$BAP

CREDICORP LTD

CIK:0001001290|SEC Filings

CONSOLIDATED STATEMENT OF INCOME - PEN (S/) S/ in Thousands	12 Months Ended
CONSOLIDATED STATEMENT OF INCOME - PEN (S/) S/ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Interest and similar income	S/ 19,930,169	S/ 19,869,256	S/ 18,798,495
Interest and similar expenses	(5,213,690)	(5,754,125)	(5,860,523)
Net interest, similar income and expenses	14,716,479	14,115,131	12,937,972
Provision for credit losses on loan portfolio	(2,873,454)	(3,943,301)	(3,957,143)
Recoveries of written-off loans	467,198	423,854	334,798
Provision for credit losses on loan portfolio, net of recoveries	(2,406,256)	(3,519,447)	(3,622,345)
Net interest, similar income and expenses, after provision for credit losses on loan portfolio	12,310,223	10,595,684	9,315,627
Other income
Commissions and fees	4,199,719	4,052,103	3,804,459
Net gain on foreign exchange transactions	1,542,318	1,359,805	886,126
Net gain on securities	400,686	362,295	425,144
Net gain on derivatives held for trading	51,917	156,195	53,665
Net exchange difference result	41,991	(41,058)	45,778
Others	584,648	514,779	440,653
Total other income	6,821,279	6,404,119	5,655,825
Insurance and reinsurance result
Insurance service result	1,848,025	1,693,617	1,602,421
Reinsurance result	(458,825)	(494,597)	(391,321)
Total insurance and reinsurance result	1,389,200	1,199,020	1,211,100
Medical services results
Total income	28,555,000	27,472,000	25,665,000
Other expenses
Salaries and employee benefits	(5,435,471)	(4,676,436)	(4,265,453)
Administrative expenses	(4,090,784)	(4,183,775)	(3,803,203)
Depreciation and amortization	(746,243)	(570,830)	(511,174)
Impairment loss on goodwill	0	(27,346)	(71,959)
Depreciation of right-of-use assets	(146,899)	(142,640)	(147,833)
Others	(568,386)	(773,269)	(534,601)
Total other expenses	(10,987,783)	(10,374,296)	(9,334,223)
Net result before income tax	9,947,553	7,824,527	6,848,329
Tax expense (income)	(2,864,899)	(2,201,275)	(1,888,451)
Net result after income tax	7,082,654	5,623,252	4,959,878
Attributable to:
Credicorp’s equity holders	6,925,377	5,501,254	4,865,540
Non-controlling interest	157,277	121,998	94,338
Net result after income tax	S/ 7,082,654	S/ 5,623,252	S/ 4,959,878
Net basic and dilutive earnings per share attributable to Credicorp’s equity holders (in soles):
Basic (in sol per share)	S/ 87.25	S/ 69.24	S/ 61.22
Diluted (in sol per share)	S/ 87.08	S/ 69.09	S/ 61.08
Medical Services
Medical services results
Total income	S/ 1,387,341	S/ 0	S/ 0
Cost of sales of medical services and medicines	(972,707)	0	0
Total medical services results	S/ 414,634	S/ 0	S/ 0

CONSOLIDATED STATEMENT OF CASH FLOWS S/ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 PEN (S/)	Dec. 31, 2024 PEN (S/)	Dec. 31, 2023 PEN (S/)
CASH AND CASH EQUIVALENTS FROM OPERATING ACTIVITIES
Net result after income tax	S/ 7,082,654	S/ 5,623,252	S/ 4,959,878
Adjustment to reconcile net profit to net cash arising from operating activities:
Provision for credit losses on loan portfolio	2,873,454	3,943,301	3,957,143
Depreciation and amortization	746,243	570,830	511,174
Depreciation of right-of-use assets	146,899	142,640	147,833
Depreciation of investment properties	8,803	9,098	8,115
Provision for sundry risks	149,651	315,214	95,873
Deferred income tax	(125,724)	(54,943)	(76,088)
Net gain on sale of securities	(400,686)	(362,295)	(425,144)
Impairment loss on goodwill	0	27,346	71,959
Net gain of trading derivatives	(51,917)	(156,195)	(53,665)
Net gain from sale of property, furniture and equipment	(37,636)	(68,037)	(1,654)
Net gain from sale of foreclosed assets	(30,139)	(27,172)	1,867
Expense for share-based payment transactions	149,037	104,848	83,328
Net gain from sale of loan portfolio	(1,778)	(21,295)	(83,515)
Intangible losses due to withdrawals and dismissed projects	79,335	131,142	96,978
Gain on remeasurement of previously held equity interest in Pacifico Entidad Prestadora de Salud	(235,490)	0	0
Others	65,027	145,492	3,005
Net (increase) decrease in assets:
Loans	(13,447,331)	(4,461,273)	(1,105,306)
Investments at fair value through profit or loss	(204,871)	412,376	(456,626)
Investments at fair value through other comprehensive income	1,459,872	(2,555,702)	(5,164,701)
Cash collateral, reverse repurchase agreements and securities borrowings	(1,251,363)	383,427	(330,448)
Sale of written off portfolio	7,320	55,230	239,599
Income taxes paid (refund), classified as operating activities	(1,577,175)	0	0
Other assets	(2,045,992)	(1,111,692)	520,331
Net increase (decrease) in liabilities
Deposits and obligations	17,248,164	13,286,449	2,271,524
Due to Banks and correspondents	379,613	(1,600,761)	3,455,502
Payables from repurchase agreements and securities lending	(704,293)	(1,111,676)	(2,790,671)
Bonds and notes issued	(4,054,938)	348,532	(2,213,122)
Short-term and low-value lease payments	(143,855)	(118,156)	(108,357)
Other liabilities	5,183,948	2,375,248	2,604,047
Net income for the period after the net change in assets and liabilities, and adjustments	11,266,832	16,225,228	6,218,859
Income tax paid	(2,660,631)	(1,703,135)	(2,139,140)
Net cash flow from operating activities	8,606,201	14,522,093	4,079,719
NET CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, furniture and equipment	160,264	98,223	53,152
Proceeds from sale of investment property	1,282	47,100	0
Collections for maturities and coupons of investment at amortized cost	859,930	1,740,670	1,245,434
Purchase of property, furniture and equipment	(284,710)	(310,144)	(322,371)
Purchase of investment property	(183,563)	(70,399)	(37,667)
Purchase of intangible assets	(983,971)	(801,290)	(828,803)
Purchase of investment at amortized cost	(255,185)	(176,601)	(1,359,245)
Acquisition of Pacifico EPS shares, net cash acquired	(727,180)	0	(5,564)
Termination of the Joint Venture Agreement	(180,000)	0	0
Net cash flows from investing activities	(1,593,133)	527,559	(1,255,064)
NET CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(3,181,454)	(3,664,648)	(1,994,037)
Dividends paid to non-controlling interest of subsidiaries	(120,855)	(106,777)	(62,051)
Principal payments of leasing contracts	(152,899)	(152,693)	(157,386)
Interest payments of leasing contracts	(37,169)	(22,828)	(25,574)
Purchase of treasury stock	(119,251)	(110,894)	(85,575)
Purchase of non-controlling interest of subsidiaries	(17,925)	(36,781)	(1,773)
Subordinated bonds, net	1,791,983	2,284,200	62,044
Net cash flows from financing activities	(1,837,570)	(1,810,421)	(2,264,352)
Net increase of cash and cash equivalents before effect of changes in exchange rate	5,175,498	13,239,231	560,303
Effect of changes in exchange rate of cash and cash equivalents	(3,771,899)	410,258	(760,651)
Cash and cash equivalents at the beginning of the period	47,570,103	33,920,614	34,120,962
Cash and cash equivalents at the end of the period	48,973,702	47,570,103	33,920,614
Additional information
Interest received	19,973,931	19,896,077	18,658,791
Interest paid	S/ (5,160,077)	S/ (5,852,580)	S/ (5,080,522)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION S/ in Thousands, $ in Thousands	Dec. 31, 2025 PEN (S/)	Dec. 31, 2024 PEN (S/)
Cash and due from banks:
Non-interest-bearing	S/ 7,649,640	S/ 7,535,259
Interest-bearing	41,394,817	40,119,937
Total cash	49,044,457	47,655,196
Cash collateral, reverse repurchase agreements and securities borrowing	2,177,200	1,033,177
Investments:
At fair value through profit or loss	4,957,236	4,715,343
At fair value through other comprehensive income	33,043,160	34,208,187
At fair value through other comprehensive income pledged as collateral	5,990,889	5,934,451
Total	39,034,049	40,142,638
Amortized cost	8,490,126	7,904,517
Amortized cost pledged as collateral	323,531	1,063,360
Total investments at amortized cost, net	8,813,657	8,967,877
Loans, net:
Loans, net of unearned income	149,984,954	145,732,273
Allowance for loan losses	(7,669,950)	(7,994,977)
Total loans, net	142,315,004	137,737,296
Financial assets designated at fair value through profit or loss	992,429	932,734
Reinsurance contract assets	708,560	841,170
Property, furniture and equipment, net	2,069,017	1,438,609
Due from customers on banker’s acceptances	345,906	528,184
Intangible assets and goodwill, net	4,764,394	3,289,157
Right-of-use assets, net	603,441	402,538
Deferred tax assets, net	1,391,636	1,170,866
Other assets	10,145,547	7,234,155
Total assets	267,362,533	256,088,940
Deposits and obligations:
Non-interest-bearing	52,217,286	47,160,191
Interest-bearing	118,184,347	114,681,875
Total	170,401,633	161,842,066
Payables from repurchase agreements and securities lending	8,243,787	9,060,710
Due to banks and correspondents	10,675,238	10,754,385
Due from customers on banker’s acceptances	345,906	528,184
Lease liabilities	612,259	404,817
Financial liabilities at fair value through profit or loss	1,055,893	151,485
Insurance contract liability	14,264,155	13,422,285
Bonds and notes issued	14,025,535	17,268,443
Deferred tax liabilities, net	376,939	59,025
Other liabilities	8,265,079	7,620,306
Total liabilities	228,266,424	221,111,706
Equity attributable to Credicorp’s equity holders:
Capital stock	1,318,993	1,318,993
Treasury stock	(209,845)	(208,879)
Capital surplus	148,729	176,307
Reserves	29,648,582	27,202,665
Other Reserves	544,767	214,627
Retained earnings	6,915,724	5,642,738
Total equity attributable to owners of parent	38,366,950	34,346,451
Non-controlling interest	729,159	630,783
Total equity	39,096,109	34,977,234
Total liabilities and equity	S/ 267,362,533	S/ 256,088,940