CREDICORP LTD.
SEPARATE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022
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CREDICORP LTD.
SEPARATE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2023 AND 2022
CONTENTS | Pages |
Independent auditor's report | 3 - 6 |
Separate statement of financial position | 7 |
Separate statement of income | 8 |
Separate statement of comprehensive income | 9 |
Separate statement of changes in equity | 10 |
Separate statement of cash flows | 11 - 12 |
Notes to the separate financial statements | 13 - 44 |
US$, U.S. dollars = United States Dollar
S/ | = Sol |
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Tanaka, Valdivia & Asociados
Sociedad Civil de R.L
Report of the Independent Auditors
To the Shareholders and Directors of Credicorp Ltd.
Opinion
We have audited the separate financial statements of Credicorp Ltd. (hereinafter "the Company"), which comprise the separate statement of financial position as of December 31, 2023, and the separate statements of income, comprehensive income, changes in equity and cash flows for the year then ended; as well as the explanatory notes to the separate financial statements, which include a summary of material accounting policies.
In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Company as of December 31, 2023, as well as its separate financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board.
Basis for opinion
We conduct our audit in accordance with the International Standards on Auditing (ISAs) approved for application in Peru by the Board of Deans of Associations of Public Accountants of Peru. Our responsibilities under these standards are described in more detail in the Auditor's responsibilities for the audit of the separate financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics for Accounting Professionals of the International Ethical Standards Council for Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Peru, and we have complied with our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained provides a sufficient and adequate basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. We have determined that there are no key audit matters to communicate in our report.
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Lima | Lima II |
Av. Víctor Andrés | Av. Jorge Basadre 330 |
Belaunde 171 | San Isidro |
San Isidro | Tel: +51 (1) 411 4444 |
Tel: +51 (1) 411 4444 |
Arequipa | Trujillo |
Av. Bolognesi 407 | Av. El Golf 591 Urb. Del Golf III |
Yanahuara | Víctor Larco Herrera 13009, |
Tel: +51 (54) 484 470 | Sede Miguel Ángel Quijano Doig |
La Libertad | |
Tel: +51 (44) 608 830 |
Inscrita en la partida 11396556 del Registro de Personas Jurídicas de Lima y Callao Miembro de Ernst & Young Global
Report of the Independent Auditors (continued)
Other Matter
The separate financial statements as of and for the year ended December 31, 2022, were audited by other independent auditors, who expressed an unchanged opinion.
The separate financial statements of Credicorp Ltd. have been prepared in compliance with the current legal requirements in Peru for the presentation of financial information, as indicated in note
2. These separate financial statements should be read together with the consolidated financial statements of Credicorp Ltd. and Subsidiaries as of December 31, 2023, which are prepared and presented separately.
Other information included in the Company's 2023 Annual Report
Other information consists of the information included in the Annual Report, other than the separate financial statements and our audit report thereon. Management is responsible for the other information.
Our opinion on the separate financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the separate financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the separate financial statements or our knowledge gained in the audit or whether it otherwise appears to be materially misstated. If, based on the work we have done, we conclude that there is a material error in this other information, we are obliged to report that fact. We have nothing to report in this regard.
Responsibilities of the Company's management and those charged with corporate governance for the separate financial statements
Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with IFRSs, and for such internal control as Management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing as appropriate matters relating to the going concern and using the going concern's accounting basis, unless Management intends to liquidate the Company or cease operations, or have no realistic alternative to doing so.
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Report of the Independent Auditors (continued)
Those responsible for the Company's corporate governance are responsible for overseeing the Company's financial reporting process.
Auditor's responsibilities for the audit of the separate financial statements
Our objectives are to obtain reasonable assurance as to whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report that includes our opinion. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements may arise due to fraud or error and are considered material if, individually or cumulatively, you could reasonably expect them to influence the economic decisions that users make based on the separate financial statements.
As part of an audit in accordance with the International Standards on Auditing (ISAs) approved for application in Peru by the Board of Deans of Associations of Public Accountants of Peru, we exercise professional judgment and maintain professional skepticism throughout the audit. Also:
- We identify and evaluate the risks of material misstatement in the separate financial statements, whether due to fraud or error, design and execute audit procedures that respond to those risks, and obtain audit evidence that is sufficient and appropriate to provide us with a basis for our opinion. The risk of not detecting a material misstatement due to fraud is greater than that resulting from an error, as fraud may involve collusion, falsification, intentional omissions, misrepresentations, or overstepping the internal control system.
- We obtained 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 Company's internal control.
- We evaluate the adequacy of the accounting policies used, the reasonableness of the accounting estimates and the respective disclosures made by management.
- We conclude on the adequacy of Management's use of the going concern accounting basis and, based on the audit evidence obtained, whether there is material uncertainty related to events or conditions that may raise significant doubts about the Company's ability to continue as a going concern. If we conclude that there is a material uncertainty, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. The findings are based on the audit evidence obtained to date from our audit report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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Report of the Independent Auditors (continued)
- We evaluate the overall presentation, structure, content of the separate financial statements, including disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves a fair presentation.
We communicate to those charged for the Company's corporate governance, among other matters, the planned scope and timing of the audit, the significant findings of the audit, as well as any significant internal control deficiencies identified in the course of the audit.
We also provide those charged for the Company's corporate governance with a statement that we have complied with relevant ethical requirements in relation to independence and have communicated to them about all relationships and other matters that could reasonably affect our independence and, as appropriate, including the respective safeguards.
Among the matters that have been the subject of communication with those responsible for the Company's corporate governance, we have identified those that have been of the greatest significance in the audit of the separate financial statements for the current period and, therefore, are the key audit matters. We have described such matters in our audit report unless legal or regulatory provisions prohibit public disclosure of the matter or, in extremely rare circumstances, we determine that a matter should not be disclosed in our report because it would reasonably be expected that the adverse consequences of doing so would outweigh the public interest benefits of the report.
Lima, Peru
February 29, 2024
Endorsed by:
_______________________
Victor Tanaka Partner-in-Charge
C.P.C.C. Registration No. 25613
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CREDICORP LTD.
SEPARATE STATEMENT OF FINANCIAL POSITION
Assets
Cash and cash equivalents Investment:
At fair value through profit or loss At fair value through other
.comprehensive income In subsidiaries
At amortized cost
Other assets
At December 31, | ||||||
Note | 2023 | 2022 | ||||
S/000 | S/000 | |||||
Liabilities | ||||||
4 | Due to banks, correspondents and | |||||
529,773 | 136,399 | .other entities | ||||
Bonds and notes issued | ||||||
5 | (a) | 501,026 | 958,939 | Other liabilities | ||
5 | (b) | 1,418,293 | 306,343 | Total liabilities | ||
5 | (c) | 36,150,565 | 33,878,318 | |||
5 | (d) | 166,977 | - | Equity | ||
Capital stock | ||||||
99 | 135 | Capital surplus | ||||
Reserve | ||||||
Unrealized results | ||||||
Retained earnings | ||||||
Total equity |
At December 31, | ||||
Note | 2023 | 2022 | ||
S/000 | S/000 |
30,866 | - | ||
6 | 1,798,858 | 1,898,066 | |
7 | 255,707 | 220,642 | |
2,085,431 | 2,118,708 | ||
8 | |||
1,318,993 | 1,318,993 | ||
384,542 | 384,542 | ||
25,905,526 | 23,300,350 | ||
68,056 | (835,079) | ||
9,004,185 | 8,992,620 | ||
36,681,302 | 33,161,426 |
TOTAL ASSETS | 38,766,733 | 35,280,134 | TOTAL LIABILITIES AND EQUITY | |
The accompanying notes are an integral part of these separated financial statements.
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38,766,733 | 35,280,134 | |
CREDICORP LTD.
SEPARATE STATEMENT OF INCOME
Note | |
Income | |
Net share of the income from investments in | |
subsidiaries and associates | 5(c) |
Interest and similar income | |
Net gain on financial assets at fair value | |
through profit or loss | 5(a) |
Expenses | |
Administrative and general expenses | |
Operating income | |
Interest and similar expenses | |
Exchange differences, net | |
Other, net | |
Profit before income tax | |
Income tax on dividends received | 9 |
Net income |
For the year ended
December 31,
20232022
S/000S/000
5,439,451 5,156,494
10,8958,701
67,652 (43,099)
(25,362) (23,205)
5,492,636 5,098,891
(56,276) (68,134)
(1,549) (3,513)
2,977556
(54,848) (71,091)
5,437,788 5,027,800
(209,238) (168,290)
5,228,550 4,859,510
The accompanying notes are an integral part of these separated financial statements.
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CREDICORP LTD.
SEPARATE STATEMENT OF COMPREHENSIVE INCOME
Note | |
Net profit for the year | |
Other comprehensive income: | |
Net gain (loss) on investments at fair value | |
through other comprehensive income | |
Income tax | |
Unrealized gain (loss) of subsidiaries | 5(c) |
Exchange differences on translation of | |
foreign operations | 5(c) |
Net movement in hedges of net | |
investments in foreign businesses | 6 |
Other comprehensive income for the year, net of income tax
Net income from comprehensive income
For the year ended
December 31,
20232022
S/000S/000
5,228,550 4,859,510
1,051 (39,901)
31,993
1,054 (37,908)
930,137 (805,815)
930,137 (805,815)
(47,007) (93,103)
18,95139,584
(28,056) (53,519)
903,135 (897,242)
6,131,685 3,962,268
The accompanying notes are an integral part of these separated financial statements.
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CREDICORP LTD.
SEPARATE STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
Number of | Capital | Treasury | Capital | Unrealized | Retained | ||||||||||
shares | stock | stock | surplus | Reserves | results | earnings | Total | ||||||||
S/000 | S/000 | S/000 | S/000 | S/000 | S/000 | S/000 | |||||||||
Balances at January 1, 2022 | 94,382,317 | 1,318,993 | - | 384,542 | 20,945,491 | 62,163 | 7,894,397 | 30,605,586 | |||||||
Net income | - | - | - | - | - | - | 4,859,510 | 4,859,510 | |||||||
Other comprehensive income | - | - | - | - | - | (897,242) | - | (897,242) | |||||||
Total comprehensive income | - | - | - | - | - | (897,242) | 4,859,510 | 3,962,268 | |||||||
Dividend distribution, Note 8(c) | - | - | - | - | - | - | (1,415,734) | (1,415,734) | |||||||
Transfer to legal reserve, Note 8(b) | - | - | - | - | 2,354,859 | - | (2,354,859) | - | |||||||
Others | - | - | - | - | - | - | 9,306 | 9,306 | |||||||
Balances at December 31, 2022 | 94,382,317 | 1,318,993 | - | 384,542 | 23,300,350 | (835,079) | 8,992,620 | 33,161,426 | |||||||
Net income | - | - | - | - | - | - | 5,228,550 | 5,228,550 | |||||||
Other comprehensive income | - | - | - | - | - | 903,135 | - | 903,135 | |||||||
Total comprehensive income | - | - | - | - | - | 903,135 | 5,228,550 | 6,131,685 | |||||||
Dividend distribution, Note 8(c) | - | - | - | - | - | - | (2,359,558) | (2,359,558) | |||||||
Transfer to legal reserve, Note 8(b) | - | - | - | - | 2,593,598 | - | (2,593,598) | - | |||||||
Others | - | - | - | - | 11,578 | - | (263,829) | (252,251) | |||||||
Balances at December 31,2023 | 94,382,317 | 1,318,993 | - | 384,542 | 25,905,526 | 68,056 | 9,004,185 | 36,681,302 | |||||||
The accompanying notes are an integral part of these separated financial statements.
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Credicorp Ltd. published this content on 29 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 17:59:06 UTC.