CREDICORP LTD. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2021, AND DECEMBER 31, 2020
AND FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2021 AND 2020
Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada.
Av. Santo Toribio 143, Piso 7, San Isidro, Lima, Perú T: +51 (1) 211 6500, F: +51 (1) 211-6565www.pwc.pe
CREDICORP LTD. AND SUBSIDIARIES
Interim condensed consolidated financial statements as of March 31, 2021 and December 31, 2020 and for the three-month period ended March 31, 2021 and 2020
CONTENT | Pages |
Report on review of interim condensed consolidated financial statements | 1 |
Interim condensed consolidated statement of financial position | 2 |
Interim condensed consolidated statement of income | 3 - 4 |
Interim condensed consolidated statement of comprehensive income | 5 |
Interim condensed consolidated statement of changes in net equity | 6 |
Interim condensed consolidated statement of cash flows | 7 - 9 |
Notes to the interim condensed consolidated financial statements | 10 - 132 |
US$ = United States dollar
S/ = Sol
Report on review of interim financial statements
To the Shareholders
Credicorp Ltd. and subsidiaries
May 28, 2021
We have reviewed the accompanying interim condensed consolidated statement of financial position of Credicorp Ltd. and subsidiaries (the Company) as at March 31, 2021 and the related interim condensed consolidated statements of income, comprehensive income, changes in net equity and cash flows for the three-month period ended March 31, 2021, and notes, comprising a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of this interim condensed consolidated financial statements in accordance with International Accounting Standard 34, 'Interim financial reporting'. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim financial reporting'.
Emphasis of Matter
We draw attention to Note 2 b) to the interim condensed consolidated financial statements, which describes that Credicorp Ltd. and subsidiaries has contemplated the potential impact that the COVID-19 could have on its operations and has considered its effect on the financial statements. The actions taken by the Company to mitigate these effects are described in the referred Note 2 b). Our conclusion is not modified in respect of this matter.
Countersigned by
---------------------------------------------------(partner)
Carlos González González
Certified Public Accountant Registration No. 50403
Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada.
Av. Santo Toribio 143, Piso 7, San Isidro, Lima, Perú T: +51 (1) 211 6500, F: +51 (1) 211-6550www.pwc.pe
Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada es una firma miembro de la red global de PricewaterhouseCoopers International Limited (PwCIL). Cada una de las firmas es una entidad legal separada e independiente que no actúa en nombre de PwCIL ni de cualquier otra firma miembro de la red. Inscrita en la Partida No. 11028527, Registro de Personas Jurídicas de Lima y Callao
CREDICORP LTD. AND SUBSIDIARIES
Interim condensed consolidated statement of financial position
As of March 31, 2021 and December 31, 2020
As of March 31, | As of December | As of March 31, | As of December | ||||
Note 2021 | 31, 2020 | Note | 2021 | 31, 2020 | |||
S/(000) | S/(000) | S/(000) | S/(000) | ||||
Assets | Liabilities |
Cash and due from banks:
Non-interest-bearing
Interest-bearing
Cash collateral, reverse repurchase agreements and securities borrowing
Investments:
At fair value through profit or loss
At fair value through other comprehensive income At fair value through other comprehensive income
pledged as collateral
Deposits and obligations: | ||||
7,281,695 | 8,176,612 | Non-interest-bearing | ||
31,895,249 | 28,576,382 | Interest-bearing | ||
4 | 39,176,944 | 36,752,994 | ||
Payables from repurchase agreements and securities lending | ||||
5(a) | 1,769,690 | 2,394,302 | Due to banks and correspondents | |
Banker's acceptances outstanding | ||||
Accounts payable to reinsurers | ||||
6(a) | 8,083,128 | 6,467,471 | Lease liabilities | |
Financial liabilities at fair value through profit or loss | ||||
45,006,739 | 42,746,061 | Technical reserves for insurance claims and premiums | ||
Bonds and notes issued | ||||
675,230 | 997,828 | Deferred tax liabilities, net | ||
6(b) | 45,681,969 | 43,743,889 | Other liabilities |
Total liabilities
14 | |||
48,469,215 | 47,623,119 | ||
100,157,124 | 94,742,383 | ||
148,626,339 | 142,365,502 | ||
5(b) | 26,657,010 | 27,923,617 | |
15 | 5,305,933 | 5,978,257 | |
532,584 | 455,343 | ||
9(b) | 290,866 | 338,446 | |
12(b) | 728,962 | 750,578 | |
772,385 | 561,602 | ||
16 | 11,809,694 | 11,675,076 | |
17 | 17,863,198 | 16,319,407 | |
115,754 | 105,529 | ||
13 | 6,481,716 | 5,487,159 | |
219,184,441 | 211,960,516 |
Amortized cost | 2,830,262 | 2,196,220 | |||||||
Amortized cost pledged as collateral | 2,817,373 | 2,766,162 | |||||||
6(c) | 5,647,635 | 4,962,382 | |||||||
Equity, net | 18 | ||||||||
Loans, net: | 7 | Equity attributable to Credicorp's equity holders: | |||||||
Loans, net of unearned income | 137,031,239 | 137,659,885 | Capital stock | 1,318,993 | 1,318,993 | ||||
Allowance for loan losses | (9,744,298) | (9,898,760) | Treasury stock | (207,840) | (208,433) | ||||
127,286,941 | 127,761,125 | Capital surplus | 224,591 | 192,625 | |||||
Reserves | 21,707,166 | 21,429,635 | |||||||
Financial assets designated at fair value through profit or loss | 8 | 888,420 | 823,270 | Other reserves | 840,581 | 1,865,898 | |||
Premiums and other policies receivable | 9(a) | 827,807 | 937,223 | Retained earnings (losses) | 646,467 | 347,152 | |||
Accounts receivable from reinsurers and coinsurers | 9(b) | 981,379 | 919,419 | 24,529,958 | 24,945,870 | ||||
Property, furniture and equipment, net | 10 | 1,335,459 | 1,374,875 | ||||||
Due from customers on acceptances | 532,584 | 455,343 | Non-controlling interest | 488,616 | 499,777 | ||||
Intangible assets and goodwill, net | 11 | 2,599,291 | 2,639,297 | Total equity, net | 25,018,574 | 25,445,647 | |||
Right-of-use assets, net | 12(a) | 661,401 | 702,928 | ||||||
Deferred tax assets, net | 1,675,432 | 1,693,655 | |||||||
Other assets | 13 | 7,054,935 | 5,777,990 | ||||||
Total assets | 244,203,015 | 237,406,163 | Total liabilities and net equity | 244,203,015 | 237,406,163 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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CREDICORP LTD. AND SUBSIDIARIES
Interim condensed consolidated statement of income
For the three-month period ended March 31, 2021 and 2020
For the three-month period ended | ||||
March 31, | ||||
2021 | 2020 | |||
S/(000) | S/(000) | |||
Interest and similar income | 22 | 2,816,073 | 3,163,609 | |
Interest and similar expenses | 22 | (692,690) | (784,082) | |
Net interest, similar income and expenses | 2,123,383 | 2,379,527 | ||
Provision for credit losses on loan portfolio | 7(c) | (622,982) | (1,388,711) | |
Recoveries of written-off loans | 65,335 | 47,230 | ||
Provision for credit losses on loan | ||||
portfolio, net of recoveries | (557,647) | (1,341,481) | ||
Net interest, similar income and expenses, | ||||
after provision for credit losses on loan | ||||
portfolio | 1,565,736 | 1,038,046 | ||
Other income | ||||
Commissions and fees | 23 | 830,771 | 760,329 | |
Net gain on foreign exchange transactions | 179,889 | 166,983 | ||
Net gain on securities | 24 | 45,692 | (101,408) | |
Net gain on derivatives held for trading | 69,723 | 35,430 | ||
Net gain from exchange differences | (5,536) | (20,849) | ||
Others | 29 | 73,991 | 117,770 | |
Total other income | 1,194,530 | 958,255 | ||
Insurance underwriting result | ||||
Net premiums earned | 25 | 643,928 | 627,935 | |
Net claims incurred for life, general and health | ||||
insurance contracts | 26 | (623,353) | (373,502) | |
Acquisition cost | (85,822) | (112,507) | ||
Total insurance underwriting result | (65,247) | 141,926 | ||
Other expenses | ||||
Salaries and employee benefits | 27 | (857,559) | (891,183) | |
Administrative expenses | 28 | (580,842) | (542,104) | |
Depreciation and amortization | (125,346) | (125,150) | ||
Depreciation for right-of-use assets | (41,419) | (44,809) | ||
Others | 29 | (75,105) | (176,060) | |
Total other expenses | (1,680,271) | (1,779,306) |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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Credicorp Ltd. published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 19:09:01 UTC.