CREDICORP LTD. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021, AND DECEMBER 31, 2020

AND FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 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 June 30, 2021 and December 31, 2020 and for the three and six-month periods ended June 30, 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

11 - 144

US$ = United States dollar

S/ = Sol

Report on review of interim financial statements

To the Shareholders

Credicorp Ltd. and subsidiaries

August 24, 2021

We have reviewed the accompanying interim condensed consolidated statement of financial position of Credicorp Ltd. and subsidiaries (the Company) as of June 30, 2021 and the related interim condensed consolidated statements of income and comprehensive income for the three-month and six-month periods then ended, changes in net equity and cash flows for the six-month period ended June 30, 2021, and notes, comprising a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of this condensed consolidated interim 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 financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim financial reporting'.

Countersigned by

--------------------------------------(partner)

Carlos González González

Peruvian Public Accounting 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 June 30, 2021 (unaudited) and December 31, 2020 (audited)

As of June 30,

As of December

As of June 30,

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

8,883,164

8,176,612

Interest-bearing

29,075,474

28,576,382

4

37,958,638

36,752,994

Cash collateral, reverse repurchase agreements and

securities borrowing

5(a)

1,616,654

2,394,302

Investments:

At fair value through profit or loss

6(a)

6,791,288

6,467,471

At fair value through other comprehensive income

38,714,699

42,746,061

At fair value through other comprehensive income

pledged as collateral

1,558,701

997,828

6(b)

40,273,400

43,743,889

Deposits and obligations:

14

Non-interest-bearing

52,879,988

47,623,119

Interest-bearing

96,281,815

94,742,383

149,161,803

142,365,502

Payables from repurchase agreements and securities lending

5(b)

25,963,227

27,923,617

Due to banks and correspondents

15

6,239,161

5,978,257

Banker's acceptances outstanding

558,934

455,343

Accounts payable to reinsurers

9(b)

317,185

338,446

Lease liabilities

12(b)

706,218

750,578

Financial liabilities at fair value through profit or loss

313,256

561,602

Technical reserves for insurance claims and premiums

16

12,157,217

11,675,076

Bonds and notes issued

17

16,951,481

16,319,407

Deferred tax liabilities, net

134,208

105,529

Other liabilities

13

6,948,612

5,487,159

Total liabilities

219,451,302

211,960,516

Amortized cost

5,776,864

2,196,220

Amortized cost pledged as collateral

1,931,092

2,766,162

6(c)

7,707,956

4,962,382

Equity, net

18

Loans, net:

7

Equity attributable to Credicorp's equity holders:

Loans, net of unearned income

143,091,752

137,659,885

Capital stock

1,318,993

1,318,993

Allowance for loan losses

(9,391,151)

(9,898,760)

Treasury stock

(207,756)

(208,433)

133,700,601

127,761,125

Capital surplus

224,103

192,625

Reserves

21,725,663

21,429,635

Financial assets designated at fair value through profit or loss

8

921,851

823,270

Other reserves

677,159

1,865,898

Premiums and other policies receivable

9(a)

780,824

937,223

Retained earnings (losses)

1,335,544

347,152

Accounts receivable from reinsurers and coinsurers

9(b)

1,043,042

919,419

25,073,706

24,945,870

Property, furniture and equipment, net

10

1,312,264

1,374,875

Due from customers on acceptances

558,934

455,343

Non-controlling interest

503,222

499,777

Intangible assets and goodwill, net

11

2,647,676

2,639,297

Total equity, net

25,576,928

25,445,647

Right-of-use assets, net

12(a)

631,863

702,928

Deferred tax assets, net

1,646,679

1,693,655

Other assets

13

7,436,560

5,777,990

Total assets

245,028,230

237,406,163

Total liabilities and net equity

245,028,230

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 and six-month periods ended June 30, 2021 and 2020 (unaudited)

For the three-month

period ended June 30,

2021 and 2020 (unaudited)

2021

2020

S/(000)

S/(000)

Interest and similar income

22

2,891,579

2,727,369

Interest and similar expenses

22

(582,537)

(766,019)

Net interest, similar income and expenses

2,309,042

1,961,350

Provision for credit losses on loan portfolio

7(c)

(441,007)

(2,557,658)

Recoveries of written-off loans

77,627

17,201

Provision for credit losses on loan

portfolio, net of recoveries

(363,380)

(2,540,457)

Net interest, similar income and expenses,

after provision for credit losses on loan

portfolio

1,945,662

(579,107)

Other income

Commissions and fees

23

862,411

503,488

Net gain on foreign exchange transactions

232,668

149,308

Net (loss) gain on securities

24

(57,645)

295,469

Net gain on derivatives held for trading

45,413

8,358

Net gain from exchange differences

45,924

23,845

Others

29

62,923

35,195

Total other income

1,191,694

1,015,663

Insurance underwriting result

Net premiums earned

25

639,944

552,061

Net claims incurred for life, general and health

insurance contracts

26

(691,335)

(328,783)

Acquisition cost

(84,944)

(87,598)

Total insurance underwriting result

(136,335)

135,680

Other expenses

Salaries and employee benefits

27

(882,177)

(825,997)

Administrative expenses

28

(672,805)

(510,694)

Depreciation and amortization

(123,956)

(123,375)

Depreciation for right-of-use assets

(39,913)

(45,935)

Others

29

(141,596)

(122,397)

Total other expenses

(1,860,447)

(1,628,398)

For the six-month period ended June 30, 2021 and 2020 (unaudited)

20212020

S/(000) S/(000)

5,707,652 5,890,978

(1,275,227) (1,550,101)

4,432,425 4,340,877

(1,063,989) (3,946,369)

142,962 64,431

(921,027) (3,881,938)

3,511,398 458,939

1,693,182 1,263,817

412,557 316,291

(11,953) 194,061

115,136 43,788

40,3882,996

136,914 152,965

2,386,224 1,973,918

1,283,872 1,179,996

(1,314,688) (702,285)

(170,766) (200,105)

(201,582) 277,606

(1,739,736) (1,717,180)

(1,253,647) (1,052,798)

(249,302) (248,525)

(81,332) (90,744)

(216,701) (298,457)

(3,540,718) (3,407,704)

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 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2021 16:10:01 UTC.