruptcy Court issued a Memorandum Decision Regarding Claims to Recover Foreign Subsequent Transfers (the Memorandum Decision) holding that the recovery of certain subsequent foreign transfers is barred under the doctrine of comity and/or extraterritoriality, and it dismissed the claims brought by the Madoff Trustee against a number of parties, including ASB. In March 2017, the Madoff Trustee filed an appeal (the Appeal) of the Memorandum Decision to the United States Court of Appeals for the Second Circuit, which reversed the Dismissal Order and remanded the matter to the Bankruptcy Court (the Second Circuit Opinion). In April 2019, the defendant-appellees, including ASB, filed, and the Second Circuit granted, a motion to stay the issuance of the mandate pending the filing of a petition for a writ of certiorari in the United States Supreme Court. The petition for a writ of certiorari was filed in the United States Supreme Court in August 2019. The mentioned petition was denied by the Supreme Court in June 2020. Following the denial of the petition for writ of certiorari, the judgment for dismissal by the Bankruptcy Court was vacated and the matter was remanded back to the Bankruptcy Court. The case now remains pending in the Bankruptcy Court. While management believes that ASB has substantial defenses against the Madoff Trustee’s claims and intends to defend against any action by the Madoff Trustee, following a recent decision by the US Supreme Court not to hear an appeal, certain defenses are no longer available, and therefore, management believes that a provision at this time would be prudent. ii)Fairfield Liquidator Litigation - In April 2012, Fairfield Sentry (In Liquidation) and its representative, Kenneth Krys (the Fairfield Liquidator), filed a complaint against ASB (the Fairfield Complaint) in the Bankruptcy Court (the Fairfield v. ASB Adversary Proceeding). The Fairfield Complaint seeks to recover US$115.2 million in principal amount from ASB, representing the amount of ASB’s redemptions of certain investments in Fairfield Sentry , together with fees, costs, interest and expenses. These are essentially the same funds that the Madoff Trustee seeks to recover in the Madoff Trustee litigation described above. After the Fairfield Complaint was filed, the Bankruptcy Court procedurally consolidated the Fairfield V. ASB Adversary Proceeding with other adversary actions brought by the Fairfield Liquidator against former investors in Fairfield Sentry. Similar to the Madoff Trustee litigation described above, the Fairfield V. ASB Adversary Proceeding and related adversary actions have been pending for many years. In October 2016, the Fairfield Liquidator filed a Motion for Leave to Amend (the Motion for Leave) various complaints, including the Fairfield Complaint. Certain defendants, including ASB, filed a motion to dismiss (the Motion to Dismiss) and a consolidated memorandum of law (i) in opposition to the Motion for Leave and (ii) in support of the Motion to Dismiss. In December 2018, the Bankruptcy Court entered a memorandum decision granting in part and denying in part the Motion to Dismiss and the Motion for Leave (the Memorandum Decision). In March 2019, the Fairfield Liquidator submitted a form of a stipulated order dismissing the adversary proceeding against ASB (the Dismissal Order), as directed by the Bankruptcy Court, but filed notices of appeal, including of the dismissal of the claims asserted against ASB and other defendants, in May 2019. The appeal remains pending. The management believes that ASB has substantial defenses against the Fairfield Liquidator’s claims alleged in the Amended Complaint and the Fairfield Liquidator’s appeal. iii)Government Investigations – The former Chairman and the current Vice Chairman of the Board of Directors of Credicorp, in their respective capacities as Chairman of the Board and as a director of BCP Stand-alone, were summoned as witnesses by Peruvian prosecutors, along with 26 other Peruvian business leaders, to testify in connection with a judicial investigation that is being carried out regarding contributions made to the electoral campaign of a political party in the 2011 Peruvian presidential elections. Our former Chairman testified on November 18, 2019, and our current Vice Chairman testified on December 9, 2019. The former Chairman informed prosecutors that in 2010 and 2011 Credicorp made donations totaling US$3.65 million to the Fujimori 2011 campaign (in total amounts of US$1.7 million in 2010 and US$1.95 million in 2011). These contributions were made in coordination with the General Manager of Credicorp at that time. While the amount of these contributions exceeded the limits then permitted under Peruvian electoral law, the law in place at that time provided no sanction for contributors, and instead only for the recipient of the campaign contribution. In addition, the former Chairman informed prosecutors that in 2016, three subsidiaries of Credicorp (BCP Stand-alone, Mibanco and Grupo Pacifico) made donations totaling S/711,000 (approximately US$200,000) to the Peruanos Por el Kambio campaign. These contributions were made in compliance both with Peruvian electoral law and with Credicorp’s own political contributions guidelines, adopted in 2015. These guidelines provided details on the procedures for obtaining approval for contributions and outlined the specific required conditions for transparent contributions. The Peruvian Superintendencia del Mercado de Valores (‘SMV’ for its Spanish acronym) has initiated a sanctioning process against Credicorp, for not having disclosed to the market, in due course, the contributions made to political campaigns in the years 2011 and 2016. The Peruvian Superintendencia del Mercado de Valores (SMV) also has initiated a sanctioning process against three subsidiaries of Credicorp (BCP Stand-alone, Mibanco and Grupo Pacifico), for not having disclosed to the market, in due course, the contributions made to political campaigns in connection with the 2016 presidential elections. The SMV has recently notified Credicorp, BCP, Mibanco and Grupo Pacifico with first instance Resolutions on these proceedings. The mentioned Resolutions imposed pecuniary sanctions (fines) on Credicorp and the three subsidiaries as a consequence of these sanctioning processes. Credicorp, BCP, Mibanco and Grupo Pacifico have appealed the Resolutions. Credicorp believes that neither the contributions disclosed by our former Chairman and the current Vice Chairman in 2019 nor the related SMV sanctioning processes pose a significant risk of material liability to the Company. Furthermore, Credicorp does not believe that either will have material effect on the Company’s business, financial position or profitability. Additionally, the SBS conducted a special analysis regarding the political contributions case at three subsidiaries of Credicorp (BCP Stand-alone, Mibanco and Grupo Pacifico), with which these subsidiaries have cooperated. The SBS has initiated a sanctioning process against BCP on August 5, 2020. BCP responded on August 25, 2020. The SBS has recently notified BCP with first instance Resolution on this proceeding. The mentioned Resolution imposed a fine on BCP in the amount of US $ 482,000. BCP has already paid the fine and therefore the process has concluded.

DUE TO BANKS AND CORRESPONDENTS (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
DUE TO BANKS AND CORRESPONDENTS
International funds and others	S/ 2,710,224	S/ 5,654,014
Promotional credit lines	3,203,263	2,938,981
Inter-bank funds		205,000
Due to banks and correspondents	5,913,487	8,797,995
Interest payable	64,770	43,737
Total	S/ 5,978,257	S/ 8,841,732

CONSOLIDATED STATEMENT OF INCOME - PEN (S/) S/ in Thousands	12 Months Ended
CONSOLIDATED STATEMENT OF INCOME - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENT OF INCOME
Interest and similar income	S/ 11,547,648	S/ 12,381,664	S/ 11,522,634
Interest and similar expenses	(2,976,306)	(3,289,913)	(3,033,529)
Net interest, similar income and expenses	8,571,342	9,091,751	8,489,105
Provision for credit losses on loan portfolio	(6,080,289)	(2,100,091)	(1,814,898)
Recoveries of written-off loans	159,781	254,155	283,190
Provision for credit losses on loan portfolio, net of recoveries	(5,920,508)	(1,845,936)	(1,531,708)
Net interest, similar income and expenses, after provision for credit losses on loan portfolio	2,650,834	7,245,815	6,957,397
Other income
Commissions and fees	2,912,778	3,232,781	3,126,857
Net gain on foreign exchange transactions	622,783	748,382	737,954
Net gain on securities	523,082	546,814	242,829
Net gain on derivatives held for trading	40,789	6,043	13,262
Net gain from exchange differences	19,804	19,520	16,022
Others	286,981	344,229	273,882
Total other income	4,406,217	4,897,769	4,410,806
Insurance underwriting result
Net premiums earned	2,428,060	2,394,243	2,061,481
Net claims incurred for life, general and health insurance contracts	(1,708,113)	(1,531,418)	(1,212,198)
Acquisition cost	(361,814)	(365,848)	(380,310)
Total insurance underwriting result	358,133	496,977	468,973
Other expenses
Salaries and employee benefits	(3,312,954)	(3,411,023)	(3,219,875)
Administrative expenses	(2,386,108)	(2,361,117)	(2,317,829)
Depreciation and amortization	(497,910)	(455,033)	(429,122)
Impairment loss on goodwill	(63,978)	0	(38,189)
Depreciation for right-of-use assets	(172,005)	(169,406)	0
Others	(758,068)	(268,469)	(239,947)
Total other expenses	(7,191,023)	(6,665,048)	(6,244,962)
Profit before income tax	224,161	5,975,513	5,592,214
Income tax	109,977	(1,623,182)	(1,520,909)
Net profit	334,138	4,352,331	4,071,305
Attributable to:
Credicorp's equity holders	346,894	4,265,304	3,983,865
Non-controlling interest	(12,756)	87,027	87,440
Net profit	S/ 334,138	S/ 4,352,331	S/ 4,071,305
Net basic and dilutive earnings per share attributable to Credicorp's equity holders (in Soles):
Basic	S/ 4.37	S/ 53.66	S/ 50.13
Diluted	S/ 4.36	S/ 53.53	S/ 49.99

OFF-BALANCE SHEET ACCOUNTS - (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Contingent credits - indirect loans
Off balance sheet indirect loans	S/ 20,973,810	S/ 21,081,035
Responsibilities under credit line agreements	86,074,859	75,615,563
Total	107,048,669	96,696,598
Guarantees and standby letter [Member]
Contingent credits - indirect loans
Off balance sheet indirect loans	18,562,120	18,894,456
Import and export letters of credit [Member]
Contingent credits - indirect loans
Off balance sheet indirect loans	S/ 2,411,690	S/ 2,186,579

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020 shares
Document and Entity Information [Abstract]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	CREDICORP LTD
Entity Central Index Key	0001001290
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	BAP
Entity Common Stock, Shares Outstanding	94,382,317
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
ICFR Auditor Attestation Flag	true
Title of 12(b) Security	Common Shares, par value $5.00 per share
Security Exchange Name	NYSE

RIGHT-OF-USE ASSETS AND LEASE LIABILITES (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	S/ (821,840)
Depreciation of the period	172,005	S/ 169,406	S/ 0
Balance at the end	(702,928)	(821,840)
Net carrying amount	702,928	821,840
Property: Agencies and offices
Disclosure of quantitative information about right-of-use assets [line items]
Net carrying amount	540,422
Servers and technology platforms
Disclosure of quantitative information about right-of-use assets [line items]
Net carrying amount	140,880
Transport units
Disclosure of quantitative information about right-of-use assets [line items]
Net carrying amount	902
Other leases
Disclosure of quantitative information about right-of-use assets [line items]
Net carrying amount	20,724
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(997,817)
Additions	194,501	997,817
Acquisition of business	0	0
Transfers	0	0
Disposal and others	(202,170)
Acquisition of business	194,501	997,817
Balance at the end	(990,148)	(997,817)
Cost \| Property: Agencies and offices
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(819,046)
Additions	28,352
Acquisition of business	0
Transfers	0
Disposal and others	(49,544)
Acquisition of business	28,352
Balance at the end	(797,854)	(819,046)
Cost \| Servers and technology platforms
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(168,371)
Additions	145,140
Acquisition of business	0
Transfers	0
Disposal and others	(151,877)
Acquisition of business	145,140
Balance at the end	(161,634)	(168,371)
Cost \| Transport units
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(3,006)
Additions	598
Acquisition of business	0
Transfers	0
Disposal and others	(749)
Acquisition of business	598
Balance at the end	(2,855)	(3,006)
Cost \| Other leases
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	(7,394)
Additions	20,411
Acquisition of business	0
Transfers	0
Acquisition of business	20,411
Balance at the end	(27,805)	(7,394)
Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	175,977	0
Additions	0	6,571
Depreciation of the period	172,005	169,406
Transfers	0	0
Disposal and others	(60,762)
Acquisition of business	0	6,571
Balance at the end	287,220	175,977	S/ 0
Accumulated depreciation \| Property: Agencies and offices
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	130,761
Additions	0
Depreciation of the period	131,815
Transfers	0
Disposal and others	(5,144)
Acquisition of business	0
Balance at the end	257,432	130,761
Accumulated depreciation \| Servers and technology platforms
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	40,591
Additions	0
Depreciation of the period	35,926
Transfers	0
Disposal and others	(55,763)
Acquisition of business	0
Balance at the end	20,754	40,591
Accumulated depreciation \| Transport units
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	971
Additions	0
Depreciation of the period	837
Transfers	0
Disposal and others	145
Acquisition of business	0
Balance at the end	1,953	971
Accumulated depreciation \| Other leases
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	3,654
Additions	0
Depreciation of the period	3,427
Transfers	0
Acquisition of business	0
Balance at the end	S/ 7,081	S/ 3,654

LOANS, NET (Tables)

12 Months Ended

Dec. 31, 2020

LOANS, NET

Schedule of detailed information about loans and advances

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)

Direct loans -
Loans	115,213,536	91,481,200
Credit cards	5,629,189	8,479,355
Leasing receivables	5,775,917	5,978,421
Factoring receivables	2,153,689	2,015,513
Discounted notes	1,483,723	2,200,142
Advances and overdrafts in current account	52,807	162,149
Refinanced loans	1,669,395	1,186,167
Restructured loans	—	125
Total direct loans	131,978,256	111,503,072

Internal overdue loans and under legal collection loans	4,685,569	3,304,886
	136,663,825	114,807,958
Add (less) -
Accrued interest	1,197,489	870,410
Unearned interest	(201,429)	(68,689)
Total direct loans	137,659,885	115,609,679
Allowance for loan losses (c)	(9,898,760)	(5,123,962)
Total direct loans, net	127,761,125	110,485,717

Schedule of composition of gross credit balance


	2020	2019
	S/(000)	S/(000)

Direct loans	136,663,825	114,807,958
Indirect loans, Note 21(a)	20,973,810	21,081,035
Banker’s acceptances outstanding	455,343	535,222
Total	158,092,978	136,424,215

Schedule of detailed information about classification of direct loans

The movement of gross balance of loan portfolio by stages is as follows for the periods of 2020 and 2019:


Stage 1	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	business,	December
Loans by class	2018	Stage 2	Stage 3	Stage 2	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	75,838,248	(11,454,423)	(1,156,992)	6,357,672	208,847	9,161,013	3,077,315	—	2,335,115	—	84,366,795
Residential mortgage loans	17,903,028	(2,119,501)	(85,736)	965,659	10,610	1,064,765	7,965	—	316,525	—	18,063,315
Micro-business loans	13,782,323	(12,403,714)	(395,404)	2,699,000	117,762	10,635,242	(3,006,249)	—	151,833	—	11,580,793
Consumer loans	12,222,858	(4,958,492)	(769,528)	2,018,818	21,518	1,438,695	(79,031)	—	85,666	—	9,980,504
Total	119,746,457	(30,936,130)	(2,407,660)	12,041,149	358,737	22,299,715	—	—	2,889,139	—	123,991,407


Stage 2	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	business,	December
Loans by class	2019	Stage 1	Stage 3	Stage 1	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	4,883,039	(6,357,672)	(1,690,324)	11,454,423	301,053	421,704	915,980	—	161,956	—	10,090,159
Residential mortgage loans	778,702	(965,659)	(276,415)	2,119,501	7,597	(317,002)	173	—	13,563	—	1,360,460
Micro-business loans	1,839,597	(2,699,000)	(1,001,599)	12,403,714	95,468	(1,283,205)	(906,426)	—	3,398	—	8,451,947
Consumer loans	2,210,504	(2,018,818)	(1,235,709)	4,958,492	62,822	(1,385,764)	(9,727)	—	2,376	—	2,584,176
Total	9,711,842	(12,041,149)	(4,204,047)	30,936,130	466,940	(2,564,267)	—	—	181,293	—	22,486,742


Stage 3	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	business,	December
Loans by class	2019	Stage 1	Stage 3	Stage 1	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	3,771,417	(208,847)	(301,053)	1,156,992	1,690,324	606,823	9,933	(14,938)	139,830	—	6,850,481
Residential mortgage loans	994,991	(10,610)	(7,597)	85,736	276,415	(207,041)	1	(8,167)	20,877	—	1,144,605
Micro-business loans	1,350,858	(117,762)	(95,468)	395,404	1,001,599	(566,112)	2,738	(3,934)	11,125	—	1,978,448
Consumer loans	848,650	(21,518)	(62,822)	769,528	1,235,709	(1,115,561)	(12,672)	(3,607)	3,588	—	1,641,295
Total	6,965,916	(358,737)	(466,940)	2,407,660	4,204,047	(1,281,891)	—	(30,646)	175,420	—	11,614,829


Consolidated 3 Stages	Balance at			Transfers		Exchange	Acquisition of	Balance at
	December 31,	Write-offs,	New loans and	between classes	Sale of loan	differences	business,	December
Loans by class	2019	net	liquidation, net	of loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	84,492,704	(115,471)	10,305,011	4,003,228	(14,938)	2,636,901	—	101,307,435
Residential mortgage loans	19,676,721	(39,862)	580,584	8,139	(8,167)	350,965	—	20,568,380
Micro-business loans	16,972,778	(506,473)	9,292,398	(3,909,937)	(3,934)	166,356	—	22,011,188
Consumer loans	15,282,012	(531,964)	(530,666)	(101,430)	(3,607)	91,630	—	14,205,975
Total	136,424,215	(1,193,770)	19,647,327	—	(30,646)	3,245,852	—	158,092,978


Stage 1	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	bussiness,	December
Loans by class	2018	Stage 2	Stage 3	Stage 2	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	74,210,068	(1,157,585)	(569,032)	1,511,304	13,724	1,608,096	370,433	—	(312,259)	163,499	75,838,248
Residential mortgage loans	16,049,110	(411,622)	(135,231)	315,586	12,980	2,108,051	2,633	—	(64,077)	25,598	17,903,028
Micro-business loans	12,236,140	(504,971)	(440,088)	491,781	12,896	1,973,561	(355,466)	—	(462)	368,932	13,782,323
Consumer loans	10,712,871	(624,147)	(307,297)	527,363	17,725	1,832,590	(17,600)	—	(9,896)	91,249	12,222,858
Total	113,208,189	(2,698,325)	(1,451,648)	2,846,034	57,325	7,522,298	−	—	(386,694)	649,278	119,746,457


Stage 2	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	bussiness,	December
Loans by class	2018	Stage 1	Stage 3	Stage 1	Stage 3	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	7,530,106	(1,511,304)	(381,261)	1,157,585	8,894	(1,960,025)	54,299	—	(20,022)	4,767	4,883,039
Residential mortgage loans	762,549	(315,586)	(142,954)	411,622	4,840	59,553	155	—	(1,813)	336	778,702
Micro-business loans	1,965,061	(491,781)	(208,610)	504,971	6,320	95,835	(53,193)	—	(311)	21,305	1,839,597
Consumer loans	1,920,204	(527,363)	(166,708)	624,147	22,807	330,963	(1,261)	—	369	7,346	2,210,504
Total	12,177,920	(2,846,034)	(899,533)	2,698,325	42,861	(1,473,674)	−	—	(21,777)	33,754	9,711,842


Stage 3	Balance at			Transfer	Transfer	New loans,	Transfers		Exchange	Acquisition of	Balance at
	December 31,	Transfer to	Transfer to	from	from	liquidation and	between classes	Sale of loan	differences and	bussiness,	December
Loans by class	2018	Stage 1	Stage 2	Stage 1	Stage 2	write-offs, net	of loans	portfolio	others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	3,398,900	(13,724)	(8,894)	569,032	381,261	(446,188)	(33,193)	(72,219)	(18,719)	15,161	3,771,417
Residential mortgage loans	959,033	(12,980)	(4,840)	135,231	142,954	(179,012)	−	(41,080)	(4,634)	319	994,991
Micro-business loans	1,257,956	(12,896)	(6,320)	440,088	208,610	(591,241)	32,745	(33,262)	(366)	55,544	1,350,858
Consumer loans	700,865	(17,725)	(22,807)	307,297	166,708	(296,338)	448	(5,220)	(481)	15,903	848,650
Total	6,316,754	(57,325)	(42,861)	1,451,648	899,533	(1,512,779)	−	(151,781)	(24,200)	86,927	6,965,916


Consolidated 3 Stages	Balance at			Transfers		Exchange	Acquisition of	Balance at
	December 31,	Write-offs,	New loans and	between classes	Sale of loan	differences	bussiness,	December
Loans by class	2018	net	liquidation, net	of loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	85,139,074	(115,040)	(683,077)	391,539	(72,219)	(351,000)	183,427	84,492,704
Residential mortgage loans	17,770,692	(11,671)	2,000,263	2,788	(41,080)	(70,524)	26,253	19,676,721
Micro-business loans	15,459,157	(666,506)	2,144,661	(375,914)	(33,262)	(1,139)	445,781	16,972,778
Consumer loans	13,333,940	(747,948)	2,615,163	(18,413)	(5,220)	(10,008)	114,498	15,282,012
Total	131,702,863	(1,541,165)	6,077,010	−	(151,781)	(432,671)	769,959	136,424,215

Schedule of Allowance for Credit Losses on Financial instruments

At December 31, 2020 and 2019, the allowance for loan loss for direct and indirect loans was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan loss is shown below for direct and indirect loans:


Stage 1						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2019	Stage 2	Stage 3	Stage 2	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	388,685	(319,248)	(22,486)	316,999	17,175	30,824	107,989	155,568	—	45,997	—	721,503
Residential mortgage loans	38,085	(43,170)	(1,721)	31,320	4,980	30,797	92,322	258	—	5,064	—	157,935
Micro-business loans	425,642	(854,632)	(63,397)	324,242	26,997	551,140	199,197	(14,574)	—	15,573	—	610,188
Consumer loans	248,355	(392,000)	(45,561)	418,592	29,305	422,158	(191,856)	(141,252)	—	7,695	—	355,436
Total	1,100,767	(1,609,050)	(133,165)	1,091,153	78,457	1,034,919	207,652	—	—	74,329	—	1,845,062


Stage 2						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2019	Stage 1	Stage 3	Stage 1	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	166,135	(316,999)	(117,858)	319,248	42,832	4,911	473,890	91,534	—	2,523	—	666,216
Residential mortgage loans	25,684	(31,320)	(19,698)	43,170	3,977	(24,980)	113,363	4	—	1,539	—	111,739
Micro-business loans	249,960	(324,242)	(275,227)	854,632	51,478	(231,405)	851,228	(88,758)	—	312	—	1,087,978
Consumer loans	513,431	(418,592)	(650,885)	392,000	57,554	(285,948)	1,341,355	(2,780)	—	177	—	946,312
Total	955,210	(1,091,153)	(1,063,668)	1,609,050	155,841	(537,422)	2,779,836	—	—	4,551	—	2,812,245


Stage 3						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2019	Stage 1	Stage 2	Stage 1	Stage 2	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,315,227	(17,175)	(42,832)	22,486	118,072	(154,589)	989,400	(22,478)	(13,124)	34,440	—	2,229,427
Residential mortgage loans	472,711	(4,980)	(3,977)	1,721	19,698	(102,806)	247,475	1	(4,523)	14,430	—	639,750
Micro-business loans	960,885	(26,997)	(51,478)	63,397	275,227	(683,408)	870,928	31,414	(3,511)	9,531	—	1,445,988
Consumer loans	702,959	(29,305)	(57,554)	45,561	650,885	(954,465)	1,113,651	(8,937)	(2,332)	2,902	—	1,463,365
Total	3,451,782	(78,457)	(155,841)	133,165	1,063,882	(1,895,268)	3,221,454	—	(23,490)	61,303	—	5,778,530


Consolidated 3 Stages		Credit loss of the period
			New loans		Transfers
	Balance at		and	Changes in	between		Exchange	Acquisition	Balance at
	December	Write-offs,	liquidation,	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	31, 2019	net	net	EADs	loans	portfolio	and others	Note 2(a)	31, 2020 (*)
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,870,047	(141,669)	22,815	1,571,279	224,624	(13,124)	82,960	—	3,616,932
Residential mortgage loans	536,480	(46,519)	(50,470)	453,160	263	(4,523)	21,033	—	909,424
Micro-business loans	1,636,487	(529,268)	165,595	1,921,353	(71,918)	(3,511)	25,416	—	3,144,154
Consumer loans	1,464,745	(551,662)	(266,593)	2,263,150	(152,969)	(2,332)	10,774	—	2,765,113
Total	5,507,759	(1,269,118)	(128,653)	6,208,942	—	(23,490)	140,183	—	10,435,623


Stage 1						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2018	Stage 2	Stage 3	Stage 2	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	311,767	(11,258)	(9,281)	41,033	9,492	36,768	10,982	4,886	—	(8,834)	3,130	388,685
Residential mortgage loans	31,479	(2,069)	(726)	7,857	6,178	6,850	(11,675)	134	—	(490)	547	38,085
Micro-business loans	342,519	(22,272)	(49,368)	57,319	9,631	(71,852)	149,468	(6,511)	—	(5,759)	22,467	425,642
Consumer loans	276,019	(18,691)	(80,991)	90,915	16,831	(97,213)	57,927	1,491	—	(176)	2,243	248,355
Total	961,784	(54,290)	(140,366)	197,124	42,132	(125,447)	206,702	—	—	(15,259)	28,387	1,100,767


Stage 2						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2018	Stage 1	Stage 3	Stage 1	Stage 3	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	151,999	(41,033)	(21,988)	11,258	6,102	(4,601)	62,277	994	—	(511)	1,638	166,135
Residential mortgage loans	22,404	(7,857)	(4,562)	2,069	2,434	2,780	8,409	42	—	(100)	65	25,684
Micro-business loans	263,593	(57,319)	(43,113)	22,272	5,576	(121,662)	172,546	(956)	—	63	8,960	249,960
Consumer loans	500,535	(90,915)	(43,031)	18,691	21,996	(153,370)	257,845	(80)	—	(19)	1,779	513,431
Total	938,531	(197,124)	(112,694)	54,290	36,108	(276,853)	501,077	—	—	(567)	12,442	955,210


Stage 3						New loans		Transfers
	Balance at			Transfer	Transfer	liquidation,	Changes in	between		Exchange	Acquisition	Balance at
	December 31,	Transfer to	Transfer to	from	from	and write-	PDs, LGDs,	classes of	Sale of loan	differences	of business,	December
Loans by class	2018	Stage 1	Stage 2	Stage 1	Stage 2	offs, net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,355,363	(9,492)	(6,102)	9,281	21,988	(275,028)	301,493	(33,973)	(55,783)	(6,348)	13,828	1,315,227
Residential mortgage loans	470,286	(6,178)	(2,434)	726	4,562	(101,740)	146,860	—	(24,319)	(15,245)	193	472,711
Micro-business loans	979,292	(9,631)	(5,576)	49,368	43,113	(457,093)	327,884	32,878	(27,267)	(22,688)	50,605	960,885
Consumer loans	609,275	(16,831)	(21,996)	80,991	43,031	(255,086)	284,403	1,095	(3,943)	(30,628)	12,648	702,959
Total	3,414,216	(42,132)	(36,108)	140,366	112,694	(1,088,947)	1,060,640	—	(111,312)	(74,909)	77,274	3,451,782


Consolidated 3 Stages			Credit loss of the period
	Balance at		New loans	Changes in	Transfers	Sale of	Exchange	Acquisition	Balance at
	December	Write-offs,	and	PDs, LGDs,	between classes of	loan	differences	of business,	December
Loans by class	31, 2018	net	liquidation,net	EADs	loans	portfolio	and others	Note 2(a)	31, 2019 (*)
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	1,819,129	(181,520)	(61,341)	374,752	(28,093)	(55,783)	(15,693)	18,596	1,870,047
Residential mortgage loans	524,169	(42,920)	(49,190)	143,594	176	(24,319)	(15,835)	805	536,480
Micro-business loans	1,585,404	(816,886)	166,279	649,898	25,411	(27,267)	(28,384)	82,032	1,636,487
Consumer loans	1,385,829	(781,593)	275,924	600,175	2,506	(3,943)	(30,823)	16,670	1,464,745
Total	5,314,531	(1,822,919)	331,672	1,768,419	—	(111,312)	(90,735)	118,103	5,507,759

Schedule of detailed information about direct gross loan on maturity basis

f) The following table presents the gross direct loan portfolio at December 31, 2020 and 2019 by maturity based on the remaining period to the payment due date:


	2020	2019
	S/(000)	S/(000)
Outstanding loans -
Up to 1 year	51,346,112	53,306,936
From 1 to 3 years	40,897,556	24,586,441
From 3 to 5 years	12,812,446	9,615,514
More than 5 years	26,922,142	23,994,181
	131,978,256	111,503,072
Internal overdue loans -
Overdue 90 days	984,630	692,161
Over 90 days	3,700,939	2,612,725
	4,685,569	3,304,886

Total	136,663,825	114,807,958

INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about intangible assets (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Beginning Period	S/ 1,666,265	S/ 1,464,372
End Period	1,818,398	1,666,265	S/ 1,464,372
Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	3,804,989	3,406,333	3,090,365
Additions	535,241	371,957	419,789
Acquisition of business, Note 2(a)	0	126,128
Transfers	0	0	0
Disposals and others	(46,366)	(99,429)	(103,821)
End Period	4,293,864	3,804,989	3,406,333
Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	2,138,724	1,941,961	1,747,475
Acquisition of business, Note 2(a)	0	3,104
Amortization of the year	355,818	308,966	258,984
Disposals and others	(19,076)	(115,307)	(64,498)
End Period	2,475,466	2,138,724	1,941,961
Client Relationships [member]
Disclosure of detailed information about intangible assets [line items]
End Period	110,553
Client Relationships [member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	378,896
Additions	0
Transfers	0
Disposals and others	5,625
End Period	384,521	378,896
Client Relationships [member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	243,951
Amortization of the year	27,699
Disposals and others	2,318
End Period	273,968	243,951
Brand names [member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	132,604
End Period	125,385	132,604
Brand names [member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	193,247
Additions	0
Transfers	0
Disposals and others	(21,383)
End Period	171,864	193,247
Brand names [member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	60,643
Amortization of the year	7,062
Disposals and others	(21,226)
End Period	46,479	60,643
Fund manager contract [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	81,702
End Period	84,331	81,702
Fund manager contract [Member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	94,143
Additions	0
Acquisition of business, Note 2(a)	0
Transfers	0
Disposals and others	9,557
End Period	103,700	94,143
Fund manager contract [Member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	12,441
Acquisition of business, Note 2(a)	0
Amortization of the year	4,502
Disposals and others	2,426
End Period	19,369	12,441
Relationships with holders [Member]
Disclosure of detailed information about intangible assets [line items]
End Period	0
Relationships with holders [Member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	21,100
Additions	0
Acquisition of business, Note 2(a)	0
Transfers	0
Disposals and others	0
End Period	21,100	21,100
Relationships with holders [Member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	20,219
Acquisition of business, Note 2(a)	0
Amortization of the year	881
Disposals and others	0
End Period	21,100	20,219
Software and developments [member]
Disclosure of detailed information about intangible assets [line items]
End Period	931,304
Software and developments [member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	2,702,983
Additions	91,652
Acquisition of business, Note 2(a)	0
Transfers	230,477
Disposals and others	(11,013)
End Period	3,014,099	2,702,983
Software and developments [member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period	1,774,183
Acquisition of business, Note 2(a)	0
Amortization of the year	312,163
Disposals and others	(3,551)
End Period	2,082,795	1,774,183
Intangible in progress [member]
Disclosure of detailed information about intangible assets [line items]
End Period	550,639
Intangible in progress [member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	364,925
Additions	443,557
Acquisition of business, Note 2(a)	0
Transfers	(230,477)
Disposals and others	(27,366)
End Period	550,639	364,925
Intangible in progress [member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period		0
Acquisition of business, Note 2(a)	0
Amortization of the year	0
Disposals and others	0
End Period	0		0
Other Intangible Assets [Member]
Disclosure of detailed information about intangible assets [line items]
End Period	16,186
Other Intangible Assets [Member] \| Cost
Disclosure of detailed information about intangible assets [line items]
Beginning Period	49,695
Additions	32
Acquisition of business, Note 2(a)	0
Transfers	0
Disposals and others	(1,786)
End Period	47,941	49,695
Other Intangible Assets [Member] \| Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Beginning Period		S/ 27,287
Acquisition of business, Note 2(a)	0
Amortization of the year	3,511
Disposals and others	957
End Period	S/ 31,755		S/ 27,287

INVESTMENTS

12 Months Ended

Dec. 31, 2020

INVESTMENTS

INVESTMENTS

6 INVESTMENTS

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


	2020	2019
	S/(000)	S/(000)

Certificates of deposit BCRP (i)	1,872,875	—
Government treasury bonds (ii)	1,584,913	1,276,573
Mutual funds (iii)	979,296	593,552
Restricted mutual funds (iv)	436,881	460,086
Investment funds	362,493	327,659
Corporate bonds	328,315	326,673
Shares (v)	289,349	83,085
Participation in RAL Funds (vi)	278,819	300,398
Hedge funds (vii)	126,938	33,640
Subordinated bonds	103,162	80,084
Central Bank of Chile bonds	15,306	182,540
Multilateral organization bonds	14,765	53,353
RPI International Holding, LP (viii)	5,641	68,584
Others	55,344	59,564
Balance before accrued interest	6,454,097	3,845,791
Accrued interest	13,374	4,971
Total	6,467,471	3,850,762

(i) As of December 31, 2020, the balance corresponds to 5,174 certificates of deposit for US$517.23 million, equivalent to S/1,872.9 million, accruing interest at an effective annual rate from 0.25 percent to 0.28 percent, and maturing from January to March 2021. From October to December 2020, it was purchased instruments issued through public auction by the BCRP as part of an exchange operation in order to regulate the liquidity of the financial system.

(ii) As of December 31, 2020 and 2019 the balance of these instruments includes the following government treasury bonds:


	2020	2019
	S/(000)	S/(000)
Colombian Treasury bonds	1,120,991	1,102,865
Peruvian Treasury bonds	349,219	95,308
Brasil Treasury bonds	53,857	—
Chile Treasury bonds	21,072	—
Panama Treasury bonds	20,644	—
Mexico Treasury bonds	19,130	—
U.S. treasury and federal agency bonds	—	78,400
Total	1,584,913	1,276,573

(iii) The increase in the balance corresponds mainly to the purchase of new participations in the funds “Credicorp Capital Latin American Corporate Debt Fund” and “Credicorp Capital Latin American Investment Grade Fund”, whose balances as of 31 December, 2020, amounting to S/135.5 million and S/99.4 million, respectively.

(iv) The restricted mutual funds comprise mainly 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.

(v) The increase of the balance in shares of capital corresponds mainly to the exchange realized of RPI International Holding, LP’s participations into Royalty Pharma plc’s ordinary shares (see item viii). As of December 31, 2020, the balance includes 757,692 new shares of Royalty Pharma plc for US$37.9 million, equivalent to S/137.2 million (see Note 24(ii)).

(vi) As of December 31, 2020, these funds are approximately S/173.2 million in bolivianos and S/105.6 million in U.S. Dollars (S/166.9 million in bolivianos and S/133.5 million in U.S. Dollars at December 31, 2019) and comprise the investments made by the Group in the Central Bank of Bolivia as collateral for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia.

(vii) The increase of the balance corresponds mainly to the purchase of new participations in hedge funds, denominated mainly in Colombian pesos, in the Fondo de Inversión Colectiva Fonval and in the Fondo de capital privado 4G Credicorp Capital – Sura, whose balances as of December 31, 2020 amount to S/35.5 million and S/49.0 million, respectively.

(viii) It corresponds to participations in RPI International Holding, LP, who invests in a series of subordinate funds whose objective is to invest in Royalty Pharma Investments, an investment fund established under the laws of Ireland. This investment fund is dedicated to buying medical and biotechnology patents. Participations in RPI International Holdings, LP, are not liquid and require authorization for negotiation.

On June 29, 2020, Atlantic Security Bank (ASB) exchanged 97,355 of its participations in RPI International Holding, LP, for 973,545 shares of Royalty Pharma plc, a public company established under the laws of England and Wales, whose shares are listed on the Nasdaq Stock Exchange; at the date of said transaction, the unit prices of the participations and shares amounted to US$205.10 and US$20.51, respectively. It is worth mentioning that this transaction was realized as a result of Royalty Pharma plc executed its Initial Public Offering of Shares (IPO) in June 2020 (see item (v)).

In this sense, the decrease of the balance is mainly due to the exchange mentioned in the paragraph before; as of December 31, 2020, the balance corresponds to 7,594 participations for approximately US$1.55 million equivalent to S/5.6 million (as of December 31, 2019, 112,187 participations for US$20.7 million equivalent to S/68.6 million).

During the year of 2020 and 2019, the Group has received dividends from these participations for S/2,674.4 and S/3,610.7, respectively; which are presented in the item of “Interest and similar income” of the consolidated statement of income.

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


	2020				2019
		Unrealized gross amount				Unrealized gross amount
	Amortized			Estimated	Amortized			Estimated
	cost	Profits	Losses	fair value	cost	Profits	Losses	fair value
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Debts instruments:

Certificates of deposit BCRP (i)	15,343,851	20,431	—	15,364,282	8,649,885	15,388	(1)	8,665,272
Corporate bonds (ii)	12,177,023	1,132,719	(52,953)	13,256,789	7,974,080	706,394	(8,322)	8,672,152
Government treasury bonds (iii)	11,051,662	1,158,845	(5,458)	12,205,049	6,009,137	690,048	(1,109)	6,698,076
Securitization instruments (iv)	703,920	63,131	(21,471)	745,580	580,778	53,328	(8,344)	625,762
Negotiable certificates of deposit (v)	873,218	14,093	(1,420)	885,891	369,016	856	(303)	369,569
Subordinated bonds	191,966	19,933	(317)	211,582	150,172	14,085	(100)	164,157
Others	147,327	14,802	(44)	162,085	167,529	7,896	—	175,425
	40,488,967	2,423,954	(81,663)	42,831,258	23,900,597	1,487,995	(18,179)	25,370,413
Equity instruments designated at the initial recognition

Shares issued by:
Inversiones Centenario	112,647	168,132	—	280,779	112,647	195,305	—	307,952
Bolsa de Valores de Lima	19,423	3,942	—	23,365	19,423	2,115	—	21,538
Alicorp S.A.A.	12,198	153,935	—	166,133	12,198	201,567	—	213,765
Bolsa de Comercio de Santiago	15,306	—	(3,995)	11,311	4,964	5,688	—	10,652
Compañía Universal Textil S.A.	9,597	—	(3,163)	6,434	9,597	248	(3,432)	6,413
Pagos Digitales Peruanos S.A.	5,197	—	(5,197)	—	5,197	—	—	5,197
Bolsa de Valores de Colombia	5,380	118	—	5,498	872	4,070	(53)	4,889
Corporación Andina de Fomento	—	—	—	—	4,441	181	—	4,622
Others	7,640	1,786	(396)	9,030	2,638	1,533	—	4,171
	187,388	327,913	(12,751)	502,550	171,977	410,707	(3,485)	579,199

Balance before accrued interest	40,676,355	2,751,867	(94,414)	43,333,808	24,072,574	1,898,702	(21,664)	25,949,612
Accrued interest				410,081				253,111
Total				43,743,889				26,202,723

The Management of Credicorp has determined that the unrealized losses on investment at fair value through other comprehensive income as of December 31, 2020 and 2019 are of a temporary nature, considering factors such as intended strategy in relation with the identified security or portfolio, its underlying collateral and credit rating of the issuers. During 2020, as a result of assesment of the impairment of its investments at fair value through other comprehensive income, the Group recorded a provision of credit loss of S/52.3 million (recovery of credit loss of S/0.7 million during the year 2019), which is shown in “Net gain on securities” in the consolidated statement of income. Also, Management has decided and has the ability to hold each investment for a period of time sufficient to allow for an anticipated recovery in fair value, until the earlier of its anticipated recovery or maturity.

The movement of the “Reserve for investments at fair value through other comprehensive income” net of deferred income tax and non-controlling interest, is shown in Note 18(c).

During 2020 and 2019, the Group has not reclassified instruments from the portfolio of investments at fair value through other comprehensive income to investments at amortized cost.

The maturities and annual market rates of investments at fair value through other comprehensive income during the years of 2020 and 2019, are as follows:


			Annual effective interest rate
			2020						2019
							Other						Other
			S/		US$		currencies		S/		US$		currencies
	Maturities		Min	Max	Min	Max	Min	Max	Min	Max	Min	Max	Min	Max
	2020	2019	%	%	%	%	%	%	%	%	%	%	%	%
Certificates of deposit BCRP	Jan-2021 /Mar-2023	Jan-2020 / Jul-2021	0.25	0.73	—	—	—	—	2.02	2.35	—	—	—	—
Corporate bonds (*)	Jan-2021 / Jul-2070	Jan-2020 / Feb-2065	(0.31)	16.21	0.01	10.51	0.78	6.25	1.09	8.16	0.47	8.25	0.62	6.55
Government treasury bonds (**)	Jan-2021 / Feb-2055	Jan-2020 / Feb-2055	(1.20)	5.08	0.03	4.61	0.07	0.41	0.55	5.31	1.11	4.61	0.43	0.82
Securitization instruments	Jan-2021 / Sep-2045	May-2020 / Sep-2045	1.32	13.36	1.51	9.19	—	6.00	2.46	13.26	3.08	9.14	1.68	6.00
Negotiable certificates of deposits	Jan-2021 / Jul-2033	Jan-2020 / Dec-2026	—	—	2.48	4.57	0.05	5.90	3.27	4.01	2.48	2.68	1.00	4.98
Subordinated bonds	Apr-2022 / Aug-2045	Apr-2022 / Aug-2045	(0.04)	5.74	0.16	4.76	—	—	1.21	5.52	3.27	5.23	1.53	1.53
Others	Jan-2021 / Feb-2035	Jan-2020 / Jan-2028	(0.18)	5.84	3.38	4.52	—	—	1.95	3.73	4.73	6.92	—	—

(*) As of December 31, 2020, the annual effective interest rate of (0.31) percent and 16.21 percent correspond to bonds issued by JP Morgan Chase & Co. and Cineplex S.A., respectively; excluding such interest rates, the range is from 0.01 percent to 14.31 percent.

(**) As of December 31, 2020, the annual effective interest rate of (1.20) percent corresponds to a bond issued by the Peruvian Treasury; Excluding said interest rate, the rate range starts from 0.16 percent.

The negative rates correspond to bonds, whose nominal value is subject to a daily readjustment index for inflation determined by the BCRP. Said negative rates correspond to the market behavior in the face of the decrease in the BCRP’s reference interest rate.

As of December 31, 2020, the Group maintains IRS, which have been designated as fair value hedges of certain bonds at a fixed rate in U.S. Dollars, issued by corporate entities, classified as investments at fair value through other comprehensive income, for a notional amount of S/628.7 million (S/618.8 million as of December 31, 2019), see Note 13(b); through these IRS these bonds were economically converted to a variable rate.

Likewise, as of December 31, 2020, the Group entered into repurchase agreement transactions for government bonds and certificates of deposit BCRP classified as investments at fair value through other comprehensive income, for an estimated fair value of S/997.8 million (S/1,588.7 million as of December 31, 2019), of which the related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see Note 5(c).

(i) As of December 31, 2020, the Group maintains 153,760 certificates of deposits BCRP (87,530 as of December 31, 2019); which are instruments issued at discount through public auction, traded on the Peruvian secondary market and payable in soles.

(ii) As of December 31, 2020, the balance corresponds to corporate bonds issued by companies from Peru, United States, Colombia and other countries, which represent 43.6 percent, 32.3 percent, 4.6 percent and 19.5 percent of the total, respectively (issued by companies from Peru, United States, Colombia and other countries, which represent 51.7 percent, 26.8 percent, 3.6 percent and 17.9 percent of the total, respectively, as of December 31, 2019).

As of December 31, 2020 the most significant individual unrealized loss amounted to approximately S/13.0 million (S/1.5 million at December 31, 2019).

Likewise, as of December 31, 2020, the Group maintains CCS, which were designated as cash flow hedges of certain corporate bonds for a notional amount of S/81.8 million (S/107.4 million as of December 31, 2019), see Note 13(b); by means of said CCS, the bonds were economically converted to soles at a fixed rate.

The largest unrealized loss compared to the balance in 2019 is due to the COVID-19 crisis. As of December 31, 2020, the balance mainly includes S/40.5 million from the Peruvian company Rutas de Lima S.A.C.

(iii) As of December 31, 2020 and 2019, the balance includes the following Government Treasury Bonds:


	2020	2019
	S/(000)	S/(000)
Peruvian treasury bonds (*)	11,343,664	5,959,066
U.S. treasury and federal agency bonds	564,380	391,475
Colombian treasury bonds	101,741	61,009
Chilean treasury bonds	81,502	173,364
Bolivian treasury bonds	74,248	72,516
Others	39,514	40,646
Total	12,205,049	6,698,076

(*) The balance includes new bonds issued by the Peruvian Government. As of December 31, 2020, the bonds accrue annual effective rates from (1.20) percent to 5.08 percent and have maturities from January 2023 to February 2055.

(iv) As of December 31, 2020 and 2019, the balance of securitization instruments includes the following:


	2020	2019
	S/(000)	S/(000)
Inmuebles Panamericana	164,091	169,959
Abengoa Transmisión del Norte	99,112	87,377
Colegios Peruanos S.A.	63,268	37,585
Costa de Sol S.A.	51,483	—
Nessus Hoteles Perú S.A.	40,050	39,768
Industrias de Aceite S.A.	37,175	32,050
Fábrica Nacional de Cemento S.A.	34,537	31,512
Homecenters Peruanos S.A.	32,308	35,269
Concesionaria La Chira S.A.	32,138	30,801
Others (minor than S/30.5 million)	191,418	161,441
Total	745,580	625,762

The bonds have semiannual payments until 2045.The pool of underlying assets consists mainly of accounts receivable from income, revenues for services and from maintenance and marketing contributions (Inmuebles Panamericana), and accounts receivable for electrical transmission services from the Carhuamayo - Cajamarca line (Abengoa Transmisión Norte).

(v) As of December 31, 2020, the balance corresponds to certificates for US$6.65 million, equivalent to S/24.1 million; and in other currencies, equivalent to S/861.8 million, issued by the financial system of Colombia and Bolivia.

Likewise, as of December 31, 2020, the Group maintains CCS, which were designated as cash flow hedges of certain certificates for a notional amount of S/405.2 million, see Note 13(b); by means of said CCS, the certificates were economically converted to soles at a fixed rate.

c) Amortized cost investments consist of the following:


	2020
	Carrying	Fair
	amount	value
	S/(000)	S/(000)

Peruvian sovereign bonds (i)	4,740,275	5,439,612
Foreign government bonds (i)	28,909	28,695
Certificates of payment on work progress (CRPAO) (ii)	89,095	93,602
Sub total	4,858,279	5,561,909
Accrued interest	104,801	104,801
Total investments at amortized cost	4,963,080	5,666,710
Provision for credit losses	(698)	(698)
Total investments at amortized cost, net	4,962,382	5,666,012


	2019
	Carrying	Fair
	amount	value
	S/(000)	S/(000)

Peruvian sovereign bonds (i)	3,277,667	3,694,631
Foreign government bonds (i)	21,168	21,168
Certificates of payment on work progress (CRPAO) (ii)	100,298	103,015
Sub total	3,399,133	3,818,814
Accrued interest	78,180	78,180
Total investments at amortized cost	3,477,313	3,896,994
Provision for credit losses	(267)	(267)
Total investments at amortized cost, net	3,477,046	3,896,727

(i) As of December 31, 2020, said bonds have maturities between January 2021 and February 2042, accruing interest at an annual effective interest rate between 0.74 percent and 5.06 percent on bonds denominated in soles and between 0.0 percent and 3.05 percent annual on bonds issued in other currencies. (as of December 31, 2019, have maturities between January 2020 and February 2042, accruing interest at an annual effective interest rate between 2.14 percent and 5.28 percent on bonds denominated in soles and between 0.45 percent and 2.53 percent on bonds issued in other currencies).

Likewise, Credicorp Management has determined that as of December 31, 2020, 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, 2020, the Group has repurchase agreement transactions for investments at amortized cost for an estimated fair value of S/2,766.2 million (S/1,569.3 million as of December 31, 2019), the related liability for which is presented in the caption “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c).

(ii) As of December 31, 2020 there are 121 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (153 CRPAOs as of December 31, 2019), issued by the Peruvian Government to finance projects and concessions. Said issuance is a mechanism established in the concession agreement 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 2021 and April 2026, accruing interest at an annual effective rate between 2.42 percent and 3.47 percent as of December 31, 2020 (between January 2020 and April 2026, accruing interest at an annual effective rate between 3.74 percent and 4.67 percent as of December 31, 2019).

On July 30, 2019, the Assets and Liabilities Committee (ALCO) approved the request to change the Atlantic Security Bank (ASB) business model to manage its investments according to its new balance sheet structure, which generated a reclassification of the entire investment portfolio classified as amortized cost to the investment portfolio at fair value with changes in other comprehensive income and then sell them and acquire new investments that adapt to the new investment portfolio strategy.

The value of the investments at amortized cost as of July 30, 2019 amounted to US$73,030.4 (in thousands) with a fluctuation amounting to US$2,117.5 (in thousands), with a market value of US$ 75,147.9 (in thousands) and finally an expected credit loss of US$82.4 (in thousands). The fluctuation and expected credit loss were recorded in other comprehensive income.

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


	2020
		At fair value
	At fair value	through other
	through profit	comprehensive	Amortized
	or loss	income	cost
	S/(000)	S/(000)	S/(000)

Up to 3 months	1,973,038	14,564,360	11,518
From 3 months to 1 year	94,554	2,606,845	42,398
From 1 to 3 years	462,168	4,272,547	163,144
From 3 to 5 years	486,310	3,770,438	631,832
More than 5 years	1,290,057	17,617,068	4,009,387
Without maturity	2,147,970	502,550	—
Total	6,454,097	43,333,808	4,858,279


	2019
		At fair value
	At fair value	through other
	through profit	comprehensive	Amortized
	or loss	income	cost
	S/(000)	S/(000)	S/(000)

Up to 3 months	237,624	2,420,464	9,969
From 3 months to 1 year	269,199	6,694,486	908,271
From 1 to 3 years	472,215	2,155,053	42,440
From 3 to 5 years	289,393	2,961,767	690,289
More than 5 years	1,029,883	11,138,643	1,748,164
Without maturity	1,547,477	579,199	—
Total	3,845,791	25,949,612	3,399,133

SIGNIFICANT TRANSACTIONS - Summary of book value and fair value of the identified assets and liabilities of the entities purchased (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Nov. 01, 2019	Jun. 28, 2019	Mar. 27, 2019	Jan. 31, 2019
Assets
Cash	S/ 92,732
Investments	177,927
Loans, net	651,856
Right-of-use assets, net	11,784
Property, furniture and equipment, net, Note 10(a)	10,594
Intangible, Note 11
Software and licenses	76,061
Brand "Culqi"	1,164
Brand "Recarga"	2,790
Client relationships	18,462
PayPal Contract	7,504
Fund manager contract	4,298
Anti-competition contract	12,745
Deferred tax assets	18,783
Other assets	78,262
Liabilities
Deposits and obligations	794,893
Due to banks and correspondents	50,659
Lease liabilities	12,554
Deferred tax liabilities	18,940
Other liabilities	41,431
Total net assets identified at fair value	246,485
Non-controlling interest	(56,689)
Goodwill arising on acquisition	275,859
Total purchase consideration	S/ 465,655
Bancompartir \| Book value
Assets
Cash			S/ 30,985
Investments			153,188
Loans, net			706,621
Right-of-use assets, net			6,578
Property, furniture and equipment, net, Note 10(a)			5,969
Intangible, Note 11
Software and licenses			60,450
Other assets			58,557
Liabilities
Deposits and obligations			794,893
Due to banks and correspondents			50,659
Lease liabilities			6,874
Deferred tax liabilities			139
Other liabilities			16,101
Total net assets identified at fair value			153,682
Bancompartir \| Fair value adjustments
Assets
Loans, net			(54,765)
Property, furniture and equipment, net, Note 10(a)			374
Intangible, Note 11
Anti-competition contract			5,454
Deferred tax assets			18,242
Liabilities
Deferred tax liabilities			1,895
Total net assets identified at fair value			(32,590)
Bancompartir \| Fair value recognized on acquisition
Assets
Cash			30,985
Investments			153,188
Loans, net			651,856
Right-of-use assets, net			6,578
Property, furniture and equipment, net, Note 10(a)			6,343
Intangible, Note 11
Software and licenses			60,450
Anti-competition contract			5,454
Deferred tax assets			18,242
Other assets			58,557
Liabilities
Deposits and obligations			794,893
Due to banks and correspondents			50,659
Lease liabilities			6,874
Deferred tax liabilities			2,034
Other liabilities			16,101
Total net assets identified at fair value			121,092
Non-controlling interest			(56,689)
Goodwill arising on acquisition			188,271
Total purchase consideration			S/ 252,674
Ultraserfinco S.A. \| Book value
Assets
Cash		S/ 55,160
Investments		24,739
Right-of-use assets, net		5,206
Property, furniture and equipment, net, Note 10(a)		3,385
Intangible, Note 11
Other assets		17,784
Liabilities
Lease liabilities		5,680
Other liabilities		24,041
Total net assets identified at fair value		76,553
Ultraserfinco S.A. \| Fair value adjustments
Assets
Property, furniture and equipment, net, Note 10(a)		688
Intangible, Note 11
Client relationships		13,376
Fund manager contract		4,298
Anti-competition contract		7,291
Liabilities
Deferred tax liabilities		7,924
Total net assets identified at fair value		17,729
Ultraserfinco S.A. \| Fair value recognized on acquisition
Assets
Cash		55,160
Investments		24,739
Right-of-use assets, net		5,206
Property, furniture and equipment, net, Note 10(a)		4,073
Intangible, Note 11
Client relationships		13,376
Fund manager contract		4,298
Anti-competition contract		7,291
Other assets		17,784
Liabilities
Lease liabilities		5,680
Deferred tax liabilities		7,924
Other liabilities		24,041
Total net assets identified at fair value		94,282
Goodwill arising on acquisition		44,628
Total purchase consideration		S/ 138,910
Multicaja S.A \| Book value
Assets
Cash				S/ 3,633
Property, furniture and equipment, net, Note 10(a)				34
Intangible, Note 11
Other assets				17
Liabilities
Other liabilities				192
Total net assets identified at fair value				3,492
Multicaja S.A \| Fair value adjustments
Intangible, Note 11
Software and licenses				2,647
Liabilities
Deferred tax liabilities				715
Total net assets identified at fair value				1,932
Multicaja S.A \| Fair value recognized on acquisition
Assets
Cash				3,633
Property, furniture and equipment, net, Note 10(a)				34
Intangible, Note 11
Software and licenses				2,647
Other assets				17
Liabilities
Deferred tax liabilities				715
Other liabilities				192
Total net assets identified at fair value				5,424
Goodwill arising on acquisition				14,182
Total purchase consideration				19,606
Tenpo \| Book value
Assets
Cash				1,938
Property, furniture and equipment, net, Note 10(a)				112
Intangible, Note 11
Other assets				1,204
Liabilities
Other liabilities				142
Total net assets identified at fair value				3,112
Tenpo \| Fair value adjustments
Intangible, Note 11
Software and licenses				4,640
Brand "Recarga"				2,790
Client relationships				2,536
PayPal Contract				7,504
Liabilities
Deferred tax liabilities				4,717
Total net assets identified at fair value				12,753
Tenpo \| Fair value recognized on acquisition
Assets
Cash				1,938
Property, furniture and equipment, net, Note 10(a)				112
Intangible, Note 11
Software and licenses				4,640
Brand "Recarga"				2,790
Client relationships				2,536
PayPal Contract				7,504
Other assets				1,204
Liabilities
Deferred tax liabilities				4,717
Other liabilities				142
Total net assets identified at fair value				15,865
Goodwill arising on acquisition				25,260
Total purchase consideration				S/ 41,125
Culqi \| Book value
Assets
Cash					S/ 1,016
Property, furniture and equipment, net, Note 10(a)					32
Intangible, Note 11
Software and licenses					2
Other assets					1,100
Liabilities
Other liabilities					955
Total net assets identified at fair value					1,195
Culqi \| Fair value adjustments
Intangible, Note 11
Software and licenses					8,322
Brand "Culqi"					1,164
Client relationships					2,550
Deferred tax assets					541
Other assets					(400)
Liabilities
Deferred tax liabilities					3,550
Total net assets identified at fair value					8,627
Culqi \| Fair value recognized on acquisition
Assets
Cash					1,016
Property, furniture and equipment, net, Note 10(a)					32
Intangible, Note 11
Software and licenses					8,324
Brand "Culqi"					1,164
Client relationships					2,550
Deferred tax assets					541
Other assets					700
Liabilities
Deferred tax liabilities					3,550
Other liabilities					955
Total net assets identified at fair value					9,822
Goodwill arising on acquisition					3,518
Total purchase consideration					S/ 13,340

EQUITY - Additional information (Details)				12 Months Ended
EQUITY - Additional information (Details)	Feb. 27, 2020 PEN (S/)	Feb. 27, 2019 PEN (S/)	Feb. 28, 2018 PEN (S/)	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 PEN (S/) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2019 PEN (S/) shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2018 PEN (S/) shares	Dec. 31, 2020 PEN (S/) shares	Dec. 31, 2019 PEN (S/) shares	Sep. 25, 2019 PEN (S/)	Dec. 31, 2018 PEN (S/) shares
Disclosure of equity [Line Items]
Number of shares issued \| shares										94,382,317	94,382,317		94,382,317
Par value per share \| $ / shares				$ 5		$ 5		$ 5
Purchase of treasury shares					S/ 151,900,000		S/ 103,200,000		S/ 95,400,000
Description of significant restrictions on entity's statutory reserve				required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 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 percent of net profits	required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 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 percent of net profits
Statutory reserve										S/ 6,990,100,000	S/ 6,236,500,000		S/ 5,179,000,000
Increase (decrease) through transfer to statutory reserve, equity	S/ 1,977,100,000	S/ 1,858,800,000	S/ 2,933,600,000
Withholding tax rate				5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Capital commitments										S/ 28,969,300,000	S/ 25,732,000,000.00000
Increase of capital requirement					S/ 7,973,900,000		S/ 4,151,600,000
Interim dividend payable												S/ 638,100,000
Group [Member]
Disclosure of equity [Line Items]
Purchase of number of treasury shares \| shares				240,151	240,151	129,807	129,807	133,750	133,750
Purchase of treasury shares \| $				$ 44,400,000		$ 31,000,000		$ 29,300,000.00000

COMMISSIONS AND FEES

12 Months Ended

Dec. 31, 2020

COMMISSIONS AND FEES

COMMISSIONS AND FEES

23 COMMISSIONS AND FEES

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Maintenance of accounts, transfers and credit and debit card services	1,125,432	1,326,344	1,214,365
Funds and equity management	684,308	676,456	644,038
Contingent loans and foreign trade fees	372,586	372,647	360,798
Commissions for banking services	263,298	282,593	270,784
Collection services	90,456	131,502	234,754
Commissions for consulting and technical studies	57,949	84,725	76,557
Penalty commissions	53,859	84,757	71,049
Commissions for salary advance and payment of services	34,766	49,998	50,456
Brokerage, securities and custody services	35,565	95,207	108,333
Others (i)	194,559	128,552	95,723
Total	2,912,778	3,232,781	3,126,857

The main variations in the commissions and fees corresponding the period 2020 compared to the period 2019 are mainly due to lower numbers of banking operations as a product of less dynamism of the economy as a consequence of the COVID-19, see Note 2(b).

(i) The increase corresponds mainly to the S/47,676M increase in revenue in the Recharge and Paypal businesses.

NET PREMIUMS EARNED (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of insurance premium revenue

a) This item consists of the following:


					Results of
					financial assets
					designated at fair
			Total gross	Premiums ceded	value through	Total Net
	Gross written	Technical reserve	written	to reinsurers and	profit and loss,	premiums
	premiums	adjustment	premiums (*)	co-insurers, net (**)	Note 8	earned
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
2020
Life insurance	2,036,713	(754,480)	1,282,233	(115,347)	115,627	1,282,513
Health insurance	584,068	(22,366)	561,702	(12,309)	—	549,393
General insurance	1,021,136	(4,614)	1,016,522	(420,368)	—	596,154
Total	3,641,917	(781,460)	2,860,457	(548,024)	115,627	2,428,060

2019
Life insurance	1,984,279	(738,421)	1,245,858	(119,310)	93,664	1,220,212
Health insurance	571,006	(22,843)	548,163	(12,828)	—	535,335
General insurance	1,051,489	14,229	1,065,718	(427,022)	—	638,696
Total	3,606,774	(747,035)	2,859,739	(559,160)	93,664	2,394,243

2018
Life insurance	1,821,867	(677,708)	1,144,159	(116,043)	(53,935)	974,181
Health insurance	554,517	(18,383)	536,134	(10,257)	—	525,877
General insurance	984,820	(52,051)	932,769	(371,346)	—	561,423
Total	3,361,204	(748,142)	2,613,062	(497,646)	(53,935)	2,061,481

(*)This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.

(**)“Premiums ceded to reinsurers and coinsurers, net” include:

Schedule of summary of components of premiums ceded to reinsurers and coinsurers, net


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Premiums ceded for automatic contracts (mainly excess of loss), Note 9(b)	(244,112)	(254,839)	(243,427)
Premiums ceded for facultative contracts, Note 9(b)	(327,098)	(289,386)	(288,928)
Annual variation of reserve risk in progress of premiums ceded, Note 9(b)	23,186	(14,935)	34,709
	(548,024)	(559,160)	(497,646)

OTHER ASSETS AND OTHER LIABILITIES - Provision Additional Information 3 (Details) - PEN (S/) S/ in Millions	Dec. 31, 2020	Dec. 31, 2019
OTHER ASSETS AND OTHER LIABILITIES
Margin call for derivatives	S/ 242.3	S/ 201.7
Works for taxes	169.8	253.5
Visa account for payments to establishments	81.1	89.1
Taxes paid on account from third parties and other accounts receivable related to taxes	75.3	94.5
Accounts receivable from deferred currency sale	60.2	128.8
Dividends receivable	6.8	0.4
Accounts receivable from associate	S/ 6.5	S/ 6.8

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	S/ 11,675,076	S/ 9,950,233
Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	10,072,788	8,457,046
General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	1,286,293	1,241,717
Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	315,995	251,470
Direct claim reserve [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	2,050,474	1,576,228
Direct claim reserve [Member] \| Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	1,288,056	908,362
Direct claim reserve [Member] \| General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	629,330	590,588
Direct claim reserve [Member] \| Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	133,088	77,278
Technical claim reserve [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	9,624,602	8,374,005	S/ 7,086,001
Technical claim reserve [Member] \| Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	8,784,732	7,548,684	6,329,512
Technical claim reserve [Member] \| General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	656,963	651,129	593,938
Technical claim reserve [Member] \| Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Provisions for future non-participating benefits	S/ 182,907	S/ 174,192	S/ 162,551

TRANSACTIONS WITH RELATED PARTIES (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Statement of financial position

Direct loans

S/ 1,909,516

S/ 1,657,206

Derivatives at fair value

^[1]

1,165,661

935,286

Deposits

^[2]

(1,582,412)

(751,990)

4,408

4,984

Statement of income

Interest income related to loans

57,373

28,477

Interest expenses related to deposits

(17,212)

(10,377)

Other income

24,411

9,698

Off-balance sheet

Indirect loans

S/ 431,089

S/ 373,865

[1]	The balance includes mainly S/167.1 million of shares and S/200.3 million of bonds issued by Alicorp S.A.A., S/153.0 million of bonds issued by Cementos Pacasmayo S.A., and S/280.8 million of shares of Inversiones Centenario. The increase in the balance corresponds mainly to the acquisition of corporate bonds issued by Alicorp S.A.
[2]	It corresponds to deposits of legal and natural persons. The increase corresponds mainly to higher deposits from related companies Inversiones Piuranas, Inversiones Centenario and Cementos Pacasmayo among other variations.

FINANCIAL RISK MANAGEMENT - Net Assets Under Administration Off the Balance Sheet (Details) - PEN (S/) S/ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about assigned value of financial assets [Line Items]
Assigned value of the financial assets	S/ 132,558	S/ 120,768
Pension funds [Member]
Disclosure of detailed information about assigned value of financial assets [Line Items]
Assigned value of the financial assets	49,582	53,912
Investment funds
Disclosure of detailed information about assigned value of financial assets [Line Items]
Assigned value of the financial assets	52,174	43,635
Equity managed [Member]
Disclosure of detailed information about assigned value of financial assets [Line Items]
Assigned value of the financial assets	25,273	18,387
Bank trusts [Member]
Disclosure of detailed information about assigned value of financial assets [Line Items]
Assigned value of the financial assets	S/ 5,529	S/ 4,834

FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of financial risk management [line Items]

Schedule of financial assets that are either past due or impaired

The total of the concepts: loans with a delay of payment from the first day and the amounts of the internal overdue loans reflect the totality of “past due” loans consistent with IFRS 7.


	2020						2019
			Loans with delays in						Loans with delays in
			payments of one day						payments of one day
		Current but	or more but not	Internal		Total past		Current but	or more but not	Internal		Total past
	Current	impaired	considered internal	overdue		due under	Current	impaired	considered internal	overdue		due under
	loans	loans	overdue loans	loans	Total	IFRS 7	loans	loans	overdue loans	loans	Total	IFRS 7
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	124,673,294	—	—	1,839	124,675,133	1,839	106,143,943	—	—	103	106,144,046	103
Past due but not impaired	−	—	1,824,361	358,107	2,182,468	2,182,468	(30)	—	2,569,349	275,296	2,844,615	2,844,645
Impaired debt	−	4,860,128	620,473	4,325,623	9,806,224	4,946,097	—	2,274,182	515,628	3,029,487	5,819,297	3,545,115
Total	124,673,294	4,860,128	2,444,834	4,685,569	136,663,825	7,130,404	106,143,913	2,274,182	3,084,977	3,304,886	114,807,958	6,389,863

Schedule of detailed information about impaired loans,fair value of collateral and allowance of loan losses

The detail of the gross amount of impaired credits by type of credit, together with the fair value of the related collateral and the amounts of its provision for doubtful accounts, are as follows:


	2020					2019
		Residential	Small and				Residential
	Commercial	mortgage	microenterprise	Consumer		Commercial	mortgage	Microbusiness	Consumer
	loans	loans	loans	loans	Total	loans	loans	loans	loans	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Impaired loans	5,062,586	1,143,896	1,972,003	1,627,739	9,806,224	2,812,011	994,479	1,253,969	758,836	5,819,295
Fair value of collateral	4,414,346	975,834	433,151	233,665	6,056,996	2,491,069	864,473	330,347	193,319	3,879,208
Allowance for loan losses	1,755,096	638,845	1,406,014	1,375,499	5,175,454	982,950	472,718	931,587	629,558	3,016,813

Schedule of classification of loans by banking and maturity

The classification of loans by type of banking and maturity is as follows:


	2020					2019
			Loans with delays in					Loans with delays in
			payments of one day					payments of one day
		Current but	or more but not	Internal			Current but	or more but not	Internal
	Current	impaired	considered internal	overdue		Current	impaired	considered internal	overdue
	loans	loans	overdue loans	loans	Total	loans	loans	overdue loans	loans	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	74,198,115	3,117,852	683,061	1,900,741	79,899,769	59,218,904	1,460,816	1,027,177	1,390,176	63,097,073
Residential mortgage loans	18,828,934	376,053	744,339	619,052	20,568,378	17,985,809	284,279	868,087	537,646	19,675,821
Small and microenterprise loans	19,431,050	683,370	520,062	1,355,422	21,989,904	14,898,270	247,076	635,436	973,043	16,753,825
Consumer loans	12,215,195	682,853	497,372	810,354	14,205,774	14,040,930	282,011	554,277	404,021	15,281,239
Total	124,673,294	4,860,128	2,444,834	4,685,569	136,663,825	106,143,913	2,274,182	3,084,977	3,304,886	114,807,958

Schedule of carring amount of allowances for direct and indirect loans losses and its estimation

The following table provides a comparison between the carrying amount of provision of credit loss for direct and indirect loan and its estimation under three scenarios: base, optimistic and pessimistic.


	2020	2019
	S/(000)	S/(000)
Carrying amount	10,435,623	5,507,759

Scenarios:
Optimistic	10,100,156	5,426,608
Base Case	10,460,012	5,509,729
Pessimistic	11,018,666	5,584,965

Schedule of risk rating analysis of investments

The following table shows the analysis of the risk-rating of the investments, provided by the institutions referred to above:


	2020		2019
	S/(000)	%	S/(000)	%
Instruments rated in Peru:
AAA (i)	—	—	1,621,270	4.8
AA- a AA+ (i)	—	—	1,853,042	5.5
A- to A+ (i)	1,369,969	2.5	8,970,590	26.8
BBB- to BBB+ (ii)	21,395,476	38.8	1,874,556	5.6
BB- to BB+	901,934	1.6	517,146	1.5
Lower and equal to +B	5,590	—	—	—
Unrated:
BCRP certificates of deposit (iii)	17,237,158	31.3	8,665,272	25.8
Listed and unlisted securities	514,297	0.9	573,485	1.7
Restricted mutual funds	436,881	0.8	460,086	1.4
Investment funds	212,951	0.4	102,085	0.3
Mutual funds	302,212	0.5	291,024	0.9
Other instruments	82,664	0.1	264,497	0.8
Subtotal	42,459,132	76.9	25,193,053	75.1


	2020		2019
	S/(000)	%	S/(000)	%
Instruments rated abroad:
AAA	700,312	1.3	657,787	2.0
AA- a AA+	1,043,409	1.9	854,501	2.5
A- to A+	2,395,327	4.4	1,581,995	4.7
BBB- to BBB+	4,594,711	8.4	2,974,639	8.9
BB- to BB+	1,733,080	3.1	996,917	3.0
Lower and equal to +B	129,094	0.2	54,316	0.2
Unrated:
Listed and unlisted securities	267,943	0.5	88,799	0.3
Participations of RAL funds	278,819	0.5	300,398	0.9
Mutual funds	677,084	1.2	302,528	0.9
Investment funds	155,183	0.3	294,158	0.9
Hedge funds	122,433	0.2	33,223	0.1
Other instruments	617,215	1.1	198,217	0.5
Subtotal	12,714,610	23.1	8,337,478	24.9
Total	55,173,742	100.0	33,530,531	100.0

(i) The decrease in the balances is due to the fall in the rating mainly of corporate bonds. As of December 31, 2020, its rating is mainly BBB+, due to the COVID-19 crisis. See more details in Note 2(b).

(ii) The increase in the balance is due to the indicated in the previous paragraph, to the fall in the rating of the sovereign bonds of the Peruvian Treasury, whose rating as of December 31, 2020 is BBB+ and as of December 31, 2019 were A-, and to the purchase of sovereign bonds from the Peruvian Treasury. This rating maintained by the instruments is due to the COVID-19 crisis. See more details in Note 2(b).

(iii) The increase in the balance is due to the acquisition of new instruments. See more details in Notes 6(a)(i) and 6(b)(i).

Concentration of financial instruments exposed to credit risk

As of December 31, 2020 and 2019, financial instruments with exposure to credit risk were distributed considering the following economic sectors:


	2020					2019
	At fair value					At fair value
	through profit for loss			At fair value		through profit for loss			At fair value
	Held for		Financial	through other		Held for		Financial	through other
	trading,		assets at	comprehensive		trading,		assets at	comprehensive
	hedging and	Designated	amortized	income		hedging and	Designated	amortized	income
	others (*)	at inception	cost	investments	Total	others (*)	at inception	cost	investments	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Central Reserve Bank of Peru (**)	1,872,875	—	26,003,491	15,364,283	43,240,649	—	—	21,166,346	8,665,272	29,831,618
Financial services	2,902,651	168,452	16,946,211	5,941,069	25,958,383	2,856,512	237,240	13,346,814	2,883,301	19,323,867
Commerce	18,817	—	24,029,835	490,612	24,539,264	21,228	12,468	18,478,960	452,214	18,964,870
Manufacturing	409,490	91,110	19,155,347	2,694,326	22,350,273	202,554	36,686	16,923,024	1,225,118	18,387,382
Government and public administration	1,888,710	—	5,374,603	12,831,954	20,095,267	1,581,527	12,994	3,995,389	7,170,624	12,760,534
Mortgage loans	—	—	19,738,710	—	19,738,710	—	—	18,933,894	—	18,933,894
Consumer loans	—	—	13,144,271	—	13,144,271	—	—	14,769,022	—	14,769,022
Real estate and leasing	93,422	3,073	11,798,614	179,368	12,074,477	43,203	125,201	8,841,466	1,276,941	10,286,811
Communications, storage and transportation	76,711	367,908	7,416,065	924,885	8,785,569	17,306	59,392	6,003,950	1,071,335	7,151,983
Community services	37	—	7,382,713	—	7,382,750	—	—	5,651,923	5,798	5,657,721
Electricity, gas and water	194,542	116,209	3,533,722	2,893,815	6,738,288	91,055	50,929	3,204,625	2,286,932	5,633,541
Construction	35,557	—	3,807,260	331,946	4,174,763	20,847	3,967	2,762,340	322,864	3,110,018
Agriculture	10,815	—	4,044,735	15,473	4,071,023	1,963	—	3,465,369	17,887	3,485,219
Mining	76,012	8,083	3,470,665	241,063	3,795,823	41,687	27,875	3,268,970	146,362	3,484,894
Education, health and others	20,285	68,435	1,712,817	1,680,135	3,481,672	4,543	53,792	1,455,374	644,143	2,157,852
Hotels and restaurants	—	—	2,762,674	—	2,762,674	—	—	2,313,523	—	2,313,523
Insurance	10,080	—	1,898,194	919	1,909,193	5,100	—	123,771	986	129,857
Fishing	923	—	639,227	9,169	649,319	321	—	465,818	—	466,139
Others	71,041	—	3,147,190	144,872	3,363,103	55,023	—	2,933,989	32,946	3,021,958
Total	7,681,968	823,270	176,006,344	43,743,889	228,255,471	4,942,869	620,544	148,104,567	26,202,723	179,870,703

(*)It includes non-trading investments that did not pass SPPI test.

(**) The increase in the balance corresponds mainly to (i) the purchase of certificates of deposits from the BCRP and (ii) the increase in deposits with the Central Reserve Bank of Peru; see more details in Notes 6(a)(i) and 6(b)(i), and in Note 4(b), respectively

Schedule of summary of financial assets subject to offsetting

Financial assets subject to offsetting, enforceable master offsetting agreements and similar agreements:


	2020


			Related amounts not offset in the
		Net of financial	consolidated statement of
		assets presented	financial position
	Gross amounts	in the consolidated		Cash
	recognized	statements of	Financial	collateral
Details	financial assets	financial position	instruments	received	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Receivables from derivatives	1,214,497	1,214,497	(85,156)	(33,784)	1,095,557
Cash collateral, reverse repurchase agreements and securities borrowing	2,394,302	2,394,302	—	(1,340,272)	1,054,030
Investments at fair value through other comprehensive income and amortized cost pledged as collateral	2,766,162	2,766,162	(1,128,875)	—	1,637,287
Total	6,374,961	6,374,961	(1,214,031)	(1,374,056)	3,786,874


	2019


			Related amounts not offset in the
		Net of financial	consolidated statement of
		assets presented	financial position
	Gross amounts	in the consolidated		Cash
	recognized	statements of	Financial	collateral
Details	financial assets	financial position	instruments	received	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Receivables from derivatives	1,092,107	1,092,107	(122,557)	(144,175)	825,375
Cash collateral, reverse repurchase agreements and securities borrowing	4,288,524	4,288,524	(151,538)	(2,893,723)	1,243,263
Available-for-sale and held-to-maturity investments pledged as collateral	3,157,981	3,157,981	(3,208,973)	—	(50,992)
Total	8,538,612	8,538,612	(3,483,068)	(3,037,898)	2,017,646

Schedule of summary of financial liabilities subject to offsetting

Financial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements:


	2020
		Net amounts of
		financial liabilities
		presented in the	Related amounts not offset in the
		consolidated	consolidated statement of
	Gross amounts of	statement of	financial position
	recognized	financial	Financial	Cash collateral
Details	financial liabilities	position	instruments	pledged	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Payables on derivatives	1,205,213	1,205,213	85,156	(269,024)	1,021,345
Payables on repurchase agreements and securites lending	27,923,617	27,923,617	(22,637,034)	(1,601,200)	3,685,383
Total	29,128,830	29,128,830	(22,551,878)	(1,870,224)	4,706,728


	2019
		Net amounts of
		financial liabilities
		presented in the	Related amounts not offset in the
		consolidated	consolidated statement of
	Gross amounts of	statement of	financial position
	recognized	financial	Financial	Cash collateral
Details	financial liabilities	position	instruments	pledged	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Payables on derivatives	1,040,282	1,040,282	122,557	(186,384)	976,455
Payables on repurchase agreements and securites lending	7,678,016	7,678,016	(3,208,973)	(3,293,837)	1,175,206
Total	8,718,298	8,718,298	(3,086,416)	(3,480,221)	2,151,661

Schedule of VAR by risk type

The Group’s VaR showed an increase as of December 31, 2020, due to the Rate Effect and Price Effect due to greater volatility in the market risk factors caused by the COVID-19 pandemic; Likewise, due to a greater exposure in Fixed Income instruments, mainly in Banco de Crédito del Perú and Credicorp Capital Colombia. The VaR was kept within the risk appetite limits established by the Risk Management of each Subsidiary

As of December 31, 2020 and 2019, the Group’s VaR by risk type is as follows:


	2020	2019
	S/(000)	S/(000)

Interest rate risk	163,982	9,274
Price risk	55,748	7,809
Volatility risk	708	463
Diversification effect	(84,977)	(6,245)
Consolidated VaR by type of risk	135,461	11,301

Schedule of detailed information about assets and liabilities by currencies

Foreign currency transactions are made at the free market exchange rates of the countries where Credicorp’s Subsidiaries are established. As of December 31, 2020 and 2019, the Group’s assets and liabilities by currencies were as follows:


	2020				2019
			Other				Other
	Soles	U.S. Dollars	currencies	Total	Soles	U.S. Dollars	currencies	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Monetary assets
Cash and due from banks	10,689,167	24,030,096	2,033,731	36,752,994	3,960,190	20,762,648	1,263,924	25,986,762
Cash collateral, reverse repurchase agreements and securities borrowing	−	2,030,165	364,137	2,394,302	150,009	3,389,090	749,425	4,288,524
Investments:
At fair value through profit or loss	1,106,875	3,531,911	1,828,685	6,467,471	800,370	1,053,925	1,996,467	3,850,762
At fair value through other comprehensive income	32,423,989	9,600,018	1,217,428	43,241,435	18,221,102	6,869,840	532,582	25,623,524
At amortized cost	4,844,238	89,095	29,049	4,962,382	3,355,579	100,299	21,168	3,477,046
Loans, net	84,761,689	33,998,843	9,000,593	127,761,125	66,737,870	35,598,141	8,149,706	110,485,717
Financial assets designated at fair value through profit or loss	23,477	799,793	−	823,270	44,223	576,321	—	620,544
Other assets	1,524,882	2,768,455	857,489	5,150,826	2,055,836	2,142,237	678,111	4,876,184
Total monetary assets	135,374,317	76,848,376	15,331,112	227,553,805	95,325,179	70,492,501	13,391,383	179,209,063

Monetary liabilities
Deposits and obligations	(76,179,373)	(55,636,591)	(10,549,538)	(142,365,502)	(56,769,748)	(46,319,179)	(8,916,458)	(112,005,385)
Payables from repurchase agreements and securities lending	(26,011,980)	(255,607)	(1,656,030)	(27,923,617)	(5,068,896)	(734,441)	(1,874,679)	(7,678,016)
Due to bank and correspondents	(4,158,523)	(1,454,565)	(365,169)	(5,978,257)	(3,798,717)	(4,709,610)	(333,405)	(8,841,732)
Lease liabilities	(257,702)	(409,866)	(83,010)	(750,578)	(144,752)	(605,036)	(80,365)	(830,153)
Financial liabilities at fair value through profit or loss	(87,715)	(340,774)	(133,113)	(561,602)	—	(94,475)	(399,225)	(493,700)
Technical reserves for claims and insurance	(6,245,669)	(5,400,003)	(29,404)	(11,675,076)	(5,642,772)	(4,301,468)	(5,993)	(9,950,233)
Bonds and notes issued	(3,454,685)	(12,520,242)	(344,480)	(16,319,407)	(4,028,893)	(10,660,989)	(256,481)	(14,946,363)
Other liabilities	(2,492,261)	(2,864,519)	(1,029,697)	(6,386,477)	(3,541,350)	(1,951,682)	(874,416)	(6,367,448)
Total monetary liabilities	(118,887,908)	(78,882,167)	(14,190,441)	(211,960,516)	(78,995,128)	(69,376,880)	(12,741,022)	(161,113,030)
	16,486,409	(2,033,791)	1,140,671	15,593,289	16,330,051	1,115,621	650,361	18,096,033

Forwards position, net	(36,268)	198,835	(164,334)	(1,767)	1,534,948	(1,351,414)	(116,899)	66,635
Currency swaps position, net	(2,854,724)	1,054,037	−	(1,800,687)	281,672	(281,672)	—	—
Cross currency swaps position, net	(1,229,834)	578,389	(313,022)	(964,467)	(787,355)	692,525	(57,715)	(152,545)
Options, net	(32,123)	32,123	−	−	25,071	(25,071)	—	—

Accounting hedge (investment abroad) (*)	—	490,385	−	490,385	—	—	—	—

Net monetary position	12,333,460	319,978	663,315	13,316,753	17,384,387	149,989	475,747	18,010,123

(*) As of December 31, 2020, an accounting hedge of a net investment abroad was carried out where part of our liability position in dollars related to the balance of the caption “bonds and notes issued”, see Note 17(iv), was designated as cover our permanent investment in Atlantic Security Holding Corporation. The hedged amount is approximately US$135.4 million, equivalent to S/490.3 million.

Schedule of detailed information about cash flows associated with the remaining contractual maturities

The table below presents the cash flows payable by the Group by remaining contractual maturities (including future interest payments) at the date of the consolidated statement of financial position. The amounts disclosed in the table are the contractual undiscounted cash flows:


	2020						2019
	Up to a	From 1 to	From 3 to	From 1 to	Over 5		Up to a	From 1 to	From 3 to	From 1 to	Over 5
	month	3 months	12 months	5 years	Year	Total	month	3 months	12 months	5 years	Year	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/000	S/000

Financial assets	47,587,613	33,012,127	47,692,934	89,394,618	47,041,495	264,728,787	35,352,840	22,105,919	49,635,736	63,189,798	42,676,791	212,961,084

Financial liabilities by type -
Deposits and obligations	40,780,477	11,340,863	20,204,905	66,342,002	10,220,206	148,888,453	33,056,293	10,879,383	22,008,052	42,265,306	9,820,049	118,029,083
Payables from reverse purchase agreements and security lendings and due to banks and correspondents	764,998	3,572,866	9,498,586	24,114,558	3,748,182	41,699,190	3,917,690	1,827,617	1,928,676	1,964,421	8,143,235	17,781,639
Accounts payable to reinsurers	72,060	209,035	40,349	17,002	—	338,446	46,144	133,864	25,838	10,888	—	216,734
Financial liabilities designated at fair value through profit or loss	561,602	—	—	—	—	561,602	493,700	—	—	—	—	493,700
Bonds and notes issued	3	432,446	1,259,147	14,103,090	626,680	16,421,366	549,434	149,009	2,138,869	11,255,465	2,709,880	16,802,657
Lease liabilities	37,557	31,718	109,969	425,566	173,744	778,554	10,857	21,751	96,013	434,797	468,213	1,031,631
Other liabilities	2,507,012	262,080	198,629	302,056	1,271,750	4,541,527	2,719,050	285,956	347,590	217,701	1,200,736	4,771,033
Total liabilities	44,723,709	15,849,008	31,311,585	105,304,274	16,040,562	213,229,138	40,793,168	13,297,580	26,545,038	56,148,578	22,342,113	159,126,477

Derivative financial liabilities -
Contractual amounts receivable (Inflows)	548,397	1,309,229	574,501	1,075,567	1,003,295	4,510,989	921,774	722,448	1,244,120	966,488	966,870	4,821,700
Contractual amounts payable (outflows)	117,572	1,032,719	429,197	1,206,819	951,855	3,738,162	501,611	435,484	787,985	1,224,424	983,394	3,932,898
Total liabilities	430,825	276,510	145,304	(131,252)	51,440	772,827	420,163	286,964	456,135	(257,936)	(16,524)	888,802

Schedule of summary of the direct credits classified into three important groups and their respective allowance for each of the types of loans

The following is a summary of the direct credits classified into three important groups and their respective allowance for each of the types of loans , it should be noted that impaired loans are loans in default that are located in phase 3:


	2020				2019
Commercial loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	66,039,657	8,159,561	—	74,199,218	56,270,934	2,948,066	—	59,219,000
Past due but not impaired	371,432	266,533	—	637,965	815,751	250,311	—	1,066,062
Impaired	—	—	5,062,586	5,062,586	—	—	2,812,011	2,812,011
Gross	66,411,089	8,426,094	5,062,586	79,899,769	57,086,685	3,198,377	2,812,011	63,097,073

Less: Allowance for loan losses	717,445	659,272	1,755,096	3,131,813	416,692	161,190	982,950	1,560,832

Total, net	65,693,644	7,766,822	3,307,490	76,767,956	56,669,993	3,037,187	1,829,061	61,536,241


Residential mortgage loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	17,760,423	1,069,247	—	18,829,670	17,477,899	507,910	—	17,985,809
Past due but not impaired	303,647	291,165	—	594,812	424,741	270,792	—	695,533
Impaired	−	−	1,143,896	1,143,896	—	—	994,479	994,479
Gross	18,064,070	1,360,412	1,143,896	20,568,378	17,902,640	778,702	994,479	19,675,821

Less: Allowance for loan losses	160,945	109,666	638,845	909,456	43,217	25,710	472,718	541,645

Total, net	17,903,125	1,250,746	505,051	19,658,922	17,859,423	752,992	521,761	19,134,176


Microbusiness loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	11,494,102	7,936,951	—	19,431,053	13,363,213	1,535,064	—	14,898,277
Past due but not impaired	64,318	522,530	—	586,848	301,879	299,700	—	601,579
Impaired	−	−	1,972,003	1,972,003	—	—	1,253,969	1,253,969
Gross	11,558,420	8,459,481	1,972,003	21,989,904	13,665,092	1,834,764	1,253,969	16,753,825

Less: Allowance for loan losses	568,588	1,118,054	1,406,014	3,092,656	515,662	249,457	931,587	1,696,706

Total, net	10,989,832	7,341,427	565,989	18,897,248	13,149,430	1,585,307	322,382	15,057,119


Consumer loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	9,891,072	2,324,121	—	12,215,193	12,108,752	1,932,209	—	14,040,961
Past due but not impaired	102,003	260,839	—	362,842	203,147	278,295	—	481,442
Impaired	−	−	1,627,739	1,627,739	—	—	758,836	758,836
Gross	9,993,075	2,584,960	1,627,739	14,205,774	12,311,899	2,210,504	758,836	15,281,239

Less: Allowance for loan losses	415,223	974,113	1,375,499	2,764,835	263,788	431,433	629,558	1,324,779

Total, net	9,577,852	1,610,847	252,240	11,440,939	12,048,111	1,779,071	129,278	13,956,460


Consolidated of credits	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Total gross direct credits, Note 7(a)	106,026,654	20,830,947	9,806,224	136,663,825	100,966,316	8,022,347	5,819,295	114,807,958
Total allowance for loan losses, Note 7(a)	1,862,201	2,861,105	5,175,454	9,898,760	1,239,359	867,790	3,016,813	5,123,962
Total net direct credits	104,164,453	17,969,842	4,630,770	126,765,065	99,726,957	7,154,557	2,802,482	109,683,996

Schedule of summary of analysis of financial instruments measured at fair value by level in fair value hierarchy

The following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorized. The amounts are based on the values recognized in the consolidated statement of financial position:


		2020				2019
	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
		S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Financial assets
Derivative financial instruments:
Currency swaps		—	323,425	—	323,425	—	411,656	—	411,656
Interest rate swaps		—	600,718	—	600,718	—	269,219	—	269,219
Foreign currency forwards		—	256,891	—	256,891	—	306,148	—	306,148
Cross currency swaps		—	28,096	—	28,096	—	98,585	—	98,585
Foreign exchange options		—	2,673	—	2,673	—	6,489	—	6,489
Futures		—	2,694	—	2,694	—	10	—	10
	13(b)	—	1,214,497	—	1,214,497	—	1,092,107	—	1,092,107

Investments at fair value through profit of loss	6(a)	3,186,413	2,543,159	737,899	6,467,471	2,320,141	786,477	744,144	3,850,762
Financial assets at fair value through profit of loss	8	808,182	15,088	—	823,270	558,471	62,073	−	620,544

Investments at fair value through other comprehensive income:
Debt Instruments
Corporate bonds		5,199,696	8,220,732	—	13,420,428	3,171,451	5,621,363	939	8,793,753
Certificates of deposit BCRP		−	15,364,282	—	15,364,282	−	8,665,272	−	8,665,272
Government treasury bonds		11,615,890	811,526	—	12,427,416	6,194,116	620,465	−	6,814,581
Securitization instruments		53	751,383	—	751,436	−	629,818	−	629,818
Negotiable certificates of deposit		−	898,277	—	898,277	−	377,296	−	377,296
Subordinated bonds		39,047	174,250	—	213,297	29,778	135,609	−	165,387
Other instruments		−	166,203	—	166,203	−	177,417	−	177,417
Equity instruments		182,943	304,291	15,316	502,550	239,555	320,579	19,065	579,199
	6(b)	17,037,629	26,690,944	15,316	43,743,889	9,634,900	16,547,819	20,004	26,202,723
Total financial assets		21,032,224	30,463,688	753,215	52,249,127	12,513,512	18,488,476	764,148	31,766,136

Financial liabilities
Derivatives financial instruments:
Interest rate swaps		—	644,122	—	644,122	—	365,774	—	365,774
Currency swaps		—	181,454	—	181,454	—	366,545	—	366,545
Foreign currency forwards		—	257,999	—	257,999	—	246,960	—	246,960
Cross currency swaps		—	115,475	—	115,475	—	54,775	—	54,775
Foreign exchange options		—	3,547	—	3,547	—	6,089	—	6,089
Futures		—	2,616	—	2,616	—	139	—	139
	13(b)	—	1,205,213	—	1,205,213	—	1,040,282	—	1,040,282

Financial liabilities at fair value through profit or loss		—	561,602	—	561,602	—	493,700	—	493,700
Total financial liabilities		—	1,766,815	—	1,766,815	—	1,533,982	—	1,533,982

Schedule of summary of value of the net assets under administration off the balance sheet

As of December 31, 2020 and 2019, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows:


	2020	2019

Pension funds	49,582	53,912
Investment funds and mutual funds	52,174	43,635
Equity managed	25,273	18,387
Bank trusts	5,529	4,834
Total	132,558	120,768

Schedule of summary of results of the sensitivity analysis regarding changes in interest rates

The results of the sensitivity analysis regarding changes in interest rates at December 31, 2020 and 2019 are presented below:


2020
	Changes in		Sensitivity of net		Sensitivity of Net
Currency	basis points		profit		Economic Value
			S/(000)		S/(000)

Soles	+/-	50	+/-	19,640	-/+	391,821
Soles	+/-	75	+/-	29,459	-/+	587,731
Soles	+/-	100	+/-	39,279	-/+	783,642
Soles	+/-	150	+/-	58,919	-/+	1,175,462
U.S. Dollar	+/-	50	+/-	47,929	+/-	345,185
U.S. Dollar	+/-	75	+/-	71,894	+/-	517,777
U.S. Dollar	+/-	100	+/-	95,859	+/-	690,369
U.S. Dollar	+/-	150	+/-	143,788	+/-	1,035,554


2019
	Changes in		Sensitivity of net		Sensitivity of Net
Currency	basis points		profit		Economic Value
			S/(000)		S/(000)

Soles	+/-	50	-/+	7,696	-/+	285,699
Soles	+/-	75	-/+	11,544	-/+	428,549
Soles	+/-	100	-/+	15,392	-/+	571,398
Soles	+/-	150	-/+	23,088	-/+	857,097
U.S. Dollar	+/-	50	+/-	52,276	+/-	152,926
U.S. Dollar	+/-	75	+/-	78,413	+/-	229,389
U.S. Dollar	+/-	100	+/-	104,551	+/-	305,852
U.S. Dollar	+/-	150	+/-	156,827	+/-	458,777

Schedule of summary of sensitivity analysis of the U.S. Dollar


	Change in	As of December 31,	As of December 31,
Currency rate sensitivity	currency rates	2020	2019
	%	S/000	S/000

Depreciation -
Soles in relation to U.S. Dollar	5	15,237	7,142
Soles in relation to U.S. Dollar	10	29,089	13,635

Appreciation -
Soles in relation to U.S. Dollar	5	(16,841)	(7,894)
Soles in relation to U.S. Dollar	10	(35,553)	(16,665)

Schedule of comparision between the carrying amounts and fair values of the financial instruments which are not measured at fair value, presented in consoliadted financial statemnets of financial positions by level of fair value hierarchy

We present below the disclosure of the comparison between the carrying amounts and fair values of the financial instruments, which are not measured at fair value, presented in the consolidated statement of financial position by level of the fair value hierarchy:


	2020					2019
	Level 1	Level 2	Level 3	Fair value	Book value	Level 1	Level 2	Level 3	Fair value	Book value
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Assets
Cash and due from banks	—	36,752,994	—	36,752,994	36,752,994	—	25,986,762	—	25,986,762	25,986,762
Cash collateral, reverse repurchase agreements and securities borrowing	—	2,394,302	—	2,394,302	2,394,302	—	4,288,524	—	4,288,524	4,288,524
Investments at amortized cost	5,552,020	113,992	—	5,666,012	4,962,382	3,772,509	124,222	—	3,896,731	3,477,046
Loans, net	—	127,761,125	—	127,761,125	127,761,125	—	110,485,717	—	110,485,717	110,485,717
Premiums and other policies receivable	—	937,223	—	937,223	937,223	—	838,731	—	838,731	838,731
Accounts receivable from reinsurers and coinsurers	—	919,419	—	919,419	919,419	—	791,704	—	791,704	791,704
Due from customers on acceptances	—	455,343	—	455,343	455,343	—	535,222	—	535,222	535,222
Other assets	—	1,823,556	—	1,823,556	1,823,556	—	1,700,861	—	1,700,861	1,700,861
Total	5,552,020	171,157,954	—	176,709,974	176,006,344	3,772,509	144,751,743	—	148,524,252	148,104,567

Liabilities
Deposits and obligations	—	142,365,502	—	142,365,502	142,365,502	—	112,005,385	—	112,005,385	112,005,385
Payables on repurchase agreements and securities lending	—	27,923,617	—	27,923,617	27,923,617	—	7,678,016	—	7,678,016	7,678,016
Due to Banks and correspondents and other entities	—	6,327,779	—	6,327,779	5,978,257	—	9,032,177	—	9,032,177	8,841,732
Banker’s acceptances outstanding	—	455,343	—	455,343	455,343	—	535,222	—	535,222	535,222
Payable to reinsurers and coinsurers	—	338,446	—	338,446	338,446	—	216,734	—	216,734	216,734
Lease liabilities	—	750,578	—	750,578	750,578	—	830,153	—	830,153	830,153
Bond and notes issued	—	17,264,023	—	17,264,023	16,319,407	—	15,638,835	—	15,638,835	14,946,363
Other liabilities	—	3,273,754	—	3,273,754	3,273,754	—	3,206,544	—	3,206,544	3,206,544
Total	—	198,699,042	—	198,699,042	197,404,904	—	149,143,066	—	149,143,066	148,260,149

Credit Risk Geographical Areawise [Member]

Disclosure of financial risk management [line Items]

Concentration of financial instruments exposed to credit risk

As of December 31, 2020 and 2019 financial instruments with exposure to credit risk were distributed by the following geographical areas:


	2020					2019
	At fair value					At fair value
	through profit for loss			At fair value		through profit for loss			At fair value
	Held for		Financial	through other		Held for		Financial	through other
	trading,		assets at	comprehensive		trading,		assets at	comprehensive
	hedging and	Designated	amortized	income		hedging and	Designated	amortized	income
	others (*)	at inception	cost	investments	Total	others (*)	at inception	cost	investments	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Peru	3,511,686	67,821	155,598,019	34,208,824	193,386,350	688,099	138,293	130,436,702	20,674,142	151,937,236
Bolivia	584,879	—	10,718,164	708,784	12,011,827	494,547	—	9,218,219	555,028	10,267,794
United States of America	444,924	459,266	3,288,720	4,922,144	9,115,054	568,588	275,991	982,944	2,746,987	4,574,510
Colombia	1,387,406	4,788	2,264,768	1,147,770	4,804,732	1,346,042	21,289	2,627,353	385,794	4,380,478
Chile	420,527	5,315	1,446,246	618,572	2,490,660	683,822	34,606	2,047,951	450,382	3,216,761
Brazil	104,774	—	752,257	86,673	943,704	6,023	5,867	485,594	40,472	537,956
Mexico	113,988	42,336	1,942	408,567	566,833	28,846	18,093	5,962	247,713	300,614
Panama	25,624	—	405,941	131,722	563,287	—	—	905,675	91,571	997,246
Canada	26,894	373	70,562	119,897	217,726	29,976	—	109,233	108,494	247,703
Europe:
France	423,711	1,890	32,864	253,152	711,617	227,823	8,850	27,244	169,632	433,549
Others in Europe	392,808	42,991	85,541	137,469	658,809	127,915	17,184	83,979	46,331	275,409
United Kingdom	27,869	18,870	369,455	140,302	556,496	189,658	14,950	273,477	80,965	559,050
Spain	26,152	—	42,157	76,770	145,079	11,105	—	32,836	32,366	76,307
Switzerland	494	799	74,246	60,378	135,917	514	—	980	26,136	27,630
Netherlands	952	1,526	122,696	50,676	175,850	—	—	26,024	108,343	134,367
Multilateral Organizations (**)	—	—	—	150,656	150,656	—	—	−	28,733	28,733
Others	189,280	177,295	732,766	521,533	1,620,874	539,911	85,421	840,394	409,634	1,875,360
Total	7,681,968	823,270	176,006,344	43,743,889	228,255,471	4,942,869	620,544	148,104,567	26,202,723	179,870,703

(*) It includes non-trading investments that did not pass SPPI test.

(**) It corresponds to instruments issued by the Banco de Desarrollo de América Latina (before CAF) and by the Banco Interamericano de Desarrollo (BID).

Market price change risk [Member]

Disclosure of financial risk management [line Items]

Schedule of summary of results of the sensitivity analysis regarding changes in interest rates

The market price sensitivity tests as of December 31, 2020 and 2019 are presented below:


Equity securities
Measured at fair value
through other comprehensive	Change in
income	market prices		2020	2019
	%		S/(000)	S/(000)

Equity securities	+/-	10	50,255	57,920
Equity securities	+/-	25	125,638	144,800
Equity securities	+/-	30	150,765	173,760


Funds
Measured at fair value	Change in
through profit or loss	market prices		2020	2019
	%		S/(000)	S/(000)

Participation in mutual funds	+/-	10	96,665	59,127
Participation in mutual funds	+/-	25	241,661	147,818
Participation in mutual funds	+/-	30	289,994	177,381
Restricted mutual funds	+/-	10	43,688	46,009
Restricted mutual funds	+/-	25	109,220	115,022
Restricted mutual funds	+/-	30	131,064	138,026
Participation in RAL funds	+/-	10	27,882	30,040
Participation in RAL funds	+/-	25	69,705	75,100
Participation in RAL funds	+/-	30	83,646	90,119
Investment funds	+/-	10	36,160	30,576
Investment funds	+/-	25	90,399	76,440
Investment funds	+/-	30	108,479	91,728
Hedge funds	+/-	10	12,694	3,364
Hedge funds	+/-	25	31,735	8,410
Hedge funds	+/-	30	38,081	10,092
Exchange Trade Funds	+/-	10	3,209	1,360
Exchange Trade Funds	+/-	25	8,021	3,399
Exchange Trade Funds	+/-	30	9,626	4,079

Interest rate risk

Disclosure of financial risk management [line Items]

Concentration of financial instruments exposed to credit risk

The table below summarizes the Group’s exposure to interest rate risks. It includes the Group’s financial instruments at carrying amounts, categorized by the earlier of contractual re-pricing or maturity dates, what occurs first:


	2020
	Up to 1	1 to 3	3 to 12	1 to 5	More than	Non-interest
	month	months	months	years	5 years	bearing	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Assets
Cash and cash collateral, reverse repurchase agreements and securities borrowing	20,110,489	1,607,867	2,052,436	7,682,481	149,669	7,544,354	39,147,296
Investments	4,639,795	11,068,740	2,777,817	8,783,106	20,934,358	502,455	48,706,271
Loans, net	12,721,639	15,427,902	31,709,621	54,248,434	16,352,436	(2,698,907)	127,761,125
Financial assets designated at fair value through profit or loss	—	—	—	—	—	823,270	823,270
Premiums and other policies receivable	897,086	25,288	9,472	5,377	—	—	937,223
Accounts receivable from reinsurers and coinsurers	726	164,184	730,963	1,930	675	20,941	919,419
Other assets (*)	83,113	2,961	34,482	9,539	—	2,176,901	2,306,996
Total assets	38,452,848	28,296,942	37,314,791	70,730,867	37,437,138	8,369,014	220,601,600

Liabilities
Deposits and obligations	38,284,217	10,646,664	18,968,119	62,281,065	9,594,605	2,590,832	142,365,502
Payables from repurchase agreements and securities lending	620,946	2,900,084	7,709,973	19,573,712	3,042,388	54,771	33,901,874
Accounts payable to reinsurers and coinsurers	72,060	209,035	40,349	17,002	—	—	338,446
Technical reserves for claims and insurance premiums	296,493	810,514	1,355,486	3,133,235	5,752,899	326,449	11,675,076
Financial liabilities at fair value through profit or loss	—	—	—	—	—	561,602	561,602
Bonds and Notes issued	3	425,231	1,238,141	13,867,807	616,225	172,000	16,319,407
Other liabilities (*)	601,545	49,851	8,185	—	—	3,247,834	3,907,415
Equity	—	—	—	—	—	25,445,647	25,445,647
Total liabilities and equity	39,875,264	15,041,379	29,320,253	98,872,821	19,006,117	32,399,135	234,514,969

Off-balance-sheet accounts
Derivative financial assets	547,271	1,307,322	557,277	341,564	—	—	2,753,434
Derivative financial liabilities	112,357	1,017,607	360,010	1,046,481	238,600	—	2,775,055
	434,914	289,715	197,267	(704,917)	(238,600)	—	(21,621)
Marginal gap	(987,502)	13,545,278	8,191,805	(28,846,871)	18,192,421	(24,030,121)	(13,934,990)
Accumulated gap	(987,502)	12,557,776	20,749,581	(8,097,290)	10,095,131	(13,934,990)	—

(*)Other assets and other liabilities only include financial accounts.

Investments for trading purposes are not considered (investments at fair value through profit or loss and trading derivatives), because these instruments are part of the trading book and the Value at Risk methodology is used to measure market risks.


	2019
	Up to 1	1 to 3	3 to 12	1 to 5	More than	Non-interest
	month	months	months	years	5 years	bearing	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/000
Assets
Cash and cash collateral, reverse repurchase agreements and securities borrowing	12,702,384	1,841,425	3,683,141	5,351,933	125,088	6,571,315	30,275,286
Investment	1,462,956	1,346,028	7,786,732	5,876,624	12,628,641	578,788	29,679,769
Loans, net	14,595,317	17,107,120	28,291,817	35,086,667	15,737,689	(332,893)	110,485,717
Financial assets designated at fair value through profit or loss	—	—	—	—	—	620,544	620,544
Premiums and other policies receivable	802,558	22,866	8,496	4,811	—	—	838,731
Accounts receivable from reinsurers and coinsurers	734	120,600	668,551	1,348	471	—	791,704
Other assets (*)	273,338	38,841	8	—	—	2,023,067	2,335,254
Total assets	29,837,287	20,476,880	40,438,745	46,321,383	28,491,889	9,460,821	175,027,005

Liabilities
Deposits and obligations	29,478,976	9,711,623	19,010,084	43,285,525	7,339,092	3,180,085	112,005,385
Payables from repurchase agreements and securities lending	3,742,155	3,269,341	4,969,337	1,784,133	2,528,985	225,797	16,519,748
Accounts payable to reinsurers and coinsurers	46,144	133,864	25,838	10,888	—	—	216,734
Technical reserves for claims and insurance premiums	266,556	703,337	1,166,055	2,703,092	5,056,900	54,293	9,950,233
Financial liabilities at fair value through profit or loss	—	—	—	—	—	493,700	493,700
Bonds and Notes issued	180,311	252,316	1,683,166	10,060,986	2,753,679	15,905	14,946,363
Other liabilities (*)	437,529	361,087	3,765	—	—	3,008,995	3,811,376
Equity	—	—	—	—	—	26,746,310	26,746,310
Total liabilities and equity	34,151,671	14,431,568	26,858,245	57,844,624	17,678,656	33,725,085	184,689,849

Off-balance-sheet accounts
Derivative financial assets	2,806,693	2,849,046	454,349	272,223	165,700	—	6,548,011
Derivative financial liabilities	323,360	821,872	3,798,631	1,110,774	406,320	—	6,460,957
	2,483,333	2,027,174	(3,344,282)	(838,551)	(240,620)	—	87,054
Marginal gap	(1,831,051)	8,072,486	10,236,218	(12,361,792)	10,572,613	(24,264,264)	(9,575,790)
Accumulated gap	(1,831,051)	6,241,435	16,477,653	4,115,861	14,688,474	(9,575,790)	—

(*)Other assets and other liabilities only include financial accounts.

OTHER ASSETS AND OTHER LIABILITIES - The movement of the provision for sundry risks (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER ASSETS AND OTHER LIABILITIES
Balance at the beginning of the year	S/ 359,853	S/ 342,350	S/ 275,841
Provision, Note 29	140,897	27,272	42,236
Increase (decrease), net	13,632	(9,769)	24,273
Balances	S/ 514,382	S/ 359,853	S/ 342,350

FINANCIAL INSTRUMENTS CLASSIFICATION (Tables)

12 Months Ended

Dec. 31, 2020

FINANCIAL INSTRUMENTS CLASSIFICATION

Schedule of summary of carring amounts of financial assets and liabilities by categories defined under IFRS 9 and IAS 39

The table below shows the carrying amounts of the financial assets and liabilities captions in the consolidated statement of financial position, by categories as defined under IFRS 9 as of December 31,2020 and 2019:


	2020						2019
	Financial assets and		Financial assets at fair value		Financial		Financial assets and		Financial assets at fair value		Financial
	liabilities at fair		through other		assets and		liabilities at fair		through other		assets and
	value through profit or loss		comprehensive income		liabilities		value through profit or loss		comprehensive income		liabilities
		Investments		Investments	measured at			Investments		Investments	measured at
	Investments	designated		designated	amortized		Investments	designated		designated	amortized
	and hedges	at inception	Investments	at inception	cost	Total	and hedges	at inception	Investments	at inception	cost	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Assets

Cash and due from banks	—	—	—	—	36,752,994	36,752,994	—	—	—	—	25,986,762	25,986,762
Guarantee funds, reverse repurchase agreements and securities borrowings	—	—	—	—	2,394,302	2,394,302	—	—	—	—	4,288,524	4,288,524
At fair value through profit or loss	6,467,471	—	—	—	−	6,467,471	3,850,762	—	—	—	—	3,850,762
Investments at fair value through other comprehensive income, Note 6(b)	—	—	43,241,339	502,550	—	43,743,889	—	—	25,623,934	578,789	—	26,202,723
Amortized cost investments	—	—	—	—	4,962,382	4,962,382	—	—	—	—	3,477,046	3,477,046
Loans, net	—	—	—	—	127,761,125	127,761,125	—	—	—	—	110,485,717	110,485,717
Financial assets designated at fair value through profit or loss	—	823,270	—	—	—	823,270	—	620,544	—	—	—	620,544
Premiums and other policies receivable	—	—	—	—	937,223	937,223	—	—	—	—	838,731	838,731
Accounts receivable from reinsurers and coinsurers	—	—	—	—	919,419	919,419	—	—	—	—	791,704	791,704
Due from customers on acceptances	—	—	—	—	455,343	455,343	—	—	—	—	535,222	535,222
Other assets, Note 13(a)	1,214,497	—	—	—	1,823,556	3,038,053	1,092,107	—	—	—	1,700,861	2,792,968
	7,681,968	823,270	43,241,339	502,550	176,006,344	228,255,471	4,942,869	620,544	25,623,934	578,789	148,104,567	179,870,703

Liabilities

Deposits and obligations	—	—	—	—	142,365,502	142,365,502	—	—	—	—	112,005,385	112,005,385
Payables from repurchase agreements and securities lending	—	—	—	—	27,923,617	27,923,617	—	—	—	—	7,678,016	7,678,016
Due to banks and correspondents	—	—	—	—	5,978,257	5,978,257	—	—	—	—	8,841,732	8,841,732
Bankers’ acceptances outstanding	—	—	—	—	455,343	455,343	—	—	—	—	535,222	535,222
Accounts payable to reinsurers and coinsurers	—	—	—	—	338,446	338,446	—	—	—	—	216,734	216,734
Lease liabilities	—	—	—	—	750,578	750,578	—	—	—	—	847,504	847,504
Financial liabilities at fair value through profit or loss	561,602	—	—	—	−	561,602	493,700	—	—	—	—	493,700
Bonds and notes issued	−	—	—	—	16,319,407	16,319,407	—	—	—	—	14,946,363	14,946,363
Other liabilities, Note 13(a)	1,205,213	—	—	—	3,273,754	4,478,967	1,040,282	—	—	—	3,206,544	4,246,826
	1,766,815	—	—	—	197,404,904	199,171,719	1,533,982	—	—	—	148,277,500	149,811,482

TAX SITUATION - Reconciliation of the Statutory Income Tax Rate to the Effective Tax Rate (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
TAX SITUATION
Theoretical tax and income tax rate in Peru (in percent)	(29.50%)	(29.50%)	(29.50%)
Theoretical tax and income tax rate in Peru	S/ (66,100)	S/ (1,764,000)	S/ (1,649,800)
Increase (decrease) in the statutory tax rate due to:
(i) Increase (decrease) due to the profit of subsidiaries not domiciled in Peru (in percent)	22.36%
(i) Increase (decrease) due to the profit of subsidiaries not domiciled in Peru	S/ 50,100	49,900	41,900
(ii) Provision tax on dividends (in percent)	(19.91%)
(ii) Provision tax on dividends	S/ (44,600)	S/ (142,700)	S/ (46,800)
(iii) Non-taxable income, net (in percent)	52.32%	3.91%	2.39%
(iii) Non-taxable income, net	S/ 117,300	S/ 233,800	S/ 133,700
(iv) Change in estimate of deferred tax rate, net (Banco de Crdito de Bolivia) (in percent)	23.80%
(iv) Change in estimate of deferred tax rate, net (Banco de Crdito de Bolivia)	S/ 53,300
Income tax and effective income tax rate (in percent)	49.06%	(25.59%)	(27.11%)
Income tax and effective income tax rate	S/ 109,977	S/ (1,623,182)	S/ (1,520,909)

TRANSACTIONS WITH RELATED PARTIES - Group's key executives' compensation (including the related income taxes assumed by the Group) (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Related Party Explanatory [Line Items]
Key management personnel compensation	S/ 61,258	S/ 66,141
Directors' fees [Member]
Disclosure Of Related Party Explanatory [Line Items]
Key management personnel compensation	6,106	6,766
Remunerations [Member]
Disclosure Of Related Party Explanatory [Line Items]
Key management personnel compensation	32,396	32,218
Stock Awards [Member]
Disclosure Of Related Party Explanatory [Line Items]
Key management personnel compensation	S/ 22,756	S/ 27,157

OTHER ASSETS AND OTHER LIABILITIES - The movement of investment properties (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in investment property [abstract]
Begining Balance	S/ 450,929
Ending Balance	466,859	S/ 450,929
Impairment loss	1,410	1,410
Cost
Changes in investment property [abstract]
Begining Balance	491,366	484,782
Additions	26,533	33,321
Sales	(233)	(26,775)
Disposals and other	3,748	38
Ending Balance	513,918	491,366
Accumulated depreciation
Changes in investment property [abstract]
Begining Balance	(39,027)	(43,488)
Sales	148	11,435
Disposals and other	248	247
Depreciation for the year	7,018	6,727
Ending Balance	(45,649)	(39,027)
Land [Member]
Changes in investment property [abstract]
Ending Balance	262,750
Impairment loss	689
Land [Member] \| Cost
Changes in investment property [abstract]
Begining Balance	253,041
Additions	12,543
Sales	(31)
Disposals and other	(2,114)
Ending Balance	263,439	253,041
Land [Member] \| Accumulated depreciation
Changes in investment property [abstract]
Begining Balance	0
Sales	0
Disposals and other	0
Depreciation for the year	0
Ending Balance	0	0
Buildings [member]
Changes in investment property [abstract]
Ending Balance	204,109
Impairment loss	721
Buildings [member] \| Cost
Changes in investment property [abstract]
Begining Balance	238,325
Additions	13,990
Sales	(202)
Disposals and other	1,634
Ending Balance	250,479	238,325
Buildings [member] \| Accumulated depreciation
Changes in investment property [abstract]
Begining Balance	(39,027)
Sales	148
Disposals and other	248
Depreciation for the year	7,018
Ending Balance	S/ (45,649)	S/ (39,027)

EQUITY - Treasury shares (Details)	Dec. 31, 2020 PEN (S/) shares	Dec. 31, 2019 PEN (S/) shares	Dec. 31, 2018 PEN (S/) shares
Disclosure of equity [Line Items]
IFRS Treasury Shares	14,620,846	14,625,233	14,622,726
Number of share options outstanding in share-based payment arrangement \| S/	293,888	246,931	260,548
Number of shares outstanding	14,914,734	14,872,164	14,883,274
Atlantic security holding corporation treasury shares [Member]
Disclosure of equity [Line Items]
IFRS Treasury Shares	14,620,846	14,620,846	14,620,846
Number of shares outstanding	14,620,846	14,620,846	14,620,846
BCP
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	159,339	134,169	162,286
Number of shares outstanding	159,339	134,169	162,286
Grupo Credito
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	32,512
Number of shares outstanding	32,512
Pacfico Seguros
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	29,845	29,539	33,794
Number of shares outstanding	29,845	29,539	33,794
Credicorp Capital Servicios Financieros
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	17,598	13,830	8,546
Number of shares outstanding	17,598	13,830	8,546
Mibanco
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	14,872	9,060	9,934
Number of shares outstanding	14,872	9,060	9,934
Atlantic Security Bank
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	11,434
Number of shares outstanding	11,434
Credicorp Peru
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/		21,695	13,113
Number of shares outstanding		21,695	13,113
Credicorp Capital limited
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/		9,518
Number of shares outstanding		9,518
Prima AFP
Disclosure of equity [Line Items]
Number of share options outstanding in share-based payment arrangement \| S/	7,664	6,397	6,979
Number of shares outstanding	7,664	6,397	6,979
Other treasuy shares [Member]
Disclosure of equity [Line Items]
IFRS Treasury Shares		4,387	1,880
Number of share options outstanding in share-based payment arrangement \| S/	20,624	22,723	25,896
Number of shares outstanding	20,624	27,110	27,776

INVESTMENTS - Balance of investments, by maturity groupings (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	S/ 6,454,097	S/ 3,845,791
At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	43,333,808	25,949,612
Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	4,858,279	3,399,133
Up to 3 months \| At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	1,973,038	237,624
Up to 3 months \| At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	14,564,360	2,420,464
Up to 3 months \| Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	11,518	9,969
From 3 months to 1 year \| At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	94,554	269,199
From 3 months to 1 year \| At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	2,606,845	6,694,486
From 3 months to 1 year \| Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	42,398	908,271
From 1 to 3 years \| At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	462,168	472,215
From 1 to 3 years \| At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	4,272,547	2,155,053
From 1 to 3 years \| Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	163,144	42,440
From 3 to 5 years \| At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	486,310	289,393
From 3 to 5 years \| At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	3,770,438	2,961,767
From 3 to 5 years \| Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	631,832	690,289
Over 5 years \| At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	1,290,057	1,029,883
Over 5 years \| At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	17,617,068	11,138,643
Over 5 years \| Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	4,009,387	1,748,164
Without maturity [Member] \| At fair value through profit or loss
Financial assets at fair value through profit or loss [abstract]
Financial assets	2,147,970	1,547,477
Without maturity [Member] \| At fair value through other comprehensive income [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	502,550	579,199
Without maturity [Member] \| Amortized cost [Member]
Financial assets at fair value through profit or loss [abstract]
Financial assets	S/ 0	S/ 0

ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS

12 Months Ended

Dec. 31, 2020

ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS

9 ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS

a) As of December 31, 2020 and December 31, 2019, “Premiums and other policies receivable” in the consolidated statement of financial position includes balances for approximately S/937.2 million and S/838.7 million, respectively, which are primarily of current maturity, have no specific collateral and present no material past due balances.

b) The movements of the captions “Accounts receivable and payable to reinsurers and coinsurers” are as follows:

Accounts receivable:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Balances as of January 1	791,704	842,043	715,695
Reported claims of premiums ceded, Note 26	283,041	321,375	367,969
Reserve risk in progress of premiums ceded, Note 25(a)(**)	23,186	(14,935)	34,709
Premiums assumed	—	668	5,882
Settled claims of premiums ceded by reinsurance contracts	(229,729)	(226,769)	(238,936)
Collections and others, net (i)	51,217	(130,678)	(43,276)
Balances at the end of the period	919,419	791,704	842,043

Accounts Payable:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Balances as of January 1	216,734	291,693	235,185
Premiums ceded for automatic contracts (mainly excess of loss), Note 25(a)(**)	244,112	254,839	243,427
Premiums ceded to reinsurers in facultative contracts, Note 25(a)(**)	327,098	289,386	288,928
Coinsurance granted	753	4,332	11,433
Payments and other, net	(450,251)	(623,516)	(487,280)
Balances at the end of the period	338,446	216,734	291,693

Accounts payable to reinsurers are primarily related to proportional facultative contracts (on an individual basis) for ceded premiums, automatic non-proportional contracts (excess loss) and reinstallation premiums. For facultative contracts the Group transfers to the reinsurers a percentage or an amount of an insurance contract or individual risk, based on the premium and the coverage period.

OTHER INCOME AND EXPENSES Additional Information (Details) S/ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)	Dec. 31, 2018 PEN (S/)	Dec. 31, 2011 USD ($)
Disclosure of Other Income and Expenses (Line Items)
Sale of a written-off portfolio	S/ (35,638)	S/ (106,835)	S/ (60,663)
Donations	128,884	10,378	S/ 10,550	$ 3,650
BCP stand-alone
Disclosure of Other Income and Expenses (Line Items)
Donations	100,000
Mibanco
Disclosure of Other Income and Expenses (Line Items)
Donations	S/ 10,000
Deutsche Bank
Disclosure of Other Income and Expenses (Line Items)
Sale of the judicial portfolio in the form of transfer of rights		25,900
Conecta CNS S.A
Disclosure of Other Income and Expenses (Line Items)
Sale of a written-off portfolio		1,900
JS Ornamental Peruvian Fish EIRL
Disclosure of Other Income and Expenses (Line Items)
Sale of a written-off portfolio		600
GS Per Loans Holdings LTD
Disclosure of Other Income and Expenses (Line Items)
Sale of the judicial portfolio in the form of transfer of rights		19,200
Administradora del Comercio SA
Disclosure of Other Income and Expenses (Line Items)
Sale of the judicial portfolio in the form of transfer of rights		3,800
System Cobro Per SAC
Disclosure of Other Income and Expenses (Line Items)
Sale of a written-off portfolio		27,700
Four Capital SAC
Disclosure of Other Income and Expenses (Line Items)
Sale of a written-off portfolio		10,000
Empresa de Recaudacin SAC
Disclosure of Other Income and Expenses (Line Items)
Sale of a written-off portfolio		S/ 4,800

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Composition of cash collateral, reverse repurchase agreements and securities borrowing (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Reverse repurchase agreements and cash collateral on securities borrowed	S/ 2,394,302	S/ 4,288,524
Cash collateral on repurchase agreements and security lendings [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Reverse repurchase agreements and cash collateral on securities borrowed	1,601,200	3,293,837
Reverse repurchase agreement and security borrowings [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Reverse repurchase agreements and cash collateral on securities borrowed	626,925	899,435
Receivables for short sales [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Reverse repurchase agreements and cash collateral on securities borrowed	S/ 166,177	S/ 95,252

INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about client relationships intangible assets (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	S/ 1,818,398	S/ 1,666,265	S/ 1,464,372
Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	110,553	134,945
Prima AFP - AFP Union Vida [Member] \| Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	69,974	82,322
Credicorp Capital Holding Chile - Inversiones IMT [Member] \| Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	20,782	19,333
Mibanco \| Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	3,007	15,036
Ultrasefinco S.A. [Member] \| Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	12,592	13,400
Culqi [Member] \| Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	2,167	2,550
Tenpo [Member] \| Client relationships [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	S/ 2,031	S/ 2,304

INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of reconciliation of changes in goodwill (Details) S/ in Thousands, $ in Thousands, $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2020 COP ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)
Disclosure Of Goodwill [Line Items]
Goodwill	$ 113.4	$ 434,825	S/ 820,899	S/ 865,822
Mibanco - Edyficar Peru [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			273,694	273,694
Mibanco Colombia - Bancompartir
Disclosure Of Goodwill [Line Items]
Goodwill			135,658	191,898
Prima AFP - AFP Union Vida [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			124,641	124,641
Credicorp Capital Colombia S.A. [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			124,447	72,134
BCP stand-alone
Disclosure Of Goodwill [Line Items]
Goodwill			52,359	52,359
Pacifico Seguros [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			36,354	36,354
Atlantic Security Holding Corporation [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			29,795	29,795
Tenpo [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			26,602	23,051
Tenpo Prepago S.A. (before "Multicaja Prepago S.A.")
Disclosure Of Goodwill [Line Items]
Goodwill			14,956	12,943
Culqi
Disclosure Of Goodwill [Line Items]
Goodwill			2,297	3,518
Crediseguro Seguros Personales [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			96	96
Ultrasefinco S.A. [Member]
Disclosure Of Goodwill [Line Items]
Goodwill			S/ 0	S/ 45,339

NET GAIN ON SECURITIES - Additional Information (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net gain on financial assets at fair value through profit or loss

S/ 221,060

S/ 147,582

S/ 33,333

(Provision) recovery of credit loss for investments at fair value through other comprehensive income

(52,263)

745

1,909

Atlantic Security Bank

Net gain on financial assets at fair value through profit or loss

141,700

51,200

Credicorp Capital Colombia S.A. [Member]

Net gain on financial assets at fair value through profit or loss

93,100

32,000

Atlantic Security Private Equity General Partner

Net gain on financial assets at fair value through profit or loss

47,000

13,100

Pacfico Seguros

(Provision) recovery of credit loss for investments at fair value through other comprehensive income

28,800

Banco de Crdito del Per

Net gain on financial assets at fair value through profit or loss

18,400

1,100

(Provision) recovery of credit loss for investments at fair value through other comprehensive income

10,700

Banco de Crdito de Bolivia

(Provision) recovery of credit loss for investments at fair value through other comprehensive income

8,900

Associates [member]

Gains (losses) on disposals of investments

^[1]

64,672

79,844

S/ 72,254

Entidad Prestadora de Salud [Member] | Associates [member]

Gains (losses) on disposals of investments

S/ 60,000

S/ 53,600

[1]	It mainly includes the gain of its associated “Entidad Prestadora de Salud” for approximately S/60.0 million during the year 2020 (S/53.6 million during the year 2019).(ii)

DUE TO BANKS AND CORRESPONDENTS - Summary of detailed information of balances of due to banks and correspondents by maturity (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Deposits From Banks Explanatory [Line Items]
Due to banks and correspondents	S/ 5,913,487	S/ 8,797,995
Up to 3 months
Disclosure Of Deposits From Banks Explanatory [Line Items]
Due to banks and correspondents	2,343	2,062,121
From 3 months to 1 year
Disclosure Of Deposits From Banks Explanatory [Line Items]
Due to banks and correspondents	1,854,351	3,693,328
From 1 to 3 years
Disclosure Of Deposits From Banks Explanatory [Line Items]
Due to banks and correspondents	819,991	559,511
From 3 to 5 years
Disclosure Of Deposits From Banks Explanatory [Line Items]
Due to banks and correspondents	601,258	614,265
Over 5 years
Disclosure Of Deposits From Banks Explanatory [Line Items]
Due to banks and correspondents	S/ 2,635,544	S/ 1,868,770

FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables)

12 Months Ended

Dec. 31, 2020

FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

Schedule Of Detailed Information About Income From Fianancial Assets Designated At Fair Value Through Profit Or Loss

The profit resulting from these assets is shown in “Net premiums earned” in the consolidated statement of income. The composition of the generated returns is presented below:


	2020	2019
	S/(000)	S/(000)

Net profit on sale of financial investments	38,055	21,879
Changes in the fair value of financial assets	68,311	58,351
Dividends, interests and others	9,261	13,434
Total	115,627	93,664

SIGNIFICANT TRANSACTIONS - Acquisition of non-controlling interest of Mibanco, Banco de la Microempresa S.A. (Mibanco) (Details) S/ in Millions	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020 item	Dec. 01, 2019 PEN (S/)
Disclosure of detailed information about business combination [line items]
Consideration paid \| S/			S/ 255.7
Percentage of GDP	31.00%	20.00%
Chile
Disclosure of detailed information about business combination [line items]
Percentage of GDP		12.00%
Number of fiscal stimulus packages		3
Number of withdrawals of individual pension fund accounts		2
Percentage of withdrawal of individual pension fund accounts		10.00%

EQUITY (Tables)

12 Months Ended

Dec. 31, 2020

EQUITY

Schedule of treasury shares

We present below the stocks of Credicorp Ltd., that the entities of the Group maintain as of December 31, 2020, 2019 and 2018:


	Number of shares
	Shares of	Shared-based
As of December 31, 2020	the Group	payment (*)	Total

Atlantic Security Holding Corporation	14,620,846	—	14,620,846
BCP	—	159,339	159,339
Grupo Crédito	—	32,512	32,512
Pacífico Seguros	—	29,845	29,845
Credicorp Capital Servicios Financieros	—	17,598	17,598
Mibanco	—	14,872	14,872
Atlantic Security Bank	—	11,434	11,434
Prima AFP	—	7,664	7,664
Other minors	—	20,624	20,624
	14,620,846	293,888	14,914,734


	Number of shares
		Shared-
	Shares of	based
As of December 31, 2019	the Group	payment (*)	Total

Atlantic Security Holding Corporation	14,620,846	—	14,620,846
BCP	—	134,169	134,169
Pacífico Seguros	—	29,539	29,539
Credicorp Capital Servicios Financieros	—	13,830	13,830
Mibanco	—	9,060	9,060
Credicorp Perú	—	21,695	21,695
Credicorp Capital limited	—	9,518	9,518
Prima AFP	—	6,397	6,397
Other minors	4,387	22,723	27,110
	14,625,233	246,931	14,872,164


	Number of shares
		Shared-
	Shares of	based
As of December 31, 2018	the Group	payment (*)	Total

Atlantic Security Holding Corporation	14,620,846	—	14,620,846
BCP	—	162,286	162,286
Pacífico Seguros	—	33,794	33,794
Credicorp Capital Servicios Financieros	—	8,546	8,546
Mibanco	—	9,934	9,934
Credicorp Perú	—	13,113	13,113
Prima AFP	—	6,979	6,979
Other minors	1,880	25,896	27,776
	14,622,726	260,548	14,883,274

(*) Corresponds to treasury stock that were granted to employees and senior management, for which they have the right to vote. These stocks are not vested at said dates, see Note 20.

Schedule of reserves within equity

“Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income (available-for-sale investments under IAS 39, as of December 31, 2017) 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
					Foreign
	Equity	Debt	Reserve for		currency
	instruments at	instruments at	cash flow	Insurance	translation
	fair value	fair value	hedges	reserves	reserve	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Balance as of January 1, 2018	431,711	853,747	(32,781)	—	(16,041)	1,236,636
Increase (decrease) in net unrealized gains on investments	20,840	(583,385)	—	—	—	(562,545)
Transfer of net realized gains on investments to profit or loss	—	(38,983)	—	—	—	(38,983)
Transfer of the impairment credit loss on investments to profit or loss, Note 24	—	(1,909)	—	—	—	(1,909)
Change in net unrealized gain on cash flow hedges derivatives	—	—	73,263	—	—	73,263
Transfer of net realized gain on cash flow hedges derivatives to profit or loss	—	—	(43,643)	—	—	(43,643)
Foreign exchange translation	—	—	—	—	45,634	45,634
Balance as of December 31, 2018	452,551	229,470	(3,161)	—	29,593	708,453
Increase in net unrealized gains on investments	97,514	606,276	—	—	—	703,790
Transfer of net realized loss on investments to profit or loss	—	420,987	—	—	—	420,987
Transfer of recovery of credit loss of investments to profit or loss, Note 24	—	(745)	—	—	—	(745)
Change in net unrealized gain on cash flow hedges derivatives	—	—	(62,002)	—	—	(62,002)
Transfer of net realized gain on cash flow hedges derivatives to profit or loss	—	—	35,059	—	—	35,059
Other reserves	—	—	—	(658,491)	—	(658,491)
Foreign exchange translation	—	—	—	—	(58,862)	(58,862)
Balance as of December 31, 2019	550,065	1,255,988	(30,104)	(658,491)	(29,269)	1,088,189
Increase in net unrealized gains on investments	76,849	196,152	—	—	—	273,001
Transfer of net realized loss on investments to profit or loss	—	440,416	—	—	—	440,416
Transfer of recovery of credit loss of investments to profit or loss, Note 24	—	52,263	—	—	—	52,263
Change in net unrealized loss on cash flow hedges derivatives	—	—	(68,001)	—	—	(68,001)
Transfer of net realized losses on cash flow hedges derivatives to profit or loss	—	—	55,784	—	—	55,784
Other reserves	—	—	—	(234,107)	—	(234,107)
Foreign exchange translation	—	—	—	—	259,572	259,572
Net movement in hedges of net investments in foreign businesses	—	—	—	—	(1,219)	(1,219)
Balance as of December 31, 2020	626,914	1,944,819	(42,321)	(892,598)	229,084	1,865,898

Schedule of analysis of other comprehensive income

The movement of the item is as follows:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
To be reclassified to the consolidated statement of income in later periods
Net unrealized (gain) loss	196,152	606,276	(583,385)
Transfer of net realized loss (gain) to profit or loss	440,416	420,987	(38,983)
Transfer of recovery of credit loss to profit or loss	52,263	(745)	(1,909)
Sub total	688,831	1,026,518	(624,277)
Non-controlling interest	13,814	16,082	(6,397)
Income tax	11,717	22,259	(11,831)
	714,362	1,064,859	(642,505)

Cash flow hedge:
Net (losses) gains on cash flow hedges	(68,001)	(62,002)	73,263
Transfer of net realized losses (gains) on cash flow hedges derivatives to profit or loss	55,784	35,059	(43,643)
Sub total	(12,217)	(26,943)	29,620
Non-controlling interest	(252)	(618)	679
Income tax	(3,933)	(10,290)	10,942
	(16,402)	(37,851)	41,241

Other reserves:
Insurances reserves	(234,107)	(658,491)	—
Non-controlling interest	(2,867)	(8,065)	—
Income tax	(26,846)	—	—
	(263,820)	(666,556)	—
Foreign exchange traslation:
Exchange gains or losses	259,572	(58,862)	45,634
Net movement in hedges of net investments in foreign businesses	(1,219)	—	—
Sub total	258,353	(58,862)	45,634
Non-controlling interest	(1,301)	539	21
	257,052	(58,323)	45,655


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Not to be reclassified to the consolidated statement of income in later periods:
Equity instruments at fair value through other comprehensive income -
Net unrealized gains	76,849	97,514	20,840
Non-controlling interest	(165)	(3)	(37)
Income tax	(3,414)	(5,999)	168
	73,270	91,512	20,971


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Attributable to:
Credicorp's equity holders	777,709	379,736	(528,183)
Non-controlling interest	9,229	7,935	(5,734)
	786,938	387,671	(533,917)

Schedule of distribution of dividends

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


	2020	2019	2018

Date of Meeting - Board of Directors	27.02.2020	27.02.2019	28.02.2018
Dividends distribution, net of treasury shares effect (in thousands of soles)	2,392,844	1,595,229	1,130,427
Payment of dividends per share (in soles)	30.0000	20.0000	14.1726
Date of dividends payout	08.05.2020	10.05.2019	11.05.2018
Exchange rate published by the SBS	3.4081	3.3150	3.2929
Dividends payout (equivalent in thousands of US$)	702,105	481,215	343,292

TAX SITUATION

12 Months Ended

Dec. 31, 2020

TAX SITUATION

TAX SITUATION

19 TAX SITUATION

a) Credicorp is not subject to income tax or any taxes on capital gains, equity or property in Bermuda. Credicorp’s Peruvian subsidiaries are subject to the Peruvian tax regime.

The income tax rate in Peru as of December 31, 2020, 2019 and 2018 was 29.5 percent of the taxable income after calculating the worker’s participation, which is determined using a rate of 5.0 percent.

Through Legislative Decree No. 1471 issued under the scope of Law No. 31011, a rule that delegated various legislative powers to the Executive Branch and in force as of April 30, 2020, it is exceptionally provided that taxpayers who generate business income may alternatively to the procedure described in article 85° of the Income Tax Law, choose to modify or suspend their payments on account for the months of April, May, June and/or July of the taxable year 2020 in order to assist with the economic reactivation as a result of the Coronavirus pandemic.

As a procedure, it was established that the net income obtained in each month 2020 should be compared with those obtained in the same month of the year 2019. In this sense, the following scenarios and effects of such comparison could occur:

- If they decrease by more than 30%, the suspension is applied.

- If they decrease up to 30%, it will be multiplied by a factor of 0.5846.

In this regard, Banco de Crédito del Perú accepted the modification of the coefficient of the payment on account for the months of April, May and July of 2020 due to the decrease in its net income compared to the previous year, in 8.17%, 23.97% and 15.19%, respectively.

Likewise, Mibanco accepted the modification of the coefficient of payment on account for the months of May, June and July 2020 due to the decrease in its net income compared to the previous year, by 11.57%, 8.73 and 21.95%, respectively.

The income tax rate in Bolivia is 25.0 percent as of December 31, 2020, 2019 and 2018. Financial entities have an additional rate if the ROE exceeds 6.0 percent; in that case, they must consider an additional 25.0 percent, with which the rate would be 50.0 percent.

In the case of Chile, for the period 2019 and 2018 there were two tax regimes: partially integrated regime and attributed regime. Credicorp Capital Holding Chile and all their Subsidiaries was taxed under the partially integrated regime, whose first category income tax rate for domiciled legal entities was 27.0 percent for both periods.

With the change in tax legislation of Chile in 2020, two new regimes currently in force are established: the general regime and the Pro-SME regime, for smaller companies. Credicorp Capital Holding Chile, like all its subsidiaries, is taxed under the general tax regime, whose first category income tax rate for domiciled legal entities remains at 27.0 percent as of December 31, 2020 and for future periods.

On the other hand, individuals or legal entities not domiciled in Chile will be subject to a tax called “Additional income tax” whose rates are between 4.0 percent and 35.0 percent, depending on the nature of the income. Additionally, Chile has signed treaties to avoid double taxation with different countries so certain income could be released from withholding tax or for the use of reduced rates.

In the case of Colombia, the income tax rate for 2018 was 33.0 percent on taxable income, plus a 4.0 percent surcharge for all entities (whose tax base is taxable income minus $800.0 million of Colombian pesos). For the year of 2019, under the law called “Financing Law” N° 1943 dated December 28, 2018, the income tax rate of 33.0 percent was established without surcharge for all entities. For the year of 2020, under the law N° 2010 issued on December 27, 2019, the tax rates are as follows:


		Additional
Taxable year	Rate	rate (surcharge) (*)
2020	32	4
2021	31	3
2022	30	3
As of 2023	30	—

(*)The additional rate (surcharge) will be applicable only to financial entities, that in the corresponding taxable year have a taxable income equal or greater than 120,000 Tax Value Unit (“UVT” from its Spanish acronym), which as of December 31, 2020 is equivalent to a total of S/4.5 million; in that sense, Credicorp Capital Colombia, Credicorp Capital Fiduciaria and Banco de la Microempresa de Colombia (before Banco Compartir) must pay the income tax taking into account the aforementioned.

Atlantic Security Holding Corporation and its Subsidiaries are not subject to taxes in the Cayman Islands or Panama. For the years ended December 31, 2020, 2019 and 2018, no taxable income was generated from the operations in the United States of America.

The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows:


	2020		2019		2018
	In millions	%	In millions	%	In millions	%

Theoretical tax and income tax rate in Perú	(66.1)	(29.50)	(1,764.0)	(29.50)	(1,649.8)	(29.50)
Increase (decrease) in the statutory tax rate due to:
(i) Increase (decrease) due to the profit of subsidiaries not domiciled in Perú	50.1	22.36	49.9	—	41.9	—
(ii) Provision tax on dividends	(44.6)	(19.91)	(142.7)	—	(46.8)	—
(iii) Non-taxable income, net	117.3	52.32	233.8	3.91	133.7	2.39
(iv) Change in estimate of deferred tax rate, net (Banco de Crédito de Bolivia)	53.3	23.80	—	—	—	—
Income tax and effective income tax rate	110.0	49.06	(1,623.0)	(25.59)	(1,521.0)	(27.11)

b) Income tax expense for the years ended December 31, 2020, 2019 and 2018 comprises:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Current -
In Peru	926,361	1,469,497	1,315,896
In other countries	110,973	206,120	113,912
	1,037,334	1,675,617	1,429,808

Deferred -
In Peru	(927,130)	(30,862)	87,952
In other countries	(220,181)	(21,573)	3,149
	(1,147,311)	(52,435)	91,101
Total	(109,977)	1,623,182	1,520,909

The deferred income tax has been calculated on all temporary differences, considering the income tax rates effective where Credicorp’s subsidiaries are located.

The variation in the income tax expense and the deferred is mainly due to the increase in

pproximately S/725.0 million as of December 31, 2020 because of the increase of the

allowance of loan losses. Also, the increased of the recognition of a lower deduction for S/68.0 million as of December 31, 2020 in relation to intangible assets since there is a lower number of activated projects at the end of said period.

c) The following table presents a summary of the Group’s deferred income tax:


	2020	2019
	S/(000)	S/(000)
Deferred income tax asset, net
Deferred asset
Allowance for loan losses for loan portfolio	1,738,240	699,970
Freezing credits (zero rate) and FAE funds	45,317	—
Provision for profit sharing	40,648	57,351
Carry forward tax losses	34,972	4,773
Provision for pending vacations	25,994	24,378
Provision for sundry expenses and risks	24,972	35,056
Depreciation of improvements for leased premises	24,945	19,005
Provision of interest on overdue refinanced loans	24,254	—
Unrealized losses due to valuation of investments at fair value through other comprehensive income	21,062	632
Provision of Stock awards	15,325	2,233
Unrealized loss in valuation on cash flow hedge derivatives	999	14,992
Others	83,717	50,403

Deferred liability
Intangibles, net	(219,980)	(223,101)
Buildings depreciation	(65,052)	(66,818)
Adjustment for difference in exchange of SUNAT and SBS	(28,424)	(30,846)
Unrealized gain due to valuation of investments at fair value through other comprehensive income	(28,377)	(12,387)
Deferred acquisitions costs - DAC	(14,705)	(17,578)
Unrealized gain from valuation of fair value hedging derivatives	(13,714)	(9,451)
Buildings revaluation	(4,234)	(4,795)
Unrealized gain in valuation on cash flow hedge derivatives	(3,974)	(2,021)
Fluctuation of the fair value of the covered bonds	(1,707)	(7,971)
Others	(6,623)	(12,977)
Total	1,693,655	520,848

Deferred income tax liability, net
Deferred asset
Unrealized losses due to valuation of investments at fair value through other comprehensive income	20,488	6,229
Carry forward tax losses	19,443	14,309
Provision for sundry expenses and risks	18,634	5,313
Deferred income due to commission	9,021	8,138
Allowance for loan losses for insurance	—	6,945
Provision for profit sharing	4,041	8,562
Others	21,514	19,351

Deferred liability
Intangibles, net	(41,491)	(50,048)
Gain generated in the reorganization of Pacífico EPS	(39,515)	(39,515)
Unrealized gain due to valuation of investments at fair value through other comprehensive income	(36,796)	(34,054)
Deferred acquisitions costs - DAC	(26,616)	(27,925)
Technical reserves for premiums	—	(23,180)
Catastrophic insurance reserve	(10,682)	(9,776)
Leasing operations related to loans	(3,595)	(3,810)
Buildings revaluation	(3,558)	(3,463)
Others	(36,417)	(11,280)
Total	(105,529)	(134,204)

As of December 31, 2020 and 2019, the Group has recorded a deferred liability of deferred income tax of S/26.6 million for both periods corresponding to unrealized gains and losses generated by investments at fair value through other comprehensive income and cash flow hedges derivatives.

As of December 31, 2018, the Group has recorded a deferred liability of deferred income tax of S/5.3 million, corresponding to unrealized gains and losses generated by investments at fair value through other comprehensive income and cash flow hedges derivatives.

d) The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows:

Banco de Crédito del Perú S.A.		2016 to 2020
Mibanco, Banco de la Microempresa S.A.		2016 to 2020
Prima AFP S.A		2016 to 2020
Pacífico Compañía de Seguros y Reaseguros		2017 to 2020
Pacífico Peruano Suiza		2017

On September 11, 2019 and December 12, 2019, the Tax Authority began the

audit process of the affidavit of income tax of the third category of the periods 2014 and 2015, respectively, of Banco de Crédito del Perú, a process that is still in process. Likewise, on December 10, 2019, the Tax Administration notified the Determination resolution, thus ending the inspection process of the declaration of the Income tax for fiscal year 2013 in which a lower income tax payment was determined rent.

It is important to mentioned that the Peruvian Tax Authority is auditing the Income Tax declaration of 2015 of Mibanco and the Income Tax declaration of 2016 of Pacifico Compañía de Seguros y Reaseguros and Pacífico Vida.

The Bolivian, Chilean and Colombian Tax Authorities have the power to review and, if applicable, make a new determination for the income tax calculated by the subsidiaries located in said countries in the previous 8 years, 3 years and 3 years, respectively, upon presentation of their Income Tax declarations. Additionally, in the case of Colombia, a period of 6 years was established for the taxpayers obliged to apply Transfer Prices or taxpayers who report tax losses. The annual income tax declarations pending examination by the overseas tax authorities are the following:

Banco de Crédito de Bolivia		2012, 2014, 2015 to 2020
Credicorp Capital Colombia		2016, 2017, 2018 to 2020
Credicorp Capital Holding Chile		2020

Since tax regulations are subject to interpretation by the different Tax Authorities where Credicorp’s subsidiaries are located, it is not possible to determine at the present date whether any significant additional liabilities may arise from any eventual tax examinations of the Credicorp’s subsidiaries. Any resulting unpaid taxes, tax penalties or interest that may arise will be recognized as expenses in the year in which they are determined. However, Management of Credicorp and its Subsidiaries and their legal counsel consider that any additional tax assessments would not have a significant impact on the consolidated financial statements as of December 31, 2020 and 2019.

TRANSACTIONS WITH RELATED PARTIES - Additional Information (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Disclosure Of Related Party Explanatory [Line Items]

Borrowings, maturity

maturities where between January 2020 and December 2028

Allowance for doubtful debts related to outstanding balances of related party transaction

S/ 9,100

S/ 12,600

Amounts receivable, related party transactions

1,909,516

1,657,206

Disclosure Of Related Party Explanatory [Line Items]

^[1]

S/ 1,165,661

S/ 935,286

The Soles [Member]

Borrowings, interest rate

6.21%

US Dollars [Member]

Disclosure Of Related Party Explanatory [Line Items]

Borrowings, interest rate

4.45%

5.70%

Related parties [member]

Disclosure Of Related Party Explanatory [Line Items]

Borrowings, maturity

had maturities between January 2021 an March 2036

Disclosure Of Related Party Explanatory [Line Items]

Borrowings, interest rate

5.33%

Employees, directors, key management and family [Member]

Disclosure Of Related Party Explanatory [Line Items]

Amounts receivable, related party transactions

S/ 1,062,100

S/ 1,003,200

Alicorp S.A.A | Investments in shares

Disclosure Of Related Party Explanatory [Line Items]

Alicorp S.A.A | Investments in bonds

167,100

Disclosure Of Related Party Explanatory [Line Items]

Cementos Pacasmayo S.A | Investments in bonds

200,300

Disclosure Of Related Party Explanatory [Line Items]

Inversiones Centenario S.A.A [Member] | Investments in shares

153,000

Disclosure Of Related Party Explanatory [Line Items]

Schedule of summary of main transactions with related parties

S/ 280,800

[1]

The balance includes mainly S/167.1 million of shares and S/200.3 million of bonds issued by Alicorp S.A.A., S/153.0 million of bonds issued by Cementos Pacasmayo S.A., and S/280.8 million of shares of Inversiones Centenario. The increase in the balance corresponds mainly to the acquisition of corporate bonds issued by Alicorp S.A.

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of of detailed information about movement in direct and assumed insurance claim reserves (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	S/ 9,950,233
Ending balance	11,675,076	S/ 9,950,233
Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	8,457,046
Ending balance	10,072,788	8,457,046
General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	1,241,717
Ending balance	1,286,293	1,241,717
Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	251,470
Ending balance	315,995	251,470
Direct and assumed claim reserve [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	1,576,228	1,366,670
Gross claims	1,991,154	1,852,793
Payments	(1,601,268)	(1,654,407)
Exchange difference	84,360	11,172
Ending balance	2,050,474	1,576,228
Direct and assumed claim reserve [Member] \| Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	908,362	732,868
Gross claims	1,383,344	1,001,671
Payments	(1,012,012)	(822,644)
Exchange difference	8,362	(3,533)
Ending balance	1,288,056	908,362
Direct and assumed claim reserve [Member] \| General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	590,588	562,430
Gross claims	326,183	524,142
Payments	(363,374)	(510,678)
Exchange difference	75,933	14,694
Ending balance	629,330	590,588
Direct and assumed claim reserve [Member] \| Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	77,278	71,372
Gross claims	281,627	326,980
Payments	(225,882)	(321,085)
Exchange difference	65	11
Ending balance	S/ 133,088	S/ 77,278

TRANSACTIONS WITH RELATED PARTIES (Tables)

12 Months Ended

Dec. 31, 2020

TRANSACTIONS WITH RELATED PARTIES

b) The following table presents the main transactions with related parties as of December 31, 2020 and 2019:


	2020	2019
	S/(000)	S/(000)

Statement of financial position -
Direct loans	1,909,516	1,657,206
Investments (*)	1,165,661	935,286
Deposits (**)	(1,582,412)	(751,990)
Derivatives at fair value	4,408	4,984


	2020	2019
	S/(000)	S/(000)

Statement of income
Interest income related to loans	57,373	28,477
Interest expenses related to deposits	(17,212)	(10,377)
Other income	24,411	9,698

Off-balance sheet
Indirect loans	431,089	373,865

Schedule of summary of group's key executives compensation

e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2020 and 2019 was as follows:


	2020	2019
	S/(000)	S/(000)

Director’s compensation	6,106	6,766
Senior Management Compensation:
Remuneration	32,396	32,218
Stock awards vested	22,756	27,157
Total	61,258	66,141

Schedule of funds in which group holds interests

f) At December 31, 2020 and 2019 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below:


	2020	2019
	S/(000)	S/(000)
At fair value through profit or loss:
Mutual funds, investment funds and hedge funds
U.S. Dollars (*)	427,012	38,149
Bolivianos	138,887	126,722
Soles	553,947	59,934
Colombian pesos	67,284	17,475
Chilean pesos	1,522	6,765
Total	1,188,652	249,045

Restricted mutual funds, Note 6(a)(iv)	436,881	460,086

(*) The increase in the balance corresponds mainly to the purchase of new participations in mutual funds. See Note 6(a)(iii).

RIGHT-OF-USE ASSETS AND LEASE LIABILITES

12 Months Ended

Dec. 31, 2020

RIGHT-OF-USE ASSETS AND LEASE LIABILITES

RIGHT-OF-USE ASSETS AND LEASE LIABILITES

12 RIGHT-OF-USE ASSETS AND LEASE LIABILITES

Right-of-use

The Group has leased agreements according to the following composition:


	Property:	Servers and
	Agencies and	technology	Transport	Other
	offices	platforms	units	leases	2020	2019
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Cost -
Balance as of January 1,	819,046	168,371	3,006	7,394	997,817	—
Additions	28,352	145,140	598	20,411	194,501	997,817
Acquisition of business	—	—	—	—	—	—
Transfers	—	—	—	—	—	—
Disposal and others	(49,544)	(151,877)	(749)	—	(202,170)	—
Balance as of December 31	797,854	161,634	2,855	27,805	990,148	997,817

Accumulated depreciation -
Balance as of January 1,	130,761	40,591	971	3,654	175,977	—
Depreciation of the period	131,815	35,926	837	3,427	172,005	169,406
Acquisition of business	—	—	—	—	—	6,571
Transfers	—	—	—	—	—	—
Disposal and others	(5,144)	(55,763)	145	—	(60,762)	—
Balance as of December 31	257,432	20,754	1,953	7,081	287,220	175,977

Net carrying amount	540,422	140,880	902	20,724	702,928	821,840

Lease Liabilities

The Group maintains contracts, with certain renewal options and for which the Group has reasonable certainty that this option will be exercised. In those cases, the period of lease used to measure the liability and assets corresponds to an estimation of future renovations.

EQUITY

12 Months Ended

Dec. 31, 2020

EQUITY

EQUITY

18 EQUITY

Capital stock -

As of December 31, 2020, 2019 and 2018 a total of 94,382,317 shares have been issued at US$5 per share.

Treasury stock -

We present below the stocks of Credicorp Ltd., that the entities of the Group maintain as of December 31, 2020, 2019 and 2018:


	Number of shares
	Shares of	Shared-based
As of December 31, 2020	the Group	payment (*)	Total

Atlantic Security Holding Corporation	14,620,846	—	14,620,846
BCP	—	159,339	159,339
Grupo Crédito	—	32,512	32,512
Pacífico Seguros	—	29,845	29,845
Credicorp Capital Servicios Financieros	—	17,598	17,598
Mibanco	—	14,872	14,872
Atlantic Security Bank	—	11,434	11,434
Prima AFP	—	7,664	7,664
Other minors	—	20,624	20,624
	14,620,846	293,888	14,914,734


	Number of shares
		Shared-
	Shares of	based
As of December 31, 2019	the Group	payment (*)	Total

Atlantic Security Holding Corporation	14,620,846	—	14,620,846
BCP	—	134,169	134,169
Pacífico Seguros	—	29,539	29,539
Credicorp Capital Servicios Financieros	—	13,830	13,830
Mibanco	—	9,060	9,060
Credicorp Perú	—	21,695	21,695
Credicorp Capital limited	—	9,518	9,518
Prima AFP	—	6,397	6,397
Other minors	4,387	22,723	27,110
	14,625,233	246,931	14,872,164


	Number of shares
		Shared-
	Shares of	based
As of December 31, 2018	the Group	payment (*)	Total

Atlantic Security Holding Corporation	14,620,846	—	14,620,846
BCP	—	162,286	162,286
Pacífico Seguros	—	33,794	33,794
Credicorp Capital Servicios Financieros	—	8,546	8,546
Mibanco	—	9,934	9,934
Credicorp Perú	—	13,113	13,113
Prima AFP	—	6,979	6,979
Other minors	1,880	25,896	27,776
	14,622,726	260,548	14,883,274

(*) Corresponds to treasury stock that were granted to employees and senior management, for which they have the right to vote. These stocks are not vested at said dates, see Note 20.

During 2020, 2019 and 2018, the Group purchased 240,151, 129,807 and 133,750 shares of Credicorp Ltd., respectively, for a total of US$44.4 million (equivalent to S/151.9 million), US$31.0 million (equivalent to S/103.2 million) and US$29.3 million (equivalent to a S/95.4 million), respectively.

Reserves -

Certain Group’s subsidiaries are required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 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 percent of net profits. As of December 31, 2020, 2019 and 2018, the balance of this reserves amounts approximately to S/6,990.1 million, S/6,236.5 million and S/5,179 million, respectively.

At the Board meetings held on February 27, 2020, February 27, 2019 and February 28, 2018, the decision was made to transfer from “Retained earnings” to “Reserves” S/1,977.1 million, S/1,858.8 million and S/2,933.6 million, respectively.


	Other reserves:
	Instruments
	that will not be
	reclassifed to
	profit or loss	Instruments that will be reclassified to consolidated statement of income
					Foreign
	Equity	Debt	Reserve for		currency
	instruments at	instruments at	cash flow	Insurance	translation
	fair value	fair value	hedges	reserves	reserve	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Balance as of January 1, 2018	431,711	853,747	(32,781)	—	(16,041)	1,236,636
Increase (decrease) in net unrealized gains on investments	20,840	(583,385)	—	—	—	(562,545)
Transfer of net realized gains on investments to profit or loss	—	(38,983)	—	—	—	(38,983)
Transfer of the impairment credit loss on investments to profit or loss, Note 24	—	(1,909)	—	—	—	(1,909)
Change in net unrealized gain on cash flow hedges derivatives	—	—	73,263	—	—	73,263
Transfer of net realized gain on cash flow hedges derivatives to profit or loss	—	—	(43,643)	—	—	(43,643)
Foreign exchange translation	—	—	—	—	45,634	45,634
Balance as of December 31, 2018	452,551	229,470	(3,161)	—	29,593	708,453
Increase in net unrealized gains on investments	97,514	606,276	—	—	—	703,790
Transfer of net realized loss on investments to profit or loss	—	420,987	—	—	—	420,987
Transfer of recovery of credit loss of investments to profit or loss, Note 24	—	(745)	—	—	—	(745)
Change in net unrealized gain on cash flow hedges derivatives	—	—	(62,002)	—	—	(62,002)
Transfer of net realized gain on cash flow hedges derivatives to profit or loss	—	—	35,059	—	—	35,059
Other reserves	—	—	—	(658,491)	—	(658,491)
Foreign exchange translation	—	—	—	—	(58,862)	(58,862)
Balance as of December 31, 2019	550,065	1,255,988	(30,104)	(658,491)	(29,269)	1,088,189
Increase in net unrealized gains on investments	76,849	196,152	—	—	—	273,001
Transfer of net realized loss on investments to profit or loss	—	440,416	—	—	—	440,416
Transfer of recovery of credit loss of investments to profit or loss, Note 24	—	52,263	—	—	—	52,263
Change in net unrealized loss on cash flow hedges derivatives	—	—	(68,001)	—	—	(68,001)
Transfer of net realized losses on cash flow hedges derivatives to profit or loss	—	—	55,784	—	—	55,784
Other reserves	—	—	—	(234,107)	—	(234,107)
Foreign exchange translation	—	—	—	—	259,572	259,572
Net movement in hedges of net investments in foreign businesses	—	—	—	—	(1,219)	(1,219)
Balance as of December 31, 2020	626,914	1,944,819	(42,321)	(892,598)	229,084	1,865,898

Components of other comprehensive income -

The movement of the item is as follows:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
To be reclassified to the consolidated statement of income in later periods
Net unrealized (gain) loss	196,152	606,276	(583,385)
Transfer of net realized loss (gain) to profit or loss	440,416	420,987	(38,983)
Transfer of recovery of credit loss to profit or loss	52,263	(745)	(1,909)
Sub total	688,831	1,026,518	(624,277)
Non-controlling interest	13,814	16,082	(6,397)
Income tax	11,717	22,259	(11,831)
	714,362	1,064,859	(642,505)

Cash flow hedge:
Net (losses) gains on cash flow hedges	(68,001)	(62,002)	73,263
Transfer of net realized losses (gains) on cash flow hedges derivatives to profit or loss	55,784	35,059	(43,643)
Sub total	(12,217)	(26,943)	29,620
Non-controlling interest	(252)	(618)	679
Income tax	(3,933)	(10,290)	10,942
	(16,402)	(37,851)	41,241

Other reserves:
Insurances reserves	(234,107)	(658,491)	—
Non-controlling interest	(2,867)	(8,065)	—
Income tax	(26,846)	—	—
	(263,820)	(666,556)	—
Foreign exchange traslation:
Exchange gains or losses	259,572	(58,862)	45,634
Net movement in hedges of net investments in foreign businesses	(1,219)	—	—
Sub total	258,353	(58,862)	45,634
Non-controlling interest	(1,301)	539	21
	257,052	(58,323)	45,655


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Not to be reclassified to the consolidated statement of income in later periods:
Equity instruments at fair value through other comprehensive income -
Net unrealized gains	76,849	97,514	20,840
Non-controlling interest	(165)	(3)	(37)
Income tax	(3,414)	(5,999)	168
	73,270	91,512	20,971


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Attributable to:
Credicorp's equity holders	777,709	379,736	(528,183)
Non-controlling interest	9,229	7,935	(5,734)
	786,938	387,671	(533,917)

Dividend distribution -

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


	2020	2019	2018

Date of Meeting - Board of Directors	27.02.2020	27.02.2019	28.02.2018
Dividends distribution, net of treasury shares effect (in thousands of soles)	2,392,844	1,595,229	1,130,427
Payment of dividends per share (in soles)	30.0000	20.0000	14.1726
Date of dividends payout	08.05.2020	10.05.2019	11.05.2018
Exchange rate published by the SBS	3.4081	3.3150	3.2929
Dividends payout (equivalent in thousands of US$)	702,105	481,215	343,292

In the Board of Directors held in September 25, 2019, they agreed an additional dividend payment, net of the effect of treasury stock, for approximately S/638.1 million from the retain earnings and reserves. Said dividends have been paid in November 22, 2019.

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, 2020, 2019 and 2018 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.

Regulatory capital -

As of December 31, 2020 and 2019, the regulatory capital requirement (“patrimonio efectivo” in Peru) applicable to Credicorp subsidiaries engaged in financial services and insurance activities in Peru, determined under the provisions of the Peruvian banking and insurance regulator, SBS, totals approximately S/28,969.3 million and S/25,732 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/7,973.9 million and S/4,151.6 million, respectively, the minimum regulatory capital required by the SBS.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net profit for the year	S/ 334,138	S/ 4,352,331	S/ 4,071,305
To be reclassified to profit or loss in subsequent periods:
Net gain (loss) on investments at fair value through other comprehensive income	714,362	1,064,859	(642,505)
Income tax	(11,717)	(22,259)	11,831
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income	702,645	1,042,600	(630,674)
Net movement on cash flow hedges	(16,402)	(37,851)	41,241
Income tax	3,933	10,290	(10,942)
Other comprehensive income, net of tax, cash flow hedges	(12,469)	(27,561)	30,299
Other reserves	(263,820)	(666,556)	0
Income tax	26,846	0	0
Other reserves, net of tax	(236,974)	(666,556)	0
Exchange differences on translation of foreign operations	258,271	(58,323)	45,655
Net movement in hedges of net investments in foreign businesses	(1,219)	0	0
Other comprehensive income, net of tax, exchange differences on translation of foreign operations	257,052	(58,323)	45,655
Total	710,254	290,160	(554,720)
Not to be reclassified to profit or loss in subsequent periods:
Net gain in equity instruments designated at fair value through other comprehensive income	73,270	91,512	20,971
Income tax	3,414	5,999	(168)
Total	76,684	97,511	20,803
Total other comprehensive income	786,938	387,671	(533,917)
Total comprehensive income for the year, net of income tax	1,121,076	4,740,002	3,537,388
Attributable to:
Credicorp's equity holders	1,124,603	4,645,040	3,455,682
Non-controlling interest	(3,527)	94,962	81,706
Total comprehensive income for the year, net of income tax	S/ 1,121,076	S/ 4,740,002	S/ 3,537,388

ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS - Accounts receivable (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Balances at the beginning of the period

S/ 791,704

S/ 842,043

S/ 715,695

Reported claims of premiums ceded, Note 26

283,041

321,375

367,969

Reserve risk in progress of premiums ceded, Note 25(a)(**)

23,186

(14,935)

34,709

Premiums assumed

668

5,882

Settled claims of premiums ceded by reinsurance contracts

(229,729)

(226,769)

(238,936)

Collections and others, net

^[1]

51,217

(130,678)

(43,276)

Balances at the end of the period

S/ 919,419

S/ 791,704

S/ 842,043

[1]

As of December 31, 2020, the balance consists of collections made to reinsurers, which were reduced by S/10.0 million, as well as the effect of exchange difference for approximately S/55.0 million; As of December 31, 2019, collections made amounted to S/ 115.0 million and the effect of exchange difference for S/ (4.4) million.

TAX SITUATION (Tables)

12 Months Ended

Dec. 31, 2020

TAX SITUATION

Schedule of tax rates


		Additional
Taxable year	Rate	rate (surcharge) (*)
2020	32	4
2021	31	3
2022	30	3
As of 2023	30	—

Schedule of detailed information about reconciliation between the statutory income tax rate and the effective tax rate

The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows:


	2020		2019		2018
	In millions	%	In millions	%	In millions	%

Theoretical tax and income tax rate in Perú	(66.1)	(29.50)	(1,764.0)	(29.50)	(1,649.8)	(29.50)
Increase (decrease) in the statutory tax rate due to:
(i) Increase (decrease) due to the profit of subsidiaries not domiciled in Perú	50.1	22.36	49.9	—	41.9	—
(ii) Provision tax on dividends	(44.6)	(19.91)	(142.7)	—	(46.8)	—
(iii) Non-taxable income, net	117.3	52.32	233.8	3.91	133.7	2.39
(iv) Change in estimate of deferred tax rate, net (Banco de Crédito de Bolivia)	53.3	23.80	—	—	—	—
Income tax and effective income tax rate	110.0	49.06	(1,623.0)	(25.59)	(1,521.0)	(27.11)

Schedule of detailed information about income tax expenses

b) Income tax expense for the years ended December 31, 2020, 2019 and 2018 comprises:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Current -
In Peru	926,361	1,469,497	1,315,896
In other countries	110,973	206,120	113,912
	1,037,334	1,675,617	1,429,808

Deferred -
In Peru	(927,130)	(30,862)	87,952
In other countries	(220,181)	(21,573)	3,149
	(1,147,311)	(52,435)	91,101
Total	(109,977)	1,623,182	1,520,909

Schedule of deferred taxes

c) The following table presents a summary of the Group’s deferred income tax:


	2020	2019
	S/(000)	S/(000)
Deferred income tax asset, net
Deferred asset
Allowance for loan losses for loan portfolio	1,738,240	699,970
Freezing credits (zero rate) and FAE funds	45,317	—
Provision for profit sharing	40,648	57,351
Carry forward tax losses	34,972	4,773
Provision for pending vacations	25,994	24,378
Provision for sundry expenses and risks	24,972	35,056
Depreciation of improvements for leased premises	24,945	19,005
Provision of interest on overdue refinanced loans	24,254	—
Unrealized losses due to valuation of investments at fair value through other comprehensive income	21,062	632
Provision of Stock awards	15,325	2,233
Unrealized loss in valuation on cash flow hedge derivatives	999	14,992
Others	83,717	50,403

Deferred liability
Intangibles, net	(219,980)	(223,101)
Buildings depreciation	(65,052)	(66,818)
Adjustment for difference in exchange of SUNAT and SBS	(28,424)	(30,846)
Unrealized gain due to valuation of investments at fair value through other comprehensive income	(28,377)	(12,387)
Deferred acquisitions costs - DAC	(14,705)	(17,578)
Unrealized gain from valuation of fair value hedging derivatives	(13,714)	(9,451)
Buildings revaluation	(4,234)	(4,795)
Unrealized gain in valuation on cash flow hedge derivatives	(3,974)	(2,021)
Fluctuation of the fair value of the covered bonds	(1,707)	(7,971)
Others	(6,623)	(12,977)
Total	1,693,655	520,848

Deferred income tax liability, net
Deferred asset
Unrealized losses due to valuation of investments at fair value through other comprehensive income	20,488	6,229
Carry forward tax losses	19,443	14,309
Provision for sundry expenses and risks	18,634	5,313
Deferred income due to commission	9,021	8,138
Allowance for loan losses for insurance	—	6,945
Provision for profit sharing	4,041	8,562
Others	21,514	19,351

Deferred liability
Intangibles, net	(41,491)	(50,048)
Gain generated in the reorganization of Pacífico EPS	(39,515)	(39,515)
Unrealized gain due to valuation of investments at fair value through other comprehensive income	(36,796)	(34,054)
Deferred acquisitions costs - DAC	(26,616)	(27,925)
Technical reserves for premiums	—	(23,180)
Catastrophic insurance reserve	(10,682)	(9,776)
Leasing operations related to loans	(3,595)	(3,810)
Buildings revaluation	(3,558)	(3,463)
Others	(36,417)	(11,280)
Total	(105,529)	(134,204)

Schedule of summary of income tax returns of major subsidiaries open for examination by tax authorities

Banco de Crédito del Perú S.A.		2016 to 2020
Mibanco, Banco de la Microempresa S.A.		2016 to 2020
Prima AFP S.A		2016 to 2020
Pacífico Compañía de Seguros y Reaseguros		2017 to 2020
Pacífico Peruano Suiza		2017

Schedule of summary of annual income tax declarations pending examination by the overseas tax authorities

The annual income tax declarations pending examination by the overseas tax authorities are the following:

Banco de Crédito de Bolivia		2012, 2014, 2015 to 2020
Credicorp Capital Colombia		2016, 2017, 2018 to 2020
Credicorp Capital Holding Chile		2020

FINANCIAL RISK MANAGEMENT - Assets and Liabilities by Currencies (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of financial risks management [Line Items]
Cash and due from banks	S/ 36,752,994	S/ 25,986,762
Cash collateral, reverse repurchase agreements and securities borrowings	2,394,302	4,288,524
At fair value through profit or loss	6,467,471	3,850,762
At fair value through other comprehensive income	43,743,889	26,202,723
Available-for-sale	42,831,258	25,370,413
Amortized cost	2,196,220	1,907,738
Loans	127,761,125	110,485,717
Financial assets designated at fair value through profit or loss	823,270	620,544
Other assets	3,038,053	2,792,968
Total monetary assets	237,406,163	187,859,340		S/ 177,263,000
Deposits and obligations	(142,365,502)	(112,005,385)
Payables from repurchase agreements and security Lendings	(27,923,617)	(7,678,016)
Due to bank and correspondents	(5,978,257)	(8,841,732)
Lease liabilities	(750,578)	(830,153)	S/ (852,800)
Financial liabilities at fair value through profit or loss	(561,602)	(493,700)
Technical reserves for claims and insurance premiums	(11,675,076)	(9,950,233)
Bonds and notes issued	(16,319,407)	(14,946,363)
Other liabilities	(5,487,159)	(5,481,288)
Total monetary liabilities	(211,960,516)	(161,113,030)		S/ (152,997,000)
Forwards position, net	(1,767)	66,635
Currency swaps position, net	(1,800,687)	0
Cross currency swaps position, net	(964,467)	(152,545)
Options, net	0	0
Accounting hedge (investment abroad)	490,385	0
Net monetary position	13,316,753	18,010,123
Monetary Assets [Member]
Disclosure of financial risks management [Line Items]
Cash and due from banks	36,752,994	25,986,762
Cash collateral, reverse repurchase agreements and securities borrowings	2,394,302	4,288,524
At fair value through profit or loss	6,467,471	3,850,762
At fair value through other comprehensive income	43,241,435	25,623,524
Amortized cost	4,962,382	3,477,046
Loans	127,761,125	110,485,717
Financial assets designated at fair value through profit or loss	823,270	620,544
Other assets	5,150,826	4,876,184
Total monetary assets	227,553,805	179,209,063
Monetary Liabilities [Member]
Disclosure of financial risks management [Line Items]
Deposits and obligations	(142,365,502)	(112,005,385)
Payables from repurchase agreements and security Lendings	(27,923,617)	(7,678,016)
Due to bank and correspondents	(5,978,257)	(8,841,732)
Financial liabilities at fair value through profit or loss	(561,602)	(493,700)
Technical reserves for claims and insurance premiums	(11,675,076)	(9,950,233)
Bonds and notes issued	(16,319,407)	(14,946,363)
Other liabilities	(6,386,477)	(6,367,448)
Total monetary liabilities	(211,960,516)	(161,113,030)
Gains (losses) on net monetary position	15,593,289	18,096,033
Lease liabilities [member]
Disclosure of financial risks management [Line Items]
Lease liabilities	(750,578)	(830,153)
The Soles [Member]
Disclosure of financial risks management [Line Items]
Forwards position, net	(36,268)	1,534,948
Currency swaps position, net	(2,854,724)	281,672
Cross currency swaps position, net	(1,229,834)	(787,355)
Options, net	(32,123)	25,071
Accounting hedge (investment abroad)	0	0
Net monetary position	12,333,460	17,384,387
The Soles [Member] \| Monetary Assets [Member]
Disclosure of financial risks management [Line Items]
Cash and due from banks	10,689,167	3,960,190
Cash collateral, reverse repurchase agreements and securities borrowings	0	150,009
At fair value through profit or loss	1,106,875	800,370
At fair value through other comprehensive income	32,423,989	18,221,102
Amortized cost	4,844,238	3,355,579
Loans	84,761,689	66,737,870
Financial assets designated at fair value through profit or loss	23,477	44,223
Other assets	1,524,882	2,055,836
Total monetary assets	135,374,317	95,325,179
The Soles [Member] \| Monetary Liabilities [Member]
Disclosure of financial risks management [Line Items]
Deposits and obligations	(76,179,373)	(56,769,748)
Payables from repurchase agreements and security Lendings	(26,011,980)	(5,068,896)
Due to bank and correspondents	(4,158,523)	(3,798,717)
Financial liabilities at fair value through profit or loss	(87,715)	0
Technical reserves for claims and insurance premiums	(6,245,669)	(5,642,772)
Bonds and notes issued	(3,454,685)	(4,028,893)
Other liabilities	(2,492,261)	(3,541,350)
Total monetary liabilities	(118,887,908)	(78,995,128)
Gains (losses) on net monetary position	16,486,409	16,330,051
The Soles [Member] \| Lease liabilities [member]
Disclosure of financial risks management [Line Items]
Lease liabilities	(257,702)	(144,752)
US Dollars [Member]
Disclosure of financial risks management [Line Items]
Forwards position, net	198,835	(1,351,414)
Currency swaps position, net	1,054,037	(281,672)
Cross currency swaps position, net	578,389	692,525
Options, net	32,123	(25,071)
Accounting hedge (investment abroad)	490,385	0
Net monetary position	319,978	149,989
US Dollars [Member] \| Monetary Assets [Member]
Disclosure of financial risks management [Line Items]
Cash and due from banks	24,030,096	20,762,648
Cash collateral, reverse repurchase agreements and securities borrowings	2,030,165	3,389,090
At fair value through profit or loss	3,531,911	1,053,925
At fair value through other comprehensive income	9,600,018	6,869,840
Amortized cost	89,095	100,299
Loans	33,998,843	35,598,141
Financial assets designated at fair value through profit or loss	799,793	576,321
Other assets	2,768,455	2,142,237
Total monetary assets	76,848,376	70,492,501
US Dollars [Member] \| Monetary Liabilities [Member]
Disclosure of financial risks management [Line Items]
Deposits and obligations	(55,636,591)	(46,319,179)
Payables from repurchase agreements and security Lendings	(255,607)	(734,441)
Due to bank and correspondents	(1,454,565)	(4,709,610)
Financial liabilities at fair value through profit or loss	(340,774)	(94,475)
Technical reserves for claims and insurance premiums	(5,400,003)	(4,301,468)
Bonds and notes issued	(12,520,242)	(10,660,989)
Other liabilities	(2,864,519)	(1,951,682)
Total monetary liabilities	(78,882,167)	(69,376,880)
Gains (losses) on net monetary position	(2,033,791)	1,115,621
US Dollars [Member] \| Lease liabilities [member]
Disclosure of financial risks management [Line Items]
Lease liabilities	(409,866)	(605,036)
Other Currency [Member]
Disclosure of financial risks management [Line Items]
Forwards position, net	(164,334)	(116,899)
Currency swaps position, net	0	0
Cross currency swaps position, net	(313,022)	(57,715)
Options, net	0	0
Accounting hedge (investment abroad)	0	0
Net monetary position	663,315	475,747
Other Currency [Member] \| Monetary Assets [Member]
Disclosure of financial risks management [Line Items]
Cash and due from banks	2,033,731	1,263,924
Cash collateral, reverse repurchase agreements and securities borrowings	364,137	749,425
At fair value through profit or loss	1,828,685	1,996,467
At fair value through other comprehensive income	1,217,428	532,582
Amortized cost	29,049	21,168
Loans	9,000,593	8,149,706
Financial assets designated at fair value through profit or loss	0	0
Other assets	857,489	678,111
Total monetary assets	15,331,112	13,391,383
Other Currency [Member] \| Monetary Liabilities [Member]
Disclosure of financial risks management [Line Items]
Deposits and obligations	(10,549,538)	(8,916,458)
Payables from repurchase agreements and security Lendings	(1,656,030)	(1,874,679)
Due to bank and correspondents	(365,169)	(333,405)
Financial liabilities at fair value through profit or loss	(133,113)	(399,225)
Technical reserves for claims and insurance premiums	(29,404)	(5,993)
Bonds and notes issued	(344,480)	(256,481)
Other liabilities	(1,029,697)	(874,416)
Total monetary liabilities	(14,190,441)	(12,741,022)
Gains (losses) on net monetary position	1,140,671	650,361
Other Currency [Member] \| Lease liabilities [member]
Disclosure of financial risks management [Line Items]
Lease liabilities	S/ (83,010)	S/ (80,365)

COMMISSIONS AND FEES - (Details) - PEN (S/) S/ in Thousands	12 Months Ended
COMMISSIONS AND FEES - (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
COMMISSIONS AND FEES
Maintenance of accounts, transfers and credit and debit card services	S/ 1,125,432	S/ 1,326,344	S/ 1,214,365
Funds and equity management	684,308	676,456	644,038
Contingent loans and foreign trade fees	372,586	372,647	360,798
Commissions for banking services	263,298	282,593	270,784
Collection services	90,456	131,502	234,754
Commissions for consulting and technical studies	57,949	84,725	76,557
Penalty commissions	53,859	84,757	71,049
Commissions for salary advance and payment of services	34,766	49,998	50,456
Brokerage, securities and custody services	35,565	95,207	108,333
Others	194,559	128,552	95,723
Total	S/ 2,912,778	S/ 3,232,781	S/ 3,126,857

SIGNIFICANT ACOUNTING POLICIES - Individual or consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Significant Accounting Policies [Line Items]
Assets	S/ 237,406,163	S/ 187,859,340	S/ 177,263,000
Liabilities	211,960,516	161,113,030	152,997,000
Equity	25,445,647	26,746,310		S/ 22,062,063
Net income (loss)	S/ 334,138	S/ 4,352,331	S/ 4,071,305
Credicorp Capital Colombia S.A. [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Percentage of interest (direct and indirect)	100.00%	100.00%
Assets	S/ 1,630,701	S/ 1,896,733
Liabilities	1,438,236	1,757,850
Equity	192,465	138,883
Net income (loss)	S/ 45,454	S/ 23,101
Mibanco - Banco de la Microempresa de Colombia S.A.
Disclosure Of Significant Accounting Policies [Line Items]
Percentage of interest (direct and indirect)	83.07%	77.47%
Assets	S/ 1,207,875	S/ 1,045,912
Liabilities	992,611	888,092
Equity	215,264	157,820
Net income (loss)	S/ (50,742)	S/ (2,105)
Credicorp Holding Colombia S.A.S. And Subsidiaries [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Percentage of interest (direct and indirect)	100.00%	100.00%
Assets	S/ 3,229,783	S/ 3,400,683
Liabilities	2,606,724	2,692,520
Equity	623,059	708,163
Net income (loss)	S/ (60,398)	S/ 22,964
Credicorp Capital Holding Chile And Subsidiaries [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Percentage of interest (direct and indirect)	100.00%	100.00%
Assets	S/ 915,013	S/ 1,161,991
Liabilities	744,027	1,017,072
Equity	170,986	144,919
Net income (loss)	S/ (16,979)	S/ (5,222)
Credicorp Capital Holding Per S.A. and Subsidiaries [Member]
Disclosure Of Significant Accounting Policies [Line Items]
Percentage of interest (direct and indirect)	100.00%	100.00%
Assets	S/ 358,241	S/ 228,421
Liabilities	228,555	114,913
Equity	129,686	113,508
Net income (loss)	S/ 37,804	S/ 24,452

FINANCIAL RISK MANAGEMENT - Risk-rating Analysis (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial risk management [line Items]
Percentage of financial assets	100.00%	100.00%
Trading securities, available-for-sale and held-to-maturity investments [Member]
Disclosure of financial risk management [line Items]
Financial assets	S/ 55,173,742	S/ 33,530,531
AAA [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets		S/ 1,621,270
Percentage of financial assets		4.80%
AAA [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 700,312	S/ 657,787
Percentage of financial assets	1.30%	2.00%
AA- a AA+ [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets		S/ 1,853,042
Percentage of financial assets		5.50%
AA- a AA+ [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 1,043,409	S/ 854,501
Percentage of financial assets	1.90%	2.50%
A- to A+ [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 1,369,969	S/ 8,970,590
Percentage of financial assets	2.50%	26.80%
A- to A+ [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 2,395,327	S/ 1,581,995
Percentage of financial assets	4.40%	4.70%
BBB- to BBB+ [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 21,395,476	S/ 1,874,556
Percentage of financial assets	38.80%	5.60%
BBB- to BBB+ [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 4,594,711	S/ 2,974,639
Percentage of financial assets	8.40%	8.90%
BB- to BB+ [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 901,934	S/ 517,146
Percentage of financial assets	1.60%	1.50%
BB- to BB+ [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 1,733,080	S/ 996,917
Percentage of financial assets	3.10%	3.00%
Lower and equal to +B [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 5,590	S/ 0
Percentage of financial assets	0.00%	0.00%
Lower and equal to +B [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 129,094	S/ 54,316
Percentage of financial assets	0.20%	0.20%
BCRP certificates of deposit [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 17,237,158	S/ 8,665,272
Percentage of financial assets	31.30%	25.80%
Listed and unlisted securities [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 514,297	S/ 573,485
Percentage of financial assets	0.90%	1.70%
Listed and unlisted securities [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 267,943	S/ 88,799
Percentage of financial assets	0.50%	0.30%
Restricted mutual funds [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 436,881	S/ 460,086
Percentage of financial assets	0.80%	1.40%
Investment funds \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 212,951	S/ 102,085
Percentage of financial assets	0.40%	0.30%
Investment funds \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 155,183	S/ 294,158
Percentage of financial assets	0.30%	0.90%
Mutual funds [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 302,212	S/ 291,024
Percentage of financial assets	0.50%	0.90%
Mutual funds [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 677,084	S/ 302,528
Percentage of financial assets	1.20%	0.90%
Other instruments [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 82,664	S/ 264,497
Percentage of financial assets	0.10%	0.80%
Other instruments [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 617,215	S/ 198,217
Percentage of financial assets	1.10%	0.50%
Subtotal [Member] \| In Peru
Disclosure of financial risk management [line Items]
Financial assets	S/ 42,459,132	S/ 25,193,053
Percentage of financial assets	76.90%	75.10%
Subtotal [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 12,714,610	S/ 8,337,478
Percentage of financial assets	23.10%	24.90%
Participations of RAL Funds [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 278,819	S/ 300,398
Percentage of financial assets	0.50%	0.90%
Hedge funds [Member] \| In other countries
Disclosure of financial risk management [line Items]
Financial assets	S/ 122,433	S/ 33,223
Percentage of financial assets	0.20%	0.10%

LOANS, NET - Maturity based on the remaining period to the payment due date (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Outstanding loans -
Direct loans, gross	S/ 131,978,256	S/ 111,503,072
Internal overdue loans -
Internal overdue loans and under legal collection loans	4,685,569	3,304,886
Direct gross loans	136,663,825	114,807,958
2021
Outstanding loans -
Direct loans, gross	51,346,112	53,306,936
From 1 to 3 years
Outstanding loans -
Direct loans, gross	40,897,556	24,586,441
From 3 to 5 years
Outstanding loans -
Direct loans, gross	12,812,446	9,615,514
Over 5 years
Outstanding loans -
Direct loans, gross	26,922,142	23,994,181
Up to 3 months
Internal overdue loans -
Internal overdue loans and under legal collection loans	984,630	692,161
Up to 3 months
Internal overdue loans -
Internal overdue loans and under legal collection loans	S/ 3,700,939	S/ 2,612,725

INVESTMENTS - Securitization instruments (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	S/ 745,580	S/ 625,762
Inmuebles Panamericana [Member]
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	164,091	169,959
Abengoa Transmision del Norte [Member]
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	99,112	87,377
Colegios Peruanos S.A.
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	63,268	37,585
Costa de Sol S.A.
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	51,483
Nessus Hoteles Per S.A.
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	40,050	39,768
Industrias de Aceite SA [Member]
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	37,175	32,050
Fbrica Nacional de Cemento S.A.
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	34,537	31,512
Homecenters Peruanos SA [Member]
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	32,308	35,269
Concesionaria La Chira S.A.
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	32,138	30,801
Others (minor than S/30.5 million)
Disclosure of Investments [Line Items]
Financial assets at fair value through profit or loss, classified as held for trading	S/ 191,418	S/ 161,441

OTHER ASSETS AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

OTHER ASSETS AND OTHER LIABILITIES

Schedule of detailed information about other assets and liabilities explanatory

a) This item consists of the following:


	2020	2019
	S/(000)	S/(000)
Other assets -
Financial instruments:
Receivables (i)	1,307,187	1,311,892
Derivatives receivable (b)	1,214,497	1,092,107
Receivables from sale of invesments (h)	271,066	278,580
Operations in process (c)	245,303	110,389
	3,038,053	2,792,968

Non-financial instruments:
Deferred fees (g)	1,039,557	1,056,656
Investment in associates (d)	645,886	628,822
Investment properties, net (e)	466,859	450,929
Income tax prepayments, net	303,838	191,502
Adjudicated assets, net	135,089	143,349
Improvements in leased premises	90,146	112,385
VAT (IGV) tax credit	49,364	75,605
Others	9,198	26,441
	2,739,937	2,685,689
Total	5,777,990	5,478,657


	2020	2019
	S/(000)	S/(000)
Other liabilities -
Financial instruments:
Accounts payable (j)	1,788,956	1,670,525
Derivatives payable (b)	1,205,213	1,040,282
Accounts payable for acquisitions of investments (h)	260,786	311,348
Salaries and other personnel expenses	614,349	760,140
Allowance for indirect loan losses, Note 7(c)	536,863	383,797
Operations in process (c)	72,800	80,734
	4,478,967	4,246,826
Non-financial instruments:
Taxes	293,873	644,802
Provision for sundry risks (f)	514,382	359,853
Others	199,937	229,807
	1,008,192	1,234,462
Total	5,487,159	5,481,288

Schedule of detailed information about derivative's underlying asset and is the basis upon which changes in the value of derivatives

The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which fair value of derivatives is measured.


		2020				2019				2020 and 2019
				Notional				Notional		Related
		Assets	Liabilities	amount	Maturity	Assets	Liabilities	amount	Maturity	instruments
		S/(000)	S/(000)	S/(000)		S/(000)	S/(000)	S/(000)

Derivatives held for trading (i) -
Foreign currency forwards		256,891	257,999	22,030,623	January 2021 / October 2022	306,148	246,960	27,422,634	January 2020 / October 2020	—
Interest rate swaps		600,718	613,624	20,447,415	January 2021 / December 2031	268,633	350,938	26,268,071	January 2020 / December 2031	—
Currency swaps		323,425	181,454	9,095,243	January 2021 / January 2033	411,656	366,545	8,177,179	January 2020 / January 2033	—
Foreign exchange options		2,673	3,547	426,848	January 2021 / June 2021	6,489	6,089	1,565,083	January 2020 / December 2020	—
Futures		2,694	2,616	32,589	March 2021	10	139	16,901	March 2020	—
		1,186,401	1,059,240	52,032,718		992,936	970,671	63,449,868
Derivatives held as hedges
Cash flow hedges -
Interest rate swaps (IRS)	17(a)(x)	—	2,525	108,630	March 2022	—	—	—	—	Bonds issued
Interest rate swaps (IRS)	17(a)(v)	—	1,473	253,470	March 2021	—	2,555	231,980	March 2021	Bonds issued
Interest rate swaps (IRS)	15(b)(i)	—	315	362,100	March 2021	102	1,111	662,800	May 2020 / November 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(iii)	—	72	181,050	March 2021	55	714	984,258	February 2020 / November 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(ii)	—	60	181,050	March 2021	114	—	331,400	August 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(v)	—	—	—	—	315	839	994,200	May 2020 / August 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(vi)	—	—	—	—	—	447	331,400	June 2020	Debt to banks
Interest rate swaps (IRS)	15(b)(iv)	—	—	—	—	—	1,046	629,660	May 2020 / June 2020	Debt to banks
Cross currency swaps (CCS)	6(b)(ii)/(v)	18,224	74,677	487,046	January 2021 / September 2024	20,803	1,167	107,425	May 2021 / September 2024	Investments (*)
Cross currency swaps (CCS)	17(a)(iii)	5,090	—	181,050	January 2025	—	8,197	165,700	January 2025	Bonds issued
Cross currency swaps (CCS)	17(a)(vi)	4,782	—	175,345	August 2021	—	2,823	152,545	August 2021	Bonds issued
Cross currency swaps (CCS)	5(c)(i)	—	29,001	162,945	August 2026	—	30,352	149,130	August 2026	Repurchase agreements
Cross currency swaps (CCS)	5(c)(ii)	—	11,797	90,525	August 2026	—	12,236	82,850	August 2026	Repurchase agreements
Cross currency swaps (CCS)	5(c)(iv)	—	—	—	—	30,741	—	231,980	August 2020	Repurchase agreements
Cross currency swaps (CCS)	15(b)(vi)	—	—	—	—	7,624	—	331,400	January 2020	Debt to banks
Cross currency swaps (CCS) and Interest rate swaps (IRS)	5(c)(iii)	—	—	—	—	39,417	—	265,120	August 2020	Repurchase agreements

Fair value hedges -
Interest rate swaps (IRS)	6(b)	—	26,053	628,677	March 2022 / May 2023	—	8,124	618,790	June 2021 / May 2023	Investments (*)
		28,096	145,973	2,811,888		99,171	69,611	6,270,638
		1,214,497	1,205,213	54,844,606		1,092,107	1,040,282	69,720,506

(*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2020 and 2019.

Schedule of detailed information about maturity analysis for derivative financial instruments

Fair value of derivatives held for trading classified by contractual maturity is as follows:


	2020						2019
	Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5		Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5
	months	to 1 year	years	years	years	Total	months	to 1 year	years	years	years	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Foreign currency forwards	148,076	108,541	274	—	—	256,891	199,070	104,265	2,813	—	—	306,148
Interest rate swaps	4,025	25,005	81,209	46,101	444,378	600,718	3,716	8,409	38,569	8,067	209,872	268,633
Currency swaps	12,324	11,499	122,673	36,219	140,710	323,425	7,124	101,368	102,703	67,826	132,635	411,656
Foreign exchange options	379	2,294	—	—	—	2,673	1,844	4,645	—	—	—	6,489
Futures	2,694	—	—	—	—	2,694	10	—	—	—	—	10
Total assets	167,498	147,339	204,156	82,320	585,088	1,186,401	211,764	218,687	144,085	75,893	342,507	992,936


	2020						2019
	Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5		Up to 3	From 3 months	From 1 to 3	From 3 to 5	Over 5
	months	to 1 year	years	years	years	Total	months	to 1 year	years	years	years	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Foreign currency forwards	145,781	111,956	262	—	—	257,999	154,424	89,739	2,797	—	—	246,960
Interest rate swaps	12,794	23,211	80,629	64,995	431,995	613,624	7,705	13,837	46,840	18,477	264,079	350,938
Currency swaps	15,122	33,147	86,265	20,344	26,576	181,454	41,729	92,917	79,844	50,663	101,392	366,545
Foreign exchange options	676	2,871	—	—	—	3,547	836	5,253	—	—	—	6,089
Futures	2,616	—	—	—	—	2,616	139	—	—	—	—	139
Total liabilities	176,989	171,185	167,156	85,339	458,571	1,059,240	204,833	201,746	129,481	69,140	365,471	970,671

Schedule of detailed information about hedging instruments

A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below:


	2020					2019
	Up to 1	From 1 to 3	From 3 to 5	Over 5		Up to 1	From 1 to 3	From 3 to 5	Over 5
	year	years	years	years	Total	year	years	years	years	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Cash inflows (assets)	1,268,082	229,366	275,235	255,963	2,028,646	5,081,355	301,865	84,786	254,968	5,722,974
Cash outflows (liabilities)	(1,347,995)	(274,482)	(265,536)	(236,859)	(2,124,872)	(4,693,775)	(330,220)	(91,678)	(355,702)	(5,471,375)
Consolidated statement of income	(4,939)	(5,314)	(4,969)	(25,891)	(41,113)	(8,949)	(4,367)	(487)	(18,139)	(31,942)

Schedule of detailed information about investment property

The movement of investment properties is as follows:


	2020			2019
	Own assets
	Land	Buildings	Total	Total
	S/(000)	S/(000)	S/(000)	S/(000)
Cost
Balance at January 1	253,041	238,325	491,366	484,782
Additions (i)	12,543	13,990	26,533	33,321
Sales (ii)	(31)	(202)	(233)	(26,775)
Disposals and others	(2,114)	(1,634)	(3,748)	38
Ending Period	263,439	250,479	513,918	491,366

Accumulated depreciation
Balance at January 1	—	39,027	39,027	43,488
Depreciation for the year	—	7,018	7,018	6,727
Sales (ii)	—	(148)	(148)	(11,435)
Disposals and others	—	(248)	(248)	247
Ending Period	—	45,649	45,649	39,027

Impairment losses (iii)	689	721	1,410	1,410

Net carrying amount	262,750	204,109	466,859	450,929

Land and buildings are mainly used for office rental, which are free of all encumbrances.

Schedule of other provisions

f) The movement of the provision for sundry risks for the years ended December 31, 2020, 2019 and 2018 was as follows:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)

Balance at the beginning of the year	359,853	342,350	275,841
Provision, Note 29	140,897	27,272	42,236
Increase (decrease), net	13,632	(9,769)	24,273
Balances at the end of the year	514,382	359,853	342,350

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

Schedule of detailed information about basic and diluted earnings per share

The net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows:


	2020	2019	2018

Net income attributable to equity holders of Credicorp (in thousands of Soles)	346,894	4,265,304	3,983,865

Number of stock
Ordinary stock, note 18(a)	94,382,317	94,382,317	94,382,317
Less – opening balance of treasury stock	(14,872,164)	(14,883,274)	(14,902,008)
Acquisition of treasury stock, net	(99,716)	(9,737)	(3,015)
Weighted average number of ordinary shares for basic earnings	79,410,437	79,489,306	79,477,294
Plus - dilution effect - stock awards	212,438	194,213	209,128
Weighted average number of ordinary shares adjusted for the effect of dilution	79,622,875	79,683,519	79,686,422

Basic earnings per share (in Soles)	4.37	53.66	50.13
Diluted earnings per share (in Soles)	4.36	53.53	49.99

Reconciliation of liabilities arising from financing activities (Parenthetical) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Subordinated bonds

Disclosure of reconciliation of liabilities arising from financing activities [line items]

S/ 4,387,743

S/ 5,424,401

S/ 5,247,389

3,222,663

(2,538,420)

(977,009)

396,089

(69,875)

201,001

421

(55,106)

^[1]

(86,752)

9,805

31,117

Subordinated bonds | Amortized Cost

5,381,323

4,387,743

5,424,401

Disclosure of reconciliation of liabilities arising from financing activities [line items]

4,387,743

5,424,401

2,257,516

3,222,663

(2,538,420)

(977,009)

396,089

(69,875)

183,791

421

164

^[1]

2,951,813

(86,752)

9,805

31,117

Subordinated bonds | Fair value

5,381,323

4,387,743

5,424,401

Disclosure of reconciliation of liabilities arising from financing activities [line items]

2,989,873

17,210

(55,270)

^[1]

(2,951,813)

Disclosure of reconciliation of liabilities arising from financing activities [line items]

Fair value hedge

(34,290)

(9,245)

(293)

31,185

^[1]

12,643

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING

S/ 0

[1]	During the first quarter of 2018, the Group discontinued the fair value hedge of certain liability bonds that were classified to fair value; as a result, these bonds were reclassified as financial liabilities at amortized cost.

ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS - Additional Information (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Insurance Contracts Explanatory [Line Items]
Premium and other policies receivable	S/ 937,223	S/ 838,731
Insurance [Member]
Disclosure Of Insurance Contracts Explanatory [Line Items]
Unearned portion of premiums ceded to reinsurers	282,000	201,000
Decrease in collections made to reinsurers	10,000
Collections made to reinsurers		115,000
Effect of exchange difference	S/ 55,000	S/ (4,400)

OTHER ASSETS AND OTHER LIABILITIES - The fair value of derivative financial instruments (Details) S/ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			S/ 1,214,497	S/ 1,092,107
Liabilities			1,205,213	1,040,282
Nominal amount			54,844,606	69,720,506
Derivatives held for trading [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			1,186,401	992,936
Liabilities			1,059,240	970,671
Nominal amount			52,032,718	63,449,868
Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			28,096	99,171
Liabilities			145,973	69,611
Nominal amount			2,811,888	6,270,638
Forward foreign exchange contracts one [Member] \| Derivatives held for trading [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			256,891	306,148
Liabilities			257,999	246,960
Nominal amount			22,030,623	27,422,634
Maturity	January 2021 / October 2022	January 2020 / October 2020
Related instruments	-
Interest rate swap
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			600,718	268,633
Liabilities			613,624	350,938
Interest rate swap \| Derivatives held for trading [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			600,718	268,633
Liabilities			613,624	350,938
Nominal amount			20,447,415	26,268,071
Maturity	January 2021 / December 2031	January 2020 / December 2031
Related instruments	-
Currency swaps
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			323,425	411,656
Liabilities			181,454	366,545
Currency swaps \| Derivatives held for trading [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			323,425	411,656
Liabilities			181,454	366,545
Nominal amount			9,095,243	8,177,179
Maturity	January 2021 / January 2033	January 2020 / January 2033
Related instruments	-
Foreign exchange options [Member] \| Derivatives held for trading [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			2,673	6,489
Liabilities			3,547	6,089
Nominal amount			426,848	1,565,083
Maturity	January 2021 / June 2021	January 2020 / December 2020
Related instruments	-
Futures
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			2,694	10
Liabilities			2,616	139
Futures \| Derivatives held for trading [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			2,694	10
Liabilities			2,616	139
Nominal amount			32,589	16,901
Maturity	March 2021	March 2020
Interest rate swap contract one [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			2,525	0
Nominal amount			108,630	0
Maturity	March 2022	-
Related instruments	Bonds issued
Interest rate swap contract one [Member] \| Fair value hedges [member] \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			26,053	8,124
Nominal amount			628,677	618,790
Maturity	March 2022 / May 2023	June 2021 / May 2023
Related instruments	Investments (*)
Interest rate swap contract two [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			1,473	2,555
Nominal amount			253,470	231,980
Maturity	March 2021	March 2021
Related instruments	Bonds issued
Interest rate swap contract three [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	102
Liabilities			315	1,111
Nominal amount			362,100	662,800
Maturity	March 2021	May 2020 / November 2020
Related instruments	Debt to banks
Interest rate swap contract four [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	55
Liabilities			72	714
Nominal amount			181,050	984,258
Maturity	March 2021	February 2020 / November 2020
Related instruments	Debt to banks
Interest rate swap contract five [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	114
Liabilities			60	0
Nominal amount			181,050	331,400
Maturity	March 2021	August 2020
Related instruments	Debt to banks
Interest rate swap contract six [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	315
Liabilities			0	839
Nominal amount			0	994,200
Maturity	-	May 2020 / August 2020
Related instruments		Debt to banks
Interest rate swap contract seven [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			0	447
Nominal amount			0	331,400
Maturity	-	June 2020
Related instruments		Debt to banks
Interest rate swap contract eight [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			0	1,046
Nominal amount			0	629,660
Maturity	-	May 2020 / June 2020
Related instruments	Debt to banks
Cross currency swap contract [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			18,224	20,803
Liabilities			74,677	1,167
Nominal amount			487,046	107,425
Maturity	January 2021 / September 2024	May 2021 / September 2024
Related instruments	Investments (*)
Cross currency swap contract one [Member] \| Cash flow hedges
Disclosure of Other Assets And Other Liabilities [Line Items]
Nominal amount	$ 25.0	$ 25.0	90,500	82,900
Cross currency swap contract one [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			5,090	0
Liabilities			0	8,197
Nominal amount			181,050	165,700
Maturity	January 2025	January 2025
Related instruments	Bonds issued
Cross currency swap contract two [Member] \| Cash flow hedges
Disclosure of Other Assets And Other Liabilities [Line Items]
Nominal amount	$ 80.0	$ 80.0	283,500	265,100
Cross currency swap contract two [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			4,782	0
Liabilities			0	2,823
Nominal amount			175,345	152,545
Maturity	August 2021	August 2021
Related instruments	Bonds issued
Cross currency swap contract three [Member] \| Cash flow hedges
Disclosure of Other Assets And Other Liabilities [Line Items]
Nominal amount	$ 70.0	$ 70.0	248,000	231,900
Cross currency swap contract three [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			29,001	30,352
Nominal amount			162,945	149,130
Maturity	August 2026	August 2026
Related instruments	Repurchase agreements
Cross currency swap contract four [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	0
Liabilities			11,797	12,236
Nominal amount			90,525	82,850
Maturity	August 2026	August 2026
Related instruments	Repurchase agreements
Cross currency swap contract five [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	30,741
Liabilities			0	0
Nominal amount			0	231,980
Maturity	-	August 2020
Related instruments	Repurchase agreements
Cross currency swap contract five [Member] \| Fair value hedges [member] \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Nominal amount			628,700	618,800
Cross currency swap contract six [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	7,624
Liabilities			0	0
Nominal amount			0	331,400
Maturity	-	January 2020
Related instruments	Debt to banks
Cross currency swap and interest rate swap contract [Member] \| Cash flow hedges
Disclosure of Other Assets And Other Liabilities [Line Items]
Nominal amount	$ 45.0	$ 45.0	162,900	149,100
Cross currency swap and interest rate swap contract [Member] \| Cash flow hedges \| Derivatives held as hedges [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Assets			0	39,417
Liabilities			0	0
Nominal amount			S/ 0	S/ 265,120
Maturity	-	August 2020
Related instruments	Repurchase agreements

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of detailed information about cash collateral and reverse purchase agreements

a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing:


	2020	2019
	S/(000)	S/(000)
Cash collateral on repurchase agreements and security lendings (i)	1,601,200	3,293,837
Reverse repurchase agreement and security borrowings	626,925	899,435
Receivables for short sales	166,177	95,252
Total	2,394,302	4,288,524

(i) At December 31, 2020, the balance mainly comprises cash collateral for approximately US$305.1 million, equivalent to S/1,104.7 million, delivered to BCRP to secure a borrowing in soles of approximately S/1,055 million from the same entity (cash collateral for approximately US$844.5 million, equivalent to S/2,798.7 million, and borrowing of approximately S/2,800.4 million, at December 31, 2019).

Cash collateral granted bears interest at an average annual effective interest rate according to market rates. The related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see paragraph (c) below.

(ii) Credicorp, mainly through its subsidiaries, provides financing to its customers through reverse repurchase agreements and securities borrowing, in which a financial instrument serves as collateral. Details of said transactions are as follows:

Schedule of detailed information about reverse repurchase agreements and security borrowings, in which a financial instrument serves as collateral


		2020						2019
		Average					Fair value of	Average					Fair value of
		interest	Up to 3	From 3 to	More than	Carrying	underlying	interest	Up to	From 3 to	More than	Carrying	underlying
	Currency	rate	days	30 days	30 days	amount	assets	rate	3 days	30 days	30 days	amount	assets
		%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Instruments issued by the Colombian Government	Colombian pesos	5.37	—	259,093	—	259,093	258,442	5.61	97,747	376,043	76,396	550,186	550,579
Instruments issued by the Chilean Government	Chilean pesos	(0.53)	—	25,775	—	25,775	24,427	0.34	7,002	15,505	—	22,507	22,507
Other instruments		1.40	23,423	231,226	87,408	342,057	341,085	4.44	156,969	130,932	38,841	326,742	328,291
			23,423	516,094	87,408	626,925	623,954		261,718	522,480	115,237	899,435	901,377

Schedule of detailed information about payables from repurchase agreements and security lendings

b) Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and securities lending” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows:


		2020						2019
		Average					Fair value of	Average					Fair value of
		interest	Up to 3	From 3 to	More than	Carrying	underlying	interest	Up to	From 3 to	More than	Carrying	underlying
	Currency	rate	days	30 days	30 days	amount	assets	rate	3 days	30 days	30 days	amount	assets
		%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Debt instruments (c)			—	383,020	26,781,748	27,164,768	28,960,995		64,900	25,699	6,240,866	6,331,465	6,709,182
Instruments issued by the Colombian Government	Colombian pesos	4.62	—	700,719	—	700,719	700,637	5.49	135,997	941,431	—	1,077,428	1,077,917
Instruments issued by the Chilean Government	Chilean pesos	0.09	17,865	—	—	17,865	17,865	0.20	130,551	44,411	—	174,962	175,054
Other instruments		1.19	31,245	9,020	—	40,265	40,276	2.07	70,997	16,809	6,355	94,161	105,086
			49,110	1,092,759	26,781,748	27,923,617	29,719,773		402,445	1,028,350	6,247,221	7,678,016	8,067,239

Schedule of detailed information about repurchase agreement and security lending secured with cash, available for sale investments and held to maturity investment

c) At December 31, 2020, and 2019, the Group has repurchase agreements secured with: (i) cash, see note 5(a), (ii) investments, see note 6(b), and (iii) loans, see note 7(a). This item consists of the following:

2020

2019

Carrying

Counterparties

Currency

Maturity

amount

Collateral

Maturity

amount

Collateral

S/(000)

BCRP - Reactiva Perú (*)

Soles

May 2023 / December 2023

20,916,438

Loans guaranteed by National Government

—

BCRP

Soles

March 2021 / July 2024

2,903,266

Investments

June 2020 / November 2020

1,504,088

Investments

BCRP, nota 5(a)(i)

Soles

February 2021 / March 2023

1,055,000

Cash with BCRP

February 2020 / October 2020

2,800,400

Cash with BCRP

BCRP - Reactiva Perú Special (*)

Soles

June 2023 / December 2023

756,387

Loans guaranteed by National Government

—

Banco Central de Bolivia

Bolivianos

February 2021 / December 2022

486,331

Cash

May 2020 / February 2021

398,586

Cash

Banco de la República de Colombia

Colombian pesos

January 2021

319,481

Investments

January 2020

64,540

Investments

Natixis S.A.

Soles

August 2028

270,000

Investments

August 2020 / August 2028

570,000

Investments

Citigroup Global Markets Limited (i)

U.S. Dollar

August 2026

162,945

Investments

August 2026

149,130

Investments

Natixis S.A. (ii)

U.S. Dollar

August 2026

90,525

Investments

August 2026

82,850

Investments

Nomura International PLC (iii)

U.S. Dollar

—

August 2020

265,120

Investments and cash

Nomura International PLC (iv)

U.S. Dollar

—

August 2020

231,980

Investments and cash

Citigroup Global Markets
Limited

Soles

—

August 2020

100,000

Investments

Others below S/92.0 million

January 2021 / April 2033

91,160

Investments

January 2020 / April 2033

64,970

Investments

Accrued interest

113,235

99,801

27,164,768

6,331,465

(*)It corresponds to Agreement Transactions where BCP and MiBanco sell representing credit securities guaranteed by the BCRP, they receive soles and are obliged to buy them back at a later date. The credit representing securities with guarantee of the National Government may have the form of a portfolio of credit representing titles or of Certificates of Participation in trustee of the loan portfolio guaranteed by the National Government. The BCRP will charge a fixed interest annual rate in soles of 0.5 percent for the operation and will include a grace period of twelve months without payment of interest or principal. As of December 2020, the total credits granted through the Reactiva Peru program is S/24,286.5 million, see Note 7(a). See more details of the Reactiva Peru program in Note 2(b).

At December 31, 2020, said operations accrue interest at fixed and variable rates between 0.5 percent and 6.73 percent and between Libor 6M + 1.85 percent and Libor 6M + 1.90 percent, respectively, (between 2.6 percent and 7.20 percent and between Libor 3M + 0.80 percent and Libor 6M + 1.90 percent, respectively, at December 31, 2019).

Certain repurchase agreements were hedged using interest rate swaps (IRS) and cross-currency swaps (CCS), as detailed below:

(i) At December 31, 2020 the Group maintains two CCS which were together designated as a cash flow hedge for two repurchase agreements in U.S. Dollars at variable rate for a notional amount of US$45.0 million, equivalent to S/162.9 million (approximately US$45.0 million, equivalent to S/149.1 million, at December 31, 2019). By means of these CCS, said repurchase agreements were economically converted to soles, see note 13(b).

(ii) At December 31, 2020, the Group maintains a CCS which was designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable rate for a total notional amount of US$25.0 million, equivalent to S/90.5 million (approximately US$25.0 million, equivalent to S/82.9 million, at December 31, 2019). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate; see note 13(b).

(iii) As of August 31, 2020, the interest rate swap (IRS) that the Bank held as a cash flow hedge of a repurchase agreement in US dollars at a variable rate for an amount of US $ 80.0 million, equivalent to S/283.5 million (US$80.0 million, equivalent to S/265.1 million, as of December 31, 2019). Through the IRS, said repurchase agreement was economically converted to a fixed rate. Likewise, the cross currency swap (CCS) expired, which was designated in a combined manner with the IRS, which the Bank maintained as a cash flow hedge since, through said instrument, the repurchase agreement was economically converted to soles at a fixed rate, see note 13(b).

(iv) As of August 31, 2020, the cross currency swap (CCS) that the Bank held as a cash flow hedge of a repurchase agreement in US dollars at a variable rate expired for a nominal amount of US$70.0 million, equivalent to S/248.0 million (US$70.0 million, equivalent to S/231.9 million, as of December 31, 2019). Through the cross currency swap (CCS), said repurchase agreement was economically converted to soles at a fixed rate, see note 13(b).

NET PREMIUMS EARNED - Additional Information (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 2,860,457

S/ 2,859,739

S/ 2,613,062

Medical Assistance Services [Member] | Health insurance contract [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 483,100

S/ 464,700

S/ 420,500

Percentage of entity's revenue

86.01%

84.78%

78.44%

[1]	This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.

TAX SITUATION - tax rates (Details) S/ in Thousands	12 Months Ended
TAX SITUATION - tax rates (Details) S/ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disclosure of tax situation [Line Items]
Rate	(29.50%)	(29.50%)	(29.50%)	(29.50%)
Number of Units of Tax Value		S/ 120,000
Tax Vaue amount	$ 0	S/ 4,500	$ 0	$ 0
2021
Disclosure of tax situation [Line Items]
Rate	32.00%	32.00%
Surcharge Rate	4.00%	4.00%
2021
Disclosure of tax situation [Line Items]
Rate	31.00%	31.00%
Surcharge Rate	3.00%	3.00%
2022
Disclosure of tax situation [Line Items]
Rate	30.00%	30.00%
Surcharge Rate	3.00%	3.00%
As of 2023
Disclosure of tax situation [Line Items]
Rate	30.00%	30.00%

ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS - Accounts Payable (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
NET PREMIUMS EARNED
Balances at the beginning of the period	S/ 216,734	S/ 291,693
Premiums ceded for automatic contracts (mainly excess of loss), Note 25(a)(**)	244,112	254,839	S/ 243,427
Premiums ceded to reinsurers in facultative contracts, Note 25(a)(**)	327,098	289,386	288,928
Coinsurance granted	753	4,332	11,433
Payments and other, net	(450,251)	(623,516)	(487,280)
Balances at the end of the period	S/ 338,446	S/ 216,734	S/ 291,693

FINANCIAL RISK MANAGEMENT

12 Months Ended

Dec. 31, 2020

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT

34 FINANCIAL RISK MANAGEMENT

The Group’s activities involve principally the use of financial instruments, including derivatives. It also accepts deposits from customers at both fixed and floating rates, for various periods, and invests these funds in high-quality assets. Additionally, it places these deposits at fixed and variable rates with legal entities and individuals, considering the finance costs and expected profitability.

The Group also trades in financial instruments where it takes positions in traded and over-the-counter instruments, derivatives included, to take advantage of short term market movements on securities, bonds, currencies and interest rates.

Given the Group’s activities, it has a framework for risk appetite, a corner stone of the management. The risk management processes involve continuous identification, measurement, treatment and monitoring. The Group is exposed, principally, to operating risk, credit risk, liquidity risk, market risk, strategic risk and insurance technical risk. Finally, it reports on a consolidated basis the risks to which the Group is exposed.

Risk management structure –

The Board of Directors of the Group and of each subsidiary are ultimately responsible for identifying and controlling risks; however, there are separate independent instances in the major subsidiaries responsible for managing and monitoring risks, as further explained below:

(i) Group’s Board of Directors -

Credicorp Board of Directors -

The Credicorp Board of Directors is responsible for the overall approach to risk management of Credicorp Ltd., including the approval of its appetite for risk.

Likewise; take knowledge of the level of compliance of the appetite and the level of risk exposure, as well as the relevant improvements in the integral risk management of Grupo Crédito and Subsidiaries of Credicorp (Group).

Grupo Crédito’s Board of Directors –

Grupo Crédito’s Board of Directors is responsible for the general approach to risk management of the Group’s subsidiaries and the approval of the risk appetite levels that it is willing to assume. Furthermore, it approves the guidelines and policies for Integral Risk Management, promotes an organizational culture that emphasizes the importance of risk management, oversees the internal control system and ensures the adequate performance of the Group’s regulatory compliance function.

Group Company Boards -

The Board of each company of the Group is responsible for aligning the risk management established by the Board of Grupo Crédito with the context of each one of them. For that, it establishes a framework for risk appetite, policies and guidelines.

(ii) Credicorp Risk Committee -

Represents the Credicorp Board of Directors, proposes the levels of risk appetite for Credicorp Ltd. Also, it is aware of the level of compliance of the risk appetite and the level of exposure assumed by Grupo Crédito and Credicorp subsidiaries and the relevant improvements in integral management of risks of said entities.

The Committee will be made up of no less than three directors of Credicorp, at least one of which must be independent. Additionally, the Board of Directors may incorporate as a member one or more directors of Credicorp subsidiaries. Likewise, the coordinator of the Committee will be the Credicorp Risk Manager, with the Internal Audit Manager as an observer member (without voice or vote). Finally, the following officials will attend the sessions as guests, according to the agenda of topics to be discussed and at the invitation of the Coordinator: General Manager, Finance Manager, Manager of the Risk Management Division of BCP, and all those people who criteria assist with the development of the session.

(iii) Grupo Crédito Risk Committee -

Represents the Board of Grupo Crédito in risk management decision-making. Furthermore, proposes to Grupo Crédito’s Board of Directors the levels of risk appetite. This Committee defines the strategies used for the adequate management of the different types of risks and the supervision of risk appetite. In addition to it, they establishing principles, policies and general limits.

The Risk Committee is presided by no less than three Board member of Grupo Crédito, at least one of which must be independent. Additionally, the Board of Directors may incorporate as a member one or more directors of the Group. Likewise, the coordinator of the Committee will be the Grupo Crédito Risk Manager, with the Internal Audit Manager as an observer member (without voice or vote). Finally, the following officials will attend the sessions as guests, according to the agenda of topics to be discussed and at the invitation of the Coordinator: General Manager, Finance Manager, Manager of the Risk Management Division of BCP, and all those people who criteria assist with the development of the session.

In addition to effectively managing all the risks, the Grupo Crédito Risk Committee is supported by the following committees which report periodically on all relevant changes or issues relating to the risks being managed:

Corporate credit Risk Committees (retail and non-retail)-

The Corporate credit Risk Committees (retail and non-retail) are responsible for reviewing the tolerance level of the credit risk appetite, the limits of exposure and the actions for the implementation of corrective measures, in case there are deviations. In addition, they propose credit risk management norms and policies within the framework of governance and the organization for the integral management of credit risk. Furthermore, they propose the approval of any changes to the functions described above and important findings to the Grupo Crédito Risk Committee.

Corporate Treasury and ALM (Asset Liability Management) Risk Committee -

The corporate Treasury and ALM Risk Committee are responsible for analyzing and proposing the corporate objectives, guidelines and policies for Treasury Risk Management and ALM of all the companies of the Group. As well as, monitoring the indicators and limits of the Group market risk appetite and each of the companies of the Group. Further, they are responsible of be aware of the actions for the implementation of the corrective measures if there are deviations from appetite levels and risk tolerance assumed by the companies of Group. Furthermore, they are responsible for proposing the approval of any changes in the functions described above and for reporting any finding to the Grupo Crédito Risk Committee.

Corporate Model Risk Committee –

The Corporate Model Risk Committee is responsible for analyzing and proposing the actions corrections in case there are deviations with respect to the degrees of exposure assumed in the Appetite for Model Risk. Likewise, it proposes the creation and/or modification of the government for model risk management, monitoring compliance with the same. The Model Risk Committee monitors the Group’s data and analytical strategy and the health status of the model portfolio. They are also responsible to inform the Committee of Grupo Crédito Risks on exposures, related to model risk, which involve variations in the risk profile.

Corporate Operational Risk Methodology Committee -

The Corporate Methodological Committee of Operational Risk has as main responsibilities to review the main indicators of Operational Risk of the companies of the Group, as well as the progress of the methodologies deployed for Operational Risk and Business Continuity. Likewise, share best practices regarding the main challenges faced by Group companies.

(iv) Central Risk Management of Credicorp -

The Central Risk Management of Credicorp informs the Credicorp Risk Committee of the level of compliance of the risk appetite and the level of exposure assumed by Grupo Crédito and Credicorp subsidiaries. Likewise, it reports the relevant improvements in the integral risk management of Grupo Crédito and Credicorp subsidiaries. In addition, it proposes to the Credicorp Risk Committee the risk appetite levels for Credicorp Ltd.

(v) Central Risk Management of Grupo Crédito -

The Central Risk Management is responsible for the implementation of policies, procedures, methodologies and the actions to be taken to identify, measure, monitor, mitigate, report and control the different types of risks to which the Group is exposed. In addition, it is responsible for participating in the design and definition of the strategic plans of the business units to ensure that they are aligned within the risk parameters approved by the Grupo Crédito Board of Directors. Likewise, it disseminates the importance of adequate risk management, specifying in each of the units, the role that corresponds to them in the timely identification and definition of the corresponding actions.

The units of the Central Risk Management that manage risk at the corporate level are the following:

Credit Division -

The Credit Division proposes credit policies and evaluation criteria and credit risk management that the Group assumes with segment customers wholesaler. Evaluate and authorize loan proposals until their autonomy and propose their approval to the higher instances for those that exceed it. These guidelines are established on the basis of the policies set by the Grupo Crédito Board, respecting the laws and regulations in force. In addition, it assesses the evolution of the risk of wholesale clients and identifies problematic situations, taking actions to mitigate or resolve them.

Risk Management Division -

The Risk Management Division is responsible for ensuring that risk management directives and policies comply with the established by the Board of Directors. In addition, it is responsible for supervising the process of risk management and for coordinating with the companies of Credicorp involved in the whole process, promoting homogeneous risk management and aligned with the best practices. It also has the task of informing Board of Directors regarding: global exposure and by type of risk, as well as the specific exposure of each Group company.

Retail Banking Risk Division -

The Retail Banking Risk Division is responsible for managing the risk profile of the retail portfolio and developing credit policies that are in accordance with the guidelines and risk levels established by Grupo Crédito’s Board of Directors. Likewise, it participates in the definition of products and campaigns aligned to these policies, as well as in the design, optimization and integration of credit evaluation tools and income estimation for credit management.

Non-financial Risks Division -

The Non-financial Risks Division is responsible for defining a non-financial risks strategy aligned with the objectives and risk appetite set by the Board of Grupo Crédito. This strategy seeks to strengthen the management process, generate synergies, optimize resources and achieve better results among the units responsible for managing non-financial risks in the Group. Additionally, in order to achieve the objectives defined in the non-financial risks strategy, the Division is responsible for promoting risk culture, developing talent, defining indicators and generating and following-up strategic projects and initiatives.

The Non-Financial Risks Division is made up of the following areas: Cybersecurity Area Management, Corporate Security Area Management, Operational Risk Management Area Management, and the Digital Risk Project Management Office.

(vi) Internal Audit Division and Compliance Division -

The Audit Division is in charge of monitoring on an ongoing basis the effectiveness and efficiency of the risk management function in the Group, verifying compliance with regulations, policies, objectives and guidelines set by the Board of Directors. On the other hand, it evaluates sufficiency and integration level of Group’s information and database systems. Finally, it ensures that independence is maintained between the functions of the risk management and business units, for each of the Group’s companies.

The Corporate Compliance and Ethics Division reports to the Board of Directors and is responsible of providing corporate policies for ensure that Group companies specifically comply with regulations that specified them, and the guidelines established in the Code of Ethics.

b) Risk measurement and reporting systems -

The risk is measured according to models and methodologies developed for the management of each type of risk. Risk reports that allow to monitor at the level added and detailed the different types of risks of each company which is exposed. The system provides the facility to meet the appetite review needs by risk requested by the committees and areas described above; as well as comply with regulatory requirements.

c) Risk mitigation -

Depending on the type of risk, mitigating instruments are used to reduce its exposure, such as guarantees, derivatives, controls and insurance, among others. Furthermore, it has policies linked to risk appetite and established procedures for each type of risk.

The Group actively uses guarantees to reduce its credit risks.

d) Risk appetite -

Based on corporate risk management, Grupo Crédito’s Board of Directors approves the risk appetite framework to define the maximum level of risk that the organization is willing to take as seeks its strategic and financial objectives, maintaining a corporate vision in individual decisions of each entity. This Risk Appetite framework is based on “core” and specific metrics:

Core metrics are intended to preserve the organization’s strategic pillars, defined as solvency, liquidity, profit and growth, income stability and balance sheet structure.

Specific metrics objectives are intended to monitor on a qualitative and quantitative basis the various risks, to which the Group is exposed, as well as defining a tolerance threshold of each of those risks, so the risk profile set by the Board is preserved and any risk focus is anticipated on a more granular basis.

Risk appetite is instrumented through the following elements:

-Risk appetite statement: Establishes explicit general principles and the qualitative declarations which complement the risk strategy.

-Metrics scorecards: These are used to define the levels of risk exposure in the different strategic pillars.

-Limits: Allows control over the risk-taking process within the tolerance threshold established by the Board. They also provide accountability for the risk-taking process and define guidelines regarding the target risk profile.

-Government scheme: Seeks to guarantee compliance of the framework through different roles and responsibilities assigned to the units involved.

The appetite is integrated into the processes of strategic and capital guidelines, as well as in the definition of the annual budget, facilitating the strategic decision making of the organization.

e) Risk concentration -

Concentrations arise when a reduced and representative number of all of the counterparties of the Group are engaged in similar business activities, or activities in the same geographic region, or have similar economic and political conditions among others.

In order to avoid excessive concentrations of risk, the policies and procedures include specific guidelines and limits to guarantee a diversified portfolio.

34.1 Credit risk -

The Group takes on exposure to credit risk, which is the probability of suffering losses caused by debtors or counterparties failing to comply with payment obligations in on or off the balance sheet exposures.

Credit risk is the most important risk for the Group’s business; therefore, Management carefully manages its exposure to credit risk. Credit exposures arise principally from lending activities that lead to direct loans; they also result from investment activities. There is also credit risk in off-balance sheet financial instruments, such as contingent credits (indirect loans), which expose Credicorp to risks similar to direct loans. Likewise, credit risk arises from derivative financial instruments that present showing positive fair values. Finally, all exposure to credit risk (direct or indirect) is mitigated by the control processes and policies.

As part of managing this type of risk, provisions for impairment of its portfolio are assigned as of the date of the statement of financial position.

Credit risk levels are defined based on risk exposure limits, which are frequently monitored. Said limits are established in relation to one borrower or group of borrowers, geographical and industry segments. Furthermore, the risk limits by product, industry sector and by geographical segment are approved by the Risk Committee of Credicorp.

Exposure to credit risk is managed through regular analysis of the ability of debtors and potential debtors to meet interest and principal repayment obligations and by changing the credit limits when it is appropriate. Other specific control measures are outlined below:

(i)

Collateral -

The Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is collateralization which is common practice. The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The main types of collateral obtained are as follows:

- For loans and advances, collateral includes, among others, mortgages on residential properties; liens on business assets such as plants, inventory and accounts receivable; and liens on financial instruments such as debt securities and equity securities.

- Long-term loans and financing to corporate entities are generally guaranteed. Loans to micro business generally have no collateral. In order to minimize credit loss, the Group will seek additional collateral from the counterparty as soon as impairment indicators arise.

- For repurchase agreements and securities lending, collateral consists of fixed income instruments , cash and loans.

Collateral held as security for financial assets other than loans is determined by the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of assets backed securities and similar instruments, which are secured by portfolios of financial instruments.

Management monitors the market value of collateral, requests additional collateral in accordance with the underlying agreement, and monitors the market value of collateral obtained during its review of the adequacy of the allowance for impairment losses. As part of the Group’s policies, the recovered goods are sold in seniority order. The proceeds of the sale are used to reduce or amortize the outstanding credit. In general, the Group does not use recovered assets for its operational purposes.

(ii)

Derivatives -

The amount subject to credit risk is limited to the current and potential fair value of instruments that are favorable to the Group (fair value is positive). In the case of derivatives this is only a small fraction of the contract, or notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as a portion of the total credit limits with customers, together with potential exposures from market movements. Collateral or other security is not usually obtained for this type of risk exposure.

(iii)

Credit-related commitments -

The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and letters of credit have the same credit risk as direct loans. Documentary and commercial letters of credit - which are written undertakings by the Group on behalf of a customer authorizing a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions - are collateralized by the underlying shipments of goods to which they relate and therefore have less risk than a direct loan. The Group has no mandatory commitments to extend credit.

The maximum exposure to credit risk as of December 31, 2020 and 2019, before the effect of mitigation through any collateral, is the carrying amount of each class of financial assets indicated in Notes 34.10(a), 34.10(b) and the contingent credits detailed in Note 21(a).

Management is confident of its ability to continue controlling and maintaining minimal credit risk exposure within the Group, considering both its loan and securities portfolio.

Credit risk management for loans -

The management of credit risk is mainly based on rating and scoring of the internal models of each company of the Group. In Credicorp, a quantitative and qualitative analysis is made of each client, with regard to his financial position, his credit behavior in the System and the market in which it operates; which is carried out continuously, so as to assemble the risk profile of each operation and client with a credit position in the Group.

In the Group, a loan is internally classified as past due, depending on three aspects: the number of days in arrears based on the contractually agreed due date, the subsidiary and the type of credit. In that sense:

Banco de Crédito del Perú, Mibanco, Solución Empresa Administradora Hipotecaria S.A ., and Banco de la Microempresa de Colombia S.A. consider a loan past due:

- For corporate enterprises, large and medium companies after 15 days in arrears.

- For small and micro-business after 30 days past due.

- For overdrafts, after 30 days past due.

- For consumer, mortgage and lease operation products, quotas are considered past due internally when they are between 30 and 90 days in arrears; after 90 days, the pending loan balance is considered past due.

Atlantic Security Bank considers a credit past due when its payment schedule of capital and/or interest exceed 30 days in arrears.

Banco de Crédito de Bolivia and Banco de la Microempresa de Colombia S.A. consider a credit as an internal past due with effect from day 30 in arrears.

Estimate of the expected loss -

The measurement of the credit loss is based on the product of the following parameters: (i) probability of default (PD) (ii) loss given default (LGD), and (iii) Exposure at default (EAD); discounted at the reporting period, using the effective interest rate. The definition of the parameters is presented below:

Probability of Default (PD): this is a measurement of credit rating given internally to a customer, designed to estimate their probability of default within a specific horizon. The process of obtaining the PD is carried out through scoring and rating tools.

The Group considers that a financial instrument is in default if it meets the following conditions depending on the type of asset:

- Consumer Products, Credit Card and SME: If the costumer, at some point, presents arrears equal to or greater than 60 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off.

- Mortgage Product: If the customer, at some point, presents arrears equal to or greater 120 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off.

- Commercial Banking: Those customers that are in the Special Accounts portfolio or have risk classification as deficient, doubtful or lost, or have refinanced, judicial or written off operations. Also, a customer can be considered as Default in case of signs of significant qualitative impairment so as to consider it in said stage.

- Investments: If the instrument has a Default rating according to external rating agencies such as Fitch, Standard & Poors or Moody’s or with an indicator of arrears equal to or greater than 90 days. Also, a customer can be considered as Default in case of signs of significant qualitative impairment.

Loss Given Default (LGD): Is a measurement which estimates the severity of the loss which would be incurred at the time of the default. It has two approaches in the estimate of the severity of the loss, depending on the stage of the customer:

- LGD Workout: The LGD workout is the real loss of the customers who have arrived at the stage of default. The recoveries and costs of each one of the operations are used in order to calculate it (Includes open and closed recovery processes).

- LGD ELBE (Expected Loss Best Estimate): The LGD ELBE is the loss of the contracts in a default situation, based on the time in arrears of the operation (The longer the operation is in default, the greater will be the loss level).

Exposure at Default (EAD): Is a measurement which estimates the exposure at the time of the customer goes into default, taking into account changes in future exposure, for example, in the case of prepayments and/or greater utilization of unused lines.

Accordingly, the estimated of the parameters take into consideration information regarding the actual conditions, as well as the projections of future macroeconomic events and conditions in three scenarios (base, optimistic and pessimistic) which are analyzed in order to obtain the expected loss.

The fundamental difference between the credit loss of an account considered as Stage 1 and Stage 2 is the PD horizon. Specifically, the estimates of Stage 1 use a maximum PD of 12 months, while those in Stage 2 will use a PD measured for the entire life of the instrument. The estimates of Stage 3 will be carried out on the basis of a best estimate LGD.

In those cases, in which the portfolio is immaterial and does not have credit score models, the option was to extrapolate the loss ratio of portfolios with comparable characteristics.

The main methodological adjustments in internal credit risk models made during 2020 are:

-Internal models were reviewed, and upgrades were carried out using representative and updated COVID-19 impact customer surveys, using updated information on customer transaction after confinement. This made it possible to characterize the different types of clients in order to assign them the corresponding level of risk in a granular manner and in line with the first observed indicators of early payment of the transactions and portfolio maturities (real data observed that complements the assumptions used).

-LGD (Loss Given Default) estimates were adjusted with updated information on assumptions, recovery costs and payments from clients in arrears, in order to collect the impact of COVID-19 on recoveries, which have been affected by delays in lawsuits, deterioration in the value of guarantees and increased penalties.

Prospective information:

The measurement of expected credit losses for each stage and the evaluation of significant increases in credit risk consider information on previous events and current conditions, as well as reasonable projections based on future events and economic conditions.

For the estimation of the risk parameters (PD, LGD, EAD), used in the calculation of the provision in stages 1 and 2, the significance of the macroeconomic variables (or their variations) that have the greatest influence on each portfolio was tested. Each macroeconomic scenario used in calculating the expected loss considers projections of relevant macroeconomic variables, such as the gross domestic product (GDP), employment, terms of trade, inflation, among others, for a period of 3 years and a long-term projection.

The estimate of the expected loss for stages 1, 2 and 3 is a weighted estimate that considers three future macroeconomic scenarios. The base, optimistic and pessimistic scenarios, as well as the probability of occurrence of each scenario, are macroeconomic projections provided by the Economic Studies Management. It should be noted that the scenario design is adjusted quarterly. All the scenarios considered apply to portfolios subject to expected credit losses with the same probabilities.

Changes from one stage to another

The classification of an instrument as stage 1 or stage 2 depends on the concept of “significant increase in credit risk” at the reporting date compared to the origin. This classification is updated monthly. As the IFRS 9 states, this classification depends on the following criteria:

- An account is classified in stage 2 if it has more than 30 days of delay.

- Additionally, significant risk thresholds were established based on absolute and relative thresholds that depend on the level of risk in which the instrument originated. The thresholds differ for each of the portfolios considered.

- Additional qualitative reviews are carried out based on the segmentation of risks used in the management of Retail Banking and an individual review in Wholesale Banking.

Additionally, all those accounts classified as default at the reporting date according to the management definition used by the Group are considered as stage 3.

Evaluations of a significant increase in risk from initial recognition and credit deterioration are carried out independently on each reporting date. Assets can be moved in both directions from one phase to another; in this sense, a financial asset that migrated to stage 2 will return to stage 1, if its credit risk did not increase significantly from its initial recognition until a subsequent reporting period. Likewise, an asset that is in stage 3 will return to stage 2 if the credit is no longer considered to be impaired.

Expected life

For the instruments in stage 2 or 3, the reserves for losses will cover the expected credit losses during the expected time of the remaining useful life of the instrument. For most instruments, the expected life is limited to the remaining contractual life, adjusted by expected anticipated payments. In the case of revolving products, a statistical analysis was carried out in order to determine what would be the expected life period.

(i)

Loans neither past due nor impaired, which comprise those direct loans which currently do not have characteristics of delinquency and which are not in default.

(ii)

Past due but unimpaired loans, which comprise all of the loans of customers who are not in default, but have failed to make a payment at its contractual maturity, according to the provisions of the rules of IFRS 7.

(iii)

Impaired loans, those considered to be in stage 3 or default , as detailed in note 34.1(c).


	2020				2019
Commercial loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	66,039,657	8,159,561	—	74,199,218	56,270,934	2,948,066	—	59,219,000
Past due but not impaired	371,432	266,533	—	637,965	815,751	250,311	—	1,066,062
Impaired	—	—	5,062,586	5,062,586	—	—	2,812,011	2,812,011
Gross	66,411,089	8,426,094	5,062,586	79,899,769	57,086,685	3,198,377	2,812,011	63,097,073

Less: Allowance for loan losses	717,445	659,272	1,755,096	3,131,813	416,692	161,190	982,950	1,560,832

Total, net	65,693,644	7,766,822	3,307,490	76,767,956	56,669,993	3,037,187	1,829,061	61,536,241


Residential mortgage loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	17,760,423	1,069,247	—	18,829,670	17,477,899	507,910	—	17,985,809
Past due but not impaired	303,647	291,165	—	594,812	424,741	270,792	—	695,533
Impaired	−	−	1,143,896	1,143,896	—	—	994,479	994,479
Gross	18,064,070	1,360,412	1,143,896	20,568,378	17,902,640	778,702	994,479	19,675,821

Less: Allowance for loan losses	160,945	109,666	638,845	909,456	43,217	25,710	472,718	541,645

Total, net	17,903,125	1,250,746	505,051	19,658,922	17,859,423	752,992	521,761	19,134,176


Microbusiness loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	11,494,102	7,936,951	—	19,431,053	13,363,213	1,535,064	—	14,898,277
Past due but not impaired	64,318	522,530	—	586,848	301,879	299,700	—	601,579
Impaired	−	−	1,972,003	1,972,003	—	—	1,253,969	1,253,969
Gross	11,558,420	8,459,481	1,972,003	21,989,904	13,665,092	1,834,764	1,253,969	16,753,825

Less: Allowance for loan losses	568,588	1,118,054	1,406,014	3,092,656	515,662	249,457	931,587	1,696,706

Total, net	10,989,832	7,341,427	565,989	18,897,248	13,149,430	1,585,307	322,382	15,057,119


Consumer loans	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	9,891,072	2,324,121	—	12,215,193	12,108,752	1,932,209	—	14,040,961
Past due but not impaired	102,003	260,839	—	362,842	203,147	278,295	—	481,442
Impaired	−	−	1,627,739	1,627,739	—	—	758,836	758,836
Gross	9,993,075	2,584,960	1,627,739	14,205,774	12,311,899	2,210,504	758,836	15,281,239

Less: Allowance for loan losses	415,223	974,113	1,375,499	2,764,835	263,788	431,433	629,558	1,324,779

Total, net	9,577,852	1,610,847	252,240	11,440,939	12,048,111	1,779,071	129,278	13,956,460


Consolidated of credits	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Total gross direct credits, Note 7(a)	106,026,654	20,830,947	9,806,224	136,663,825	100,966,316	8,022,347	5,819,295	114,807,958
Total allowance for loan losses, Note 7(a)	1,862,201	2,861,105	5,175,454	9,898,760	1,239,359	867,790	3,016,813	5,123,962
Total net direct credits	104,164,453	17,969,842	4,630,770	126,765,065	99,726,957	7,154,557	2,802,482	109,683,996

In accordance with IFRS 7, the entire loan balance is considered past due when debtors have failed to make a payment when contractually due. Below are the explanations of the changes in the credit loss provision:

- The growth in loans is attributed to the disbursements made within the Reactiva Peru program, which does not generate higher provisions due to it has a government guarantee.

- The increase in the stock of provisions is due to the estimate of the expected loss due to the COVID-19 Pandemic reflected in the adjustments and adaptations to the aforementioned risk models. The effects of the Pandemic on the loan portfolio also have caused significant transitions to phases that represent greater deterioration.

The detail of the gross amount of impaired credits by type of credit, together with the fair value of the related collateral and the amounts of its provision for doubtful accounts, are as follows:


	2020					2019
		Residential	Small and				Residential
	Commercial	mortgage	microenterprise	Consumer		Commercial	mortgage	Microbusiness	Consumer
	loans	loans	loans	loans	Total	loans	loans	loans	loans	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Impaired loans	5,062,586	1,143,896	1,972,003	1,627,739	9,806,224	2,812,011	994,479	1,253,969	758,836	5,819,295
Fair value of collateral	4,414,346	975,834	433,151	233,665	6,056,996	2,491,069	864,473	330,347	193,319	3,879,208
Allowance for loan losses	1,755,096	638,845	1,406,014	1,375,499	5,175,454	982,950	472,718	931,587	629,558	3,016,813

On the other hand, the breakdown of loans classified by maturity is shown below, according to the following criteria:

(i)

Current loans which comprise those direct loans which do not currently have characteristics of delinquency, nor are they in default or stage 3, according to the rules of IFRS 9.

(ii)

Current but impaired loans, which comprise those direct loans which do not currently have characteristics of delinquency, but are in default or stage 3, according to IFRS 9.

(iii)

Loans with payment delay of one day or more, but are not past due according to our internal guidelines. Comprise those direct loans of customers who have failed to make a payment at its contractual maturity, that is, with at least one day past-due. However, the days of delinquency are insufficient to be considered as past due under the Group’s internal criteria.

(iv)

Past due loans under internal criteria.

The total of the concepts: loans with a delay of payment from the first day and the amounts of the internal overdue loans reflect the totality of “past due” loans consistent with IFRS 7.


	2020						2019
			Loans with delays in						Loans with delays in
			payments of one day						payments of one day
		Current but	or more but not	Internal		Total past		Current but	or more but not	Internal		Total past
	Current	impaired	considered internal	overdue		due under	Current	impaired	considered internal	overdue		due under
	loans	loans	overdue loans	loans	Total	IFRS 7	loans	loans	overdue loans	loans	Total	IFRS 7
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Neither past due nor impaired	124,673,294	—	—	1,839	124,675,133	1,839	106,143,943	—	—	103	106,144,046	103
Past due but not impaired	−	—	1,824,361	358,107	2,182,468	2,182,468	(30)	—	2,569,349	275,296	2,844,615	2,844,645
Impaired debt	−	4,860,128	620,473	4,325,623	9,806,224	4,946,097	—	2,274,182	515,628	3,029,487	5,819,297	3,545,115
Total	124,673,294	4,860,128	2,444,834	4,685,569	136,663,825	7,130,404	106,143,913	2,274,182	3,084,977	3,304,886	114,807,958	6,389,863

The classification of loans by type of banking and maturity is as follows:


	2020					2019
			Loans with delays in					Loans with delays in
			payments of one day					payments of one day
		Current but	or more but not	Internal			Current but	or more but not	Internal
	Current	impaired	considered internal	overdue		Current	impaired	considered internal	overdue
	loans	loans	overdue loans	loans	Total	loans	loans	overdue loans	loans	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Commercial loans	74,198,115	3,117,852	683,061	1,900,741	79,899,769	59,218,904	1,460,816	1,027,177	1,390,176	63,097,073
Residential mortgage loans	18,828,934	376,053	744,339	619,052	20,568,378	17,985,809	284,279	868,087	537,646	19,675,821
Small and microenterprise loans	19,431,050	683,370	520,062	1,355,422	21,989,904	14,898,270	247,076	635,436	973,043	16,753,825
Consumer loans	12,215,195	682,853	497,372	810,354	14,205,774	14,040,930	282,011	554,277	404,021	15,281,239
Total	124,673,294	4,860,128	2,444,834	4,685,569	136,663,825	106,143,913	2,274,182	3,084,977	3,304,886	114,807,958

Provision of credit loss for direct and indirect loan is a weighted estimate of three macroeconomic scenarios: base, optimistic and pessimistic; that are based on macroeconomic projections provided by the internal team of Economic Studies and approved by Senior Management. In each scenario, the Group bases itself on a wide variety of prospective information such as economic inputs, including: the growth of the gross domestic product, inflation rate, exchange rate, among others, see more explanation in Note 3(i).

Macroeconomic scenario -

Expected losses are a weighted estimate of three macroeconomic scenarios: base, optimistic and pessimistic and are calculated with macroeconomic projections provided by the team from Economic Studies. The local and international information flows available during the analysis period are used to feed projections, which reflect the fact that Peru is a small and open economy and in this context, approximately 60.0 percent of the volatility in economic growth is driven by external factors including: terms of trade; the growth of Peru’s trading partners; and external interest rates. Information on each of these factors is gathered to construct each scenario for the next three years.

The variables mentioned above, together with local variables (fiscal and monetary variables), are incorporated in the economic models. Two types of models are used in this regard:

i)Structural Projection Model, and

ii)Financial Programming Model.

The first is a dynamic stochastic general equilibrium model, which is constructed with expectations. The second is built with the main identities of national accounts in accordance with the financial programming methodology designed by IMF (International Monetary Fund) and the methodologies used by a battery of econometric models.

Through this process, we obtain figures for GDP growth, inflation, the reference rate, exchange rate and other variables for the years 2020, 2021 and 2022. It is important to note that we expect a contraction in GDP in 2020 of 12.5 percent in the base scenario. This reflects a revision with regard to the projection registered in May (GDP 2020: (11.0) percent) given that going forward, recovery is expected to be more gradual than initially thought:

i)“Wait-and-see” environment in private investment before the general elections in April,2021 and growing regulatory risks from Congress.

ii)Unwanted inventories still high, and

iii)Severe deterioration in the labor market.

It is important to mention that these projections do not assume that mobility may be restricted if Peru suffers a second wave of infections.

For 2021, we project that GDP will expand 9.0 percent. This estimate represents an improvement over the projection made in May 2020 (GDP 2021: 6.5 percent) that was driven by the following:

i)Growth in world economic activity of around 4.6 percent (2020: (4.8) percent).

ii)Improvement in private spending (private investment and private consumption around 22.0 percent (2020: (28.5) percent) and 7.0 percent (2020: (9.5) percent), respectively.

iii)On the sectoral side, we expect mining to rebound around 11.0 percent (2020: (14) percent) and construction, 16.0 percent (2020: (18.0) percent), and

iv)Strong rise in the terms of trade.

It is expected that it will take the economy until 2022 to reach the levels recorded in 2019 (pre-pandemic). In this scenario, growth is expected to situate at 4.0 percent in 2022. This projection is slightly higher than that made in May 2020, when growth of 3.8 percent was expected.

Regarding the probabilities of each scenario, probabilities of 80.0 percent, 15.0 percent and 5.0 percent were considered for the base, optimistic and pessimistic scenarios respectively. The expected value of the three GDP projections gives us a drop of 12.5 percent for 2020. For 2021 and 2022 (the models do not contemplate a scenario of economic crisis due to COVID-19), the probability is 50.0 percent in the base scenario and 25.0 percent for the optimistic and pessimistic scenarios. The probabilities assigned to each scenario and projection year are validated through a fan chart analysis, which uses a probability function to identify and analyze:

i)The central tendency of the projections.

ii)The dispersion that is expected around this value, and

iii)The values that are higher or lower than the central value that are more or less probable.


	2020	2019
	S/(000)	S/(000)
Carrying amount	10,435,623	5,507,759

Scenarios:
Optimistic	10,100,156	5,426,608
Base Case	10,460,012	5,509,729
Pessimistic	11,018,666	5,584,965

d) Credit risk management on reverse repurchase agreements and securities borrowing -

Most of these operations are performed by Credicorp Capital. The Group has implemented credit limits for each counterparty and most of transactions are collateralized with investment grade financial instruments and financial instruments issued by Governments.

e) Credit risk management on investments -

The Group evaluates the credit risk identified of each of the investments, disclosing the risk rating granted to them by a risk rating agency. For investments traded in Peru, risk ratings used are those provided by the three most prestigious Peruvian rating agencies (authorized by Peruvian regulator) and for investments traded abroad, the risk-ratings used are those provided by the three most prestigious international rating agencies.

In the event that any subsidiary uses a risk-rating prepared by any other risk rating agency, said risk-ratings are standardized with those provided by the above mentioned institutions.

The following table shows the analysis of the risk-rating of the investments, provided by the institutions referred to above:


	2020		2019
	S/(000)	%	S/(000)	%
Instruments rated in Peru:
AAA (i)	—	—	1,621,270	4.8
AA- a AA+ (i)	—	—	1,853,042	5.5
A- to A+ (i)	1,369,969	2.5	8,970,590	26.8
BBB- to BBB+ (ii)	21,395,476	38.8	1,874,556	5.6
BB- to BB+	901,934	1.6	517,146	1.5
Lower and equal to +B	5,590	—	—	—
Unrated:
BCRP certificates of deposit (iii)	17,237,158	31.3	8,665,272	25.8
Listed and unlisted securities	514,297	0.9	573,485	1.7
Restricted mutual funds	436,881	0.8	460,086	1.4
Investment funds	212,951	0.4	102,085	0.3
Mutual funds	302,212	0.5	291,024	0.9
Other instruments	82,664	0.1	264,497	0.8
Subtotal	42,459,132	76.9	25,193,053	75.1


	2020		2019
	S/(000)	%	S/(000)	%
Instruments rated abroad:
AAA	700,312	1.3	657,787	2.0
AA- a AA+	1,043,409	1.9	854,501	2.5
A- to A+	2,395,327	4.4	1,581,995	4.7
BBB- to BBB+	4,594,711	8.4	2,974,639	8.9
BB- to BB+	1,733,080	3.1	996,917	3.0
Lower and equal to +B	129,094	0.2	54,316	0.2
Unrated:
Listed and unlisted securities	267,943	0.5	88,799	0.3
Participations of RAL funds	278,819	0.5	300,398	0.9
Mutual funds	677,084	1.2	302,528	0.9
Investment funds	155,183	0.3	294,158	0.9
Hedge funds	122,433	0.2	33,223	0.1
Other instruments	617,215	1.1	198,217	0.5
Subtotal	12,714,610	23.1	8,337,478	24.9
Total	55,173,742	100.0	33,530,531	100.0

(iii) The increase in the balance is due to the acquisition of new instruments. See more details in Notes 6(a)(i) and 6(b)(i).

It is worth mentioning that the change in the risk-rating of the investments has had an impact on the measurement of the expected loss.

f) Concentration of financial instruments exposed to credit risk -

As of December 31, 2020 and 2019, financial instruments with exposure to credit risk were distributed considering the following economic sectors:


	2020					2019
	At fair value					At fair value
	through profit for loss			At fair value		through profit for loss			At fair value
	Held for		Financial	through other		Held for		Financial	through other
	trading,		assets at	comprehensive		trading,		assets at	comprehensive
	hedging and	Designated	amortized	income		hedging and	Designated	amortized	income
	others (*)	at inception	cost	investments	Total	others (*)	at inception	cost	investments	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Central Reserve Bank of Peru (**)	1,872,875	—	26,003,491	15,364,283	43,240,649	—	—	21,166,346	8,665,272	29,831,618
Financial services	2,902,651	168,452	16,946,211	5,941,069	25,958,383	2,856,512	237,240	13,346,814	2,883,301	19,323,867
Commerce	18,817	—	24,029,835	490,612	24,539,264	21,228	12,468	18,478,960	452,214	18,964,870
Manufacturing	409,490	91,110	19,155,347	2,694,326	22,350,273	202,554	36,686	16,923,024	1,225,118	18,387,382
Government and public administration	1,888,710	—	5,374,603	12,831,954	20,095,267	1,581,527	12,994	3,995,389	7,170,624	12,760,534
Mortgage loans	—	—	19,738,710	—	19,738,710	—	—	18,933,894	—	18,933,894
Consumer loans	—	—	13,144,271	—	13,144,271	—	—	14,769,022	—	14,769,022
Real estate and leasing	93,422	3,073	11,798,614	179,368	12,074,477	43,203	125,201	8,841,466	1,276,941	10,286,811
Communications, storage and transportation	76,711	367,908	7,416,065	924,885	8,785,569	17,306	59,392	6,003,950	1,071,335	7,151,983
Community services	37	—	7,382,713	—	7,382,750	—	—	5,651,923	5,798	5,657,721
Electricity, gas and water	194,542	116,209	3,533,722	2,893,815	6,738,288	91,055	50,929	3,204,625	2,286,932	5,633,541
Construction	35,557	—	3,807,260	331,946	4,174,763	20,847	3,967	2,762,340	322,864	3,110,018
Agriculture	10,815	—	4,044,735	15,473	4,071,023	1,963	—	3,465,369	17,887	3,485,219
Mining	76,012	8,083	3,470,665	241,063	3,795,823	41,687	27,875	3,268,970	146,362	3,484,894
Education, health and others	20,285	68,435	1,712,817	1,680,135	3,481,672	4,543	53,792	1,455,374	644,143	2,157,852
Hotels and restaurants	—	—	2,762,674	—	2,762,674	—	—	2,313,523	—	2,313,523
Insurance	10,080	—	1,898,194	919	1,909,193	5,100	—	123,771	986	129,857
Fishing	923	—	639,227	9,169	649,319	321	—	465,818	—	466,139
Others	71,041	—	3,147,190	144,872	3,363,103	55,023	—	2,933,989	32,946	3,021,958
Total	7,681,968	823,270	176,006,344	43,743,889	228,255,471	4,942,869	620,544	148,104,567	26,202,723	179,870,703

(*)It includes non-trading investments that did not pass SPPI test.

As of December 31, 2020 and 2019 financial instruments with exposure to credit risk were distributed by the following geographical areas:


	2020					2019
	At fair value					At fair value
	through profit for loss			At fair value		through profit for loss			At fair value
	Held for		Financial	through other		Held for		Financial	through other
	trading,		assets at	comprehensive		trading,		assets at	comprehensive
	hedging and	Designated	amortized	income		hedging and	Designated	amortized	income
	others (*)	at inception	cost	investments	Total	others (*)	at inception	cost	investments	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Peru	3,511,686	67,821	155,598,019	34,208,824	193,386,350	688,099	138,293	130,436,702	20,674,142	151,937,236
Bolivia	584,879	—	10,718,164	708,784	12,011,827	494,547	—	9,218,219	555,028	10,267,794
United States of America	444,924	459,266	3,288,720	4,922,144	9,115,054	568,588	275,991	982,944	2,746,987	4,574,510
Colombia	1,387,406	4,788	2,264,768	1,147,770	4,804,732	1,346,042	21,289	2,627,353	385,794	4,380,478
Chile	420,527	5,315	1,446,246	618,572	2,490,660	683,822	34,606	2,047,951	450,382	3,216,761
Brazil	104,774	—	752,257	86,673	943,704	6,023	5,867	485,594	40,472	537,956
Mexico	113,988	42,336	1,942	408,567	566,833	28,846	18,093	5,962	247,713	300,614
Panama	25,624	—	405,941	131,722	563,287	—	—	905,675	91,571	997,246
Canada	26,894	373	70,562	119,897	217,726	29,976	—	109,233	108,494	247,703
Europe:
France	423,711	1,890	32,864	253,152	711,617	227,823	8,850	27,244	169,632	433,549
Others in Europe	392,808	42,991	85,541	137,469	658,809	127,915	17,184	83,979	46,331	275,409
United Kingdom	27,869	18,870	369,455	140,302	556,496	189,658	14,950	273,477	80,965	559,050
Spain	26,152	—	42,157	76,770	145,079	11,105	—	32,836	32,366	76,307
Switzerland	494	799	74,246	60,378	135,917	514	—	980	26,136	27,630
Netherlands	952	1,526	122,696	50,676	175,850	—	—	26,024	108,343	134,367
Multilateral Organizations (**)	—	—	—	150,656	150,656	—	—	−	28,733	28,733
Others	189,280	177,295	732,766	521,533	1,620,874	539,911	85,421	840,394	409,634	1,875,360
Total	7,681,968	823,270	176,006,344	43,743,889	228,255,471	4,942,869	620,544	148,104,567	26,202,723	179,870,703

(*) It includes non-trading investments that did not pass SPPI test.

(**) It corresponds to instruments issued by the Banco de Desarrollo de América Latina (before CAF) and by the Banco Interamericano de Desarrollo (BID).

g) Offsetting financial assets and liabilities -

The disclosures set out in the tables below include financial assets and liabilities that:

- Are offset in the Group’s consolidated statement of financial position; or

- Are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments, irrespective of whether they are offset in the consolidated statement of financial position.

Similar agreements include derivative clearing agreements, master repurchase agreements, and master securities lending agreements. Similar financial instruments include derivatives, accounts receivable from reverse repurchase agreements and securities borrowing, payables from repurchase agreements and securities lending and other financial assets and liabilities. Financial instruments such as loans and deposits are not disclosed in the tables below because they are not offset in the statement of financial position.

The offsetting framework contract issued by the International Swaps and Derivatives Association Inc. (“ISDA”) and similar master offsetting arrangements do not meet the criteria for offsetting in the statement of financial position, because said agreements were created in order for both parties to have an enforceable offsetting right in cases of default, insolvency or bankruptcy of the Group or the counterparties or following other predetermined events. In addition, the Group and its counterparties do not intend to settle said instruments on a net basis or to realize the assets and settle the liabilities simultaneously.

The Group receives and gives collateral in the form of cash and trading securities in respect of the following transactions:

- Derivatives;

- Accounts receivable from reverse repurchase agreements and securities borrowing;

- Payables from repurchase agreements and securities lending; and

- Other financial assets and liabilities

Such collateral adheres to standard industry terms including, when appropriate, an ISDA Credit Support Annex. This means that securities received/given as collateral can be pledged or sold during the term of the transaction but have to be returned on maturity of the transaction. The terms also give each party the right to terminate the related transactions upon the counterparty’s failure to return the respective collateral.

Financial assets subject to offsetting, enforceable master offsetting agreements and similar agreements:


	2020


			Related amounts not offset in the
		Net of financial	consolidated statement of
		assets presented	financial position
	Gross amounts	in the consolidated		Cash
	recognized	statements of	Financial	collateral
Details	financial assets	financial position	instruments	received	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Receivables from derivatives	1,214,497	1,214,497	(85,156)	(33,784)	1,095,557
Cash collateral, reverse repurchase agreements and securities borrowing	2,394,302	2,394,302	—	(1,340,272)	1,054,030
Investments at fair value through other comprehensive income and amortized cost pledged as collateral	2,766,162	2,766,162	(1,128,875)	—	1,637,287
Total	6,374,961	6,374,961	(1,214,031)	(1,374,056)	3,786,874


	2019


			Related amounts not offset in the
		Net of financial	consolidated statement of
		assets presented	financial position
	Gross amounts	in the consolidated		Cash
	recognized	statements of	Financial	collateral
Details	financial assets	financial position	instruments	received	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Receivables from derivatives	1,092,107	1,092,107	(122,557)	(144,175)	825,375
Cash collateral, reverse repurchase agreements and securities borrowing	4,288,524	4,288,524	(151,538)	(2,893,723)	1,243,263
Available-for-sale and held-to-maturity investments pledged as collateral	3,157,981	3,157,981	(3,208,973)	—	(50,992)
Total	8,538,612	8,538,612	(3,483,068)	(3,037,898)	2,017,646

Financial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements:


	2020
		Net amounts of
		financial liabilities
		presented in the	Related amounts not offset in the
		consolidated	consolidated statement of
	Gross amounts of	statement of	financial position
	recognized	financial	Financial	Cash collateral
Details	financial liabilities	position	instruments	pledged	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Payables on derivatives	1,205,213	1,205,213	85,156	(269,024)	1,021,345
Payables on repurchase agreements and securites lending	27,923,617	27,923,617	(22,637,034)	(1,601,200)	3,685,383
Total	29,128,830	29,128,830	(22,551,878)	(1,870,224)	4,706,728


	2019
		Net amounts of
		financial liabilities
		presented in the	Related amounts not offset in the
		consolidated	consolidated statement of
	Gross amounts of	statement of	financial position
	recognized	financial	Financial	Cash collateral
Details	financial liabilities	position	instruments	pledged	Net amount
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Payables on derivatives	1,040,282	1,040,282	122,557	(186,384)	976,455
Payables on repurchase agreements and securites lending	7,678,016	7,678,016	(3,208,973)	(3,293,837)	1,175,206
Total	8,718,298	8,718,298	(3,086,416)	(3,480,221)	2,151,661

The gross amounts of financial assets and liabilities disclosed in the above tables have been measured in the statement of financial position on the following basis:

- Derivative assets and liabilities are measured at fair value.

- Receivables from reverse repurchase agreements and securities lending are measured at amortized cost.

- Financial liabilities are measured at fair value.

The difference between the carrying amount in the consolidated statement of financial position and the amounts presented in the tables above for derivatives (presented in other assets Note 13(b)), receivables from reverse repurchase agreement and securities borrowing and payables from repurchase agreements and securities lending and financial liabilities measured at fair value through profit or loss are financial instruments outside of the scope of offsetting disclosure.

34.2 Market risk -

The Group has exposure to market risk, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks arise from open positions in interest rates, currency, commodities and equity products; all of which are exposed to general and specific market movements and changes in the level of volatility of prices such as interest rates, credit spreads, foreign exchange rates and equity prices. Due to the order of the Group’s current activities, commodity price risk has not been approved, so this type of instrument is not agreed.

The Group separates exposures to market risk in two groups: (i) those that arise from value fluctuation of trading portfolios recognized at fair value through profit or loss due to movements of market rates or prices (Trading Book) and (ii) those that arise from changes in the structural positions of non-trading portfolios due to movements of the interest rates, prices and foreign exchange ratios (Banking Book) and that are recorded at amortized cost and at fair value with changes in other comprehensive income, this is due to movements in interest rates, prices and currency exchange rates.

The risks that trading portfolios face are managed through Value at Risk (VaR) historical simulation techniques; while non-trading portfolios (Banking Book) are monitored using rate sensitivity metrics, which are a part of Asset and Liability Management (ALM).

Trading Book -

The trading book is characterized for having liquid positions in stocks, bonds, foreign currencies and derivatives, arising from market-making transactions where the Group acts as principal with the customers or with the market. This portfolio includes investments and derivatives classified by Management as held for trading.

(i)

Value at Risk (VaR) -

The Group applies the VaR approach to its trading portfolio to estimate the market risk of the main positions held and the maximum losses that are expected, based upon a number of assumptions for various changes in market conditions and considering the risk appetite of the subsidiary.

Daily calculation of VaR is a statistically-based estimate of the maximum potential loss on the current portfolio from adverse market movements.

VaR expresses the “maximum” amount the Group might lose, but only to a certain level of confidence (99 percent). There is therefore a specified statistical probability (1 percent) that actual loss could be greater than the VaR estimate. The VaR model assumes a certain “holding period” until positions can be closed (1 - 10 days).

The time horizon used to calculate VaR is one day; however, the one-day VAR is amplified to a 10‑day time frame and calculated multiplying the one-day VaR by the square root of 10. This adjustment will be accurate only if the changes in the portfolio in the following days have a normal distribution independent and identically distributed; because of that, the result is multiplied by a non-normality adjustment factor. The limits and consumptions of the VaR are established on the basis of the risk appetite and the trading strategies of each subsidiary.

The assessment of portfolio movements has been based on annual historical information and 133 market risk factors, which are detailed below: 35 market curves, 72 stock prices, 22 mutual fund values and 4 series of volatility. The Group directly applies these historical changes in rates to each position in its current portfalio (method known as historical simulation).

The Group Management considers that the market risk factors, incorporated in their VaR model, are adequate to measure the market risk to which its trading portfolio is exposed.

The use of this approach does not prevent losses outside of these limits in the event of more significant market movements. Losses exceeding the VaR figure may occur, on average under normal market conditions, not more than once every hundred days.

VaR limits have been established to control and keep track of all the risks taken. These risks arise from the size of the positions and/or the volatility of the risk factors embedded in each financial instrument. Regular reports are prepared for the Treasury Risk Committee and ALM, the Risk Management Committee and Senior Management.

VaR results are used to generate economic capital estimates by market risk, which are periodically monitored and are part of the overall risk appetite of each subsidiary. Furthermore, at Group level, there is also a limit to the risk appetite of the trading portfolio, which is monitored and informed to the Treasury Risks and ALM Corporate Committee.

In VaR calculation, the effects of the exchange rate are not included because said effects are measured in the net monetary position, see note 34.2 (b)(ii).

As of December 31, 2020 and 2019, the Group’s VaR by risk type is as follows:


	2020	2019
	S/(000)	S/(000)

Interest rate risk	163,982	9,274
Price risk	55,748	7,809
Volatility risk	708	463
Diversification effect	(84,977)	(6,245)
Consolidated VaR by type of risk	135,461	11,301

In VaR calculation, financial instruments from the trading book were taken.

On the other hand, the instruments recorded as fair values through profit or loss are not part of the selling business model and are considered as part of the sensitivity analysis of rates in the next section. See the chart of sensitivity of earnings at risk, net economic value and price sensitivity.

Banking Book -

Non-trading portfolios which comprise the Banking Book are exposed to different risks, given that they are sensitive to market rate movements, which could bring about a deterioration in the value of assets compared to liabilities and hence to a reduction of their net worth.

(i)

Interest rate risk -

The Banking Book-related interest rate risk arises from eventual changes in interest rates that may adversely affect the expected gains (risk gains) or market value of financial assets and liabilities reported on the balance sheet (net economic value). The Group assumes the exposure to the interest rate risk that may affect their fair value as well as the cash flow risk of future assets and liabilities.

The Risk Committee sets the guidelines regarding the level of unmatched repricing of interest rates that can be tolerated, which is periodically monitored through ALCO.

Corporate policies include guidelines for the management of the Group’s exposure to the interest rate risk. These guidelines are implemented considering the features of each segment of business in which the Group entities operate.

In this regard, Group companies that are exposed to the interest rate risk are those that have yields based on interest, such as credits, investments and technical reserves. Interest rate risk management in BCP Peru, BCP Bolivia, MiBanco, Mibanco Colombia, Atlantic Security Bank and Pacífico Grupo Asegurador is carried out by performing a repricing gap analysis, sensitivity analysis of the financial margin (GER) and sensitivity analysis of the net economic value (VEN). These calculations consider different rate shocks in stress scenarios.

Analysis of repricing gap -

The repricing gap analysis is intended to measure the risk exposure of interest rate for repricing periods, in which both balance and out of balance assets and liabilities are grouped. This allows identifying those sections in which the rate variations would have a potential impact.


	2020
	Up to 1	1 to 3	3 to 12	1 to 5	More than	Non-interest
	month	months	months	years	5 years	bearing	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Assets
Cash and cash collateral, reverse repurchase agreements and securities borrowing	20,110,489	1,607,867	2,052,436	7,682,481	149,669	7,544,354	39,147,296
Investments	4,639,795	11,068,740	2,777,817	8,783,106	20,934,358	502,455	48,706,271
Loans, net	12,721,639	15,427,902	31,709,621	54,248,434	16,352,436	(2,698,907)	127,761,125
Financial assets designated at fair value through profit or loss	—	—	—	—	—	823,270	823,270
Premiums and other policies receivable	897,086	25,288	9,472	5,377	—	—	937,223
Accounts receivable from reinsurers and coinsurers	726	164,184	730,963	1,930	675	20,941	919,419
Other assets (*)	83,113	2,961	34,482	9,539	—	2,176,901	2,306,996
Total assets	38,452,848	28,296,942	37,314,791	70,730,867	37,437,138	8,369,014	220,601,600

Liabilities
Deposits and obligations	38,284,217	10,646,664	18,968,119	62,281,065	9,594,605	2,590,832	142,365,502
Payables from repurchase agreements and securities lending	620,946	2,900,084	7,709,973	19,573,712	3,042,388	54,771	33,901,874
Accounts payable to reinsurers and coinsurers	72,060	209,035	40,349	17,002	—	—	338,446
Technical reserves for claims and insurance premiums	296,493	810,514	1,355,486	3,133,235	5,752,899	326,449	11,675,076
Financial liabilities at fair value through profit or loss	—	—	—	—	—	561,602	561,602
Bonds and Notes issued	3	425,231	1,238,141	13,867,807	616,225	172,000	16,319,407
Other liabilities (*)	601,545	49,851	8,185	—	—	3,247,834	3,907,415
Equity	—	—	—	—	—	25,445,647	25,445,647
Total liabilities and equity	39,875,264	15,041,379	29,320,253	98,872,821	19,006,117	32,399,135	234,514,969

Off-balance-sheet accounts
Derivative financial assets	547,271	1,307,322	557,277	341,564	—	—	2,753,434
Derivative financial liabilities	112,357	1,017,607	360,010	1,046,481	238,600	—	2,775,055
	434,914	289,715	197,267	(704,917)	(238,600)	—	(21,621)
Marginal gap	(987,502)	13,545,278	8,191,805	(28,846,871)	18,192,421	(24,030,121)	(13,934,990)
Accumulated gap	(987,502)	12,557,776	20,749,581	(8,097,290)	10,095,131	(13,934,990)	—

(*)Other assets and other liabilities only include financial accounts.


	2019
	Up to 1	1 to 3	3 to 12	1 to 5	More than	Non-interest
	month	months	months	years	5 years	bearing	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/000
Assets
Cash and cash collateral, reverse repurchase agreements and securities borrowing	12,702,384	1,841,425	3,683,141	5,351,933	125,088	6,571,315	30,275,286
Investment	1,462,956	1,346,028	7,786,732	5,876,624	12,628,641	578,788	29,679,769
Loans, net	14,595,317	17,107,120	28,291,817	35,086,667	15,737,689	(332,893)	110,485,717
Financial assets designated at fair value through profit or loss	—	—	—	—	—	620,544	620,544
Premiums and other policies receivable	802,558	22,866	8,496	4,811	—	—	838,731
Accounts receivable from reinsurers and coinsurers	734	120,600	668,551	1,348	471	—	791,704
Other assets (*)	273,338	38,841	8	—	—	2,023,067	2,335,254
Total assets	29,837,287	20,476,880	40,438,745	46,321,383	28,491,889	9,460,821	175,027,005

Liabilities
Deposits and obligations	29,478,976	9,711,623	19,010,084	43,285,525	7,339,092	3,180,085	112,005,385
Payables from repurchase agreements and securities lending	3,742,155	3,269,341	4,969,337	1,784,133	2,528,985	225,797	16,519,748
Accounts payable to reinsurers and coinsurers	46,144	133,864	25,838	10,888	—	—	216,734
Technical reserves for claims and insurance premiums	266,556	703,337	1,166,055	2,703,092	5,056,900	54,293	9,950,233
Financial liabilities at fair value through profit or loss	—	—	—	—	—	493,700	493,700
Bonds and Notes issued	180,311	252,316	1,683,166	10,060,986	2,753,679	15,905	14,946,363
Other liabilities (*)	437,529	361,087	3,765	—	—	3,008,995	3,811,376
Equity	—	—	—	—	—	26,746,310	26,746,310
Total liabilities and equity	34,151,671	14,431,568	26,858,245	57,844,624	17,678,656	33,725,085	184,689,849

Off-balance-sheet accounts
Derivative financial assets	2,806,693	2,849,046	454,349	272,223	165,700	—	6,548,011
Derivative financial liabilities	323,360	821,872	3,798,631	1,110,774	406,320	—	6,460,957
	2,483,333	2,027,174	(3,344,282)	(838,551)	(240,620)	—	87,054
Marginal gap	(1,831,051)	8,072,486	10,236,218	(12,361,792)	10,572,613	(24,264,264)	(9,575,790)
Accumulated gap	(1,831,051)	6,241,435	16,477,653	4,115,861	14,688,474	(9,575,790)	—

(*)Other assets and other liabilities only include financial accounts.

Sensitivity to changes in interest rates -

The sensitivity analysis of a reasonable possible change in interest rates on the banking book comprises an assessment of the sensitivity of the financial margins that seeks to measure the potential changes in the interest accruals over a period of time and the expected movement of the interest rate curves, as well as the sensibility of the net economic value, which is a long-term metric measured as the difference arising between the Net Economic Value of assets and liabilities before and after a variation in interest rates.

The sensitivity of the financial margin is the effect of the assumed changes in interest rates on the net financial interest income before income tax and non-controlling interest for one year, based on non-trading financial assets and financial liabilities held as of December 31, 2020 and 2019, including the effect of derivative instruments.

The sensitivity of the Net Economic Value is calculated by reassessing the financial assets and liabilities sensitive to rates, except for the trading instruments, including the effect of any associated hedge, and derivative instruments designated as a cash flow hedge. Regarding rate risk management, no distinction is made by accounting category for the investments that are considered in these calculations.

The results of the sensitivity analysis regarding changes in interest rates at December 31, 2020 and 2019 are presented below:


2020
	Changes in		Sensitivity of net		Sensitivity of Net
Currency	basis points		profit		Economic Value
			S/(000)		S/(000)

Soles	+/-	50	+/-	19,640	-/+	391,821
Soles	+/-	75	+/-	29,459	-/+	587,731
Soles	+/-	100	+/-	39,279	-/+	783,642
Soles	+/-	150	+/-	58,919	-/+	1,175,462
U.S. Dollar	+/-	50	+/-	47,929	+/-	345,185
U.S. Dollar	+/-	75	+/-	71,894	+/-	517,777
U.S. Dollar	+/-	100	+/-	95,859	+/-	690,369
U.S. Dollar	+/-	150	+/-	143,788	+/-	1,035,554


2019
	Changes in		Sensitivity of net		Sensitivity of Net
Currency	basis points		profit		Economic Value
			S/(000)		S/(000)

Soles	+/-	50	-/+	7,696	-/+	285,699
Soles	+/-	75	-/+	11,544	-/+	428,549
Soles	+/-	100	-/+	15,392	-/+	571,398
Soles	+/-	150	-/+	23,088	-/+	857,097
U.S. Dollar	+/-	50	+/-	52,276	+/-	152,926
U.S. Dollar	+/-	75	+/-	78,413	+/-	229,389
U.S. Dollar	+/-	100	+/-	104,551	+/-	305,852
U.S. Dollar	+/-	150	+/-	156,827	+/-	458,777

The interest rate sensitivities set out in the table above are only illustrative and are based on simplified scenarios. The figures represent the effect of the pro-forma movements in the net interest income based on the projected yield curve scenarios and the Group’s current interest rate risk profile. This effect, however, does not incorporate actions that would be taken by Management to mitigate the impact of this interest rate risk.

The Group seeks proactively to change the interest rate risk profile to minimize losses and optimize net revenues. The projections above also assume that the interest rate of all maturities moves by the same amount and, therefore, do not reflect the potential impact on net interest income of some rates changing while others remain unchanged.

As of December 31, 2020 and 2019, investments in equity securities and funds that are non-trading, recorded at fair value through other comprehensive income and at fair value through profit or loss, respectively, are not considered as comprising investment securities for interest rate sensitivity calculation purposes; however, a 10, 25 and 30 percent of changes in market prices is conducted to these price-sensitivity securities.

The market price sensitivity tests as of December 31, 2020 and 2019 are presented below:


Equity securities
Measured at fair value
through other comprehensive	Change in
income	market prices		2020	2019
	%		S/(000)	S/(000)

Equity securities	+/-	10	50,255	57,920
Equity securities	+/-	25	125,638	144,800
Equity securities	+/-	30	150,765	173,760


Funds
Measured at fair value	Change in
through profit or loss	market prices		2020	2019
	%		S/(000)	S/(000)

Participation in mutual funds	+/-	10	96,665	59,127
Participation in mutual funds	+/-	25	241,661	147,818
Participation in mutual funds	+/-	30	289,994	177,381
Restricted mutual funds	+/-	10	43,688	46,009
Restricted mutual funds	+/-	25	109,220	115,022
Restricted mutual funds	+/-	30	131,064	138,026
Participation in RAL funds	+/-	10	27,882	30,040
Participation in RAL funds	+/-	25	69,705	75,100
Participation in RAL funds	+/-	30	83,646	90,119
Investment funds	+/-	10	36,160	30,576
Investment funds	+/-	25	90,399	76,440
Investment funds	+/-	30	108,479	91,728
Hedge funds	+/-	10	12,694	3,364
Hedge funds	+/-	25	31,735	8,410
Hedge funds	+/-	30	38,081	10,092
Exchange Trade Funds	+/-	10	3,209	1,360
Exchange Trade Funds	+/-	25	8,021	3,399
Exchange Trade Funds	+/-	30	9,626	4,079

(ii)

Foreign currency exchange risk -

The Group is exposed to fluctuations in foreign currency exchange rates on its financial position and cash flows. Management sets limits on the level of exposure by currency and overnight and intra-day total positions, which are monitored daily.

As of December 31, 2020, the free market exchange rate for buying and selling transactions for each United States of Dollars, the main foreign currency held by the Group, was S/3.621 (S/3.314 as of December 31, 2019).


	2020				2019
			Other				Other
	Soles	U.S. Dollars	currencies	Total	Soles	U.S. Dollars	currencies	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Monetary assets
Cash and due from banks	10,689,167	24,030,096	2,033,731	36,752,994	3,960,190	20,762,648	1,263,924	25,986,762
Cash collateral, reverse repurchase agreements and securities borrowing	−	2,030,165	364,137	2,394,302	150,009	3,389,090	749,425	4,288,524
Investments:
At fair value through profit or loss	1,106,875	3,531,911	1,828,685	6,467,471	800,370	1,053,925	1,996,467	3,850,762
At fair value through other comprehensive income	32,423,989	9,600,018	1,217,428	43,241,435	18,221,102	6,869,840	532,582	25,623,524
At amortized cost	4,844,238	89,095	29,049	4,962,382	3,355,579	100,299	21,168	3,477,046
Loans, net	84,761,689	33,998,843	9,000,593	127,761,125	66,737,870	35,598,141	8,149,706	110,485,717
Financial assets designated at fair value through profit or loss	23,477	799,793	−	823,270	44,223	576,321	—	620,544
Other assets	1,524,882	2,768,455	857,489	5,150,826	2,055,836	2,142,237	678,111	4,876,184
Total monetary assets	135,374,317	76,848,376	15,331,112	227,553,805	95,325,179	70,492,501	13,391,383	179,209,063

Monetary liabilities
Deposits and obligations	(76,179,373)	(55,636,591)	(10,549,538)	(142,365,502)	(56,769,748)	(46,319,179)	(8,916,458)	(112,005,385)
Payables from repurchase agreements and securities lending	(26,011,980)	(255,607)	(1,656,030)	(27,923,617)	(5,068,896)	(734,441)	(1,874,679)	(7,678,016)
Due to bank and correspondents	(4,158,523)	(1,454,565)	(365,169)	(5,978,257)	(3,798,717)	(4,709,610)	(333,405)	(8,841,732)
Lease liabilities	(257,702)	(409,866)	(83,010)	(750,578)	(144,752)	(605,036)	(80,365)	(830,153)
Financial liabilities at fair value through profit or loss	(87,715)	(340,774)	(133,113)	(561,602)	—	(94,475)	(399,225)	(493,700)
Technical reserves for claims and insurance	(6,245,669)	(5,400,003)	(29,404)	(11,675,076)	(5,642,772)	(4,301,468)	(5,993)	(9,950,233)
Bonds and notes issued	(3,454,685)	(12,520,242)	(344,480)	(16,319,407)	(4,028,893)	(10,660,989)	(256,481)	(14,946,363)
Other liabilities	(2,492,261)	(2,864,519)	(1,029,697)	(6,386,477)	(3,541,350)	(1,951,682)	(874,416)	(6,367,448)
Total monetary liabilities	(118,887,908)	(78,882,167)	(14,190,441)	(211,960,516)	(78,995,128)	(69,376,880)	(12,741,022)	(161,113,030)
	16,486,409	(2,033,791)	1,140,671	15,593,289	16,330,051	1,115,621	650,361	18,096,033

Forwards position, net	(36,268)	198,835	(164,334)	(1,767)	1,534,948	(1,351,414)	(116,899)	66,635
Currency swaps position, net	(2,854,724)	1,054,037	−	(1,800,687)	281,672	(281,672)	—	—
Cross currency swaps position, net	(1,229,834)	578,389	(313,022)	(964,467)	(787,355)	692,525	(57,715)	(152,545)
Options, net	(32,123)	32,123	−	−	25,071	(25,071)	—	—

Accounting hedge (investment abroad) (*)	—	490,385	−	490,385	—	—	—	—

Net monetary position	12,333,460	319,978	663,315	13,316,753	17,384,387	149,989	475,747	18,010,123

The Group manages foreign exchange risk by monitoring and controlling the currency position values exposed to changes in exchange rates. The Group measures its performance in soles. (since 2014 considering its change in functional currency, it was measured in U.S. Dollars before), so if the net foreign currency exchange position (U.S. Dollar) is positive, any depreciation of soles would positively affect the Group’s consolidated statement of financial position. The current position in a foreign currency comprises exchange rate-linked assets and liabilities in that currency. An institution’s open position in individual currencies comprises assets, liabilities and off-balance sheet items denominated in the respective foreign currency for which the institution itself bears the risk; any appreciation/depreciation of the foreign exchange would affect the consolidated statement of income.

The Group’s net foreign exchange position is the sum of its positive open non-soles positions (net long position) less the sum of its negative open non-soles positions (net short position). Any depreciation/appreciation of the foreign exchange position would affect the consolidated statement of income. A currency mismatch would leave the Group’s consolidated statement of financial position vulnerable to a fluctuation of foreign currency (exchange rate shock).

The table below shows the sensitivity analysis of the U.S. Dollar, the currency to which the Group had significant exposure as of December 31, 2020 and 2019 in its monetary assets and liabilities and its forecast cash flows. The analysis determines the effect of a reasonably possible variation of the exchange rate against Soles with all other variables held constant on the consolidated statement of income, before income tax. A negative amount in the table reflects a potential net reduction in the consolidated statement of income, while a positive amount reflects a net potential increase:


	Change in	As of December 31,	As of December 31,
Currency rate sensitivity	currency rates	2020	2019
	%	S/000	S/000

Depreciation -
Soles in relation to U.S. Dollar	5	15,237	7,142
Soles in relation to U.S. Dollar	10	29,089	13,635

Appreciation -
Soles in relation to U.S. Dollar	5	(16,841)	(7,894)
Soles in relation to U.S. Dollar	10	(35,553)	(16,665)

34.3 Liquidity risk

Liquidity risk is the risk that the Group is unable to meet its short-term payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. In this sense, the company that is facing a liquidity crisis would be failing to comply with the obligations to pay depositors and with commitments to lend or satisfy other operational cash needs.

The Group is exposed to daily cash requirements, interbank deposits, current accounts, time deposits, use of loans, guarantees and other requirements. The Management of the Group’s subsidiaries establishes limits for the minimum funds amount available to cover such cash withdrawals and on the minimum level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels of demand. Sources of liquidity are regularly reviewed by the corresponding risk teams to maintain a wide diversification by currency, geography, type of funding, provider, producer and term.

The procedure to controlled the mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Group. It is unusual for banks to be completely matched, as transacted business is often based on uncertain terms and of different types. An unmatched position potentially enhances profitability, but also increases liquidity risk, which generates exposure to potential losses.

Maturities of assets and liabilities and the ability to replace them, at an acceptable cost are important factors in assessing the liquidity of the Group.

A mismatch, in maturity of long-term illiquid assets against short-term liabilities, exposes the consolidated statement of financial position to risks related both to rollover and to interest rates. If liquid assets do not cover maturing debts, a consolidated statement of financial position is vulnerable to a rollover risk. Furthermore, a sharp increase in interest rates can dramatically increase the cost of rolling over short-term liabilities, leading to a rapid increase in debt cost. The contractual-maturity gap report is useful in showing liquidity characteristics.

Corporate policies have been implemented for liquidity risk management by the Group. These policies are consistent with the particular characteristics of each operating segment in which each of the Group companies operate. Risk Management heads set up limits and autonomy models to determine the adequate liquidity indicators to be managed.

Commercial banking and Microfinance:

Liquidity risk exposure in BCP Peru, BCP Bolivia, Mibanco and Mibanco Colombia is based on indicators such as the Internal Liquidity Coverage Ratio (RCLI, the Spanish acronym) which measures the amount of liquid assets available to meet cash outflows needs within a given stress scenario for a period of 30 days and the Internal Ratio of Stable Net Funding (RFNEI, the Spanish acronym), which is intended to guarantee that long-term assets are financed at least with a minimum number of stable liabilities within a prolonged liquidity crisis scenario and works as a minimum compliance mechanism that supplements the RCLI. The core limits of these indicators are 100% and any excess is presented in the Credicorp Treasury Risk Committee, Credicorp Risk Committee and the Assets Liabilities Committee (ALCO) of the respective subsidiary.

Insurances and Pensions:

Insurances: Liquidity risk management in Pacífico Grupo Asegurador follows a particular approach given the nature of the business. For annually renewable businesses, mainly general insurance, the emphasis of liquidity is focused on the quick availability of resources in the event of a systemic event (e.g. earthquake); for this purpose, there are minimum investment indicators in place relating to local cash/time deposits and foreign fixed-income instruments of high quality and liquidity.

For long-term businesses such as Pacífico Seguros, given the nature of the products offered and the contractual relationship with customers (the liquidity risk is not material); the emphasis is on maintaining sufficient flow of assets and matching their maturities with maturities of obligations (mathematical technical reserves); for this purpose there are indicators that measure the asset/liability sufficiency and adequacy as well as calculations or economic capital subject to interest rate risk, this last under the methodology of Credicorp.

Pensions: Liquidity risk management in AFP Prima is carried out in a differentiated manner between the fund administrator and the funds being managed. Liquidity management regarding the fund administrator is focused on hedge meeting periodic operating expense needs, which are supported with the collection of commissions. The fund administering entity does not record unexpected outflows of liquidity.

Investment banking:

Liquidity risk in the Grupo Credicorp Capital principally affects the security brokerage. In managing this risk, limits of use of liquidity have been established as well as mismatching by dealing desk; follow-up on liquidity is performed on a daily basis for a short-term horizon covering the coming settlements. If short-term unmatched maturities are identified, repos are used. On the other hand, structural liquidity risk of Credicorp Capital is not significant given the low levels of debt, which is monitored regularly using financial planning tools.

In the case of Atlantic Security Bank, the risk liquidity management performs through indicators such as Internal Liquidity Coverage Ratio (RCLI, the Spanish acronym) and the Internal Ratio of Stable Net Funding (RFNEI, the Spanish acronym) with the core limits of 100% and any excess is presented in the Credicorp Treasury Risk Committee, Credicorp Risk Committee and the Assets Liabilities Committee (ALCO) of the respective subsidiary.

Companies perform a liquidity risk management using the liquidity Gap or contractual maturity Gap.


	2020						2019
	Up to a	From 1 to	From 3 to	From 1 to	Over 5		Up to a	From 1 to	From 3 to	From 1 to	Over 5
	month	3 months	12 months	5 years	Year	Total	month	3 months	12 months	5 years	Year	Total
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/000	S/000

Financial assets	47,587,613	33,012,127	47,692,934	89,394,618	47,041,495	264,728,787	35,352,840	22,105,919	49,635,736	63,189,798	42,676,791	212,961,084

Financial liabilities by type -
Deposits and obligations	40,780,477	11,340,863	20,204,905	66,342,002	10,220,206	148,888,453	33,056,293	10,879,383	22,008,052	42,265,306	9,820,049	118,029,083
Payables from reverse purchase agreements and security lendings and due to banks and correspondents	764,998	3,572,866	9,498,586	24,114,558	3,748,182	41,699,190	3,917,690	1,827,617	1,928,676	1,964,421	8,143,235	17,781,639
Accounts payable to reinsurers	72,060	209,035	40,349	17,002	—	338,446	46,144	133,864	25,838	10,888	—	216,734
Financial liabilities designated at fair value through profit or loss	561,602	—	—	—	—	561,602	493,700	—	—	—	—	493,700
Bonds and notes issued	3	432,446	1,259,147	14,103,090	626,680	16,421,366	549,434	149,009	2,138,869	11,255,465	2,709,880	16,802,657
Lease liabilities	37,557	31,718	109,969	425,566	173,744	778,554	10,857	21,751	96,013	434,797	468,213	1,031,631
Other liabilities	2,507,012	262,080	198,629	302,056	1,271,750	4,541,527	2,719,050	285,956	347,590	217,701	1,200,736	4,771,033
Total liabilities	44,723,709	15,849,008	31,311,585	105,304,274	16,040,562	213,229,138	40,793,168	13,297,580	26,545,038	56,148,578	22,342,113	159,126,477

Derivative financial liabilities -
Contractual amounts receivable (Inflows)	548,397	1,309,229	574,501	1,075,567	1,003,295	4,510,989	921,774	722,448	1,244,120	966,488	966,870	4,821,700
Contractual amounts payable (outflows)	117,572	1,032,719	429,197	1,206,819	951,855	3,738,162	501,611	435,484	787,985	1,224,424	983,394	3,932,898
Total liabilities	430,825	276,510	145,304	(131,252)	51,440	772,827	420,163	286,964	456,135	(257,936)	(16,524)	888,802

34.4 Operational risk -

Operational risk is the possibility of the occurrence of losses arising from inadequate processes, human error, failure of information technology, relations with third parties or external events. Operational risks can, lead to financial losses and have legal or regulatory compliance consequences, but exclude strategic or reputational risk (with the exception of companies under Colombian regulations, where reputational risk is included in operational risk).

Operational risks are grouped into internal fraud, external fraud, labor relations and job security, relations with customers, business products and practices, damages to material assets, business and systems interruption, and failures in process execution, delivery and management of processes.

One of the Group’s pillars, is to develop an efficient risk culture, and to achieve this, it records operational risks and their respective process controls. The risk map permits their monitoring, prioritization and proposed treatment according to established governance. Likewise carries out an active cybersecurity and fraud prevention management, aligned with the best international practices.

The business continuity management system enables the establishing, implementing, operating, monitoring, reviewing, maintaining and improving of business continuity based on best practices and regulatory requirements. The Group implements recovery strategies for the resources that support important products and services of the organization, which will be periodically tested to measure the effectiveness of the strategy.

In the management of operational risk, cybersecurity, fraud prevention and business continuity, corporate guidelines are used, and methodologies and best practices are shared among the Group’s companies.

The management of information security is carried out through a systemic process, documented and known by the entire organization under the best practices and regulatory requirements. The Group designs and develops the guidelines described in the policy and procedures to have strategies for availability, privacy and integrity of the information assets of the organization.

Finally, it is incorporated as a mechanism of recovery in front of the materialization of operational risks, the management of the Transfer of Non-Financial Risks, mainly through Insurance Policies contracted individually or corporately in the local and international market, which cover losses due to fraud, civil and professional liability, cyber risks, damage to physical assets, among others. The insurance design is in accordance with the Group’s main operating risks, the coverage needs of key areas and the organization’s risk appetite, constantly seeking efficiencies in the cost of policies, working together with the insurers that make up the Group and the most important insurance/reinsurance brokers in the international market.

34.5Cybersecurity –

Credicorp focuses its efforts on the most cost-efficient strategies to reduce exposure to cybersecurity risk; thereby comply the Group’s risk appetite. To achieve it, different levels of controls are applied adapted to the different areas and potentially exposed companies. For this reason, it maintains an important investment program, which allows it to have the technologies and processes necessary to keep the Group’s operations and assets safe.

As part of cybersecurity management, the Group has lines of action that allow mitigating this risk and, at the corporate level, it is established implementation priorities and improvements in accordance with the different realities of the companies. These lines of work are:

-Cybersecurity maturity according to the FFIEC reference framework, allows defining the guide for the implementation of cybersecurity controls adjusted to each of the Group’s companies.

-The policies and guidelines make it possible to standardize the levels of compliance with cybersecurity controls in each of the Group’s companies.

-The aim of the awareness programs is to generate a culture of cybersecurity in all the Group’s companies. For this, constant training is carried out.

-The cybersecurity indicators that indicate the effectiveness of the processes in terms of the periodic evaluations carried out in each of the Group’s companies.

-The governance of suppliers that ensures the deployment of the Group’s policies to third parties. In other words, when a supplier wishes to interconnect digitally with any of the Group’s companies.

-The implementation of security technologies, which seeks to cover said risks according to the threat trend and the risk profile of each company in the Group.

-The “Tabletop” tests that help to identify the level of response of the Group’s collaborators, through incident simulation tests.

-Cybersecurity risk management that allows for a response work plan to address cyber risks through periodic evaluations of each of the applications of each Group company.

Finally, it should be noted that the new normality has required us to re-establish priorities in the controls to be implemented and to deepen the improvements in the processes; for example, we carry out awareness campaigns for collaborators focused on precautions in remote work, identification of phishing, among others.

34.6Corporate Security and Cybercrime –

The Group, as part of non-financial risk management, implements policies, procedures and actions that safeguard the safety of employees, customers and assets of the organization. In addition, it protects the institution against incidents of fraud, security and reputational risk. Likewise, it fosters a culture of prevention, which allows minimizing the risks of fraud and security. Finally, it has established a solid relationship with stakeholders and Financial Institutions in the region in search of implementing best practices for the benefit of its clients.

Part of fraud and security management is to have a integral security scheme called BSIM (Banking Security Integral Model), which includes the variables of prevention, detection, response and recovery. The BSIM has 6 strategic axes: Training and training for internal/external clients, fraud and security risk assessments (COSO), business support through early alerts, continuous monitoring and reporting, specialized forensic investigation and cyber-intelligence.

Likewise, there is a second line of defense scheme focused on generating a integral vision of fraud and security risks. With a preventive approach, there are last generation technological tools to support this task. Likewise, there are advanced analysis models for risk profiling to the detection of internal fraud and the implementation of tools to detect anomalous behaviors

34.7Model Risk -

The Group uses models for different purposes such as credit admission, capital calculation, behavior, provisions, market risk, liquidity, among others.

Model risk is defined as the probability of loss resulting from decisions (credit, market, among others) based on the use of poorly designed and/or poorly implemented models. The sources that generate this risk are mainly: deficiencies in data, errors in the model (from design to implementation), use of the model.

The management of model risk is proportional to the importance of each model. In this sense, a concept of “tiering” (measurement system that orders the models depending to the importance according to the impact on the business) is defined as the main attribute to synthesize the level of importance or relevance of a model, from which is determined the intensity of the model risk management processes to be followed.

Model risk management is structured around a set of processes known as the life cycle of the model. The definition of phases of the life cycle of the model in the Group is detailed below: Identification, Planning, Development, Internal Validation, Approval, Implementation and use, and Monitoring and control

34.8 Risk of the insurance activity -

The principal risk the Group faces under insurance contracts is that the actual claims and benefit payments or the timing thereof, differ from expectations. This is influenced by the frequency of claims, severity of claims, actual benefits paid and subsequent development of long-term claims. Therefore, the objective of the Group is to ensure that sufficient reserves are available to cover these liabilities.

The above risk exposure is mitigated by diversification across a large portfolio of insurance contracts and by having different lines of business. The variability of risks is also improved by careful selection and implementation of underwriting strategy guidelines, as well as the use of reinsurance arrangements. The Group’s placement of reinsurance is diversified so that it is neither dependent on a single reinsurer nor are the operations of the Group substantially dependent upon any single reinsurance contract.

Life insurance contracts -

The main risks that the Group is exposed to are mortality, morbidity, longevity, investment yield and flow, losses arising from policies due to the expense incurred being different than expected, and the policyholder decision; all of which, do not vary significantly in relation to the location of the risk insured by the Group, type of risk insured or industry.

The Group’s underwriting strategy is designed to ensure that risks are well diversified in terms of type of risk and level of insured benefits. This is achieved through diversification across insurable risks, the use of medical screening in order to ensure that pricing takes account of current health conditions and family medical history, regular review of actual claims experience and product pricing, as well as detailed claims handling procedures. Underwriting limits are in place to enforce appropriate risk selection criteria. For example, the Group has the right not to renew individual policies, it can impose deductibles and it has the right to reject the payment of fraudulent claims.

For contracts when death or disability is the insured risk, the significant factors that could increase the overall frequency of claims are epidemics, widespread changes in lifestyle and natural disasters, resulting in more claims than expected.

For retirement, survival and disability annuities contracts, the most significant factor is continuing improvement in medical science and social conditions that increase longevity.

Management has performed a sensitivity analysis of the technical reserve estimates, Note 16(c).

Non-life insurance contracts (general insurance and healthcare) -

The Group mainly issues the following types of non-life general insurance contracts: automobile, technical branches, business and healthcare insurances. Healthcare contracts provide medical expense cover to policyholders. Risks under non-life insurance policies usually cover 12 months.

For general insurance contracts the most significant risks arise from climate changes, natural disasters and other type of damages. For healthcare contracts the most significant risks arise from lifestyle changes, epidemics and medical science and technology improvements.

Most of these risks do not vary significantly in relation to the location of the risk insured by the Group, type of risk insured or industry.

The above risk exposures are mitigated by diversification across a large portfolio of insurance contracts. The variability of risk is improved by careful selection and implementation of underwriting strategies, which are designed to ensure that risks are diversified in terms of type of risks and level of insured benefits. This is achieved, in various cases, through diversification across industry sectors and geography. Furthermore, strict claim review policies to assess all new and ongoing claims and in process of settlement, regular detailed review of claims handling procedures and frequent investigation of possible fraudulent claims are all policies and procedures put in place to reduce the Group’s risk exposure. Insurance contracts also entitle the Group to pursue third parties for payment of some or all costs. Also, the Group actively manages and promptly pursues claims, in order to reduce its exposure to unpredictable future developments that can negatively impact the Group.

The Group has also limited its exposure by imposing maximum claim amounts on certain contracts as well as the use of reinsurance arrangements in order to limit its exposure to catastrophic events.

Credit risk of the insurance activity –

Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge the total obligation at maturity.

The following policies and procedures are in place to mitigate the Group’s exposure to credit risk:

- The Group sets the maximum amounts and limits that may be granted to corporate counterparties according to their long- term credit ratings.

- Credit risk from customer balances related to non-payment of premiums or contributions, will only persist during the grace period specified in the policy document or trust deed until the policy is paid up or terminated. Commissions paid to intermediaries are netted off against amounts receivable from them in order to reduce the risk of doubtful accounts.

- Reinsurance is placed with counterparties that have a good credit rating and concentration of risk is avoided by following guidelines in respect of counterparties’ limits which are set each year by the Board of Directors and are subject to regular reviews. At each reporting date, Management performs an assessment of creditworthiness of reinsurers and updates the reinsurance contracts strategy, determining whether the need exists to establish an allowance for impairment.

- A Group policy setting out the assessment and determination of what constitutes credit risk for the Group is in place, its compliance is monitored and exposures and breaches are reported to the Group risk committee. The policy is regularly reviewed for pertinence and for changes in the risk environment.

- The Group issues Investment Link life insurance contracts whereby the policyholder bears the investment risk on the financial assets held in the Company’s investment portfolio as the policy benefits are directly linked to the value of the assets in the portfolio. Therefore, the Group has no material credit risk on Investment Link financial assets.

34.9 Capital management -

The Group maintains an actively managed capital base to cover risks inherent in its business. The adequacy of the Group’s capital is monitored using, among other measures, the rules and ratios established by the SBS, the supervising authority of its major subsidiaries and for consolidation purposes. Furthermore, capital management responds to market expectations in relation to the solvency of the Group and to support the growth of the businesses considered in the strategic planning. In this way, the capital maintained by the Group enables it to assume unexpected losses in normal conditions and conditions of severe stress.

The Group’s objectives when managing capital are: (i) to comply with the capital requirements set by the regulators of the markets where the entities within the Group operate; (ii) to safeguard the Group’s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and (iii) to maintain a strong capital base to support the development of its business, in line with the limits and tolerances established in the declaration of Risk Appetite.

As of December 31, 2020 and 2019, the regulatory capital for the subsidiaries engaged in financial and insurance activities amounted to approximately S/28,969.3 million and S/25,732 million, respectively. The regulatory capital has been determined in accordance with SBS regulations in force as of said dates. Under the SBS regulations, the Group’s regulatory capital exceeds by approximately S/7,973.9 million the minimum regulatory capital required as of December 31, 2019 (approximately S/4,151.6 million as of December 31, 2019).

34.10 Fair values -

Financial instruments recorded at fair value and fair value hierarchy -


		2020				2019
	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
		S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Financial assets
Derivative financial instruments:
Currency swaps		—	323,425	—	323,425	—	411,656	—	411,656
Interest rate swaps		—	600,718	—	600,718	—	269,219	—	269,219
Foreign currency forwards		—	256,891	—	256,891	—	306,148	—	306,148
Cross currency swaps		—	28,096	—	28,096	—	98,585	—	98,585
Foreign exchange options		—	2,673	—	2,673	—	6,489	—	6,489
Futures		—	2,694	—	2,694	—	10	—	10
	13(b)	—	1,214,497	—	1,214,497	—	1,092,107	—	1,092,107

Investments at fair value through profit of loss	6(a)	3,186,413	2,543,159	737,899	6,467,471	2,320,141	786,477	744,144	3,850,762
Financial assets at fair value through profit of loss	8	808,182	15,088	—	823,270	558,471	62,073	−	620,544

Investments at fair value through other comprehensive income:
Debt Instruments
Corporate bonds		5,199,696	8,220,732	—	13,420,428	3,171,451	5,621,363	939	8,793,753
Certificates of deposit BCRP		−	15,364,282	—	15,364,282	−	8,665,272	−	8,665,272
Government treasury bonds		11,615,890	811,526	—	12,427,416	6,194,116	620,465	−	6,814,581
Securitization instruments		53	751,383	—	751,436	−	629,818	−	629,818
Negotiable certificates of deposit		−	898,277	—	898,277	−	377,296	−	377,296
Subordinated bonds		39,047	174,250	—	213,297	29,778	135,609	−	165,387
Other instruments		−	166,203	—	166,203	−	177,417	−	177,417
Equity instruments		182,943	304,291	15,316	502,550	239,555	320,579	19,065	579,199
	6(b)	17,037,629	26,690,944	15,316	43,743,889	9,634,900	16,547,819	20,004	26,202,723
Total financial assets		21,032,224	30,463,688	753,215	52,249,127	12,513,512	18,488,476	764,148	31,766,136

Financial liabilities
Derivatives financial instruments:
Interest rate swaps		—	644,122	—	644,122	—	365,774	—	365,774
Currency swaps		—	181,454	—	181,454	—	366,545	—	366,545
Foreign currency forwards		—	257,999	—	257,999	—	246,960	—	246,960
Cross currency swaps		—	115,475	—	115,475	—	54,775	—	54,775
Foreign exchange options		—	3,547	—	3,547	—	6,089	—	6,089
Futures		—	2,616	—	2,616	—	139	—	139
	13(b)	—	1,205,213	—	1,205,213	—	1,040,282	—	1,040,282

Financial liabilities at fair value through profit or loss		—	561,602	—	561,602	—	493,700	—	493,700
Total financial liabilities		—	1,766,815	—	1,766,815	—	1,533,982	—	1,533,982

Financial instruments included in the Level 1 category are those that are measured on the basis of quotations obtained in an active market. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s length basis.

Financial instruments included in the Level 2 category are those that are measured on the basis of observable market factors. This category includes instruments valued using: quoted prices for similar instruments, either in active or less active markets and other valuation techniques (models) where all significant inputs are directly or indirectly observable based on market data.

Following is a description of how fair value is determined for the main Group’s financial instruments where valuation techniques were used with inputs based on market data which incorporate Credicorp’s estimates on the assumptions that market participants would use for measuring these financial instruments:

-Valuation of derivative financial instruments -

Interest rate swaps, currency swaps and forward exchange contracts are measured by using valuation techniques where inputs are based on market data. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, spot exchange rates, forward rates and interest rate curves. Options are valued using well-known, widely accepted valuation models.

A credit valuation adjustment (CVA) is applied to the “Over-The-Counter” derivative exposures to take into account the counterparty’s risk of default when measuring the fair value of the derivative. CVA is the mark-to market cost of protection required to hedge credit risk from counterparties in this type of derivatives portfolio. CVA is calculated by multiplying the probability of default (PD), the loss given default (LGD) and the expected exposure (EE) at the time of default.

A debit valuation adjustment (DVA) is applied to include the Group’s own credit risk in the fair value of derivatives (that is the risk that the Group might default on its contractual obligations), using the same methodology as for CVA.

As of December 31, 2020, the balance of receivables and payables corresponding to derivatives amounted to S/1,214.5 million and S/1,205.2 million respectively, See Note 13(b), generating DVA and CVA adjustments for approximately S/8.3 million and S/18.6 million respectively. The net impact of both items in the consolidated statement of income amounted to S/3.5 million of loss. As of December 31, 2019, the balance of receivables and payables corresponding to derivatives amounted to S/1,092.1 million and S/ 1,040.3 million, respectively, See Note 13(b), generating DVA and CVA adjustments for approximately S/12.6 million and S/14.0 million, respectively. Also, the net impact of both items in the consolidated statement of income amounted to S/3.2 million of profit.

-Valuation of debt securities classified in the category “at fair value through other comprehensive income” and included in level 2 –

Valuation of certificates of deposit BCRP, corporate, leasing, subordinated bonds and Government treasury bonds are measured calculating their Net Present Values (NPV) through discounted cash flows, using appropriate and relevant zero coupon rate curves to discount cash flows in the respective currency and considering observable current market transactions.

Certificates of deposit BCRP (CD BCRP) are securities issued at a discount in order to regulate the liquidity of the financial system. They are placed mainly through public auction or direct placement, are freely negotiable by their holders in the Peruvian secondary market and may be used as collateral in Repurchase Agreement Transactions of Securities with the BCRP.

Other debt instruments are measured using valuation techniques based on assumptions supported by prices from observable current market transactions, obtained via pricing services. Nevertheless, when prices have not been determined in an active market, fair values are based on broker quotes and assets that are valued using models whereby the majority of assumptions are market observable.

-Valuation of financial instruments included in level 3 -

These are measured using valuation techniques (internal models), based on assumptions that are not supported by transaction prices observable in the market for the same instrument, nor based on available market data.

In this regard, no significant differences were noted between the estimated fair values and the respective carrying amounts.

As of December 31, 2020 and 2019, the net unrealized loss of Level 3 financial instruments amounted to S/7.2 million and S/1.9 million, respectively. During 2020 and 2019, changes in the carrying amount of Level 3 financial instruments have not been significant since there were no purchases, issuances, settlements or any other significant movements or transfers from level 3 to Level 1 or Level 2 or vice versa.

Financial instruments not measured at fair value -


	2020					2019
	Level 1	Level 2	Level 3	Fair value	Book value	Level 1	Level 2	Level 3	Fair value	Book value
	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)
Assets
Cash and due from banks	—	36,752,994	—	36,752,994	36,752,994	—	25,986,762	—	25,986,762	25,986,762
Cash collateral, reverse repurchase agreements and securities borrowing	—	2,394,302	—	2,394,302	2,394,302	—	4,288,524	—	4,288,524	4,288,524
Investments at amortized cost	5,552,020	113,992	—	5,666,012	4,962,382	3,772,509	124,222	—	3,896,731	3,477,046
Loans, net	—	127,761,125	—	127,761,125	127,761,125	—	110,485,717	—	110,485,717	110,485,717
Premiums and other policies receivable	—	937,223	—	937,223	937,223	—	838,731	—	838,731	838,731
Accounts receivable from reinsurers and coinsurers	—	919,419	—	919,419	919,419	—	791,704	—	791,704	791,704
Due from customers on acceptances	—	455,343	—	455,343	455,343	—	535,222	—	535,222	535,222
Other assets	—	1,823,556	—	1,823,556	1,823,556	—	1,700,861	—	1,700,861	1,700,861
Total	5,552,020	171,157,954	—	176,709,974	176,006,344	3,772,509	144,751,743	—	148,524,252	148,104,567

Liabilities
Deposits and obligations	—	142,365,502	—	142,365,502	142,365,502	—	112,005,385	—	112,005,385	112,005,385
Payables on repurchase agreements and securities lending	—	27,923,617	—	27,923,617	27,923,617	—	7,678,016	—	7,678,016	7,678,016
Due to Banks and correspondents and other entities	—	6,327,779	—	6,327,779	5,978,257	—	9,032,177	—	9,032,177	8,841,732
Banker’s acceptances outstanding	—	455,343	—	455,343	455,343	—	535,222	—	535,222	535,222
Payable to reinsurers and coinsurers	—	338,446	—	338,446	338,446	—	216,734	—	216,734	216,734
Lease liabilities	—	750,578	—	750,578	750,578	—	830,153	—	830,153	830,153
Bond and notes issued	—	17,264,023	—	17,264,023	16,319,407	—	15,638,835	—	15,638,835	14,946,363
Other liabilities	—	3,273,754	—	3,273,754	3,273,754	—	3,206,544	—	3,206,544	3,206,544
Total	—	198,699,042	—	198,699,042	197,404,904	—	149,143,066	—	149,143,066	148,260,149

The methodologies and assumptions used by the Group to determine fair values depend on the terms and risk characteristics of the various financial instruments and include the following:

(i)

Long-term fixed-rate and variable-rate loans are evaluated by the Group based on parameters such as interest rates, specific country risk factors, and individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the incurred losses of these loans. As of December 31, 2020 and 2019, the carrying amounts of loans, net of allowances, were not materially different from their calculated fair values.

(ii)

Assets for which fair values approximate their carrying value - For financial assets and financial liabilities that are liquid or have a short term maturity (less than three months) it is assumed that the carrying amounts approximate to their fair values. This assumption is also applied to demand deposits, savings accounts without a specific maturity and variable rate financial instruments.

(iii)

Fixed rate financial instruments - The fair value of fixed rate financial assets and liabilities carried at amortized cost are estimated by comparing market interest rates when they were first recognized with current market rates offered for similar financial instruments. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing market interest rates for financial instruments with similar credit risk and maturity. For quoted debt issued the fair values are calculated based on quoted market prices. When quoted market prices are not available, a discounted cash flow model is used based on a current interest rate yield curve appropriate for the remaining term to maturity.

34.11 Fiduciary activities, management of funds and pension funds -

The Group provides custody, trustee, investment management and advisory services to third parties; therefore, the Group makes allocations and purchase and sale decisions in relation to a wide range of financial instruments. Assets that are held in a fiduciary capacity are not included in these consolidated financial statements. These services give rise to the risk that the Group will be accused of mismanagement or under-performance.

As of December 31, 2020 and 2019, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows:


	2020	2019

Pension funds	49,582	53,912
Investment funds and mutual funds	52,174	43,635
Equity managed	25,273	18,387
Bank trusts	5,529	4,834
Total	132,558	120,768

PROPERTY, FURNITURE AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2020

PROPERTY, FURNITURE AND EQUIPMENT, NET

Schedule of property, Furniture and Equipment

The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2020, 2019, and 2018 was as follows:


		Buildings and				Vehicles
		other		Furniture and	Computer	and	Work in
	Land	constructions	Installations	fixtures	hardware	equipment	progress	2020	2019	2018
	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	401,553	1,156,252	653,728	479,748	635,203	116,625	69,368	3,512,477	3,573,580	3,504,226
Additions	34	1,673	6,016	21,301	23,425	1,149	44,522	98,120	134,776	181,459
Acquisition of business, Note 2(a)	—	—	—	—	—	—	—	—	29,893	—
Transfers	—	8,906	19,616	1,529	8,997	3,633	(42,681)	—	—	—
Disposals and others	1,618	4,954	(3,420)	(28,146)	(54,734)	(6,000)	(9,667)	(95,395)	(225,772)	(112,105)
Balance as of December 31	403,205	1,171,785	675,940	474,432	612,891	115,407	61,542	3,515,202	3,512,477	3,573,580

Accumulated depreciation -
Balance as of January 1	—	657,690	478,294	308,020	552,023	88,277	—	2,084,304	2,092,878	1,994,734
Depreciation of the year	—	29,792	27,025	36,866	40,701	7,708	—	142,092	146,066	170,138
Acquisition of business, Note 2(a)	—	—	—	—	—	—	—	—	19,299	—
Transfers	—	—	—	—	—	—	—	—	—	—
Disposals and others	—	1,579	(1,346)	(26,181)	(54,734)	(5,387)	—	(86,069)	(173,939)	(71,994)
Balance as of December 31	—	689,061	503,973	318,705	537,990	90,598	—	2,140,327	2,084,304	2,092,878

Net carrying amount	403,205	482,724	171,967	155,727	74,901	24,809	61,542	1,374,875	1,428,173	1,480,702

SIGNIFICANT TRANSACTIONS - Acquisitions costs and pro forma details (Details) S/ in Millions, $ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2019 PEN (S/)	Dec. 31, 2020 CLP ($)	Dec. 31, 2020 COP ($)	Dec. 31, 2020 PEN (S/)
Bancompartir
Disclosure of detailed information about business combination [line items]
Acquisition costs			$ 2,040.2	S/ 2.0
Interest and similar income	S/ 16.5
Interest and similar income if the combination had taken place at the beginning of the year				198.7
Increase in interest and similar income if the combination had taken place at the beginning of the year				182.2
Ultraserfinco S.A.
Disclosure of detailed information about business combination [line items]
Acquisition costs			$ 2,040.2	2.0
Multicaja S.A
Disclosure of detailed information about business combination [line items]
Acquisition costs		$ 50.6		0.2
Tenpo
Disclosure of detailed information about business combination [line items]
Acquisition costs		$ 50.6		0.2
Compaa Incubadora de Soluciones Mviles S.A. - Culqi
Disclosure of detailed information about business combination [line items]
Acquisition costs				S/ 0.1

FINANCIAL RISK MANAGEMENT - Additional Information (Details) S/ in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 PEN (S/)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/)
Disclosure of financial risks management [Line Items]
Regulatory capital requirement			S/ 25,732,000		S/ 28,969,300
Regulatory Capital Exceeds Minimum Regulatory Capital Required			4,151,600		7,973,900
Derivative financial assets			1,092,107		1,214,497
Derivative financial liabilities			1,040,282		S/ 1,205,213
Increase (decrease) in fair value of financial assets designated as measured at fair value through profit or loss, attributable to changes in credit risk of financial assets		S/ 8,300	12,600
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability		18,600	14,000
Net impact of debit valuation and credit valuation adjustments		3,500	3,200
Net unrealized gain of Level 3 financial instruments		S/ 7,200	S/ 1,900
Foreign exchange rate for buying and selling			3.314	3.621	3.621
Growth in world economic activity		(4.80%)
Improvement in private spending		(28.50%)
improvement in private consumption		(9.50%)
Rebound in mining		(14.00%)
Rebound in construction		(18.00%)
Expected value of the three GDP projections		12.50%
Nominal value of bonds designated as hedges			S/ 69,720,506		S/ 54,844,606
2021
Disclosure of financial risks management [Line Items]
Growth in world economic activity		4.60%
Improvement in private spending		22.00%
improvement in private consumption		7.00%
Rebound in mining		11.00%
Rebound in construction		16.00%
Base Case
Disclosure of financial risks management [Line Items]
Expected contraction in GDP	11.00%	12.50%
Probabilities		80.00%
Base Case \| 2021
Disclosure of financial risks management [Line Items]
Expected value of the three GDP projections		50.00%
Optimistic
Disclosure of financial risks management [Line Items]
Probabilities		15.00%
Optimistic \| 2021
Disclosure of financial risks management [Line Items]
Expected value of the three GDP projections		25.00%
Pessimistic
Disclosure of financial risks management [Line Items]
Probabilities		5.00%
Forecast \| 2021
Disclosure of financial risks management [Line Items]
GDP projected	6.50%	9.00%
Forecast \| 2022
Disclosure of financial risks management [Line Items]
GDP projected	3.80%	4.00%
Senior Notes Four [Member] \| Hedges of net investment in foreign operations [member]
Disclosure of financial risks management [Line Items]
Nominal value of bonds designated as hedges				$ 135.4	S/ 490,300

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING

12 Months Ended

Dec. 31, 2020

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING

5 CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING

a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing:


	2020	2019
	S/(000)	S/(000)
Cash collateral on repurchase agreements and security lendings (i)	1,601,200	3,293,837
Reverse repurchase agreement and security borrowings	626,925	899,435
Receivables for short sales	166,177	95,252
Total	2,394,302	4,288,524


		2020						2019
		Average					Fair value of	Average					Fair value of
		interest	Up to 3	From 3 to	More than	Carrying	underlying	interest	Up to	From 3 to	More than	Carrying	underlying
	Currency	rate	days	30 days	30 days	amount	assets	rate	3 days	30 days	30 days	amount	assets
		%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Instruments issued by the Colombian Government	Colombian pesos	5.37	—	259,093	—	259,093	258,442	5.61	97,747	376,043	76,396	550,186	550,579
Instruments issued by the Chilean Government	Chilean pesos	(0.53)	—	25,775	—	25,775	24,427	0.34	7,002	15,505	—	22,507	22,507
Other instruments		1.40	23,423	231,226	87,408	342,057	341,085	4.44	156,969	130,932	38,841	326,742	328,291
			23,423	516,094	87,408	626,925	623,954		261,718	522,480	115,237	899,435	901,377


		2020						2019
		Average					Fair value of	Average					Fair value of
		interest	Up to 3	From 3 to	More than	Carrying	underlying	interest	Up to	From 3 to	More than	Carrying	underlying
	Currency	rate	days	30 days	30 days	amount	assets	rate	3 days	30 days	30 days	amount	assets
		%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)	%	S/(000)	S/(000)	S/(000)	S/(000)	S/(000)

Debt instruments (c)			—	383,020	26,781,748	27,164,768	28,960,995		64,900	25,699	6,240,866	6,331,465	6,709,182
Instruments issued by the Colombian Government	Colombian pesos	4.62	—	700,719	—	700,719	700,637	5.49	135,997	941,431	—	1,077,428	1,077,917
Instruments issued by the Chilean Government	Chilean pesos	0.09	17,865	—	—	17,865	17,865	0.20	130,551	44,411	—	174,962	175,054
Other instruments		1.19	31,245	9,020	—	40,265	40,276	2.07	70,997	16,809	6,355	94,161	105,086
			49,110	1,092,759	26,781,748	27,923,617	29,719,773		402,445	1,028,350	6,247,221	7,678,016	8,067,239

2020

2019

Carrying

Counterparties

Currency

Maturity

amount

Collateral

Maturity

amount

Collateral

S/(000)

BCRP - Reactiva Perú (*)

Soles

May 2023 / December 2023

20,916,438

Loans guaranteed by National Government

—

BCRP

Soles

March 2021 / July 2024

2,903,266

Investments

June 2020 / November 2020

1,504,088

Investments

BCRP, nota 5(a)(i)

Soles

February 2021 / March 2023

1,055,000

Cash with BCRP

February 2020 / October 2020

2,800,400

Cash with BCRP

BCRP - Reactiva Perú Special (*)

Soles

June 2023 / December 2023

756,387

Loans guaranteed by National Government

—

Banco Central de Bolivia

Bolivianos

February 2021 / December 2022

486,331

Cash

May 2020 / February 2021

398,586

Cash

Banco de la República de Colombia

Colombian pesos

January 2021

319,481

Investments

January 2020

64,540

Investments

Natixis S.A.

Soles

August 2028

270,000

Investments

August 2020 / August 2028

570,000

Investments

Citigroup Global Markets Limited (i)

U.S. Dollar

August 2026

162,945

Investments

August 2026

149,130

Investments

Natixis S.A. (ii)

U.S. Dollar

August 2026

90,525

Investments

August 2026

82,850

Investments

Nomura International PLC (iii)

U.S. Dollar

—

August 2020

265,120

Investments and cash

Nomura International PLC (iv)

U.S. Dollar

—

August 2020

231,980

Investments and cash

Citigroup Global Markets
Limited

Soles

—

August 2020

100,000

Investments

Others below S/92.0 million

January 2021 / April 2033

91,160

Investments

January 2020 / April 2033

64,970

Investments

Accrued interest

113,235

99,801

27,164,768

6,331,465

Certain repurchase agreements were hedged using interest rate swaps (IRS) and cross-currency swaps (CCS), as detailed below:

PROPERTY, FURNITURE AND EQUIPMENT, NET (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in property, plant and equipment [abstract]
Balance Begining	S/ 1,428,173	S/ 1,480,702
Balance Ending	1,374,875	1,428,173	S/ 1,480,702
Net carrying amount	1,374,875	1,428,173	1,480,702
Land [Member]
Changes in property, plant and equipment [abstract]
Balance Ending	403,205
Net carrying amount	403,205
Buildings [member]
Changes in property, plant and equipment [abstract]
Balance Ending	482,724
Net carrying amount	482,724
Installations [member]
Changes in property, plant and equipment [abstract]
Balance Ending	171,967
Net carrying amount	171,967
Furniture and fixture [Member]
Changes in property, plant and equipment [abstract]
Balance Ending	155,727
Net carrying amount	155,727
Computer hardware [member]
Changes in property, plant and equipment [abstract]
Balance Ending	74,901
Net carrying amount	74,901
Vehicles and equipment [member]
Changes in property, plant and equipment [abstract]
Balance Ending	24,809
Net carrying amount	24,809
Work in progress [member]
Changes in property, plant and equipment [abstract]
Balance Ending	61,542
Net carrying amount	61,542
Accumulated depreciation
Changes in property, plant and equipment [abstract]
Balance Begining	(2,084,304)	(2,092,878)	(1,994,734)
Acquisition of business, Note 2(a)	0	(19,299)	0
Transfers	0	0	0
Depreciation for the year	142,092	146,066	170,138
Disposals and others	86,069	173,939	71,994
Balance Ending	(2,140,327)	(2,084,304)	(2,092,878)
Net carrying amount	(2,140,327)	(2,084,304)	(2,092,878)
Accumulated depreciation \| Land [Member]
Changes in property, plant and equipment [abstract]
Balance Begining	0
Acquisition of business, Note 2(a)	0
Transfers	0
Depreciation for the year	0
Disposals and others	0
Balance Ending	0	0
Net carrying amount	0	0
Accumulated depreciation \| Buildings [member]
Changes in property, plant and equipment [abstract]
Balance Begining	(657,690)
Depreciation for the year	29,792
Disposals and others	1,579
Balance Ending	(689,061)	(657,690)
Net carrying amount	(689,061)	(657,690)
Accumulated depreciation \| Installations [member]
Changes in property, plant and equipment [abstract]
Balance Begining	(478,294)
Depreciation for the year	27,025
Disposals and others	1,346
Balance Ending	(503,973)	(478,294)
Net carrying amount	(503,973)	(478,294)
Accumulated depreciation \| Furniture and fixture [Member]
Changes in property, plant and equipment [abstract]
Balance Begining	(308,020)
Depreciation for the year	36,866
Disposals and others	26,181
Balance Ending	(318,705)	(308,020)
Net carrying amount	(318,705)	(308,020)
Accumulated depreciation \| Computer hardware [member]
Changes in property, plant and equipment [abstract]
Balance Begining	(552,023)
Depreciation for the year	40,701
Disposals and others	54,734
Balance Ending	(537,990)	(552,023)
Net carrying amount	(537,990)	(552,023)
Accumulated depreciation \| Vehicles and equipment [member]
Changes in property, plant and equipment [abstract]
Balance Begining	(88,277)
Depreciation for the year	7,708
Disposals and others	5,387
Balance Ending	(90,598)	(88,277)
Net carrying amount	(90,598)	(88,277)
Accumulated depreciation \| Work in progress [member]
Changes in property, plant and equipment [abstract]
Balance Begining	0
Acquisition of business, Note 2(a)	0
Transfers	0
Depreciation for the year	0
Disposals and others	0
Balance Ending	0	0
Net carrying amount	0	0
Cost [Member]
Changes in property, plant and equipment [abstract]
Balance Begining	3,512,477	3,573,580	3,504,226
Additions	98,120	134,776	181,459
Acquisition of business, Note 2(a)	0	29,893	0
Transfers	0	0	0
Disposals and others	(95,395)	(225,772)	(112,105)
Balance Ending	3,515,202	3,512,477	3,573,580
Net carrying amount	3,515,202	3,512,477	S/ 3,573,580
Cost [Member] \| Land [Member]
Changes in property, plant and equipment [abstract]
Balance Begining	401,553
Additions	34
Acquisition of business, Note 2(a)	0
Transfers	0
Disposals and others	1,618
Balance Ending	403,205	401,553
Net carrying amount	403,205	401,553
Cost [Member] \| Buildings [member]
Changes in property, plant and equipment [abstract]
Balance Begining	1,156,252
Additions	1,673
Transfers	8,906
Disposals and others	4,954
Balance Ending	1,171,785	1,156,252
Net carrying amount	1,171,785	1,156,252
Cost [Member] \| Installations [member]
Changes in property, plant and equipment [abstract]
Balance Begining	653,728
Additions	6,016
Transfers	19,616
Disposals and others	(3,420)
Balance Ending	675,940	653,728
Net carrying amount	675,940	653,728
Cost [Member] \| Furniture and fixture [Member]
Changes in property, plant and equipment [abstract]
Balance Begining	479,748
Additions	21,301
Transfers	1,529
Disposals and others	(28,146)
Balance Ending	474,432	479,748
Net carrying amount	474,432	479,748
Cost [Member] \| Computer hardware [member]
Changes in property, plant and equipment [abstract]
Balance Begining	635,203
Additions	23,425
Transfers	8,997
Disposals and others	(54,734)
Balance Ending	612,891	635,203
Net carrying amount	612,891	635,203
Cost [Member] \| Vehicles and equipment [member]
Changes in property, plant and equipment [abstract]
Balance Begining	116,625
Additions	1,149
Transfers	3,633
Disposals and others	(6,000)
Balance Ending	115,407	116,625
Net carrying amount	115,407	116,625
Cost [Member] \| Work in progress [member]
Changes in property, plant and equipment [abstract]
Balance Begining	69,368
Additions	44,522
Acquisition of business, Note 2(a)	0
Transfers	(42,681)
Disposals and others	(9,667)
Balance Ending	61,542	69,368
Net carrying amount	S/ 61,542	S/ 69,368

DEPOSITS AND OBLIGATIONS - Demand deposits (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
DEPOSITS AND OBLIGATIONS
Demand deposits	S/ 54,530,355	S/ 34,213,188
Saving deposits	50,069,129	35,179,770
Time deposits	28,121,094	32,853,576
Severance indemnity deposits	7,736,747	7,897,199
Bank's negotiable certificates	1,202,996	1,180,461
Total	141,660,321	111,324,194
Interest payable	705,181	681,191
Total	S/ 142,365,502	S/ 112,005,385

OPERATIONS	12 Months Ended
OPERATIONS	Dec. 31, 2020
OPERATIONS
OPERATIONS	1 OPERATIONS Credicorp Ltd. (hereinafter “Credicorp”) is a limited liability company incorporated in Bermuda in 1995 to act as a holding company and according to Bermuda’s economic substance regulation, Credicorp Ltd. as an independent legal entity, is considered a “Pure Equity Holding Entity” (PEHE). Credicorp’s activity is to maintain equity interests and receive passive income such as dividends, capital gains and other income from investments in securities. In order to keep Credicorp’s structure and organization fully aligned with the new legislation on economic substance approved by the Government of Bermuda on January 11, 2019, as of October 29, 2020, the decisions of the Credicorp Board of Directors will be limited to issues related to Credicorp’s strategy, objectives and goals, main action plans and policies, risk control and management, annual budgets, business plans and control of their implementation, supervision of the main expenses, investments, acquisitions and disposals, among other “passive” decisions related to Credicorp. The authority to make decisions applicable to Credicorp’s subsidiaries, such as the adoption of relevant strategic or management decisions, the assumption of expenses for the benefit of its affiliates, the coordination of group activities, and the granting of credit facilities in favor of its affiliates, it has been transferred to Grupo Crédito SA, a subsidiary of Credicorp. Credicorp, through its banking and non-banking subsidiaries and its associate Entidad Prestadora de Salud, offers a wide range of financial, insurance and health services and products, mainly throughout Peru and in other countries (see Note 3(b)). Its main subsidiary is Banco de Credito del Perú (hereinafter “BCP” or the “Bank”), a multiple bank incorporated in Peru. Credicorp’s legal address is Clarendon House 2 Church Street Hamilton, Bermuda; likewise, the main offices from where Credicorp’s businesses are managed are located at Calle Centenario N º 156, La Molina, Lima, Peru. At a Credicorp Board of Directors meeting, held on December 19, 2019, the Corporate Policy for the Prevention of Corruption and Bribery was approved. This document specifies that neither Credicorp nor any of its subsidiaries can make contributions or deliver any benefit to political organizations or their members, under any modality, directly or indirectly. Management confirms that during 2020, none of these contributions have been made. The consolidated financial statements presented correspond to the financial statement of Credicorp and subsidiaries (hereinafter “the Group”). The consolidated financial statements as of December 31, 2019 and for the year then ended were approved by the Board of Directors on February 27, 2020 and presented to the General Shareholders’ Meeting on June 5, 2020. The consolidated financial statements as of December 31, 2020 and for the year ended on that date were approved and authorized for the issuance by the Board of Directors and Management on February 25, 2021 and presented to the General Shareholder's Meeting on March 31, 2021. The Company evaluated events or transactions that may have occurred between February 25, 2021 and April 23, 2021 for potential recognition or disclosures. No significant events or transactions were identified and were approved by Management and in the Audit Committee held on April 23, 2021. Further, there are not significant events or transactions between April 23, 2021 and April 28, 2021 that were identified. Credicorp is listed on the Lima and New York Stock Exchanges.

OTHER INCOME AND EXPENSES (Tables)

12 Months Ended

Dec. 31, 2020

OTHER INCOME AND EXPENSES

Schedule of components of other income and expenses

29 OTHER INCOME AND EXPENSES

This item consists of the following:


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Other income
Rental income	37,882	37,847	35,941
Revenue from sale of loan portfolio (i)	28,728	75,800	26,616
Net income from the sale of property, furniture and equipment	8,523	16,869	54,952
Income from resolution of IFRS 16 contracts	8,273	—	—
Recoveries of other accounts receivable and other assets	1,137	13,796	79
Net gain from sale of adjudicated assets	728	—	—
Net income from the sale of investment properties	—	23,629	12,541
Others (ii)	201,710	176,288	143,753
Total other income	286,981	344,229	273,882


	2020	2019	2018
	S/(000)	S/(000)	S/(000)
Other expenses
Provision for sundry risks, Note 13(f)	140,897	27,272	42,236
Donations (iii)	128,884	10,378	10,550
Various operating expenses (iv)	106,776	—	—
Losses due to operational risk	54,818	29,878	46,528
Association in participation	52,020	22,636	14,526
Provision for other accounts receivable	51,517	8,059	7,174
Intangible losses due to withdrawals and dismissed projects	40,342	22,492	—
Expenses on improvements in building for rent	25,773	30,721	36,551
Administrative and tax penalties	3,029	2,659	4,301
Net loss from sale of adjudicated assets	—	9,617	3,411
Loss on sale of investment properties	1,328	—	—
Others (v)	152,684	104,757	74,670
Total other expenses	758,068	268,469	239,947

(i)

Income from portfolio sale is mainly explained by the sale of the judicial portfolio in the form of transfer of rights to Deutsche Bank AG/SPVI S.A. for S/25.9 million and sale of a written-off portfolio to Conecta CNS S.A for S/1.9 million and JS Ornamental Peruvian Fish EIRL for S/0.6 million, among other minor ones. (Income from portfolio sale is mainly explained by the sale of judicial portfolio for S/19.2 million with GS Perú Loans Holdings LTD and S/3.8 million with Administradora del Comercio SA and written off portfolio for S/27.7 million with System Cobro Perú SAC , Four Capital SAC for S/10.0 million, Empresa de Recaudación SAC for S/4.8 million, among other minor ones, as of December 31, 2019).

(ii)

The balance is mainly made up of income due to penalties for breach of contract, commissions for recovery in civil and judicial processes of personal credit products and credit cards; also collection of commissions for relocation, vehicle taxes, property, fines and infractions to customers of the Leasing product.

(iii)

As of December 31, 2020, the Group has made donations mainly through its subsidiaries BCP and MiBanco, a donation of S / 100.0 million was the fundraising campaign called “#YoMeSumo” by BCP and S/ 10.0 million a donation from MiBanco, in both cases, to raise funds for the poorest families affected by COVID19.

(iv)

It corresponds to the expenses incurred by the health emergency such as safety equipment, mobility vouchers, medical expenses, food, rapid tests, temperature measurement, among others.

(v)

The increase corresponds mainly to expenses for write-offs of unrecovered accounts receivable related to tax works, expenses for closing agencies, litigation and customer claims, among other minor expenses.

FINANCIAL RISK MANAGEMENT - Financial Liabilities Subject to Offsetting (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Financial Assets And Liabilities Subject To Offsetting Enforceable Master Netting Arrangements And Similar Agreements [Line Items]
Gross amounts recognized financial liabilities	S/ 29,128,830	S/ 8,718,298
Net amounts of financial liabilities presented in the consolidated statements of financial position	29,128,830	8,718,298
Related amounts not offset in the consolidated statement of financial position Financial instruments	(22,551,878)	(3,086,416)
Related amounts not offset in the consolidated statement of financial position cash collateral pledged	(1,870,224)	(3,480,221)
Net amount	4,706,728	2,151,661
Payables on derivatives
Disclosure Of Financial Assets And Liabilities Subject To Offsetting Enforceable Master Netting Arrangements And Similar Agreements [Line Items]
Gross amounts recognized financial liabilities	1,205,213	1,040,282
Net amounts of financial liabilities presented in the consolidated statements of financial position	1,205,213	1,040,282
Related amounts not offset in the consolidated statement of financial position Financial instruments	(85,156)	122,557
Related amounts not offset in the consolidated statement of financial position cash collateral pledged	(269,024)	(186,384)
Net amount	1,021,345	976,455
Payables on repurchase agreements and securites lending
Disclosure Of Financial Assets And Liabilities Subject To Offsetting Enforceable Master Netting Arrangements And Similar Agreements [Line Items]
Gross amounts recognized financial liabilities	27,923,617	7,678,016
Net amounts of financial liabilities presented in the consolidated statements of financial position	27,923,617	7,678,016
Related amounts not offset in the consolidated statement of financial position Financial instruments	(22,637,034)	(3,208,973)
Related amounts not offset in the consolidated statement of financial position cash collateral pledged	(1,601,200)	(3,293,837)
Net amount	S/ 3,685,383	S/ 1,175,206

TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of detailed information about movement in technical insurance claim reserves (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	S/ 9,950,233
Ending balance	11,675,076	S/ 9,950,233
Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	8,457,046
Ending balance	10,072,788	8,457,046
General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	1,241,717
Ending balance	1,286,293	1,241,717
Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	251,470
Ending balance	315,995	251,470
Technical claim reserve [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	8,374,005	7,086,001
Time course expenses and others	75,933	64,098
Unearned premium and other technical reserves variation, net	(26,816)	12,713
Insurance subscriptions	605,090	612,954
Adjustment by application of market rates	263,820	666,556
Exchange difference and others	332,570	(68,317)
Ending balance	9,624,602	8,374,005
Technical claim reserve [Member] \| Life insurance contracts [member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	7,548,684	6,329,512
Time course expenses and others	75,115	67,989
Unearned premium and other technical reserves variation, net	1,006	(61,834)
Insurance subscriptions	599,149	604,262
Adjustment by application of market rates	263,820	666,556
Exchange difference and others	296,958	(57,801)
Ending balance	8,784,732	7,548,684
Technical claim reserve [Member] \| General insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	651,129	593,938
Time course expenses and others	818	(3,891)
Unearned premium and other technical reserves variation, net	(36,323)	62,862
Insurance subscriptions	5,941	8,692
Adjustment by application of market rates	0	0
Exchange difference and others	35,398	(10,472)
Ending balance	656,963	651,129
Technical claim reserve [Member] \| Health insurance contracts [Member]
Disclosure of insurance claim reserves and technical reserves [Line Items]
Beginning balance	174,192	162,551
Time course expenses and others	0	0
Unearned premium and other technical reserves variation, net	8,501	11,685
Insurance subscriptions	0	0
Adjustment by application of market rates	0	0
Exchange difference and others	214	(44)
Ending balance	S/ 182,907	S/ 174,192

NET PREMIUMS EARNED - General Insurance Gross Written Premiums After Adjustments (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Revenue from insurance contracts issued, without reduction for reinsurance held

^[1]

S/ 2,860,457

S/ 2,859,739

S/ 2,613,062

Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 1,016,522

S/ 1,065,718

S/ 932,769

Servicewise participation rate in general insurance Gross Premium

100.00%

Automobile [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 339,306

S/ 357,796

S/ 340,236

Servicewise participation rate in general insurance Gross Premium

33.38%

33.57%

36.48%

Fire and allied lines [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 271,380

S/ 293,392

S/ 248,832

Servicewise participation rate in general insurance Gross Premium

26.70%

27.53%

26.68%

Theft and robbery [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 88,751

S/ 110,395

S/ 91,369

Servicewise participation rate in general insurance Gross Premium

8.73%

10.36%

9.80%

Technical lines [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

^[2]

S/ 59,370

S/ 70,364

S/ 64,141

Servicewise participation rate in general insurance Gross Premium

^[2]

5.84%

6.60%

6.88%

Third party liability [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 62,080

S/ 50,024

S/ 49,421

Servicewise participation rate in general insurance Gross Premium

6.11%

4.69%

5.30%

Transport [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 42,758

S/ 44,368

S/ 49,441

Servicewise participation rate in general insurance Gross Premium

4.21%

4.16%

5.30%

SOAT (Mandatory automobile line) [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 32,934

S/ 41,068

S/ 32,015

Servicewise participation rate in general insurance Gross Premium

3.24%

3.85%

3.43%

Marine Hull [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 23,091

S/ 27,005

S/ 27,394

Servicewise participation rate in general insurance Gross Premium

2.27%

2.53%

2.94%

Aviation [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 37,366

S/ 42,191

S/ 16,173

Servicewise participation rate in general insurance Gross Premium

3.68%

3.96%

1.73%

Other [Member] | Groupo life [Member]

Revenue from insurance contracts issued, without reduction for reinsurance held

S/ 59,486

S/ 29,115

S/ 13,747

Servicewise participation rate in general insurance Gross Premium

5.84%

2.75%

1.46%

[1]	This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received.
[2]	Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE).

FINANCIAL RISK MANAGEMENT - Sensitivity Analysis regarding Change in Interest Rates (Details) - Interest rate risk S/ in Thousands	12 Months Ended
	Dec. 31, 2020 PEN (S/) item	Dec. 31, 2019 PEN (S/) item
Soles at 50 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	50	50
Sensitivity Analysis, Net Profit	S/ 19,640	S/ 7,696
Sensitivity Analysis, Net Economic Value	S/ 391,821	S/ 285,699
Soles at 75 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	75	75
Sensitivity Analysis, Net Profit	S/ 29,459	S/ 11,544
Sensitivity Analysis, Net Economic Value	S/ 587,731	S/ 428,549
Soles at 100 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	100	100
Sensitivity Analysis, Net Profit	S/ 39,279	S/ 15,392
Sensitivity Analysis, Net Economic Value	S/ 783,642	S/ 571,398
Soles at 150 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	150	150
Sensitivity Analysis, Net Profit	S/ 58,919	S/ 23,088
Sensitivity Analysis, Net Economic Value	S/ 1,175,462	S/ 857,097
US Dollar at 50 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	50	50
Sensitivity Analysis, Net Profit	S/ 47,929	S/ 52,276
Sensitivity Analysis, Net Economic Value	S/ 345,185	S/ 152,926
US Dollar at 75 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	75	75
Sensitivity Analysis, Net Profit	S/ 71,894	S/ 78,413
Sensitivity Analysis, Net Economic Value	S/ 517,777	S/ 229,389
US Dollar at 100 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	100	100
Sensitivity Analysis, Net Profit	S/ 95,859	S/ 104,551
Sensitivity Analysis, Net Economic Value	S/ 690,369	S/ 305,852
US Dollar at 150 basis points change [Member]
Disclosure of financial risks management [Line Items]
Sensitivity Analysis, Changes In Basis Points \| item	150	150
Sensitivity Analysis, Net Profit	S/ 143,788	S/ 156,827
Sensitivity Analysis, Net Economic Value	S/ 1,035,554	S/ 458,777

OTHER ASSETS AND OTHER LIABILITIES - Consolidated statement of income, net of deferred income tax (Details) - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total [Member]
Disclosure of Other Assets And Other Liabilities [Line Items]
Cash inflows (assets)	S/ 2,028,646	S/ 5,722,974
Cash outflows (liabilities)	(2,124,872)	(5,471,375)
Consolidated statement of income	(41,113)	(31,942)
2021
Disclosure of Other Assets And Other Liabilities [Line Items]
Cash inflows (assets)	1,268,082	5,081,355
Cash outflows (liabilities)	(1,347,995)	(4,693,775)
Consolidated statement of income	(4,939)	(8,949)
From 1 to 3 years
Disclosure of Other Assets And Other Liabilities [Line Items]
Cash inflows (assets)	229,366	301,865
Cash outflows (liabilities)	(274,482)	(330,220)
Consolidated statement of income	(5,314)	(4,367)
From 3 to 5 years
Disclosure of Other Assets And Other Liabilities [Line Items]
Cash inflows (assets)	275,235	84,786
Cash outflows (liabilities)	(265,536)	(91,678)
Consolidated statement of income	(4,969)	(487)
Over 5 years
Disclosure of Other Assets And Other Liabilities [Line Items]
Cash inflows (assets)	255,963	254,968
Cash outflows (liabilities)	(236,859)	(355,702)
Consolidated statement of income	S/ (25,891)	S/ (18,139)

FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

12 Months Ended

Dec. 31, 2020

FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

8 FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

The Group issues Investment Link life insurance contracts whereby the policyholder takes the investment risk on the assets held in the Investment Link funds as the policy benefits are directly linked to the value of the assets in the fund. The Group’s exposure to market risk is limited to the extent that income arising from asset management charges is based on the value of assets in the fund.

The profit resulting from these assets is shown in “Net premiums earned” in the consolidated statement of income. The composition of the generated returns is presented below:


	2020	2019
	S/(000)	S/(000)

Net profit on sale of financial investments	38,055	21,879
Changes in the fair value of financial assets	68,311	58,351
Dividends, interests and others	9,261	13,434
Total	115,627	93,664

As of December 31, 2020, financial markets have recovered significantly after the fluctuations that occurred during 2020, optimism about the recovery of the global economy after the production of effective vaccines, the economic reopening of sectors affected by Covid-19, as well as the continuous expansionary monetary policy of the central banks, favored the holding and search for debt instruments with higher returns.

Latin American assets continued to evolve positively in line with a greater risk appetite in the context of monetary stimuli and the search for better returns. At the local level, sovereign bonds performed positively in the middle and long section of the curve in soles, driven by less uncertainty due to local politics.

At the date of this report, there has been a recovery of the global indices, and what Credicorp seeks is to control the volatility of the portfolio in order to minimize the losses of our clients in these difficult times.

The offsetting of this effect is included in the technical reserve adjustment, which is part of the item “Net premiums earned” of the consolidated statement of income, see Note 25.

OTHER ASSETS AND OTHER LIABILITIES - Provision Additional Information (Details) S/ in Millions, $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2020 PEN (S/)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 PEN (S/)
Latam Airlines Group S.A. Peru Branch
Disclosure of Other Assets And Other Liabilities [Line Items]
Current advances to suppliers	$ 165.1	S/ 597.9	$ 202.0	S/ 669.4

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Details of the collateral transactions (Details) - Reverse repurchase agreement and security borrowings [Member] - PEN (S/) S/ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	S/ 626,925	S/ 899,435
Financial assets, at fair value	S/ 623,954	S/ 901,377
Instruments issued by the Colombian Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Colombian pesos
Reverse repurchase agreements and cash collateral on securities borrowed, interest rate	5.37%	5.61%
Financial assets	S/ 259,093	S/ 550,186
Financial assets, at fair value	S/ 258,442	S/ 550,579
Instruments issued by the Chilean Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Description of presentation currency	Chilean pesos
Reverse repurchase agreements and cash collateral on securities borrowed, interest rate	(0.53%)	0.34%
Financial assets	S/ 25,775	S/ 22,507
Financial assets, at fair value	S/ 24,427	S/ 22,507
Other instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Reverse repurchase agreements and cash collateral on securities borrowed, interest rate	1.40%	4.44%
Financial assets	S/ 342,057	S/ 326,742
Financial assets, at fair value	341,085	328,291
Not later than three days [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	23,423	261,718
Not later than three days [Member] \| Instruments issued by the Colombian Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	0	97,747
Not later than three days [Member] \| Instruments issued by the Chilean Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	0	7,002
Not later than three days [Member] \| Other instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	23,423	156,969
Later than three and not later than thirty days [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	516,094	522,480
Later than three and not later than thirty days [Member] \| Instruments issued by the Colombian Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	259,093	376,043
Later than three and not later than thirty days [Member] \| Instruments issued by the Chilean Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	25,775	15,505
Later than three and not later than thirty days [Member] \| Other instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	231,226	130,932
Later than thirty days [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	87,408	115,237
Later than thirty days [Member] \| Instruments issued by the Colombian Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	0	76,396
Later than thirty days [Member] \| Instruments issued by the Chilean Government [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	0	0
Later than thirty days [Member] \| Other instruments [Member]
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items]
Financial assets	S/ 87,408	S/ 38,841

OTHER ASSETS AND OTHER LIABILITIES (Details) - PEN (S/) S/ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial instruments:
Receivables	S/ 1,307,187	S/ 1,311,892
Derivatives receivable	1,214,497	1,092,107
Receivables from sale of invesments (h)	271,066	278,580
Operations in process	245,303	110,389
Financial instruments	3,038,053	2,792,968
Non-financial instruments:
Deferred fees	1,039,557	1,056,656
Investment in associates	645,886	628,822
Investment properties, net	466,859	450,929
Income tax prepayments, net	303,838	191,502
Adjudicated assets, net	135,089	143,349
Improvements in leased premises	90,146	112,385
VAT (IGV) tax credit	49,364	75,605
Others	9,198	26,441
Others Non-financial Assets	2,739,937	2,685,689
Total	5,777,990	5,478,657
Financial instruments:
Accounts payable	1,788,956	1,670,525
Derivatives payable	1,205,213	1,040,282
Accounts payable for acquisitions of investments (h)	260,786	311,348
Salaries and other personnel expenses	614,349	760,140
Allowance for indirect loan losses, Note 7	536,863	383,797
Operations in process	72,800	80,734
Other financial liabilities	4,478,967	4,246,826
Non-financial instruments:
Taxes	293,873	644,802
Deferred income tax, Note 18	105,529	134,204
Provision for sundry risks	514,382	359,853	S/ 342,350	S/ 275,841
Others	199,937	229,807
Non financial liabilities	1,008,192	1,234,462
Total other liabilities	S/ 5,487,159	S/ 5,481,288

NET PREMIUMS EARNED - Insurance premiums (Details) - PEN (S/)
S/ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

S/ 3,641,917

S/ 3,606,774

S/ 3,361,204

(781,460)

(747,035)

(748,142)

^[1]

2,860,457

2,859,739

2,613,062

Results of financial assets designated at fair value through profit and loss

^[2]

(548,024)

(559,160)

(497,646)

115,627

93,664

(53,935)

Health insurance [Member]

2,428,060

2,394,243

2,061,481

^[1]

584,068

571,006

554,517

(22,366)

(22,843)

(18,383)

^[1]

561,702

548,163

536,134

^[2]

(12,309)

(12,828)

(10,257)

Life insurance contracts [member]

549,393

535,335

525,877

^[1]

2,036,713

1,984,279

1,821,867

(754,480)

(738,421)

(677,708)

^[1]

1,282,233

1,245,858

1,144,159

Results of financial assets designated at fair value through profit and loss

^[2]

(115,347)

(119,310)

(116,043)

115,627

93,664

(53,935)

General Insurance [Member]

1,282,513

1,220,212

974,181

^[1]

1,021,136

1,051,489

984,820

(4,614)

14,229

(52,051)

^[1]

1,016,522

1,065,718

932,769

^[2]

(420,368)

(427,022)

(371,346)