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.

- 2 -

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.

- 3 -

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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.