CREDICORP LTD. (Registrant)
	By:	/s/ Miriam Böttger
		Miriam Böttger
		Authorized Representative

CONTENTS	Pages
Independent auditor’s report	1 - 8
Consolidated statement of financial position	9
Consolidated statement of income	10 - 11
Consolidated statement of comprehensive income	12
Consolidated statement of changes in net equity	13 -14
Consolidated statement of cash flows	15 - 18
Notes to the consolidated financial statements	19 – 197

•	the consolidated statement of financial position as of December 31, 2021;

•	the consolidated statement of income for the year then ended;

•	the consolidated statement of comprehensive income for the year then ended;

•	the consolidated statement of changes in net equity for the year then ended;

•	the consolidated statement of cash flows for the year then ended; and

•	the notes to the consolidated financial statements, which include a summary of the significant accounting policies.

	An audit is designed to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. Errors may arise due to error or fraud. These are considered material if, individually or in total, they could reasonably influence the economic decisions that users make based on the consolidated financial statements.
	The scope of our audit and the nature, timing and extent of our procedures was determined by our risk assessment that the consolidated financial statements may contain material errors, whether due to fraud or error. We carried out our audit procedures based on the legal entities considered financially significant in the context of the Group, with a combination of full scope audits and certain audit procedures to achieve the desired level of audit evidence at a consolidated level.
	Key Audit Matters (KAM) are those which, in our professional judgment, were the most significant in our audit of the consolidated financial statements of the current period:   •     Information technology environment; •     Provision for credit losses on loan portfolio; and •     Valuation of the mathematical reserves of annuities.

Key Audit Matters (KAM)		How our audit addressed the key audit matter
Information technology environment
Credicorp Ltd. and subsidiaries are highly dependent on their technology structure, both for processing their transactions, as well as for the fair preparation and presentation of their consolidated financial statements, which leads us to consider the information technology environment as an important area of focus in our audit.   Technology is critical for the evolution of the Group’s core businesses and significant investments have been made in systems and the IT environment, including cybersecurity.   The Group has technological infrastructure in place to support its business activities, as well as ongoing plans for the improvement and maintenance of the access management and changes in the respective systems and applications, the development of new programs, automated controls and automated components in the relevant business processes. Controls to authorize, restrict and cancel accesses to the technology environment and program changes are fundamental for mitigating the potential risk of fraud or error based on the misuse or improper change in the systems of the Group, thus ensuring the integrity of the financial information and accounting records.   The Group has an information technology structure, which comprises more than one technology environment with different processes and segregated controls; furthermore, it is		With the participation of specialists in systems audit, we evaluated and tested the design and operational effectiveness of information technology the general controls. Although the purpose of our audit is not to express an opinion on the effectiveness of the Information Technology (IT) controls, we reviewed the Group’s framework of governance of IT and the key controls on the management of access to programs and data, the development of and changes in programs, the IT operations and we evaluated the mechanisms implemented by the Group in response to possible cybersecurity events as well as segregation of duties, including compensating controls, when necessary.   The IT environment and the controls established by management, combined with the testing of key controls, including compensating controls, which we have applied and the substantive testing we perform, provide us with a reasonable basis for placing reliance on the integrity and reliability of the information generated for the preparation of the Group’s consolidated financial statements. Furthermore, we have validated the existence of mechanisms for the mitigation of technology risks and cyber-attacks as well as preventive measures in place to ensure the continuous operation of its security and access controls, personnel awareness-raising campaigns in matters of security, identity and access management, among others, all of which contribute to the mitigation of cybersecurity risks.

Key Audit Matter (KAM)		How our audit addressed the key audit matter
currently in a continuous digital transformation process and changes at the structural, functional and third-party support level, a situation that leads to an increase in the risks associated with information security and cybersecurity, which may eventually affect the operational continuity of the Group companies and/or their reputation.   Additionally, during 2021, a substantial part of the Group's team has carried out its activities remotely, generating the need to adapt processes and technology infrastructure to maintain continuity of operations.   The lack of a suitable general technology control environment and its dependent controls could trigger incorrect processing of critical information used for the preparation of the consolidated financial statements.		The audit procedures performed resulted in appropriate evidence that was considered in determining the nature, timing and extent of further audit procedures.
Key Audit Matter (KAM)		How our audit addressed the key audit matter
Provision for credit losses on loan portfolio (Notes 3 f; 3 i; 7 and 34.1 to the consolidated financial statements
The amount recognized as provision for credit losses on loan portfolio is S/9,071.0 million as of December 31, 2021.   Provisions for the expected credit losses, calculated under the parameters established by the International Financial Reporting Standard 9 “Financial Instruments” (hereinafter IFRS 9), are measured at each reporting date using a three-stage model of expected credit losses based on the deterioration of the credit quality of the instrument from inception.   Measurement of the expected credit loss is based on the probability of default (PD), the loss-given default (LGD), and the exposure at default (EAD), updated at the reporting date and considering the expected macroeconomic effects.  For determination of the provisions for the expected credit losses, management has developed specific methodologies including several assumptions and judgments, among which are, the financial situation of the counterparty, the estimated recoverable amounts, and the recoverable amounts of guarantees and adverse effects due to changes in the political and economic environments.		We obtained an understanding of the process implemented by the Group in its analysis of the qualitative and quantitative disclosures required under IFRS 9; relying on the assistance of our specialists and experts, we also performed audit procedures related to compliance with the requirements of such a standard.   Our work on the evaluation of the provisions for the expected credit losses has focused on the evaluation and testing of the design and operational effectiveness of the key controls over the data inputs, assumptions and calculation of the provisions for the expected credit losses. These key controls included, among others: i) the integrity of the database and the auxiliary systems; ii) models and assumptions adopted by management to determine the value of the portfolio of recoverable loans; iii) changes in significant increase of credit risk; iv) the follow up and valuation of the guarantees; v) the validation and approval of the model and the results of provisions calculation by management; and vi) preparation and disclosure in Notes to the consolidated financial statements. Additionally, we tested information technology controls over the data extraction and calculation of the allowance.

Key Audit Matter (KAM)		How our audit addressed the key audit matter
The expected credit loss model reflects the present value of all events of decline in the value resulting from events of default (i) during the first twelve months or (ii) during the expected life of the financial instrument based on its significant increase of credit risk. The expected credit loss considers multiple scenarios based on reasonable and supportable forecasts.   The use of different techniques and assumptions of the model could result in significantly different provisions. Furthermore, credit risk management is complex and depends on the database being reliable and complete.   Additionally, Management has reviewed its internal credit risk methodological models, in order to respond to the uncertainty regarding COVID-19 and the political instability, carrying out certain procedures, such as: (i) using information on customers' payment behavior, which, due to the progressive expiration of run-off periods and other assistance granted by the government, reflect credit risk factors to a greater extent; (ii) where there is no information about payment behavior, mainly due to grace periods, certain portfolios do not allow predictability about the non-compliance of future customer payments and continue to use qualitative factors based on analysis and statistical validation of surveys and factors of adjustments considering historical payment behaviors without grace periods (iii) LGD estimates were updated with assumptions, related to payments from customers in arrears, to see the impact on recoveries, and, (iv) the macroeconomic projections and scenario weights were updated to reflect the effect of the reactivation of the economy, which was partially affected under the context of political uncertainty in 2021.   As a result, this was an area of focus in our audit.		Additionally, we focused our audit tests on the following aspects, among others:   •      Review of the accounting policies and methodological framework implemented by the Group for adequacy with IFRS 9; •      Evaluation of the reasonableness of the models and principal assumptions used for the calculation of the expected credit losses; •      Evaluation of whether the data used to estimate the provision are complete and accurate; and •      Review and independent re-performance of the calculation based on a sample of the provisions for the expected credit losses as of December 31, 2021.   Regarding the updates made by Management to respond to the uncertainty of COVID-19 and political instability in the country, we carried out:   •      General understanding of updates in the models and main assumptions used, as well as in the review of the new controls implemented. •      Review of the reasonableness of the main assumptions and judgments associated with the determination of the parameters and phases of the calculation, including the reasonableness of the macroeconomic factors used by management. •      Review of the accuracy and integrity of the data used.   We believe that the criteria, assumptions and methodology adopted by management in determining and recording provisions for expected losses associated with credit risk are consistent with the information analyzed in our audit.

Key Audit Matter (KAM)		How our audit addressed the key audit matter
Valuation of the mathematical reserves for annuities (Notes 3 e, 16 and 34.8 to the consolidated financial statements)
The amount recognized as mathematical reserves for annuities is S/6,759.7 million as of December 31, 2021.   The valuation of the Group’s mathematical reserves depends on some key subjective assumptions regarding future events. The valuation of the liabilities generated by insurance contracts is made based on the actuarial assumptions and data used in the calculation.   Some of the key actuarial economic assumptions used in the valuation of the mathematical reserves for annuities are critical and include, among others, the discount rate, the life expectancy of the population and the future expenses to be incurred to maintain the existing policies.   Minor changes in each of these key assumptions could result in significant impacts in the valuation of the obligations for those insurance contracts and in the respective impacts reflected in the consolidated statement of income and comprehensive income.   Considering the above, this accounting estimate was a critical matter in our audit.		We obtained an understanding and tested key controls in the processes of determining mathematical reserves for annuities and the related processes, to analyze the actuarial and economic assumptions, as well as the data used in the calculations. With the assistance of our specialists and experts we identified that the key controls related to the determination of the assumptions and the methodology of the calculation, were designed, implemented and operated effectively.   Additionally, we focused our audit tests on the following aspects, among others:   •      We held meetings with financial, treasury and actuarial management in order to obtain an understanding of the judgments and criteria used to determine the key actuarial economic assumptions used in the calculation of the mathematical life insurance reserves.   •      We have reviewed the adequacy of the actuarial and economic assumptions as a whole. With the involvement of actuarial experts, we evaluated the reasonableness and consistency of the main actuarial assumptions in an unbiased manner, including questioning management’s rationale on major criteria and judgments used; as a result, we consider that they are reasonable. Our evaluation included references to independent comparative data.   We believe that the criteria, assumptions and methodologies adopted by management in determining and recording the amounts recognized as mathematical rent reserves are consistent with the information analyzed in our audit.

•

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error; and design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group internal control.

•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Concluded on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

•	Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We were responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

		Note		2021				2020					Note		2021				2020
					S/(000)				S/(000)							S/(000)				S/(000)
Assets											Liabilities
Cash and due from banks:											Deposits and obligations:		14
Non-interest-bearing					6,925,332				8,176,612		Non-interest-bearing					51,851,206				47,623,119
Interest-bearing					32,395,408				28,576,382		Interest-bearing					98,489,656				94,742,383
		4			39,320,740				36,752,994							150,340,862				142,365,502
											Payables from repurchase agreements and securities lending		5(b)			22,013,866				27,923,617
Cash collateral, reverse repurchase agreements and securities borrowing		5(a)			1,766,948				2,394,302		Due to banks and correspondents		15			7,212,946				5,978,257
											Due from customers on banker’s acceptances ptances		3(r) and 7(b)			532,404				455,343
Investments:											Accounts payable to reinsurers		9(b)			463,825				338,446
At fair value through profit or loss		6(a)			5,928,497				6,467,471		Lease liabilities		12(b)			655,294				750,578
											Financial liabilities at fair value through profit or loss		3(f)())			325,571				561,602
At fair value through other comprehensive income					34,440,091				42,746,061		Technical reserves for insurance claims and premiums		16			12,534,511				11,675,076
											Bonds and notes issued		17			17,078,829				16,319,407
At fair value through other comprehensive income pledged as collateral					318,352				997,828		Deferred tax liabilities, net					105,058				105,529
		6(b)			34,758,443				43,743,889		Other liabilities		13			6,521,379				5,487,159
											Total liabilities					217,784,545				211,960,516
Amortized cost					4,411,592				2,196,220
Amortized cost pledged as collateral					3,853,967				2,766,162
		6(c)			8,265,559				4,962,382
											Equity, net		18
Loans, net:		7									Equity attributable to Credicorp's equity holders:
Loans, net of unearned income					147,597,412				137,659,885		Capital stock					1,318,993				1,318,993
Expected loss provision for direct loans					(8,477,308	)			(9,898,760	)	Treasury stock					(207,534	)			(208,433	)
					139,120,104				127,761,125		Capital surplus					228,853				192,625
											Reserves					21,364,272				21,429,635
Financial assets designated at fair value through profit or loss		8			974,664				823,270		Other reserves					235,902				1,865,898
Premiums and other policies receivable		9(a)			921,103				937,223		Retained earnings (losses)					3,556,281				347,152
Accounts receivable from reinsurers and coinsurers		9(b)			1,198,379				919,419							26,496,767				24,945,870
Property, furniture and equipment, net		10			1,308,779				1,374,875
Due from customers on banker’s acceptances		3(r) and 7(b)			532,404				455,343		Non-controlling interest					540,672				499,777
Intangible assets and goodwill, net		11			2,710,080				2,639,297		Total equity, net					27,037,439				25,445,647
Right-of-use assets, net		12(a)			586,417				702,928
Deferred tax assets, net					1,177,359				1,693,655
Other assets		13			6,252,508				5,777,990
Total assets					244,821,984				237,406,163		Total liabilities and net equity					244,821,984				237,406,163

		Note		2021				2020				2019
					S/(000)				S/(000)				S/(000)
Interest and similar income		22			11,850,406				11,547,648				12,381,664
Interest and similar expenses		22			(2,488,426	)			(2,976,306	)			(3,289,913	)
Net interest, similar income and expenses					9,361,980				8,571,342				9,091,751
Expected loss provision on loan portfolio		7(c)			(1,558,951	)			(6,080,289	)			(2,100,091	)
Recoveries of written-off loans					346,728				159,781				254,155
Provision for credit losses on loan portfolio, net of recoveries					(1,212,223	)			(5,920,508	)			(1,845,936	)
Net interest, similar income and expenses, after provision for credit losses on loan portfolio					8,149,757				2,650,834				7,245,815
Other income
Commissions and fees		23			3,493,734				2,912,778				3,232,781
Net gain on foreign exchange transactions					920,797				622,783				748,382
Net gain on securities		24			28,650				523,082				546,814
Net gain on derivatives held for trading		3(y)			185,271				40,789				6,043
Net gain from exchange differences					34,698				19,804				19,520
Others		29			263,716				286,981				344,229
Total other income					4,926,866				4,406,217				4,897,769
Insurance underwriting result
Net premiums earned		25			2,671,530				2,428,060				2,394,243
Net claims incurred for life, general and health insurance contracts		26			(2,341,917	)			(1,708,113	)			(1,531,418	)
Acquisition cost					(333,334	)			(361,814	)			(365,848	)
Total insurance underwriting result					(3,721	)			358,133				496,977
Other expenses
Salaries and employee benefits		27			(3,668,476	)			(3,312,954	)			(3,411,023	)
Administrative expenses		28			(2,956,093	)			(2,386,108	)			(2,361,117	)
Depreciation and amortization		10 and 11(a)			(521,967	)			(497,910	)			(455,033	)
Impairment loss on goodwill		11(b)			−				(63,978	)			−
Depreciation for right-of-use assets		12(a)			(161,287	)			(172,005	)			(169,406	)
Others		29			(432,263	)			(758,068	)			(268,469	)
Total other expenses					(7,740,086	)			(7,191,023	)			(6,665,048	)

		Note		2021				2020				2019
					S/(000)				S/(000)				S/(000)
Profit before income tax					5,332,816				224,161				5,975,513
Income tax		19(b)			(1,660,987	)			109,977				(1,623,182	)
Net profit					3,671,829				334,138				4,352,331
Attributable to:
Credicorp’s equity holders					3,584,582				346,894				4,265,304
Non-controlling interest					87,247				(12,756	)			87,027
					3,671,829				334,138				4,352,331
Net basic and dilutive earnings per share attributable to Credicorp's equity holders (in soles):
Basic		30			45.09				4.37				53.66
Diluted		30			44.99				4.36				53.53

		Note		2021				2020				2019
					S/(000)				S/(000)				S/(000)
Net profit for the year					3,671,829				334,138				4,352,331
Other comprehensive income:
To be reclassified to profit or loss in subsequent periods:
Net (loss) gain on investments at fair value through other comprehensive income		18(d)			(2,491,907	)			870,218				1,220,715
Income tax		18(d)			52,086				(11,717	)			(22,259	)
					(2,439,821	)			858,501				1,198,456
Net movement of cash flow hedge reserves		18(d)			58,586				(16,402	)			(37,851	)
Income tax		18(d)			(16,834	)			3,933				10,290
					41,752				(12,469	)			(27,561	)
Insurance reserves		18(d)			769,291				(263,820	)			(666,556	)
Income tax		18(d)			(26,846	)			26,846				−
					742,445				(236,974	)			(666,556	)
Exchange differences on translation of foreign operations		18(d)			161,168				258,271				(58,323	)
Net movement in hedges of net investments in foreign businesses		18(d)			(57,319	)			(1,219	)			−
					103,849				257,052				(58,323	)
Total					(1,551,775	)			866,110				446,016
Not to be reclassified to profit or loss in subsequent periods:
Net loss on equity instruments designated at fair value through other comprehensive income		18(d)			(113,686	)			(82,586	)			(64,344	)
Income tax		18(d)			5,402				3,414				5,999
					(108,284	)			(79,172	)			(58,345	)
Total other comprehensive income		18(d)			(1,660,059	)			786,938				387,671
Total comprehensive income for the year, net of income tax					2,011,770				1,121,076				4,740,002
Attributable to:
Credicorp's equity holders					1,954,586				1,124,603				4,645,040
Non-controlling interest					57,184				(3,527	)			94,962
					2,011,770				1,121,076				4,740,002

		Attributable to Credicorp's equity holders.
																						Other reserves
						Treasury stock																Instruments that will not be reclassified to income				Instruments that will be reclassified to the consolidated statement of income
		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				Total				Non- controlling interest				Total net equity
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Balances as of January 1, 2019			1,318,993				(204,353	)			(3,641	)			246,194				17,598,556				452,551				229,470				(3,161	)			−				29,593				4,175,041				23,839,243				426,833				24,266,076
Changes in equity in 2019 -
Net profit for the year			−				−				−				−				−				−				−				−				−				−				4,265,304				4,265,304				87,027				4,352,331
Other comprehensive income, Note 18(d)			−				−				−				−				−				(58,342	)			1,182,374				(26,943	)			(658,491	)			(58,862	)			−				379,736				7,935				387,671
Total comprehensive income			−				−				−				−				−				(58,342	)			1,182,374				(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)			−				−				−				−				1,858,811				−				−				−				−				−				(1,858,811	)			−				−				−
Dividend distribution, Note 18(e)			−				−				−				−				−				−				−				−				−				−				(1,595,229	)			(1,595,229	)			−				(1,595,229	)
Dividends paid to interest non-controlling of subsidiaries			−				−				−				−				−				−				−				−				−				−				−				−				(52,971	)			(52,971	)
Additional dividends			−				−				−				−				(31,268	)			−				−				−				−				−				(606,824	)			(638,092	)			−				(638,092	)
Purchase of treasury stock, Note 18(b)			−				−				(1,814	)			(101,411	)			−				−				−				−				−				−				−				(103,225	)			−				(103,225	)
Share-based payment transactions			−				−				2,004				81,254				11,546				−				−				−				−				−				−				94,804				−				94,804
Acquisition of subsidiaries			−				−				−				−				−				−				−				−				−				−				−				−				74,392				74,392
Others			−				(35	)			−				−				−				−				−				−				−				−				(4,546	)			(4,581	)			(34,866	)			(39,447	)
Balances as of December 31, 2019			1,318,993				(204,388	)			(3,451	)			226,037				19,437,645				394,209				1,411,844				(30,104	)			(658,491	)			(29,269	)			4,374,935				26,237,960				508,350				26,746,310
Changes in equity in 2020 -
Net profit for the year			−				−				−				−				−				−				−				−				−				−				346,894				346,894				(12,756	)			334,138
Other comprehensive income, Note 18(d)			−				−				−				−				−				(79,007	)			844,687				(10,998	)			(234,107	)			257,134				−				777,709				9,229				786,938
Total comprehensive income			−				−				−				−				−				(79,007	)			844,687				(10,998	)			(234,107	)			257,134				346,894				1,124,603				(3,527	)			1,121,076
Transfer of retained earnings to reserves, Note 18(c)			−				−				−				−				1,977,091				−				−				−				−				−				(1,977,091	)			−				−				−
Dividend distribution, Note 18(e)			−				−				−				−				−				−				−				−				−				−				(2,392,844	)			(2,392,844	)			−				(2,392,844	)
Dividends paid to interest non-controlling of subsidiaries			−				−				−				−				−				−				−				−				−				−				−				−				(32,273	)			(32,273	)
Additional dividends			−				−				−				−				−				−				−				−				−				−				−				−				−				−
Purchase of treasury stock, Note 18(b)			−				−				(3,418	)			(148,543	)			−				−				−				−				−				−				−				(151,961	)			−				(151,961	)
Sale of treasury stocks, Note 18(b)			−				62				−				−				−				−				−				−				−				−				−				62				−				62
Share-based payment transactions			−				−				2,762				115,131				14,899				−				−				−				−				−				−				132,792				−				132,792
Others			−				−				−				−				−				−				−				−				−				−				(4,742	)			(4,742	)			27,227				22,485
Balances as of December 31, 2020			1,318,993				(204,326	)			(4,107	)			192,625				21,429,635				315,202				2,256,531				(41,102	)			(892,598	)			227,865				347,152				24,945,870				499,777				25,445,647

		Attributable to Credicorp's equity holders.
																						Other reserves
						Treasury stock																Instruments that will not be reclassified to income
		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				Total				Non-controlling interest				Total net equity
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Balances as of December 31, 2020			1,318,993				(204,326	)			(4,107	)			192,625				21,429,635				315,202				2,256,531				(41,102	)			(892,598	)			227,865				347,152				24,945,870				499,777				25,445,647
Changes in equity in 2021 -
Net profit for the year			−				−				−				−				−				−				−				−				−				−				3,584,582				3,584,582				87,247				3,671,829
Other comprehensive income, Note 18(d)			−				−				−				−				−				(108,317	)			(2,399,931	)			40,829				733,932				103,491				−				(1,629,996	)			(30,063	)			(1,660,059	)
Total comprehensive income			−				−				−				−				−				(108,317	)			(2,399,931	)			40,829				733,932				103,491				3,584,582				1,954,586				57,184				2,011,770
Transfer of retained earnings to reserves, Note 18(c)			−				−				−				−				346,994				−				−				−				−				−				(346,994	)			−				−				−
Dividend distribution, Note 18(e)			−				−				−				−				(398,808	)			−				−				−				−				−				−				(398,808	)			−				(398,808	)
Dividends paid to interest non-controlling of subsidiaries			−				−				−				−				−				−				−				−				−				−				−				−				(4,156	)			(4,156	)
Minority purchase			−				−				−				−				−				−				−				−				−				−				−				−				(7,822	)			(7,822	)
Purchase of treasury stock, Note 18(b)			−				−				(1,369	)			(57,538	)			−				−				−				−				−				−				−				(58,907	)			−				(58,907	)
Sale of treasury stocks, Note 18(b)			−				−				84				3,668				−				−				−				−				−				−				−				3,752				−				3,752
Share-based payment transactions			−				−				2,184				90,098				(13,549	)			−				−				−				−				−				−				78,733				−				78,733
Others			−				−				−				−				−				−				−				−				−				−				(28,459	)			(28,459	)			(4,311	)			(32,770	)
Balances as of December 31, 2021			1,318,993				(204,326	)			(3,208	)			228,853				21,364,272				206,885				(143,400	)			(273	)			(158,666	)			331,356				3,556,281				26,496,767				540,672				27,037,439

		Note			2021				2020				2019
						S/000				S/000				S/000
CASH AND CASH EQUIVALENTS FROM OPERATING   ACTIVITIES
Net profit for the year						3,671,829				334,138				4,352,331
Adjustment to reconcile net profit to net cash arising from operating activities:
Expected loss provision on loan portfolio		7(c)				1,558,951				6,080,289				2,100,091
Impact of fair value of portfolio with change in effective rate						−				326,691				−
Depreciation and amortization		10 and 11(a)				521,967				497,910				455,033
Depreciation of right-of-use assets		12(a)				161,287				172,005				160,406
Depreciation of investment properties		13(h)				6,930				7,018				6,727
Provision for sundry risks		13(k)				70,824				140,897				27,272
Deferred (income) tax expense		19(b)				547,392				(1,147,311	)			(52,435	)
Adjustment of technical reserves		25(a)				914,852				758,274				761,970
Net gain on securities		24				(28,650	)			(523,082	)			(546,814	)
Impairment loss on goodwill		11(b)				−				63,978				−
(Gain) on financial assets designated at fair value through profit and loss		25(a)				(54,663	)			(115,627	)			(93,664	)
Net gain of trading derivatives						(185,271	)			(40,789	)			(6,043	)
Net Income from sale of property, furniture and equipment		29				(1,916	)			(8,523	)			(16,869	)
(Gain) net from sale of seized and recovered assets		29				(2,851	)			(728	)			9,617
Expense for share-based payment transactions		27				73,997				104,499				120,062
Net gain from sale of written-off portfolio						(15,700	)			(35,638	)			(106,835	)
Intangible losses due to withdrawals and dismissed projects		29				17,630				40,342				22,492
Others						(5,537	)			33,827				(19,840	)
Net changes in assets and liabilities
Net (increase) decrease in assets:
Loans						(9,636,648	)			(20,593,548	)			(6,767,721	)
Investments at fair value through profit or loss						745,156				(2,197,109	)			(206,534	)
Investments at fair value through other comprehensive income						7,508,131				(15,904,097	)			771,680
Cash collateral, reverse repurchase agreements and securities borrowings						783,010				2,137,262				(265,157	)
Sale of written off portfolio						24,477				36,921				193,770
Other assets						(351,551	)			(335,229	)			(1,142,133	)

		Note				2021				2020				2019
						S/000				S/000				S/000
Net increase (decrease) in liabilities
Deposits and obligations						2,485,794				25,856,151				7,457,393
Due to Banks and correspondents						1,103,063				(3,143,279	)			426,411
Payables from repurchase agreements and securities lending						(5,935,578	)			20,200,747				(1,714,532	)
Bonds and notes issued						(90,217	)			(96,199	)			670,877
Short-term and low-value lease payments						(86,417	)			(74,016	)			(63,047	)
Other liabilities						1,303,118				1,273,892				1,567,333
Income tax paid						(1,130,415	)			(1,162,843	)			(1,168,130	)
Net cash flow from operating activities						3,972,994				12,686,823				6,933,711
NET CASH FLOWS FROM INVESTING ACTIVITIES
Revenue from sale of property, furniture and equipment						11,457				22,956				35,355
Revenue from sale of investment property						−				78				38,969
revenue from collections for maturities and coupons of investment at amortized cost						590,605				1,600,519				3,256,332
Purchase of property, furniture and equipment		10				(107,790	)			(98,120	)			(134,776	)
Purchase of investment property		13(h)				(12,068	)			(26,533	)			(33,321	)
Purchase of intangible assets		11(a)				(532,244	)			(535,241	)			(371,957	)
Purchase of investment at amortized cost						(3,677,671	)			(2,837,015	)			(1,688,443	)
Acquisition of subsidiaries, net of cash received		2(a)				−				−				(375,952	)
Net cash flows from investing activities						(3,727,711	)			(1,873,356	)			726,207
NET CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid		18(e)				(398,808	)			(2,392,844	)			(1,595,229	)
Dividends paid to non-controlling interest of subsidiaries						(4,156	)			(32,273	)			(52,971	)
Additional dividends		18(e)				−				−				(638,092	)
Principal payments of leasing contracts						(155,141	)			(163,392	)			(147,841	)
Interest payments of leasing contracts						(27,374	)			(32,295	)			(37,438	)
Purchase of treasury stock		18(b)				(58,907	)			(151,961	)			(103,225	)
Sale of treasury stock						3,752				62
Acquisition of non-controlling interest						(7,822	)			−				−
Subordinated bonds						183,160				684,243				(977,009	)
Net cash flows from financing activities						(465,296	)			(2,088,460	)			(3,551,805	)

		Note				2021				2020				2019
						S/000				S/000				S/000
Net increase (decrease) of cash and cash equivalents  before effect of changes in exchange rate						(220,013	)			8,725,007				4,108,113
Effect of changes in exchange rate of cash and cash equivalents						2,779,791				2,034,718				(294,874	)
Cash and cash equivalents at the beginning of the period		4(a)				36,733,767				25,974,042				22,160,803
Cash and cash equivalents at the end of the period		4(a)				39,293,545				36,733,767				25,974,042
Additional information from cash flows
Interest received						11,615,448				11,161,316				12,349,495
Interest paid						(2,230,990	)			(2,959,525	)			(3,193,536	)
Transactions that do not represent cash flow
Recognition of lease operations						(116,511	)			(118,912	)			852,800
Reclassification from investments at amortized cost to fair value with changes in equity						−				−				241,656

						Changes that generate cash flows								Changes that do not generate cash flows
2021		As of January 01, 2021				Received				Paid				Exchange difference				Others				As of December 31, 2021
			S/000				S/000				S/000				S/000				S/000				S/000
Subordinated bonds			5,381,323				2,018,216				(1,835,056	)			475,132				21,686				6,061,301
Lease liabilities			750,578				−				(182,515	)			36,866				50,365				655,294
			6,131,901				2,018,216				(2,017,571	)			511,998				72,051				6,716,595

						Changes that generate cash flows								Changes that do not generate cash flows
2020		As of January 1, 2020				Received				Paid				Exchange difference				Others				As of December 31, 2020
			S/000				S/000				S/000				S/000				S/000				S/000
Subordinated bonds			4,387,743				3,004,601				(2,538,420	)			361,317				(93,720	)			5,121,521
Lease liabilities			830,153				−				(81,637	)			25,198				(23,136	)			750,578
			5,217,896				3,004,601				(2,620,057	)			386,515				(116,856	)			5,872,099

						Changes that generate cash flows								Changes that do not generate cash flows
2019		As of January 1, 2019				Received				Paid				Exchange difference				Others				As of December 31, 2019
			S/000				S/000				S/000				S/000				S/000				S/000
Subordinated bonds			5,424,401				−				(977,009	)			(69,875	)			10,226				4,387,743
Lease liabilities			−				−				(185,279	)			439				1,014,993				830,153
			5,424,401				−				(1,162,288	)			(69,436	)			1,025,219				5,217,896

1	OPERATIONS

2	SIGNIFICANT TRANSACTIONS

a)

Main acquisitions, incorporations and mergers -

ii)

Merger by absorption between Ultralat Capital Markets, LLC and Credicorp Capital Securities, Inc. -

iii)

Merger by absorption between Credicorp Capital Colombia S.A. and Ultraserfinco S.A. -

iv)

Merger by absorption between Banco Compartir S.A. and Edyficar S.A.S. –

b)

The outbreak of the new coronavirus (hereinafter “COVID-19”) -

(i)

“Reactiva Perú”, a liquidity program aimed to give a quick and effective response to liquidity needs that companies faced due to the impact of COVID-19, ensuring the credit chain, and granting access to working capital loans guarantees to micro, small, medium and large companies. This program reached S/56.0 billion equivalents to 8.0 percent of GDP.

(ii)

The Enterprise Support Fund (FAE, by its acronym in Spanish) program enables banks and microfinance entities to provide Small and Micro businesses loans for up to S/4.0 billion with government guarantee coverage levels between 90.0 percent and 98.0 percent. This amount represents about 9.0 percent of the loan portfolio for SMEs (Pymes, by its Spanish initials) systemwide. Other Funds which have also been created are FAE funds for Agriculture and Tourism for S/2.0 billion and S/1.5 billion, respectively. These funds follow similar structures to the original FAE but are focused on specific sectors.

i)

Government measures to counteract negative effects of the pandemic –

-

A renewal of the deferral of the payment of bank loans and interest was approved, initially until December 2020, but extended until June 2021 (clients do not pay capital or interest since March 2020 when the pandemic began);

-

A new law established that banks and financial companies must pay an additional 25.0 percent tax on profits if the ROE (Return on Equity) exceeds 6.0 percent; and

-

In December 2020 the capitalization of 100.0 percent of the net profits obtained by banks and financial entities was approved, with the aim of strengthening the financial system and expanding credit.

ii)

Effects of the pandemic on the economy -

-

September 2020: Fitch and Moody's lowered the long-term foreign currency rating from B+ to B due to deteriorating growth prospects and weakening public finances amid acute political tensions.

-

March 2021: S&P affirmed the country’s B+ rating but changed its outlook to negative from stable on a rising governmental debt burden.

-

October 2021: Fitch affirmed the B credit rating with outlook stable.

i)

Government measures to counteract negative effects of the pandemic –

-

Households: additional transfers of social programs, value added tax (IVA, by acronym Spanish) refunds, support to informal workers, energy subsidies;

-

Firms: payroll support, extraordinary bonus payments;

-

VAT and import tax deductions; and

-

Credit lines for firms and capitalization of guarantee funds.

-

Central Bank injected about 1.4 percent of GDP to provide liquidity in the local market and cut the benchmark rate by 250 basis points to 1.75 percent, a new historical low. In relation to the financial system, grace periods and credit restructuring were given for natural and legal people

ii)

Effects of the pandemic on the economy -

i)

Government measures to counteract negative effects of the pandemic -

ii)

Effects of the pandemic on the economy -

-

In February 2021, Fitch downgraded its sovereign rating by one notch from BBB to BBB-, with negative outlook, to reflect a significant deterioration of public finances with the fiscal deficit and public debt reaching 10.1 percent and 69.8 percent of GDP in 2020. Almost one year later, at the beginning of 2022, it improved its outlook to stable.

-

On March 17, 2021, Moody’s also cut its credit rating to Baa2, with stable outlook, citing as a key driver the very material weakening in Panama’s fiscal strength driven by the severe economic shock from the pandemic.

-

In August 2021, Standard & Poor´s kept the rating stable in BBB but changed the outlook to negative.

ii)

Effects of the pandemic on the economy -

c)

Political situation of Peru –

3	SIGNIFICANT ACCOUNTING POLICIES

a)

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

(i)

Reform of Reference Rates – Phase 2 – Amendments to IFRS 9, IAS39, IFRS 7, IFRS and IFRS 16 –

-

By changing the base to determine contractual cash flows for financial assets and liabilities (including liabilities for leasing), the practical application generates the effect that changes, which are necessary due to the IBOR reform and which are considered economically equivalent, will not result in immediate gains or losses in results.

-

The practical application with regard to coverage accounting will propitiate that the majority of coverage relations (whether from IAS39 or IFRS 9) that are directly affected by the IBOR reform can be maintained. Nevertheless, it is possible that some additional ineffectiveness may arise that must be recognized.

(ii)

Amendments to IFRS 4, Insurance Contracts – Deferral of IFRS 9 –

(iii)

Amendment to IFRS 16 “Leases” - Covid-19 related to rentals –

-

Providing lessees an exemption to assessing if a leasing concession related to COVID-19 constitutes a modification to leasing;

-

Require lessees that apply an exemption that considers COVID-19 concessions for leases as if they were not amendments to leases;

-

Determine if the change in leasing payments generates a revision in the payment for leasing that is substantially equal to or less than the payment for leasing immediately prior to the change;

-

Ensure that there are no substantial changes in other terms or conditions for leasing;

-

Require lessees that apply the exemption to disclose the same; and

-

Require lessees to apply the exemption retroactively according to IAS8 but do not require them to adjust the balances of financial statements from previous periods.

-

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.

b)

Basis of consolidation –

-

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.

-

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.

Entity	Activity and country of incorporation		Percentage of interest (direct and indirect)								Assets								Liabilities								Equity								Net income (loss):
			2021				2020				2021				2020				2021				2020				2021				2020				2021				2020
			%				%					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				218,429,760				210,298,709				191,639,807				189,194,894				26,789,953				21,103,815				3,664,520				274,816
Pacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii)	Insurance, Peru			98.86				98.81				16,486,493				16,020,865				14,188,938				13,036,221				2,297,555				2,984,644				(130,491	)			194,639
Atlantic Security Holding Corporation and Subsidiaries (iii)	Capital Markets, Cayman Islands			100.00				100.00				11,688,283				8,593,553				9,508,250				6,876,666				2,180,033				1,716,887				188,060				507,303
Credicorp Capital Ltd. and Subsidiaries (iv)	Capital Markets and asset management, Bermuda			100.00				100.00				4,692,121				4,535,200				3,701,411				3,600,354				990,710				934,846				81,992				(65,575	)
CCR Inc.(v)	Special purpose Entity, Bahamas			100.00				100.00				105,733				259,373				104,703				257,996				1,030				1,377				(254	)			484

(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:

Entity		Activity and country of incorporation		Percentage of interest (direct and indirect)								Assets								Liabilities								Equity								Net income (loss):
				2021				2020				2021				2020				2021				2020				2021				2020				2021				2020
				%				%					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			97.74				97.71				199,307,837				195,702,525				178,545,004				177,367,887				20,762,833				18,334,638				3,662,192				244,303
Inversiones Credicorp Bolivia S.A. and Subsidiaries (b)		Banking, Bolivia			99.96				99.96				13,839,856				12,533,378				12,952,609				11,802,383				887,247				730,995				80,752				(65,653	)
Prima AFP (c)		Private pension fund administrator, Peru			100.00				100.00				839,772				1,107,706				265,185				407,536				574,587				700,170				146,057				148,141
Tenpo SpA and Subsidiaries (d)		Holding, Chile			100.00				100.00				158,328				95,693				43,140				22,453				115,188				73,240				(34,362	)			(19,912	)

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 Peru, hereinafter “the SBS").

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.

c)

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

d)

Tenpo SpA (hereinafter “Tenpo", before “Krealo SpA”) was established in January 2019; and is oriented to make capital investments outside the country. On July 1, 2019, Tenpo (Krealo SpA) acquired Tenpo Technologies SpA (before “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 ASB Bank Corp. (merged with Atlantic Security Bank on August 2021, see Note 2(a)), was established in September 9, 2020 in 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:

Entity		Percentage of interest (direct and indirect)								Assets								Liabilities								Equity								Net income (loss):
		2021				2020				2021				2020				2021				2020				2021				2020				2021				2020
		%				%					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				3,288,924				3,229,783				2,608,445				2,606,724				680,479				623,059				51,723				(60,398	)
Credicorp Capital Holding Chile and Subsidiaries (b)			100.00				100.00				1,121,622				915,013				933,173				744,027				188,449				170,986				(6,108	)			(16,979	)
Credicorp Capital Holding Perú S.A. and Subsidiaries (c)			100.00				100.00				259,348				358,241				135,937				228,555				123,411				129,686				31,046				37,804

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.

Entity		Percentage of interest (direct and indirect)								Assets								Liabilities								Equity								Net income (loss):
		2021				2020				2021				2020				2021				2020				2021				2020				2021				2020
		%				%				%				%				%				%				%				%				%				%
Credicorp Capital Colombia S.A.			100.00				100.00				1,544,956				1,630,701				1,378,697				1,438,236				166,259				192,465				37,147				45,454
MiBanco – Banco de la Microempresa de Colombia S.A.			85.58				83.07				1,392,887				1,207,875				1,158,575				992,611				234,312				215,264				43,042				(50,742	)

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)(ix). These loans are collateralized by transactions performed by BCP.

c)	Functional, presentation and foreign currency transactions –

(i)

Functional and presentation currency -

(ii)

Transactions and balances in foreign currency -

(iii)

Group entities with functional currency other than the presentation currency -

-

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.

d)	Recognition of income and expenses from banking activities -

e)	Insurance activities -

(i)

Life insurance contract liabilities -

(i)

Gross premiums -

(ii)

Fees and commission income -

(i)

Benefits and claims -

(ii)

Ceded premiums -

(iii)

Reinsurance claims -

f)	Financial instruments: Initial recognition and subsequent measurement -

-

The business model for managing the financial assets and

-

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

-

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.

(i)

Financial assets at amortized cost -

-

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.

(ii)

Financial assets at fair value through other comprehensive income -

-

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.

(iii)

Financial assets at fair value through profit or loss -

-

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 -

(v)

Repurchase and reverse repurchase agreements and securities lending and borrowing –

g)	De-recognition of financial assets and liabilities -

h)	Offsetting financial instruments -

i)	Impairment of financial assets -

-

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.

-

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 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.

-

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.

-

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.

-

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.

(i)

Financial assets carried at amortized cost -

j)

Leases -

-

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.

-

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 of the lease.

-

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

l)	Investment properties -

m)	Business combination -

n)	Intangible assets -

o)	Goodwill -

p)	Impairment of non-financial assets -

q)	Due from customers on banker’s acceptances -

r)	Financial guarantees -

s)	Provisions -

t)	Contingencies -

u)	Income tax -

v)	Earnings per share -

w)	Share-based payment transactions -

x)	Derivative financial instruments and hedge accounting -

-

The coverage ratio consists 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.

i)

Cash flow hedges -

ii)

Fair value hedges -

iii)

Hedges of net investments in foreign businesses -

iv)

Embedded derivatives -

y)	Fair value measurement -

-

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.

-

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.

z)	Segment reporting -

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

(i)

IFRS 17 “Insurance Contracts” -

-

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.

(ii)

Amendment of IAS16 - Property, Plant and Equipment: Product prior to use -

(iii)

Amendments to IFRS 3 - Reference to the conceptual Framework -

(iv)

Onerous Contracts - Cost of complying with a contract – Amendments to IAS37 -

(v)

Annual improvements to the IFRS Cycle 2018 - 2020 -

-

IFRS Financial Instruments – clarifies that commissions must be included in the test of 10.0 percent for derecognition of financial liabilities.

-

IFRS 16 Leasing – amendment to the illustrative example 13 to eliminate the example of lessor payment related to improvements in the object of leasing to eliminate any confusion regarding the treatment of leasing incentives.

-

IFRS 1 First-time adoption of international standards of financial information –permits entities that have measured their assets and liabilities at the value of registered books in their headquarters’ books to also measure any difference of accumulated conversion by using the amounts reported by headquarters. This amendment will also apply to associates and joint ventures that have taken the same expectation to IFRS 1.

-

IAS41 Agriculture – elimination of the requirement that entities exclude cash flows of taxes when it measures the reasonable value according to IAS41. This amendment’s objective is to align with the standard’s requirement to discount cash flows on an after-tax basis.

(vi)

Amendment to IAS1: Classification of Liabilities as Current or Not Current -

(vii)

Disclosure of accounting policies – Amendments to IAS 1 and the Practice Statement 2 –

(viii)

Amendments to IAS 8 – Definition of accounting estimates -

(ix)

Amendments to IAS 12, Deferred tax related to assets and liabilities that arise from a single transaction -

-

Assets for rights of use and leasing liabilities, and

-

Liabilities for dismantling, restoration and similar and the corresponding contributions are recognized as part of the cost of related assets.

(x)

Amendment to IFRS 10 and IAS 28 – Sale or distribution of assets between an investor and its associated business or joint venture –

4	CASH AND DUE FROM BANKS

a)

The composition of the item is presented below:

b)

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

(ii)

As of December 31, 2021, the Group maintains four "overnight" deposits with the BCRP, of which are two denominated in soles in amount of S/690.0 million and two in US dollar in amount of US$964.7 million, equivalent to S/3,846.4 million. At said date, the deposit in soles and deposits in US dollar accrue interest at annual rates of 1.85 percent and 0.05 percent, respectively, and have maturities at 3 days.

(iii)

In order to manage liquidity and in view of the BCRP's offer of profitable rates for short-term deposits. The Group maintains four term deposits, which are denominated in soles, accrue interest at an annual rate of 2.48 percent and 2.49 percent and have maturities between January 3 and 4, 2022. As of December 31, 2020, the group held sixteen time deposits denominated in soles, accruing interest at an annual rate of 0.25 percent and maturing between January 4 and January 7, 2021. The decrease in time deposits at the BCRP is mainly due to lower liquidity surpluses due to a lower level of customer deposits.

c)	Deposits with local and foreign banks -

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:

(i)

At December 31, 2021, the balance mainly comprises cash collateral in Bolivian pesos  and US dollar equivalent to S/736.2 million, delivered to Banco de Central de Bolivia and US$82.4 million, equivalent to S/328.4 million, delivered to BCRP to secure a borrowing in soles of approximately S/285 million from the same entity (cash collateral for approximately US$305.1 million, equivalent to S/1,104.7 million, to secure a borrowing in soles of approximately S/1,055 million and cash collateral delivered to Banco de Central de Bolivia in Bolivian pesos  and US dollar equivalent to S/486.3 million, at December 31, 2020).

(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:

			2021																								2020
Currency			Average interest rate				Up to 3 days				From 3 to 30 days				More than 30 days				Carrying amount				Fair value of underlying assets				Average interest rate				Up to 3 days				From 3 to 30 days				More than 30 days				Carrying amount				Fair value of underlying 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			5.89				−				321,196				−				321,196				361,337				5.37				−				259,093				−				259,093				258,442
Instruments issued by the   Chilean Government	Chilean   pesos			−				−				−				−				−				−				(0.53	)			−				25,775				−				25,775				24,427
Other instruments				2.83				31,736				256,874				44,977				333,587				292,414				1.40				23,423				231,226				87,408				342,057				341,085
								31,736				578,070				44,977				654,783				653,751								23,423				516,094				87,408				626,925				623,954

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:

			2021																								2020
Currency			Average interest rate				Up to 3 days				From 3 to 30 days				More than 30 days				Carrying amount				Fair value of underlying assets				Average interest rate				Up to 3 days				From 3 to 30 days				More than 30 days				Carrying amount				Fair value of underlying assets
			%					S/(000)				S/(000)				S/(000)				S/(000)				S/(000)			%					S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Debt instruments (c)								−				204,916				20,986,894				21,191,810				21,362,884								−				383,020				26,781,748				27,164,768				28,960,995
Instruments issued by the   Colombian Government	Colombian   pesos			5.36				−				676,361				−				676,361				676,300				4.62				−				700,719				−				700,719				700,637
Instruments issued by the   Chilean Government	Chilean   pesos			0.31				−				74,218				−				74,218				74,216				0.09				17,865				−				−				17,865				17,865
Other instruments				2.91				−				71,477				−				71,477				71,431				1.19				31,245				9,020				−				40,265				40,276
								−				1,026,972				20,986,894				22,013,866				22,184,831								49,110				1,092,759				26,781,748				27,923,617				29,719,773

2021

2020

Carrying

Carrying

Counterparties

Currency

Maturity

amount

Collateral

Maturity

amount

Collateral

S/(000)

S/(000)

BCRP - Reactiva Perú (*)

Soles

May 2023 / December 2025

15,729,959

Loans guaranteed by National Government

May 2023 / December 2023

20,916,438

Loans guaranteed by National Government

BCRP

Soles

January 2022 / September 2025

2,938,683

Investments

March 2021 / July 2024

2,903,266

Investments

Banco Central de Bolivia

Bolivianos

February 2022 / December 2022

736,155

Cash

February 2021 / December 2022

486,331

Cash

BCRP - Reactiva Perú Especial (*)

Soles

June 2023 / December 2025

672,289

Loans guaranteed by National Government

June 2023 / December 2023

756,387

Loans guaranteed by National Government

BCRP, nota 5(a)(i)

Soles

March 2022 / March 2023

285,000

Cash with BCRP

February 2021 / March 2023

1,055,000

Cash with BCRP

Natixis S.A.

Soles

August 2028

270,000

Investments

August 2028

270,000

Investments

Banco de la República de Colombia

Colombian  pesos

January 2022

203,026

Investments

January 2021

319,481

Investments

Citigroup Global Markets   Limited (i)

US dollar

August 2026

179,415

Investments

August 2026

162,945

Investments

Natixis S.A. (ii)

US dollar

August 2026

99,675

Investments

August 2026

90,525

Investments

Other minors

January 2022

1,848

Investments

January 2021 / April 2033

91,160

Investments

Accrued interest

75,760

113,235

21,191,810

27,164,768

(i)

As of December 31, 2021 the Group maintains cross currency swaps (CCS) which were designated as a cash flow hedge of certain repurchase agreements in US dollar at variable rate for a notional amount of US$45.0 million, equivalent to S/179.4 million (approximately US$45.0 million, equivalent to S/162.9 million, at December 31, 2020). By means of these CCS, said repurchase agreements were economically converted to soles, see note 13(c).

(ii)

As of December 31, 2021, the Group maintains a CCS which was designated as a cash flow hedge of a repurchase agreement in US dollar at variable rate for a total notional amount of US$25.0 million, equivalent to S/99.7 million (approximately US$25.0 million, equivalent to S/90.5 million, at December 31, 2020). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate; see note 13(c).

6	INVESTMENTS

a)

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

(i)

As of December 31, 2021, the balance corresponds to mutual funds from Luxembourg, Bolivia, Ireland and other countries, which represent 70.5 percent, 21.5 percent, 3.8 percent and 4.2 percent of the total, respectively, (from Peru, Luxembourg, Bolivia and other countries, which represent 30.9 percent, 29.5 percent, 28.8 percent and 10.8 percent of the total, respectively, as of December 31, 2020). The increase in the balance corresponds mainly to (i) the purchase of participations in the fund “BNP Paribas Insticash US$1D Short Term VNAV Classic Cap”, whose balance as of December, 31 2021 was S/279.3 million, and (ii) the purchase of new participations mainly in funds managed by Credicorp Capital Asset Management S.A. Administradora General de Fondos, whose balance as of December 31, 2021 was S/280.9 million.

(ii)

As of December 31, 2021 and 2020 the balance of these instruments includes the following government treasury bonds:

(iii)

As of December 31, 2021, the balance corresponds to 2,789 certificates of deposit for US$278.7 million, equivalent to S/1,111.1 million, whose interest rates are from 0.67 percent to 0.70 percent, and with maturity from October to November 2021 (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 with maturity from January to March 2021, as of December 31, 2020). The variation corresponds to the maturity of the instruments.

(iv)

As of December 31, 2021, the balance corresponds mainly to investment funds in Peru and the United States that represent 40.6 percent and 55.6 percent, respectively, among other countries (Peru and the United States that represented 40.0 percent and 25.6 percent, respectively, as of December 31, 2020). The increase in the balance corresponds to the increase in the investment funds Tishman Speyer Properties LP in S/39.3 million, Compass Group SAFI in S/38.4 million, Carlyle Peru Fund L.P. in S/31.5 million, and BD Capital SAFI S.A.C in S/22.2 million, among others.

(v)

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

(vi)

As of December 31, 2021, these funds amount approximately to Bs 346.1 million, equivalent to S/202.3 million, and US$30.3 million, equivalent to S/120.8 million (Bs 325.1 million, equivalent to S/173.2 million, and US$29.2 million, equivalent to S/105.6 million as December 31, 2020) 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 decrease of the balance corresponds mainly to the sale of Royalty Pharma plc’s ordinary shares. As of December 31, 2021, all of these shares were sold (757,692 shares for US$37.9 million, equivalent to S/137.2 million, as of December 31, 2020).

(viii)

During the first trimester of 2021, all participations were liquidated.

(ix)

The increase mainly comprises the acquisition of finance lease bonds for S/94.4 million.

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

	Maturities			Annual effective interest rate
	2021	2020		2021																								2020
				S/								US$								Other currencies								S/								US$								Other currencies
				Min				Max				Min				Max				Min				Max				Min				Max				Min				Max				Min				Max
				%				%				%				%				%				%				%				%				%				%				%				%
Corporate bonds (*)	Jan-2022 / Nov-2095	Jan-2021 / Jul-2070			1.64				19.28				−				67.59				1.35				7.86				(0.31	)			16.21				0.01				10.51				0.78				6.25
Government treasury bonds	Jan-2022 / Feb-2055	Jan-2021 / Feb-2055			1.79				6.91				−				4.61				4.00				5.16				(1.20	)			5.08				0.03				4.61				0.07				0.41
Certificates of deposit BCRP	Jan-2022 / Mar-2023	Jan-2021 / Mar-2023			2.52				3.40				−				−				−				−				0.25				0.73				−				−				−				−
Negotiable certificates of deposits	Jan-2022 / Jul-2033	Jan-2021 / Jul-2033			3.88				3.88				2.48				2.68				1.00				6.02				−				−				2.48				4.57				0.05				5.90
Securitization instruments	Jan-2022 / Sep-2045	Jan-2021 / Sep-2045			4.05				28.90				2.17				10.85				3.50				−				1.32				13.36				1.51				9.19				−				6.00
Subordinated bonds (**)	Apr-2022 / Aug-2045	Apr-2022 / Aug-2045			0.28				7.48				0.86				7.62				−				−				(0.04	)			5.74				0.16				4.76				−				−
Others	Apr-2022 / Feb-2035	Jan-2021 / Feb-2035			1.77				7.99				3.39				5.05				0.05				0.05				(0.18	)			5.84				3.38				4.52				−				−

(*)	As of December 31, 2020, the annual effective interest rate of (0.31) corresponds to a bond issued by the Danske Bank; excluding such interest rate, the rates tend to be positive.

(**)	As of December 31, 2020, the annual effective interest rate of (0.04) percent corresponds to a bond issued by the Banco Interamericano de Finanzas S.A.; excluding such interest rate, the rates tend to be positive.

(ii)

As of December 31, 2021 and 2020, the balance includes the following Government Treasury Bonds:

(*)

The variation in the balance corresponds to sales of instruments and to the decrease in the fair value. The largest unrealized loss compared to the balance in 2020 is due to the political uncertainty of the country. See Note 2(c).

(iii)

As of December 31, 2021, the Group maintains 80,541 certificates of deposits BCRP (153,760 as of December 31, 2020); which are instruments issued at discount through public auction, traded on the Peruvian secondary market and payable in soles. The decrease in the balance is mainly due to the maturity of these instruments.

(iv)

As of December 31, 2021 and 2020, the balance of securitization instruments includes the following:

(v)

As of December 31, 2021, the balance corresponds to certificates for US$0.67 million, equivalent to S/2.7 million, in soles currency for S/6.8 million; and in other currencies, equivalent to S/615.1 million issued mainly by the financial system of Colombia and Bolivia (US$6.65 million, equivalent to S/24.1 million; and in other currencies, equivalent to S/861.8 million, issued by the system of Colombia and Bolivia, as of December 31, 2020).

c)	Amortized cost investments consist of the following:

(i)

As of December 31, 2021, said bonds have maturities between January 2022 and February 2042, accruing interest at an annual effective interest rate between 3.62 percent and 6.77 percent on bonds denominated in soles, between 0.71 percent and 4.50 percent on bonds denominated in US dollar, and between 0.00 percent and 2.96 percent annual on bonds issued in other currencies (as of December 31, 2020, 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 0.00 percent and 3.05 percent on bonds issued in other currencies).

(ii)

As of December 31, 2021, there are 89 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (121 CRPAOs as of December 31, 2020), 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 2022 and April 2026, accruing interest at an annual effective rate between 2.32 percent and 4.26 percent (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).

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

7	LOANS, NET

a)

This item consists of the following:

b)

As of December 31, 2021 and 2020, the composition of the gross credit balance is as follows:

Stage 1		Balance at December 31, 2020				Transfer to Stage 2				Transfer to Stage 3				Transfer from Stage 2				Transfer from Stage 3				New loans, liquidation, write-offs and forgivens, net				Transfers between classes of loans								Exchange differences and others				Balance at December 31, 2021
Loans by class																														Sale of loan portfolio
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			84,366,795				(13,032,923	)			(912,504	)			8,283,495				464,932				5,398,312				1,482,015				−				4,231,341				90,281,463
Residential mortgage loans			18,063,315				(2,595,038	)			(226,183	)			1,622,944				76,745				1,378,089				(45,768	)			(474	)			428,559				18,702,189
Micro-business loans			11,580,793				(12,106,836	)			(332,694	)			4,401,320				142,517				9,164,707				(2,193,954	)			−				147,843				10,803,696
Consumer loans			9,980,504				(4,602,656	)			(685,511	)			1,961,919				72,304				4,394,600				757,707				−				114,956				11,993,823
Total			123,991,407				(32,337,453	)			(2,156,892	)			16,269,678				756,498				20,335,708				−				(474	)			4,922,699				131,781,171

Stage 2		Balance at December 31, 2020				Transfer to Stage 1				Transfer to Stage 3				Transfer from Stage 1				Transfer from Stage 3				New loans, liquidation, write-offs and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2021
Loans by class
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			10,090,159				(8,283,495	)			(3,350,523	)			13,032,923				800,280				(2,042,256	)			800,739				−				294,582				11,342,409
Residential mortgage loans			1,360,460				(1,622,944	)			(516,497	)			2,595,038				185,299				(255,142	)			(5,529	)			−				17,440				1,758,125
Micro-business loans			8,451,947				(4,401,320	)			(1,921,386	)			12,106,836				164,077				(4,686,408	)			(794,634	)			−				8,246				8,927,358
Consumer loans			2,584,176				(1,961,919	)			(854,967	)			4,602,656				214,329				(1,666,707	)			(576	)			−				4,083				2,921,075
Total			22,486,742				(16,269,678	)			(6,643,373	)			32,337,453				1,363,985				(8,650,513	)			−				−				324,351				24,948,967

Stage 3		Balance at December 31, 2020				Transfer to Stage 1				Transfer to Stage 2				Transfer from Stage 1				Transfer from Stage 2				New loans, liquidation, write-offs and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2021
Loans by class
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			6,850,481				(464,932	)			(800,280	)			912,504				3,350,523				(1,413,990	)			5,957				(30,101	)			346,581				8,756,743
Residential mortgage loans			1,144,605				(76,745	)			(185,299	)			226,183				516,497				(270,401	)			(3,696	)			(9,126	)			29,128				1,371,146
Micro-business loans			1,978,448				(142,517	)			(164,077	)			332,694				1,921,386				(2,017,681	)			(9,675	)			(6,629	)			14,261				1,906,210
Consumer loans			1,641,295				(72,304	)			(214,329	)			685,511				854,967				(1,808,007	)			7,414				(1,237	)			6,019				1,099,329
Total			11,614,829				(756,498	)			(1,363,985	)			2,156,892				6,643,373				(5,510,079	)			−				(47,093	)			395,989				13,133,428

Consolidated 3 Stages
Loans by class		Balance at December 31, 2020				Loan write-offs				New loans, liquidation and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2021
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			101,307,435				(157,472	)			2,099,538				2,288,711				(30,101	)			4,872,504				110,380,615
Residential mortgage loans			20,568,380				(30,217	)			882,763				(54,993	)			(9,600	)			475,127				21,831,460
Micro-business loans			22,011,188				(1,477,691	)			3,938,309				(2,998,263	)			(6,629	)			170,350				21,637,264
Consumer loans			14,205,975				(1,263,951	)			2,183,837				764,545				(1,237	)			125,058				16,014,227
Total			158,092,978				(2,929,331	)			9,104,447				−				(47,567	)			5,643,039				169,863,566

Stage 1		Balance at December 31, 2019				Transfer to Stage 2				Transfer to Stage 3				Transfer from Stage 2				Transfer from Stage 3				New loans, liquidation, write-offs and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020
Loans by class
			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 December 31, 2019				Transfer to Stage 1				Transfer to Stage 3				Transfer from Stage 1				Transfer from Stage 3				New loans, liquidation, write-offs and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020
Loans by class
			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 December 31, 2019				Transfer to Stage 1				Transfer to Stage 2				Transfer from Stage 1				Transfer from Stage 2				New loans, liquidation, write-offs and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020
Loans by class
			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
Loans by class		Balance at December 31, 2019				Loan write-offs				New loans, liquidation and forgivens, net				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020
			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

c)

As of December 31, 2021, and 2020, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans and indirect loans and due from customers on banker’s acceptances:

Stage 1																						New loans,
Loans by class		Balance at December 31, 2020				Transfer to Stage 2				Transfer to Stage 3				Transfer from Stage 2				Transfer from Stage 3				liquidation, write-offs and forgivens, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2021
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			721,503				(336,903	)			(21,434	)			305,143				29,199				(3,446	)			(178,612	)			67,526				−				24,904				607,880
Residential mortgage loans			157,935				(46,021	)			(3,699	)			60,588				39,211				48,386				(184,733	)			158				−				4,881				76,706
Micro-business loans			610,188				(659,532	)			(18,743	)			276,189				25,295				834,576				(583,915	)			(63,200	)			−				13,304				434,162
Consumer loans			355,436				(305,127	)			(25,628	)			202,265				82,773				204,751				(199,591	)			(4,484	)			−				7,202				317,597
Total			1,845,062				(1,347,583	)			(69,504	)			844,185				176,478				1,084,267				(1,146,851	)			−				−				50,291				1,436,345

Stage 2		Balance at December 31, 2020				Transfer to Stage 1				Transfer to Stage 3				Transfer from Stage 1				Transfer from Stage 3				New loans, liquidation, write-offs and forgivens, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2021
Loans by class
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			666,002				(305,143	)			(299,463	)			336,903				97,276				(197,390	)			264,953				83,136				−				6,507				652,781
Residential mortgage loans			111,739				(60,588	)			(45,120	)			46,021				94,787				10,612				(61,872	)			(298	)			−				2,107				97,388
Micro-business loans			1,087,978				(276,189	)			(383,355	)			659,532				67,236				(479,918	)			31,194				(81,319	)			−				96				625,255
Consumer loans			946,312				(202,265	)			(412,088	)			305,127				188,858				(334,140	)			147,216				(1,519	)			−				262				637,763
Total			2,812,031				(844,185	)			(1,140,026	)			1,347,583				448,157				(1,000,836	)			381,491				−				−				8,972				2,013,187

Stage 3		Balance at December 31, 2020				Transfer to Stage 1				Transfer to Stage 2				Transfer from Stage 1				Transfer from Stage 2				New loans, liquidation, write-offs and forgivens, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2021
Loans by class
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			2,229,427				(29,199	)			(97,276	)			21,434				299,463				(471,283	)			742,567				(26,219	)			(27,726	)			89,604				2,730,792
Residential mortgage loans			639,750				(39,211	)			(94,787	)			3,699				45,120				(174,618	)			410,446				(1,867	)			(5,613	)			17,720				800,639
Micro-business loans			1,445,988				(25,295	)			(67,236	)			18,743				383,355				(1,804,583	)			1,166,499				22,871				(6,335	)			14,625				1,148,632
Consumer loans			1,463,365				(82,773	)			(188,858	)			25,628				412,088				(1,618,776	)			924,246				5,215				(1,159	)			2,440				941,416
Total			5,778,530				(176,478	)			(448,157	)			69,504				1,140,026				(4,069,260	)			3,243,758				−				(40,833	)			124,389				5,621,479

Consolidated 3 Stages										Credit loss of the period
		Balance at December 31, 2020				Loan write-offs and forgivens				New loans and liquidation, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020 (**)
Loans by class
			S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)				S/(000)
Commercial loans			3,616,932				(160,079	)			(512,040	)			828,908				124,443				(27,726	)			121,015				3,991,453
Residential mortgage loans			909,424				(39,189	)			(76,431	)			163,841				(2,007	)			(5,613	)			24,708				974,733
Micro-business loans			3,144,154				(1,517,271	)			67,346				613,778				(121,648	)			(6,335	)			28,025				2,208,049
Consumer loans			2,765,113				(1,349,843	)			(398,322	)			871,871				(788	)			(1,159	)			9,904				1,896,776
Total			10,435,623				(3,066,382	)			(919,447	)			2,478,398				−				(40,833	)			183,652				9,071,011

Stage 1																						New loans,
Loans by class		Balance at December 31, 2019				Transfer to Stage 2				Transfer to Stage 3				Transfer from Stage 2				Transfer from Stage 3				liquidation, write-offs and forgivens, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 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			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		Balance at December 31, 2019				Transfer to Stage 1				Transfer to Stage 3				Transfer from Stage 1				Transfer from Stage 3				New loans, liquidation, write-offs and forgivens, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020
Loans by class
			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	)			(118,072	)			319,248				42,832				4,911				473,890				91,534				−				2,523				666,002
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	)			(1,063,882	)			1,609,050				155,841				(537,422	)			2,779,836				−				−				4,551				2,812,031

Stage 3		Balance at December 31, 2019				Transfer to Stage 1				Transfer to Stage 2				Transfer from Stage 1				Transfer from Stage 2				New loans, liquidation, write-offs and forgivens, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020
Loans by class
			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
		Balance at December 31, 2019				Loan write-offs and forgivens				New loans and liquidation, net				Changes in PD, LGD, EAD (*)				Transfers between classes of loans				Sale of loan portfolio				Exchange differences and others				Balance at December 31, 2020 (**)
Loans by class
			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

(*)

The movement includes the following effects: (i) calibrations to the PD, LGD and EAD models; (ii) updates to macroeconomic models and projections; (iii) increase or decrease of credit risk of loans due to stage changes; (iv) increase or decrease of credit risk of loans that remain in the same stage.

(**)

The movement in the allowance for loan losses of the period 2021 includes the allowance for direct and indirect loans for approximately S/8,477.3 million y S/593.7 million, respectively (approximately S/9,898.8 million and S/536.9 million, respectively, at December 31, 2020). 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, 2021 and 2020 has been established in accordance with IFRS 9 and is sufficient to cover losses on the loan portfolio.

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 as of December 31, 2021 and 2020 by maturity based on the remaining period to the payment due date:

8	FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS

9	ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS

a)

As of December 31, 2021 and 2020, “Premiums and other policies receivable” in the consolidated statement of financial position includes balances for approximately S/921.1 million and S/937.2 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:

(i)

As of December 31, 2021, the balance consists mainly of collections made to reinsurers by S/110.3 million and the effect of exchange difference for approximately S/64.9 million; As of December 31, 2020, collections made were reduced for S/10.0 million and the effect of exchange difference for S/55.0 million.

(i)

As of December 31, 2021, the balance consists mainly of collections made to reinsurers by S/608.7 million and the effect of exchange difference for approximately S/11.9 million, As of December 31, 2020, collections made amounted to S/471.2 million and the effect of exchange difference for S/4.1 million and other minors.

10	PROPERTY, FURNITURE AND EQUIPMENT, NET

a)

The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2021, 2020, and 2019 was as follows:

11	INTANGIBLE ASSETS AND GOODWILL, NET

a)

Intangible assets -

(i)

Client relationships -

b)	Goodwill -

(*)

As of December 31, 2021 and 2020, 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.