Credicorp Ltd. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Credicorp Ltd. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations.</b>

AI Summary

CREDICORP LTD (BAP) filed a Foreign Annual Report (20-F) with the SEC on April 24, 2024. Credicorp Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing was made on April 24, 2024. The company's Central Index Key is 0001001290. The filing covers the fiscal year ending December 31, 2023. Credicorp Ltd. is classified under SIC code 6029 (Commercial Banks, NEC).

Why It Matters

For investors and stakeholders tracking CREDICORP LTD, this filing contains several important signals. This filing provides a comprehensive overview of Credicorp's financial health and strategic direction for investors and analysts. As a significant financial institution, Credicorp's annual report offers insights into the broader economic conditions and regulatory landscape of its operating regions.

Risk Assessment

Risk Level: — CREDICORP LTD shows moderate risk based on this filing. The filing is a standard annual report (20-F) for a publicly traded company, which inherently carries risks related to financial reporting and market conditions, but does not indicate any immediate or severe issues.

Analyst Insight

Review the detailed financial statements and management discussion within the 20-F filing to assess Credicorp's performance and outlook for the upcoming year.

Key Players & Entities

• CREDICORP LTD (company) — COMPANY CONFORMED NAME
• 0001001290 (company) — CENTRAL INDEX KEY
• 6029 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-04-24 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

Credicorp Ltd. operates within the commercial banking sector, as indicated by its SIC code. This sector is subject to various economic and regulatory factors.

Regulatory Implications

As a financial institution, Credicorp is subject to regulations from the SEC and potentially other financial authorities in its operating jurisdictions.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Examine the risk factors section for potential challenges and mitigation strategies.
3. Review management's discussion and analysis for strategic priorities and outlook.

Key Dates

• 2024-04-24: Filing Date — Submission of the 2023 annual report on Form 20-F.
• 2023-12-31: Fiscal Year End — Period covered by the annual report.

Year-Over-Year Comparison

This filing represents the annual update for the fiscal year 2023, following previous filings which would have covered prior periods.

Key Financial Figures

• $5.00 — ch registered Common Shares, par value $5.00 per share BAP New York Stock Exchan
• $ — S. Dollar United States currency (also $, US$, Dollars or U.S. Dollars) USA Un
• $1 — ounts at an exchange rate of S/3.709= US$1.00, which is the December 31, 2023 exch

Filing Documents

• ef20018743_20f.htm (20-F) — 22658KB
• ef20018743_ex12-1.htm (EX-12.1) — 10KB
• ef20018743_ex12-2.htm (EX-12.2) — 11KB
• ef20018743_ex13-1.htm (EX-13.1) — 5KB
• ef20018743_ex13-2.htm (EX-13.2) — 5KB
• ef20018743_ex16-1.htm (EX-16.1) — 3KB
• ef20018743_ex97.htm (EX-97) — 15KB
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• 0001140361-24-021786.txt (&nbsp;) — 94109KB
• bap-20231231.xsd (EX-101.SCH) — 363KB
• bap-20231231_cal.xml (EX-101.CAL) — 264KB
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• bap-20231231_lab.xml (EX-101.LAB) — 3562KB
• bap-20231231_pre.xml (EX-101.PRE) — 1953KB
• ef20018743_20f_htm.xml (XML) — 25287KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No CONTENT CONTENT 2 PRESENTATION OF FINANCIAL INFORMATION 10 CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS 12 PART I 14

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 14

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 14

KEY INFORMATION

ITEM 3. KEY INFORMATION 14 3. A Selected Financial Data 14 3. B Capitalization and Indebtedness 17 3. C Reasons for the Offer and Use of Proceeds 17 3. D Risk Factors 17 Macroeconomic Risks 19 Legal and Regulatory Risks 31 Industry and Market Risks 37 Business Performance Risks 42 Operational Risks 46 Environmental, Social and Governance Risks 47

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 49 4. A History and development of the Company 49 4. B Business Overview 53 (1) Credicorp Overview 53 (2) Lines of Business (LoBs) 65 2.1 Universal Banking 65 2.2 Microfinance 84 2.3 Insurance & Pensions 87 2.4 Investment Management and Advisory 90 (3) Corporate compliance and ethics 94 (4) Internal Audit 99 (5) Competition 102 5.1 Universal Banking 102 5.2 Microfinance 105 5.3 Insurance & Pensions 109 5.4 Investment Management and Advisory 112 (6) Supervision and regulation 113 6.1 Credicorp 113 6.2 Subsidiaries 123 (7) Selected statistical information 154 7.1 Average statements of financial position. Income from interest-earning assets and interest paid on interest-bearing liabilities 154 7.2 Investment portfolio 159 7.3 Loan portfolio 164 7.4 Deposits 177 4. C Organizational structure 179 4. D Property, plants, and equipment 179

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 179

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 180 5. A Operating results 180 (1) Management Discussion and Analysis 180 (2) Political and Macroeconomic Environment 184 (3) Material accounting policies 194 (4) Historical Discussion and Analysis 203 (5) Financial Position 214 (6) Lines of Business (LoBs) 223 5. B Liquidity and Capital Resources 237 2 5. C Research and Development, Patents and Licenses, Etc. 248 5. D Trend Information 249 5.E Critical accounting estimates 251

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 252 6. A Directors and Senior Management 252 6. B Compensation 263 6. C Board Practices 265 6. D Employees 270 6. E Share Ownership 271 6. F Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 271

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 272 7. A Major Shareholders 272 7. B Related Party Transactions 272 7. C Interests of Experts and Counsel 276

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 276 8. A Consolidated Statements and Other Financial Information 276 8. B Significant changes 279

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 279 9. A Offer and Listing Details 279 9. B Plan of Distribution 279 9. C Markets 280 9. D Selling Shareholders 282 9. E Dilution 282 9. F Expenses of the Issue 282

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 282 10. A Share Capital 282 10. B Memorandum of Association and Bye-laws 282 10. C Material Contracts 286 10. D Exchange Controls 286 10. E Taxation 287 10. F Dividends and Paying Agents 297 10. G Statement by Experts 297 10. H Documents on Display 297 10.I Subsidiary Information 297

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT 297 11.1 Risk Management Governance 298 11.2 Risk Management Structure 300 11.3 Risk Appetite 302 11.4 Managed Risks 303 a) Credit Risk 303 b) Non-Financial Risk 309 c) Market and Liquidity Risk 310 d) Model Risk 323 e) Risk in Insurance Activity and Operational Risk 324

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 324 PART II 325

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 325 13. A Material Defaults 325 13. B Dividend Arrearages and Delinquencies 325

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 325

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 325 15. A Disclosure Controls and Procedures 325 15. B Management's Annual Report on Internal Control over Financial Reporting 325 15. C Attestation Report of Independent Registered Public Accounting Firm 326 3 15. D Changes in Internal Control over Financial Reporting 328

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 328

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 329

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 329

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 332

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 332

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 332

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 333 16G. A The New York Stock Exchange – Corporate Governance 333 16G. B Bermuda law – Corporate Governance 341 16G. C Peruvian Law – Corporate Governance 344

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 344

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 344

CYBERSECURITY

ITEM 16K. CYBERSECURITY 344 PART III 346

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 346

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 346

EXHIBITS

ITEM 19. EXHIBITS 347 4 Table of Contents ABBREVIATIONS Abbreviations Meaning AFP Administradora de Fondo de Pensiones or Private Pension Funds Administrators AI Artificial Inteligence ALCO Asset and Liabilities Committee ALM Asset and Liabilities Management AML Anti-Money Laundering AMV Autorregulador del Mercado de Valores de Colombia or Colombia's Stock Market Self-regulator ANPDP Autoridad Nacional de Proteccin de Datos Personales del Peru or National Authority for the Protection of Personal Data of Peru APS Autoridad de Fiscalizacin y Control de Pensiones y Seguros de Bolivia or Supervision and Control Authority for Pensions and Insurance of Bolivia ARRC Alternative Reference Rates Committee ASB Atlantic Security Bank, currently ASB Bank Corp. ASBANC Asociacin de Bancos del Peru or Association of Banks of Peru ASFI Autoridad Supervisora del Sistema Financiero or Financial System Supervisory Authority – Bolivia ASHC Atlantic Security Holding Corporation ASOMIF Asociacin de Instituciones de Microfinanzas del Peru or Association of Microfinance Institutions of Peru ATM Automated Teller Machine (cash machine) Bancompartir Banco Compartir S.A. , now Mibanco Colombia BCB Banco Central de Bolivia or Bolivian Central Bank BCCh Banco Central de Chile or Chilean Central Bank BCM Business Continuity Management BCP Bolivia Banco de Crdito de Bolivia S.A. BCP Consolidated BCP Consolidated includes BCP Stand-alone, Mibanco and Solucin Empresa Administradora Hipotecaria BCP Miami Banco de Crdito del Peru , Miami Agency BCP Panama Banco de Crdito del Peru , Panama Branch BCP Stand-alone Banco de Crdito del Peru including BCP Panama (Panama Branch) and BCP Miami (Miami Agency), but excluding subsidiaries BCRP Banco Central de Reserva del Peru or Peruvian Central Bank BLMIS Bernard L. Madoff Investment Securities LLC. BOB Bolivianos – Bolivian Currency Bps Basis Points BVL Bolsa de Valores de Lima or Lima Stock

View Full Filing

View this 20-F filing on SEC EDGAR