Dividend History

As its Dividend Policy, the Company intends to declare and pay dividends in cash of at least 25% of the Company’s consolidated net profits based on the last audited financial accounts. The Board of Directors shall take into consideration the following at the time of decision making to distribute dividends:

  • The availability of dividends from the Company’s subsidiaries.
  • The declaration and payment of dividends should not cause the Company to breach any applicable laws or adversely impact on the equity growth requirements of the Company or its subsidiaries.
  • Financial performance of the Company.
  • General business and economic-financial conditions affecting the Company.
  • Any other factors which the Board may deem relevant.

Notwithstanding the foregoing, under Bermuda Law, any dividend may only be declared and paid if the Company is able to (i) pay its liabilities as they become due, and (ii) the market value of its assets is not less than the aggregate value of its liabilities, capital stock, and share premium accounts. The Board of Directors may in its sole discretion declare and pay a dividend below 25%, if any of the above mentioned conditions are not met. Subject to the foregoing, it is expected that dividend payment shall be made once a year within ninety calendar days of the meeting held by the Board to approve the dividend declaration. No interim dividends shall be paid. This policy has been in force since the financial year 2016, and will continue to be applicable until amended or rescinded by the Board of Directors.

As a holding company, our ability to make dividend payments, if any, and to pay corporate expenses will depend upon the receipt of dividends and other distributions from our operating subsidiaries. Our principal operating subsidiaries are BCP, BCP Bolivia, Grupo Pacifico, ASB, Prima AFP and Credicorp Capital. Subject to certain reserve and capital adequacy requirements under applicable regulations, we are able to cause our subsidiaries to declare dividends. If our subsidiaries do not have funds available, or are otherwise restricted from paying us dividends, we may be limited in our ability to pay dividends to shareholders. Currently, despite the minimum capital requirements, there are no restrictions on the ability of BCP, BCP Bolivia, Grupo Pacifico, ASB, Prima AFP or Credicorp Capital to pay dividends abroad. In addition, our right to participate in the distribution of assets of any subsidiary, upon any subsidiary’s liquidation or reorganization (and thus the ability of holders of our securities to benefit indirectly from such distribution), is subject to the prior claims of creditors of that subsidiary, except where we are considered an unsubordinated creditor of the subsidiary. Accordingly, our securities will effectively be subordinated to all existing and future liabilities of our subsidiaries, and holders of our securities should look only to our assets for payments.

In addition, the value of any dividend paid by our operating subsidiaries that declare dividends in a currency different from Credicorp’s dividends (e.g. ASB, BCP Bolivia, Credicorp Capital Holding Chile, and Credicorp Capital Holding Colombia) is subject to the impact of the depreciation of the dividend’s currency against Credicorp’s functional currency. This would have a negative impact on our ability to pay dividends to shareholders.

The following table shows cash and stock dividends paid by Credicorp in the period indicated:

Ex-Date Record Declared Payable Amount Type
April 17, 2018 April 18, 2018 February 28, 2018 May 11, 2018 S/ 14.1726 1 Cash
November 13, 2017 November 14, 2017 October 25, 2017 November 24, 2017 S/ 15.7000 2 Cash
April 13, 2017 April 18, 2017 February 22, 2017 May 12, 2017 S/ 12.2865 3 Cash
April 14, 2016 April 18, 2016 February 24, 2016 May 13, 2016 $2.32 Cash
April 17, 2015 April 21, 2015 February 26, 2015 May 15, 2015 $2.19 Cash
April 18, 2014 April 22, 2014 February 27, 2014 May 16, 2014 $1.90 Cash
April 16, 2013 April 18, 2013 February 27, 2013 May 10, 2013 $2.60 Cash
April 16, 2012 April 18, 2012 February 22, 2012 May 11, 2012 $2.30 Cash
April 15, 2011 April 19, 2011 February 23, 2011 May 13, 2011 $1.95 Cash
April 14, 2010 April 16, 2010 February 24, 2010 May 11, 2010 $1.70 Cash
April 16, 2009 April 20, 2009 February 27, 2009 May 13, 2010 $1.50 Cash
April 14, 2008 April 16, 2008 February 27, 2008 May 7, 2008 $1.50 Cash
April 17, 2007 April 19, 2007 February 28, 2007 May 7, 2007 $1.30 Cash
April 10, 2006 April 12, 2006 February 23, 2006 May 3, 2006 $1.10 Cash
April 15, 2005 April 19, 2005 February 17, 2005 May 2, 2005 $.80 Cash
April 14, 2004 April 16, 2004 February 25, 2004 April 30, 2004 $.40 Cash
April 14, 2003 April 16, 2003 February 28, 2003 April 30, 2003 $.30 Cash
April 3, 2002 April 5, 2002 February 28, 2002 May 2, 2002 $.20 Cash
December 12, 2001 December 14, 2001 November 27, 2001 January 15, 2002 $.20 Cash
April 9, 2001 April 11, 2001 February 22, 2001 May 2, 2001 $.10 Cash
April 11, 2000 April 13, 2000 February 25, 2000 April 27, 2000 $.10 Cash
April 6, 1999 April 8, 1999 April 1, 1999 April 30, 1999 $.20 Cash
March 27, 1998 March 31, 1998 February 27, 1998 April 24, 1998 $.45 Cash
April 29, 1997 N/A N/A April 28, 1997 N/A 6-for-5 Stock Split
March 19, 1997 March 21, 1997 February 24, 1997 April 14, 1997 $.50 Cash
April 19, 1996 April 12, 1996 April 9, 1996 April 18, 1996 N/A 17.50% Stock Distribution
March 27, 1996 March 29, 1996 March 25, 1996 April 12, 1996 $.55 Cash

1Note: The dividend was paid in US Dollars using the weighted exchange rate of S/3.2929 per US Dollar registered by the Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for the transactions at the close of business on May 9th, 2018. Therefore the dividend paid per share was US$4.3040 per share.

2Note: The dividend was paid in US Dollars using the weighted exchange rate of S/3.2400 per US Dollar registered by the Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for the transactions at the close of business on November 22nd, 2017. Therefore the dividend paid per share was US$4.8457 per share.

3 Note: The dividend was paid in US Dollars using the weighted exchange rate of S/3.2873 per US Dollar registered by the Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for the transactions at the close of business on May 10th, 2017. Therefore the dividend paid per share was US$3.7376 per share.