Credicorp : 3Q22 Interim Financial Statement

BANCO DE CREDITO DEL PERU S.A. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021 AND FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2022 AND 2021

Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada.

Av. Santo Toribio 143, Piso 7, San Isidro, Lima, Perú T: [phone], F: [phone]www.pwc.pe

BANCO DE CREDITO DEL PERU S.A. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021 AND FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2022 AND 2021

CONTENTS	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
Interim condensed consolidated statement of comprehensive income	4
Interim condensed consolidated statement of changes in net equity	5
Interim condensed consolidated statement of cash flow	6 - 7
Notes to the interim condensed consolidated financial statements	8 - 75

S/	=	Sol
US$	=	American Dollar

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

To the Board of Directors

Banco de Crédito del Perú S.A. and its subsidiaries

November 25, 2022

We have reviewed the accompanying interim condensed consolidated statement of financial position of Banco de Crédito del Perú S.A. and subsidiaries as of September 30, 2022 and the related interim condensed consolidated statements of income, comprehensive income, changes in net equity and cash flows for the nine-month period then ended and notes, comprising a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with Generally Accepted Accounting Principles in Peru applicable for Financial Institutions. 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 Generally Accepted Accounting Principles in Peru applicable for Financial Institutions.

Countersigned by

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

Gustavo Villafana

Peruvian Public Accountant No.46192

Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada.

Av. Santo Toribio 143, Piso 7, San Isidro, Lima, Perú T: [phone], F: [phone]www.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

BANCO DE CREDITO DEL PERU S.A. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30,2022 (UNAUDITED) AND DECEMBER 31, 2021 (AUDITED) (Amounts expressed in thousands of soles)

	Note	2022	2021		Note	2022	2021
		S/000		S/000			S/000		S/000
Assets					Liabilities
Cash and due from banks:	4				Deposits and obligations	8	133,606,540	132,150,615
Cash and clearing		5,182,523	4,441,447	Interbank funds		350,064	-
Deposits in Peruvian Central Bank		25,781,815	25,359,565	Payables from repurchase agreements	9	15,001,393	20,250,739
Deposits in local and foreign banks		2,443,949	5,555,382	Due to banks, correspondents and other entities	10	8,213,015	6,684,191
Restricted funds		544,890	765,154	Bonds and subordinated notes issued	11	14,518,870	14,482,984
Accrued interest		33,759	966	Other liabilities	7	4,621,722	3,792,590
		33,986,936		36,122,514	Total liabilities		176,311,604		177,361,119
Interbank funds		260,047	-
					Equity, net	13
					Attributable to Banco de Crédito del Perú equity holders:
Investments:					Capital stock		12,176,365	11,317,387
At fair value through profit or loss	5(a)	307,513	1,261,896	Legal reserve		4,274,300	3,970,773
Available-for-sale	5(b)	18,272,823	19,335,277	Other reserves		2,960,226	2,464,769
Held-to-maturity	5(c)	7,461,141		7,679,342	Unrealized results		(1,319,564)	(497,305)
		26,041,477	28,276,515	Retained earnings		3,489,392	3,097,740
							21,580,719	20,353,364
Loans, net	6	130,231,996	126,466,940
Investments in associates		30,455	28,443	Non-controlling interest		135,459	118,157
Property, furniture and equipment, net		1,059,618	1,130,254
Goodwill	7	276,321	276,321
Other assets, net	7	6,140,932		5,531,653	Total equity, net		21,716,178		20,471,521
Total assets		198,027,782		197,832,640	Total liabilities and net equity		198,027,782		197,832,640
Off-Balance Sheet accounts	15	96,837,904		97,081,185	Off-Balance Sheet accounts	15	96,837,904	97,081,185

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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BANCO DE CREDITO DEL PERU S.A. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 2022 AND 2021 (UNAUDITED) (Amounts expressed in thousands of soles )

	Note	2022	2021
		S/000		S/000
Financial income and expenses
Financial income	16	9,162,387	7,182,969
Financial expenses	16	(1,868,305)		(1,418,493)
Gross financial margin		7,294,082	5,764,476
Provision for credit losses on loan portfolio		(1,513,950)	(2,007,753)
Recovery of writen-offs loans		242,075		227,790
Provision for credit losses on loan portfolio, net of	6(e)	(1,271,875)	(1,779,963)
Net financial margin		6,022,207	3,984,513
Non-financial income
Commissions for banking services, net	17	2,267,935	1,969,115
Net result from derivatives instruments		(12,971)	44,634
Net result on securities	18	(10,935)	(120,486)
Net gain on foreign exchange transactions		732,588	652,504
Other non-financial income	19	203,210		126,765
		3,179,827	2,672,532
Operating expenses
Salaries and employees benefits		(2,117,078)	(1,868,413)
General and administrative expenses		(1,802,474)	(1,545,946)
Depreciation and amortization		(306,866)	(301,595)
Provision for goods received in payment and awarded		(11,300)	(10,227)
Taxes and contributions		(123,812)	(151,016)
Other operating expenses	19	(134,988)		(151,416)
		(4,496,518)		(4,028,613)
Loss (gain) for exchange difference		3,348	122,880
Income before income tax		4,708,864	2,751,312
Income tax	12	(1,268,112)		(746,184)
Net income		3,440,752	2,005,128
Attributable to:
Shareholders' equity of Banco de Crédito del Perú		3,422,429	1,999,621
Non-controlling Interest		18,323		5,507
		3,440,752	2,005,128
Net basic and dilutive earnings per share attributable to
Banco de Crédito del Perú's equity holders	21	0.2811	0.1642
Basic and diluted earnings per share (in soles)		0.2811		0.0948
Net basic and dilutive earnings per share from continuing	21	0.2826	0.1647
Weighted average number of ordinary
shares for basic earnings (in thousand of units)		12,176,365	11,317,387

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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