{"url_path":"/sec/bap/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1001290/0001001290-26-000008-index.html","accession_number":"0001001290-26-000008","cik":"0001001290","ticker":"BAP","issuer_name":"CREDICORP LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1001290/0001001290-26-000008-index.html","primary_entity_key":"0001001290","primary_entity_name":"CREDICORP LTD"},"word_count":61749,"has_tables":true,"body_markdown":"ITEM 19.    EXHIBITS\n\n•Index to Exhibits\n\n[1.1](https://www.sec.gov/Archives/edgar/data/1001290/000110465921056535/tm214045d1_ex1-1.htm) Bye-laws of Credicorp Ltd. incorporated herein by reference to Exhibit 1.1 to Credicorp’s Annual Report on Form 20-F filed on April 28, 2021\n\n[1.2](https://www.sec.gov/Archives/edgar/data/1001290/000110465920067820/tm206802d1_ex1-2.htm) Memorandum of Association of Credicorp Ltd. incorporated herein by reference to Exhibit 1.2 to Credicorp’s Annual Report on Form 20-F dated May 29, 2020\n\n[2.1](https://www.sec.gov/Archives/edgar/data/1001290/000110465921056535/tm214045d1_ex2-1.htm) Description of Securities incorporated herein by reference to Exhibit 2.1 to Credicorp’s Annual Report on Form 20-F dated April 28, 2021\n\n2.2 Indenture dated June 17, 2020, among Credicorp Ltd., as issuer, The Bank of New York Mellon, as Trustee, Paying Agent and Registrar. We hereby agree to furnish to the SEC, upon its request, a copy of any instrument defining the rights of holders of long-term debt of us or of our subsidiaries for which consolidated or unconsolidated financial statements are required to be filed.\n\n[8](https://www.sec.gov/Archives/edgar/data/1001290/000114036125015768/ef20038949_ex8.htm). List of Subsidiaries\n\n[11.1](bap20251231-ex111.htm) Credicorp Ltd. Insider Trading and Personal Investments Policy. Updated on January 29, 2026\n\n[12.1](bap20251231-ex121.htm) Certification by the Chief Executive Officer Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002\n\n[12.2](bap20251231-ex122.htm) Certification by the Chief Financial Officer Pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002\n\n[13.1](bap20251231-ex131.htm) Certification by the Chief Executive Officer Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002\n\n[13.2](bap20251231-ex132.htm) Certification by the Chief Financial Officer Pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002\n\n[97.1](https://www.sec.gov/Archives/edgar/data/1001290/000114036124021786/ef20018743_ex97.htm) Credicorp LTD. Clawback Policy incorporated herein by reference to Exhibit 97.1 to Credicorp’s Annual Report on Form 20-F dated April 24, 2024.\n\n286\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n101.INS     Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)\n\n101.SCH     Inline XBRL Taxonomy Extension Schema\n\n101.CAL     Inline XBRL Taxonomy Extension Calculation Linkbase\n\n101.DEF     Inline XBRL Taxonomy Extension Definition Linkbase\n\n101.LAB     Inline XBRL Taxonomy Extension Label Linkbase\n\n101.PRE     Inline XBRL Taxonomy Extension Presentation Linkbase\n\n104     Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n\n287\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nSIGNATURE\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf\n\nCREDICORP LTD.\n\nBy:\n/s/ ALEJANDRO PEREZ-REYES\n\nName:Alejandro Perez-Reyes\n\nTitle:Chief Financial Officer\n\nDated: April 27, 2026\n\n288\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED FINANCIAL STATEMENTS\n\nAS OF DECEMBER 31, 2025 AND 2024\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED FINANCIAL STATEMENTS\n\nAS OF DECEMBER 31, 2025 AND 2024\n\nCONTENTSPages\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID:](#ib149d99176634ff8adf88f8fa17ce583_394)1315[)](#ib149d99176634ff8adf88f8fa17ce583_394)\n\nF-[1](#ib149d99176634ff8adf88f8fa17ce583_394) - F-[3](#i0e0a7902444d4d0f96609e33f7f02b2d_8414)\n\n[Consolidated statement of financial position](#ib149d99176634ff8adf88f8fa17ce583_400)\n\nF-[4](#ib149d99176634ff8adf88f8fa17ce583_400) - F-5\n\n[Consolidated statement of income](#ib149d99176634ff8adf88f8fa17ce583_403)\n\nF-[5](#ib149d99176634ff8adf88f8fa17ce583_403) - F-[7](#i43bc814eff544eb385985b24efb15b05_194)\n\n[Consolidated statement of comprehensive income](#ib149d99176634ff8adf88f8fa17ce583_406)\n\nF-[7](#ib149d99176634ff8adf88f8fa17ce583_406)\n\n[Consolidated statement of changes in equity](#ib149d99176634ff8adf88f8fa17ce583_409)\n\nF-[8](#ib149d99176634ff8adf88f8fa17ce583_409) - F-[13](#i11b818dc066641a3b662f821bac924ae_205)\n\n[Consolidated statement of cash flows](#ib149d99176634ff8adf88f8fa17ce583_412)\n\nF-[13](#ib149d99176634ff8adf88f8fa17ce583_412) - F-[16](#i6489879c7f84416493d4844cbae6b5e4_274)\n\n[Notes to the consolidated financial statements](#ib149d99176634ff8adf88f8fa17ce583_415)\n\nF-[16](#ib149d99176634ff8adf88f8fa17ce583_415) - F-167\n\nS/ = Sol\n\nUS$ = U.S. Dollar\n\nBs = Boliviano\n\n$ = Colombian Peso\n\n$ = Chilean Peso\n\n¥, Yen = Japanese Yen\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of Credicorp Ltd.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated statements of financial position of Credicorp Ltd. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with IFRS accounting standards as issued by the International Accounting Standards Board.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 27, 2026 expressed an unqualified opinion thereon.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\nImpairment of financial assets\n\nDescription of the Matter\n\nAt December 31, 2025, the allowance for loan losses was S/8,042 million, as disclosed in Note 7 to the consolidated financial statements. As more fully disclosed in Notes 3(i) and 30.1 to the consolidated financial statements, the allowance for loan losses was calculated using an expected credit loss (ECL) model. The ECL model utilizes the probability of default (PD) as a key assumption.\n\nAuditing the allowance for loan losses was complex and required the application of significant auditor effort in evaluating management’s calculation due to the inherent complexity related to the PD assumption, including the forward-looking forecasts across multiple economic scenarios and their associated probability weighting. The ECL is a significant estimate for which variations in model methodology, assumptions and judgments could have a material effect on the measurement of the allowance for loan losses.\n\nF-1\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nHow We Addressed the Matter in Our Audit\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls over the calculation of the allowance for loan losses. The controls we tested related, among others, to the significant assumptions described above, which included controls over the calculation of the PD, including the data inputs used and the governance and oversight controls over the review of the overall ECL model.\n\nOur audit procedures, in which we involved professionals with specialized skills and knowledge to assist in evaluating the audit evidence obtained, included, among others, assessing whether the methodology and assumptions used to estimate the ECL were consistent with the requirements of IFRS 9, Financial Instruments. We also performed an independent recalculation of the allowance for loan losses for a sample of loan portfolio included PD assumption due to its relevance within the ECL measurement and assessed the reasonableness of certain forward-looking assumptions used in the calculation of the PD by analyzing publicly available information from third-party sources. We also assessed the adequacy of the related disclosures included in the consolidated financial statements.\n\nValuation of the liability for life insurance contracts under the general measurement model\n\nDescription of the Matter\n\nAt December 31, 2025, the liability for life insurance contracts under the general measurement model was S/10,507 million, as disclosed in Note 8 to the consolidated financial statements. Notes 3(e) and 30.9 also provide disclosures in respect of the foregoing. The determination of the liability for life insurance contracts under the general measurement model is calculated as the sum of cash flow projections related to each portfolio of insurance contracts considering their probability of occurrence and includes cash flow projections that are within the limit of each contract in the portfolio. Cash flow projections are computed based on current mortality tables and current discount interest rates as key assumptions.\n\nAuditing the liability for life insurance contracts under the general measurement model was complex and required the application of significant auditor judgment due to the complexity of the actuarial models, the selection and use of judgmental assumptions and the interrelationship of these variables in measuring the liability. Changes in these assumptions, particularly the discount interest rate could have a material effect on the liability for life insurance contracts under the general measurement model.\n\nHow We Addressed the Matter in Our Audit\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls, related to the liability for life insurance contracts under the general measurement model. The controls we tested related to, among others, the governance and oversight controls over the review of the actuarial models, the related assumptions and data inputs used.\n\nOur audit procedures, in which we involved our actuarial specialists to assist in evaluating the audit evidence obtained, included, among others, the evaluation of the methodology, actuarial models and assumptions used by the Company to measure life insurance contract liabilities in accordance with IFRS 17, Insurance Contracts. We also tested the completeness and accuracy of the underlying data used in the measurement of the liability for life insurance contracts. With the support of our actuarial specialists, we performed an independent recalculation of the liability for life insurance contracts under the general measurement model and evaluated the discount interest rate used for a sample of contracts. We also assessed the adequacy of the related disclosures included in the consolidated financial statements.\n\nRecognition of an asset related to a dispute with the tax authority\n\nDescription of the Matter\n\nAt December 31, 2025, the Company recognized an asset of S/ 1,577 million derived from a payment made due to a dispute with the Peruvian tax authority regarding income tax withholding on payments to a non-domiciled entity in 2018 and 2019, as disclosed in Notes 12(a) and 31(ii) to the consolidated financial statements. The related dispute gives rise to an uncertain tax position due to the uncertainty regarding the applicability of Peruvian income tax laws to transactions with non-domiciled entities in Peru. The Company used significant judgement to determine, based on the technical merits, whether it was more likely than not that its tax position would prevail when determining the amount recognized.\n\nF-2\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAuditing the estimation of the outcome and measurement of the uncertain tax position and the related recoverability of the asset for payments, before the uncertain tax treatment is resolved, required a high degree of auditor judgment and significant audit effort due to the complexity and judgment used by the Company in the assessment.\n\nHow We Addressed the Matter in Our Audit\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls over the process for recognizing an asset related to a dispute with the Peruvian tax authority, as well as the process for evaluating the uncertain tax position.\n\nOur audit procedures included, among others, evaluating the assumptions used by the Company to assess its uncertain tax positions based on relevant Peruvian income tax laws, including the inspection of the Company’s external counsel’s analysis of these matters and evaluated the completeness and accuracy of the data used to determine the amount recognized and tested such calculations. In addition, we involved our tax subject matter professionals to assess the technical merits of the Company’s tax position and evaluate the application of relevant tax law in assessing the recoverability of payments made. We also assessed the adequacy of the related disclosures in the consolidated financial statements.\n\n/s/ Tanaka, Valdivia, Arribas & Asociados Sociedad Civil de Responsabilidad Limitada\n\nA member of Ernst & Young Global Limited\n\nWe have served as the Company’s auditor since 2023.\n\nLima, Peru\n\nApril 27, 2026\n\nF-3\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF FINANCIAL POSITION\n\nAS OF DECEMBER 31, 2025 AND 2024\n\nNote20252024\n\nS/(000)S/(000)\n\nAssets\n\nCash and due from banks:\n\nNon-interest-bearing\n7,649,640 7,535,259 \n\nInterest-bearing\n41,394,817 40,119,937 \n\n449,044,457 47,655,196 \n\nCash collateral, reverse repurchase agreements and securities borrowing5(a)2,177,200 1,033,177 \n\nInvestments:\n\nAt fair value through profit or loss6(a)4,957,236 4,715,343 \n\nAt fair value through other comprehensive income33,043,160 34,208,187 \n\nAt fair value through other comprehensive income pledged as collateral5,990,889 5,934,451 \n\n6(b)39,034,049 40,142,638 \n\nAmortized cost8,490,126 7,904,517 \n\nAmortized cost pledged as collateral323,531 1,063,360 \n\n6(c)8,813,657 8,967,877 \n\nLoans, net:7\n\nLoans, net of unearned income149,984,954 145,732,273 \n\nAllowance for loan losses(7,669,950)(7,994,977)\n\n142,315,004 137,737,296 \n\nFinancial assets designated at fair value through profit or loss3(f)992,429 932,734 \n\nReinsurance contract assets8(a)708,560 841,170 \n\nProperty, furniture and equipment, net92,069,017 1,438,609 \n\nDue from customers on banker’s acceptances7(b)345,906 528,184 \n\nIntangible assets and goodwill, net104,764,394 3,289,157 \n\nRight-of-use assets, net11(a)603,441 402,538 \n\nDeferred tax assets, net17(c)1,391,636 1,170,866 \n\nOther assets1210,145,547 7,234,155 \n\nTotal assets267,362,533 256,088,940 \n\nLiabilities\n\nDeposits and obligations:\n\nNon-interest-bearing52,217,286 47,160,191 \n\nInterest-bearing118,184,347 114,681,875 \n\n13(a)170,401,633 161,842,066 \n\nPayables from repurchase agreements and securities lending5(b)8,243,787 9,060,710 \n\nDue to banks and correspondents14(a)10,675,238 10,754,385 \n\nDue from customers on banker’s acceptances3(n)345,906 528,184 \n\nLease liabilities11(b)612,259 404,817 \n\nFinancial liabilities at fair value through profit or loss3(y)1,055,893 151,485 \n\nInsurance contract liability8(b)14,264,155 13,422,285 \n\nBonds and notes issued1514,025,535 17,268,443 \n\nDeferred tax liabilities, net17(c)376,939 59,025 \n\nOther liabilities128,265,079 7,620,306 \n\nTotal liabilities228,266,424 221,111,706 \n\nEquity\n16\n\nEquity attributable to Credicorp’s equity holders:\n\nCapital stock1,318,993 1,318,993 \n\nTreasury stock(209,845)(208,879)\n\nCapital surplus148,729 176,307 \n\nReserves\n29,648,582 27,202,665 \n\nOther Reserves544,767 214,627 \n\nRetained earnings6,915,724 5,642,738 \n\n38,366,950 34,346,451 \n\nNon-controlling interest729,159 630,783 \n\nTotal equity39,096,109 34,977,234 \n\nTotal liabilities and equity267,362,533 256,088,940 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-4\n\nTable of Contents\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF INCOME\n\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023\n\nNote202520242023\n\nS/(000)S/(000)S/(000)\n\nInterest and similar income1919,930,169 19,869,256 18,798,495 \n\nInterest and similar expenses19(5,213,690)(5,754,125)(5,860,523)\n\nNet interest, similar income and expenses14,716,479 14,115,131 12,937,972 \n\nProvision for credit losses on loan portfolio7(c)(2,873,454)(3,943,301)(3,957,143)\n\nRecoveries of written-off loans467,198 423,854 334,798 \n\nProvision for credit losses on loan portfolio, net of recoveries(2,406,256)(3,519,447)(3,622,345)\n\nNet interest, similar income and expenses, after provision for credit losses on loan portfolio12,310,223 10,595,684 9,315,627 \n\nOther income\n\nCommissions and fees204,199,719 4,052,103 3,804,459 \n\nNet gain on foreign exchange transactions1,542,318 1,359,805 886,126 \n\nNet gain on securities21400,686 362,295 425,144 \n\nNet gain on derivatives held for trading51,917 156,195 53,665 \n\nNet exchange difference result41,991 (41,058)45,778 \n\nOthers25584,648 514,779 440,653 \n\nTotal other income6,821,279 6,404,119 5,655,825 \n\nInsurance and reinsurance result\n\nInsurance service result221,848,025 1,693,617 1,602,421 \n\nReinsurance result22(458,825)(494,597)(391,321)\n\nTotal insurance and reinsurance result1,389,200 1,199,020 1,211,100 \n\nMedical services results\n\nSales of medical services and medicines3(d)1,387,341 — — \n\nCost of sales of medical services and medicines3(d)(972,707)— — \n\nTotal medical services results414,634 — — \n\nOther expenses\n\nSalaries and employee benefits23(5,435,471)(4,676,436)(4,265,453)\n\nAdministrative expenses24(4,090,784)(4,183,775)(3,803,203)\n\nDepreciation and amortization9(a) and 10(a)(746,243)(570,830)(511,174)\n\nImpairment loss on goodwill10(b)— (27,346)(71,959)\n\nDepreciation of right-of-use assets11(a)(146,899)(142,640)(147,833)\n\nOthers25(568,386)(773,269)(534,601)\n\nTotal other expenses(10,987,783)(10,374,296)(9,334,223)\n\nF-5\n\nTable of Contents\n\nCONSOLIDATED STATEMENT OF INCOME\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 (CONTINUED)\n\nNote202520242023\n\nS/(000)S/(000)S/(000)\n\nNet result before income tax\n9,947,553 7,824,527 6,848,329 \n\nIncome tax17(b)(2,864,899)(2,201,275)(1,888,451)\n\nNet result after income tax7,082,654 5,623,252 4,959,878 \n\nAttributable to:\n\nCredicorp’s equity holders6,925,377 5,501,254 4,865,540 \n\nNon-controlling interest157,277 121,998 94,338 \n\n7,082,654 5,623,252 4,959,878 \n\nNet basic and dilutive earnings per share attributable to Credicorp’s equity holders (in soles):\n\nBasic2687.25 69.24 61.22 \n\nDiluted2687.08 69.09 61.08 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-6\n\nTable of Contents\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME\n\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nNet result after income tax\n7,082,654 5,623,252 4,959,878 \n\nOther comprehensive income:\n\nTo be reclassified to profit or loss in subsequent periods:\n\nNet gain on investments at fair value through other comprehensive income16(d)1,259,728 205,765 1,334,943 \n\nIncome tax16(d)24,152 5,118 (58,489)\n\n1,283,880 210,883 1,276,454 \n\nNet movement of cash flow hedge reserves\n16(d)3,464 13,925 (17,443)\n\nIncome tax16(d)(1,575)(4,030)5,104 \n\n1,889 9,895 (12,339)\n\nInsurance reserves16(d)(523,992)(70,176)(762,811)\n\n(523,992)(70,176)(762,811)\n\nExchange differences on translation of foreign operations16(d)(406,955)(114,142)73,464 \n\nNet movement in hedges of net investments in foreign businesses16(d)– — 18,950 \n\n(406,955)(114,142)92,414 \n\nTotal354,822 36,460 593,718 \n\nNot to be reclassified to profit or loss in subsequent periods:\n\nNet (loss) gain on equity instruments designated at fair value through other comprehensive income16(d)(18,599)15,684 (8,329)\n\nTransfer of the fair value reserve of equity instruments to retained earnings16(d)8,336 (137,787)– \n\nIncome tax16(d)(2,332)8,439 (3,791)\n\nTotal(12,595)(113,664)(12,120)\n\nTotal other comprehensive income16(d)342,227 (77,204)581,598 \n\nTotal comprehensive income for the period, net of income tax7,424,881 5,546,048 5,541,476 \n\nAttributable to:\n\nCredicorp’s equity holders7,255,517 5,420,098 5,437,495 \n\nNon-controlling interest169,364 125,950 103,981 \n\n7,424,881 5,546,048 5,541,476 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-7\n\nTable of Contents\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF CHANGES IN EQUITY\n\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023\n\nAttributable to Credicorp’s equity holders.\n\nOther reserves\n\nTreasury stockInstruments\nthat will not\nbe\nreclassified\nto incomeInstruments that will be reclassified to the\nconsolidated statement of income\n\nCapital\nstockShares of\nthe GroupShare-\nbased\npaymentCapital\nsurplusReservesInvestments\nin equity\ninstrumentsInvestments\nin debt\ninstrumentsCash\nflow\nhedge\nreserveInsurance\nreservesForeign\ncurrency\ntranslation\nreserveRetained\nearningsTotalNon-\ncontrolling\ninterestTotal\nequity\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalances as of January 1, 2023\n1,318,993 (204,326)(3,192)231,556 23,659,626 170,408 (1,655,559)788 1,133,536 74,655 4,277,159 29,003,644 591,569 29,595,213 \n\nChanges in equity in 2023\n\nNet result after income tax– – – – – – – – – – 4,865,540 4,865,540 94,338 4,959,878 \n\nOther comprehensive income, Note 16(d)– – – – – (12,247)1,258,137 (12,191)(754,192)92,448 – 571,955 9,643 581,598 \n\nTotal comprehensive income– – – – – (12,247)1,258,137 (12,191)(754,192)92,448 4,865,540 5,437,495 103,981 5,541,476 \n\nTransfer of retained earnings to reserves, Note 16(c)– – – – 2,593,598 – – – – – (2,593,598)– – – \n\nDividend distribution, Note 16(e)– – – – – – – – – – (1,994,037)(1,994,037)– (1,994,037)\n\nDividends paid to non-controlling interest of subsidiaries– – – – – – – – – – – – (62,051)(62,051)\n\nSubsidiary acquisition– – – – – – – – – – – 14,192 14,192 \n\nMinority purchase\n– – – – – – – – – – – – (1,773)(1,773)\n\nPurchase of treasury stock, Note 16(b)– – (2,279)(83,296)– – – – – – – (85,575)– (85,575)\n\nShare-based payment transactions– – 1,764 79,979 (12,225)– – – – – – 69,518 – 69,518 \n\nDividends not collected– – – – 11,579 – – – – – – 11,579 – 11,579 \n\nResult from exchange of strategic shares– – – – – – – – – – 14,425 14,425 – 14,425 \n\nOthers– – – – – – – – – – 2,955 2,955 1,143 4,098 \n\nBalances as of December 31, 20231,318,993 (204,326)(3,707)228,239 26,252,578 158,161 (397,422)(11,403)379,344 167,103 4,572,444 32,460,004 647,061 33,107,065 \n\nF-8\n\nTable of Contents\n\nAttributable to Credicorp’s equity holders.\n\nOther reserves\n\nTreasury stockInstruments\nthat will not\nbe\nreclassified\nto incomeInstruments that will be reclassified to the\nconsolidated statement of income\n\nCapital\nstockShares of\nthe GroupShare-\nbased\npaymentCapital\nsurplusReservesInvestments\nin equity\ninstrumentsInvestments\nin debt\ninstrumentsCash\nflow\nhedge\nreserveInsurance\nreservesForeign\ncurrency\ntranslation\nreserveRetained\nearningsTotalNon-\ncontrolling\ninterestTotal\nequity\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalances as of January 1, 20241,318,993 (204,326)(3,707)228,239 26,252,578 158,161 (397,422)(11,403)379,344 167,103 4,572,444 32,460,004 647,061 33,107,065 \n\nChanges in equity in 2024\n\nNet result after income tax– – – – – – – – – – 5,501,254 5,501,254 121,998 5,623,252 \n\nOther comprehensive income, Note 16(d)– – – – – 24,116 206,271 9,770 (69,383)(114,143)– 56,631 3,952 60,583 \n\nTransfer of fair value reserve to accumulated results, Note 16(d)– – – – – (137,787)– – – – – (137,787)– (137,787)\n\nTotal comprehensive income– – – – – (113,671)206,271 9,770 (69,383)(114,143)5,501,254 5,420,098 125,950 5,546,048 \n\nTransfer of fair value reserve of equity instruments designated at FVOCI due to Sale of Alicorp shares– – – – – – – – – – 137,787 137,787 – 137,787 \n\nTransfer of retained earnings to reserves, Note 16(c)– – – – 1,778,787 – – – – – (1,778,787)– – – \n\nDividend distribution, Note 16(e)– – – – – – – – – – (2,788,657)(2,788,657)– (2,788,657)\n\nDistribution of extraordinary dividends, Note 16(e)– – – – (875,991)– – – – – – (875,991)– (875,991)\n\nDividends paid to non-controlling interest of subsidiaries– – – – – – – – – – – – (106,922)(106,922)\n\nMinority purchase Mibanco Colombia– – – – 42,964 – – – – – – 42,964 (36,781)6,183 \n\nPurchase of treasury stock, Note 16(b)– – (2,434)(108,460)– – – – – – – (110,894)– (110,894)\n\nShare-based payment transactions– – 1,588 56,528 (954)– – – – – – 57,162 – 57,162 \n\nDividends not collected– – – – 5,281 – – – – – – 5,281 – 5,281 \n\nF-9\n\nTable of Contents\n\nAttributable to Credicorp’s equity holders.\n\nOther reserves\n\nTreasury stockInstruments\nthat will not\nbe\nreclassified\nto incomeInstruments that will be reclassified to the\nconsolidated statement of income\n\nCapital\nstockShares of\nthe GroupShare-\nbased\npaymentCapital\nsurplusReservesInvestments\nin equity\ninstrumentsInvestments\nin debt\ninstrumentsCash\nflow\nhedge\nreserveInsurance\nreservesForeign\ncurrency\ntranslation\nreserveRetained\nearningsTotalNon-\ncontrolling\ninterestTotal\nequity\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nOthers– – – – – – – – – – (1,303)(1,303)1,475 172 \n\nBalances as of December 31, 20241,318,993 (204,326)(4,553)176,307 27,202,665 44,490 (191,151)(1,633)309,961 52,960 5,642,738 34,346,451 630,783 34,977,234 \n\nF-10\n\nTable of Contents\n\nCONSOLIDATED STATEMENT OF CHANGES IN EQUITY\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 (CONTINUED)\n\nAttributable to Credicorp’s equity holders.\n\nOther reserves\n\nTreasury stockInstruments\nthat will not\nbe\nreclassified to\nincomeInstruments that will be reclassified to the\nconsolidated statement of income\n\nCapital\nstockShares of\nthe GroupShare-\nbased\npaymentCapital\nsurplusReservesInvestments\nin equity\ninstrumentsInvestments\nin debt\ninstrumentsCash\nflow\nhedge\nreserveInsurance\n reservesForeign\ncurrency\ntranslation\nreserveRetained\nearningsTotalNon-\ncontrolling\ninterestTotal\nequity\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalances as of January 1, 20251,318,993 (204,326)(4,553)176,307 27,202,665 44,490 (191,151)(1,633)309,961 52,960 5,642,738 34,346,451 630,783 34,977,234 \n\nChanges in equity in 2025\n\nNet result after income tax– – – – – – – – – – 6,925,377 6,925,377 157,277 7,082,654 \n\nOther comprehensive income, Note 16(d)– – – – – (20,927)1,265,461 1,860 (518,071)(406,519)– 321,804 12,087 333,891 \n\nTransfer of the fair value reserve of equity instruments designated at FVOCI for sale, Note 16(d)– – – – – 8,336 – – – – – 8,336 – 8,336 \n\nTotal comprehensive income– – – – – (12,591)1,265,461 1,860 (518,071)(406,519)6,925,377 7,255,517 169,364 7,424,881 \n\nTransfer of retained earnings to reserves, Note 16(c)– – – – 5,637,738 – – – – – (5,637,738)– – – \n\nDividend distribution, Note 16(e)– – – – (3,181,454)– – – – – – (3,181,454)– (3,181,454)\n\nDividends paid to non-controlling interest of subsidiaries– – – – – – – – – – – – (120,855)(120,855)\n\nPurchase of treasury stock, Note 16(b)– – (2,451)(116,800)– – – – – – – (119,251)– (119,251)\n\nShare-based payment transactions– – 1,485 89,222 64,746 – – – – – – 155,453 – 155,453 \n\nRelease of optional reserve– – – – (76,441)– – – – – – (76,441)– (76,441)\n\nNon-controlling interest from Pacifico EPS, Note 2(a)– – – – – – – – – – – – 57,177 57,177 \n\nMinority purchase– – – – – – – – – – (9,142)(9,142)(8,783)(17,925)\n\nF-11\n\nTable of Contents\n\nAttributable to Credicorp’s equity holders.\n\nOther reserves\n\nTreasury stockInstruments\nthat will not\nbe\nreclassified to\nincomeInstruments that will be reclassified to the\nconsolidated statement of income\n\nCapital\nstockShares of\nthe GroupShare-\nbased\npaymentCapital\nsurplusReservesInvestments\nin equity\ninstrumentsInvestments\nin debt\ninstrumentsCash\nflow\nhedge\nreserveInsurance\n reservesForeign\ncurrency\ntranslation\nreserveRetained\nearningsTotalNon-\ncontrolling\ninterestTotal\nequity\n\nTransfer of fair value reserve of equity instruments designated at FVOCI for sale– – – – – – – – – – (8,336)(8,336)– (8,336)\n\nDividends not collected\n– – – – 1,314 – – – – – – 1,314 – 1,314 \n\nOthers– – – – 14 – – – – – 2,825 2,839 1,473 4,312 \n\nBalances as of December 31, 20251,318,993 (204,326)(5,519)148,729 29,648,582 31,899 1,074,310 227 (208,110)(353,559)6,915,724 38,366,950 729,159 39,096,109 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-12\n\nTable of Contents\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF CASH FLOWS\n\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023\n\nNote202520242023\n\nS/(000)S/(000)S/(000)\n\nCASH AND CASH EQUIVALENTS FROM OPERATING ACTIVITIES\n\nNet result after income tax7,082,654 5,623,252 4,959,878 \n\nAdjustment to reconcile net profit to net cash arising from operating activities:\n\nProvision for credit losses on loan portfolio7(c)2,873,454 3,943,301 3,957,143 \n\nDepreciation and amortization9(a) and 10(a)746,243 570,830 511,174 \n\nDepreciation of right-of-use assets11(a)146,899 142,640 147,833 \n\nDepreciation of investment properties12(g)8,803 9,098 8,115 \n\nProvision for sundry risks25149,651 315,214 95,873 \n\nDeferred income tax17(b)(125,724)(54,943)(76,088)\n\nNet gain on sale of securities21(400,686)(362,295)(425,144)\n\nImpairment loss on goodwill10(b)— 27,346 71,959 \n\nNet gain of trading derivatives(51,917)(156,195)(53,665)\n\nNet gain from sale of property, furniture and equipment25(37,636)(68,037)(1,654)\n\nNet gain from sale of foreclosed assets(30,139)(27,172)1,867 \n\nExpense for share-based payment transactions23149,037 104,848 83,328 \n\nNet gain from sale of loan portfolio25(1,778)(21,295)(83,515)\n\nIntangible losses due to withdrawals and dismissed projects2579,335 131,142 96,978 \n\nGain on remeasurement of previously held equity interest in Pacifico Entidad Prestadora de Salud25(235,490)— — \n\nOthers65,027 145,492 3,005 \n\nNet changes in assets and liabilities\n\nNet (increase) decrease in assets:\n\nLoans(13,447,331)(4,461,273)(1,105,306)\n\nInvestments at fair value through profit or loss(204,871)412,376 (456,626)\n\nInvestments at fair value through other comprehensive income1,459,872 (2,555,702)(5,164,701)\n\nCash collateral, reverse repurchase agreements and securities borrowings(1,251,363)383,427 (330,448)\n\nSale of written off portfolio7,320 55,230 239,599 \n\nClaim filed with the Tax Authority12(a) and 31(1,577,175)— — \n\nOther assets(2,045,992)(1,111,692)520,331 \n\nNet increase (decrease) in liabilities\n\nDeposits and obligations17,248,164 13,286,449 2,271,524 \n\nDue to Banks and correspondents379,613 (1,600,761)3,455,502 \n\nPayables from repurchase agreements and securities lending(704,293)(1,111,676)(2,790,671)\n\nF-13\n\nTable of Contents\n\nNote202520242023\n\nS/(000)S/(000)S/(000)\n\nBonds and notes issued(4,054,938)348,532 (2,213,122)\n\nShort-term and low-value lease payments(143,855)(118,156)(108,357)\n\nOther liabilities5,183,948 2,375,248 2,604,047 \n\nNet income for the period after the net change in assets and liabilities, and adjustments11,266,832 16,225,228 6,218,859 \n\nIncome tax paid(2,660,631)(1,703,135)(2,139,140)\n\nNet cash flow from operating activities8,606,201 14,522,093 4,079,719 \n\nNote202520242023\n\nS/(000)S/(000)S/(000)\n\nNET CASH FLOWS FROM INVESTING ACTIVITIES\n\nProceeds from sale of property, furniture and equipment160,264 98,223 53,152 \n\nProceeds from sale of investment property1,282 47,100 — \n\nCollections for maturities and coupons of investment at amortized cost859,930 1,740,670 1,245,434 \n\nPurchase of property, furniture and equipment9(284,710)(310,144)(322,371)\n\nPurchase of investment property12(g)(183,563)(70,399)(37,667)\n\nPurchase of intangible assets10(a)(983,971)(801,290)(828,803)\n\nPurchase of investment at amortized cost(255,185)(176,601)(1,359,245)\n\nAcquisition of Pacifico EPS shares, net cash acquired2(a)(727,180)— (5,564)\n\nTermination of the Joint Venture Agreement(180,000)— – \n\nNet cash flows from investing activities(1,593,133)527,559 (1,255,064)\n\nNET CASH FLOWS FROM FINANCING ACTIVITIES\n\nDividends paid16(e)(3,181,454)(3,664,648)(1,994,037)\n\nDividends paid to non-controlling interest of subsidiaries(120,855)(106,777)(62,051)\n\nPrincipal payments of leasing contracts(152,899)(152,693)(157,386)\n\nInterest payments of leasing contracts(37,169)(22,828)(25,574)\n\nPurchase of treasury stock16(b)(119,251)(110,894)(85,575)\n\nPurchase of non-controlling interest of subsidiaries(17,925)(36,781)(1,773)\n\nSubordinated bonds, net1,791,983 2,284,200 62,044 \n\nNet cash flows from financing activities(1,837,570)(1,810,421)(2,264,352)\n\nNet increase of cash and cash equivalents before effect of changes in exchange rate5,175,498 13,239,231 560,303 \n\nEffect of changes in exchange rate of cash and cash equivalents(3,771,899)410,258 (760,651)\n\nCash and cash equivalents at the beginning of the period47,570,103 33,920,614 34,120,962 \n\nCash and cash equivalents at the end of the period4(a)48,973,702 47,570,103 33,920,614 \n\nAdditional information\n\nInterest received19,973,931 19,896,077 18,658,791 \n\nInterest paid(5,160,077)(5,852,580)(5,080,522)\n\nF-14\n\nTable of Contents\n\nReconciliation of liabilities arising from financing activities:\n\nChanges that generate\ncash flowsChanges that do not generate cash\nflows\n\n2025As of January 1, 2025ReceivedPaidExchange\ndifferenceOthersAs of December 31, 2025\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nSubordinated bonds8,016,712 4,842,529 (3,050,546)(967,963)(3,013)8,837,719 \n\nLease liabilities404,817 – (190,068)(31,727)429,237 612,259 \n\n8,421,529 4,842,529 (3,240,614)(999,690)426,224 9,449,978 \n\nChanges that generate\ncash flowsChanges that do not generate cash\nflows\n\n2024As of January 1, 2024ReceivedPaidExchange\ndifferenceOthersAs of December 31, 2024\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nSubordinated bonds5,680,120 2,284,200 — 48,509 3,883 8,016,712 \n\nLease liabilities512,579 – (175,521)3,986 63,773 404,817 \n\n6,192,699 2,284,200 (175,521)52,495 67,656 8,421,529 \n\nChanges that generate\ncash flowsChanges that do not generate cash\nflows\n\n2023As of January 1, 2023ReceivedPaidExchange\ndifferenceOthersAs of December 31, 2023\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nSubordinated bonds5,738,414 284,944 (222,900)(150,568)30,230 5,680,120 \n\nLease liabilities578,074 – (182,960)(8,627)126,092 512,579 \n\n6,316,488 284,944 (405,860)(159,195)156,322 6,192,699 \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-15\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCREDICORP LTD. AND SUBSIDIARIES\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\nAS OF DECEMBER 31, 2025 AND 2024\n\n1             OPERATIONS\n\nCredicorp Ltd. (hereinafter “Credicorp” or the “Group”) is a limited liability company incorporated in Bermuda in 1995 to act as a holding company and according to Bermuda’s economic substance regulation, Credicorp Ltd. as an independent legal entity, is considered a “Pure Equity Holding Entity” (PEHE). Credicorp’s activity is to maintain equity interests and receive passive income such as dividends, capital gains and other income from investments in securities.\n\nIn order to keep Credicorp's structure and organization fully aligned with the new legislation on economic substance approved by the Government of Bermuda on January 11, 2019, the decisions of the Credicorp Board of Directors will be limited to issues related to Credicorp's strategy, objectives and goals, main action plans and policies, annual budgets, business plans and control of their implementation, supervision of the main expenses, investments, acquisitions and disposals, among other “passive” decisions related to Credicorp. The authority to make decisions applicable to Credicorp's subsidiaries, such as the adoption of relevant strategic or management decisions, the assumption of expenses for the benefit of its affiliates, the coordination of group activities, and the granting of credit facilities in favor of its affiliates, it has been transferred to Grupo Crédito S.A., a subsidiary of Credicorp.\n\nCredicorp, through its banking and non-banking subsidiaries and its subsidiary Pacífico S.A. Entidad Prestadora de Salud (hereinafter Pacífico EPS), offers a wide range of financial, insurance and health services and products, mainly throughout Peru and in other countries (see Note 3 (b). Its main subsidiary is Banco de Crédito del Perú (hereinafter “BCP” or the “Bank”), a multiple bank incorporated in Perú.\n\nCredicorp’s legal address is Clarendon House 2 Church Street Hamilton, Bermuda; likewise, the main offices from where Credicorp’s businesses are managed are located at Calle Centenario N° 156, La Molina, Lima, Perú.\n\nThese consolidated financial statements were approved and authorized for issuance by Management and the Audit Committee on April 23, 2026. No significant events or transactions were identified between April 24, 2026 and April 27, 2026.\n\nCredicorp is listed on the Lima and New York Stock Exchanges.\n\n2            BUSINESS ACQUISITIONS\n\na) Acquisition of a majority interest in Pacífico EPS\n\nOn November 01, 2024 Credicorp entered into an agreement to acquire the 50.0 percent interest from Empresas Banmédica (“Banmédica” hereafter) in the partnership and participation agreement entered into in December 2014 between Pacifico Compañía de Seguros y Reaseguros S.A. (“Pacifico Seguros”) and Banmédica.\n\nPursuant to this agreement, Banmédica agreed to transfer its 50.0 percent interest in the private health insurance business in Peru (Joint Venture Agreement) to Pacifico Seguros. In addition, Banmédica agreed to transfer its 50.0 percent interest in Pacifico S.A. Entidad Prestadora de Salud (“Pacifico EPS”), which manages the corporate employee health insurance and medical services businesses in Peru, to Credicorp's subsidiary, Grupo Crédito S.A.\n\nAs of March 13, 2025, the Company completed the acquisition of the remaining 50.0 percent interest in Pacífico EPS (representing 24,627,219 shares) and 50.0 percent of the co-investment agreement with Banmédica. The consideration paid for the acquisition of the interest in Pacífico EPS amounted to S/950.9 million.\n\nThe business combination was recognized using the acquisition method in accordance with IFRS 3 \"Business Combinations\". A business combination achieved in stages requires the acquirer to remeasure its previously held equity interest at fair value at the acquisition date, with any resulting gain or loss recognized in profit or\n\nF-16\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nloss. Accordingly, the Group remeasured its previously held interest in Pacífico EPS at fair value, recognizing a gain of S/235.5 million, see Note 25.\n\nAt the date of acquisition, the carrying amount and fair value of the identified assets and liabilities of the entities purchased were the following:\n\nCarrying amountFair value adjustmentsFair value recognized at acquisition\n\nS/(000)S/(000)S/(000)\n\nAssets\n\nCash223,670 – 223,670 \n\nInvestments320,161 – 320,161 \n\nProperty, furniture and equipment, net, Note 9(a)522,895 208,821 731,716 \n\nInvestment property, Note 12(g)948 5 953 \n\nRight-of-use assets, net, Note 11128,049 – 128,049 \n\nIntangible assets, Note 10(a)27,036 681,571 708,607 \n\nOther assets484,974 — 484,974 \n\nTotal assets1,707,733 890,397 2,598,130 \n\nLiabilities\n\nDue to banks and correspondents15,795 – 15,795 \n\nBonds and notes issued115,520 – 115,520 \n\nLease liabilities156,245 – 156,245 \n\nDeferred tax liabilities, net2,375 262,667 265,042 \n\nOther liabilities615,150 – 615,150 \n\nTotal liabilities905,085 262,667 1,167,752 \n\nTotal net assets identified at fair value802,648 627,730 1,430,378 \n\nExisting shareholding(950,850)\n\nNon-controlling interest(57,177)\n\nGoodwill arising on acquisition, Note 10(b)528,499 \n\nTotal purchase consideration950,850 \n\nAnalysis of cash flows on acquisition\n\nNet cash acquired with the subsidiary (included in investing cash flows)223,670 \n\nCash paid(950,850)\n\nNet cash flow on acquisition(727,180)\n\nThe fair value at the acquisition date and the carrying amount of trade receivables amount to S/271.2 million, which are included under “other assets”, and the full contractual amounts were collected.\n\nF-17\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFrom the date of acquisition, Pacífico EPS has contributed S/524.4 million of net operating income and S/153.4 million to net profit before tax from the continuing operations of the Group. If the acquisition had taken place at the beginning of the year, net operating income from continuing operations would have been S/611.4 million and the profit before tax from continuing operations for the period would have been S/190.3 million.\n\nThe goodwill recognized reflects the market position of the acquired business and the anticipated benefits associated with its continuing operations. It is not expected to be deductible for income tax purposes.\n\nb) Agreement to Acquire Shares of Helm Bank USA –\n\nOn December 29, 2025, Banco de Crédito del Perú (“BCP”) entered into a Stock Purchase Agreement (“SPA”) with the shareholders of Helm Bank USA to acquire 100.0 percent of the issued and outstanding shares of Helm Bank USA (“Helm Bank”). Pursuant to the terms of the SPA, BCP will pay an amount of US$180.0 million, subject to customary purchase price adjustments as of the closing date (“Purchase Price”).\n\nHelm Bank is a community bank authorized to operate in the State of Florida, United States of America, by the Florida Office of Financial Regulation (“OFR”), regulated by the OFR, and is a member of the Federal Deposit Insurance Corporation (“FDIC”).\n\nThe transaction is subject to obtaining the required regulatory approvals in the United States from the OFR and the Federal Reserve (“FED”), and in Peru from the Superintendencia de Banca, Seguros y AFP (“SBS”), as well as the fulfillment of other customary closing conditions. As of the date of this report, such approvals remain pending.\n\n3             MATERIAL ACCOUNTING POLICIES\n\nThe material accounting policies used in the preparation of Credicorp’s consolidated financial statements are detailed below:\n\na)    Basis of presentation, use of estimates and changes in accounting policies -\n\n    The accompanying consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).\n\nThe consolidated financial statements as of December 31, 2025, and 2024, have been prepared following the historical cost criteria, except for investments at fair value through profit or loss, investments at fair value through other comprehensive income, financial assets designated at fair value through profit or loss, derivative financial instruments, and financial liabilities at fair value through profit or loss, which have been measured at fair value.\n\nThe consolidated financial statements are presented in Soles (S/), which is the functional currency of Credicorp Ltd and subsidiaries, see paragraph (c) below, and values are rounded to thousands of soles, except when otherwise indicated.\n\nThe preparation of the consolidated financial statements in accordance with IFRS Accounting Standards requires Management to make estimates and use assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of significant events in notes to the consolidated financial statements.\n\nEstimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The final results could differ from said estimates.\n\nThe most significant estimates included in the consolidated financial statements relate to the calculation of the expected credit loss allowance for the loan portfolio, in accordance with IFRS 9; the uncertainty regarding income tax treatments, in accordance with IFRIC 23; and the estimation of\n\nF-18\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nthe liability for life insurance contracts under the General Measurement Model, as established in IFRS 17.\n\nFurthermore, other estimates exist, such as: valuation of investments, liabilities for incurred but not reported claims, useful life of intangibles, impairment of goodwill, of the allowance of the expected credit loss on investments at fair value through other comprehensive income and investments at amortized cost, the valuation of derivative financial instruments and deferred income tax. The accounting criteria used for these estimates are described below.\n\nThe Group has adopted the following standards and amendments for the first time for its annual period beginning on or after January 1, 2025, as described below:\n\n(i) Amendments to IAS 21: Lack of Exchangeability\n\nThe amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability does not exist. The amendments also require the disclosure of information that enables users of the financial statements to understand how the lack of exchangeability affects, or is expected to affect, the entity’s financial performance, financial position, and cash flows.\n\nManagement has estimated the exchange rate for the Bolivian subsidiaries by applying the commission established by the regulator to the exchange rate. See Note 30.2(a)(ii).\n\nb)    Basis of consolidation -\n\nInvestment in subsidiaries -\n\nThe consolidated financial statements comprise the financial statements of Credicorp and its Subsidiaries for all the years presented.\n\nIn accordance with IFRS 10 “Consolidated Financial Statements”, all entities over which the Group has control are subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group controls an investee if, and only if, it has:\n\n-Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee),\n\n-Exposure, or rights, to variable returns from its involvement with the investee, and\n\n-The ability to use its power over the investee to affect its returns.\n\nGenerally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting rights or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the investee, including:\n\n-The contractual arrangement with the other holders of voting rights over the investee.\n\n-Rights arising from other contractual arrangements.\n\n-The Group’s voting rights and potential voting rights.\n\nThe Group assesses whether or not it controls an investee if the facts and circumstances indicate that there are changes in any of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements include assets, liabilities, income and expenses of Credicorp and its subsidiaries.\n\nThe profit or loss for the period and each component of other comprehensive income are attributed to the owners of the parent and to non-controlling interests, even if this results in non-controlling interests having a\n\nF-19\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nnegative balance. When necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those of the Group.\n\nAll assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are fully eliminated on consolidation. Assets held in custody or under management by the Group, such as investment funds, private pension funds (AFP Funds), and others, are not part of the Group’s consolidated financial statements (see Note 3(w)).\n\nTransactions with non-controlling interests -\n\nA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction and any resulting difference between the price paid and the amount by [which] the non-controlling interests are adjusted is recognized directly in the consolidated statement of changes in equity.\n\nThe Group does not record any additional goodwill after the purchase of the non-controlling interest, nor does it recognize a gain or loss from the sale of the non-controlling interest.\n\nLoss of control -\n\nIf the Group loses control over a subsidiary, it derecognizes the carrying amount of the related assets (including goodwill) and liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any residual investment retained is recognized at fair value.\n\nInvestments in associates -\n\nAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but without exercising control over said policies.\n\nThe Group’s investments in its associates are initially recognized at cost and subsequently accounted for using the equity method. These investments are included in “Other assets” in the consolidated statement of financial position; the results arising from the application of the equity method are included in “Net gain on securities” in the consolidated statement of income.\n\nF-20\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAs of December 31, 2025 and 2024, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS Accounting Standards and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends):\n\nEntityActivity and country of\nincorporationPercentage of interest\n(direct and indirect)AssetsLiabilitiesEquityNet profit (loss)\n\n20252024202520242025202420252024202520242023\n\n%%S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nGrupo Crédito S.A. and Subsidiaries (i)Holding, Peru100.00 100.00 241,448,365 231,724,646 203,624,697 197,418,592 37,823,668 34,306,054 6,475,332 5,179,505 4,562,831 \n\nPacífico Compañía de Seguros y Reaseguros S.A and Subsidiaries (ii)Insurance, Peru98.86 98.86 20,619,872 17,890,138 16,309,989 14,504,765 4,309,883 3,385,373 784,502 765,767 803,384 \n\nAtlantic Security Holding Corporation and Subsidiaries (iii)Capital Markets,\nCayman Islands100.00 100.00 5,390,195 6,014,937 4,040,240 5,026,510 1,349,955 988,427 737,562 569,689 474,780 \n\n  Credicorp Capital Ltd. and Subsidiaries (iv)Capital Markets and\nAsset management,\nBermudas100.00 100.00 6,707,397 5,235,733 5,395,856 4,070,432 1,311,541 1,165,301 100,479 58,501 (135,495)\n\nCCR Inc.(v)Special purpose Entity,\nBahamas100.00 100.00 202 260 1 4 201 256 (55)(22)(106)\n\n(i)Grupo Crédito is a company whose main activities are to carry out management and administration activities of the Credicorp Group’s subsidiaries and invest in shares listed on the Peruvian Stock Exchange and unlisted shares of Peruvian companies. we present the individual or consolidated figures of their financial statements\n\nF-21\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nare presented in accordance with IFRS Accounting Standards and before eliminations for consolidation purposes:\n\nEntityActivity and country of\nincorporationPercentage of interest\n(direct and indirect)AssetsLiabilitiesEquityNet profit (loss)\n\n20252024202520242025202420252024202520242023\n\n%%S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBanco de Crédito\ndel Perú and Subsidiaries (a)Banking, Peru97.74 97.74 219,933,373 211,086,260 191,487,370 184,934,666 28,446,003 26,151,594 6,500,570 5,311,804 4,583,662 \n\nInversiones\nCredicorp Bolivia S.A. and Subsidiaries (b)Banking, Bolivia99.92 99.96 10,910,443 14,028,528 10,144,528 13,106,538 765,915 921,990 85,379 92,781 84,898 \n\nPrima AFP (c)Private pension fund\nadministrator, Peru100.00 100.00 684,509 657,971 231,235 182,419 453,274 475,552 146,543 132,926 149,549 \n\nTenpo SpA and Subsidiaries (d)Holding, Chile100.00 100.00 2,063,256 903,698 1,708,824 646,952 354,432 256,746 (148,391)(118,344)(111,692)\n\nYape Market (e)Digital platform for e‑commerce, Peru100.00 100.00 149,960 119,137 69,283 60,567 80,677 58,570 (7,993)(35,190)(8,345)\n\nKrealo Management (f)Management and development of digital businesses and innovation, Peru99.99 99.99 89,338 54,414 51,766 7,175 37,572 47,239 (72,029)(55,679)— \n\nCompañía Incubadora de Soluciones Móviles S.A - Culqi (g)Payment Processing Services, Peru100.00 100.00 225,546 200,890 171,339 134,725 54,207 66,165 (62,458)(90,040)(89,075)\n\nOther minors Subsidiaries (h)3,054 2,715 1,105 570 1,949 2,145 (836)(1,194)(565)\n\na)    BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS”).\n\nIts main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Perú oriented towards the micro and small business sector. As of December 31, 2025, the assets, liabilities, equity and net result of Mibanco amount to approximately S/18,372.4 million, S/15,570.4 million, S/2,802.0 million and S/455.3 million, respectively (S/16,947.3 million, S/14,279.3 million, S/2,668.0 million and S/309.1 million, respectively December 31, 2024).\n\nb)    Inversiones Credicorp Bolivia S.A. (hereinafter “ICBSA”) was established in February 2013 and its objective is to make capital investments for its own account or for the account of third parties in companies and other entities providing financial services, exercising or determining the management, administration, control and representation thereof, both nationally and abroad, for which it can invest in capital markets, insurance, asset management, pension funds and other related financial and/or stock exchange products.\n\nIts principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. As of December 31, 2025, the assets, liabilities, equity and net result of BCB were approximately S/10,865.5 million, S/10,046.5 million, S/819.0 million and S/85.9 million, respectively (S/13,974.7 million, S/12,968.7 million, S/1,006.0 million and S/93.5 million, respectively as of December 31, 2024).\n\nc)    Prima AFP is a private pension fund administrator, and its activities are regulated by the SBS.\n\nF-22\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nd)    Tenpo SpA (hereinafter “Tenpo\", before “Krealo SpA”) was established in Chile in January 2019; and is oriented to make capital investments outside the country. On July 1, 2019, Tenpo (Krealo SpA) acquired Tenpo Technologies SpA (before “Tenpo SpA”) and Tenpo Prepago S.A. (before “Multicaja Prepago S.A.”). This group of companies offers certain financial products and is currently undergoing the regulatory approval process before the Chilean Superintendency of Banks and Financial Institutions for the granting of a banking license and the establishment of Tenpo Bank.\n\ne)    Yape Market S.A.C. (“Yape Market”) was incorporated on July 1, 2022, and its main activity is to offering promotion, sales management, and product and service placement solutions through a digital commerce platform.\n\nf)    Krealo Management S.A. (hereinafter, “Krealo Management”) was incorporated in September 2022 and its objective is to make investments and participate in the equity of other domestic and foreign companies. Its subsidiaries are Wally POS S.A.C., Sami Shop S.A.C., and Monokera S.A.C.\n\ng)    Culqi was created in December 2013, and its principal activity is to provide digital payment processing services, which consist of collecting consumer payments through online or physical platforms.\n\nh)    Other minor subsidiaries include Inversiones 2020 S.A, and Soluciones en Procesamiento S.A.\n\n(ii)    Pacífico Seguros is an entity supervised by the SBS, whose economic activities include the underwriting and administration of general and life insurance policies, reinsurance operations, as well as real estate and financial investments. It has subsidiaries including Crediseguro Seguros Personales, Crediseguro Seguros Generales, Pacífico Asiste, and Pacífico EPS and its subsidiaries, which actively participate in the multiple insurance and health insurance businesses, respectively.\n\n(iii)Its most important subsidiary is ASB Bank Corp. (merged with Atlantic Security Bank on August 2021, was established in September 9, 2020 in the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers.\n\n(iv)Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia and Mibanco – Banco de la Microempresa de Colombia S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes:\n\nEntityPercentage of interest\n(direct and indirect)AssetsLiabilitiesEquityNet profit (loss)\n\n20252024202520242025202420252024202520242023\n\n%%S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCredicorp Holding Colombia S.A.S. and\nSubsidiaries (a)100.00 100.00 5,518,459 4,204,281 4,591,242 3,404,834 927,217 799,447 88,288 27,913 (163,342)\n\nCredicorp Capital Holding Chile and\nSubsidiaries (b)100.00 100.00 841,116 717,727 673,028 548,753 168,088 168,974 1,345 9,460 (10,716)\n\nCredicorp Capital Holding Perú S.A. and\nSubsidiaries (c)100.00 100.00 293,616 278,115 124,127 111,448 169,489 166,667 21,215 21,958 4,318 \n\na)    Credicorp Holding Colombia was incorporated in Colombia on March 5, 2012, and its main purpose is the administration, management and increase of its equity through the promotion of industrial and commercial activity, through investment in other companies or legal persons.\n\nIts main subsidiaries are Credicorp Capital Colombia S.A, which was acquired in Colombia in 2012 and merged with Ultraserfinco S.A. In June 2020, this subsidiary is oriented to the activities of commission agents and securities brokers. Likewise, Mibanco Colombia (before Banco Compartir S.A.) was acquired in 2019 and merged with Edyficar S.A.S. in October 2020, this subsidiary is oriented to grant credits to\n\nF-23\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nthe micro and small business sector. As of December 31, 2023, Credicorp Holding Colombia has recognized an impairment of the goodwill of Mibanco Colombia for S/64.1 million (Credicorp’s equity holders), see Note 10(b).\n\nAs of December 31, 2025, and 2024, the direct and indirect interest held by Credicorp and the assets, liabilities, equity and net income were:\n\nEntityPercentage of interest\n(direct and indirect)AssetsLiabilitiesEquityNet profit (loss)\n\n20252024202520242025202420252024202520242023\n\n%%S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCredicorp Capital Colombia S.A.100.00 100.00 2,317,332 1,591,003 2,130,702 1,408,214 186,630 182,789 70,622 75,050 37,120 \n\nMibanco – Banco de la Microempresa de\nColombia S.A.99.97 99.97 2,811,815 2,278,827 2,368,964 1,900,048 442,851 378,779 47,037 (9,521)(72,608)\n\nb)    Credicorp Holding Chile was incorporated in Chile on July 18, 2012, and aims to invest for long-term profitable purposes, in corporeal goods (movable and immovable property) and incorporeal, located in Chile or abroad. Its main subsidiary is Credicorp Capital Chile S.A.\n\nc)    Credicorp Capital Holding Perú S.A. was incorporated in Peru on October 30, 2014, and aims to be the Peruvian holding of investment banking. Its main subsidiary Credicorp Capital Perú S.A.A.; which has as its main activity the function of holding shares, participations and transferable securities in general, providing advisory services in corporate and financial matters, and investment in real estate.\n\n(v)CCR Inc. was incorporated in the year 2000. Its main activity is to manage funding granted to BCP by foreign financial entities or investors. These loans matured in the course of 2022 and were guaranteed by transactions carried out by BCP.\n\nc)    Functional, presentation and foreign currency transactions –\n\n(i)    Functional and presentation currency -\n\nCredicorp and its subsidiaries which operate in Peru consider the sol as their functional and presentation currency, since it reflects the nature of the economic events and relevant circumstances for most of the Group´s entities, given the fact their major transactions and operations, such as: loans granted, financing obtained, sale of insurance premiums, interests and similar income, interest and similar expenses, as well as a significant percentage of their purchases; are entered into and settled in soles.\n\n(ii)    Transactions and balances in foreign currency -\n\nForeign currency transactions are those entered into in currencies other than the functional currency of the entity. These transactions are initially recorded by Group entities at the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currency are adjusted at the exchange rate of the functional currency prevailing at each reporting date.\n\nThe differences arising from the exchange rate prevailing at each reporting date and the exchange rate initially used in recording transactions are recognized in the consolidated statement of income in the period in which they occur, in “Exchange differences result”, except for those that correspond to monetary items that are part of a hedging strategy of a net investment in a foreign operation, said accumulated difference is recognized within “Exchange differences on translation of foreign operations” in the consolidated statement of comprehensive income. Non-monetary assets and liabilities acquired in foreign currency are recorded at the exchange rate prevailing at the initial transaction date and are not subsequently adjusted.\n\nF-24\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(iii)    Group entities with functional currency other than the presentation currency -\n\nGiven that the Group’s entities in Colombia, Chile, Cayman Islands, Bermuda, Panama, Bolivia, United States of America and Mexico have a functional currency different from the sol, the balances were translated into Soles for consolidation purposes in accordance with IAS 21, “The Effects of Changes in Foreign Exchange Rates” as follows:\n\n-Assets and liabilities, at the closing rate prevailing at each reporting date.\n\n-Income and expenses, at the average exchange rate for each month of the year.\n\nAll resulting exchange differences were recognized within “Exchange differences on translation of foreign operations”, including the differences in financial instruments designated as accounting hedges of said investments, in the consolidated statement of comprehensive income.\n\nd)    Recognition of income and expenses -\n\nBanking activities -\n\nInterest income and expenses:\n\nInterest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortized cost and at fair value through other comprehensive income. Interest expenses corresponding to liabilities measured at amortized cost are also recorded using the EIR.\n\nThe EIR is the rate that exactly discounts future cash flows that are estimated to be paid or received during the life of the instrument or a shorter period, if appropriate, to the gross carrying amount of the financial asset or financial liability. The EIR (and, therefore, the amortized cost of the financial asset or liability) is calculated taking into account any discount, premium and transaction costs that are an integral part of the effective interest rate of the financial instrument, but the expected credit loss is not included.\n\nThe Group calculates interest income by applying the EIR to the gross carrying amount of those financial assets that are not impaired.\n\nWhen a financial asset becomes impaired and, therefore, is considered in Stage 3 (as set out in Note 3(i) impairment of financial assets), the Group calculates interest income by applying the interest rate effective at the carrying amount of the asset, net of its provision for credit loss. If the evidence that the criteria for the recognition of the financial assets in Stage 3 are no longer met, the Group recalculates interest income in gross terms.\n\nInterest income and expenses accrued from all financial instruments that generate interest, including those related to financial instruments carried at fair value through profit or loss, are recorded under the heading “Interest and similar income” and “Interest and similar expenses” of the consolidated statement of income.\n\nCommissions and fees:\n\nIncome from commissions (which are not an integral part of the EIR) and fees are recognized as they are earned. Commissions and fees include, among others, the commission charged for the banking service in general such as account maintenance, shipping, transfers, loan syndication fees and fees for contingent credits.\n\nIncome from commissions and fees is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for providing the services. Performance obligations, as well as the timing of their satisfaction, are identified and determined at the time of contract. The Group’s revenue contracts do not include multiple performance obligations.\n\nWhen the Group provides a service to its clients, the consideration is invoiced and generally collected immediately after the provision of a service at a given time or at the end of the contract period for a service provided over time.\n\nF-25\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe Group has generally concluded that it is the principal in its revenue arrangements because it normally controls the services before transferring them to the client.\n\nMedical services activities -\n\nRevenue Recognition -\n\nRevenue is recorded at the fair value of the consideration agreed upon, excluding taxes, and is recognized when no remaining obligations affect the customer’s acceptance of the service. Revenue corresponds to the transaction price allocated to each performance obligation and may include both fixed and variable amounts.\n\nMedical Services:\n\nOutpatient Services: Revenue is recognized at a specific point in time, upon completion of the medical service and issuance of the corresponding record and invoice.\n\nHospitalization and Emergency Services: Revenue is recognized over time as the service is rendered. Progress is measured using the cost‑plus‑margin percentage of completion method, in accordance with the agreement.\n\nSale of Pharmaceuticals:\n\nRevenue is recognized at a specific point in time when control of the products is transferred, which coincides with their delivery.\n\nRecognition of Costs and Expenses -\n\nCosts: Recognized as medical services are rendered, medications are consumed, diagnostic tests are performed, or when the related revenue is recognized.\n\nExpenses: Recorded when there is a decrease in future economic benefits resulting from a reduction of assets or an increase in liabilities, provided that the amounts can be measured reliably, regardless of the timing of payment.\n\nOther income and expenses:\n\nAll other income and expenses are recorded in the period in which the performance obligation is satisfied.\n\ne)    Insurance activities -\n\nBelow is the Group’s accounting policy for its insurance activities:\n\nClassification of insurance and reinsurance contracts:\n\nInsurance contracts are those contracts when the Group (the insurer) has accepted a significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. This definition also includes reinsurance contracts that the Group holds.\n\nOnce a contract has been classified as an insurance contract, it remains an insurance contract for the remainder of its lifetime, even if the insurance risk decreases significantly during this period, unless all rights and obligations are extinguished or expire. The life insurance contracts offered by the Group include retirement, disability, and survivorship insurance, annuity contracts, and individual life insurance contracts, including Investment Link insurance. The non-life insurance contracts issued by the Group mainly cover automobile, fire and allied lines, technical lines, and health insurance.\n\nF-26\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAccounting treatment of insurance and reinsurance contracts:\n\nSeparation of the components of insurance and reinsurance contracts -\n\nThe Group evaluates its insurance and reinsurance products to determine if they contain components that must be accounted for under another IFRS instead of IFRS 17.\n\nAfter separating the various components, an entity must apply IFRS 17 to all remaining components of the (host) insurance contract.\n\nCurrently, the Group’s products do not include differentiated components that require separation.\n\nInvestment components are the amounts that an insurance contract requires an insurer to reimburse a policyholder in all circumstances, even if an insured event does not occur.\n\nInvestment components that are highly interrelated with the insurance contract of which they form part are considered non‑distinct and are not accounted for separately. However, the receipts and payments of the investment components are excluded from the income and expenses of the insurance activity.\n\nSome reinsurance contracts issued contain profit commission arrangements. Under these agreements, there is a guaranteed minimum amount that the policyholder will always receive, whether in the form of profit commission, claims, or other contractual payment, regardless of whether the insured event occurs.\n\nThe components of the profit commission are assessed to be highly interrelated with the insurance component of reinsurance contracts so that they are considered non-distinct investment components so that separate accounting is not required. However, receipts and payments of these investment components are recognized outside of profit or loss.\n\nAggregation level and classification -\n\nThe grouping of contracts into units of account is performed based on product types, currency, onerousness, and year of issuance, as they share similar risks, are managed collectively, and no contract portfolio may include contracts issued more than one year apart.\n\nThe Group classifies a portfolio of insurance and reinsurance contracts into two categories based on the expected profitability at the policy or contract level at the time of recognition, using reasonable and supportable information, as follows:\n\n-Onerous contracts: A contract is classified as onerous when, at the initial recognition date, the present value of expected outflows exceeds the present value of expected inflows.\n\n-Non-onerous contracts: These include contracts for which, at the initial recognition date, the present value of expected outflows is less than the present value of expected inflows.\n\nIt should be noted that a contract for accounting purposes may differ from what is considered a contract for other purposes (i.e. legal or management).\n\nThe expected return of these portfolios at inception is determined based on existing actuarial valuation models that consider new and existing businesses.\n\nRecognition of insurance and reinsurance contracts -\n\nThe Group recognizes a group of insurance contracts issued when the earliest of the following events occurs:\n\n-The beginning of the coverage period of the group of contracts.\n\n-The maturity date of the policyholder’s first payment within the group.\n\n-For a group of onerous contracts, as soon as the facts and circumstances indicate that the group is onerous.\n\nF-27\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe Group recognizes reinsurance contracts held when any of the following events occurs:\n\n-In all other cases from the beginning of the coverage period of the group of reinsurance contracts maintained.\n\n-The date the Group recognizes an onerous group of underlying insurance contracts if the Group entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date.\n\nWhether the reinsurance contracts held provide proportional coverage at the beginning of the coverage period of the group of reinsurance contracts held or at the initial recognition of any underlying contract, whichever is later.\n\nContract boundary -\n\nThe Group includes in the measurement of a group of insurance contracts all future cash flows within the limit of each contract in the group. Cash flows are within the limits of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group has a substantive obligation to provide the policyholder with insurance services insurance contract.\n\nThe substantive obligation to provide the services of the insurance contract ends when:\n\n-The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can establish a price or level of benefits that fully reflects those risks.\n\n-The following two criteria are met:\n\n-The Group has the practical ability to reassess the risks of the portfolio of insurance contracts contained in the contract and, as a result, can establish a price or profit level that fully reflects the risk of that portfolio.\n\n-The price of the premium until the date of re-evaluation of the risks does not consider the risks that relate to periods after the date of reassessment.\n\nA liability or asset related to expected premiums or claims outside the limit of the insurance contract is not recognized. These amounts refer to future insurance contracts.\n\nFor life contracts with renewal periods, the Group assesses whether the premiums and related cash flows arising from the renewed contract are within the contract boundary.\n\nRenewal prices are established by the Group considering all risks covered for the insured that would be considered when signing equivalent contracts on the renewal dates of the remaining service.\n\nThe Group re-evaluates each group’s contract boundary at the end of each reporting period.\n\nMeasurement at initial recognition -\n\nGeneral model (BBA) - Insurance contracts\n\nThe general model measures a group of insurance contracts as the total of:\n\n-Fulfillment cash flows.\n\n-A risk adjustment for non-financial risk.\n\n-The contractual service margin (CSM) which represents the unearned technical profit that the Group will recognize as it provides services in the future.\n\nCompliance cash flows comprise:\n\n-Estimates of future cash flows considering their probability of occurrence.\n\n-An adjustment to reflect the time value of money and the financial risks related to future cash flows.\n\nF-28\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe cash flows for each scenario are weighted according to the probability of their occurrence based on the experience of the Group’s portfolio and are discounted using current interest rate assumptions (risk-free curve + Matching Adjustment).\n\nWhen estimating future cash flows, the Group includes all cash flows that are within the contract boundary, including:\n\n-Premiums and related cash flows.\n\n-Expected future claims and benefits:\n\n-Payments to beneficiaries for the occurrence of insured events.\n\n-Payments to policyholders resulting from the incorporated surrender and maturity options.\n\n-Acquisition expenses attributable to the portfolio to which the contract belongs.\n\n-Claim settlement expenses.\n\n-Attributable policy maintenance expenses, including recurring commissions expected to be paid to intermediaries.\n\n-An allocation of fixed and variable overhead expenses directly attributable to compliance with insurance contracts.\n\nIf at the time of initially estimating the fulfillment flows of a group of contracts a net outflow is obtained, these contracts become onerous contracts, and a liability will be recognized at that initial time in the statement of financial position. This amount is what we call the “loss component”.\n\nA group of contracts that were not onerous on initial recognition may subsequently become onerous if assumptions change, even though the classification of their grouping or Unit of Account remains unchanged.\n\nSimplified Model – initial recognition\n\nThe simplified model of the general method is the Premium Allocation Approach (PAA), which is applied by the Group for insurance and reinsurance contracts with a duration equal to or less than one year or for which the amount of the provision does not differ significantly of the general model.\n\nIf significant variability in cash flows from compliance is initially expected that would affect the measurement of the remaining coverage liability, the simplified method cannot be applied.\n\nUnder the premium allocation approach, the Group will assume that no contract is onerous unless the facts and circumstances indicate otherwise, which is why initially all contracts are grouped based on risk and how they are managed. To evaluate this possibility, a premium sufficiency test will be used that will evaluate the need to provide an additional provision and classify the Group of contracts as onerous (Onerousness Test).\n\nFor insurance contracts that apply the PAA approach, the Group initially recognizes written premiums net of commissions and deferred premiums as provision of remaining coverage (Liability for Remaining Coverage, LRC).\n\nPost measurement – insurance contracts\n\nThe carrying amount of a group of insurance contracts after initial recognition will consist of:\n\n(a)Liability for Remaining Coverage (LRC) comprising compliance cash flows, risk adjustment for non-financial risk and CSM of the Contract Group at the end of the reporting period.\n\n(b)Incurred claims liability, which comprises compliance cash flows relating to the payment of reported and pending claims, incurred but not reported claims (IBNR) and claim settlement expenses. A risk adjustment for non-financial risk is also included.\n\nThe Group will recognize income or expenses for the variation in the carrying amount of the Liability for Remaining Coverage and the liability for claims incurred:\n\nF-29\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(a)Income from insurance activity: the reduction of the liability for the service provided in the period.\n\nThe CSM at the end of the reporting period represents the gain in the Insurance Contract Group that has not yet been recognized in profit or loss, because it relates to the future service to be provided.\n\nFor a group of insurance contracts without direct participation components, the carrying value of the CSM at the end of the reporting period is equal to the carrying value at the beginning of the reporting period adjusted as follows:\n\n-The effect of new contracts added to the group. interest accrued on the carrying amount of the CSM during the reporting period, measured at the discount rates at initial recognition.\n\n-Changes in compliance cash flows related to future service such as:\n\n◦Adjustment for experience: it must be disaggregated to reflect the different factors that cause such adjustments in the expected future benefits of the Group:\n\n•Adjustment in compliance flows due to claims experience is the variation in actual claims compared to expected claims. Likewise, this variation in the accident rate may lead to changes in the expected compliance flows. This variation will be recorded in a change in the CSM amount.\n\n•Adjustment for variation in operating assumptions - A variation in the projection operating assumptions (mortality, expenses, rescues, etc.) will be recorded against the CSM for the period. This change will be cumulative with the adjustments made previously.\n\n•Adjustment for premiums collected: Insurance premiums that relate to future service that have been received in the period require an adjustment to the contractual service margin. Likewise, an additional analysis must be carried out on the extraordinary contributions that the policyholder may make. Whether these new contributions made by the insured, different from regular premiums, should be considered new contracts or part of existing contracts. Therefore, it must be evaluated whether the new contributions are valued using the same conditions as at the beginning of the contract or if they are modified (mortality table, administration expenses, guaranteed rates, etc.).\n\n-In the event that the conditions of the contract are not modified in the extraordinary contribution, that is, it has the same conditions as the original contribution, it is considered that the cash flows are within the limits of the contract, and therefore Both the variation in expected cash flows will be considered as a variation in experience.\n\n-Changes in estimates of the present value of future cash inflows in the remaining coverage liability measured at discount rates.\n\n-Differences between the investment components that are expected to become payable in the period and the actual investment component that becomes payable in the period, measured at discount rates.\n\n-Changes in risk adjustment for non-financial risk that relates to future service.\n\n-The effect of currency exchange differences on the CSM.\n\n-The amount recognized as insurance income due to the transfer of insurance contract services in the period, determined by the allocation of the remaining CSM at the end of the reporting period (before any allocation) during the current coverage period and remaining.\n\nThe locked-in discount rate is the weighted average of the rates applicable at the date of initial recognition of contracts that joined a group over a 12-month period. The discount rate used for accretion of interest on the CSM is determined using the bottom-up approach at inception.\n\nF-30\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFor a group of insurance contracts with direct participation components, the amount of CSM to be reported in the books will be obtained by applying a series of adjustments to the value of the CSM of the previous period:\n\n-The effect of the new contracts added to the group.\n\n-The entity’s participation in the change in the fair value of the underlying elements.\n\n-Changes in compliance cash flows, such as a change in the entity’s loss experience and future expenses compared to those expected in the previous period.\n\n-The effect of currency exchange differences on the CSM.\n\n-The amount recognized as revenue from ordinary insurance activities due to the transfer of services in the period, determined by allocating the remaining contractual service margin at the end of the reporting period (before any allocation) over the current coverage period.\n\n(b)Insurance activity expenses: for losses in onerous contract groups and reversals of these losses.\n\nThe Group will recognize a loss in the period’s results for the net outflow for the Group of onerous contracts, causing the Group’s liability book amount to equal the cash flows from compliance, with the Group’s contractual service margin being zero.\n\nThe loss component is released based on a systematic allocation of subsequent changes related to future service in compliance cash flows to:\n\n(i)The loss component; and\n\n(ii)the remaining coverage liability excluding the loss component. The loss component is also updated for subsequent changes related to future service in estimates of compliance cash flows and risk adjustment for non-financial risk.\n\nSystematic allocation of subsequent changes to the loss component results in total amounts allocated to the loss component being zero at the end of the coverage period of a contract group.\n\n(c)Financial expenses and income from insurance: for the time value of money and financial risk effect.\n\nThe Group disaggregates financial income or expenses for insurance contracts issued for its immediate annuity and term life portfolios between profit or loss and other compressive income.\n\nThe impact of changes in market interest rates on the value of life insurance and related reinsurance assets and liabilities is reflected in other compressive income to minimize accounting mismatches between the accounting for financial assets and insurance assets and liabilities. The Group financial assets supporting the insurance portfolios issued are predominantly measured at amortized cost or fair value with changes in other comprehensive income. Financial income or expenses from reinsurance contracts issued by the Group are not disaggregated because the related financial assets are managed on a fair value basis and are measured at fair value with changes in income.\n\nSimplified model (premium allocation approach) -\n\nThe Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as the liability for remaining coverage at the beginning of the period:\n\n-Plus, premiums received in the period.\n\n-Minus insurance acquisition cash flows, with the exception of property insurance product line for which the Group chooses to expense insurance acquisition cash flows as they occur.\n\n-Plus, any amounts relating to the amortization of the insurance acquisition cash flows recognized as an expense in the reporting period for the group.\n\n-Minus the amount recognized as insurance revenue for the services provided in the period.\n\nF-31\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe Group estimates the liability for incurred claims as the fulfilment cash flows related to incurred claims. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of those future cash flows, they reflect current estimates from the perspective of the Group and include an explicit adjustment for non-financial risk (the risk adjustment). The Group does not adjust the future cash flows for the time value of money and the effect of financial risk for the measurement of liability for incurred claims that are expected to be paid within one year of being incurred.\n\nWhere, during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, the Group recognizes a loss in profit or loss for the net outflow, resulting in the carrying amount of the liability for the group being equal to the fulfilment cash flows. A loss component is established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognized.\n\nThe subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued and has been adapted to reflect the specific features of reinsurance held.\n\nPresentation -\n\nFor presentation in the consolidated statement of financial position, the Group aggregates insurance and reinsurance contract portfolios that are assets or liabilities and presents them separately in the following items:\n\n-Reinsurance Contract Assets.\n\n-Insurance Contract Liability.\n\nThe presentation in the statement of comprehensive income is as follows:\n\n-Insurance service result (including insurance service income and expenses).\n\n-Reinsurance service result (including income and expenses from reinsurance contracts).\n\n-Net financial expenses from insurance activity, presented in interest and similar expenses, See Note 19.\n\nSignificant judgments and estimates -\n\nThe Group bases its assumptions and estimates on parameters derived from portfolio experience and these are used to prepare the financial statements. However, existing circumstances and assumptions about future developments could change due to changes in the market or circumstances beyond the Group’s control. Parameters are updated to reflect such changes in assumptions as necessary.\n\nThe Group reassesses the CSM in each period with the adjustment for the entity's experience. Parameters used for estimating future cash flows are a comparison between current and estimated rates, and the following hypotheses are evaluated: mortality, longevity, disability, expenses, lapses, and surrender rates.\n\nFor the measurement of the present value of future cash flows, it is necessary to define discount rates that consistently reflect the time value of money.\n\nFor the general model, it should be noted that in each valuation, it will be necessary to have two types of differentiated interest rates for discounting cash flows:\n\n-Market rate or current valuation rate: the interest rate obtained from current market data and assumptions. The discount rate as of the valuation date will be equal to the risk-free rate of the corresponding currency plus the Matching Adjustment described later.\n\n-Established initial rate or Locked-In Rate (LiR): an interest rate defined at the time of initial recognition of the insurance contract and will remain fixed until the termination of it, and will be used to:\n\n-Measuring cash flows from fulfillment at initial valuation;\n\nF-32\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n-Determining the amount of financial expenses or income from insurance included in the income statement for the period;\n\n-Determining accrued interest on the CSM;\n\n-Determining the portion of the financial effect on Cashflows that will be imputed to interest on liabilities;\n\n-Measuring changes in the contractual service margin.\n\nInsurance contract liabilities are calculated by discounting the expected future cash flows at a risk-free rate, plus an illiquidity premium when applicable. The risk-free rates are determined by reference to interest rate curves published by the SBS for contracts issued in soles and VAC soles, and by reference to U.S. Treasury bond yields for contracts issued in U.S. Dollars.\n\nTo determine the discount curve of the initial rate established on the date of initial recognition of the contract, the liquidity premium is determined using the Matching Adjustment methodology. This methodology is based on the assets themselves that cover the Group’s liabilities and is calculated as the IRR of the de-risked assets minus the IRR of the liabilities, minus the average “Cost of Downgrade” of the portfolio and an adjustment for the portfolio’s sub-investment grade investments. The Matching Adjustment is determined by product type and currency. The discount rates applied to discount future cash flows are summarized below:\n\n1 year3 years5 years\n\n202520242023202520242023202520242023\n\nSoles4.68%4.86%5.98%4.90%5.41%6.18%5.42%6.20%6.62%\n\nSoles VAC1.56%1.69%1.44%2.10%2.59%3.13%2.67%3.18%3.58%\n\nDollars4.99%5.71%6.52%5.06%5.82%5.74%5.24%5.93%5.57%\n\n10 years20 years\n\n202520242023202520242023\n\nSoles6.74%7.40%7.12%7.73%7.88%7.41%\n\nSoles VAC3.55%3.66%3.91%3.84%3.91%4.08%\n\nDollars5.69%6.13%5.61%6.30%6.41%5.93%\n\nThe other assumptions used in the determination of expected cash flows are:\n\n- Mortality and morbidity rates\n\nThe assumptions are based on standard industry tables, depending on the type of contract entered into. They reflect recent historical experience and are adjusted where appropriate to reflect the Group’s own experiences. Mortality assumptions are differentiated in some products by gender of the insured, underwriting class and contract type.\n\nAn increase in expected mortality and morbidity rates would increase the expected cost of life insurance claims, which would reduce the Group’s expected future earnings.\n\n- Longevity\n\nAssumptions are based on industry standard Peruvian regulatory tables, adjusted where appropriate to reflect the Group’s own risk experience. For pensions, expected future longevity improvements are considered. Assumptions are differentiated by a number of factors including (but not limited to) policyholder gender, risk class and contract type. An increase in expected longevity rates would lead to an increase in the expected cost of immediate and future annuity payments, which would reduce the Group’s expected future earnings.\n\nF-33\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n- Expenses\n\nOperating expense assumptions reflect the projected costs of maintaining and servicing in-force policies and associated overhead. The current level of expenses is taken as an appropriate expense base, adjusted for expected expense inflation if applicable. An increase in the expected level of expenses would reduce the Group’s expected future earnings. Cash flows within the contract boundary include an allocation of fixed and variable overhead expenses directly attributable to the performance of the insurance contracts. Such overheads are allocated to groups of contracts using methods that are systematic and rational and are applied consistently to all costs that have similar characteristics.\n\n- Lapse rates and surrenders\n\nForfeitures relate to the termination of policies due to non-payment of premiums. Surrenders relate to the voluntary termination of policies by policyholders to withdraw the surrender value of contracts. Policy termination assumptions are determined using statistical measures based on the Group’s experience and vary by product type, policy duration, distribution channel and market interest rate trends. An increase in lapse rates early in the life of the policy would tend to reduce the Group’s earnings, but subsequent increases have a broadly neutral effect.\n\nf)    Financial instruments: Initial recognition and subsequent measurement –\n\nA financial instrument is any agreement that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.\n\nThe Group determines the classification of its financial instruments at the time of initial recognition.\n\nAll financial instruments are initially recognized at their fair value plus the incremental costs related to the transaction that are directly attributable to the purchase or issuance of the instrument, except in the case of financial assets or liabilities carried at fair value through profit or loss.\n\nPurchases or sales of financial assets that require delivery of the assets within a period established in accordance with regulations or conventions in the market (regular way purchases or sales) are recognized at the trade date, that is, the date on which the Group undertakes to buy or sell the asset.\n\nAs of December 31, 2025, and 2024, the Group classified financial assets into one of the categories defined by IFRS 9: financial assets at fair value through profit or loss, at fair value through other comprehensive income or at amortized cost based on:\n\n-The business model to manage financial assets and\n\n-The characteristics of the contractual cash flows of the financial asset\n\nBusiness model -\n\nIt represents how financial assets are managed to generate cash flows and is not dependent on Management’s intention with respect to an individual instrument. Financial assets can be managed for the purpose of: i) obtaining contractual cash flows; ii) obtaining contractual cash flows and sale; or iii) others. To evaluate business models, the Group considers:\n\n-The risks that affect the performance of the business model and, in particular, the way in which these risks are managed.\n\n-How the performance of the business model and the financial assets held within this business model are evaluated and reported to key Group management personnel.\n\nIf cash flows after initial recognition are realized differently from the Group’s expectations, the classification of the remaining financial assets held in this business model is not modified.\n\nWhen the financial asset is maintained in business models i) and ii) the application of the only principal and interest payments test is required - “SPPI”.\n\nF-34\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nSPPI Test (Solely Payments of Principal and Interest) –\n\nThis test consists in the evaluation of the cash flows generated by a financial instrument to verify whether the contractual conditions of the financial asset arise, on specified dates to cash flows that are solely payments of principal and interest. To adapt to this concept the cash flows must solely include the consideration of the time value of money and the credit risk. If the contractual terms introduce risk exposure or cash flow volatility, such as the exposure to changes in the prices of capital instruments or the prices of raw materials, the financial asset is classified as at fair value through profit or loss. Hybrid contracts must be evaluated as a whole, including all the integrated characteristics. The accounting of a hybrid contract that contains an embedded derivative is carried out jointly, in other words, the entire instrument is measured at fair value through profit or loss.\n\n(i)Financial assets at amortized cost –\n\nA financial asset is classified as at amortized cost if the following conditions are met:\n\n-It is held within a business model whose objective of which is to maintain the financial asset to obtain contractual cash flows, and\n\n-The contractual conditions give rise, on specified dates, to cash flows that are solely payments of the principal and interest.\n\nAfter initial recognition, financial assets in this category are measured at amortized cost, using the effective interest rate method, less any credit loss provision. The amortized cost is calculated taking into account any discount or premium incurred in the acquisition and fees that constitute an integral part of the effective interest rate. Interest income is included in the “Interest and similar income” item in the consolidated statement of income.\n\nFinancial assets at amortized cost include direct credits that are recorded when the funds are disbursed to clients, and indirect credits (contingent) that are recorded when the documents that support said credit facilities are issued. Likewise, the Group considers as refinanced or restructured those loans that change their payment schedule due to difficulties in payment by the debtor.\n\nThe impairment loss is calculated using the expected credit loss approach and is recognized in the consolidated statement of income within “Net gain on securities” for investments and in the item “Provision for credit losses on loan portfolio” for credits.\n\nThe balance of financial assets, measured at amortized cost, is presented net of the provision for credit losses in the consolidated statement of financial position.\n\n(ii)Financial assets at fair value with changes in other comprehensive income –\n\nThe financial assets that the Group maintains in this category are: a) investments in debt instruments, and b) investments in equity instruments, for non-trading purposes, irrevocably designated as such at initial recognition.\n\nInvestments in debt instruments -\n\nA financial asset is classified and measured at fair value through other comprehensive income when the following conditions are met:\n\n-The financial asset is maintained within a business model whose objective is achieved by obtaining contractual cash flows and selling financial assets, and\n\n-The contractual conditions give rise, on specified dates, to cash flows that are solely payments of principal and interest.\n\nAfter initial recognition, investments in debt instruments are measured at fair value, recording unrealized gains and losses in the consolidated statement of comprehensive income, net of the corresponding income tax and non-controlling interest, until the investment is sold; in which the\n\nF-35\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\naccumulated gain or loss is recognized in the “Net gain on securities” item of the consolidated statement of income.\n\nInterest is recognized in the consolidated statement of income in the item “Interest and similar income” and is reported as interest income using the effective interest rate method.\n\nWhen a debt instrument is designated in a fair value hedging relationship, any change in fair value due to changes in the hedged risk is recognized in “Interest and similar income” in the consolidated statement of income.\n\nForeign exchange gains or losses related to the amortized cost of the debt instrument are recognized in the consolidated statement of income, and those related to differences between the amortized cost and the fair value are recognized as part of the unrealized gain or loss in the consolidated statement of comprehensive income.\n\nThe estimated fair value of investments in debt instruments is determined primarily based on quotes or, in the absence of these, on the basis of discounted cash flows using market rates consistent with the credit quality and maturity of the instruments.\n\nAn impairment loss of investments in debt instruments is calculated using the expected credit loss approach and is recognized in the consolidated statement of comprehensive income, charged to the item “Net gain on securities” in the consolidated statement of income, in this sense, it does not reduce the carrying amount of the financial asset in the consolidated statement of financial position, which is maintained at fair value. The impairment loss recognized in the consolidated statement of comprehensive income is reclassified to the consolidated statement of income when the debt instrument is derecognized.\n\nInvestments in equity instruments, not for trading, designated upon initial recognition (equity instruments designated at initial recognition) –\n\nAt initial recognition, the Group can make an irrevocable choice to classify equity instruments, which are not for trading, but held strategic purposes, as “At fair value through other comprehensive income”.\n\nAfter initial recognition, the equity investments are measured at fair value, recording the unrealized gains and losses in the consolidated statement of comprehensive income, net of their corresponding income tax and non-controlling interest, until the investment is sold, whereupon the accumulated gain or loss is transferred to the item “Retained earnings” in the consolidated statement of changes in equity; in other words, they are not subsequently reclassified to the consolidated statement of income.\n\nAs a result, equity instruments classified in this category do not require a loss impairment evaluation.\n\nDividends are recognized when the right to collection has been established and are recorded in the “Interest and similar income” item in the consolidated statement of income.\n\n(iii)Financial assets at fair value through profit or loss –\n\nFinancial assets must be classified and measured at fair value through profit or loss unless they are classified and measured at “Amortized cost” or “At fair value through other comprehensive income”.\n\nThe financial assets that the Group maintains in this category are: a) Investments in debt instruments, b) investments in equity instruments for trading purposes, c) financial assets designated at fair value with changes in results from the moment of their recognition. initial, and d) derivative financial instruments for trading purposes.\n\nF-36\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nDebt instruments -\n\nSuch instruments are classified in this category because: a) they are held for trading purposes, or b) their cash flows are not solely payments of principal and interest.\n\nAfter initial recognition, they are measured at fair value, recording the changes in the “Net gain on securities” item in the consolidated statement of income. The accrued interest is calculated using the contractual interest rate and is recorded in the “Interest and similar income” item in the consolidated statement of income.\n\nEquity instruments -\n\nEquity instruments are classified and measured at fair value through profit or loss, unless an irrevocable election is made, at initial recognition, to designate them at fair value through other comprehensive income.\n\nAfter initial recognition, they are measured at fair value, recording the changes in the “Net gain on securities” item in the consolidated statement of income. Dividend income is recorded in the “Interest and similar income” item in the consolidated statement of income when the right to payment has been recognized.\n\nFinancial assets designated at fair value through profit or loss at initial recognition -\n\nAt the time of initial recognition, Management may irrevocably designate financial assets as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from the measurement of the assets or liabilities or the recognition of their profits and losses on different bases.\n\nAfter their initial recognition, they are measured at fair value, recording the changes in the consolidated statement of income.\n\nAs of December 31, 2025, and 2024, the Group classified financial liabilities at initial recognition as measured at amortized cost, except for financial liabilities at fair value through profit or loss. These liabilities include derivatives that are measured at fair value.\n\nThe interest incurred is accrued in the “Interest and similar income” item in the consolidated statement of income.\n\nLikewise, at initial recognition, Management may irrevocably designate financial liabilities as measured at fair value through profit or loss when one of the following criteria is met:\n\n-A measurement inconsistency that would otherwise arise when using different criteria to measure assets or liabilities is eliminated or significantly reduced; or\n\n-They are part of a group of financial liabilities, which are managed, and their performance is evaluated on a fair value basis, in accordance with a documented investment or risk management strategy; or\n\n-The financial liability contains one or more embedded derivatives that significantly modify the otherwise required cash flows.\n\n(iv)Reclassification of financial assets and liabilities -\n\nThe reclassification of financial assets will take place whenever the business model for managing the financial assets changes. It is expected that this change will be very infrequent. These changes are determined by approval of the Group’s management as a result of external or internal changes, which must be significant to the Group’s operations and demonstrable to third parties. Financial liabilities are never reclassified.\n\nF-37\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nWhen the Group changes its business model for managing financial assets, it will prospectively reclassify all affected financial assets from the date of reclassification. The Group will not restate previously recognized gains, losses, or interest (including gains or losses on impairment) recognized.\n\nIf the Group reclassifies:\n\n-A financial asset from the amortized cost measurement category to the fair value through profit or loss category: its fair value will be measured at the reclassification date. Any gain or loss arising from differences between the previously amortized cost of the financial asset and the fair value will be recognized in profit or loss for the period.\n\n-A financial asset from the fair value through profit or loss measurement category to the amortized cost category: its fair value at the reclassification date becomes its new gross carrying amount.\n\n-A financial asset from the amortized cost measurement category to the fair value through other comprehensive income category: its fair value will be measured at the reclassification date. Any gain or loss arising from differences between the previously amortized cost of the financial asset and the fair value will be recognized in other comprehensive income. The effective interest rate and the measurement of expected credit losses will not be adjusted as a result of reclassification.\n\n-A financial asset from the fair value through other comprehensive income measurement category to the amortized cost category, the financial asset will be reclassified at its fair value at the reclassification date. However, previously recognized accumulated gains or losses in other comprehensive income will be removed from equity and adjusted against the fair value of the financial asset at the reclassification date. As a result, the financial asset will be measured at the reclassification date as if it had always been measured at amortized cost. This adjustment affects other comprehensive income but not profit or loss for the period.\n\n-A financial asset from the fair value through profit or loss measurement category to the fair value through other comprehensive income category, the financial asset will continue to be measured at fair value.\n\n-A financial asset from the fair value through other comprehensive income measurement category to the fair value through profit or loss category, the financial asset will continue to be measured at fair value. The previously recognized accumulated gain or loss in other comprehensive income will be reclassified from equity to profit or loss for the period.\n\ng)    De-recognition of financial assets and liabilities –\n\nFinancial assets:\n\nA financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is derecognized when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full immediately to a third party under a pass-through arrangement; and the Group has also transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset.\n\nWhen contractual rights to receive cash flows from the financial asset have been transferred, or a transfer agreement has been entered into, the Group assesses whether it has retained, and to what extent, the risks and benefits inherent in ownership of the asset. When the Group has neither transferred nor retained substantially all risks and benefits inherent in ownership of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continued involvement with the asset.\n\nIn that case, the Group also recognizes the related liability. The transferred financial asset and related liability are measured so as to reflect the rights and obligations that the Group has retained.\n\nF-38\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nContinued involvement in the form of a guarantee over the transferred asset is measured as the lower of (i) the carrying amount of the asset, and (ii) the maximum consideration received that the Group would be required to repay.\n\nFinancial liabilities:\n\nA financial liability is derecognized when the obligation to pay is discharged, cancelled, or expires. When an existing financial liability is exchanged for another from the same borrower under significantly different terms (fails the 10.0 percent test established in IFRS 9), or the terms are substantially modified, such exchange or modification is treated as a derecognition of the original liability and a new liability is recognized, with the difference between the carrying amount of the initial financial liability and the consideration paid recognized in the consolidated statement of comprehensive income.\n\nh)    Offsetting financial instruments -\n\nFinancial assets and liabilities are offset and the net amount is presented in the consolidated statement of financial position when there is a legally enforceable right to offset them and the Management intends to settle them on a net basis or to realize the asset and settle the liability simultaneously.\n\ni)    Impairment of financial assets -\n\nAs of December 31, 2025, and 2024, the Group applies a three-stage approach to measure the provision for credit losses, using an expected credit loss impairment model as set out in IFRS 9, for the following categories:\n\n-Financial assets at amortized cost.\n\n-Debt instruments classified as investments at fair value through other comprehensive income, and\n\n-Indirect credits that are presented in accounts outside the consolidated statement of financial position.\n\nFinancial assets classified or designated at fair value through profit or loss and equity instruments designated at fair value through other comprehensive income are not subject to impairment assessment.\n\nFinancial assets migrate through three stages based on changes in credit risk from initial recognition.\n\nImpairment model of expected credit losses -\n\nCalculations of credit losses result from models with a series of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfall events related to default events, either (i) over the following twelve months or (ii) over the expected life of a financial instrument depending on credit impairment from inception. The expected credit loss reflects a probability-weighted outcome considering a range of multiple outcomes based on reasonable and supported forecasts.\n\nProvisions for credit losses will be measured at each reporting date following a three-stage expected credit loss model based on the degree of credit deterioration from inception:\n\n-Stage 1: Financial assets whose credit risk has not increased significantly since initial recognition will recognize a reserve for losses equivalent to the credit losses expected to occur from defaults in the next 12 months. For instruments with a maturity of less than 12 months, a default probability corresponding to the remaining term to maturity is used.\n\n-Stage 2: Financial assets that have experienced a significant increase in credit risk compared to initial recognition but are not considered impaired will recognize a loss reserve equivalent to the expected credit losses that are expected to occur during the remaining life of the asset.\n\n-Stage 3: Financial assets with credit impairment at the reporting date will recognize a loss reserve equivalent to the expected credit losses over the entire life of the asset. Interest income will be recognized based on the carrying amount of the asset, net of the credit loss provision.\n\nF-39\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nMeasurement of expected loss –\n\nThe measurement of expected credit loss is primarily based on the product of the probability of default (PD), the loss given default (LGD), and the exposure at default (EAD), discounted to the reporting date and considering expected macroeconomic effects and all in accordance with the new regulations.\n\nThe details of these statistical parameters are the following:\n\n-PD: It is an estimate of the probability of default over a specified time horizon. Default can only occur at a specific point in time during the estimated remaining life, provided the financial asset has not been derecognized previously and still remains in the portfolio.\n\n-LGD: It is an estimate of the loss that occurs in the event of default at a given point in time. It is based on the difference between contractual cash flows owed and those the lender would expect to receive, including from the realization of any collateral. It is typically expressed as a percentage of the EAD.\n\n-EAD: It is an estimate of exposure at a future default date, considering expected changes in exposure after the reporting date, including principal and interest repayments, either scheduled by contract or otherwise, and interest accrued for overdue payments.\n\nThe fundamental difference between credit loss considered in stage 1 and stage 2 is the PD horizon. Stage 1 estimates use a 12-month horizon, while those in stage 2 use an expected loss calculated with the remaining term of the asset and consider the effect of significant risk increase. Finally, in stage 3, the expected loss will be estimated based on the best estimate (“ELBE”), given the status of the collection process for each asset.\n\nChanges from one stage to another –\n\nThe classification of an instrument as stage 1 or stage 2 depends on the concept of “significant increase in credit risk” on the reporting date compared with the origination date; in this sense, the definition used considers the following criteria:\n\n-An account is classified in stage 2 if it has more than 30 days in arrears.\n\n-If the probability of default (“PD”) at the reporting date exceeds the PD at the origination date by 50.0 percent (absolute thresholds) in all portfolios.\n\n-If the PD at the reporting date exceeds the PD at the origination date at an individualized level for each risk level and by portfolio (relative thresholds).\n\nAdditionally, all accounts classified as defaults at the reporting date are considered stage 3. Assessments of significant risk increase from initial recognition and credit impairment are independently conducted at each reporting date. Assets can move in both directions from one stage to another. See further detail in Note 30.1(c).\n\nProspective Information –\n\nThe measurement of expected credit losses for each stage and the evaluation of significant increases in credit risk should consider information on past events and current conditions, as well as projections of future events and economic conditions. For the estimation of the risk parameters (PD, LGD and EAD), used in the calculation of the provision in stage 1 and 2, the significance of the macroeconomic variables (or their variations) that have the greatest influence on each portfolio was tested, which give a better prospective and systemic vision to the estimation, based on econometric techniques. These projections have a period of 3 years and, additionally, a long-term projection.\n\nThe estimate of the expected loss is a weighted estimate that considers three future macroeconomic scenarios. The base, optimistic and pessimistic scenarios are based on macroeconomic projections provided by the internal economic studies team and approved by Senior Management; these projections are made for the main countries where Credicorp operates. This same team also provides the probability of occurrence of each\n\nF-40\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nscenario. It should be noted that the design of the scenarios is reviewed quarterly and may be more frequent if the environmental conditions so require.\n\nMacroeconomic Factors –\n\nIn its models, the Group relies on a wide range of prospective information as economic inputs, such as gross domestic product (GDP) growth, unemployment rates, central bank base rates, among others. The inputs and models used to calculate expected credit losses may not always capture all market characteristics at the date of the financial statements. To reflect this, qualitative adjustments or overlays may be made using expert judgment.\n\nExpected Lifetime –\n\nFor instruments in Stage 2 or 3, loss reserves will cover expected credit losses during the instrument’s lifetime. For most instruments, the expected lifetime is limited to the remaining term of the product, adjusted for expected prepayments. For revolving products, an analysis was conducted to determine the expected lifetime period.\n\nPresentation of provision for credit losses in the consolidated statement of financial position –\n\n-Financial assets measured at amortized cost: as a deduction from the gross carrying amount of financial assets;\n\n-Debt instruments measured at fair value through other comprehensive income: no provision is recognized in the consolidated statement of financial position because the carrying amount of these assets is their fair value; however, the expected credit loss is presented in accumulated other comprehensive income;\n\n-Indirect credits: the provision for credit loss is presented under “Other liabilities” in the consolidated statement of financial position.\n\nRenegotiated Credits –\n\nWhen a credit is modified, it is not considered past due but maintains its previous classification as impaired or unimpaired. If the borrower complies with the new agreement for the next six months, and the analysis of their repayment capacity supports a new risk rating improvement, the credit is classified as unimpaired. If after the credit is modified, the borrower defaults on the new agreement, it is considered impaired and past due. See further detail in Note 30.1(c).\n\nj)    Business Combinations –\n\nBusiness combinations are accounted for using the acquisition method, as required by IFRS 3 “Business Combinations”. The acquisition cost is measured at the fair value of the consideration transferred at the acquisition date and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in “Administrative expenses” in the consolidated statement of income.\n\nWhen the Group acquires a business, it assesses the financial assets and liabilities assumed for proper classification and naming in accordance with contractual terms, economic circumstances, and conditions relevant at the acquisition date. This includes the separation of implicit derivatives in contracts entered into by the acquiree.\n\nAny contingency transferred by the acquirer must be recognized at its fair value at the acquisition date. The contingency classified as a financial instrument and within the scope of IFRS 9: \"Financial Instruments\" is measured at fair value with changes recognized in the consolidated statement of profit or loss. If the contingency does not fall within the scope of IFRS 9, it is measured in accordance with the applicable IFRS. A contingency classified as equity shall not be remeasured, and its subsequent settlement is accounted for within equity.\n\nF-41\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe acquisition of additional non-controlling interest is recognized directly in equity; the difference between the amount paid and the net assets acquired is recognized as an equity transaction. Therefore, the Group does not recognize any additional goodwill after acquiring the non-controlling interest, nor does it recognize a gain or loss on the sale of the non-controlling interest.\n\nIf there is a contractual obligation to acquire the shares of the non-controlling interest through a put option, the Group will initially recognize a liability at fair value through profit or loss equivalent to the fair value of the non-controlling interest against the \"Reserves and others\" account in equity. After initial recognition, the liability is measured at fair value, recording changes in the statement of profit or loss until the option is exercised. If the option expires without being exercised, the liability is derecognized, adjusting equity.\n\nThe equity attributable to the non-controlling interest is presented separately in the consolidated statement of financial position. Profit attributable to the non-controlling interest is presented separately in the consolidated statement of profit or loss and in the consolidated statement of comprehensive income.\n\nIf a business combination is achieved in stages, the carrying amount of the previous participation held in the acquiree is remeasured at fair value at the date of acquisition, with the resulting gains or loss recognized in profit or loss. Likewise, in accordance with IFRS 3, from the acquisition date of a company not under common control, the acquirer has a period of 12 months to make adjustments to the initial recognition of goodwill.\n\nCombinations of Entities under Common Control\n\nA business combination between entities or businesses under common control is outside the scope of IFRS 3, as it represents a business combination in which all entities or businesses being combined are ultimately controlled by the same party or parties, both before and after the business combination. In these transactions, the Group recognizes acquired assets under the pooling of interest method, whereby the assets and liabilities of the combined companies are reflected at their carrying values and no goodwill is recognized as a result of the combination.\n\nThe consolidated financial statements of the Group have been presented considering the aforementioned.\n\nk)    Intangible assets –\n\nComprise internally developed and acquired software licenses used by the Group. Acquired software licenses are measured upon initial recognition at cost and are amortized using the straight-line method over their estimated useful life.\n\nF-42\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIntangible assets resulting from business combinations are recognized in the consolidated statement of financial position at their fair values determined on the acquisition date and are amortized using the straight line method over their estimated useful life as follows:\n\nEstimated useful\n\nlife in years\n\nClient relationship - Prima AFP (AFP Unión Vida)20.0\n\nClient relationship – Credicorp Capital Holding Chile (Inversiones IMT)22.0\n\nClient relationship - Ultraserfinco9.2\n\nClient relationship - Pacífico EPS and Medical Services10.0\n\nBrand - Mibanco25.0\n\nBrand - Joinnus20.0\n\nBrand - Culqi5.0\n\nBrand - Pacífico EPS and Medical ServicesIndefinite\n\nFund manager contract - Credicorp Capital Colombia\n20.0 and 28.0\n\nFund manager contract - Credicorp Capital Holding Chile (Inversiones IMT)\n11.0 and 24.0\n\nFund manager contract - Ultraserfinco23.0\n\nThe period and the amortization method, for intangible assets are reviewed at the end of each period. If the expected useful life differs from previous estimates, the amortization period will be changed accordingly. If there has been a change in the expected pattern of conduct of the future economic benefits embodied in the asset, the amortization method shall be amended to reflect these changes.\n\nGains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of income when the asset is derecognized.\n\nl)    Goodwill –\n\nGoodwill is the excess of the sum of the consideration transferred and the fair value recognized for the acquisition of the net assets acquired and liabilities assumed in a business combination. If the fair value of the net assets acquired exceeds the consideration transferred, the gain will be recognized in the consolidated statement of income.\n\nAfter initial recognition, goodwill is measured at cost less accumulated impairment losses. For impairment testing purposes, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating unit (CGU) of the Group that is expected to benefit from the business combination, regardless of whether other assets or liabilities of the acquired entity have been allocated to these units.\n\nIf goodwill has been allocated to a cash-generating unit and part of the assets with which that unit operates is disposed of, the goodwill and the disposed assets are included in the transaction’s carrying amount when determining the loss or disposal. Under these circumstances, disposed goodwill is measured based on the relative value of the disposed assets and the portion of the retained cash-generating unit.\n\nThe impairment of goodwill is determined by evaluating the recoverable amount for each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognized. Impairment losses related to goodwill cannot be reversed in future periods.\n\nm)    Impairment of Non-Financial Assets –\n\nThe Group assesses, at each reporting date, whether there is any indication that an asset may be impaired in value. If there is any indication or when an annual impairment test of an asset is required, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset is the higher of the asset or CGU’s\n\nF-43\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nfair value less costs of disposal and its value in use and is determined for each asset individually, unless the asset generates cash flows that are largely independent of those of other assets or group of assets.\n\nWhen the carrying amount of an asset or its CGU exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is reduced to its recoverable amount. When assessing the value in use, future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the specific risks of the asset. For the determination of fair value less costs of disposal, recent market transactions, if any, are taken into account. If such transactions cannot be identified, a valuation model that is appropriate is used. These calculations are verified against valuation multiples, stock quotes for subsidiaries listed on the stock exchange, and other available indicators of fair value.\n\nFor non-financial assets, excluding goodwill, an assessment is made at each reporting date of whether there are indications that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the Group estimates the recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized.\n\nThe reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined net of depreciation, as if no impairment had been recognized in previous years. Such reversal is recorded in the consolidated statement of income.\n\nn)    Bank Acceptances –\n\nCustomer debt for acceptances corresponds to accounts payable by customers for import and export transactions, the obligations of which have been accepted by the Group. Obligations to be assumed by the Group are recorded as liabilities.\n\no)    Financial Guarantees -\n\nIn the ordinary course of the Group’s operations, financial guarantees are granted, such as letters of credit, guarantees, bank acceptances and documentary credits for import and export. These financial guarantees are initially recognized at fair value, corresponding to the amount of the fee received for issuing them.\n\nThe nominal amounts associated with financial guarantees, letters of credit, guarantees, bankers’ acceptances and documentary credits for import and export are considered off‑balance‑sheet exposures, as they do not represent a contractual asset or liability for the Group. Consequently, they are not recognized at their nominal amount in the consolidated statement of financial position; however, they are subject to recognition and measurement in accordance with the requirements of IFRS 9, specifically for expected credit losses and/or initial fair value.\n\nThe premium received is recognized in the \"Commissions and Fees\" line item of the consolidated statement of income, based on its straight-line amortization over the term of the granted financial guarantee.\n\np)    Provisions –\n\nProvisions are recognized when the Group has a present obligation (legal or implicit) as a result of a past event, and it is probable that resources will be required to settle that obligation, and the amount can be reliably estimated.\n\nThe expense related to any provision is presented in the consolidated statement of income net of any reimbursement. If the effect of the time value of money is material, the provision is discounted using a current pre-tax rate that reflects, where appropriate, the specific risks of the liability. When discounting is used, the increase in the provision over time is recognized as a financial cost.\n\nF-44\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nq)    Contingencies –\n\nContingent liabilities are not recognized in the consolidated financial statements. These are disclosed in notes unless the likelihood of a payout is remote.\n\nContingent assets are not recorded in the financial statements; however, these are disclosed in the notes when an inflow of economic benefits is considered probable.\n\nr)    Income Tax –\n\nIncome tax is calculated based on the individual financial statements of each Group entity.\n\nDeferred income tax reflects the effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and those determined for tax purposes. Deferred assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which these differences are expected to be recovered or settled. The measurement of deferred assets and liabilities reflects the tax consequences derived from how Credicorp and its subsidiaries expect to recover or settle the value of their assets and liabilities at the date of the consolidated statement of financial position.\n\nThe carrying amount of deferred tax assets and liabilities may change, even when the amount of temporary differences has not changed, due to a change in the income tax rate. The effect of the change in deferred tax, corresponding to the rate change, will be recognized in the consolidated statement of income for the period, except for items previously recognized outside the consolidated statement of income (either in other comprehensive income or directly in equity).\n\nDeferred tax assets and liabilities are recognized regardless of the time it is estimated that temporary differences are offset. Deferred assets are recognized when it is probable that there will be sufficient future taxable income for the temporary difference to be applied. At the date of the consolidated statement of financial position, Credicorp and its subsidiaries assess unrecognized deferred assets and the recoverability of recognized ones.\n\nCredicorp and its subsidiaries determine their deferred tax based on the tax rate applicable to their undistributed profits, recognizing any additional tax for dividend distribution on the date the liability is recognized.\n\nDeferred tax assets and liabilities are offset if there is a legal right to offset them and the deferred taxes are related to the same taxable entity and the same tax authority.\n\nUncertain Tax Treatments:\n\nThe Group continually assesses the likelihood that tax authorities will accept the tax treatments applied to its operations. In accordance with IFRIC 23 “Uncertainty over Income Tax Treatments”, this assessment involves determining whether each uncertain tax treatment should be evaluated individually or in conjunction with other related tax positions, applying the approach that most reliably reflects the expected outcome.\n\nAdditionally, the Group periodically reviews these judgments, especially when new facts, rulings, or criteria from the tax authority arise that may affect the original assessment. Any change in such judgments is recognized prospectively in the results of the period.\n\ns)    Earnings per Share –\n\nBasic earnings per share are calculated by dividing the net income for the year attributable to Credicorp shareholders by the weighted average number of common shares outstanding during the period, excluding common shares purchased and held as treasury shares.\n\nDiluted earnings per share are calculated by dividing the net income for the year attributable to Credicorp shareholders by the weighted average of common shares outstanding during the period, excluding common\n\nF-45\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nshares purchased and held as treasury shares, plus the weighted average of common shares that would have been issued if all potential dilutive common shares had been converted into common shares.\n\nt)    Derivative financial instruments and hedge accounting –\n\nTrading –\n\nThe Group trades derivative financial instruments to meet the needs of its clients. The Group may also take positions with the expectation of benefitting from favorable movements in prices, rates, or indices.\n\nPart of the derivative transactions that provide effective economic hedges under the Group’s risk management positions do not qualify as hedges under the specific rules of IFRS 9 and are therefore treated as derivatives for trading purposes.\n\nDerivative financial instruments are initially recognized in the consolidated statement of financial position at fair value and subsequently measured at fair value. Fair values are obtained based on market exchange rates and interest rates. All derivatives are considered assets when fair value is positive and liabilities when fair value is negative. Gains and losses from changes in fair value are recorded in the consolidated statement of income.\n\nHedging -\n\nThe Group uses derivative instruments to manage its exposure to interest rates and foreign currency. In order to manage specific risks, the Group applies hedge accounting for transactions that meet the specific criteria for it.\n\nAccording to IFRS 9, to qualify as hedging transactions, all the following conditions must be met:\n\n-The hedging relationship consists only of hedging instruments and eligible hedged items.\n\n-At the beginning of the hedging relationship, there is a formal designation and documentation of the hedging relationship and the entity’s risk management objective and strategy to undertake the hedge. This documentation will include the identification of the hedging instrument, the hedged item, the nature of the risk being hedged, and how the entity will assess whether the hedging relationship meets the hedge effectiveness requirements.\n\nThe hedging relationship meets all of the following hedge effectiveness requirements:\n\n-There is an economic relationship between the hedged item and the hedging instrument.\n\n-The effect of credit risk does not dominate the value changes that come from this economic relationship.\n\n-The hedge ratio of the hedging relationship is the same as that arising from the amount of the hedged item that the entity actually hedges and the amount of the hedging instrument that the entity actually uses to hedge that amount of the hedged item.\n\nThe accounting treatment is established according to the nature of the hedged item and the fulfillment of the hedging criteria.\n\n(i)Cash flow hedges -\n\nThe effective portion of the cumulative gain or loss on the hedging instrument is recognized directly in other comprehensive income in the “Cash flow hedge reserves” line of the consolidated statement of changes in equity, and is reclassified to the consolidated statement of income in the same period or periods in which the hedged transaction affects results; that is, when the income or financial expenses related to the hedge are recorded, or when an anticipated transaction occurs.\n\nThe part of the gain or loss on derivatives that represents the ineffective portion is recognized immediately in the consolidated statement of income.\n\nF-46\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAmounts originally recorded in other comprehensive income and subsequently reclassified to the consolidated statement of income are recorded in the corresponding expense or income lines in which the hedged item is reported.\n\nIf the anticipated transaction or firm commitment is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is transferred to the consolidated statement of income. If the derivative expires or is sold, settled, or exercised without replacement or renewal, or if its designation as a hedge has been revoked, any unrealized gain or loss accumulated in the cash flow hedge reserve remains in that reserve until the anticipated transaction or firm commitment affects results. At the same time, the derivative is recognized as a tradable derivative financial instrument.\n\n(ii)Fair value hedges -\n\nThe change in the fair value of a fair value hedge and the change in the fair value of the hedged item attributable to the hedged risk are recorded by affecting the carrying amount of the hedged item and are recognized in the consolidated statement of income.\n\nFor fair value hedges related to items recorded at amortized cost, any adjustment to the carrying amount of such items as a result of hedge discontinuation will be amortized through the consolidated statement of income over the remaining term of the hedge. Amortization at the effective interest rate may begin as soon as an adjustment occurs, but no later than when the hedged item is no longer adjusted for changes in its fair value attributable to the hedged risk.\n\nIf the hedged item is derecognized, the unamortized fair value is recognized immediately in the consolidated statement of income.\n\nIf a hedging instrument expires, is sold, settled, or exercised, or if its designation as a hedge no longer meets the criteria to be recorded as such, the hedging relationship is terminated. For fair value hedges related to items recorded at amortized cost, the difference between the fair value and the carrying amount of the hedged item at the end and the face value is amortized over the remaining term of the initial hedge, using the effective interest rate. If the hedged item is derecognized, the unamortized fair value is immediately recognized in the consolidated statement of income. At the same time, the derivative is recognized as a tradable derivative financial instrument.\n\n(iii)Hedges of net investments in foreign operations –\n\nHedges of net investments in foreign operations are accounted for similarly to cash flow hedges.\n\nAny gain or loss on the hedging instrument related to the effective portion of the hedge is recognized in other comprehensive income and accumulated in the “Translation of operations abroad” line of the consolidated statement of changes in equity. The gain or loss related to the ineffective portion is recognized immediately in the consolidated statement of income within “Other income” or “Other expenses”.\n\nAccumulated gains and losses in the consolidated statement of changes in equity are reclassified to the consolidated statement of income when the net investment abroad is disposed of or partially sold.\n\n(iv)Implicit derivatives -\n\nImplicit derivatives in a principal (or host) contract are treated as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the principal contract and such principal contract is not held for trading or measured at fair value with effect on income.\n\nThe Group has investments indexed to certain liabilities from life insurance contracts, called “Investment Link”. These instruments have been classified by the Group since their initial recognition as “Financial assets designated at fair value through profit or loss”.\n\nF-47\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nu)    Fair value measurement -\n\nFair value is the price that would be received for selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction to sell the asset or transfer the liability takes place, either:\n\n-In the principal market for the asset or liability, or\n\n-In the absence of a principal market, in the most advantageous market for the asset or liability.\n\nThe principal or most advantageous market must be accessible to the Group. Also, the fair value of a liability reflects its default risk.\n\nWhen available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is considered active if transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on a continuous basis.\n\nIf there is no quoted price in an active market, the Group uses valuation techniques that maximize the use of relevant observable data and minimize the use of unobservable data.\n\nThe valuation technique chosen incorporates all factors that market participants would consider when setting the price of a transaction.\n\nAll assets and liabilities for which fair values are determined or disclosed in the consolidated financial statements are classified within the fair value hierarchy, described below, based on the lowest level of data used that is significant to the fair value measurement as a whole:\n\n-Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.\n\n-Level 2: Valuation techniques by which the lowest level of information that is significant to the fair value measurement is directly or indirectly observable.\n\n-Level 3: Valuation techniques by which the lowest level of information that is significant to the fair value measurement is not observable.\n\nThe Group determines for assets and liabilities that are recognized at fair value in the consolidated financial statements on a recurring basis, whether transfers occurred between different levels within the hierarchy by reviewing the categorization at the end of each reporting period.\n\nFor fair value disclosure purposes, the Group has determined the classes of assets and liabilities based on the nature, characteristics, and risks of the asset or liability and the level of the fair value hierarchy as explained above.\n\nAlso, the fair value of financial instruments measured at amortized cost is disclosed in Note 30.11(b).\n\nv)    Segment information -\n\nThe Group reports financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specific criteria.\n\nOperating segments are a component of an entity for which separate financial information is available and is evaluated periodically by the chief operating decision-maker (“CODM”) related to the allocation of resources and performance evaluation. The Group discloses the same financial information that is used internally to assess the performance of operating segments and decide how to allocate resources to segments, Note 27.\n\nw)    Fiduciary activities, fund management, and pension funds -\n\nThe Group provides custody, administration, investment management, and advisory services to third parties that result in holding or lending assets on their behalf. These assets and the results on them are excluded from the consolidated financial statements, as they are not Group assets, Note 30.12.\n\nF-48\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCommissions generated by this activity are included in the “Commissions and fees” line of the consolidated statement of income.\n\nx)    Cash and cash equivalents -\n\nFor the purposes of the consolidated statement of cash flows, cash and cash equivalents correspond to cash balances, funds deposited with central banks, “overnight” deposits, interbank funds, and deposits with maturities of three months or less from the acquisition date, excluding restricted funds, see Note 4(a).\n\nGuarantee funds committed as part of a repurchase agreement are presented in the “Guarantee funds, repurchase agreements, and financing with securities” line of the consolidated statement of financial position, see Note 5(a).\n\nGuarantee funds committed in trading of derivative financial instruments are presented in the “Other assets” line of the consolidated statement of financial position, see Note 12(c).\n\nUnrealized gains and losses arising from changes in foreign currency exchange rates are not cash flows. However, the effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is reported in the statement of cash flows in order to reconcile cash and cash equivalents at the beginning and the end of the period. This amount is presented separately from cash flows from operating, investing and financing activities and includes the differences, if any, had those cash flows been reported at end of period exchange rates.\n\ny)    Repurchase and resale agreements and loans and financing with securities -\n\nSecurities sold under agreements to repurchase on a specific future date are not derecognized from the consolidated statement of financial position because the Group retains substantially all risks and benefits inherent in ownership. The cash received is recorded as an asset in the “Available funds” line, and the corresponding obligation to return it, including accrued interest, is recorded as a liability in the “Accounts payable for repurchase agreements and securities loans” line, reflecting the economic substance of the operation as a loan received by the Group. The difference between the selling price and the repurchase price is accrued during the contract term using the effective interest rate method and is recorded in the “Interest and similar expenses” line of the consolidated statement of income.\n\nAs part of this transaction, the Group delivers assets as collateral. When the counterparty receives securities and has the right to sell them or re-deliver them as collateral, the Group reclassifies these securities to the “Investments at fair value with changes in other comprehensive income under collateral” or “Investments at amortized cost under collateral” lines, as appropriate, in the consolidated statement of financial position. When the counterparty receives guarantee funds that will be restricted until the contract maturity, the Group reclassifies such cash to the “Guarantee funds, repurchase agreements, and financing with securities” line of the consolidated statement of financial position. When the counterparty receives credit portfolios as collateral, the Group maintains these credits in the “Credit portfolio, net” line in the consolidated statement of financial position, the control of which is kept in off-balance sheet accounts.\n\nOn the other hand, securities purchased under agreements to resell on a specific future date are not recognized in the consolidated statement of financial position. The cash granted is recorded as an outflow of an asset from the “Available funds” line, and the corresponding right to collect it, including accrued interest, is recorded in the “Guarantee funds, repurchase agreements, and financing with securities” line, reflecting the economic substance of the operation as a loan granted by the Group. The difference between the purchase price and the resale price is accrued during the contract term using the effective interest rate method and is recorded in the “Interest and similar income” line of the consolidated statement of income.\n\nIf securities purchased under a resale agreement are subsequently sold to third parties, the obligation to return the securities is recorded as a short sale in the “Financial liabilities at fair value with changes in income” line of the consolidated statement of financial position, and is measured at fair value, recording gains or losses in the “Net gain on securities” line of the consolidated statement of income.\n\nF-49\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nLoans and financing are usually secured by securities. The transfer of securities to counterparties is only reflected in the consolidated statement of financial position if the risks and benefits inherent in ownership are also transferred.\n\nz)    International Financial Reporting Standards issued, but not yet effective -\n\nThe Group decided not to early adopt the following standards and interpretations that were issued but are not yet effective as of December 31, 2025.\n\n-IFRS 18 - “Presentation and Disclosures in Financial Statements” –\n\nOn April 9, 2024, the IASB issued IFRS 18 “Presentation and Disclosure in Financial Statements,” which replaces IAS 1 and introduces new requirements aimed at improving the quality of information presented in the financial statements, and promoting analysis, transparency, and comparability of entities’ performance. In particular, IFRS 18 requires all income and expenses in the statement of profit or loss to be classified into five categories: operating, investing, financing, income taxes, and discontinued operations (with the first three categories being new). It also incorporates standardized subtotals to provide a more consistent structure to the statement of profit or loss. In addition, IFRS 18 introduces disclosure requirements for management-defined performance measures (MPMs) and establishes criteria for the aggregation and disaggregation of information primary financial statements and in notes. It also includes amendments to IAS 7 regarding the presentation of cash flows (e.g., the starting point of the indirect method and the classification of interest and dividends).\n\nThis new standard will come into force on January 1, 2027. Management is assessing the potential effects this could have on the Group’s financial statements.\n\n-Amendments to IFRS 9 and IFRS 7 “Amendments to the classification and measurement of financial instruments” –\n\nOn May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7, which include, among other aspects, clarifications on the requirements for the recognition and derecognition of financial assets and financial liabilities. The amendments also provide additional guidance on assessing the contractual cash flow characteristics of financial assets that incorporate ESG features or similar contingent characteristics, and clarify the scope of non-recourse financing arrangements and contractually linked instruments.\n\nIn addition, the amendments clarify that a financial liability is derecognized on the “settlement date” and introduce (under certain conditions) an accounting policy option that permits early derecognition of financial liabilities settled through an electronic payment system before the settlement date. Finally, the amendments introduce disclosure requirements for instruments with contingent features and additional disclosures for equity instruments classified at fair value through other comprehensive income.\n\nThe amendments are applicable for annual periods beginning on or after January 1, 2026. Management is assessing the potential effects they may have on the Group’s consolidated financial statements.\n\nF-50\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n4            CASH AND DUE FROM BANKS\n\na)    The composition of the item is presented below:\n\n20252024\n\nS/(000)S/(000)\n\nCash and clearing (b)5,286,242 4,892,244 \n\nDeposits with Central Reserve Bank of Peru (BCRP) (b)36,718,552 36,665,481 \n\nDeposits with Central Bank of Bolivia and Colombia (b)1,359,211 1,414,889 \n\nDeposits with foreign banks (c)4,529,356 3,841,338 \n\nDeposits with local banks (c)969,653 638,272 \n\nInterbank funds60,117 54,687 \n\nAccrued interest50,571 63,192 \n\nTotal cash and cash equivalents48,973,702 47,570,103 \n\nRestricted funds70,755 85,093 \n\nTotal cash49,044,457 47,655,196 \n\nCash and cash equivalents presented in the consolidated statement of cash flows exclude restricted funds, see Note 3(x).\n\nb)    Cash and clearing and deposits with Central Reserve Banks -\n\nThese accounts mainly include the legal cash requirements that Subsidiaries of Credicorp must be maintained able to honor their obligations with the public. The composition of these funds is as follows:\n\n20252024\n\nS/(000)S/(000)\n\nLegal cash requirements\n\nDeposits with Central Reserve Bank of Peru (i)20,229,572 21,665,571 \n\nDeposits with Central Bank of Bolivia1,336,684 1,414,889 \n\nDeposits with Bank of the Republic of Colombia22,527 – \n\nCash in vaults of Bank4,793,787 4,420,164 \n\nTotal legal cash requirements26,382,570 27,500,624 \n\nAdditional funds\n\nOvernight deposits with Central Reserve Bank of Peru (ii)14,756,380 14,049,388 \n\nTerm deposits with Central Reserve Bank of Peru (iii)1,732,600 240,000 \n\nCash in vaults of Bank and others492,455 472,080 \n\nOther Deposits BCRP– 710,522 \n\nTotal additional funds16,981,435 15,471,990 \n\nTotal43,364,005 42,972,614 \n\n(i)    As of December 31, 2025 cash and deposits that generate interest subject to legal cash requirements in Peru in local and foreign currency are subject to an implicit rate of 5.61 percent and 34.59 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP (5.61 percent and 34.60 percent, respectively, as of December 31, 2024).\n\nF-51\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe reserve funds, which represent the minimum mandatory, do not earn interest; however, the mandatory reserve deposited in BCRP in excess of minimum mandatory, earns interest at a nominal rate established by BCRP.\n\nAs of December 31, 2025, the Group maintains interest rate swaps (IRS) which was designated as cash flows hedges of a portion of the additional reserve funds in U.S. Dollars at a variable interest rate, for or a notional amount of US$150.0 million, equivalent to S/504.5 million (US$150.0 million, equivalent to S/564.6 million as of December 31, 2024), see Note 12(c); through these IRS, this portion of the additional reserve funds in U.S. Dollars has been economically converted at a fixed rate.\n\nIn Management’s opinion, the Group has complied with the requirements established by current regulations related to the calculation of the legal reserve.\n\n(ii)    As of December 31, 2025, the Group maintains three overnight transactions with the BCRP: two U.S. Dollar-denominated transactions totaling US$ 4,260.0 million, equivalent to S/14,326.4 million, bearing an annual nominal interest rate of 3.57 percent; and one sol-denominated transaction for S/435.0 million, bearing an effective interest rate of 2.25 percent. All transactions mature in 5 days.\n\nAs of December 31, 2024, the Group maintains four \"overnight\" deposits with the BCRP, two are sol-denominated totaling S/435.0 million and two U.S. Dollar-denominated transactions totaling US$3,617.0 million, equivalent to S/13,614.4 million. To that date, the deposit in soles and deposits in U.S. Dollar accrue interest at annual rates of 3.00 percent and 4.44 percent, respectively, and have maturities at 3 days.\n\n(iii)    As of December 31, 2025, the Group maintains term deposits in soles, recording a total of S/1,732.6 million with a 5‑day maturity, ranging from 4.06 percent to 4.21 percent. As of December 31, 2024, the Group maintains term deposits with the BCRP amounting to S/240.0 million, which accrue annual interest between 4.81 percent and 4.84 percent.\n\nc)    Deposits with local and foreign banks -\n\nDeposits with local and foreign banks mainly consist of balances in soles and U.S. Dollar; these represent cash on hand and earn interest at market rates. As of December 31, 2025, and 2024, Credicorp and its subsidiaries do not maintain significant deposits with any bank\n\nF-52\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n5            CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING\n\na)    We present below the composition of cash collateral, reverse repurchase agreements, securities borrowing and financial transactions to be settled:\n\n20252024\n\nS/(000)S/(000)\n\nReverse repurchase agreement and security borrowings (i)1,400,487 670,454 \n\nCash collateral on repurchase agreements and security lendings (ii)\n287,907 362,723 \n\nFinancial transactions to be settled (iii)488,806 — \n\nTotal2,177,200 1,033,177 \n\n(i) Credicorp, through its subsidiaries, provides financing to its customers through reverse repurchase agreements and securities borrowing, in which a financial instrument serves as collateral. Details of said transactions are as follows:\n\n20252024\n\nCurrency\nAverage\n\ninterest\n\nrate\n\nUp to 3\n\ndays\n\nFrom 3 to\n\n30 days\n\nMore\n\nthan 30\n\ndays\n\nCarrying\n\namount\n\nFair value\n\nof\n\nunderlying\n\nassets\n\nAverage\n\ninterest\n\nrate\n\nUp to 3\n\ndays\n\nFrom 3 to\n\n30 days\n\nMore\n\nthan 30\n\ndays\n\nCarrying\n\namount\n\nFair value\n\nof\n\nunderlying\n\nassets\n\n%S/(000)S/(000)S/(000)S/(000)S/(000)%S/(000)S/(000)S/(000)S/(000)S/(000)\n\nInstruments issued by the\nColombian Government(*)\nColombian pesos\n8.27 105,484 878,326 26,166 1,009,976 997,089 8.09 174,598 274,114 154,743 603,455 594,096 \n\nInstruments issued by the Chilean GovernmentChilean\npesos0.40 19,326 – – 19,326 19,326 — – – – – – \n\nOther instruments\n\nSeveral\n1.80 78,985 292,200 – 371,185 347,484 2.64 34,065 9,562 23,372 66,999 66,993 \n\n203,795 1,170,526 26,166 1,400,487 1,363,899 208,663 283,676 178,115 670,454 661,089 \n\n(*) This mainly corresponds to Credicorp Capital Colombia, an entity that acquired sovereign financial instruments issued by the Government of Colombia, for an amount equivalent to S/817.7 million.\n\n(ii)    As of December 31, 2025, the balance mainly comprises cash guarantees in U.S. Dollar and Bolivianos. Cash guarantees were delivered to the Central Bank of Bolivia, received in Bolivianos and U.S. Dollar for the equivalent of S/275.3 million (S/343.6 million, as of December 31, 2024).\n\nThe guarantee fund accrues interest at an average annual effective rate in accordance with market rates. The liability related to this transaction is presented under the heading \"Accounts payable for repurchase and lending agreements of securities\" in the consolidated statement of financial position, see paragraph (c).\n\nF-53\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(iii)    As of December 31, 2025, the Group reports accounts receivable arising from short sale transactions carried out with various financial counterparties. These transactions are pending settlement and are expected to be settled in the coming days.\n\nb)    Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and securities lending” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows:\n\n20252024\n\nCurrency\nAverage\n\ninterest\n\nrate\n\nUp to 3\n\ndays\n\nFrom 3 to\n\n30 days\n\nMore than\n\n30 days\nCarrying\namountFair value of\nunderlying assets\nAverage\n\ninterest\n\nrate\n\nUp to 3\n\ndays\nFrom 3 to 30 days\nMore than 30\n\ndays\nCarrying\namountFair value of\nunderlying assets\n\n%S/(000)S/(000)S/(000)S/(000)S/(000)%S/(000)S/(000)S/(000)S/(000)S/(000)\n\nDebt instruments (c)Several– 178,257 2,295,318 3,954,695 6,428,270 6,755,367 – 281,977 – 7,547,457 7,829,434 8,155,962 \n\nInstruments issued by the\nColombian GovernmentColombian Pesos5.63 523,831 726,554 – 1,250,385 1,242,159 4.68 127,103 721,207 – 848,310 848,310 \n\nInstruments issued by the\nChilean GovernmentChilean pesos0.38 116,167 – – 116,167 116,197 0.46 83,375 – – 83,375 83,398 \n\nOther instrumentsSeveral0.97 57,746 8,921 382,298 448,965 448,973 5.11 46,843 4,976 247,772 299,591 299,603 \n\n876,001 3,030,793 4,336,993 8,243,787 8,562,696 539,298 726,183 7,795,229 9,060,710 9,387,273 \n\nF-54\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)    As of December 31, 2025, and 2024, the Group has repurchased agreements secured with: (i) cash, see Note 4(a) and (ii) investments, see Note 6(b). This item consists of the following:\n\n20252024\n\nCarryingCarrying\n\nCounterpartiesCurrencyMaturityamountCollateralMaturityamountCollateral\n\nS/(000)S/(000)\n\nBCRPSolJanuary 2026 / March 20264,730,494 InvestmentsJanuary 2025 / September 20256,115,254 Investments\n\nBarclays Bank PLCU.S. DollarMarch 2028 / December 2028508,149 Investments−– −\n\nNatixis S.A.SolAugust 2028270,000 InvestmentsAugust 2028270,000 Investments\n\nBanco Central de BoliviaBoliviano / U.S. DollarMarch 2026236,527 Cash / InvestmentsMarch 2026343,571 Cash\n\nBanco Santander PerúSolJanuary 2026200,001 Investments−– −\n\nBanco de la República de ColombiaColombian pesoJanuary 2026178,172 InvestmentsJanuary 2025281,837 Investments\n\nCitigroup Global Markets Limited U.S. DollarAugust 2026151,335 InvestmentsAugust 2026169,380 Investments\n\nNatixis S.A.U.S. DollarAugust 202684,075 InvestmentsAugust 202694,100 Investments\n\nBarclays Capital I.N.C.SolAugust 20289,090 InvestmentsAugust 20289,090 Investments\n\nBCRP - Reactiva Perú (*)Sol−– Loans guaranteed by National GovernmentMay 2025 / December 2025459,775 Loans guaranteed by National Government\n\nBCRP - Reactiva Perú Especial (*)Sol−– Loans guaranteed by National GovernmentOctober 2025 / December 202519,212 Loans guaranteed by National Government\n\nBalance before accrued interest6,367,843 7,762,219 \n\nAccrued interest60,427 67,215 \n\nTotal6,428,270 7,829,434 \n\n(*)Relates to contract transactions whereby BCP and Mibanco sell representative credit instruments guaranteed by the Central Reserve Bank of Peru (BCRP), receive Peruvian soles, and are obligated to repurchase them at a later date. The representative credit instruments secured by the National Government guarantee may take the form of a portfolio of representative credit instruments or Participation Certificates in a trust of a loan portfolio guaranteed by the National Government (Special Reactiva). The BCRP will charge a fixed annual interest rate in Peruvian soles of 0.5 percent on the transaction and will include a twelve-month grace period with no payment of interest or principal. As of December 31, 2025, the Bank and its Subsidiaries do not maintain repurchase agreements secured by credits under the Reactiva Perú program (S/533.1 million as of December 31, 2024).\n\nAs of December 31, 2025, said operations accrue interest at fixed and variable rates between 3.9 percent and 9.3 percent and daily SOFR between 4.85 percent and 6.66 percent, (between 0.5 percent and 9.5 percent and daily SOFR between 7.02 percent and 7.24 percent, respectively, as of December 31, 2024).\n\nF-55\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n6            INVESTMENTS\n\na)    Investments at fair value through profit or loss consist of the following:\n\n20252024\n\nS/(000)S/(000)\n\nGovernment bonds (i)1,940,978 1,685,543 \n\nInvestment funds (ii)1,498,168 1,401,956 \n\nMutual funds (iii)704,936 622,157 \n\nRestricted mutual funds (iv)336,159 307,225 \n\nParticipation in RAL funds (v)125,393 432,503 \n\nCorporate bonds (vi)87,644 75,601 \n\nShares84,806 71,425 \n\nBonds from financial organizations61,066 22,081 \n\nSubordinated bonds35,678 24,587 \n\nETF (Exchange - Traded Fund)34,097 39,309 \n\nCentral Bank of Chile bonds25,478 11,355 \n\nOthers6,259 7,676 \n\nBalance before accrued interest4,940,662 4,701,418 \n\nAccrued interest16,574 13,925 \n\nTotal4,957,236 4,715,343 \n\n(i)    As of December 31, 2025, and 2024 the balance of these instruments includes the following government treasury bonds:\n\n20252024\n\nS/(000)S/(000)\n\nColombian treasury bonds1,191,445 1,018,392 \n\nPeruvian treasury bonds626,301 420,019 \n\nChilean treasury bonds123,232 87,505 \n\nUnited States of America treasury bonds\n– 73,338 \n\nMexican treasury bonds\n– 43,334 \n\nPanama Government bonds\n– 42,955 \n\nTotal1,940,978 1,685,543 \n\n(ii)    As of December 31, 2025, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represent 62.4 percent, 21.3 percent, 11.2 percent, and 5.1 percent respectively. As of December 31, 2024, the balance corresponds mainly to investment funds in Peru, the United States of America, Colombia and other countries, which represent 59.6 percent, 27.5 percent, 9.5 percent and 3.4 percent respectively.\n\n(iii)    As of December 31, 2025, the balance corresponds to mutual funds from Bolivia, Chile, Ireland, Luxembourg and other countries, which represent 43.2 percent, 27.9 percent, 11.3 percent, 11.1 percent, and 6.5 percent of the total, respectively. As of December 31, 2024, the balance corresponds to mutual funds from Bolivia, Ireland, Luxembourg and other countries, which represent 63.3 percent, 12.5 percent, 12.5 percent and 11.7 percent of the total, respectively.\n\nF-56\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(iv)    The restricted mutual funds comprise the participation quotas in the private pension funds managed by Prima AFP and are maintained in compliance with the legal regulations in Peru. Their availability is restricted and the yield received is the same as that received by the private pension funds managed.\n\n(v)    As of December 31, 2025, these funds are approximately Bs303.1 million, equivalent to S/121.1 million and US$1.3 million, equivalent to S/4.3 million. As of December 31, 2024, these funds are approximately Bs725.5 million, equivalent to S/398.1 million and US$9.1 million, equivalent to S/34.4 million; and include the investments made by the Group in the Central Bank of Bolivia as guarantee for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia.\n\n(vi)    As of December 31, 2025, this balance corresponds to corporate bonds from Colombia, Peru, Chile, Brazil, the United States of America and other countries, representing 40.6, percent, 21.2 percent, 9.8 percent, 8.0 percent, 5.6 percent and 14.8 percent of the total, respectively. As of December 31, 2024, the balance corresponds to corporate bonds from Peru, Chile, Colombia, Brazil and other countries, representing 30.6 percent, 23.9 percent, 15.7 percent, 11.7 percent and 18.1 percent of the total, respectively.\n\nb)    Investments at fair value through other comprehensive income consist of the following:\n\n20252024\n\nUnrealized gross amountUnrealized gross amount\n\nCostProfitsLosses\nEstimated\n\nfair value\nCostProfitsLosses\nEstimated\n\nfair value\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\nS/(000)\nS/(000)\n\nDebts instruments:\n\nCorporate bonds (i)13,253,965 350,709 (384,360)13,220,314 14,481,834 159,106 (535,597)14,105,343 \n\nGovernment bonds (ii)11,534,879 884,414 (23,135)12,396,158 12,112,328 231,115 (96,788)12,246,655 \n\nCertificates of deposit BCRP (iii)\n10,883,913 1,263 (1,146)10,884,030 11,431,599 4,542 (384)11,435,757 \n\nSecuritization instruments (iv)983,540 34,755 (21,965)996,330 735,673 15,414 (41,592)709,495 \n\nNegotiable certificates of deposit (v)231,724 2,408 (2,862)231,270 416,236 5,247 (3,676)417,807 \n\nSubordinated bonds189,880 5,439 (2,501)192,818 171,618 2,329 (5,482)168,465 \n\nOthers461,555 3,516 (2,634)462,437 367,348 1,231 (2,023)366,556 \n\n37,539,456 1,282,504 (438,603)38,383,357 39,716,636 418,984 (685,542)39,450,078 \n\nEquity instruments designated at the initial recognition\n\nShares issued by:\n\nInversiones Centenario112,647 – (34,753)77,894 112,647 – (8,488)104,159 \n\nCorporación Andina de Fomento4,441 210 – 4,651 4,441 873 – 5,314 \n\nHolding Bursatil Chilena S.A.2 – – 2 13,232 1,738 – 14,970 \n\nHolding Bursatil Regional S.A.– – – – 20,599 – (6,023)14,576 \n\nPagos Digitales Peruanos S.A.5,611 – (5,611)– 5,611 – (5,611)– \n\nOthers5,677 4,465 (2,368)7,774 8,095 2,733 (2,583)8,245 \n\n128,378 4,675 (42,732)90,321 164,625 5,344 (22,705)147,264 \n\nBalance before accrued interest37,667,834 1,287,179 (481,335)38,473,678 39,881,261 424,328 (708,247)39,597,342 \n\nAccrued interest560,371 545,296 \n\nTotal39,034,049 40,142,638 \n\nAs of December 31, 2025, as a result of the evaluation of the loss due to impairment of investments at fair value through other comprehensive income, the Group has recorded a provision for expected credit losses of S/53.9 million (provision for credit losses of S/27.9 million as of December 31, 2024), which is presented in the item “Net gain on securities”, see Note 21, of the consolidated income statement. Likewise, Management has decided and has the ability to maintain each of these investments for a sufficient period of time to allow an early recovery of fair value, even before their recovery or maturity.\n\nF-57\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe maturities and annual market rates of investments at fair value through other comprehensive income as of 2025 and 2024, are as follows:\n\nMaturitiesAnnual market rate of return\n\n2025202420252024\n\nS/US$\nOther currencies\nS/US$\nOther currencies\n\nMinMaxMinMaxMinMaxMinMaxMinMaxMinMax\n\n%%%%%%%%%%%%\n\nCorporate bonds\nJan-2026 / Nov-2095Jan-2025 / Nov-20952.47 10.80 2.64 11.78 2.94 7.50 3.14 16.62 3.90 44.18 2.28 7.50 \n\nGovernment bondsJan-2026 / Jan-2062Jan-2025 / Dec-20552.09 6.57 4.33 8.90 4.19 4.19 2.83 7.08 2.97 9.95 4.19 4.19 \n\nCertificates of deposit BCRP\nJan-2026 / Jul-2027Jan-2025 / Jun-20263.96 4.21 – – – – 4.24 4.93 – – – – \n\nSecuritization instrumentsNov-2026 / Jun-2050Sep-2025 / Oct-20493.67 22.73 3.76 11.42 – – 3.99 20.86 5.17 23.94 5.80 6.00 \n\nNegotiable certificates of depositsJan-2026 / Aug-2037Feb-2025 / Nov-2037– – – – 0.53 6.64 – – – – 0.53 6.10 \n\nSubordinated bonds\nMay-2026 / Jun-2055Apr-2025 / Jun-20553.73 8.52 3.08 7.78 – – 3.81 8.03 2.28 8.05 – – \n\nOthersJan-2026 / Feb-2035Apr-2025 / Feb-20352.55 4.56 – – 0.91 9.59 2.55 3.42 7.50 7.67 0.90 4.25 \n\nLikewise, as of December 31, 2025, the Group has entered into repurchase agreements (Repos) on Government bonds, corporate bonds and BCRP certificates of deposit classified as investments at fair value with changes in other comprehensive income for an estimated market value of S/5,990.9 million (S/5,934.5 million as of December 31, 2024); whose related liability is presented in the item “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see Note 5(c).\n\n(i)    As of December 31, 2025, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Chile, Colombia and other countries, which represent 41.1 percent, 33.3 percent, 3.9 percent, 3.3 percent and 18.4 percent of the total, respectively. As of December 31, 2024, the balance corresponds to corporate bonds issued by companies in the United States of America, Peru, Colombia and other countries, which represent 42.2 percent, 33.2 percent, 3.6 percent and 21.0 percent of the total, respectively.\n\nAs of December 31, 2025, the Group holds interest rate swaps (IRS), which have been designated as fair value hedges of certain fixed-rate U.S. Dollar-denominated corporate bonds issued by corporate entities and classified as investments at fair value through other comprehensive income, for a notional amount of S/504.5 million (S/790.4 million as of December 31, 2024), see Note 12(c). Through these IRS, such bonds were economically converted to variable interest rates.\n\nAs of December 31, 2025, the Group holds foreign currency forwards designated as fair value hedges of certain U.S. Dollar-denominated corporate bonds classified as investments at fair value through other comprehensive income, for a notional amount of US$49.7 million equivalent to S/167.3 million (US$33.3 million equivalent to S/125.2 million as of December 31, 2024). Through these instruments, the investments were economically converted into Peruvian soles. See Note 12(c).\n\nLikewise, during 2025, the Group held, until their maturity, cross-currency swaps (CCS) designated as cash flow hedges derivative instruments of corporate bonds classified as fair value through other comprehensive income for S/47.0 million, through which such bonds were economically converted into fixed-rate soles. See Note 12(c).\n\nF-58\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(ii)    As of December 31, 2025 and December 31, 2024, the balance includes the following government treasury bonds:\n\n20252024\n\nS/(000)S/(000)\n\nPeruvian Government bonds11,225,526 10,387,634 \n\nColombian Government bonds392,458 341,299 \n\nUnited States of America Government bonds342,688 1,279,202 \n\nPanama Government bonds194,799 108,069 \n\nMexican Government bonds73,441 7,089 \n\nChilean Government bonds73,059 79,282 \n\nBrazilian Government bonds53,230 3,598 \n\nPhilippine Government bonds10,589 5,822 \n\nQatari Government bonds10,362 11,653 \n\nOthers20,006 23,007 \n\nTotal12,396,158 12,246,655 \n\n(iii)    As of December 31, 2025, the Group maintains 110,274 certificates of deposits BCRP. As of December 31, 2024, it held 116,499 certificates of deposits BCRP, which are instruments issued at discount through public auction, traded on the Peruvian secondary market and payable in soles.\n\n(iv)    As of December 31, 2025 and 2024, the balance of securitization instruments includes the following:\n\n20252024\n\nS/(000)S/(000)\n\nInmuebles Panamericana S.A.151,944 149,074 \n\nMall Aventura S.A.95,594 – \n\nColegios Peruanos S.A.84,583 81,291 \n\nATN S.A.\n77,547 77,244 \n\nInretail Shopping Malls73,208 – \n\nCentro Comercial Plaza Norte S.A.C.65,419 25,241 \n\nMultimercados Zonales S.A.C.55,708 54,374 \n\nAeropuertos del Perú S.A.46,651 14,058 \n\nCentro Comercial Mall del Sur S.A.C.42,975 25,215 \n\nUniversidad Peruana Cayetano Heredia37,314 – \n\nCosta del Sol S.A.\n35,772 35,483 \n\nAsociación Civil San Juan Bautista34,310 22,327 \n\nInmobiliaria Terrano S.A. y Operadora Portuaria S.A.34,244 40,125 \n\nNessus Hoteles Perú S.A.31,635 36,629 \n\nConcesionaria La Chira S.A.26,210 26,279 \n\nRed Eléctrica del Sur S.A. y Transmisora Eléctrica del Sur S.A.23,027 21,748 \n\nFerreyros S.A.\n21,846 23,784 \n\nCompañía de Turismo La Paz S.A.C.\n– 19,780 \n\nOther minors\n58,343 56,843 \n\nTotal996,330 709,495 \n\nF-59\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe instruments have predominantly semiannual payments through the year 2050. The pool of underlying assets is composed mainly of receivables from revenues, service revenues, maintenance and marketing contributions, and service-related receivables, among others.\n\n(v)    As of December 31, 2025 the balance corresponds to certificates equivalent to S/231.3 million in other currencies, issued mainly by entities of the Bolivia financial system. As of December 31, 2024, the balance corresponds to certificates equivalent to S/417.8 million in other currencies, issued mainly by entities of the Bolivia financial system.\n\nc)    Amortized cost investments consist of the following:\n\n2025\n\nCarryingFair\n\namountvalue\n\nS/(000)S/(000)\n\nPeruvian Government bonds (i)8,049,799 7,965,134 \n\nCorporate bonds (i)404,338 408,397 \n\nBonds from financial organizations (i)66,520 66,995 \n\nOther government bonds (i)57,218 57,098 \n\nSubordinated bonds (i)28,175 28,304 \n\nSecuritization instruments11,812 12,182 \n\nNegotiable certificates of deposits3,905 3,917 \n\nCertificates of payment on work progress (CRPAO)2,108 2,105 \n\n8,623,875 8,544,132 \n\nAccrued interest189,782 189,782 \n\nTotal investments at amortized cost, net8,813,657 8,733,914 \n\n2024\n\nCarryingFair\n\namountvalue\n\nS/(000)S/(000)\n\nPeruvian Government Bonds (i)8,085,248 7,558,307 \n\nCorporate bonds (i)534,396 536,321 \n\nBonds from financial organizations (i)48,090 48,307 \n\nSubordinated bonds (i)44,763 45,148 \n\nOther government bonds (i)29,074 29,185 \n\nNegotiable certificates of deposits23,889 23,904 \n\nCertificates of payment on work progress (CRPAO) 8,321 8,270 \n\n8,773,781 8,249,442 \n\nAccrued interest194,096 194,096 \n\nTotal investments at amortized cost, net8,967,877 8,443,538 \n\nThe expected loss of investments at amortized cost as of December 31, 2025 and 2024 is S/2.1 million and S/2.9 million, respectively.\n\n(i)    As of December 31, 2025, these bonds have maturities between January 2026 and February 2042; with annual market rates between 4.13 percent and 6.55 percent annually for bonds issued in soles, between 3.88 percent and 8.87 percent for bonds issued in US Dollars, and between 4.78 percent and 9.60 percent\n\nF-60\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nannually for bonds issued in other currencies. As of December 31, 2024, they have maturities between January 2025 and February 2042; with annual market rates between 4.40 percent and 7.02 percent annually for bonds issued in soles, between 4.32 percent and 15.39 percent for bonds issued in US Dollars, and between 5.30 percent and 10.40 percent annually for bonds issued in other currencies.\n\nLikewise, Credicorp Management has determined that as of December 31, 2025, the difference between amortized cost and the fair value of these investments is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity.\n\nAs of December 31, 2025, the Group maintains repurchase agreement transactions related to investments measured at amortized cost, with an estimated fair value of S/323.5 million. As of December 31, 2024, such repurchase agreement transactions amounted to an estimated fair value of S/1,063.4 million. See Note 5(c).\n\nd) In June and August 2025, the Group participated in securities exchange programs offered by the Ministry of Economy and Finance on behalf of the Peruvian Government, through which sovereign bonds amounting to S/3,438.2 million were delivered, and sovereign bonds amounting to S/3,729.7 million were received in exchange, without affecting their accounting classification. These exchanges mainly involved bonds classified at fair value through other comprehensive income, resulting in the realization of a net gain of S/99.0 million, which was recognized in the consolidated statement of income.\n\nIn June 2024, the Group participated in securities repurchase and exchange program offered by the Ministry of Economy and Finance on behalf of the Peruvian Government, through which sovereign bonds amounting to S/1,450.0 million were repurchased. Additionally, sovereign bonds were exchanged by delivering bonds amounting to S/780.8 million and receiving sovereign bonds amounting to S/795.4 million in return, without affecting their accounting classification. These exchanges mainly involved bonds classified at fair value through other comprehensive income, resulting in the realization of a net gain of S/26.0 million, which was recognized in the consolidated statement of income.\n\ne)    The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:\n\n2025\n\nAt fair value\n\nthrough other\n\ncomprehensive\n\nincome\n\nAmortized\n\ncost\n\nS/(000)S/(000)\n\nUp to 3 months6,033,742 39,815 \n\nFrom 3 months to 1 year6,815,415 270,064 \n\nFrom 1 to 3 years3,139,798 1,413,293 \n\nFrom 3 to 5 years2,749,017 1,017,231 \n\nMore than 5 years19,642,799 5,883,472 \n\nWithout maturity92,907 – \n\nTotal38,473,678 8,623,875 \n\nF-61\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n2024\n\nAt fair value\n\nthrough other\n\ncomprehensive\n\nincome\n\nAmortized\n\ncost\n\nS/(000)S/(000)\n\nUp to 3 months4,631,496 161,924 \n\nFrom 3 months to 1 year8,960,899 196,986 \n\nFrom 1 to 3 years5,259,160 642,039 \n\nFrom 3 to 5 years5,176,129 2,211,166 \n\nMore than 5 years15,422,394 5,561,666 \n\nWithout maturity147,264 – \n\nTotal39,597,342 8,773,781 \n\nF-62\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n7            LOANS, NET\n\na)    This item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nDirect loans -\n\nLoans122,308,754 118,396,820 \n\nCredit cards6,716,700 6,223,711 \n\nLeasing receivables5,019,366 5,260,182 \n\nDiscounted notes4,098,691 3,391,576 \n\nFactoring receivables and confirming3,598,101 3,243,531 \n\nAdvances and overdrafts in current account56,637 132,231 \n\nRefinanced loans2,009,723 2,241,062 \n\nTotal direct loans143,807,972 138,889,113 \n\nInternal overdue loans and under legal collection loans4,821,126 5,430,132 \n\n148,629,098 144,319,245 \n\nAdd (less) -\n\nAccrued interest1,355,856 1,413,028 \n\nTotal direct loans149,984,954 145,732,273 \n\nAllowance for direct loan losses, Note 30.1 (c)(7,669,950)(7,994,977)\n\nTotal direct loans, net142,315,004 137,737,296 \n\nb)    As of December 31, 2025, and 2024, the composition of the gross credit balance is as follows:\n\n20252024\n\nS/(000)S/(000)\n\nDirect loans, Note 7(a)148,629,098 144,319,245 \n\nIndirect loans, Note 18(a)21,267,157 22,139,321 \n\nDue from customers on banker’s acceptances345,906 528,184 \n\nTotal170,242,161 166,986,750 \n\nF-63\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table presents the movement of the gross balance of the credit portfolio by stage periods 2025 and 2024:\n\nStage 1\n\nLoans by classBalance at\nDecember 31,\n2024Transfer to\nStage 2Transfer to\nStage 3Transfer from\nStage 2Transfer from\nStage 3Transfers\nbetween classes\nof loansNew loans,\nliquidation and\nwrite-offs, netSale of loan\nportfolioExchange\ndifferences and\nothersBalance at\nDecember 31,\n2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans89,105,601 (6,357,467)(469,266)3,576,054 309,924 1,023,019 5,587,697 – (5,550,866)87,224,696 \n\nResidential mortgage loans18,956,529 (2,064,585)(57,011)3,393,702 32,643 7,760 2,635,093 – (764,478)22,139,653 \n\nSmall and Micro-business loans16,905,829 (9,011,684)(90,624)2,369,423 29,434 (1,023,019)9,778,401 – (351,549)18,606,211 \n\nConsumer loans14,392,541 (5,532,737)(72,133)2,625,644 116,152 (7,760)6,288,017 – (360,304)17,449,420 \n\nTotal139,360,500 (22,966,473)(689,034)11,964,823 488,153 – 24,289,208 – (7,027,197)145,419,980 \n\nStage 2\n\nLoans by classBalance at\nDecember 31,\n2024Transfer to\nStage 1Transfer to\nStage 3Transfer from\nStage 1Transfer from\nStage 3Transfers\nbetween classes\nof loansNew loans,\nliquidation and\nwrite-offs, netSale of loan\nportfolioExchange\ndifferences and\nothersBalance at\nDecember 31,\n2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans4,508,146 (3,576,054)(1,324,351)6,357,467 155,245 71,068 (893,639)– (173,438)5,124,444 \n\nResidential mortgage loans4,492,325 (3,393,702)(385,204)2,064,585 72,531 462 (370,485)– (50,031)2,430,481 \n\nSmall and Micro-business loans4,243,585 (2,369,423)(1,414,877)9,011,684 92,463 (71,068)(5,386,341)– (11,365)4,094,658 \n\nConsumer loans3,718,855 (2,625,644)(1,346,489)5,532,737 98,790 (462)(1,898,936)– (11,949)3,466,902 \n\nTotal16,962,911 (11,964,823)(4,470,921)22,966,473 419,029 – (8,549,401)– (246,783)15,116,485 \n\nStage 3\n\nLoans by classBalance at\nDecember 31,\n2024Transfer to\nStage 1Transfer to\nStage 2Transfer from\nStage 1Transfer from\nStage 2Transfers\nbetween classes\nof loansNew loans,\nliquidation and\nwrite-offs, netSale of loan\nportfolioExchange\ndifferences and\nothersBalance at\nDecember 31,\n2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans5,873,420 (309,924)(155,245)469,266 1,324,351 307,257 (1,954,164)(8,698)(202,923)5,343,340 \n\nResidential mortgage loans1,643,178 (32,643)(72,531)57,011 385,204 (96)(308,771)– (53,902)1,617,450 \n\nSmall and Micro-business loans1,687,703 (29,434)(92,463)90,624 1,414,877 (307,257)(1,375,550)– (30,759)1,357,741 \n\nConsumer loans1,459,038 (116,152)(98,790)72,133 1,346,489 96 (1,263,868)– (11,781)1,387,165 \n\nTotal10,663,339 (488,153)(419,029)689,034 4,470,921 – (4,902,353)(8,698)(299,365)9,705,696 \n\nF-64\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nConsolidated 3 Stages\n\nLoans by classBalance at\nDecember 31,\n2024Written off\nand\nforgivensTransfers\nbetween classes\nof loansNew loans\nand\nliquidation,\nnetSale of loan\nportfolioExchange\ndifferences and\nothersBalance at\nDecember 31,\n2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans99,487,167 (438,066)1,401,344 3,177,960 (8,698)(5,927,227)97,692,480 \n\nResidential mortgage loans25,092,032 (22,365)8,126 1,978,202 – (868,411)26,187,584 \n\nSmall and Micro-business loans22,837,117 (1,265,317)(1,401,344)4,281,827 – (393,673)24,058,610 \n\nConsumer loans19,570,434 (1,061,440)(8,126)4,186,653 – (384,034)22,303,487 \n\nTotal166,986,750 (2,787,188)– 13,624,642 (8,698)(7,573,345)170,242,161 \n\nStage 1\n\nLoans by classBalance at\nDecember 31,\n2023Transfer to\nStage 2Transfer to\nStage 3Transfer from\nStage 2Transfer from\nStage 3Transfers\nbetween classes\nof loansNew loans,\nliquidation and\nwrite-offs, netSale of loan\nportfolioExchange\ndifferences and\nothersBalance at\nDecember 31,\n2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans83,928,787 (6,375,422)(321,490)5,170,908 557,795 1,471,769 4,212,548 – 460,706 89,105,601 \n\nResidential mortgage loans19,150,069 (4,867,259)(78,840)2,949,592 22,355 2,186 1,727,613 – 50,813 18,956,529 \n\nSmall and Micro-business loans16,065,846 (9,240,619)(115,321)3,329,738 44,315 (1,471,769)8,378,279 – (84,640)16,905,829 \n\nConsumer loans15,234,060 (6,349,365)(130,291)2,545,058 85,014 (2,186)2,982,062 – 28,189 14,392,541 \n\nTotal134,378,762 (26,832,665)(645,942)13,995,296 709,479 – 17,300,502 – 455,068 139,360,500 \n\nStage 2\n\nLoans by classBalance at\nDecember 31,\n2023Transfer to\nStage 1Transfer to\nStage 3Transfer from\nStage 1Transfer from\nStage 3Transfers\nbetween classes\nof loansNew loans,\nliquidation and\nwrite-offs, netSale of loan\nportfolioExchange\n differences and\nothersBalance at\nDecember 31,\n2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans5,937,197 (5,170,908)(1,523,412)6,375,422 517,832 134,410 (1,763,989)– 1,594 4,508,146 \n\nResidential mortgage loans3,558,102 (2,949,592)(493,788)4,867,259 52,741 – (548,555)– 6,158 4,492,325 \n\nSmall and Micro-business loans4,630,314 (3,329,738)(1,907,961)9,240,619 118,948 (134,410)(4,355,869)– (18,318)4,243,585 \n\nConsumer loans3,317,454 (2,545,058)(1,777,749)6,349,365 105,041 – (1,731,395)– 1,197 3,718,855 \n\nTotal17,443,067 (13,995,296)(5,702,910)26,832,665 794,562 – (8,399,808)– (9,369)16,962,911 \n\nF-65\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nStage 3\n\nLoans by classBalance at\nDecember 31,\n2023Transfer to\nStage 1Transfer to\nStage 2Transfer from\nStage 1Transfer from\nStage 2Transfers\nbetween classes\nof loansNew loans,\nliquidation and\nwrite-offs, netSale of loan\n portfolioExchange\ndifferences and\n othersBalance at\nDecember 31,\n2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans7,307,176 (557,795)(517,832)321,490 1,523,412 (265,854)(1,843,891)(110,550)17,264 5,873,420 \n\nResidential mortgage loans1,468,748 (22,355)(52,741)78,840 493,788 871 (284,913)(44,749)5,689 1,643,178 \n\nSmall and Micro-business loans1,802,830 (44,315)(118,948)115,321 1,907,961 265,854 (2,237,017)(7,081)3,098 1,687,703 \n\nConsumer loans1,546,687 (85,014)(105,041)130,291 1,777,749 (871)(1,799,077)(11,931)6,245 1,459,038 \n\nTotal12,125,441 (709,479)(794,562)645,942 5,702,910 – (6,164,898)(174,311)32,296 10,663,339 \n\nConsolidated 3 Stages\n\nLoans by classBalance at\nDecember 31,\n2023Written off\nand forgivensTransfers\n between classes\nof loansNew loans\nand\nliquidation,\nnetSale of loan\n portfolioExchange\ndifferences and\nothersBalance at\nDecember 31,\n2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)\n\nCommercial loans97,173,160 (594,478)1,340,325 1,199,146 (110,550)479,564 99,487,167 \n\nResidential mortgage loans24,176,919 (20,162)3,057 914,307 (44,749)62,660 25,092,032 \n\nSmall and Micro-business loans22,498,990 (1,746,105)(1,340,325)3,531,498 (7,081)(99,860)22,837,117 \n\nConsumer loans20,098,201 (1,526,839)(3,057)978,429 (11,931)35,631 19,570,434 \n\nTotal163,947,270 (3,887,584)– 6,623,380 (174,311)477,995 166,986,750 \n\nF-66\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)    As of December 31, 2025, and 2024, the allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan losses is shown below for direct loans, indirect loans and due from customers on banker’s acceptances:\n\nStage 1\n\nLoans by classBalance at\nDecember 31,\n2024Transfer to\nStage 2Transfer to\nStage 3Transfer\n from\nStage 2Transfer\n from\nStage 3New loans\nliquidation, and\nwrite-\noffs, netChanges in\nPD,LGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\n portfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans515,030 (132,277)(5,379)124,005 38,724 13,019 (109,674)90,811 – (75,250)459,009 \n\nResidential mortgage loans66,258 (10,917)(452)57,272 15,798 7,398 (83,929)335 – (1,910)49,853 \n\nSmall and Micro-business loans384,283 (360,657)(4,223)113,044 18,386 522,212 (103,175)(90,811)– (6,379)472,680 \n\nConsumer loans331,010 (265,816)(3,668)202,494 99,770 202,233 (91,743)(335)– (13,965)459,980 \n\nTotal1,296,581 (769,667)(13,722)496,815 172,678 744,862 (388,521)– – (97,504)1,441,522 \n\nStage 2\n\nLoans by classBalance at\nDecember 31,\n2024Transfer to\nStage 1Transfer to\nStage 3Transfer\nfrom\nStage 1Transfer\nfrom\nStage 3New loans\nliquidation, and\nwrite-\noffs, netChanges in\nPD,LGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\nportfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans300,858 (124,005)(125,576)132,277 44,967 (64,594)130,491 1,874 – (9,913)286,379 \n\nResidential mortgage loans168,222 (57,272)(30,834)10,917 36,974 (16,599)11,113 17 – (6,249)116,289 \n\nSmall and Micro-business loans396,679 (113,044)(207,616)360,657 46,832 (417,490)353,343 (1,874)– (5,294)412,193 \n\nConsumer loans514,247 (202,494)(354,315)265,816 82,508 (149,272)352,354 (17)– (9,389)499,438 \n\nTotal1,380,006 (496,815)(718,341)769,667 211,281 (647,955)847,301 – – (30,845)1,314,299 \n\nF-67\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nStage 3\n\nLoans by classBalance at\nDecember 31,\n2024Transfer to\nStage 1Transfer to\nStage 2Transfer\n from\nStage 1Transfer\nfrom\nStage 2New loans\nliquidation, and\nwrite-\noffs, netChanges in\nPD,LGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\n portfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans2,512,121 (38,724)(44,967)5,379 125,576 (793,976)644,487 60,624 (2,637)(82,650)2,385,233 \n\nResidential mortgage loans819,647 (15,798)(36,974)452 30,834 (148,499)179,685 (55)— (28,851)800,441 \n\nSmall and Micro-business loans1,167,319 (18,386)(46,832)4,223 207,616 (1,377,039)1,099,546 (60,624)— (26,083)949,740 \n\nConsumer loans1,203,221 (99,770)(82,508)3,668 354,315 (1,184,622)972,705 55 — (16,773)1,150,291 \n\nTotal5,702,308 (172,678)(211,281)13,722 718,341 (3,504,136)2,896,423 – (2,637)(154,357)5,285,705 \n\nConsolidated 3 StagesCredit loss of the period\n\nLoans by classBalance at\nDecember\n31, 2024Loan\nportafolio\nwritten off\nand\nforgivensNew loans\nand\nliquidation,\nnetChanges in\nPD, LGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\nportfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2025\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans3,328,009 (464,330)(381,221)665,304 153,309 (2,637)(167,813)3,130,621 \n\nResidential mortgage loans1,054,127 (23,807)(133,893)106,869 297 – (37,010)966,583 \n\nSmall and Micro-business loans1,948,281 (1,306,436)34,119 1,349,714 (153,309)– (37,756)1,834,613 \n\nConsumer loans2,048,478 (1,130,907)(754)1,233,316 (297)– (40,127)2,109,709 \n\nTotal8,378,895 (2,925,480)(481,749)3,355,203 – (2,637)(282,706)8,041,526 \n\nF-68\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nStage 1\n\nLoans by classBalance at\nDecember 31,\n2023Transfer to\nStage 2Transfer to\nStage 3Transfer\nfrom\nStage 2Transfer\nfrom\nStage 3New loans\nliquidation, and\nwrite-\noffs, netChanges\nin PD,\nLGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\nportfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans552,132 (151,847)(7,753)153,552 64,165 30,593 (147,692)34,272 – (12,392)515,030 \n\nResidential mortgage loans54,102 (20,949)(430)34,474 12,065 9,428 (22,871)197 – 242 66,258 \n\nSmall and Micro-business loans348,124 (356,044)(6,772)107,403 28,034 464,092 (165,734)(34,272)– (548)384,283 \n\nConsumer loans285,091 (245,783)(5,297)142,011 74,041 51,412 29,377 (197)– 355 331,010 \n\nTotal1,239,449 (774,623)(20,252)437,440 178,305 555,525 (306,920)– – (12,343)1,296,581 \n\nStage 2\n\nLoans by classBalance at\nDecember 31,\n2023Transfer to\nStage 1Transfer to\nStage 3Transfer\nfrom\nStage 1Transfer\nfrom\nStage 3New loans\nliquidation, and\nwrite-\noffs, netChanges\nin PD,\nLGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\nportfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans399,536 (153,552)(205,233)151,847 55,861 (114,850)143,678 24,408 – (837)300,858 \n\nResidential mortgage loans121,258 (34,474)(41,104)20,949 29,958 (18,325)90,309 – – (349)168,222 \n\nSmall and Micro-business loans431,282 (107,403)(351,156)356,044 69,433 (292,119)318,559 (24,408)– (3,553)396,679 \n\nConsumer loans435,150 (142,011)(434,526)245,783 85,974 (146,722)473,117 – – (2,518)514,247 \n\nTotal1,387,226 (437,440)(1,032,019)774,623 241,226 (572,016)1,025,663 – – (7,257)1,380,006 \n\nStage 3\n\nLoans by classBalance at\nDecember 31,\n2023Transfer to\nStage 1Transfer to\nStage 2Transfer\nfrom\nStage 1Transfer\nfrom\nStage 2New loans\nliquidation, and\nwrite-\noffs, netChanges\nin PD,\nLGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\nportfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans2,631,554 (64,165)(55,861)7,753 205,233 (881,988)837,925 (89,886)(83,143)4,699 2,512,121 \n\nResidential mortgage loans785,261 (12,065)(29,958)430 41,104 (155,152)213,306 227 (25,181)1,675 819,647 \n\nSmall and Micro-business loans1,288,082 (28,034)(69,433)6,772 351,156 (1,898,683)1,435,145 89,886 (5,540)(2,032)1,167,319 \n\nConsumer loans1,314,373 (74,041)(85,974)5,297 434,526 (1,656,047)1,275,984 (227)(8,554)(2,116)1,203,221 \n\nTotal6,019,270 (178,305)(241,226)20,252 1,032,019 (4,591,870)3,762,360 – (122,418)2,226 5,702,308 \n\nF-69\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nConsolidated 3 StagesCredit loss of the period\n\nLoans by classBalance at\nDecember\n31, 2023Loan\n portafolio\nwritten off\n and\n forgivensNew loans\nand\nliquidation,\nnetChanges\nin PD, LGD,\nEAD (*)Transfers\nbetween\nclasses of\nloansSale of loan\nportfolioExchange\ndifferences\nand othersBalance at\nDecember\n31, 2024\n\nS/(000)\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)\n\nCommercial loans3,583,222 (614,686)(351,559)833,911 (31,206)(83,143)(8,530)3,328,009 \n\nResidential mortgage loans960,621 (23,023)(141,026)280,744 424 (25,181)1,568 1,054,127 \n\nSmall and Micro-business loans2,067,488 (1,813,283)86,573 1,587,970 31,206 (5,540)(6,133)1,948,281 \n\nConsumer loans2,034,614 (1,619,567)(131,790)1,778,478 (424)(8,554)(4,279)2,048,478 \n\nTotal8,645,945 (4,070,559)(537,802)4,481,103 – (122,418)(17,374)8,378,895 \n\n(*)    The movement includes the following effects:\n\n(i)    Calibrations to the PD, LGD and EAD models;\n\n(ii)    Updating of macroeconomic models and projections;\n\n(iii)    Increase or decrease in credit risk due to phase changes;\n\n(iv)    Increase or decrease in the risk inherent to credits that remain in the same phase.\n\n(**)The movement in the expected credit loss allowance for the 2025 period includes provisions for direct loans of approximately S/ 7,670.0 million and provisions for indirect loans and due from customers on banker’s acceptances of S/ 371.6 million (S/ 7,994.9 million and S/ 383.9 million, respectively, as of December 31, 2024). The expected loss on indirect loans and due from customers on banker’s acceptances is included under “Other liabilities” in the consolidated statement of financial position (Note 12(a)). In management’s opinion, the expected credit loss allowance for loans recognized as of December 31, 2025 and 2024 has been determined in accordance with IFRS 9 and is sufficient to cover losses in the loan portfolio.\n\nd)    Interest rates on loans are set based on the prevailing rates in the markets in which the Group’s subsidiaries operate..\n\ne)    A portion of the loan portfolio is collateralized with guarantees received from customers, which mainly consist of mortgages, trust assignments, securities and industrial and mercantile pledges.\n\nF-70\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nf)    The following table presents the gross direct loan portfolio as of December 31, 2025, and 2024 by maturity based on the remaining period to the payment due date:\n\n20252024\n\nS/(000)S/(000)\n\nOutstanding loans -\n\nFrom 1 to 3 months33,318,459 31,363,434 \n\nFrom 3 months to 1 year39,713,962 37,349,571 \n\nFrom 1 to 3 years30,472,885 29,185,013 \n\nFrom 3 to 5 years14,738,099 13,319,494 \n\nFrom 5 to 15 years24,092,636 25,578,139 \n\nMore than 15 years1,471,931 2,093,462 \n\n143,807,972 138,889,113 \n\nInternal overdue loans -\n\nOverdue up to 90 days747,943 1,046,337 \n\nOver 90 days4,073,183 4,383,795 \n\n4,821,126 5,430,132 \n\nTotal148,629,098 144,319,245 \n\nSee credit risk analysis in Note 30.1 (c).\n\ng)     As of December 31, 2025, the Group holds foreign currency forwards, which have been designated as fair value hedges of certain U.S.Dollar loans, for a notional amount of US$13.3 million equivalent to S/44.9 million (US$36.3 million equivalent to S/136.6 million as of December 31, 2024), through which the loans were economically converted into soles. See Note 12(c).\n\nF-71\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n8            INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES\n\na)    The detail of the assets per reinsurance contract are:\n\n20252024\n\nAssets for\nremaining\ncoverage (*)Assets for incurred claims for contracts measured by PAA\n(**)TotalAssets for\nremaining\ncoverage (*)Assets for incurred claims for contracts measured by PAA (**)Total\n\nPresent value of\nfuture cash flowsPresent value of\nfuture cash flows\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalances at the beginning of the period(58,399)899,569 841,170 (133,054)1,005,100 872,046 \n\nDirectly attributable expenses incurred– 504,065 504,065 – 343,855 343,855 \n\nChanges related to past services– (328,799)(328,799)– (158,503)(158,503)\n\nFuture service changes(2,028)– (2,028)(5,735)– (5,735)\n\nReinsurance recoveries(2,028)175,266 173,238 (5,735)185,352 179,617 \n\nExpenses for assigning the premiums paid to the reinsurer(632,063)– (632,063)(674,214)– (674,214)\n\nResult of the reinsurance service(634,091)175,266 (458,825)(679,949)185,352 (494,597)\n\nNet financial expenses for reinsurance contracts– 40,528 40,528 – 30,377 30,377 \n\nOther changes(48,573)(46,201)(94,774)(13,237)(18,679)(31,916)\n\nCash flow:\n\nPremiums paid net of commissions ceded and other directly attributable expenses paid747,662 – 747,662 767,841 12 767,853 \n\nReinsurance recoveries– (367,201)(367,201)– (302,593)(302,593)\n\nNet cash flow747,662 (367,201)380,461 767,841 (302,581)465,260 \n\nBalances at the end of the period6,599 701,961 708,560 (58,399)899,569 841,170 \n\n(*) Includes accounts payable to reinsurers and co-insurers and excess of loss contracts.\n\n(**) Includes accounts receivable from reinsurers and co-insurers.\n\nF-72\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nb)    The detail of the liability for insurance contracts are:\n\n2025\n\nLiabilities for remaining coverageLiabilities for incurred claims - contracts not measured by PAALiabilities for incurred claims - contracts measured by PAATotal\n\nExcluding loss component (*)Loss componentPresent Value of Fulfillment Cash FlowsRisk adjustment\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalances at the beginning of the period\n9,317,066 247,799 1,288,630 2,544,942 23,848 13,422,285 \n\nInsurance income(4,649,818)1,118 – – – (4,648,700)\n\nClaims incurred and other insurance service expenses56,133 – 842,435 2,778,176 125 3,676,869 \n\nAdjustments relating to the past to liabilities for incurred claims– – (713,756)(190,799)(3,584)(908,139)\n\nLosses and recoveries for losses in onerous contracts– 10,686 – – – 10,686 \n\nAmortization of insurance acquisition cash flows21,259 – – – – 21,259 \n\nInsurance service expenses77,392 10,686 128,679 2,587,377 (3,459)2,800,675 \n\nResult of the insurance service(4,572,426)11,804 128,679 2,587,377 (3,459)(1,848,025)\n\nNet financial expenses for insurance contracts1,012,259 (6,868)95,490 119,361 946 1,221,188 \n\nTotal changes in the consolidated income statement(3,560,167)4,936 224,169 2,706,738 (2,513)(626,837)\n\nInvestment components(1,045,427)– 1,045,427 – – – \n\nAcquisition of Pacifico EPS shares(60,734)– – 175,615 764 115,645 \n\nOther changes(683,280)(7,212)(11,223)(80,224)(600)(782,539)\n\nCash flow:\n\nPremiums received7,358,881 – – – – 7,358,881 \n\nClaims and other service expenses paid– – (1,190,631)(3,038,334)– (4,228,965)\n\nInsurance acquisition cash flows(994,315)– – – – (994,315)\n\nNet cash flow6,364,566 – (1,190,631)(3,038,334)– 2,135,601 \n\nBalances at the end of the period10,332,024 245,523 1,356,372 2,308,737 21,499 14,264,155 \n\n(*) Includes accounts receivable of contracts measured under the PAA and debts to intermediaries, marketers and auxiliaries.\n\nF-73\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n2024\n\nLiabilities for remaining coverageLiabilities for incurred claims - contracts not measured by PAALiabilities for incurred claims - contracts measured by PAATotal\n\nExcluding loss component (*)Loss componentPresent Value of Fulfillment Cash FlowsRisk adjustment\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalance at the beginning of the period8,379,672 207,695 1,212,856 2,497,439 20,471 12,318,133 \n\nInsurance income(3,779,710)316 – – – (3,779,394)\n\nClaims incurred and other insurance service expenses– 8,172 722,763 1,535,912 – 2,266,847 \n\nAdjustments relating to the past to liabilities for incurred claims– (4,365)(550,740)348,829 2,277 (203,999)\n\nLosses and recoveries for losses in onerous contracts– 15,801 – – – 15,801 \n\nAmortization of insurance acquisition cash flows7,128 – – – – 7,128 \n\nInsurance service expenses7,128 19,608 172,023 1,884,741 2,277 2,085,777 \n\nResult of the insurance service(3,772,582)19,924 172,023 1,884,741 2,277 (1,693,617)\n\nNet financial expenses for insurance contracts553,835 (5,376)64,928 126,019 1,044 740,450 \n\nTotal changes in the consolidated income statement(3,218,747)14,548 236,951 2,010,760 3,321 (953,167)\n\nInvestment components(914,866)– 914,866 – – – \n\nOther changes(4,620)25,556 1,171 9,884 56 32,047 \n\nCash flow:– \n\nPremiums received5,180,689 – – – – 5,180,689 \n\nClaims and other service expenses paid– – (1,077,214)(1,973,141)– (3,050,355)\n\nInsurance acquisition cash flows(105,062)– – – – (105,062)\n\nNet cash flow5,075,627 – (1,077,214)(1,973,141)– 2,025,272 \n\nBalances at the end of the period9,317,066 247,799 1,288,630 2,544,942 23,848 13,422,285 \n\n(*) Includes accounts receivable of contracts measured under the PAA and debts to intermediaries, marketers and auxiliaries.\n\nF-74\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)    The components of the movement are presented below:\n\n20252024\n\nPresent\n\nValue of\n\nFulfillment\n\nCash Flows\n\nRisk\n\nadjustment\n\nContractual\n\nService\n\nMargin\n\n(CSM)\nTotal\nPresent\n\nValue of Fulfillment\n\nCash Flows\n\nRisk\n\nadjustment\n\nContractual\n\nService\n\nMargin\n\n(CSM)\n\nTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalances at the beginning of the period\n9,164,961 152,793 1,258,050 10,575,804 8,220,567 144,207 1,202,240 9,567,014 \n\nChanges in the statement of income:\n\nChanges in estimates that adjust the CSM873 11,354 (12,122)105 (19,665)4,441 9,535 (5,689)\n\nChanges in estimates that result in losses and recoveries for contract losses onerous(6,299)2,109 (5,783)(9,973)(8,949)(681)– (9,630)\n\nInitial recognition contracts(122,940)16,992 140,510 34,562 (102,195)9,628 123,461 30,894 \n\nChanges related to future services(128,366)30,455 122,605 24,694 (130,809)13,388 132,996 15,575 \n\nCSM recognized for services provided– – (137,032)(137,032)– – (125,610)(125,610)\n\nChanges in the risk adjustment recognized for the expired risk– (21,026)– (21,026)– (20,039)– (20,039)\n\nExperience adjustments931,751 – – 931,751 829,682 – – 829,682 \n\nChanges related to current services931,751 (21,026)(137,032)773,693 829,682 (20,039)(125,610)684,033 \n\nAdjustments to liabilities for incurred claims(858,036)10,219 – (847,817)(713,268)9,927 – (703,341)\n\nResult of the insurance service(54,651)19,648 (14,427)(49,430)(14,395)3,276 7,386 (3,733)\n\nNet financial expenses for insurance contracts1,048,399 4,032 48,449 1,100,880 564,473 3,896 45,118 613,487 \n\nTotal changes in the consolidated income statement993,748 23,680 34,022 1,051,450 550,078 7,172 52,504 609,754 \n\nOther changes(470,998)(12,040)(80,955)(563,993)51,293 1,414 3,306 56,013 \n\nCash flow:\n\nPremiums collected1,886,374 – – 1,886,374 1,500,797 – – 1,500,797 \n\nBenefits and expenses paid(1,190,631)– – (1,190,631)(1,077,186)– – (1,077,186)\n\nAcquisition fees paid(101,310)– – (101,310)(80,588)– – (80,588)\n\nNet cash flow594,433 – – 594,433 343,023 – – 343,023 \n\nBalances at the end of the period10,282,144 164,433 1,211,117 11,657,694 9,164,961 152,793 1,258,050 10,575,804 \n\nAs of December 31, 2025, the insurance contract liabilities measured under the general model is S/10,507.1 million (as of December 31, 2024, S/9,536.8 million) and the variable fee approach (VFA) is S/1,150.6 million (as of December, 2024, S/1,039.0 million).\n\nAs of December 31, 2025, the contractual service margin of insurance contracts that existed at the transition date to which the entity has applied the fair value approach totals approximately S/645.6 million, see Note 22 (f).\n\nF-75\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n9            PROPERTY, FURNITURE AND EQUIPMENT, NET\n\na)    The composition of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2025, 2024, and 2023 is as follows:\n\nLand\nBuildings and\n\nother\n\nconstructions\nInstallations\nFurniture\n\nand fixtures\n\nComputer\n\nhardware\n\nVehicles\n\nand\n\nequipment\n\nWork in\n\nprogress\n202520242023\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nCost -\n\nBalance as of January 1294,154 1,174,807 869,849 505,767 660,837 106,043 91,017 3,702,474 3,572,286 3,463,196 \n\nAdditions22,824 73,829 44,910 55,550 34,940 3,347 99,780 335,180 310,144 322,371 \n\nAcquisition of business, Note 2(a) (*)\n318,329 297,627 4,067 23,277 7,762 58,828 21,826 731,716 – 455 \n\nTransfers– 3,922 26,644 14,916 17,756 2,059 (65,297)– – – \n\nDisposals and others (**)(106,045)(122,792)(41,096)(22,247)(39,056)6,399 (44,848)(369,685)(179,956)(213,736)\n\nBalance as of December 31529,262 1,427,393 904,374 577,263 682,239 176,676 102,478 4,399,685 3,702,474 3,572,286 \n\nAccumulated depreciation -\n\nBalance as of January 1– 751,306 599,278 330,257 491,962 91,062 – 2,263,865 2,214,761 2,182,098 \n\nDepreciation of the period– 15,243 45,512 35,849 70,806 20,394 – 187,804 153,531 129,108 \n\nDisposals and others (**)– (25,039)(31,562)(22,608)(37,659)(4,133)– (121,001)(104,427)(96,445)\n\nBalance as of December 31– 741,510 613,228 343,498 525,109 107,323 – 2,330,668 2,263,865 2,214,761 \n\nNet carrying amount529,262 685,883 291,146 233,765 157,130 69,353 102,478 2,069,017 1,438,609 1,357,525 \n\nBanks, financial institutions and insurance entities operating in Peru cannot pledge their fixed assets.\n\nDuring 2025, 2024 and 2023 the Group, as part of its investment in fixed assets, made disbursements mainly related to the renovation of its various branches and the purchase of computer equipment, furniture, and fixtures. The Group maintains insurance on its main assets in accordance with the policies established by Management.\n\nThe Group maintains insurance coverage over its main assets in accordance with policies established by Management.\n\nF-76\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAs of December 31, 2025, additions include S/50.5 million, corresponding to the value of foreclosed properties that were transferred as property of the Group in October 2025.\n\nManagement periodically reviews the residual value of the assets, their useful life, and the depreciation method used, in order to ensure that they remain consistent with the economic benefits and expected lifespan. In the opinion of the Group’s Management, there is no evidence of impairment in the value of the fixed assets held by the Group as of December 31, 2025, December 31, 2024, and December 31, 2023.\n\nAs a result of the implementation of IFRS 17, the depreciation expense of property and equipment is allocated in the consolidated statement of income between depreciation expense and the expense attributable to insurance and reinsurance results, amounting to S/181.4 million and S/6.4 million for the year 2025; S/149.9 million and S/3.6 million, respectively, for the year 2024; and S/125.0 million and S/4.1 million, respectively, for the year 2023.\n\n(*) The increase is due to the acquisition of Pacífico EPS and Subsidiaries in March 2025, see Note 2(a).\n\n(**) Includes transactions related to the sale, retirement and other disposals of assets that are no longer required for the Group’s operations.\n\nF-77\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n10          INTANGIBLE ASSETS AND GOODWILL, NET\n\na)    Intangible assets –\n\nThe composition of intangible assets with limited useful life and accumulated amortization as of December 31, 2025, 2024 and 2023 was as follows:\n\nDescriptionClient\nrelationships\n(i)Brand\nname (ii)Fund\nmanager\ncontract (iii)Relationships\nwith holdersSoftware, Prepaid service contract and others Intangible\nin\nprogress202520242023\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCost -\n\nBalance at January 1\n372,009 175,321 69,541 21,100 5,179,719 608,747 6,426,437 5,861,379 5,167,235 \n\nAdditions- - - - 556,945 427,026 983,971 801,290 828,803 \n\nAcquisition of business, Note 2(a) (*)293,800 365,372 - - 32,707 16,728 708,607 - 16,642 \n\nTransfers- - - - 277,464 (277,464)- - - \n\nDisposals and others (**)(22,869)- 999 - (80,607)(107,919)(210,396)(236,232)(151,301)\n\nBalance as of December 31642,940 540,693 70,540 21,100 5,966,228 667,118 7,908,619 6,426,437 5,861,379 \n\nAccumulated amortization -\n\nBalance at January 1\n332,464 72,666 18,162 21,100 3,415,249 - 3,859,641 3,434,362 3,040,019 \n\nAmortization of the period\n16,152 9,235 3,656 - 585,729 - 614,772 482,894 436,584 \n\nDisposals and others (**)(22,618)- - - (54,712)- (77,330)(57,615)(42,241)\n\nBalance as of December 31325,998 81,901 21,818 21,100 3,946,266 - 4,397,083 3,859,641 3,434,362 \n\nNet carrying amount316,942 458,792 48,722 - 2,019,962 667,118 3,511,536 2,566,796 2,427,017 \n\nDuring 2025, 2024 and 2023, the Group, as part of its investment in intangible assets, incurred expenditures mainly related to the development, acquisition, and strengthening of these assets.\n\nThe Group maintains insurance coverage over its main assets in accordance with the policies established by Management.\n\nF-78\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nManagement also periodically reviews the residual value, useful life, and amortization method applied to intangible assets in order to ensure that they are consistent with the expected economic benefits and their estimated useful lives. In the opinion of the Group’s Management, there is no evidence of impairment of the value of the intangible assets held as of December 31, 2025, December 31, 2024, and December 31, 2023.\n\nAs a result of the implementation of IFRS 17, amortization expense related to intangible assets is allocated in the consolidated statement of income between the amortization line item and the attributable expense included in insurance technical results, amounting to S/564.8 million and S/50.0 million, respectively, for the year 2025; S/420.9 million and S/62.0 million, respectively, for the year 2024; and S/386.1 million and S/50.5 million, respectively, for the year 2023.\n\n(*) The increase is due to the acquisition of Pacífico EPS and Subsidiaries in March 2025; see Note 2(a).\n\n(**) Includes transactions related to the sale, retirement and other disposals of intangible assets that are no longer required for the Group’s operations.\n\nF-79\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(i)    Client relationships -\n\nThis item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nPacifico S.A. Entidad Prestadora de Salud 77,642 — \n\nLaboratorios ROE S.A 63,708 — \n\nClínica San Felipe S.A. 31,350 — \n\nCentro Médico Odontológico Americano S.A.C21,633 — \n\nClínica Sanchez Ferrer S.A 21,450 — \n\nOncocare S.A.C17,692 — \n\nLa esperanza del Perú S. A14,575 — \n\nClínica Belén12,283 — \n\nClínica del Sur 11,550 — \n\nCredicorp Capital Holding Chile - Inversiones IMT9,626 10,892 \n\nProsemedic S.A.C 9,167 — \n\nPrima AFP – AFP Unión Vida8,567 20,813 \n\nClínica el Golf 7,517 — \n\nUltraserfinco S.A3,950 5,049 \n\nTenpo Bank3,203 — \n\nDoctor + S.A.C1,283 — \n\nCompañía Incubadora de Soluciones Móviles S.A.- Culqi1,000 1,467 \n\nTenpo SpA746 1,011 \n\nJoinnus— 313 \n\n316,942 39,545 \n\nF-80\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(ii)    Brand name -\n\nThis item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nROE111,100 — \n\nMibanco90,612 99,437 \n\nClinica San Felipe 48,100 — \n\nClinica San Borja39,000 — \n\nSanna23,271 — \n\nClínica el Golf 22,300 — \n\nDoctor Más 20,700 — \n\nACML20,400 — \n\nAliada20,100 — \n\nClinica Belén 14,100 — \n\nCOA13,800 — \n\nClínica Sanchez Ferrer12,800 — \n\nClínica del Sur 10,300 — \n\nPMD 9,400 — \n\nJoinnus2,809 3,155 \n\nCulqi— 63 \n\n458,792 102,655 \n\n(iii)    Fund management contract -\n\nThis item consists of the following:\n\nF-81\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n20252024\n\nS/(000)S/(000)\n\nCredicorp Capital Colombia S.A.25,113 23,183 \n\nCredicorp Capital Holding Chile - Inversiones IMT21,532 26,071 \n\nUltrasefinco S.A.2,077 2,125 \n\n48,722 51,379 \n\nb)    Goodwill -\n\nGoodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGUs for the purposes of impairment testing.\n\n20252024\n\nS/(000)S/(000)\n\nPacífico EPS and Medical Services, see Note 2 528,499 — \n\nMibanco - Edyficar Perú273,694 273,694 \n\nPrima AFP - AFP S.A124,641 124,641 \n\nCredicorp Capital Colombia S.A104,031 99,841 \n\nBanco de Crédito del Perú52,359 52,359 \n\nMibanco Colombia46,134 44,229 \n\nPacífico Seguros36,354 36,354 \n\nAtlantic Security Holding Corporation29,795 29,795 \n\nMonokera S.A.S.22,656 22,656 \n\nTenpo SpA20,666 20,927 \n\nTenpo Technologies SpA9,798 9,945 \n\nJoinnus S.A.C.4,135 7,824 \n\nCrediseguro Seguros Personales96 96 \n\nNet carrying amount1,252,858 722,361 \n\nThe recoverable amount of all of the CGUs has been determined based on the present value of the discounted cash flows or dividends determined principally with assumptions of revenue and expenses projection (based on efficiency ratios).\n\nGoodwill balance of Mibanco Colombia, Credicorp Capital Colombia S.A, Tenpo SPA and Tenpo Technologies SpA. is affected by the effect of the local exchange rate currency of the country in which they operate against the exchange rate of functional currency of Credicorp Ltd. and subsidiaries.\n\nF-82\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFor the year 2025, the Group performed an assessment of goodwill impairment and concluded that there was no indication of impairment. Accordingly, the Group did not recognize any goodwill impairment loss.\n\nFor the year 2024, the Group recorded an impairment in the following companies: Joinnus S.A. for S/12.0 million, Wally POS S.A.C for S/9.0 million, Sami Shop for S/4.0 million and Compañía Incubadora de Soluciones Móviles S.A. for S/2.3 million.\n\nThe following table summarizes the key assumptions used for the calculation of fair value fewer selling costs in 2025 and 2024:\n\n2025\n\nDescriptionPerpetual\ngrowth\nrateDiscount rate\n\n%%\n\nMibanco - Edyficar Perú5.60 10.60 \n\nPrima AFP - AFP Unión Vida1.60 14.50 \n\nCredicorp Capital Colombia3.80 14.40 \n\nBanco de Crédito del Perú4.60 9.60 \n\nMibanco Colombia5.90 12.30 \n\nPacífico Seguros (*)4.60 \n9.90 and 11.30\n\nAtlantic Security Holding Corporation3.00 11.40 \n\nMonokera S.A.S.- 30.00 \n\nTenpo- 25.00 \n\nJoinnus S.A.C.- 25.00 \n\nF-83\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n2024\n\nDescriptionPerpetual\ngrowth\nrateDiscount rate\n\n%%\n\nMibanco - Edyficar Perú5.60 11.90 \n\nPrima AFP - AFP Unión Vida1.60 14.20 \n\nCredicorp Capital Colombia3.80 14.40 \n\nBanco de Crédito del Perú4.60 10.90 \n\nMibanco Colombia6.10 13.80 \n\nPacífico Seguros (*)4.60 \n10.70 and 12.30\n\nAtlantic Security Holding Corporation2.30 11.30 \n\nMonokera– 30.00 \n\nTenpo– 25.00 \n\nJoinnus S.A.C– 25.00 \n\nCompañía Incubadora de Soluciones Móviles S.A - Culqi– 30.00 \n\nWally POS S.A.C- 25.00 \n\nSami Shop S.A.C- 25.00 \n\n(*) As of December 31, 2025, and 2024, it corresponds to the discount rates used to determine the recoverable value of the cash flows that correspond to the general and life insurance business lines.\n\nFive years of cash flows, depending on the business maturity, were included in the discounted cash flow model. The growth rate estimates are based on historic performance and management’s expectations of market development. A long-term growth rate to perpetuity has been determined taking into account forecasts included in industry reports.\n\nDiscount rates represent the current market assessment of the specific risks to each CGU. The discount rate is derived from the capital asset pricing model (CAPM). The cost of equity is derived from the expected return on investment by the Group’s investors, specific risk incorporated by applying individual comparable beta factors adjusted by the debt structure of each CGU and country and market specific risk premiums to each CGU. The beta factors are evaluated annually based on publicly available market data.\n\nThe key assumptions described above may change if market and economic conditions change. As of December 31, 2025 and 2024, the Group estimates that reasonably possible changes in these assumptions would not cause the recoverable amount of all CGUs to decline below their carrying amount.\n\nF-84\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n11          RIGHT-OF-USE ASSETS AND LEASE LIABILITIES\n\na)    Right-of-use\n\nThe Group has leased agreements according to the following composition:\n\nProperty,\nAgencies and\nofficesServers and\ntechnology\nplatformsTransport\nunitsOther leases202520242023\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCost -\n\nBalance as of January 1860,095 150,768 8,050 79,300 1,098,213 1,085,243 1,026,891 \n\nAdditions206,200 92,767 401 4,953 304,321 52,441 122,841 \n\nAcquisition of Pacifico EPS shares, Note 2(a)128,049 – – – 128,049 – – \n\nDisposal and others(60,064)(145,140)(72)(707)(205,983)(39,471)(64,489)\n\nBalance as of December 311,134,280 98,395 8,379 83,546 1,324,600 1,098,213 1,085,243 \n\nAccumulated depreciation -\n\nBalance as of January 1516,464 123,641 3,324 52,246 695,675 585,528 483,058 \n\nDepreciation of the period129,215 17,655 1,136 15,008 163,014 142,640 147,833 \n\nDisposal and others(22,524)(114,334)12 (684)(137,530)(32,493)(45,363)\n\nBalance as of December 31623,155 26,962 4,472 66,570 721,159 695,675 585,528 \n\nNet carrying amount511,125 71,433 3,907 16,976 603,441 402,538 499,715 \n\nThe Group maintains contracts, with certain renewal options and for which the Group has reasonable certainty that this option will be exercised. In these cases, the period of lease used to measure the liability and assets corresponds to an estimation of future renovations.\n\nAs of 2025, following the acquisition of Pacífico EPS and its subsidiaries, part of the depreciation for the period of right-of-use assets is included in the cost of sales of medical services in the amount of S/16.1 million.\n\nb)    Lease liabilities\n\nLease liabilities include the present value of fixed payments and variable lease payments. Lease payments made under renewal options with reasonable certainty of being exercised are included in the measurement of the liability.\n\nLease payments are discounted using the interest rate implicit in the lease, if that rate could be readily determined, or the interest rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset, for a similar term, in a similar economic environment with similar terms, guarantees and conditions.\n\nF-85\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nLease liabilities are recorded at amortized cost, recognizing the interest in the caption “Interest, income and similar expenses” in the consolidated statement of income, and the installments that are paid will be subtracted. As of December 31, 2025 and 2024, financial lease liability amounts to S/612.3 million and S/404.8 million, respectively.\n\n12          OTHER ASSETS AND OTHER LIABILITIES\n\na)    This item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nOther assets -\n\nFinancial instruments:\n\nReceivables (b)1,577,490 1,225,171 \n\nDerivatives receivable (c)1,231,865 904,791 \n\nReceivables from sale of investments (d)787,539 824,988 \n\nMargin call and others (e)2,604,469 1,087,831 \n\nOperations in process (f)133,045 131,029 \n\n6,334,408 4,173,810 \n\nNon-financial instruments:\n\nClaim filed with the Tax Authority (l), Note 311,577,175 — \n\nInvestment properties, net (g)795,506 625,105 \n\nDeferred fees (h)709,384 1,026,896 \n\nImprovements in leased premises254,018 149,298 \n\nVAT (IGV) tax credit121,351 70,339 \n\nIncome tax prepayments, net119,910 226,847 \n\nAdjudicated assets, net90,286 166,179 \n\nInvestment in associates (i)65,338 763,918 \n\nOthers78,171 31,763 \n\n3,811,139 3,060,345 \n\nTotal10,145,547 7,234,155 \n\nF-86\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n20252024\n\nS/(000)S/(000)\n\nOther liabilities -\n\nFinancial instruments:\n\nAccounts payable (j)2,678,539 2,366,147 \n\nSalaries and other personnel expenses1,746,168 1,335,800 \n\nDerivatives payable (c)1,047,907 819,473 \n\nAccounts payable for acquisitions of investments (d)657,417 832,530 \n\nAllowance for indirect loan losses, Note 7(c)371,576 383,918 \n\nOperations in process (f)158,178 227,549 \n\nDividends payable88,219 74,183 \n\n6,748,004 6,039,600 \n\nNon-financial instruments:\n\nTaxes723,433 786,659 \n\nProvision for sundry risks (k)625,117 646,739 \n\nOthers168,525 147,308 \n\n1,517,075 1,580,706 \n\nTotal8,265,079 7,620,306 \n\nb) As of December 31, 2025 and 2024, the balance is mainly composed of trade receivables from third parties arising from the sale of goods and services, receivables from payment operators related to credit and debit card transactions pending settlement, indemnities, third-party claims, commissions receivable, advances to employees, rental receivables, among others.\n\nc)    The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change.\n\nF-87\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe table below shows as of December 31, 2025, and 2024 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which fair value of derivatives is measured.\n\n202520242025 and 2024\n\nNoteAssetsLiabilitiesNotional amountMaturityAssetsLiabilitiesNotional amountMaturityRelated instruments\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nDerivatives held for trading (i) -\n\nForeign currency forwards546,954 283,787 32,518,743 January 2026 / November 2037161,495 210,947 33,716,473 January 2025 / April 2027–\n\nInterest rate swaps444,343 396,355 53,011,798 January 2026 / November 2040456,575 352,677 48,119,429 January 2025 / January 2035–\n\nCurrency swaps223,448 346,591 10,928,546 January 2026 / February 2037219,648 230,848 13,625,101 January 2025 / November 2034–\n\nForeign exchange options5,532 4,263 842,734 January 2026 / December 20263,018 8,420 743,202 January 2025/ April 2026–\n\nFutures97 3 38,338 March 20261,477 120 23,713 March 2025–\n\n1,220,374 1,030,999 97,340,159 842,213 803,012 96,227,918 \n\nDerivatives held as hedges\n\nCash flow hedges -\n\nCross interest rate swaps (IRS)4(b)(i)677 – 504,450 April 2026 / May 2026– 970 564,600 April 2026 / May 2026Cash and due from banks\n\nCross currency swaps (CCS)15(a)(iii)– – – −– 5,937 71,940 November 2025Bonds issued / Loans (**)\n\nCross currency swaps (CCS)15(a)(iv)– – – −18,993 2,359 828,080 January 2025Bonds issued\n\nCross currency swaps (CCS)14(b)(i)– – – −– 5,242 225,840 May 2025 / June 2025Debts to bank\n\nCross currency swaps (CCS)6(b)(i)– – – −1,802 1,852 46,970 January 2025 / April 2025Investments (*)\n\nFair value hedges -\n\nInterest rate swaps (IRS)6(b)(i)10,593 – 504,450 May 2026 / February 202833,027 – 790,440 March 2025 / February 2028Investments (*)\n\nForeign currency forwards6(b)(i)193 14,839 167,286 January 2026 / July 20265,597 98 125,173 January 2025 / February 2026Investments (*)\n\nForeign currency forwards7(g)28 2,069 44,858 January 2026 / December 20263,159 3 136,603 March 2025 / December 2025Loans\n\n11,491 16,908 1,221,044 62,578 16,461 2,789,646 \n\n1,231,865 1,047,907 98,561,203 904,791 819,473 99,017,564 \n\n(*)    Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2025 and 2024.\n\n(**)    As of December 31, 2025, the cross-currency swap (CCS) contracts held by the Group expired. As of December 31, 2024, the Group held cross-currency swap contracts for a notional amount of ¥3,000.0 million, equivalent to $19.1 million), which were decomposed by risk variables into\n\nF-88\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ntwo cross-currency swaps (CCS) for the purpose of being designated as cash flow hedges and re-expressing the initial exposures in the functional currency, as follows:\n\n-    JPY-PEN for ¥3,000.0 million, equivalent to S/71.9 million as of December 31, 2024, designated for cash flow hedges of bonds issued in yen.\n\n-    PEN-USD for $20.3 million equivalent to S/76.4 million as of December 31, 2024, designated for cash flow hedging of U.S. Dollar placements up to that amount.\n\n(i)    Held-for-trading derivatives are principally negotiated to satisfy customers’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedge accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows:\n\n20252024\n\nUp to 3\nmonthsFrom 3\nmonths\nto 1 yearFrom 1 to\n3 yearsFrom 3 to 5\nyearsOver 5\nyearsTotalUp to 3\nmonthsFrom 3\nmonths\nto 1 yearFrom 1 to\n3 yearsFrom 3 to 5\nyearsOver 5\nyearsTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nForeign currency forwards349,599 196,334 1,021 – – 546,954 106,414 53,498 1,583 – – 161,495 \n\nInterest rate swaps 32,636 30,009 99,905 78,043 203,750 444,343 22,151 33,774 141,134 82,228 177,288 456,575 \n\nCurrency swaps5,077 46,348 98,221 44,115 29,687 223,448 43,713 31,998 72,826 56,141 14,970 219,648 \n\nForeign exchange options2,948 2,584 – – – 5,532 1,175 1,369 474 – – 3,018 \n\nFutures97 – – – – 97 1,477 – – – – 1,477 \n\nTotal assets390,357 275,275 199,147 122,158 233,437 1,220,374 174,930 120,639 216,017 138,369 192,258 842,213 \n\n20252024\n\nUp to 3\nmonthsFrom 3\nmonths\nto 1 yearFrom 1 to\n3 yearsFrom 3 to 5\nyearsOver 5\nyearsTotalUp to 3\nmonthsFrom 3\nmonths\nto 1 yearFrom 1 to\n3 yearsFrom 3 to 5\nyearsOver 5\nyearsTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nForeign currency forwards167,894 111,108 4,785 – – 283,787 141,078 67,531 2,338 – – 210,947 \n\nInterest rate swaps 25,645 23,324 60,152 87,809 199,425 396,355 21,591 50,376 88,792 29,965 161,953 352,677 \n\nCurrency swaps101,725 64,491 88,744 50,879 40,752 346,591 26,293 25,499 79,045 71,857 28,154 230,848 \n\nForeign exchange options1,706 2,557 – – – 4,263 3,175 4,075 1,170 – – 8,420 \n\nFutures3 – – – – 3 120 – – – – 120 \n\nTotal liabilities296,973 201,480 153,681 138,688 240,177 1,030,999 192,257 147,481 171,345 101,822 190,107 803,012 \n\nF-89\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(ii)    The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or those that bear interest at variable rates. The Group uses derivative financial instruments as cash flow hedges to cover these risks. A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below:\n\n20252024\n\nUp to 1\nyearFrom 1 to\n3 yearsFrom 3 to 5\nyearsOver 5\nyearsTotalUp to 1\nyearFrom 1 to\n3 yearsFrom 3 to 5\nyearsOver 5\nyearsTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCash inflows (assets)506,116 – – – 506,116 1,202,322 568,812 – – 1,771,134 \n\nCash outflows (liabilities)(506,042)– – – (506,042)(1,190,257)(566,730)– – (1,756,987)\n\nConsolidated statement of income448 – – – 448 2,764 1,845 – – 4,609 \n\nd)    As of December 31, 2025 and 2024, this balance corresponds to accounts receivable and payable for the sale and purchase of financial investments negotiated during the last days of the month, which were settled during the first days of the following month.\n\ne)    As of December 31, 2025 and 2024, this balance mainly corresponds to (i) collateral delivered in connection with derivative financial instruments transactions, which are primarily executed through central clearing counterparties such as Chicago Mercantile Exchange (CME) and London Clearing House (LCH); (ii) collateral provided for repurchase agreement transactions; and (iii) funds held at the Central Reserve Bank of Peru (BCRP) to conduct immediate interbank transfer clearing services among different banks within the Peruvian financial system.\n\nf)    Operations in process include deposits received, granted and collected loans, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the consolidated statement of financial position until the first days of the following month. The regularization of these transactions does not affect the Group’s net income.\n\nF-90\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ng)    Investment properties -\n\nThe movement of investment properties is as follows:\n\n20252024\n\nLandBuildingsTotalTotal\n\nS/(000)S/(000)S/(000)S/(000)\n\nCost\n\nBalance at January 1371,671 336,265 707,936 639,693 \n\nAdditions 96,603 86,960 183,563 70,399 \n\nAcquisition of Pacifico EPS shares, Note 2(a)427 526 953 — \n\nDisposals and others(2,686)(3,851)(6,537)(2,156)\n\nEnding period466,015 419,900 885,915 707,936 \n\nAccumulated depreciation\n\nBalance at January 1– 81,704 81,704 73,009 \n\nDepreciation for the period– 8,803 8,803 9,098 \n\nDisposals and others– (1,176)(1,176)(403)\n\nEnding period– 89,331 89,331 81,704 \n\nImpairment losses 689 389 1,078 1,127 \n\nNet carrying amount465,326 330,180 795,506 625,105 \n\nLand and buildings are mainly used for office rental, which are free of all encumbrances.\n\nAs of December 31, 2025 and 2024, the market value of the properties amounts to approximately S/1,322.3 million and S/1,235.1 million, respectively; which was determined through a valuation made by an independent appraisers.\n\nh)    As of December 31, 2025, this balance relates mainly to system programming and maintenance services amounting to S/221.8 million, and to payments under the mileage‑based loyalty program that the Bank grants to its customers for the use of their cards, amounting to S/22.6 million. (As of December 31, 2024, it related mainly to payments under the mileage‑based loyalty program that the Bank grants to its customers for the use of their cards, as well as other financial products, amounting to S/363.6 million).\n\ni)     As of December 31, 2025, the decrease in the investment in associates is due to the acquisition of the remaining 50.0 percent interest in Pacifico EPS, see Note 2. As of December 31, of 2024, Credicorp’s main associate was Pacífico S.A Entidad Prestadora de Salud (Pacífico EPS), whose balance amounts to S/692.1 million.\n\nF-91\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nj)     As of December 31, 2025 and 2024, the balance mainly corresponds to accounts payable to suppliers for goods and services, accounts payable to merchants for customer purchases made with credit and debit cards, accounts payable to insurance policyholders, accounts payable related to insurance premiums to the Deposit Insurance Fund, among others.\n\nk)    The movement of the provision for sundry risks for the years ended December 31, 2025, 2024 and 2023 was as follows:\n\n202520242023\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nBalance at the beginning of the year646,739 642,520 624,149 \n\nProvision, see Note 25149,651 315,214 95,873 \n\nDecrease, net(171,273)(310,995)(77,502)\n\nBalances at the end of the year625,117 646,739 642,520 \n\nBecause of the nature of its business, the Group has various pending lawsuits, which provisions are recorded when, in Management's and its in-house legal advisors opinion, it is likely that these may result in an additional liability and such amount can be reliably estimated. Regarding lawsuits against the Group which have not been recorded as a provision, in Management’s and its in-house legal advisors opinion, they will not result in an additional liability other than those recorded previously and they will not have a material effect on the Group’s consolidated financial statements.\n\nl)     The amount corresponds to the Assessment and Penalty Resolutions issued by SUNAT to Grupo Crédito on June 27, 2025, for S/1,568.0 million, plus accrued interest from the date of issuance of the resolutions up to the settlement date amounting to S/9.2 million.\n\nF-92\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n13          DEPOSITS AND OBLIGATIONS\n\na)    This item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nSaving deposits67,811,945 59,757,825 \n\nDemand deposits57,051,970 52,590,952 \n\nTime deposits (c)40,362,433 44,116,438 \n\nSeverance indemnity deposits3,192,564 2,996,020 \n\nBank’s negotiable certificates981,822 1,101,347 \n\nTotal169,400,734 160,562,582 \n\nInterest payable1,000,899 1,279,484 \n\nTotal170,401,633 161,842,066 \n\nThe Group has established a policy to remunerate demand deposits and savings accounts according to a growing interest rate scale, based on the average balance maintained in those accounts; on the other hand, according to its policy, balances that are lower than a specified amount for each type of account do not bear interest. Also, time deposits earn interest at market rates.\n\nInterest rates are determined by the Group considering the interest rates prevailing in the market in which each of the Group’s subsidiaries operates.\n\nb)    The amounts of non-interest-bearing and interest-bearing deposits and obligations without consider accrued interest are presented below:\n\n20252024\n\nS/(000)S/(000)\n\nNon-interest-bearing -\n\nIn Peru46,864,322 42,057,905 \n\nIn other countries5,352,964 5,102,286 \n\n52,217,286 47,160,191 \n\nInterest-bearing -\n\nIn Peru110,071,732 104,085,586 \n\nIn other countries7,111,716 9,316,805 \n\n117,183,448 113,402,391 \n\nTotal169,400,734 160,562,582 \n\nF-93\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)    The balance of time deposits classified by maturity is as follows:\n\n20252024\n\nS/(000)S/(000)\n\nUp to 3 months27,618,567 27,772,950 \n\nFrom 3 months to 1 year8,525,964 10,886,485 \n\nFrom 1 to 3 years1,398,094 1,754,547 \n\nFrom 3 to 5 years590,673 478,235 \n\nMore than 5 years2,229,135 3,224,221 \n\nTotal40,362,433 44,116,438 \n\nIn Management’s opinion the Group’s deposits and obligations are diversified with no significant concentration as of December 31, 2025, and 2024.\n\nAs of December 31, 2025, and 2024, the balance of deposits and obligations, guaranteed by the Peruvian “Fondo de Seguro de Depositos” (Deposit Insurance Fund) amounts to approximately S/68,559.0 million and S/59,414.0 million, respectively. At said dates, maximum amount of coverage per depositor recognized by “Fondo de Seguro de Depositos” totaled S/116,700.0 and S/121,600.0, respectively.\n\nAs of December 31, 2025 and 2024, the balance of deposits and obligations of Banco de Crédito Bolivia guaranteed by the “Fondo de Protección al Ahorrista” (FPAH, for its Spanish acronym) of Bolivia, amounts to Bs1,684.5 million (equivalent to S/673.3 million) and Bs1,385.6 million (equivalent to S/760.4 million), respectively. At said dates, maximum amount of coverage per depositor recognized by “FPAH” totaled Bs155,530.3 and Bs102,593.9 (equivalent to S/62,163.8 and S/56,300.4, respectively).\n\nAs of December 31, 2025, and 2024, the balance of deposits and obligations of Mibanco Colombia guaranteed by the “Fondo de Garantía de las Instituciones Financieras” (FOGAFIN, for its Spanish acronym) of Colombia, amounts to $62,852.3 million colombian pesos (equivalent to S/56.0 million) and $59,612.9 million colombian pesos (equivalent to S/50.9 million), respectively. At said dates, maximum amount of coverage per depositor recognized by “Fogafín” totaled $50.0 million colombian pesos (equivalent to S/44,550.0 and S/42,700.0, respectively).\n\n14          DUE TO BANKS AND CORRESPONDENTS\n\na)    This item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nInternational funds and others (b)6,127,837 5,821,219 \n\nCOFIDE and FONCODES credit line (c)4,494,633 4,550,610 \n\nInter-bank funds10,001 350,000 \n\n10,632,471 10,721,829 \n\nInterest payable42,767 32,556 \n\nTotal10,675,238 10,754,385 \n\nF-94\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nb)    This item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nState Bank of India756,675 564,600 \n\nCorporación Financiera de Desarrollo (COFIDE)631,987 115,760 \n\nBank of America N.A.605,340 564,600 \n\nCaixabank605,340 590,948 \n\nBanco de la Nación600,000 400,000 \n\nWells Fargo Bank N.A.486,290 – \n\nCommerzbank AG335,627 376,400 \n\nSumitomo Mitsui Banking Corporation302,670 752,800 \n\nBanco Interamericano de Desarrollo (BID)184,825 – \n\nBanco BCI179,396 – \n\nBanco Bice175,205 104,425 \n\nBank of New York Mellon168,150 188,200 \n\nJapan International Cooperation Agency168,150 – \n\nBancoldex158,595 108,035 \n\nStandard Chartered Bank Hong Kong Ltd.157,388 564,600 \n\nBanco BBVA Perú127,743 110,000 \n\nJP Morgan Chase & Co.104,526 45,365 \n\nICBC Perú Bank S.A.100,000 60,000 \n\nBanco Internacional95,967 49,947 \n\nBanco Nacional de Bolivia S.A.39,226 54,986 \n\nBanco Bisa S.A.38,655 52,133 \n\nBanco de Occidente35,501 34,162 \n\nBancolombia S.A.34,182 25,013 \n\nCitibank N.A.697 376,401 \n\nBanco Security4 47,710 \n\nInternational Finance Corporation (IFC) (i)– 570,540 \n\nOthers minors35,698 64,594 \n\nTotal6,127,837 5,821,219 \n\nAs of December 31, 2025, the loans have maturities between January 2026 and April 2035 (between January 2025 and April 2035 as of December 31, 2024) and bear interest at rates in soles that fluctuate between 4.78 percent and 11.40 percent (rates in soles between 5.03 percent and 7.86 percent as of December 31, 2024), and bear the following rates in foreign currency:\n\n20252024\n\nMinMaxMinMax\n\n%%%%\n\nU.S. Dollar4.17 6.00 4.80 6.14 \n\nBoliviano\n6.00 8.85 4.90 6.90 \n\nColombian Peso0.45 10.68 0.45 13.95 \n\n(i)    As of December 31, 2024, the Group maintain cross currency swaps (CCS) that were designated as cash flow hedges of certain repo operations in US Dollars for a nominal amount of US$60.0 million, equivalent to S/225.8 million, see Note 12(c).\n\nF-95\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)    Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they mature between January 2026 and January 2032 and bear annual interest in soles at rates that fluctuate between 6.00 percent and 7.60 percent and interest in foreign currency at 7.75 percent as of December 31, 2025 (between January 2025 and January 2032 and with annual interest in soles at rates that fluctuate between 6.00 percent and 7.60 percent and interest in foreign currency between 7.75 percent as of December 31, 2024). These lines of credit are guaranteed with a portfolio of Fondo Mi Vivienda mortgage loans amounting S/4,494.6 million and S/4,550.6 million, as of December 31, 2025, and 2024 respectively.\n\nd)    The following table presents the maturities of due to banks and correspondents as of December 31, 2025 and 2024 based on the period remaining to maturity:\n\n20252024\n\nS/(000)S/(000)\n\nUp to 3 months3,008,544 2,137,820 \n\nFrom 3 months to 1 year1,384,347 3,320,059 \n\nFrom 1 to 3 years2,780,799 1,662,047 \n\nFrom 3 to 5 years773,823 824,015 \n\nMore than 5 years2,684,958 2,777,888 \n\nTotal10,632,471 10,721,829 \n\ne)    As of December 31, 2025, and 2024, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/10,622.5 million and S/10,371.8 million, respectively.\n\nf)    Certain debts to banks, correspondents and other entities include specific agreements on how the funds received should be used, the financial conditions that the Bank must maintain, as well as other administrative matters. In Management’s opinion, these specific agreements have been fulfilled by the Bank as of December 31, 2025, and 2024.\n\nF-96\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n15          BONDS AND NOTES ISSUED\n\na)    This item consists of the following:\n\n20252024\n\nAnnual\ninterest\nrateInterest\npaymentMaturityIssued\namountCarrying\namountMaturityIssued\namountCarrying\namount\n\n%(000)S/(000)(000)S/(000)\n\nSenior notes - BCP (i)5.85 Semi-annualJanuary 2029US$500,000 1,666,865 January 2029US$500,000 1,862,468 \n\nSenior notes - BCP (i)7.85 Semi-annualJanuary 2029S/1,150,000 1,132,782 January 2029S/1,150,000 1,150,000 \n\nSenior notes - BCP5.05 Semi-annualJune 2027US$30,000 100,646 June 2027US$30,000 112,471 \n\nSenior notes - EPS (ii)6.59 Semi-annualSeptember 2037S/130,000 82,991 -- - \n\nSenior notes - BCP (iii)0.97 Semi-annual-- - November 2025¥3,000,000 71,796 \n\nSenior notes - BCP (iv)2.70 Semi-annual-- - January 2025US$700,000 2,604,249 \n\nSenior notes - Credicorp Ltd. (v)2.75 Semi-annual-- - June 2025US$500,000 1,810,391 \n\nCorporate bonds -\n\nFirst program\n\nFirst issuance (Series A) - Mibanco Colombia9.00 Quarterly-- - January 2025$112,500 22,441 \n\nFirst issuance (Series Unica) - Banco de Credito de Bolivia (vi)6.40 Semi-annualApril 2037Bs85,00033,974 - - - \n\n3,017,258 7,633,816 \n\nF-97\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n20252024\n\nAnnual interest\nrateInterest\npaymentMaturityIssued\namountCarrying\namountMaturityIssued\namountCarrying\namount\n\n%(000)S/(000)(000)S/(000)\n\nSubordinated bonds -\n\nSubordinated bonds - BCP (vii)6.45Semi-annualJuly 2035US$750,0002,505,546 -- -\n\nSubordinated bonds - BCP (viii)5.80Semi-annualMarch 2035US$600,0002,003,766 March 2035US$600,000 2,241,242 \n\nSubordinated bonds - BCP (ix)3.25Semi-annualSeptember 2031US$500,0001,679,375 September 2031US$500,0001,872,212 \n\nSubordinated bonds - BCP (x)5.65Semi-annualJanuary 2037US$500,0001,665,644 ---\n\nSubordinated bonds - BCP (xi)3.13Semi-annual---July 2030US$850,0003,177,658 \n\nSecond program\n\nSecond issuance (Series B) - Pacífico Seguros8.00Semi-annualMay 2033US$60,000 201,780 May 2033US$60,000 225,840 \n\nSecond issuance (Series A) - Pacífico Seguros4.41Semi-annualDecember 2030US$50,000 153,105 December 2030US$50,000 171,365 \n\nFirst issuance (Series B) - MiBanco7.22Semi-annual---June 2027S/30,000 30,000 \n\nThird program\n\nIssuance IV - Banco de Crédito de Bolivia5.85Semi-annualFebruary 2033 Bs120,810 48,250 February 2033 Bs120,810 63,707 \n\nIssuance III - Banco de Crédito de Bolivia6.00Semi-annualAugust 2030 Bs100,000 40,032 August 2030 Bs100,000 52,268 \n\nIssuance I - Banco de Crédito de Bolivia6.25Semi-annualAugust 2028 Bs70,000 16,895 August 2028 Bs70,000 36,146 \n\nFourth program\n\nFourth issuance (Series B) - Pacífico Seguros (xii)6.03Semi-annualDecember 2035US$45,000149,500 ---\n\nFirst issuance (Series A) - Mibanco5.84Semi-annualMarch 2031S/155,000 146,274 March 2031S/155,000 146,274\n\nFifth program\n\nFirst issuance (Serie B) - Mibanco (xiii)7.00Semi-annualAugust 2035S/127,552127,552 ---\n\nFirst issuance (Series A) - Mibanco (xiv)7.56Semi-annualMarch 2035S/100,000100,000 --- \n\n8,837,719 8,016,712 \n\nNegotiable certificate of deposit - Mibanco Colombia\nFrom 1.00 to 14.35\nTo maturityJanuary 2026 / December 2028$1,691,813 1,602,002 January 2025 / October 2027$1,343,411 1,254,245 \n\nNegotiable certificate of deposit - Mibanco\nFrom 3.50 to 7.20\nAnnualJanuary 2026 / November 2029S/278,630278,630 January 2025 / September 2026S/314,870 118,813 \n\n13,735,609 17,023,586 \n\nInterest payable289,926 244,857 \n\nTotal14,025,535 17,268,443 \n\nInternational issuances maintain certain operating and finance covenants, which, in Management’s opinion, the Group has complied with as of the dates of the consolidated statement of financial position.\n\nF-98\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(i) On January 11, 2024, the Bank carried out the issuance of Senior Notes under the Medium-Term Note Program for a total of US$500.0 million in U.S. Dollars, at a coupon rate of 5.85 percent, and S/1,150.0 million in soles, at a coupon rate of 7.85 percent; both issuances maturing in January 2029. Until December 11, 2028, the Bank may redeem all or part of the Senior Notes at a redemption price equal to the greater of (i) 100.0 percent of the principal amount of the Senior Notes, and (ii) the sum of the remaining cash flows discounted at a rate equal to the U.S. Treasury interest rate plus 30 basis points (for the U.S. Dollar issuance) and the interest rate of the Sovereign Bonds issued by the Government of Peru or another comparable security plus 30 basis points (for the sol issuance). The principal payment will take place on the maturity date of the Senior Notes or when the Bank executes their redemption. Beginning on December 11, 2028, the Bank may redeem all or part of the Notes at a redemption price equal to 100.0 percent of the aggregate principal amount of the Notes to be redeemed.\n\n(ii) On September 28, 2017, Pacífico S.A. Entidad Prestadora de Salud carried out the issuance of Senior Notes for an amount of approximately S/130.0 million. These securities bear a fixed annual interest rate of 6.59 percent, with a maturity date of September 28, 2037.\n\n(iii) As of December 31, 2024, the Bank maintained a cross-currency swap (CCS) with a notional amount of ¥3,000.0 million, equivalent to S/71.9 million, see Note 12(c), which was decomposed by risk variables into two cross-currency swaps (CCS) for the purpose of being designated as (i) a cash flow hedge of a fixed-rate yen-denominated bond, which was converted into soles through this swap, and (ii) a cash flow hedge of loan placements.\n\n(iv) As of January 11, 2025, the bond was fully amortized. This instrument was issued in September 2019 under the Medium-Term Note Program for an amount of US$700.0 million, with a semiannual coupon rate of 2.70 percent per year, and a maturity date of January 2025.\n\nAs of December 31, 2024, the Bank maintained a cross-currency swap (CCS) with a notional amount of US$220.0 million, equivalent to S/828.1 million, see Note 12(c), which was designated as a partial cash flow hedge of a fixed-rate U.S. Dollar-denominated senior note; through this CCS, the senior note was economically converted into a fixed-rate sol-denominated instrument.\n\n(v) As of June 17, 2025, the bond was fully amortized. This bond was issued in June 2020 under the Medium-Term Note Program for an amount of US$500.0 million, with a semiannual coupon rate of 2.75 percent per year and a maturity date of June 2025.\n\n(vi) On June 26, 2025, Banco de Crédito de Bolivia issued a Corporate Bond under its First Program, Single Series, for Bs85.0 million at a semiannual coupon rate of 6.40 percent per year, with a maturity date of April 23, 2037. The principal will be paid at maturity or in the event of early redemption by the entity.\n\n(vii)On April 30, 2025, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$750.0 million at a semiannual coupon rate of 6.45 percent, maturing on July 30, 2035, denominated ‘6.45 percent Subordinated Fixed-to-Fixed Rate Notes Due 2035 (Callable 2030)’. Beginning on July 30, 2030, a fixed interest rate equal to the U.S. Treasury rate comparable to a 5-year maturity plus 248.6 basis points will be paid. Starting on April 30, 2030, the Bank may redeem all or part of the subordinated notes at a redemption price of 100.0 percent of the aggregate principal amount of the subordinated notes to be redeemed. Following that date, the Bank may redeem all or part of the subordinated notes at a redemption price equal to the greater of (1) 100.0 percent of the principal amount of the subordinated notes, and (2) the sum of the remaining cash flows discounted at a rate equal to the U.S. Treasury interest rate plus 40 basis points. The principal will be paid on the maturity date of the subordinated notes or when the Bank executes their redemption.\n\n(viii)On September 10, 2024, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$600.0 million at a semiannual coupon rate of 5.80 percent, maturing in March 2035, denominated ‘5.80 percent Subordinated Fixed-to-Fixed Rate Notes due 2035 (Callable 2030)’. Beginning on March 10, 2030, a fixed interest rate equal to the U.S. Treasury rate comparable to a 5-year maturity plus 224.0 basis points will be paid. Starting on March 30, 2030, the Bank may redeem all or part of the subordinated notes at a redemption price of 100.0 percent of the aggregate principal amount of the subordinated notes to be redeemed. Following that date, the Bank may redeem all or part of the\n\nF-99\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nsubordinated notes at a redemption price equal to the greater of (1) 100.0 percent of the principal amount of the subordinated notes, and (2) the sum of the remaining cash flows discounted at a rate equal to the U.S. Treasury interest rate plus 35 basis points. The principal will be paid on the maturity date of the subordinated notes or when the Bank executes their redemption.\n\n(ix) On March 30, 2021, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$500.0 million at a semiannual coupon rate of 3.25 percent, maturing in September 2031, denominated ‘3.25 percent Subordinated Fixed-to-Fixed Rate Notes due 2031 (Callable 2026)’. Beginning on September 30, 2026, a fixed interest rate equal to the U.S. Treasury rate comparable to a 5-year maturity plus 245 basis points will be paid. On September 30, 2026, the Bank may redeem all or part of the subordinated notes at a redemption price equal to 100.0 percent of the aggregate principal amount of the subordinated notes to be redeemed. Following that date, the Bank may redeem all or part of the subordinated notes at a redemption price equal to the greater of (1) 100.0 percent of the principal amount of the subordinated notes, and (2) the sum of the remaining cash flows discounted at a rate equal to the U.S. Treasury interest rate plus 40 basis points. The principal will be paid on the maturity date of the subordinated notes or when the Bank executes their redemption.\n\n(x) On October 15, 2025, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$500 million at a semiannual coupon rate of 5.65 percent, maturing on January 15, 2037, denominated ‘5.65 percent Subordinated Fixed-to-Fixed Rate Notes Due 2037 (Callable 2032)’. Beginning on January 15, 2032, a fixed interest rate equal to the U.S. Treasury rate comparable to a 6-year maturity plus 196.1 basis points will be paid. From October 15, 2031 to January 15, 2032, the Bank may redeem all or part of the subordinated notes at a redemption price of 100.0 percent of the aggregate principal amount of the subordinated notes to be redeemed. Thereafter, the Bank may redeem all or part of the subordinated notes at a redemption price equal to the greater of (1) 100.0 percent of the principal amount of the subordinated notes, and (2) the sum of the remaining cash flows discounted at a rate equal to the U.S. Treasury interest rate plus 30 basis points. The principal will be paid on the maturity date of the subordinated notes or when the Bank executes their redemption.\n\n(xi) Effective July 1, 2020, the Bank issued Subordinated Notes under the Medium-Term Note Program for US$850.0 million at a semiannual coupon rate of 3.13 percent, maturing in July 2030, denominated 3.13 percent Subordinated Fixed-to-Fixed Rate Notes due 2030 (Callable 2025)’. For this issuance, the Bank chose to exercise the early redemption option in accordance with the terms of these notes.\n\n(xii)On December 19, 2025, Pacífico S.A. Entidad Prestadora de Salud issued Senior Notes for approximately US$45.0 million. These securities bear a fixed annual interest rate of 6.03 percent, with a maturity date of December 19, 2035.\n\n(xiii)On August 20, 2025, Mibanco S.A. carried out the issuance under the Fifth Subordinated Bond Program, Series B, for S/127.6 million, at a semiannual coupon rate of 7.00 percent per year, with a maturity date of August 20, 2035. Payment will be made at maturity or in the event of early redemption by Mibanco S.A.\n\n(xiv)On March 28, 2025, Mibanco S.A. carried out the issuance under the Fifth Subordinated Bond Program, Series A, for S/100.0 million, at a fixed annual interest rate of 7.56 percent, with a maturity date of March 28, 2035. The principal will be paid at maturity or in the event of early redemption by Mibanco S.A.\n\nF-100\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nb)    The table below shows the bonds and notes issued, classified by maturity, without accrued interests:\n\n20252024\n\nS/(000)S/(000)\n\nUp to 3 months109,837 2,709,847 \n\nFrom 3 months to 1 year1,372,282 2,718,199 \n\nFrom 1 to 3 years486,248 582,747 \n\nFrom 3 to 5 years2,854,442 3,062,227 \n\nMore than 5 years8,912,800 7,950,566 \n\nTotal13,735,609 17,023,586 \n\n16          EQUITY\n\na)    Capital stock -\n\nAs of December 31, 2025, 2024 and 2023 a total of 94,382,317 shares have been issued at US$5 per share.\n\nb)    Treasury stock -\n\nWe present below the stocks of Credicorp Ltd., that the entities of the Group maintain as of December 31, 2025, 2024 and 2023:\n\nNumber of shares\n\nAs of December 31, 2025TreasuryShared-based\npayment (*)Total\n\nAtlantic Security Holding Corporation14,620,846–14,620,846\n\nAtlantic Security International Financial Services–225,456225,456\n\nBCP–78,67078,670\n\nGrupo Crédito–34,66434,664\n\nPacífico Seguros–15,11315,113\n\nMibanco–10,07910,079\n\nASB Bank Corp.–7,8287,828\n\nCredicorp Capital Servicios Financieros–7,8037,803\n\nPrima AFP–2,5392,539\n\nOther subsidiaries–12,73112,731\n\n14,620,846394,88315,015,729\n\nF-101\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nNumber of shares\n\nAs of December 31, 2024TreasuryShared-based\npayment (*)Total\n\nAtlantic Security Holding Corporation14,620,846–14,620,846\n\nAtlantic Security International Financial Services–125,843125,843\n\nBCP–94,68694,686\n\nGrupo Crédito–38,05038,050\n\nPacífico Seguros–17,75617,756\n\nMibanco–12,72012,720\n\nCredicorp Capital Servicios Financieros–10,44010,440\n\nASB Bank Corp–10,31010,310\n\nPrima AFP–3,1743,174\n\nOther subsidiaries–12,81212,812\n\n14,620,846325,79114,946,637\n\nNumber of shares\n\nAs of December 31, 2023TreasuryShared-based\npayment (*)Total\n\nAtlantic Security Holding Corporation14,620,846–14,620,846\n\nBCP–109,185109,185\n\nAtlantic Security International Financial Services–39,30939,309\n\nGrupo Crédito–36,69836,698\n\nPacífico Seguros–19,91219,912\n\nMibanco–14,12814,128\n\nCredicorp Capital Servicios Financieros–13,26713,267\n\nASB Bank Corp–12,04112,041\n\nPrima AFP–3,9203,920\n\nOther subsidiaries–16,79016,790\n\n14,620,846265,25014,886,096\n\n(*)    This mainly relates to treasury shares acquired by the Group in order to cover the obligations of the share‑based compensation and retention program. Such shares include those granted to employees and senior management which, as of the reporting date, have not yet vested in accordance with the terms and conditions of the program.\n\nDuring 2025, 2024 and 2023, the Group purchased 175,400, 174,161 and 163,067 shares of Credicorp Ltd., respectively, for a total of US$32.6 million (equivalent to S/119.3 million), US$29.3 million (equivalent to S/110.9 million) and US$22.5 million (equivalent to S/85.6 million), respectively.\n\nThe purchase of shares during 2025, measured at their respective market value at the acquisition date and amounting to S/119.3 million, comprise S/2.5 million corresponding to the shares at nominal value and S/116.8 million corresponding to the excess paid over the nominal value of the acquired shares. The purchase of shares during 2024, measured at their respective market value at the acquisition date and amounting to S/110.9 million, comprise S/2.4 million corresponding to the shares at nominal value and S/108.5 million corresponding to the excess paid over the nominal value of the acquired shares.\n\nF-102\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)    Reserves and other reserves -\n\nCertain Group’s subsidiaries are required to keep a reserve that equals a percentage of paid-in capital (20.0, 30.0 or 50.0 percent, depending on its activities and the country in which production takes place); this reserve must be constituted with annual transfers of not less than 10.0 percent of net profits. As of December 31, 2025, 2024 and 2023, the balance of this reserve amounts approximately to S/9,810.2 million, S/9,175.8 million and S/8,621.7 million, respectively.\n\nAt the Board meetings held on February 27, 2025, April 27, 2024 and April 27, 2023, the decision was made to transfer from “Retained earnings” to “Reserves” S/5,637.7 million, S/1,778.8 million and S/2,593.6 million, respectively.\n\nF-103\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n“Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income and on cash flow hedges derivative instruments, net of deferred income tax and non-controlling interest. Movement was as follows:\n\nOther reserves:\n\nInstruments that\nwill not be\nreclassifed to\nprofit or lossInstruments that will be reclassified to consolidated statement of income\n\nEquity\ninstruments at\nfair valueDebt\ninstruments at\nfair valueReserve for\ncash flow\nhedgesInsurance\nreservesForeign\ncurrency\ntranslation\nreserveTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nBalance as of January 1, 2023170,408 (1,655,559)788 1,133,536 74,655 (276,172)\n\nIncrease in net unrealized gains on investments(12,247)1,241,632 – – – 1,229,385 \n\nTransfer to results of the net realized loss of investments– 7,789 – – – 7,789 \n\nTransfer of credit loss of investments to profit or loss– 8,716 - - - 8,716 \n\nChange in net unrealized gain on cash flow hedges derivatives– – 18,359 - - 18,359 \n\nTransfer of net realized gain on cash flow hedges derivatives to profit or loss– – (30,550)– – (30,550)\n\nOther reserves– – – (754,192)– (754,192)\n\nForeign exchange translation– – – – 73,498 73,498 \n\nNet movement in hedges of net investments in foreign businesses\n– – – – 18,950 18,950 \n\nBalance as of December 31, 2023158,161 (397,422)(11,403)379,344 167,103 295,783 \n\nIncrease in net unrealized gains on investments24,116 136,783 – – – 160,899 \n\nTransfer to results of the net realized loss of investments– 36,712 – – – 36,712 \n\nTransfer of credit loss of investments to profit or loss– 32,776 – – – 32,776 \n\nChange in net unrealized gain on cash flow hedges derivatives– – 27,186 – – 27,186 \n\nTransfer of net realized gain on cash flow hedges derivatives to profit or loss– – (17,416)– – (17,416)\n\nOther reserves– – – (69,383)– (69,383)\n\nForeign exchange translation– – – – (114,143)(114,143)\n\nNet movement in hedges of net investments in foreign businesses\n(137,787)– – – – (137,787)\n\nBalance as of December 31, 202444,490 (191,151)(1,633)309,961 52,960 214,627 \n\nIncrease in net unrealized gains on investments(20,927)1,322,876 – – – 1,301,949 \n\nTransfer to results of the net realized gain of investments– (142,245)– – – (142,245)\n\nTransfer of credit loss of investments to profit or loss– 84,830 – – – 84,830 \n\nChange in net unrealized gain on cash flow hedges derivatives– – (10,490)– – (10,490)\n\nTransfer of net realized gain on cash flow hedges derivatives to profit or loss– – 12,350 – – 12,350 \n\nNet movement in hedges of net investments in foreign businesses8,336 – – – – 8,336 \n\nOther reserves– – – (518,071)– (518,071)\n\nForeign exchange translation– – – – (406,519)(406,519)\n\nBalance as of December 31, 202531,899 1,074,310 227 (208,110)(353,559)544,767 \n\nF-104\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nd)    Components of other comprehensive income -\n\nThe movement of the item is as follows:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nTo be reclassified to the consolidated statement of income in later periods\n\nDebt instruments at fair value through ither comprehensive income (FVOCI) -\n\nNet unrealized gain1,322,876 136,783 1,241,632 \n\nTransfer to results of net realized gain (loss)(142,245)36,712 7,789 \n\nTransfer of credit loss to profit or loss84,830 32,776 8,716 \n\nSub total1,265,461 206,271 1,258,137 \n\nNon-controlling interest18,419 4,612 18,317 \n\nIncome tax(24,152)(5,118)58,489 \n\n1,259,728 205,765 1,334,943 \n\nCash flow hedge reserves:\n\nNet (loss) gain on cash flow hedges(10,490)27,186 18,359 \n\nTransfer of net realized gains (losses) on cash flow hedges derivatives to profit or loss12,350 (17,416)(30,550)\n\nSub total1,860 9,770 (12,191)\n\nNon-controlling interest29 125 (148)\n\nIncome tax1,575 4,030 (5,104)\n\n3,464 13,925 (17,443)\n\nOther reserves:\n\nInsurance reserves(518,071)(69,383)(754,192)\n\nNon-controlling interest(5,921)(793)(8,619)\n\n(523,992)(70,176)(762,811)\n\nForeign exchange translation:\n\nForeign currency translation differences arising from the translation of foreign operations(406,519)(114,143)73,498 \n\nNet movement in hedges of net investments in foreign businesses– — 18,950 \n\nSub total(406,519)(114,143)92,448 \n\nNon-controlling interest(436)1 (34)\n\n(406,955)(114,142)92,414 \n\nF-105\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n202520242023\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nNot to be reclassified to the consolidated statement of income in later periods:\n\nEquity instruments at fair value with changes in other comprehensive income -\n\nNet unrealized gains(20,927)24,116 (12,247)\n\nTransfer of the fair value reserve of equity instruments designated at FVOCI for sale8,336 (137,787)– \n\nNon-controlling interest(4)7 127 \n\nSub total(12,595)(113,664)(12,120)\n\nIncome tax2,332 (8,439)3,791 \n\n(10,263)(122,103)(8,329)\n\nAttributable to:\n\nCredicorp’s equity holders\n330,140 (81,156)571,955 \n\nNon-controlling interest12,087 3,952 9,643 \n\n342,227 (77,204)581,598 \n\ne)    Dividend distribution –\n\nThe chart below shows the distribution of dividends agreed by the Board of Directors:\n\n202520242023\n\nDate of Meeting - Board of Directors24.04.202525.04.202427.04.2023\n\nDividends distribution, net of treasury shares effect (in thousands of soles)3,181,454 2,788,657 1,994,037 \n\nPayment of dividends per share (in soles)40.0 35.0 25.0 \n\nDate of dividends payout13.06.202514.06.202409.06.2023\n\nExchange rate published by the SBS3.6327 3.7685 3.6901 \n\nDividends payout (equivalent in thousands of US$)875,782 739,991 540,375 \n\nAt the Board of Directors’ meeting held on August 29, 2024, the distribution of an additional dividend was approved, net of the effect of treasury shares held in treasury stock, for approximately S/875.9 million, charged to reserves. Such dividend was paid on October 18, 2024.\n\nIn accordance with the legal regulations in force in Peru, there are no restrictions on the remittance of dividends abroad or on the repatriation of foreign investment. As of December 31, 2025, 2024 and 2023 dividends paid by Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax.\n\nf)    Regulatory capital -\n\nIn accordance with the regulations issued by the SBS related to the “Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates”, the regulatory capital required at the Credicorp and its subsidiaries level is determined based on the specific requirements applicable to each subsidiary, including capital requirements for additional risks, and in accordance with the requirements established by the respective regulators in the countries in which they operate. As of December 31, 2025, and 2024, the required regulatory capital amounted to approximately S/32,346.5 million and S/29,123.5 million, respectively.\n\nThe consolidated regulatory capital of Credicorp and its subsidiaries determined in accordance with the provisions of this regulation, amounted to S/43,813.2 million and S/40,009.5 million as of December 31,\n\nF-106\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n2025 and 2024, respectively, exceeding the minimum regulatory capital required by the SBS by S/11,466.7 million and S/10,885.9 million, respectively.\n\n17          TAX SITUATION\n\na)As of January 1, 2025, the Corporate Income Tax Act 2023, enacted by the Government of Bermuda in connection with the Pillar Two rules, entered into force. This legislation introduces a corporate income tax at a rate of 15.0 percent applicable to entities that are part of multinational groups with consolidated revenues equal to or exceeding EUR 750 million. Credicorp Ltd. and its subsidiaries domiciled in Bermuda fall within the scope of this regulation. As of December 31, 2025, Management has assessed the impact of this tax and concluded that it is not material to the consolidated financial statements.\n\nCredicorp’s Peruvian subsidiaries are subject to the Peruvian tax regime.\n\nThe Peruvian corporate income tax rate as of December 31, 2025, 2024 and 2023 was 29.5 percent of taxable income after calculating workers’ participation, which is determined using a rate of 5.0 percent.\n\nThe corporate income tax rate in Bolivia is 25.0 percent as of December 31, 2025, 2024 and 2023. Bolivian financial entities are subject to an additional rate to the extent that the ROE exceeds 6.0 percent; in that case, they must consider an additional rate of 25.0 percent, which would bring the rate to 50.0 percent.\n\nIn the case of Chile, the tax legislation changed in 2020, establishing two new regimes currently in force: the general regime and the Pro-Pyme regime, the latter applicable to smaller companies. Credicorp Capital Holding Chile, as well as all its subsidiaries, are taxed under the general regime, whose corporate income tax rate for domiciled legal entities remains at 27.0 percent as of December 31, 2025, 2024 and 2023.\n\nIndividuals or legal entities not domiciled in Chile will be subject to an additional tax at rates between 4.0 percent and 35.0 percent, depending on the nature of the income.\n\nIn Colombia, the income tax rate has been set at 35.0 percent for the years 2023, 2024 and 2025.\n\nFor financial entities with a taxable base exceeding 120,000 taxable units (as of December 31, 2025, 2024 and 2023 equivalent to a total of S/5.3 million, S/5.1 million and S/4.4 million, respectively), the income tax rate is 40.0 percent.\n\nAdditionally, in the event of receiving occasional profits, listed and established by the National Government in the Tax Statute and which are not subject to income tax, for the year 2025 a differential rate of 15.0 percent must be applied on the net profit and the associated expenses, respectively.\n\nDividends and participations are subject to a 20.0 percent rate as withholding at source on income, which will be transferable and imputable to the resident individual or investor residing abroad.\n\nF-107\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows:\n\n202520242023\n\nIn millions\nof soles%In millions\nof soles%In millions\nof soles%\n\nTheoretical tax and income tax rate in Perú(2,914.2)(29.50)(2,307.3)(29.50)(2,040.9)(29.50)\n\nDecrease (Increase) in the statutory tax rate due to:\n\n(i) Decrease (Increase) due to the profit of subsidiaries not domiciled in Perú\n(15.7)(0.16)(77.2)(0.99)52.8 0.77 \n\n(ii) Provision tax on dividends(215.9)(2.17)(146.7)(1.88)(235.7)(3.44)\n\n(iii) Non-taxable income, net280.8 2.82 329.9 4.22 335.3 4.59 \n\nIncome tax and effective income tax rate(2,865.0)(29.01)(2,201.3)(28.15)(1,888.5)(27.58)\n\nb)Income tax expense for the years ended December 31, 2025, 2024 and 2023 comprises:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nCurrent -\n\nIn Peru2,661,742 1,966,524 1,669,370 \n\nIn other countries328,881 289,694 295,169 \n\n2,990,623 2,256,218 1,964,539 \n\nDeferred -\n\nIn Peru(66,431)(23,182)(28,734)\n\nIn other countries(59,293)(31,761)(47,354)\n\n(125,724)(54,943)(76,088)\n\nTotal2,864,899 2,201,275 1,888,451 \n\nF-108\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)The following table presents a summary of the Group’s deferred income tax:\n\nConsolidated statement of financial positionConsolidated statement of income\n\n2025202420252024\n\nS/(000)S/(000)S/(000)S/(000)\n\nDeferred income tax asset, net\n\nDeferred asset\n\nAllowance for loan losses for loan portfolio951,617 949,040 1,947 (73,960)\n\nCarry forward tax losses245,210 198,248 46,962 130,243 \n\nProvision for profit sharing128,198 94,344 19,892 23,436 \n\nProvision for sundry expenses and risks114,559 60,148 45,514 45 \n\nUnrealized losses due to valuation of investments at fair value through other comprehensive income54,359 21,143 — — \n\nProvision for pending vacations50,382 37,107 10,573 4,687 \n\nProvision for stock awards17,300 13,872 3,130 52 \n\nDepreciation of improvements for leased premises13,911 15,219 (1,412)(5,217)\n\nOthers153,974 58,099 82,835 (112,193)\n\nDeferred liability\n\nIntangibles, net(75,009)(101,945)27,347 74,326 \n\nAdjustment for difference in exchange of Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) and SBS\n(69,997)(76,059)6,062 (31,043)\n\nBuildings depreciation(63,004)(50,556)(8,794)13,283 \n\nDeferred acquisitions costs - DAC(18,574)(17,362)(1,212)(1,292)\n\nUnrealized gain due to valuation of investments at fair value through other comprehensive income\n(11,575)853 — — \n\nOthers(99,715)(31,285)(45,163)20,860 \n\nTotal1,391,636 1,170,866 187,681 43,227 \n\nF-109\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nConsolidated statement of financial positionConsolidated statement of income\n\n2025202420252024\n\nS/(000)S/(000)S/(000)S/(000)\n\nDeferred income tax liability, net\n\nDeferred asset\n\nProvision for sundry expenses and risks16,048 23,034 (17,423)10,639 \n\nDeferred income due to commission3,322 4,645 (1,323)(629)\n\nProvision for profit sharing1,462 14,850 (14,920)(3,047)\n\nCarry forward tax losses— 19,757 (19,757)— \n\nUnrealized losses due to valuation of investments at fair value through other comprehensive income(2,281)28,165 — — \n\nOthers(6,467)(39,448)46,966 (34,374)\n\nDeferred liability\n\nRevaluation of long‑lived assets in a business combination(262,667)— — — \n\nIntangibles, net(56,211)(16,953)16,144 19,616 \n\nUnrealized gain due to valuation of investments at fair value through other comprehensive income(17,305)(13,846)— — \n\nDeferred acquisitions costs - DAC(9,446)(8,277)(1,169)(91)\n\nGain generated in the reorganization of Pacífico EPS— (39,515)39,515 — \n\nOthers(43,394)(31,437)(109,990)19,602 \n\nTotal(376,939)(59,025)(61,957)11,716 \n\nd) Reconciliation of net deferred tax assets and liabilities:\n\nDeferred asset, netDeferred liability, net\n\n2025202420252024\n\nS/(000)S/(000)S/(000)S/(000)\n\nBalance as of January 11,170,866 1,182,195 (59,025)(107,517)\n\nIncome tax (expense)/income for the year recognized in profit or loss187,681 43,227 (61,957)11,716 \n\nIncome tax (expense)/income for the year recognized in other comprehensive income (OCI)18,065 (22,719)2,180 32,246 \n\nDeferred income tax arising from EPS and subsidiaries, Note 2(a)— — (2,375)— \n\nDeferred taxes acquired in a business combination, Note 2(a)— — (262,667)— \n\nForeign exchange effect and others15,024 (31,837)6,905 4,530 \n\nBalance as of December 311,391,636 1,170,866 (376,939)(59,025)\n\nThe Group has recorded a deferred asset corresponding to accumulated tax losses, such losses relate to subsidiaries that have a history of tax loss carryforwards and will be offset against future taxable profits. This benefit cannot be offset against future taxable profits of other Group companies.\n\nF-110\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ne) The Tax Authority in Peru is the National Superintendency of Customs and Tax Administration (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT). The Peruvian Tax Authority is entitled to review and, if necessary, request amendments to the annual tax returns of the subsidiaries established in Peru within four years after the year of their filing. However, this statute of limitations may be suspended in accordance with the criteria set forth in Peruvian tax legislation. The annual tax returns of the subsidiaries that are still open to review by the Peruvian Tax Authority are as follows:\n\nBanco de Crédito del Perú S.A. (*)2021 - 2024\n\nMibanco, Banco de la Microempresa S.A. (**)2023 - 2024\n\nPacífico Compañía de Seguros y Reaseguros (***)2021 - 2024\n\nCredicorp Capital Servicios Financieros2022 - 2024\n\nCredicorp Capital Perú (****)2022 - 2024\n\nGrupo Crédito2021 - 2024\n\nIt is worth noting that the Tax Authority is currently auditing the Company’s income tax returns, with the following exceptions and updates:\n\n(*) In December 2025, the Tax Authority notified the commencement of the audit of the Corporate Income Tax for fiscal year 2021.\n\n(**) As of December 2, 2025, Mibanco was notified by the Tax Authority of the commencement of a tax audit related to Corporate Income Tax for fiscal year 2023. The audit procedure is currently ongoing.\n\n(***) As of December 31, 2025, the Tax Authority is reviewing the income tax return for the 2021 fiscal year.\n\n(****) The Tax Authority has reviewed the income tax return of Credicorp Capital Perú for the 2021 fiscal year.\n\nThe tax authorities of Bolivia and Colombia are empowered to review and, if applicable, issue new income tax assessments for Credicorp’s subsidiaries located in these countries. Local regulations also establish the timeframe within which such reviews may be conducted after the filing of the income tax returns. Additionally, in the case of Colombia, a six-year statute of limitations applies to taxpayers required to comply with Transfer Pricing regulations or to those that report tax losses. The annual income tax returns pending review by the foreign tax authorities are as follows:\n\nBanco de Crédito de Bolivia2017 - 2024\n\nCredicorp Capital Colombia (*)\n2020 - 2024\n\nMibanco Colombia2020 - 2024\n\nCredicorp Capital Fiduciaria (*)2020 - 2024\n\n(*) The Tax Authority has reviewed the income tax return for the fiscal year 2022 of the following entities: Credicorp Capital Colombia and Credicorp Capital Fiduciaria.\n\nSince tax regulations are subject to interpretation by the different Tax Authorities where Credicorp’s subsidiaries are located, it is not possible to determine at the present date whether any significant additional liabilities may arise from any eventual tax examinations of the Credicorp’s subsidiaries. Any resulting unpaid taxes, tax penalties or interest that may arise will be recognized as expenses in the year in which they are determined. However, Management of Credicorp and its Subsidiaries and their legal counsel consider that any additional tax assessments would not have a significant impact on the consolidated financial statements as of December 31, 2025 and 2024.\n\nF-111\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nf) International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12\n\nThe amendments to IAS 12 have been introduced in response to the OECD’s BEPS Pillar Two rules and include:\n\n(i)A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and\n\n(ii)Disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.\n\ng) From 2026, the tax authority will provide taxpayers with a rating of their tax profile, determined in accordance with the rules in force. This rating will not have a direct impact on the assessment of taxes.\n\n18          CONTINGENT RISKS AND COMMITMENTS\n\na)This item consists of the following:\n\n20252024\n\nS/(000)S/(000)\n\nContingent credits – indirect loans (b)\n\nGuarantees and standby letters\n18,815,322 19,557,938 \n\nImport and export letters of credit2,451,835 2,581,383 \n\nSub-total, Note 7(b)21,267,157 22,139,321 \n\nResponsibilities under credit line agreements (c)80,250,985 85,269,774 \n\nTotal101,518,142 107,409,095 \n\nReference values of transactions with derivative financial instruments are recorded in off-balance sheet accounts in the committed currency, as shown in Note 12(c).\n\nb)In the normal course of their business, the Group’s banking Subsidiaries are party to transactions with off-balance sheet risk. These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statement of financial position.\n\nCredit risk for contingent credits is defined as the possibility of sustaining a loss because one of the parties to a financial instrument fails to comply with the terms of the contract. The risk of credit losses is represented by the contractual amounts specified in the related contracts. The Group applies the same credit policies in making contingent commitments and other obligations as it does for on-balance sheet instruments (Note 7(a)), including the requirement to obtain collateral when it is deemed necessary.\n\nCollateral held varies, but may include deposits in financial institutions, securities or other assets. Many of the contingent transactions reach maturity without any performance being required; therefore, the total committed amounts do not necessarily represent future cash requirements.\n\nc)Lines of credit include consumer loans and other consumer loan facilities (credit card receivables) granted to customers and are cancelable upon related notice to the customer.\n\n19          INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES\n\nThis item consists of the following:\n\nF-112\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nInterest and similar income\n\nInterest on loans15,743,509 15,654,391 15,044,864 \n\nInterest on investments at fair value through other comprehensive income\n2,058,897 2,136,099 1,984,408 \n\nInterest on due from banks1,369,573 1,405,854 1,133,211 \n\nInterest on investments at amortized cost441,899 469,224 456,543 \n\nDividends received\n87,275 49,469 46,080 \n\nInterest on investments at fair value through profit or loss46,288 54,999 48,376 \n\nOther interest and similar income182,728 99,220 85,013 \n\nTotal19,930,169 19,869,256 18,798,495 \n\nInterest and similar expense\n\nInterest on deposits and obligations\n(2,303,616)(2,850,474)(3,141,307)\n\nInterest on due to banks and correspondents(1,029,593)(1,081,126)(1,158,665)\n\nInterest on bonds and notes issued(710,390)(799,223)(634,299)\n\nFinancial expenses of insurance activities\n(560,081)(507,356)(466,814)\n\nDeposit insurance fund(283,706)(256,583)(237,441)\n\nInterest on lease liabilities(37,169)(22,828)(25,574)\n\nOther interest and similar expense(289,135)(236,535)(196,423)\n\nTotal(5,213,690)(5,754,125)(5,860,523)\n\nF-113\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n20          COMMISSIONS AND FEES\n\nThis item consists of the following:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nPerformance obligations at a point in time:\n\nMaintenance of accounts and card services1,627,260 1,808,445 1,524,298 \n\nCommissions for banking services654,871 542,592 443,040 \n\nCommissions for transfers229,567 90,721 291,692 \n\nCollection services\n185,302 143,674 119,563 \n\nOperational commissions80,212 45,955 41,082 \n\nCommissions for intermediation in virtual platforms\n72,594 35,686 41,376 \n\nCommissions for loans60,183 41,866 32,253 \n\nCommissions for consulting and technical studies\n54,306 84,494 61,390 \n\nCommissions for brokerages, stockbrokers and stock markets41,531 67,329 43,861 \n\nOthers\n117,725 93,929 158,988 \n\n3,123,551 2,954,691 2,757,543 \n\nPerformance obligations over time:\n\nCommissions for funds and equity management\n725,220 742,250 700,663 \n\nCommissions for contingent operations\n298,989 298,570 300,720 \n\nCommissions for custody of securities\n51,959 56,592 45,533 \n\n1,076,168 1,097,412 1,046,916 \n\nTotal4,199,719 4,052,103 3,804,459 \n\n21          NET GAIN ON SECURITIES\n\nThis item consists of the following:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nNet gain on financial assets at fair value through profit or loss\n261,572 212,907 370,049 \n\nNet gain (loss) on investments at fair value through other comprehensive income (*)\n155,453 43,101 (61,255)\n\nNet gain in associates\n41,404 135,183 117,089 \n\nImpairment of investments at fair value through other comprehensive income, Note 6(b)(53,918)(27,947)(4,321)\n\nOthers(3,825)(949)3,582 \n\nTotal400,686 362,295 425,144 \n\n(*) As of December 31, 2025, the amount includes the effect of the securities exchange transaction with the Ministry of Economy and Finance (MEF) amounting to S/99.0 million, see Note 6(d), and an approximately S/56.0 million net realized gain on other securities.\n\nF-114\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n22          INSURANCE AND REINSURANCE RESULT\n\na)This item consists of the following:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nContracts measured under BBA* and VFA (b)\n224,077 204,578 226,125 \n\nContracts measured under PAA4,424,623 3,574,816 3,629,283 \n\nIncome from the Insurance Service4,648,700 3,779,394 3,855,408 \n\nExpenses for incurred claims and other expenses net of change of past services(2,768,730)(2,062,848)(2,232,672)\n\nLosses in onerous contracts and reversal of losses(10,686)(15,801)(17,181)\n\nOthers(21,259)(7,128)(3,134)\n\nInsurance service expenses(2,800,675)(2,085,777)(2,252,987)\n\nInsurance service result1,848,025 1,693,617 1,602,421 \n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nIncome from reinsurance recoveries173,238 179,617 448,491 \n\nExpenses for assigning the premiums paid to the reinsurer(632,063)(674,214)(839,812)\n\nReinsurance result(458,825)(494,597)(391,321)\n\nb)The result of contracts measured under BBA and VFA is detailed below:\n\n202520242023\n\nS/(000)S/(000)\nS/(000)\n\nAmounts related to changes in liabilities for the remaining coverage:\n\nCSM recognized for services provided137,032 125,610 128,639 \n\nChange in risk adjustment for non-financial risk10,619 9,907 12,357 \n\nExpenses for insurance services and expected claims occurred55,167 61,933 81,995 \n\nCash recovery for the purchase of insurance21,259 7,128 3,134 \n\nContracts measured under BBA and VFA224,077 204,578 226,125 \n\n(*)Building Block Approach (BBA)\n\nF-115\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nc)The impact of the new business for onerous and non-onerous contracts is detailed below:\n\n2025\n\nOnerous\ncontractsNon-onerous\ncontractsTotal\n\nS/(000)S/(000)S/(000)\n\nEstimates of the present value of future outflows:\n\nInsurance Acquisition Cash Flows22,097 165,559 187,656 \n\nClaims and other directly attributable expenses623,686 1,065,161 1,688,847 \n\nEstimates of the present value of future inflows(620,171)(1,379,272)(1,999,443)\n\nRisk adjustment for non-financial risk8,950 8,042 16,992 \n\nCSM– 140,510 140,510 \n\nImpact on provisions for contracts recognized in the period34,562 – 34,562 \n\n2024\n\nOnerous\n\ncontracts\n\nNon-onerous\n\ncontracts\nTotal\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nEstimates of the present value of future outflows:\n\nInsurance Acquisition Cash Flows27,948 128,252 156,200 \n\nClaims and other directly attributable expenses445,384 886,382 1,331,766 \n\nEstimates of the present value of future inflows(446,274)(1,143,887)(1,590,161)\n\nRisk adjustment for non-financial risk4,078 5,550 9,628 \n\nCSM– 123,703 123,703 \n\nImpact on provisions for contracts recognized in the period31,136 – 31,136 \n\n2023\n\nOnerous\n\ncontracts\n\nNon-onerous\n\ncontracts\nTotal\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nEstimates of the present value of future outflows:\n\nInsurance Acquisition Cash Flows21,123 85,120 106,243 \n\nClaims and other directly attributable expenses135,905 658,515 794,420 \n\nEstimates of the present value of future inflows(138,467)(856,323)(994,790)\n\nRisk adjustment for non-financial risk1,913 6,225 8,138 \n\nCSM– 106,463 106,463 \n\nImpact on provisions for contracts recognized in the period20,474 – 20,474 \n\nF-116\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nd)Below we present the estimate of the release of CSM over the years considering reversals of the loss component:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nOne year155,267 122,859 113,378 \n\nTwo years180,190 125,636 115,736 \n\nThree years155,916 126,066 116,736 \n\nFour years136,100 124,387 117,284 \n\nFive years130,544 120,257 114,531 \n\nFrom 6 to 10 years545,517 517,669 494,953 \n\nOlder than 10 years1,102,076 1,074,187 1,011,435 \n\nTotal2,405,610 2,211,061 2,084,053 \n\ne)The composition of underlying assets related to contracts with direct participation features is detailed below:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nIL Controlled22,293 76,946 91,502 \n\nIL Controlled Soles8,605 3,992 1,433 \n\nIL Balanced184,094 193,410 186,879 \n\nIL Balanced II98,059 93,044 79,671 \n\nIL Global Balanced27,995 13,648 1,073 \n\nIL Capitalized408,993 425,552 382,326 \n\nIL Capitalized II150,542 122,413 87,527 \n\nIL Global Growth101,286 18,636 804 \n\nIL Controlled II14,617 – – \n\nIL Sustainable Capitalization– – 259 \n\nf)The impact on the current period of the transition approaches adopted to establishing CSMs for insurance contracts portfolios is disclosed in the table below:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nCSM at the beginning of the period794,935 887,586 992,526 \n\nChanges in estimates adjusting the CSM\n(28,094)(33,955)(11,445)\n\nChanges related to future service(28,094)(33,955)(11,445)\n\nCSM recognized in consolidated statement of income for services rendered\n(84,888)(91,995)(102,878)\n\nInterest expense on insurance contracts issued (interest on CSM)\n20,469 23,975 28,279 \n\nChanges related to the current service(64,419)(68,020)(74,599)\n\nOther changes\n(56,872)9,324 (18,896)\n\nCSM at the end of the period645,550 794,935 887,586 \n\nF-117\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n23          SALARIES AND EMPLOYEES BENEFITS\n\nThis item consists of the following:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nSalaries3,029,130 2,624,359 2,430,121 \n\nVacations, medical assistance and others\n529,185 446,715 433,441 \n\nWorkers profit sharing445,756 335,164 286,895 \n\nBonuses407,832 342,380 320,084 \n\nAdditional participation382,943 349,829 276,177 \n\nSocial security264,787 275,083 254,770 \n\nSeverance compensation benefit226,801 198,058 180,637 \n\nShare-based payment plans149,037 104,848 83,328 \n\nTotal5,435,471 4,676,436 4,265,453 \n\n24           ADMINISTRATIVE EXPENSES\n\nThis item consists of the following:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nInformation technology and system expenses1,385,862 1,251,424 1,080,001 \n\nPublicity and others514,431 770,965 720,718 \n\nConsulting and professional fees448,927 407,508 336,715 \n\nTaxes and contributions354,353 382,711 264,326 \n\nTransport and communications250,470 244,255 226,860 \n\nRepair and maintenance170,417 154,533 157,127 \n\nShort term, low-value and variable lease expenses143,855 124,781 108,357 \n\nOutsourcing112,962 107,274 144,534 \n\nComissions by agents108,710 118,156 115,120 \n\nSubscriptions and quotes78,402 74,002 61,945 \n\nSecurity and protection69,679 65,970 64,432 \n\nSundry supplies69,582 91,769 118,510 \n\nElectricity and water48,150 52,260 56,359 \n\nInsurance44,046 55,150 56,324 \n\nElectronic processing33,579 29,466 39,764 \n\nCleaning27,254 25,549 22,677 \n\nOthers230,105 228,002 229,434 \n\nTotal4,090,784 4,183,775 3,803,203 \n\nF-118\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n25           OTHER INCOME AND EXPENSES\n\nThis item consists of the following:\n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nOther income\n\nGain on remeasurement of previously held equity interest in Pacifico EPS, Note 2(a)235,490 — — \n\nReversal of provision188,456 154,610 58,703 \n\nRental income\n61,449 53,077 46,836 \n\nNet income from the sale of property, furniture and equipment\n37,636 68,037 1,654 \n\nNet result from sale of loan portfolio\n1,778 21,295 83,515 \n\nNet income from the sale of investment property1,057 21,771 — \n\nOthers\n58,782 195,989 249,945 \n\nTotal other income584,648 514,779 440,653 \n\n202520242023\n\nS/(000)S/(000)S/(000)\n\nOther expenses\n\nProvision for sundry risks149,651 315,214 95,873 \n\nLosses due to operational risk90,940 67,030 66,302 \n\nDerecognition of intangibles due to withdrawals and dismissed projects79,335 131,142 96,978 \n\nExpenses on improvements in building for rent39,882 26,060 17,445 \n\nProvision for other accounts receivable26,046 12,261 11,975 \n\nDonations22,687 23,518 23,354 \n\nAssociation in participation7,356 28,269 53,097 \n\nOthers\n152,489 169,775 169,577 \n\nTotal other expenses568,386 773,269 534,601 \n\nF-119\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n26           EARNING PER SHARE\n\nThe net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows:\n\n202520242023\n\nNet income attributable to equity holders of Credicorp (in thousands of soles)6,925,377 5,501,254 4,865,540 \n\nNumber of stock\n\nOrdinary stock, Note 16(a)94,382,31794,382,31794,382,317\n\nLess – opening balance of treasury stock(14,946,637)(14,886,096)(14,849,223)\n\nAcquisition of treasury stock, net(58,224)(46,444)(55,283)\n\nWeighted average number of ordinary shares for basic earnings79,377,45679,449,77779,477,811\n\nPlus - dilution effect - stock awards154,030169,307177,709\n\nWeighted average number of ordinary shares adjusted for the effect of dilution79,531,48679,619,08479,655,520\n\nBasic earnings per share (in soles)87.25 69.24 61.22 \n\nDiluted earnings per share (in soles)87.08 69.09 61.08 \n\nF-120\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n27          OPERATING SEGMENTS\n\nCredicorp Board of Directors organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. Next, we present the Group´s business lines:\n\na)Universal Banking -\n\nIncludes the operations related to the granting of various credits and financial instruments to individuals and legal entities, from the segments of wholesale and retail banking, such as the obtaining of funds from the public through deposits and current accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the results and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB).\n\nb)Insurance, Medical Services and Pensions -\n\n-Insurance: includes, mainly, the issue of insurance policies to cover losses in commercial property, transport, marine vessels, automobiles, life, health and pensions, operations carried out through Pacífico Compañía de Seguros y Reaseguros S.A.\n\n-Medical Services: includes the provision of medical and health services by Pacifico EPS and clinics.\n\n-Pensions: provides Management Service of private pension funds to the affiliates, operation carried out from Prima AFP.\n\nc)Microfinance -\n\nIncludes the management of loans, credits, deposits and checking accounts of the small and microenterprises, which are carried out through Mibanco, Banco de la Microempresa S.A. and MiBanco - Banco de la Microempresa de Colombia S.A.\n\nd)Investment Management and Advisory -\n\nComprising brokerage service and investment management services offered to a broad and diverse client, which includes corporations, institutional investors, governments and foundations; also, comprising the structuring and placement of issues in the primary market, as well as the execution and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds.\n\nAll these services are provided through Credicorp Capital Ltd. and subsidiaries and ASB Bank Corp.\n\nManagement of these business lines is designed to:\n\n-Promote the joint action of our businesses in order to take advantage of the synergies which result from the diversification of our portfolio.\n\n-Strengthening our leadership in the financial sector through our growth in new businesses, and the establishment of an investment banking platform available not only to the corporate world, but also to the retail segment, especially to the Small and Medium Enterprise (SME) and Consumer sectors.\n\n-Improve the ongoing search to adapt our business models, processes and procedures into line with best practices worldwide.\n\nThe operating results of the Group’s new business lines are monitored separately by the Board of Directors and Senior Management on a monthly basis, in order to make decisions regarding the allocation of resources and the evaluation of the performance of each one of the segments. The Chief Operating Decision Maker (CODM) of Credicorp is the Chief Executive Officer (CEO). The performance of the segments is evaluated\n\nF-121\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nbased on net profit and is measured consistently with the net profit presented in the consolidated statement of income.\n\nFinancial information by segment is prepared subject to the necessary and on a uniform basis, with coherent grouping according to the type of activity and customer.\n\nNone of the income derives from transactions carried out with a single customer or counterparty which is equal to or greater than 10.0 percent or more of the total income of the Group as of December 31, 2025, 2024 and 2023.\n\n(i)The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2025, 2024 and 2023:\n\nIncome (*)\n\n2025ExternalFrom other\nsegments\n(**)Net interest,\nsimilar\nincome and\nexpensesOther\nincome, net\n(***)Provision\nfor credit\nlosses on\nloan\nportfolioDepreciation and\namortization and\nright in useIncome taxNet profit\n(loss)Additions of\nfixed asset,\nintangibles\nand\ngoodwillTotal\nassetsTotal\nliabilities\n\nUniversal Banking\n\nBanco de Crédito del Perú19,528 723 11,137 5,240 (1,927)(621)(2,158)6,042 859 202,206 176,582 \n\nBanco de Crédito de Bolivia683 22 215 186 (24)(22)(34)86 26 10,062 10,034 \n\n20,211 745 11,352 5,426 (1,951)(643)(2,192)6,128 885 212,268 186,616 \n\nInsurance, Medical Services and Pension funds\n\nPacífico Seguros and subsidiaries2,374 1,235 298 1,456 – (41)(150)854 731 20,625 16,496 \n\nPrima AFP407 4 1 403 – (29)(60)147 15 682 231 \n\n2,781 1,239 299 1,859 – (70)(210)1,001 746 21,307 16,727 \n\nMicrofinance\n\nMiBanco3,301 150 2,480 138 (749)(93)(158)453 120 18,355 15,568 \n\nMiBanco Colombia670 1 430 56 (93)(20)(31)47 13 2,858 2,369 \n\n3,971 151 2,910 194 (842)(113)(189)500 133 21,213 17,937 \n\nInvestment Management and Advisory1,405 538 54 1,010 – (42)(54)225 30 8,226 6,682 \n\nOther segments455 216 101 304 (80)(25)(216)(766)54 6,446 2,410 \n\nEliminations(268)– – (168)– – (4)(5)– (2,097)(2,106)\n\nTotal consolidated28,555 2,889 14,716 8,625 (2,873)(893)(2,865)7,083 1,848 267,363 228,266 \n\n(*)Corresponds to total interest and similar income, other income, the result of the insurance and reinsurance service and medical services results.\n\n(**)Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.\n\n(***)Corresponds to other income (include income and expenses for commissions) result of the insurance and reinsurance service and medical services results..\n\nF-122\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIncome (*)\n\n2024ExternalFrom other\nsegments\n(**)Net interest,\nsimilar\n income and\nexpensesOther\nincome, net\n(***)Provision\nfor credit\nlosses on\nloan\nportfolioDepreciation and\namortization\nand\nright in useIncome taxNet profit\n(loss)Additions of\nfixed asset,\nintangibles\nand\ngoodwillTotal assetsTotal\nliabilities\n\nUniversal Banking\n\nBanco de Crédito del Perú19,176 647 10,815 4,831 (2,831)(492)(1,767)5,003 722 194,921 171,451 \n\nBanco de Crédito de Bolivia924 25 353 164 (84)(30)(73)4 84 12,996 12,954 \n\n20,100 672 11,168 4,995 (2,915)(522)(1,840)5,007 806 207,917 184,405 \n\nInsurance and Pension funds\n\nPacífico Seguros and subsidiaries1,769 541 299 935 – (2)(44)770 122 17,777 14,355 \n\nPrima AFP385 6 2 379 – (27)(55)133 12 658 182 \n\n2,154 547 301 1,314 – (29)(99)903 134 18,435 14,537 \n\nMicrofinance\n\nMiBanco3,195 146 2,243 125 (851)(93)(85)308 85 16,979 14,279 \n\nMiBanco Colombia574 1 326 60 (118)(19)(1)(10)10 2,323 1,900 \n\n3,769 147 2,569 185 (969)(112)(86)298 95 19,302 16,179 \n\nInvestment Management and Advisory\n1,317 527 36 945 (30)(43)(69)196 36 8,466 6,907 \n\nOther segments388 132 41 264 (29)(7)(83)(779)40 6,341 3,286 \n\nEliminations(256)– – (100)– – (24)(2)– (4,372)(4,202)\n\nTotal consolidated27,472 2,025 14,115 7,603 (3,943)(713)(2,201)5,623 1,111 256,089 221,112 \n\n(*)Corresponds to total interest and similar income, other income, the result of the insurance and reinsurance service.\n\n(**)Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.\n\n(***)Corresponds to other income (include income and expenses for commissions) result of the insurance and reinsurance service.\n\nF-123\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIncome (*)\n\n2023ExternalFrom other\nsegments\n(**)Net interest,\nsimilar\nincome and\nexpensesOther\nincome, net\n(***)Provision\nfor credit\nlosses on\nloan\nportfolioDepreciation and\namortization\nand\nright in useIncome taxNet profit\n(loss)Additions of\nfixed asset,\nintangibles\nand\ngoodwillTotal assetsTotal\nliabilities\n\nUniversal Banking\n\nBanco de Crédito del Perú17,802 686 9,818 4,315 (2,846)(460)(1,498)4,379 894 178,053 155,908 \n\nBanco de Crédito de Bolivia820 19 332 110 (50)(28)(62)3 16 12,631 12,593 \n\n18,622 705 10,150 4,425 (2,896)(488)(1,560)4,382 910 190,684 168,501 \n\nInsurance and Pension funds\n\nPacífico Seguros and subsidiaries1,730 528 285 952 – (4)(40)819 79 16,586 13,435 \n\nPrima AFP386 7 4 379 – (25)(57)150 17 741 240 \n\n2,116 535 289 1,331 – (29)(97)969 96 17,327 13,675 \n\nMicrofinance\n\nMiBanco3,236 187 2,165 155 (923)(87)(47)202 129 16,931 13,902 \n\nMiBanco Colombia489 1 255 45 (125)(15)26 (145)44 2,164 1,892 \n\n3,725 188 2,420 200 (1,048)(102)(21)57 173 19,095 15,794 \n\nInvestment Management and Advisory1,210 518 82 809 – (50)(31)161 16 10,104 8,394 \n\nOther segments278 105 (3)216 (13)10 (179)(609)19 4,947 2,670 \n\nEliminations(286)– – (114)– – – – – (3,317)(3,301)\n\nTotal consolidated25,665 2,051 12,938 6,867 (3,957)(659)(1,888)4,960 1,214 238,840 205,733 \n\n(*)Corresponds to total interest and similar income, other income, the result of the insurance and reinsurance service.\n\n(**)Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income.\n\n(***)Corresponds to other income (include income and expenses for commissions) result of the insurance and reinsurance service.\n\n(ii)The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, as of December 31, 2025, 2024 and 2023:\n\n202520242023\n\nTotal\nincome (*)Operating\nincome (**)Total non\ncurrent\nassets (***)Total\nliabilitiesTotal\nincome (*)Operating\nincome (**)Total non\ncurrent\nassets (***)Total\nliabilitiesTotal\nincome (*)Operating\nincome (**)Total non\ncurrent\nassets (***)Total\nliabilities\n\nPeru29,685 13,936 6,686 207,828 24,573 13,358 4,459 196,497 22,588 11,922 4,648 180,268 \n\nBermuda125 17 38 277 (767)(636)5 1,917 150 (45)– 2,086 \n\nColombia1,360 361 405 4,593 1,265 240 339 3,402 854 199 193 4,060 \n\nBolivia735 211 152 10,176 1,065 346 201 13,121 1,028 328 122 12,784 \n\nPanama 404 131 18 3,963 356 129 29 4,758 384 174 31 5,580 \n\nChile234 77 102 2,382 208 16 88 1,132 129 2 75 778 \n\nUnited States of America42 – 7 20 38 – 9 17 29 – 14 19 \n\nCayman Islands532 574 30 76 734 662 – 268 503 358 – 154 \n\nOthers (****)(4,562)(591)(1)(1,049)– – – – – – – 4 \n\nTotal consolidated28,555 14,716 7,437 228,266 27,472 14,115 5,130 221,112 25,665 12,938 5,083 205,733 \n\n(*)As of December 31, 2025, it includes the total of interest and similar income, other income, insurance and reinsurance results, and medical services results. As of December 31, 2024 and 2023,\n\nF-124\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nit includes the total of interest and similar income, other income, and insurance and reinsurance results.\n\n(**)Operating income includes the income from interest and similar expenses from banking.\n\n(****)Non-current assets consist of property, furniture and equipment, intangible assets and goodwill and right-for-use assets, net.\n\n(****)Includes other countries such as Mexico, adjustments and eliminations.\n\n28           TRANSACTIONS WITH RELATED PARTIES\n\na)    The Group’s consolidated financial statements as of December 31, 2025 and 2024 include transactions with related parties, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO.\n\nb)    The following table presents the main transactions and balances with related parties and individuals as of December 31, 2025 and 2024:\n\n20252024\n\nS/(000)S/(000)\n\nStatement of financial position -\n\nDirect loans1,855,712 2,472,179 \n\nInvestments (i)874,937 611,271 \n\nDeposits (ii)(659,231)(1,839,980)\n\nDerivatives at fair value354,610 280,624 \n\n(i)    As of December 31, 2025, the balance includes mainly S/206.3 million of corporate bonds of Alicorp S.A.A., S/151.7 million of corporate bonds issued by Pluz Energía Perú S.A.A., S/150.8 million of corporate bonds issued by Corporacion Primax and S/95.3 million of corporate bonds of Cementos Pacasmayo S.A.\n\nAs of December 31, 2024, the balance includes mainly S/155.7 million of corporate bonds of Alicorp S.A.A., S/93.9 million of corporate bonds issued by Cementos Pacasmayo S.A., and S/104.2 million of shares of Inversiones Centenario.\n\n(ii)    Corresponds to deposits of legal entities and individuals.\n\n20252024\n\nS/(000)S/(000)\n\nStatement of income\n\nInterest income related to loans7,715 55,485 \n\nInterest expenses related to deposits(5,122)(37,308)\n\nOther income19,644 22,735 \n\nContingent risks and commitments\n\nIndirect loans518,493 746,992 \n\nc)    As of December 31, 2025, direct loans to related companies are secured by collateral, had maturities between January 2026 and July 2032, accrue interest at an annual soles average interest rate of 10.08 percent and at an annual foreign currency average interest rate of 8.23 percent (As of December 31, 2024, maturities where between January 2025 and December 2030, and the annual soles average interest rate was 10.78 percent and the annual foreign currency average interest rate was 9.56 percent). Also, as of December 31, 2025, the Group maintains S/87.4 million allowance for loan losses for related parties (As of December 31, 2024 maintains S/58.1 million).\n\nF-125\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nd)    At December 31, 2025 and 2024, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. At December 31, 2025 and 2024, direct loans to employees, directors, key management and family members amounted to S/1,463.2 million and S/1,389.6 million, respectively; they are repaid monthly.\n\ne)    The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2025 and 2024 was as follows:\n\n20252024\n\nS/(000)S/(000)\n\nDirector’s compensation11,221 8,628 \n\nSenior Management Compensation:\n\nRemuneration66,485 62,258 \n\nExpense for long-term incentive programs (Stock awards):40,811 36,839 \n\nTotal118,517 107,725 \n\nBetween February and March of each year, the Group grants its own shares to certain key executives under two long-term incentive programs: the “Value Generation Plan” and the “Retention Plan.” Under the Retention Plan, the shares granted vest over the next three years (33.3 percent of the total shares granted each year). Under the Value Generation Plan, the shares are delivered after three years, subject to the achievement of specific performance metrics.\n\nThe shares are presented on a gross basis and include the corresponding income taxes in accordance with the tax legislation applicable in each country.\n\nf)    As of December 31, 2025 and 2024 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below:\n\n20252024\n\nS/(000)S/(000)\n\nAt fair value through profit or loss:\n\nMutual funds, investment funds and hedge funds\n\nU.S. Dollars\n623,810 451,522 \n\nSoles597,816 397,614 \n\nBolivianos288,850 280,188 \n\nColombian pesos170,306 133,821 \n\nChilean pesos17,643 15,409 \n\nTotal1,698,425 1,278,554 \n\nRestricted mutual funds, Note 6(a)(iv)336,159 307,225 \n\nF-126\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n29           FINANCIAL INSTRUMENTS CLASSIFICATION\n\nThe table below shows the carrying amounts of the financial assets and liabilities captions in the consolidated statement of financial position, by categories as defined under IFRS 9 as of December 31, 2025 and 2024:\n\n20252024\n\nFinancial assets and\nliabilities at fair\nvalue through profit or lossFinancial assets at fair value\nthrough other comprehensive\nincomeFinancial assets and\nliabilities at fair\nvalue through profit or lossFinancial assets at fair value\nthrough other comprehensive\nincome\n\nInvestments\nand\nderivatesInvestments\ndesignated at\ninceptionInvestments and derivatesInvestments\ndesignated\nat inceptionFinancial\nassets and\nliabilities\nmeasured at\namortized\ncostTotalInvestments\nand derivatesInvestments\ndesignated at\ninceptionInvestments and derivatesInvestments\ndesignated\nat inceptionFinancial\nassets and\nliabilities\nmeasured at\namortized\ncostTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nAssets\n\nCash and due from banks– – – – 49,044,457 49,044,457 – – – – 47,655,196 47,655,196 \n\nCash collateral, reverse repurchase agreements and securities borrowings\n– – – – 2,177,200 2,177,200 – – – – 1,033,177 1,033,177 \n\nInvestments at fair value through profit or loss4,957,236 – – – – 4,957,236 4,715,343 – – – – 4,715,343 \n\nInvestments at fair value through other comprehensive income, Note 6(b)\n– – 38,943,728 90,321 – 39,034,049 – – 39,995,374 147,264 – 40,142,638 \n\nAmortized cost investments– – – – 8,813,657 8,813,657 – – – – 8,967,877 8,967,877 \n\nLoans, net– – – – 142,315,004 142,315,004 – – – – 137,737,296 137,737,296 \n\nFinancial assets designated at fair value through profit or loss\n– 992,429 – – – 992,429 – 932,734 – – – 932,734 \n\nDue from customers on banker’s acceptances– – – – 345,906 345,906 – – – – 528,184 528,184 \n\nOther assets, Note 12(a)1,231,188 – 677 – 5,102,543 6,334,408 904,791 – – – 3,269,019 4,173,810 \n\n6,188,424 992,429 38,944,405 90,321 207,798,767 254,014,346 5,620,134 932,734 39,995,374 147,264 199,190,749 245,886,255 \n\nLiabilities\n\nDeposits and obligations– – – – 170,401,633 170,401,633 – – – – 161,842,066 161,842,066 \n\nPayables from repurchase agreements and securities lending\n– – – – 8,243,787 8,243,787 – – – – 9,060,710 9,060,710 \n\nDue to banks and correspondents– – – – 10,675,238 10,675,238 – – – – 10,754,385 10,754,385 \n\nDue from customers on banker’s acceptances– – – – 345,906 345,906 – – – – 528,184 528,184 \n\nLease liabilities– – – – 612,259 612,259 – – – – 404,817 404,817 \n\nFinancial liabilities at fair value through profit or loss\n1,055,893 – – – – 1,055,893 151,485 – – – – 151,485 \n\nBonds and notes issued– – – – 14,025,535 14,025,535 – – – – 17,268,443 17,268,443 \n\nOther liabilities, Note 12(a)1,047,907 – – – 5,700,097 6,748,004 819,473 – – – 5,220,127 6,039,600 \n\n2,103,800 – – – 210,004,455 212,108,255 970,958 – – – 205,078,732 206,049,690 \n\nF-127\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n30           FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT\n\nThe Group’s activities involve principally the use of financial instruments, including derivatives. It also accepts deposits from customers at both fixed and floating rates, for different periods, and invests these funds in high-quality assets. Additionally, it places these deposits at fixed and variable rates with legal entities and individuals, considering the finance costs and expected profitability.\n\nThe Group also trades in financial instruments where it takes positions in traded and over-the-counter instruments, derivatives included, to take advantage of short-term market movements on securities, bonds, currencies and interest rates.\n\nGiven the Group’s activities, it has established a risk appetite framework, which is a cornerstone of its risk management. The risk management processes involve continuous identification, measurement, treatment and monitoring. The Group is exposed, principally, to operating risk, credit risk, liquidity risk, market risk, cybersecurity risk, model risk, strategic risk and insurance technical risk. Finally, it reports on a consolidated basis the risks to which the Group is exposed.\n\na)    Risk management structure -\n\nThe Board of Directors of the Group and of each subsidiary are ultimately responsible for identifying and controlling risks; however, there are separate independent instances in the major subsidiaries responsible for managing and monitoring risks, as further explained below:\n\n(i)    Group’s Board of Directors -\n\nCredicorp Board of Directors –\n\nThe Credicorp Board of Directors is responsible for the overall approach to risk management of Credicorp Ltd., including the approval of its appetite for risk.\n\nIt also oversees compliance with the approved risk appetite and the level of risk exposure, as well as the relevant improvements in the integral risk management of Grupo Crédito and Subsidiaries of Credicorp (Group).\n\nGrupo Crédito’s Board of Directors –\n\nGrupo Crédito’s Board of Directors is responsible for the general approach to risk management of the Group’s subsidiaries and the approval of the risk appetite levels that it is willing to assume. Furthermore, it approves the guidelines and policies for Integral Risk Management, promotes an organizational culture that emphasizes the importance of risk management, oversees the internal control system and ensures the adequate performance of the Group’s regulatory compliance function.\n\nGroup Company Boards -\n\nThe Board of each company of the Group is responsible for aligning the risk management established by the Board of Grupo Crédito with the context of each one of them. For that, it establishes a framework for risk appetite, policies and guidelines.\n\n(ii)    Credicorp Risk Committee -\n\nRepresents the Credicorp Board of Directors, proposes the levels of risk appetite for Credicorp Ltd. Also, it is aware of the level of compliance of the risk appetite and the level of exposure assumed by Grupo Crédito and Credicorp subsidiaries and the relevant improvements in integral management of risks of said entities.\n\nThe Committee will be made up of no less than three directors of Credicorp, at least one of which must be independent. Additionally, the Board of Directors may incorporate as a member one or more directors of Credicorp subsidiaries. Likewise, the coordinator of the Committee will be the Credicorp Risk\n\nF-128\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nManager, with the Internal Audit Manager as an observer member (without voice or vote). Finally, the following officials will attend the sessions as guests, according to the agenda of topics to be discussed and at the invitation of the coordinator: General Manager, Finance Manager, Manager of the Risk Management Division of BCP, and all those people whose criteria assist with the development of the session.\n\n(iii)    Grupo Crédito Risk Committee -\n\nRepresents the Board of Grupo Crédito in risk management decision-making. Furthermore, proposes to Grupo Crédito’s Board of Directors the levels of risk appetite. This Committee defines the strategies used for the adequate management of the different types of risks and the supervision of risk appetite. In addition to it, they establish principles, policies, and general limits to the Group.\n\nThe Risk Committee is presided by no less than three Board members of Grupo Crédito, at least one of which must be independent. Additionally, the Board of Directors may incorporate as a member one or more directors of the Group. Likewise, the coordinator of the Committee will be the Grupo Crédito Risk Manager, with the Internal Audit Manager as an observer member (without voice or vote). Finally, the following officials will attend the sessions as guests, according to the agenda of topics to be discussed and at the invitation of the coordinator: General Manager, Finance Manager, Manager of the Risk Management Division of BCP, and all those people whose criteria assist with the development of the session.\n\nIn addition to effectively managing all the risks, the Grupo Crédito Risk Committee is supported by the following committees which report periodically on all relevant changes or issues relating to the risks being managed, except for the Model Risk functions, since Grupo Crédito Risk Committee assumes them directly:\n\nCorporate credit Risk Committees (retail and wholesale) -\n\nThe Corporate Credit Risk Committees (Retail and Wholesale) are responsible for reviewing the level of tolerance of the credit risk appetite, exposure limits, and the actions to implement corrective measures in the event of deviations. In addition, they propose credit risk management rules and policies within the governance framework and organizational structure for the comprehensive management of credit risk. They also propose for approval to the Risk Committee any changes to the functions described above, as well as significant findings.\n\nCorporate Committee for Market, Structural, Trading and Liquidity Risk -\n\nThe committee for Market, Structural, Trading and Liquidity Risks is in charge of analyzing and proposing corporate objectives, guidelines and policies for the Management of Market and Liquidity Risks of the Group and the Group’s companies. As well as monitoring the indicators and liquidity appetite and the implementation of corrective measures if deviations exist. Additionally, it is responsible for approving the integration into management of a corporate model implemented in the Group.\n\nCorporate Operational Risk Methodology Committee -\n\nThe Corporate Operational Risk Methodology Committee has the primary responsibilities of sharing methodologies for Operational Risk and Business Continuity, as well as sharing best practices regarding the main challenges faced by the Group’s companies.\n\n(iv)    Central Risk Management of Credicorp -\n\nThe Central Risk Management of Credicorp informs the Credicorp Risk Committee of the level of compliance of the risk appetite and the level of exposure assumed by Grupo Crédito and Credicorp subsidiaries. Likewise, it reports the relevant improvements in the integral risk management of Grupo Crédito and Credicorp subsidiaries. In addition, it proposes to the Credicorp Risk Committee the risk appetite levels for Credicorp Ltd.\n\nF-129\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(v)    Central Risk Management of Grupo Crédito -\n\nThe Central Risk Management is responsible for the implementation of policies, procedures, methodologies, and the actions to be taken to identify, measure, monitor, mitigate, report and control the different types of risks to which the Group is exposed. In addition, it is responsible for participating in the design and definition of the strategic plans of the business units to ensure that they are aligned within the risk parameters approved by the Grupo Crédito Board of Directors. Likewise, it disseminates the importance of adequate risk management, specifying in each of the units, the role that corresponds to them in the timely identification and definition of the corresponding actions.\n\nThe units of the Central Risk Management that manage risk at the corporate level are the following:\n\nCredit Division -\n\nThe Credit Division proposes credit policies and evaluation criteria and credit risk management that the Group assumes with segment customers wholesaler. Evaluate and authorize loan proposals until their autonomy and propose their approval to the higher instances for those that exceed it. These guidelines are established on the basis of the policies set by the Grupo Crédito Board, respecting the laws and regulations in force. In addition, it assesses the evolution of the risk of wholesale clients and identifies problematic situations, taking actions to mitigate or resolve them.\n\nRisk Management Division -\n\nThe Risk Management Division is responsible for ensuring that risk management directives and policies comply with the established by the Board of Directors. In addition, it is responsible for supervising the process of risk management and for coordinating with the companies of Credicorp involved in the whole process, promoting homogeneous risk management and aligning with the best practices. It also has the task of informing the Board of Directors regarding: global exposure and by type of risk, as well as the specific exposure of each Group company.\n\nRetail Banking Risk Division -\n\nThe Retail Banking Risk Division is responsible for managing the risk profile of the Individuals and Small Businesses portfolio and for developing credit policies that are aligned with the guidelines and risk levels established by the Board of Directors of Grupo Crédito.\n\nLikewise, it participates in the definition of products and campaigns aligned to these policies, as well as in the design, optimization and integration of credit evaluation tools and income estimation for credit management.\n\nLikewise, there is an active and recurring participation of the BCP Retail Banking Risk Division in the Credit Risk and Collections Committee of Mibanco and in the BCB Retail Banking Risk Committee to ensure alignment of best practices in terms of policies and guidelines credit ratings, risk segmentation and credit risk models.\n\nCorporate Non-Financial Risk Management -\n\nCorporate Non-Financial Risk Management is responsible for defining a non-financial risk strategy aligned with the objectives and risk appetite established at the corporate level. This strategy aims to enhance the management process, generate synergies, optimize resources and achieve superior results among the units responsible for managing non-financial risks at the corporate level. Furthermore, to achieve the objectives outlined in the non-financial risk strategy, the Division is tasked with promoting a risk culture, developing talent, defining indicators, and generating and monitoring strategic projects and initiatives.\n\nF-130\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCredicorp’s Pricing Center of Excellence\n\nThe main objective of the Group’s Pricing Center of Excellence (CoE) is to efficiently scale the Pricing practice in the Group’s business lines, identifying opportunities and deploying initiatives that allow the development of the Pricing practice.\n\nRisk Transformation Office\n\nThe Risk Transformation Office is responsible for turning risk management into a competitive advantage, enhancing the following capabilities: i) origination, ii) portfolio monitoring, iii) life cycle of credit models, iv) cybersecurity, and v) human talent.\n\n(vi)    Internal Audit Division and Corporate Ethics and Compliance Division -\n\nThe Internal Audit Division is responsible for continuously monitoring the effectiveness and efficiency of the Group’s risk management, control and governance processes, verifying compliance with regulations, policies, objectives and guidelines set by the Board of Directors, providing agile and timely assurance, advice and analysis based on risks and data On the other hand, it evaluates sufficiency and integration level of Group’s database and information systems. Finally, it ensures that independence is maintained between the functions of the risk management and business units, for each of the Group’s companies.\n\nThe Corporate Compliance and Ethics Division reports to the Board and is responsible for providing corporate policies to ensure that Group companies adequately comply with regulations that specified them, and the guidelines established in Credicorp’s Code of Ethics.\n\n(vii)     Audit Committee -\n\nThe Audit Committee, composed of three independent directors, oversees the Group’s financial reporting process and financial information system, with the purpose of ensuring that: (i) Management establishes and maintains an adequate system of internal control, particularly internal controls over financial reporting. (ii) Appropriate procedures are in place to enable the objective and periodic evaluation of the Group’s internal control system. (iii) The external auditors review the accounting and financial policies applied in the preparation of the Group’s consolidated financial statements. In addition, the Audit Committee facilitates effective communication among the external auditors, the Group’s senior management, BCP’s Internal Audit Division, responsible for conducting Credicorp’s internal audit activities and Credicorp’s Board of Directors.\n\nb)    Risk measurement and reporting systems -\n\nThe risk is measured according to models and methodologies developed for the management of each type of risk. Risk reports allow monitoring, at both aggregated and detailed levels, the different types of risks of each company which is exposed. The system provides the facility to meet the appetite review needs by risk requested by the committees and areas described above; as well as comply with regulatory requirements.\n\nc)    Risk mitigation -\n\nDepending on the type of risk, mitigating instruments are used to reduce its exposure, such as guarantees, derivatives, controls and insurance, among others. Furthermore, it has policies linked to risk appetite and established procedures for each type of risk.\n\nThe Group actively uses guarantees to reduce its credit risks.\n\nd)    Risk appetite -\n\nBased on corporate risk management, Grupo Crédito’s Board of Directors annually approves the risk appetite framework to define the maximum level of risk that the organization is willing to take as seeks its strategic\n\nF-131\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nand financial objectives, maintaining a corporate vision in individual decisions of each entity. This Risk Appetite framework is based on “core” and specific metrics:\n\nCore metrics are intended to preserve the organization’s strategic pillars, defined as solvency, liquidity, profit and growth, income stability and balance sheet structure.\n\nSpecific metrics objectives are intended to monitor on a qualitative and quantitative basis the various risks to which the Group is exposed, as well as defining a tolerance threshold of each of those risks, so the risk profile set by the Board is preserved and any risk focus is anticipated on a more granular basis. These metrics are related to credit risk, market risk and cybersecurity risk.\n\nRisk appetite is measured based on the following guidelines:\n\n-Risk appetite statement: Establishes explicit general principles and the qualitative declarations which complement the risk strategy.\n\n-Metrics scorecards: These are used to define the levels of risk exposure in the different strategic pillars.\n\n-Limits: Allows control over the risk-taking process within the tolerance threshold established by the Board. They also provide accountability for the risk-taking process and define guidelines regarding the target risk profile.\n\n-Government scheme: Seeks to guarantee compliance of the framework through different roles and responsibilities assigned to the units involved.\n\nThe appetite is integrated into the processes of strategic and capital guidelines, as well as in the definition of the annual budget, facilitating the strategic decision making of the organization.\n\ne)    Risk concentration -\n\nConcentrations arise when a reduced and representative number of all of the counterparties of the Group are engaged in similar business activities, or activities in the same geographic region, or have similar economic and political conditions among others.\n\nIn order to avoid excessive concentrations of risk, the policies and procedures include specific guidelines and limits to guarantee a diversified portfolio.\n\n30.1    Credit risk -\n\na)    The Group takes on exposure to credit risk, which is the probability of suffering losses caused by debtors or counterparties failing to comply with payment obligations related to on- or off-balance-sheet exposures.\n\nCredit risk is the most important risk for the Group’s business; therefore, Management carefully manages its exposure to credit risk. Credit exposures arise principally from lending activities that lead to direct loans; they also result from investment activities. There is also credit risk in off-balance sheet financial instruments, such as contingent credits (indirect loans and due from customers on banker’s acceptances), which expose Credicorp to risks similar to direct loans. Likewise, credit risk arises from derivative financial instruments that present positive fair values. Finally, all exposure to credit risk (direct or indirect) is mitigated by the control processes and policies.\n\nAs part of managing this type of risk, provisions for impairment of its portfolio are assigned as of the date of the consolidated statement of financial position.\n\nCredit risk levels are defined based on risk exposure limits, which are frequently monitored. Said limits are established in relation to one borrower or group of borrowers, geographical and industry segments. Furthermore, the risk limits by product, industry sector and by geographical segment are approved by the Risk Committee of Credicorp.\n\nF-132\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nExposure to credit risk is managed through regular analysis of the ability of debtors and potential debtors to meet interest and principal repayment obligations and by changing the credit limits when it is appropriate. Other specific control measures are outlined below:\n\n(i)    Collateral -\n\nThe Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is collateralization which is common practice. The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The main types of collateral obtained are as follows:\n\n-For loans and advances, collateral includes, among others, mortgages on residential properties; liens on business assets such as plants, inventory and accounts receivable; and liens on financial instruments such as debt securities and equity securities.\n\n-Long-term loans and financing to corporate entities are generally guaranteed. Loans to small and micro business generally have no collateral. In order to minimize credit loss, the Group will seek additional collateral from the counterparty as soon as impairment indicators arise.\n\n-For repurchase agreements and securities lending, collateral consists of fixed income instruments, cash and loans.\n\nCollateral held as security for financial assets other than loans is determined by the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, except for assets backed securities and similar instruments, which are secured by portfolios of financial instruments.\n\nManagement monitors the market value of collateral, requests additional collateral in accordance with the underlying agreement, and monitors the market value of collateral obtained during its review of the adequacy of the allowance for impairment losses. As part of the Group's policies, the recovered assets are sold in seniority order. The proceeds of the sale are used to reduce or amortize the outstanding debt. In general, the Group doesn't use recovered assets for its operational purposes.\n\n(ii)    Derivatives -\n\nThe amount subject to credit risk is limited to the current and potential fair value of instruments that are favorable to the Group (fair value is positive). In the case of derivatives this is only a small fraction of the contract, or notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as a portion of the total credit limits with customers, together with potential exposures from market movements. The credit risk of the derivative portfolio is reduced if the instrument is cleared through a clearing house.\n\n(iii)    Credit-related commitments -\n\nThe primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and letters of credit have the same credit risk as direct loans. Documentary and commercial letters of credit which are written undertakings by the Group on behalf of a customer authorizing a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions are collateralized by the underlying shipments of goods to which they relate and therefore have less risk than a direct loan. The Group has no mandatory commitments to extend credit.\n\nb)    The maximum exposure to credit risk as of December 31, 2025 and 2024, before the effect of mitigation through any collateral, is the carrying amount of each class of financial assets indicated in Notes 30.11(a), 30.11(b) and the contingent credits detailed in Note 18(a).\n\nc)    Credit risk management for loans -\n\nCredit risk management is mainly based on the rating and scoring internal models of each company of the Group. In Credicorp, quantitative and qualitative analysis are made for each client, regarding their financial\n\nF-133\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nposition, credit behavior in the financial system and the market in which they operate or are located. This analysis is carried out continuously to characterize the risk profile of each operation and client with a loan position in the Group.\n\nWithin the Group, loans are internally classified as past due based on three criteria: the number of days past due based on the contractually agreed due date, the subsidiary and the type of loan. The detail is shown below:\n\n-Banco de Crédito del Perú, Mibanco Perú and Solución Empresa Administradora Hipotecaria internally classify a loan as past due:\n\n-For corporate, large and medium companies, when it has more than 15 days in arrears.\n\n-For small and microbusiness when it has more than 30 days in arrears.\n\n-For overdrafts when it has more than 30 days in arrears.\n\n-For consumer, mortgage and leasing operations, installments are internally classified as past due when they are between 30 and 90 days in arrears; after 90 days, the pending loan balance is considered past due.\n\n-Mibanco Colombia internally classifies a loan as past due:\n\n-For commercial loans when it has more than 90 days in arrears.\n\n-For microbusiness loans when it has more than 60 days in arrears.\n\n-For consumer loans when it has more than 60 days in arrears.\n\n-For mortgage loans when it has more than 30 days in arrears.\n\n-ASB Bank Corp. internally classifies a loan as past due when it has 1 or more days in arrears.\n\n-Banco de Crédito de Bolivia internally classifies a loan as past due when it has 30 or more days in arrears.\n\nEstimate of the expected credit loss -\n\nThe measurement of the expected credit loss is based on the product of the following risk parameters: (i) probability of default (PD), (ii) loss given default (LGD), and (iii) exposure at default (EAD); discounted at the reporting date, using the effective interest rate. The definition of the parameters is presented below:\n\n-Probability of default (PD): is a credit rating measure that is given internally to a client with the objective of estimating its probability of default within a specific time horizon. The process of obtaining the PD is carried out considering three main components: (i) the risk observed at the portfolio level, (ii) the macroeconomic perspectives of the main countries where Credicorp operates and (iii) the individual risk of each loan, which it is measured through rating and scoring tools.\n\nThe Group considers that a financial instrument is in default if it meets the following conditions, according to the type of asset:\n\n-Consumer products, credit card and SME: if the client, at some certain point, presents arrears equal to or greater than 60 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off.\n\n-Mortgage products: if the client, at some certain point, presents arrears equal to or greater than 120 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off.\n\nF-134\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n-Commercial banking products: if the client, at some certain point, is in the Collections portfolio, or has a risk classification of Deficient, Doubtful or Loss, or has operations that are refinanced, in pre-judicial, judicial proceedings or written off. Also, a client can be considered as default if it shows signs of significant qualitative impairment. It should be noted that, for commercial clients with the highest loan position that are classified in default, the Risk Management performs an individual review to determine the expected credit loss in each case, which considers the knowledge of the specific situation of the client, the coverage of real guarantees, and the financial information available of the company.\n\n-Investments: if the instrument has a default rating according to external rating agencies such as Fitch, Standard & Poors or Moody's, or if it has an indicator of arrears equal to or greater than 90 days. In addition, an issuer can be considered as default if it shows signs of significant qualitative impairment or if it is in default according to the Commercial banking definition. When an issuer is classified as default, all its instruments are also classified as default, that is, in stage 3.\n\n-Loss given default (LGD): this is a measurement which estimates the severity of the loss that would be incurred at the time of the default. It has two approaches in the estimate of the severity of the loss, according to the stage of the client:\n\n-LGD workout: is the real loss of clients who reached the default stage. To calculate this parameter, the recoveries and costs of each of the operations are included (includes open and closed recovery processes).\n\n-LGD ELBE (expected loss best estimate): this is the loss of the contracts in a default situation based on the time in default of the operation (the longer the time in default, the higher the level of loss of the operation).\n\n-Exposure at Default (EAD): this is a measurement which estimates the exposure at the time of the client’s default, considering changes in future exposure, for example, in the case of prepayments and/or greater utilization of unused credit lines.\n\nThe estimate of the risk parameters considers information regarding the actual conditions, as well as the projections of future macroeconomic events and conditions in three scenarios (base, optimistic and pessimistic), which are weighted to obtain the expected credit loss.\n\nThe fundamental difference between the expected credit loss of a loan classified in Stage 1 or Stage 2 lies in the time horizon of the probability of default (PD). Stage 1 estimates use a PD with a maximum horizon of 12 months, whereas Stage 2 estimates use a PD measured over the remaining lifetime of the instrument. Stage 3 estimates are performed based on an ELBE LGD.\n\nFor those portfolios that are not material and/or do not have specific credit scoring models, the option was to extrapolate the expected credit loss ratio of portfolios with comparable characteristics.\n\nIn line with the internal model governance framework, the main parameters used in the measurement of credit risk (including PD and LGD) were continuously monitored throughout 2025. The models are calibrated when performance monitoring reveals material deviations from their expected behavior, thereby ensuring an adequate and consistent estimation of credit risk.\n\nProspective information -\n\nThe measurement of the expected credit loss for each stage and the evaluation of significant increase in credit risk consider information on previous events and current conditions, as well as reasonable projections based on future events and macroeconomic conditions.\n\nFor the estimate of the risk parameters (PD, LGD and EAD), used in the calculation of the expected credit loss in stages 1 and 2, the significance of the macroeconomic variables (or their variations) that have the greatest influence on each portfolio was tested which provide a better prospective and systemic vision to the estimate, based on econometric techniques. Each macroeconomic scenario used in the estimate of the\n\nF-135\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nexpected credit loss considers projections of relevant macroeconomic variables, such as the gross domestic product (GDP), terms of trade, inflation rate, among others, for a period of 3 years and a long-term projection.\n\nExpected credit loss represents a weighted estimate that considers three forward-looking macroeconomic scenarios (base, optimistic and pessimistic). These scenarios, as well as the probability of occurrence of each one, are projections provided by the internal Economic Studies team and are approved by Senior Management; these projections are made for the main countries where Credicorp operates. The design of the scenarios is reviewed quarterly. All scenarios and their respective probabilities apply to portfolios subject to expected credit loss.\n\nChanges from one stage to another -\n\nThe classification of an instrument as stage 1 or stage 2 depends on the concept of \"significant increase in credit risk\" at the reporting date compared to the origin date. This classification is updated monthly. As the IFRS 9 states, this classification depends on the following criteria:\n\n-An account is classified in stage 2 if it has more than 30 days in arrears.\n\n-Additionally, significant credit risk increase thresholds were established based on absolute and relative thresholds that depend on the risk level in which the instrument was originated. The thresholds differ for each of the portfolios considered.\n\nAdditionally, all those accounts classified as default at the reporting date, according to the definition used by the Group, are considered as stage 3.\n\nEvaluations of significant increase in credit risk from initial recognition and credit impairment are carried out independently on each reporting date.\n\nWholesale Banking assets can be moved in both directions from one stage to another; in this sense, a financial asset that migrated to stage 2 will return to stage 1 if its credit risk did not increase significantly from its initial recognition until a subsequent reporting period. Likewise, an asset that is in stage 3 will return to stage 2 if the asset is no longer considered to be impaired (according to our definition of default) for a certain number of subsequent reporting periods.\n\nOn the other hand, Retail Banking assets that migrated to stage 2 will return to stage 1 if their credit risk has not increased significantly since their initial recognition during a certain number of subsequent reporting periods (cure period). In the case of assets allocated in stage 3, these will not return to stage 2 except for refinanced loans, which will return to stage 2 if good payment behavior is demonstrated during a certain number of subsequent reporting periods.\n\nExpected life -\n\nFor the instruments in stage 2 or 3, the allowance for loan losses will cover the expected credit loss during the expected time of the remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life, adjusted by expected prepayments. In the case of revolving products, a statistical analysis was carried out to determine what would be the expected life period.\n\nThe following is a summary of the direct loans (without interest) classified into three important groups and their respective allowance for loan losses for each type of loan. It is important to note that impaired loans are loans in default that are in stage 3. Additionally, it should be noted that, in accordance with IFRS 7, the total balance of the loan is considered overdue when the debtor has failed to make a payment at its contractual maturity.\n\n(i)    Loans neither past due nor impaired, which comprise those direct loans which currently do not have characteristics of delinquency and which are not in default.\n\n(ii)    Past due but not impaired loans, which comprise all of the direct loans of customers who are not in default but have failed to make a payment at its contractual maturity, according to IFRS 7.\n\nF-136\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(iii)    Impaired loans, those direct loans considered to be in stage 3 or default, as detailed in Note 30.1(c).\n\n20252024\n\nCommercial loansStage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nNeither past due nor impaired66,660,719 4,215,063 – 70,875,782 67,303,201 3,509,158 – 70,812,359 \n\nPast due but not impaired414,188 335,073 – 749,261 612,574 468,459 – 1,081,033 \n\nImpaired– – 4,519,803 4,519,803 – – 5,028,223 5,028,223 \n\nGross67,074,907 4,550,136 4,519,803 76,144,846 67,915,775 3,977,617 5,028,223 76,921,615 \n\nLess: Allowance for loan losses436,438 277,425 2,045,256 2,759,119 493,130 291,963 2,159,115 2,944,208 \n\nTotal, net66,638,469 4,272,711 2,474,547 73,385,727 67,422,645 3,685,654 2,869,108 73,977,407 \n\nResidential mortgage loansStage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nNeither past due nor impaired21,569,665 1,844,208 – 23,413,873 18,451,482 3,819,271 – 22,270,753 \n\nPast due but not impaired569,988 586,274 – 1,156,262 505,016 672,405 – 1,177,421 \n\nImpaired– – 1,617,451 1,617,451 – – 1,643,883 1,643,883 \n\nGross22,139,653 2,430,482 1,617,451 26,187,586 18,956,498 4,491,676 1,643,883 25,092,057 \n\nLess: Allowance for loan losses49,855 116,289 800,442 966,586 66,260 168,188 819,671 1,054,119 \n\nTotal, net22,089,798 2,314,193 817,009 25,221,000 18,890,238 4,323,488 824,212 24,037,938 \n\nSmall and Micro business loansStage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nNeither past due nor impaired18,382,809 3,627,093 – 22,009,902 16,589,516 3,670,678 – 20,260,194 \n\nPast due but not impaired194,879 467,420 – 662,299 257,476 573,634 – 831,110 \n\nImpaired– – 1,357,696 1,357,696 – – 1,686,829 1,686,829 \n\nGross18,577,688 4,094,513 1,357,696 24,029,897 16,846,992 4,244,312 1,686,829 22,778,133 \n\nLess: Allowance for loan losses472,604 412,193 949,739 1,834,536 384,145 396,678 1,167,311 1,948,134 \n\nTotal, net18,105,084 3,682,320 407,957 22,195,361 16,462,847 3,847,634 519,518 20,829,999 \n\nConsumer loansStage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nNeither past due nor impaired17,253,968 3,122,322 – 20,376,290 14,188,847 3,335,516 – 17,524,363 \n\nPast due but not impaired158,736 344,579 – 503,315 160,755 383,227 – 543,982 \n\nImpaired– – 1,387,164 1,387,164 – – 1,459,095 1,459,095 \n\nGross17,412,704 3,466,901 1,387,164 22,266,769 14,349,602 3,718,743 1,459,095 19,527,440 \n\nLess: Allowance for loan losses459,980 499,439 1,150,290 2,109,709 331,011 514,255 1,203,250 2,048,516 \n\nTotal, net16,952,724 2,967,462 236,874 20,157,060 14,018,591 3,204,488 255,845 17,478,924 \n\nConsolidated of loansStage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3Total\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nTotal gross direct credits, Note 7(a)125,204,952 14,542,032 8,882,114 148,629,098 118,068,867 16,432,348 9,818,030 144,319,245 \n\nTotal allowance for loan losses, Note 7(a)1,418,877 1,305,346 4,945,727 7,669,950 1,274,546 1,371,084 5,349,347 7,994,977 \n\nTotal net direct loans123,786,075 13,236,686 3,936,387 140,959,148 116,794,321 15,061,264 4,468,683 136,324,268 \n\nAt Credicorp, we separate renegotiated loans into two groups, focusing on operations that have suffered a significant increase in credit risk since their disbursement, which has generated modifications to the original loan agreement. Both groups are defined below:\n\n-Refinanced loans: are those loans that have undergone modifications in the initial loan agreement (term and interest rate), according to the accounting definition.\n\n-Renegotiated loans: are those loans for which, due to the pandemic during 2020 and 2021 and/or the Peruvian context of intense rain and social unrest during 2023, the SBS and other local regulators of the countries where Credicorp operates have established that certain benefits be granted, and that Credicorp has also voluntarily granted to its clients (grace periods, debt consolidation, etc.), which were not in the initial credit agreements.\n\nF-137\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nBelow is the amount of gross portfolio balance and allowance for loan losses for Credicorp's renegotiated loans. The presentation is made for each of the two groups defined above and by opening the balances by stage. It should be noted that for the construction of the tables, the information of the three subsidiaries that concentrate more than 95.0 percent of the balance of renegotiated loans (BCP, Mibanco and BCB) has been considered.\n\nAs of December 31, 2025, and 2024, renegotiated loans, refinanced loans and their expected loss are composed as follows:\n\n20252024\n\nRefinanced loans\nAllowance for loan\n\nlosses\nRefinanced loans\nAllowance for loan\n\nlosses\n\nS/(000)S/(000)S/(000)S/(000)\n\nStage 1108,144 7,708 89,847 5,961 \n\nStage 282,595 10,046 60,494 9,968 \n\nStage 31,737,423 865,367 2,059,690 971,741 \n\nTotal1,928,162 883,121 2,210,031 987,670 \n\n20252024\n\nRenegotiated loans\nAllowance for loan\n\nlosses\nRenegotiated loans\nAllowance for loan\n\nlosses\n\nS/(000)S/(000)S/(000)S/(000)\n\nStage 11,869,447 8,836 3,090,297 23,513 \n\nStage 2284,866 25,041 579,176 55,208 \n\nStage 3531,370 308,266 711,770 417,017 \n\nTotal2,685,683 342,143 4,381,243 495,738 \n\nThe detail of the gross amount of impaired direct loans by type of loan, together with the fair value of the related collateral and the amounts of its allowance for loan losses, are as follows:\n\n20252024\n\nCommercial loansResidential\nmortgage loansMicrobusiness\nloansConsumer loansTotalCommercial loansResidential\nmortgage loansMicrobusiness\nloansConsumer loansTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nImpaired loans4,519,803 1,617,451 1,357,696 1,387,164 8,882,114 5,028,223 1,643,883 1,686,829 1,459,095 9,818,030 \n\nFair value of collateral3,602,914 1,377,151 249,294 450,104 5,679,463 3,979,625 1,401,503 388,752 439,736 6,209,616 \n\nAllowance for loan losses2,045,256 800,442 949,739 1,150,290 4,945,727 2,159,115 819,671 1,167,311 1,203,250 5,349,347 \n\nIn addition, the breakdown of direct loans classified by maturity is shown below, according to the following criteria:\n\n(i)Current loans, which comprise those direct loans which do not currently have characteristics of delinquency, nor are they in default or stage 3, according to the rules of IFRS 9.\n\n(ii)Current but impaired loans, which comprise those direct loans which do not currently have characteristics of delinquency, but are in default or stage 3, according to IFRS 9.\n\n(iii)Loans with payment delay of one day or more but that are not past due according to our internal guidelines, which comprise those direct loans of customers who have failed to make a payment at its contractual maturity, that is, with at least one day past due, however, the days of delinquency are insufficient to be considered as past due under the Group’s internal criteria.\n\n(iv)Past due loans under internal criteria.\n\nF-138\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe total of the following reflects all overdue loans according to IFRS 7: (i) loans with payment delays of one day or more but that are not considered overdue under internal criteria and (ii) overdue loans under internal criteria.\n\n20252024\n\nCurrent\n\nloans\n\nCurrent but impaired loans\n\nLoans with delays in payments of one day or more but not considered internal overdue loans\n\nInternal overdue loans\nTotal\nTotal past due under IFRS 7\n\nCurrent loans\n\nCurrent but impaired loans\n\nLoans with delays in payments of one day or more but not considered internal overdue loans\n\nInternal overdue loans\nTotal\nTotal past due under IFRS 7\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nNeither past due nor impaired136,675,847 – – - 136,675,847 - 130,867,669 – – - 130,867,669 - \n\nPast due but not impaired– – 2,774,121 297,016 3,071,137 3,071,137 - – 3,189,089 444,457 3,633,546 3,633,546 \n\nImpaired debt– 3,531,294 826,710 4,524,110 8,882,114 5,350,820 – 3,802,650 1,029,703 4,985,677 9,818,030 6,015,380 \n\nTotal136,675,847 3,531,294 3,600,831 4,821,126 148,629,098 8,421,957 130,867,669 3,802,650 4,218,792 5,430,134 144,319,245 9,648,926 \n\nThe classification of direct loans by type of loan and type of maturity is shown below:\n\n20252024\n\nCurrent\n\nloans\n\nCurrent but\n\nimpaired\n\nloans\n\nLoans with\n\ndelays in\n\npayments of one\n\nday or more but\n\nnot considered\n\ninternal overdue\n\nloans\n\nInternal\n\noverdue\n\nloans\nTotal\nCurrent\n\nloans\n\nCurrent but\n\nimpaired\n\nloans\n\nLoans with\n\ndelays in\n\npayments of one\n\nday or more but\n\nnot considered\n\ninternal overdue\n\nloans\n\nInternal\n\noverdue\n\nloans\nTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCommercial loans70,875,782 2,061,610 922,937 2,284,517 76,144,846 70,812,359 2,256,618 1,220,408 2,632,230 76,921,615 \n\nResidential mortgage loans23,413,873 583,148 1,411,644 778,921 26,187,586 22,270,753 573,359 1,456,906 791,039 25,092,057 \n\nMicrobusiness loans22,009,902 302,528 618,804 1,098,663 24,029,897 20,260,194 328,229 779,402 1,410,308 22,778,133 \n\nConsumer loans20,376,290 584,008 647,446 659,025 22,266,769 17,524,363 644,444 762,076 596,557 19,527,440 \n\nTotal136,675,847 3,531,294 3,600,831 4,821,126 148,629,098 130,867,669 3,802,650 4,218,792 5,430,134 144,319,245 \n\nMacroeconomic scenario -\n\nThe expected credit loss is a weighted estimate of three macroeconomic scenarios: base, optimistic and pessimistic, which are calculated with macroeconomic projections provided by the Economic Studies team and approved by Senior Management. The local and international information flows available during the analysis period are used to feed the projections, which reflect the fact that Peru is a small and open economy. In this context, approximately 60.0 percent of the volatility in economic growth is driven by external factors including terms of trade, the growth of Peru's trading partners and external interest rates. Information is collected on each of these factors to build each scenario for the next three years.\n\nThe variables mentioned above, along with local variables (fiscal and monetary variables), are incorporated into the economic models.\n\nThe first is a stochastic dynamic general equilibrium model, which is built with expectations. The second is constructed with the main identities of the national accounts in accordance with the financial programming methodology designed by the IMF (International Monetary Fund) and the methodologies used by a battery of econometric models.\n\nThrough this process, projections of GDP growth, inflation, exchange rate and other macroeconomic variables are obtained for the years 2025, 2026 and 2027. We expect GDP to grow around 3.3 percent in 2026, which is mainly explained by the following factors:\n\n-Highly favorable external conditions driven by record-high terms of trade and lower global interest rates.\n\n-Positive momentum associated with the maturing economic cycle.\n\n-Low inflation supporting real wage recovery.\n\n-An acceleration in credit origination aligned with higher aggregate demand and improved financial health of economic agents.\n\nF-139\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n-Economic expectations remaining in optimistic territory and continuing to improve.\n\nIn addition, a usual degree of uncertainty arising from the political environment inherent to the electoral cycle is recognized.\n\nProbabilities of 50 percent, 25 percent and 25 percent were considered for the base, optimistic, and pessimistic scenarios, respectively. The probabilities assigned to each scenario and the projections are validated through a fan chart analysis, which uses the likelihood function to identify and analyze:\n\n-The central tendency of the projections.\n\n-The dispersion expected around this value\n\n-Values above or below the central value that are more or less likely.\n\nThe following table presents a comparison between the carrying amount of the allowance for credit losses of the direct loan portfolio, indirect loans, and bankers’ acceptances granted to customers, and its estimate under the three scenarios: base, optimistic, and pessimistic.\n\n20252024\n\nS/(000)S/(000)\n\nCarrying amount8,041,526 8,378,895 \n\nScenarios:\n\nOptimistic7,960,895 8,283,450 \n\nBase\n8,031,548 8,369,849 \n\nPessimistic8,142,114 8,492,433 \n\nd)    Credit risk management on reverse repurchase agreements and securities borrowing -\n\nMost of these operations are performed by Credicorp Capital. The Group has implemented credit limits for each counterparty and most of transactions are collateralized with investment grade financial instruments and financial instruments issued by governments.\n\ne)    Credit risk management on investments -\n\nThe Group assesses the identified credit risk of each investment by disclosing the risk rating assigned by recognized local and international credit rating agencies. The credit rating assignment processes carried out in Peru differ from the credit rating assignment processes applied at the international level.\n\nIn the event that any subsidiary uses a risk-rating prepared by any other risk rating agency, said risk-ratings are standardized with those provided by the above-mentioned institutions for consolidation purposes.\n\nF-140\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table shows the risk analysis of the investments provided by the institutions referred to above:\n\n20252024\n\nS/(000)%S/(000)%\n\nInstruments issued in Peru:\n\nBBB- to BBB+\n25,036,590 47.5 23,952,251 44.5 \n\nBB- to BB+865,912 1.6 910,170 1.7 \n\nLower and equal to +B— – 33,402 0.1 \n\nUnrated:\n\nBCRP certificates of deposit10,884,030 20.6 11,435,757 21.2 \n\nListed and unlisted securities139,019 0.3 158,620 0.3 \n\nRestricted mutual funds336,159 0.6 307,225 0.6 \n\nInvestment funds934,923 1.8 835,689 1.6 \n\nMutual funds43,143 0.1 66,156 0.1 \n\nOther instruments221,336 0.4 276,372 0.5 \n\nSubtotal38,461,112 72.9 37,975,642 70.6 \n\n20252024\n\nS/(000)%S/(000)%\n\nInstruments issued abroad:\n\nAAA348,800 0.7 442,467 0.8 \n\nAA- to AA+1,396,825 2.5 2,562,695 4.7 \n\nA- to A+2,888,578 5.5 2,720,507 5.1 \n\nBBB- to BBB+4,220,090 8.0 4,904,951 9.1 \n\nBB- to BB+3,070,701 5.8 2,608,610 4.8 \n\nLower and equal to +B81,332 0.2 60,822 0.1 \n\nUnrated:\n\nListed and unlisted securities21,356 — 42,033 0.1 \n\nMutual funds661,793 1.3 556,001 1.0 \n\nParticipations of RAL funds\n125,393 0.2 432,503 0.8 \n\nInvestment funds563,245 1.1 566,267 1.1 \n\nOther instruments965,717 1.8 953,360 1.8 \n\nSubtotal14,343,830 27.1 15,850,216 29.4 \n\nTotal52,804,942 100.0 53,825,858 100.0 \n\nF-141\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nf)    Concentration of financial instruments exposed to credit risk -\n\nAs of December 31, 2025 and 2024, financial instruments with exposure to credit risk were distributed considering the following economic sectors:\n\n20252024\n\nAt fair value\n\nthrough profit for loss\n\nAt fair value\n\nthrough profit for loss\n\nHeld for trading, hedging and others (*)\n\nDesignated at inception\n\nFinancial assets at amortized cost\n\nAt fair value through other comprehensive income investments and hedging (**)\nTotal\nHeld for trading, hedging and others (*)\n\nDesignated at inception\n\nFinancial assets at amortized cost\n\nAt fair value through other comprehensive income investments and hedging (**)\nTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nCentral Reserve Bank of Peru 34 – 38,956,544 10,884,030 49,840,608 44,599 – 36,640,462 11,435,757 48,120,818 \n\nFinancial services2,792,539 766,516 17,182,430 3,929,527 24,671,012 2,181,025 633,527 18,345,088 4,196,687 25,356,327 \n\nCommerce61,109 1,029 29,358,035 1,308,456 30,728,629 4,441 1,130 26,546,422 1,263,109 27,815,102 \n\nGovernment and public administration2,122,871 221,174 8,416,242 13,758,649 24,518,936 2,153,564 42,978 8,451,218 13,471,446 24,119,206 \n\nMortgage loans– – 25,336,172 – 25,336,172 – – 24,165,038 – 24,165,038 \n\nManufacturing41,417 1,041 20,102,547 1,891,011 22,036,016 157,215 81 21,260,811 1,918,004 23,336,111 \n\nConsumer loans– – 19,877,075 – 19,877,075 – – 18,494,305 – 18,494,305 \n\nCommunications, storage and transportation2,878 – 10,407,568 823,140 11,233,586 25,331 254,562 9,928,424 991,194 11,199,511 \n\nElectricity, gas and water54,641 1,025 5,760,870 2,006,255 7,822,791 109,673 87 5,917,891 2,245,021 8,272,672 \n\nReal estate and leasing299,455 – 3,539,887 56,927 3,896,269 163,867 – 4,872,017 2,408 5,038,292 \n\nMining5,560 – 4,812,472 378,801 5,196,833 5,563 – 3,670,102 226,845 3,902,510 \n\nAgriculture36 – 4,619,970 4,251 4,624,257 3,995 – 4,610,164 8,034 4,622,193 \n\nConstruction9,091 – 2,513,582 360,966 2,883,639 3,901 – 2,924,805 390,071 3,318,777 \n\nHotels and restaurants– – 2,314,739 – 2,314,739 – – 2,570,704 – 2,570,704 \n\nEducation, health and others229,839 1,542 1,435,961 655,588 2,322,930 390,150 10 1,736,113 844,135 2,970,408 \n\nFishing134 – 827,182 – 827,316 4 – 669,274 – 669,278 \n\nInsurance– – 124,299 – 124,299 3,252 – 133,086 – 136,338 \n\nCommunity services and others568,820 102 12,213,192 2,977,125 15,759,239 373,554 359 8,254,825 3,149,927 11,778,665 \n\nTotal6,188,424 992,429 207,798,767 39,034,726 254,014,346 5,620,134 932,734 199,190,749 40,142,638 245,886,255 \n\n(*)It includes non-trading investments that did not pass SPPI test.\n\n(**)OCI: Other comprehensive income.\n\nF-142\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAs of December 31, 2025 and 2024 financial instruments with exposure to credit risk were distributed by the following geographical areas:\n\n20252024\n\nAt fair value\n\nthrough profit for loss\n\nAt fair value\n\nthrough profit for loss\n\nHeld for\n\ntrading,\n\nhedging and\n\nothers (*)\n\nDesignated\n\nat inception\n\nFinancial\n\nassets at\n\namortized\n\ncost\n\nAt fair value\n\nthrough other\n\ncomprehensive\n\nincome\n\ninvestments and hedging (**)\nTotal\nHeld for\n\ntrading,\n\nhedging and\n\nothers (*)\n\nDesignated\n\nat inception\n\nFinancial\n\nassets at\n\namortized\n\ncost\n\nAt fair value\n\nthrough other\n\ncomprehensive\n\nincome\n\ninvestments and hedging(**)\nTotal\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nAmerica:\n\nPeru2,144,033 7,499 183,414,012 28,117,088 213,682,632 1,893,544 3,593 175,089,699 27,879,813 204,866,649 \n\nUnited States of America707,411 616,657 3,242,867 5,975,716 10,542,651 757,151 845,577 3,228,496 7,360,645 12,191,869 \n\nColombia1,501,100 – 4,597,771 855,529 6,954,400 1,218,708 – 3,560,497 793,612 5,572,817 \n\nBolivia437,460 – 9,358,834 666,129 10,462,423 835,594 – 11,850,504 801,894 13,487,992 \n\nChile483,541 – 2,821,134 596,693 3,901,368 300,827 – 2,224,616 626,907 3,152,350 \n\nBrazil8,847 – 1,460,091 299,662 1,768,600 9,037 – 1,632,544 268,174 1,909,755 \n\nPanama5,435 – 338,265 307,071 650,771 43,748 – 359,932 229,945 633,625 \n\nMexico7,383 – 90,081 444,547 542,011 55,729 – 183,334 467,970 707,033 \n\nCanada61,944 – 14,582 179,503 256,029 5,608 – 108,618 149,235 263,461 \n\nEurope:\n\nUnited Kingdom434,045 – 58,512 246,791 739,348 191,072 – 10,498 249,702 451,272 \n\nSpain97,652 – 786,809 277,573 1,162,034 13,561 – 6,755 228,626 248,942 \n\nFrance75,950 – 28,279 125,625 229,854 113,112 – 17,305 120,194 250,611 \n\nSwitzerland10 – 163 23,772 23,945 – – 1,616 47,974 49,590 \n\nLuxembourg79,281 – 336,275 5,316 420,872 77,777 – 7,474 2,961 88,212 \n\nNetherlands– – 2,436 13,501 15,937 – – 728 35,014 35,742 \n\nOthers in Europe117,991 – 53,363 80,250 251,604 79,762 – 190,632 75,014 345,408 \n\nOthers26,341 368,273 1,195,293 819,960 2,409,867 24,904 83,564 717,501 804,958 1,630,927 \n\nTotal6,188,424 992,429 207,798,767 39,034,726 254,014,346 5,620,134 932,734 199,190,749 40,142,638 245,886,255 \n\n(*)It includes non-trading investments that did not pass SPPI test.\n\n(**)OCI: Other comprehensive income.\n\ng)    Offsetting financial assets and liabilities -\n\nThe Group has financial assets and liabilities that:\n\n-Are offset in the Group’s consolidated statement of financial position; or\n\n-Are subject to an enforceable master netting agreement or similar agreement covering similar financial instruments, regardless of whether they are offset in the consolidated statement of financial position.\n\nSimilar arrangements include derivative netting agreements, master repurchase agreements and master securities lending agreements. Similar financial instruments include derivatives, accounts receivable from reverse repurchase agreements and securities financing transactions, and payables from repurchase agreements and securities lending transactions. Financial instruments such as loans and deposits are not disclosed in the following tables, as they are not offset in the consolidated statement of financial position.\n\nThe offsetting framework contract issued by the International Swaps and Derivatives Association Inc. (“ISDA”) and similar master offsetting arrangements do not meet the criteria for offsetting in the statement of financial position, because said agreements were created in order for both parties to have an enforceable offsetting right in cases of default, insolvency or bankruptcy of the Group or the counterparties or following other predetermined events. In addition, the Group and its counterparties do not intend to settle said instruments on a net basis or to realize the assets and settle the liabilities simultaneously.\n\nF-143\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe Group receives and gives collateral in the form of cash and trading securities in respect of the following transactions:\n\n-Derivatives,\n\n-Accounts receivable from reverse repurchase agreements and securities borrowing;\n\n-Payables from repurchase agreements and securities lending\n\nSuch collateral adheres to standard industry terms including, when appropriate, an ISDA Credit Support Annex. This means that securities received/given as collateral can be pledged or sold during the term of the transaction must be returned on maturity of the transaction. The terms also give each party the right to terminate the related transactions upon the counterparty’s failure to return the respective collateral.\n\nFinancial assets subject to offsetting, enforceable master offsetting agreements and similar agreements:\n\n2025\n\nNet of financial assets presented in the consolidated statements of financial position\n\nRelated amounts not offset in the consolidated statement of financial position\n\nDetails\nGross amounts\n\nrecognized financial assets\n\nFinancial\n\ninstruments\n\nCash\n\ncollateral\n\nreceived\nNet amount\n\nS/(000)S/(000)S/(000)S/(000)S/(000)\n\nReceivables from derivatives1,231,865 1,231,865 (499,494)(438,073)294,298 \n\nCash collateral, reverse repurchase agreements and securities borrowing2,177,200 2,177,200 (350,854)(12,635)1,813,711 \n\nInvestments at fair value through other comprehensive income and amortized cost pledged as collateral6,314,420 6,314,420 (5,302,304)– 1,012,116 \n\nTotal9,723,485 9,723,485 (6,152,652)(450,708)3,120,125 \n\n2024\n\nNet of financial\n\nassets presented\n\nin the consolidated\n\nstatements of\n\nfinancial position\n\nRelated amounts not offset in the consolidated statement of financial position\n\nDetails\nGross amounts\n\nrecognized\n\nfinancial assets\n\nFinancial\n\ninstruments\n\nCash\n\ncollateral\n\nreceived\nNet amount\n\nS/(000)S/(000)\nS/(000)\n\nS/(000)\nS/(000)\n\nReceivables from derivatives904,791 904,791 (310,932)(37,615)556,244 \n\nCash collateral, reverse repurchase agreements and securities borrowing1,033,177 1,033,177 – (19,151)1,014,026 \n\nInvestments at fair value through other comprehensive income and amortized cost pledged as collateral6,997,811 6,997,811 (6,159,186)– 838,625 \n\nTotal8,935,779 8,935,779 (6,470,118)(56,766)2,408,895 \n\nF-144\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFinancial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements:\n\n2025\n\nNet amounts of\n\nfinancial liabilities\n\npresented in the\n\nconsolidated\n\nstatement of financial\n\nposition\n\nRelated amounts not offset in the consolidated statement of financial position\n\nDetails\nGross amounts of\n\nrecognized financial\n\nliabilities\n\nFinancial\n\ninstruments\n\nCash\n\ncollateral\n\npledged\nNet amount\n\nS/(000)S/(000)\nS/(000)\n\nS/(000)\n\nS/(000)\n\nPayables on derivatives1,047,907 1,047,907 (499,494)(275,272)273,141 \n\nPayables on repurchase agreements and securities lending8,243,787 8,243,787 (5,302,304)(6,293)2,935,190 \n\nTotal9,291,694 9,291,694 (5,801,798)(281,565)3,208,331 \n\n2024\n\nNet amounts of\n\nfinancial liabilities\n\npresented in the\n\nconsolidated\n\nstatement of financial\n\nposition\n\nRelated amounts not offset in\n\nthe consolidated statement of\n\nfinancial position\n\nDetails\nGross amounts of\n\nrecognized financial\n\nliabilities\n\nFinancial\n\ninstruments\n\nCash\n\ncollateral\n\npledged\nNet amount\n\nS/(000)S/(000)S/(000)S/(000)S/(000)\n\nPayables on derivatives819,473 819,473 (310,932)(1,115,338)(606,797)\n\nPayables on repurchase agreements and securities lending9,060,710 9,060,710 (6,692,254)(362,723)2,005,733 \n\nTotal9,880,183 9,880,183 (7,003,186)(1,478,061)1,398,936 \n\nThe gross amounts of financial assets and liabilities disclosed in the above tables have been measured in the consolidated statement of financial position on the following basis:\n\n-Derivative assets and liabilities are measured at fair value.\n\n-Accounts receivable from resale agreements and securities financing and accounts payable from repurchase agreements and securities lending are measured at amortized cost.\n\nThe difference between the balance recognized in the consolidated statement of financial position and the amounts presented in the preceding tables for derivatives (presented under Other assets, Note 12(c), receivables from resale agreements and securities financing, and payables from repurchase agreements and securities lending at fair value through profit or loss, relates to financial instruments that are outside the scope of offsetting disclosures.\n\n30.2    Market risk -\n\nThe Group has exposure to market risk, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks arise from open positions in interest rates, currency, commodities, and equity products; all of which are exposed to general and specific market movements and changes in the level of volatility of prices such as interest rates, credit spreads, foreign exchange\n\nF-145\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nrates and equity prices. Due to the order of the Group’s current activities, commodity price risk has not been approved, so this type of instrument is not agreed.\n\nThe Group separates exposures to market risk in two groups: (i) those that arise from value fluctuation of trading portfolios recognized at fair value through profit or loss due to movements of market rates or prices (Trading Book) and (ii) those that arise from changes in the structural positions of non-trading portfolios due to movements of the interest rates, prices and foreign exchange ratios (Banking Book) and that are recorded at amortized cost and at fair value with changes in other comprehensive income, this is due to movements in interest rates, prices and currency exchange rates.\n\nThe risks that trading portfolios face are managed through Value at Risk (VaR) historical simulation techniques; while non-trading portfolios (Banking Book) are monitored using rate sensitivity metrics, which are a part of Asset and Liability Management (ALM).\n\na)Trading Book –\n\nThe trading book is characterized for having liquid positions in stocks, bonds, foreign currencies, and derivatives, arising from market-making transactions where the Group acts as principal with the clients or with the market. This portfolio includes investments and derivatives classified by Management as held for trading.\n\n(i)Value at Risk (VaR) –\n\nThe Group applies the VaR approach to its trading portfolio to estimate the market risk of the main positions held and the maximum losses that are expected, based upon a number of assumptions for various changes in market conditions and considering the risk appetite of the subsidiary.\n\nDaily calculation of VaR is a statistically based estimate of the maximum potential loss on the current portfolio from adverse market movements.\n\nVaR expresses the “maximum” amount the Group might lose, but only to a certain level of confidence (99.0 percent). There is therefore a specified statistical probability (1.0 percent) that actual loss could be greater than the VaR estimate. The VaR model assumes a certain “holding period” until positions can be closed (1 - 10 days).\n\nThe time horizon used to calculate VaR is one day; however, the one-day VAR is amplified to a 10 days time frame and calculated multiplying the one-day VaR by the square root of 10. This adjustment will be accurate only if the changes in the portfolio in the following days have a normal distribution independent and identically distributed; because of that, the result is multiplied by a non-normality adjustment factor. The limits and consumptions of the VaR are established on the basis of the risk appetite and the trading strategies of each subsidiary.\n\nThe evaluation of the movements of the trading portfolio has been based on annual historical information and 72 market risk factors, which are detailed following: 21 market curves, 31 stock prices, 17 mutual fund values and 2 series of volatility. The Group directly applies these historical changes in rates to each position in its current portfolio (method known as historical simulation).\n\nThe Group Management considers that the market risk factors, incorporated in their VaR model, are adequate to measure the market risk to which its trading portfolio is exposed.\n\nThe use of this approach does not prevent losses outside of these limits in the event of more significant market movements. Losses exceeding the VaR figure may occur, on average under normal market conditions, not more than once every hundred days. VaR limits have been established to control and keep track of all the risks taken. These risks arise from the size of the positions and/or the volatility of the risk factors embedded in each financial instrument. Regular reports are prepared for the Treasury Risk Committee and ALM, the Risk Management Committee and Senior Management.\n\nF-146\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nVaR results are used to generate economic capital estimates by market risk, which are periodically monitored and are part of the overall risk appetite of each subsidiary. Furthermore, at Group level, there is also a limit to the risk appetite of the trading portfolio, which is monitored and informed to the Treasury Risks and ALM Corporate Committee.\n\nIn VaR calculation, the effects of the exchange rate are not included because said effects are measured in the net monetary position, see Note 30.2(b)(ii).\n\nThe VaR of the Group remained stable as of December 31, 2025. During the period, the VaR remained within the limits of the appetite for risk established by the Risk Management of each subsidiary.\n\nAs of December 31, 2025 and 2024, the Group’s VaR by risk type is as follows:\n\n20252024\n\nS/(000)S/(000)\n\nInterest rate risk27,569 29,138 \n\nPrice risk1,631 933 \n\nVolatility risk286 462 \n\nDiversification effect(611)(1,685)\n\nConsolidated VaR by type of risk28,875 28,848 \n\nOn the other hand, those instruments that are accounted for at fair value through profit or loss and that are not intended for trading are included in the rate and price sensitivity analysis in the following section. See table of earnings sensitivity at risk, net economic value and price sensitivity.\n\nb)Banking Book –\n\nThe non-trading portfolios or, belonging to the banking book (“banking book”), are exposed to different risks, since they are sensitive to movements in market rates, which may result in a negative impact on the value of the assets. with respect to its liabilities, and therefore, in its net worth.\n\n(i)Interest rate risk –\n\nThe Banking Book-related interest rate risk arises from eventual changes in interest rates that may adversely affect the expected gains (risk gains) or market value of financial assets and liabilities reported on the balance sheet (net economic value). The Group assumes the exposure to the interest rate risk that may affect their fair value as well as the cash flow risk of future assets and liabilities.\n\nThe Risk Committee sets the guidelines regarding the level of unmatched repricing of interest rates that can be tolerated, which is periodically monitored through ALCO.\n\nCorporate policies include guidelines for the management of the Group’s exposure to the interest rate risk. These guidelines are implemented considering the features of each segment of business in which the Group entities operate.\n\nIn this regard, Group companies that are exposed to the interest rate risk are those that have yields based on interest, such as credits, investments and technical reserves. Interest rate risk management in Banco de Crédito del Perú, Banco de Crédito de Bolivia, Mibanco - Banco de la Microempresa, Mibanco - Banco de la Microempresa de Colombia, ASB Bank Corp and Pacífico Seguros, is carried out by performing a repricing gap analysis, sensitivity analysis of the financial margin (GER) and sensitivity analysis of the net economic value (VEN). These calculations consider different rate shocks, which are generated through different scenario simulations and consider periods of high volatility.\n\nF-147\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nAnalysis of repricing gap -\n\nThe repricing gap analysis is intended to measure the risk exposure of interest rate for repricing periods, in which both balance and out of balance assets and liabilities are grouped. This allows identifying those sections in which the rate variations would have a potential impact.\n\nThe table below summarizes the Group’s exposure to interest rate risks. It includes the Group’s financial instruments at carrying amounts, categorized by the earlier of contractual re-pricing or maturity dates, what occurs first:\n\n2025\n\nUp to 1\n\nmonth\n\n1 to 3\n\nmonths\n\n3 to 12\n\nmonths\n\n1 to 5\n\nyears\n\nMore than\n\n5 years\n\nNon-interest\n\nbearing\nTotal\n\nS/(000)\n\nS/(000)\nS/(000)\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nAssets\n\nCash and cash collateral, reverse repurchase agreements and securities borrowing37,746,584 759,032 1,095,107 2,167,637 2,882,800 6,570,497 51,221,657 \n\nInvestments (*)2,206,670 4,454,362 7,626,855 8,288,755 25,180,743 90,321 47,847,706 \n\nLoans, net21,146,870 18,801,001 44,294,644 45,817,210 13,917,135 (1,661,856)142,315,004 \n\nFinancial assets designated at fair value through profit or loss– – – – – 992,429 992,429 \n\nReinsurance and insurance contract assets708,560 – – – – – 708,560 \n\nOther assets (**)544,074 133,545 1,332 – 72,840 4,708,147 5,459,938 \n\nTotal assets62,352,758 24,147,940 53,017,938 56,273,602 42,053,518 10,699,538 248,545,294 \n\nLiabilities\n\nDeposits and obligations26,910,364 22,259,382 28,940,310 52,514,477 39,448,884 328,216 170,401,633 \n\nPayables from repurchase agreements and securities lending and due to banks and correspondents6,438,412 5,628,624 1,145,888 2,654,255 2,894,222 157,624 18,919,025 \n\nInsurance and reinsurance contract liability136,545 210,611 599,093 2,460,841 7,610,781 3,246,284 14,264,155 \n\nFinancial liabilities at fair value through profit or loss– – – – – 1,055,893 1,055,893 \n\nBonds and notes issued226,853 423,133 2,866,745 7,532,602 2,707,559 268,643 14,025,535 \n\nOther liabilities (**)1,219,594 25,236 10,043 12 129,525 4,678,502 6,062,912 \n\nEquity– – – – – 39,096,109 39,096,109 \n\nTotal liabilities and equity34,931,768 28,546,986 33,562,079 65,162,187 52,790,971 48,831,271 263,825,262 \n\nOff-balance-sheet accounts\n\nDerivative financial assets– 353,115 823,935 – – – 1,177,050 \n\nDerivative financial liabilities504,450 – 184,965 502,585 – – 1,192,000 \n\n(504,450)353,115 638,970 (502,585)– – (14,950)\n\nMarginal gap26,916,540 (4,045,931)20,094,829 (9,391,170)(10,737,453)(38,131,733)(15,294,918)\n\nAccumulated gap26,916,540 22,870,609 42,965,438 33,574,268 22,836,815 (15,294,918)– \n\n(*)Investments for trading purposes are not considered (investments at fair value through profit or loss and trading derivatives), because these instruments are part of the trading book and the Value at Risk methodology is used to measure market risks.\n\n(**)Other assets and Other liabilities include only financial instruments, excluding accounts receivable and accounts payable, respectively, arising from trading derivatives.\n\nF-148\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n2024\n\nUp to 1\n\nmonth\n\n1 to 3\n\nmonths\n\n3 to 12\n\nmonths\n\n1 to 5\n\nyears\n\nMore than\n\n5 years\n\nNon-interest\n\nbearing\nTotal\n\nS/(000)\n\nS/(000)\nS/(000)\nS/(000)\nS/(000)\nS/(000)\n\nS/(000)\n\nAssets\n\nCash and cash collateral, reverse repurchase agreements and securities borrowing35,573,543 1,085,329 1,609,783 2,012,826 2,342,288 6,064,604 48,688,373 \n\nInvestments (*)1,548,776 3,604,634 10,192,970 12,690,421 20,926,450 147,264 49,110,515 \n\nLoans, net19,023,450 17,337,262 40,333,482 46,077,476 16,239,454 (1,273,828)137,737,296 \n\nFinancial assets designated at fair value through profit or loss– – – – – 932,734 932,734 \n\nReinsurance and insurance contract assets841,170 – – – – – 841,170 \n\nOther assets (**)110,454 – – – 74,073 3,675,254 3,859,781 \n\nTotal assets57,097,393 22,027,225 52,136,235 60,780,723 39,582,265 9,546,028 241,169,869 \n\nLiabilities\n\nDeposits and obligations30,965,685 20,248,915 35,585,502 47,713,442 26,875,898 452,624 161,842,066 \n\nPayables from repurchase agreements and securities lending and due to banks and correspondents3,371,128 6,893,979 4,410,854 1,749,262 3,074,502 315,370 19,815,095 \n\nInsurance and reinsurance contract liability121,965 189,997 582,662 2,149,411 7,271,617 3,106,633 13,422,285 \n\nFinancial liabilities at fair value through profit or loss– – – – – 151,485 151,485 \n\nBonds and notes issued2,913,005 2,108,291 3,977,975 5,284,838 2,787,909 196,425 17,268,443 \n\nOther liabilities (**)442,572 – – 4 101,587 5,220,609 5,764,772 \n\nEquity– – – – – 34,977,234 34,977,234 \n\nTotal liabilities and equity37,814,355 29,441,182 44,556,993 56,896,957 40,111,513 44,420,380 253,241,380 \n\nOff-balance-sheet accounts\n\nDerivative financial assets865,949 508,140 592,591 564,599 – – 2,531,279 \n\nDerivative financial liabilities1,382,049 112,920 354,289 658,699 – – 2,507,957 \n\n(516,100)395,220 238,302 (94,100)– – 23,322 \n\nMarginal gap18,766,938 (7,018,737)7,817,544 3,789,666 (529,248)(34,874,352)(12,048,189)\n\nAccumulated gap18,766,938 11,748,201 19,565,745 23,355,411 22,826,163 (12,048,189)– \n\n(*)Investments for trading purposes are not considered (investments at fair value through profit or loss and trading derivatives), because these instruments are part of the trading book and the Value at Risk methodology is used to measure market risks.\n\n(**)Other assets and Other liabilities include only financial instruments, excluding accounts receivable and accounts payable, respectively, arising from trading derivatives.\n\nSensitivity to changes in interest rates -\n\nThe sensitivity analysis of a reasonable possible change in interest rates on the banking book comprises an assessment of the sensitivity of the financial margins that seeks to measure the potential changes in the interest accruals over a period of time and the expected movement of the interest rate curves, as well as the sensitivity of the net economic value, which is a long-term metric measured as the difference arising between the Net Economic Value of assets and liabilities before and after a variation in interest rates.\n\nThe sensitivity of the financial margin is the effect of the assumed changes in interest rates on the net financial interest income before income tax and non-controlling interest for one year, based on non-trading financial assets and financial liabilities held as of December 31, 2025 and 2024, including the effect of derivative instruments.\n\nF-149\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe sensitivity of the Net Economic Value is calculated by reassessing the financial assets and liabilities sensitive to rates, except for the trading instruments, including the effect of any associated hedge, and derivative instruments designated as a cash flow hedge. Regarding rate risk management, no distinction is made by accounting category for the investments that are considered in these calculations.\n\nThe results of the sensitivity analysis regarding changes in interest rates at December 31, 2025 and 2024 are presented below:\n\n2025\n\nCurrency\nChanges in\n\nbasis points\n\nSensitivity of net profit\n\nSensitivity of net\n\neconomic value\n\nS/(000)S/(000)\n\nSoles+/-50+/-51,429 -/+297,149 \n\nSoles+/-75+/-77,143 -/+445,724 \n\nSoles+/-100+/-102,857 -/+594,298 \n\nSoles+/-150+/-154,286 -/+891,447 \n\nU.S. Dollar+/-50+/-173,047 +/-338,248 \n\nU.S. Dollar+/-75+/-259,571 +/-507,372 \n\nU.S. Dollar+/-100+/-346,095 +/-676,496 \n\nU.S. Dollar+/-150+/-519,142 +/-1,014,745 \n\n2024\n\nCurrency\nChanges in\n\nbasis points\n\nSensitivity of net profit\n\nSensitivity of net\n\neconomic value\n\nS/(000)S/(000)\n\nSoles+/-50+/-30,754 -/+425,783 \n\nSoles+/-75+/-46,132 -/+638,675 \n\nSoles+/-100+/-61,509 -/+851,567 \n\nSoles+/-150+/-92,263 -/+1,277,350 \n\nU.S. Dollar+/-50+/-134,532 +/-191,211 \n\nU.S. Dollar+/-75+/-201,798 +/-286,816 \n\nU.S. Dollar+/-100+/-269,064 +/-382,421 \n\nU.S. Dollar+/-150+/-403,595 +/-573,632 \n\nThe interest rate sensitivities set out in the table above are only illustrative and are based on simplified scenarios. The figures represent the effect of the pro-forma movements in the net interest income based on the projected yield curve scenarios and the Group’s current interest rate risk profile. This effect, however, does not incorporate actions that would be taken by Management to mitigate the impact of this interest rate risk.\n\nThe Group seeks proactively to change the interest rate risk profile to minimize losses and optimize net revenues. The projections above also assume that the interest rate of all maturities moves by the same amount and, therefore, do not reflect the potential impact on net interest income of some rates changing while others remain unchanged.\n\nAs of December 31, 2025 and 2024, investments in equity securities and funds that are non-trading, recorded at fair value through other comprehensive income and at fair value through profit or loss, respectively, are not considered as comprising investment securities for interest rate sensitivity calculation purposes; however, a 10.0, 25.0 and 30.0 percent of changes in market prices is conducted to these price-sensitivity securities.\n\nF-150\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe market price sensitivity tests as of December 31, 2025 and 2024 are presented below:\n\nEquity securities\n\nMeasured at fair value through\n\nother comprehensive income\n\nChange in\n\nmarket prices\n20252024\n\n%S/(000)S/(000)\n\nEquity securities+/-10 9,032 14,726 \n\nEquity securities+/-25 22,581 36,816 \n\nEquity securities+/-30 27,097 44,179 \n\nFunds\n\nMeasured at fair value through profit\n\nor loss\n\nChange in\n\nmarket prices\n20252024\n\n%S/(000)S/(000)\n\nParticipation in mutual funds+/-10 70,494 62,216 \n\nParticipation in mutual funds+/-25 176,234 155,539 \n\nParticipation in mutual funds+/-30 211,481 186,647 \n\nRestricted mutual funds+/-10 33,616 31,820 \n\nRestricted mutual funds+/-25 84,040 79,549 \n\nRestricted mutual funds+/-30 100,848 95,459 \n\nParticipation in RAL funds+/-10 12,539 43,250 \n\nParticipation in RAL funds+/-25 31,348 108,126 \n\nParticipation in RAL funds+/-30 37,618 129,751 \n\nInvestment funds+/-10 149,817 140,196 \n\nInvestment funds+/-25 374,542 350,489 \n\nInvestment funds+/-30 449,451 420,587 \n\nExchange Trade Funds+/-10 3,410 3,931 \n\nExchange Trade Funds+/-25 8,524 9,827 \n\nExchange Trade Funds+/-30 10,229 11,793 \n\n(ii)Foreign currency exchange risk –\n\nThe Group is exposed to fluctuations in foreign currency exchange rates, which impact net open monetary positions and equity positions in a different currency than the group's functional currency.\n\nThe group's monetary position is made up of the net open position of monetary assets, monetary liabilities and off-balance sheet items expressed in foreign currency for which the entity itself assumes the risk; as well as the equity position generated by the investment in the group's subsidiaries whose functional currency is different from soles. In the first case, any appreciation/depreciation of the foreign currency would affect the consolidated income statement, on the contrary, in the case of the equity position, any appreciation/depreciation of the foreign currency will be recognized in the consolidated statement of comprehensive income.\n\nThe Group manages foreign currency exchange risk, which affects the consolidated statement of income, by monitoring and controlling currency positions exposed to movements in exchange rates. The market risk units of each subsidiary establish limits for said positions, which are approved by their own committees, and monitor and follow up the limits considering their foreign exchange trading positions, their most structural foreign exchange positions, as well as their sensitivities. Additionally, there is a monetary position limit at the Credicorp level, which is monitored and reported to the Group's Risk Committee.\n\nF-151\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nOn the other hand, the Group manages foreign currency exchange risk whose fluctuation is recognized in other comprehensive income, monitoring and controlling equity positions and their sensitivities, which are reported to the Group's Risk Committee.\n\nNet foreign exchange gains/losses recognized in the consolidated statement of income are disclosed in the following items:\n\n-Net gain on foreign exchange transactions.\n\n-Net gain on derivatives held for trading.\n\n-Net exchange difference result.\n\nAs of December 31, 2025, the foreign currency in which the Group has the greatest exposure is the U.S. Dollar. The free market-exchange rate for purchase and sale transactions of each U.S. Dollar as of December 31, 2025 was S/3.363 (S/3.764 as of December 31, 2024).\n\nForeign currency transactions are made at market exchange rates of the countries where Credicorp’s Subsidiaries are established. As of December 31, 2025 and 2024, the net open monetary position with effect on results and the equity position of the Group was as follows:\n\n20252024\n\nU.S. Dollar\nOther\n\ncurrencies\nTotalU.S. Dollar\nOther\n\ncurrencies\nTotal\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nTotal monetary assets92,302,409 403,672 92,706,081 93,696,321 435,107 94,131,428 \n\nTotal monetary liabilities(82,319,334)(78,107)(82,397,441)(86,859,546)(104,858)(86,964,404)\n\n9,983,075 325,565 10,308,640 6,836,775 330,249 7,167,024 \n\nCurrency derivatives\n(9,163,066)174,608 (8,988,458)(6,142,485)144,889 (5,997,596)\n\nNet monetary position with effect on consolidated statement of income\n820,009 500,173 1,320,182 694,290 475,138 1,169,428 \n\nNet monetary position with effect on equity\n1,157,602 2,355,753 3,513,355 754,769 2,291,428 3,046,197 \n\nNet monetary position1,977,611 2,855,926 4,833,537 1,449,059 2,766,566 4,215,625 \n\nAs of December 31, 2025, the monetary position with effect on equity in other currencies consists mainly of the equity of subsidiaries in Bolivianos for S/799.2 million, in Colombian pesos for S/1,031.4 million, in Chilean pesos for S/522.5 million, among other minor amounts. As of December 31, 2024, the monetary position with effect on equity was in Bolivianos S/962.7 million, in Colombian pesos S/901.3 million, in Chilean pesos S/425.7 million, among other minor items.\n\nStarting in March 2025, Management has decided to use, for the conversion of its investments in companies incorporated in Bolivia, the exchange rate applied by financial institutions, as published on March 14, 2025 in Circular No. 857/2025 issued by the Financial System Supervisory Authority of Bolivia (ASFI), as this determines the value at which Bolivian financial institutions can buy/sell U.S. Dollars. This update has resulted in a decrease in the Group’s consolidated statement of financial position of S/2,315.2 million in assets, S/2,193.8 million in liabilities, and S/121.5 million in equity as of December 31, 2025.\n\nF-152\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following tables show the sensitivity analysis of the main currencies to which the Group is exposed, and which affect the consolidated statement of income and other comprehensive income as of December 31, 2025 and 2024.\n\nThe analysis determines the effect of a reasonably possible variation of the exchange rate against Sol for each of the currencies independently, considering all other variables constant. A negative amount shows a potential net reduction in the consolidated income statement and other comprehensive income, while a positive amount reflects a potential increase.\n\nThe sensitivity analysis of the foreign currency position with an effect on the consolidated income statement as of December 31, 2025 and December 31, 2024 is shown below, with the U.S. Dollar as the main currency of exposure:\n\nCurrency rate sensitivity\nChange in\n\ncurrency\n\nrates\n20252024\n\n%S/(000)S/(000)\n\nDepreciation -\n\nSoles in relation to U.S. Dollar539,048 33,061 \n\nSoles in relation to U.S. Dollar1074,546 63,117 \n\nAppreciation -\n\nSoles in relation to U.S. Dollar5(43,158)(36,542)\n\nSoles in relation to U.S. Dollar10(91,112)(77,143)\n\nThe following is a sensitivity analysis of the foreign exchange position with effect on the consolidated statement of comprehensive income, with the U.S. Dollar, Boliviano, Colombian peso and Chilean peso as the main currencies of exposure. This analysis is shown as of December 31, 2025 and 2024:\n\nCurrency rate sensitivity\nChange in\n\ncurrency\n\nrates\n20252024\n\n%S/(000)S/(000)\n\nDepreciation -\n\nSoles in relation to U.S. Dollar555,124 35,941 \n\nSoles in relation to U.S. Dollar10105,237 68,615 \n\nAppreciation -\n\nSoles in relation to U.S. Dollar5(60,926)(39,725)\n\nSoles in relation to U.S. Dollar10(128,622)(83,863)\n\nF-153\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nCurrency rate sensitivity\nChange in\n\ncurrency\n\nrates\n20252024\n\n%S/(000)S/(000)\n\nDepreciation -\n\nSoles in relation to Boliviano\n538,056 45,842 \n\nSoles in relation to Boliviano\n1072,652 87,516 \n\nAppreciation -\n\nSoles in relation to Boliviano\n5(42,062)(50,667)\n\nSoles in relation to Boliviano\n10(88,797)(106,964)\n\nCurrency rate sensitivity\nChange in\n\ncurrency\n\nrates\n20252024\n\n%S/(000)S/(000)\n\nDepreciation -\n\nSoles in relation to Colombian Peso549,115 42,919 \n\nSoles in relation to Colombian Peso1093,765 81,936 \n\nAppreciation -\n\nSoles in relation to Colombian Peso5(54,285)(47,437)\n\nSoles in relation to Colombian Peso10(114,602)(100,144)\n\nCurrency rate sensitivity\nChange in\n\ncurrency\n\nrates\n20252024\n\n%S/(000)S/(000)\n\nDepreciation -\n\nSoles in relation to Chilean Peso524,882 20,272 \n\nSoles in relation to Chilean Peso1047,501 38,702 \n\nAppreciation -\n\nSoles in relation to Chilean Peso5(27,501)(22,406)\n\nSoles in relation to Chilean Peso10(58,057)(47,302)\n\n30.3    Liquidity risk\n\nLiquidity risk is the risk that the Group is unable to meet its short-term payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. In this sense, the company that is facing a liquidity crisis would be failing to comply with the obligations to pay depositors and with commitments to lend or satisfy other operational cash needs.\n\nThe Group is exposed to daily cash requirements, interbank deposits, current accounts, time deposits, use of loans, guarantees and other requirements. The Management of the Group's subsidiaries establishes limits for the minimum funds amount available to cover such cash withdrawals and on the minimum level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels of demand. Sources of liquidity are regularly reviewed by the corresponding risk teams to maintain a wide diversification by currency, geography, type of funding, provider, producer and term.\n\nF-154\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe procedure to control the mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Group. It is unusual for banks to be completely matched, as transacted business is often based on uncertain terms and of different types. An unmatched position potentially enhances profitability, but also increases liquidity risk, which generates exposure to potential losses.\n\nMaturities of assets and liabilities and the ability to replace them, at an acceptable cost are important factors in assessing the liquidity of the Group.\n\nA mismatch, in maturity of long-term illiquid assets against short-term liabilities, exposes the consolidated statement of financial position to risks related both to rollover and to interest rates. If liquid assets do not cover maturing debts, an consolidated statement of financial position is vulnerable to a rollover risk. Furthermore, a sharp increase in interest rates can dramatically increase the cost of rolling over short-term liabilities, leading to a rapid increase in debt cost. The contractual-maturity gap report is useful in showing liquidity characteristics.\n\nCorporate policies have been implemented for liquidity risk management by the Group. These policies are consistent with the particular characteristics of each operating segment in which each of the Group companies operate. Risk Management heads set up limits and autonomy models to determine the adequate liquidity indicators to be managed.\n\nCommercial banking and Microfinance:\n\nLiquidity risk exposure in Banco de Crédito del Perú, Banco de Crédito de Bolivia, Mibanco – Banco de la Microempresa and Mibanco - Banco de la Microempresa de Colombia is based on indicators such as the Internal Liquidity Coverage Ratio (RCLI, the Spanish acronym) which measures the amount of liquid assets available to meet cash outflows needs within a given stress scenario for a period of 30 days and the Internal Ratio of Stable Net Funding (RFNEI, the Spanish acronym), which is intended to guarantee that long-term assets are financed at least with a minimum number of stable liabilities within a prolonged liquidity crisis scenario and works as a minimum compliance mechanism that supplements the RCLI. The core limits of these indicators are 100.0 percent, and any excess are presented in the Credicorp Treasury Risk Committee, Credicorp Risk Committee and the Assets Liabilities Committee (ALCO) of the respective subsidiary.\n\nInsurances and Pensions:\n\nInsurances: Liquidity risk management in Pacífico Seguros follows a particular approach given the nature of the business. For annually renewable businesses, mainly general insurance, the emphasis of liquidity is focused on the quick availability of resources in the event of a systemic event (e.g. earthquake); for this purpose, there are minimum investment indicators in place relating to local cash/time deposits and foreign fixed-income instruments of high quality and liquidity.\n\nOn the long-term business side (life insurance), given the nature of the products offered and the contractual relationship with customers (the liquidity risk is not material); the emphasis is on maintaining sufficient flow of assets and matching their maturities with maturities of liabilities; for this purpose there are indicators that measure the asset/liability sufficiency and adequacy as well as calculations or economic capital subject to interest rate risk, this last under the methodology of Credicorp\n\nPensions: Liquidity risk management in AFP Prima is carried out in a differentiated manner between the fund administrator and the funds being managed. Liquidity management regarding the fund administrator is focused on hedge meeting periodic operating expense needs, which are supported with the collection of commissions. The fund administering entity does not record unexpected outflows of liquidity.\n\nInvestment banking:\n\nLiquidity risk in Credicorp Capital Ltd principally affects the security brokerage. In managing this risk, limits of use of liquidity have been established as well as mismatching by dealing desk; follow-up on liquidity is performed on a daily basis for a short-term horizon covering the coming settlements. If short-term unmatched maturities are identified, repos are used. On the other hand, structural liquidity risk of Credicorp Capital is not significant given the low levels of debt, which is monitored regularly using financial planning tools.\n\nF-155\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nIn the case of ASB Bank Corp., the risk liquidity management performs through indicators such as Internal Liquidity Coverage Ratio (RCLI, the Spanish acronym) and the Internal Ratio of Stable Net Funding (RFNEI, the Spanish acronym) with the core limits of 100.0 percent and any excess is presented in the Credicorp Treasury Risk Committee, Credicorp Risk Committee and the Assets Liabilities Committee (ALCO) of the respective subsidiary.\n\nCompanies perform a liquidity risk management using the liquidity Gap or contractual maturity Gap.\n\nThe following table presents the cash outflows to be paid and cash inflows from financial assets to be collected by the Group, classified by remaining contractual maturities (including future interest payments), as of the date of the consolidated statement of financial position. The amounts disclosed in the table represent undiscounted contractual cash flows; therefore, they do not correspond to the balances presented in the statement of financial position, which represent values as of the end of the reporting period. Below, we present the detailed breakdown:\n\n20252024\n\nUp to a month\n\nFrom 1 to 3 months\n\nFrom 3 to 12 months\n\nFrom 1 to 5 years\n\nOver 5 Year\nTotal\nUp to a month\n\nFrom 1 to 3 months\n\nFrom 3 to 12 months\n\nFrom 1 to 5 years\n\nOver 5 Year\nTotal\n\nS/(000)S/(000)\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\nS/(000)S/(000)\nS/(000)\nS/(000)S/(000)S/(000)\n\nFinancial assets56,775,341 27,123,607 64,960,715 84,472,301 57,839,707 291,171,671 48,594,583 26,281,483 65,297,685 87,773,303 54,682,216 282,629,270 \n\nFinancial liabilities by type -\n\nDeposits and obligations27,960,099 22,565,903 32,327,179 49,272,562 38,920,715 171,046,458 30,985,483 20,512,659 40,067,393 45,138,302 26,735,551 163,439,388 \n\nPayables from reverse purchase agreements and security lendings and due to banks and correspondents5,316,312 3,911,664 2,468,798 4,853,520 3,765,726 20,316,020 3,697,052 5,382,691 4,441,442 4,079,266 3,918,189 21,518,640 \n\nFinancial liabilities designated at fair value through profit or loss1,055,893 – – – – 1,055,893 151,485 – – – – 151,485 \n\nBonds and notes issued453,752 521,224 3,251,896 9,223,703 3,436,539 16,887,114 3,185,435 2,213,666 4,260,484 6,629,122 3,062,721 19,351,428 \n\nLease liabilities245,001 25,443 77,893 299,620 80,465 728,422 31,147 33,499 93,536 229,166 104,285 491,633 \n\nOther liabilities4,937,226 696,978 115,089 22,892 1,321,725 7,093,910 4,086,668 297,762 234,627 27,317 1,921,410 6,567,784 \n\nTotal liabilities39,968,283 27,721,212 38,240,855 63,672,297 47,525,170 217,127,817 42,137,270 28,440,277 49,097,482 56,103,173 35,742,156 211,520,358 \n\nDerivative financial liabilities -\n\nContractual amounts receivable (inflows)720,741 480,314 1,080,425 1,560,389 183,588 4,025,457 1,960,811 3,420,416 4,858,373 1,013,090 20,320 11,273,010 \n\nContractual amounts payable (outflows)718,192 492,021 1,103,870 1,588,286 195,688 4,098,057 1,955,324 3,416,357 4,877,328 1,034,592 21,027 11,304,628 \n\nTotal liabilities2,549 (11,707)(23,445)(27,897)(12,100)(72,600)5,487 4,059 (18,955)(21,502)(707)(31,618)\n\n30.4    Non-financial risk -\n\nA non-financial risk (NFR) is broadly defined by exclusion, encompassing any risk other than financial market, credit and liquidity risks. NFR may have substantial negative strategic, commercial, economic and/or reputational implications. They include operational risks as defined by Basel's seven types of operational risk events, as well as other significant risks such as technology, cyber, conduct, model, compliance, strategic and third-party risks.\n\nThe management of non-financial risks has become increasingly challenging due to the added complexity of rapid technological advancements, extensive process automation, greater reliance on systems rather than people, and transformational processes. These changes in the way financial institutions operate have led to new risk exposures, including attacks affecting the Group's services, data theft and online fraud.\n\n30.5    Operational risk -\n\nOperational risk is the possibility of incurring losses due to inadequate processes, human error, information technology failures, third party relationships or external events. These risks can result in financial losses and have\n\nF-156\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nlegal or regulatory compliance consequences, but they exclude strategic or reputational risk (except for companies under Colombian regulations, where reputational risk is included in operational risk).\n\nOperational risks are categorized into internal fraud, external fraud, labor relations and job security, customer relations, business products and practices, damage to material assets, business and systems interruption, and failures in process, execution, delivery and management.\n\nOne of the Group’s pillars is to cultivate an efficient risk culture. To achieve this, it records operational risks and their respective process controls. The risk map allows for the monitoring, prioritization and proposed treatment of these risks according to established governance. Additionally, the Group actively manages cybersecurity and fraud prevention, aligning with best international practices.\n\nThe business continuity management system enables the establishment, implementation, operation, monitoring, review, maintenance, and improvement of business continuity based on best practices and regulatory requirements. The Group implements recovery strategies for resources that support critical products and services, which are periodically tested to measure the effectiveness of these strategies.\n\nIn managing operational risk, cybersecurity, fraud prevention and business continuity, corporate guidelines are utilized, methodologies and best practices are shared among the Group's companies.\n\nWe also have recovery mechanisms for the materialization of operational risks, primarily through insurance policies contracted for all Credicorp Group companies in the international market. These policies cover losses due to fraud events, professional liability, cyber risks, and directors' liability. Additionally, we have insurance policies individually contracted by Credicorp companies in the local market that cover losses due to material damage to physical assets and civil liability.\n\n30.6    Cybersecurity -\n\nCredicorp directs its efforts towards cost-efficient strategies to minimize the exposure to cybersecurity risk. To this end, it implements different levels of controls adapted to the different areas and potentially vulnerable companies. In addition, it maintains a significant investment program that ensures the availability of technologies and processes necessary to protect the Group's operations and assets.\n\nWithin the framework of cybersecurity governance, the Group has a Credicorp CISO and a corporate team dedicated to implementing and ensuring compliance with the cybersecurity strategy across all companies. A corporate strategy and plan has been established that includes implementation priorities and improvements, adapted to each company’s specific context. These lines of work comprise the Cybersecurity Strategy, which is constantly reviewed considering the global scenario, risk profile, standards, frameworks and regulations, with the aim of ensuring business continuity, resilience and data privacy. In addition, a robust cybersecurity framework is adopted that allows adjusting cybersecurity controls for each Group company, managing and remediating vulnerabilities in an early and timely manner.\n\nThe Group also has an awareness and continuous training program for its employees, fostering a culture of cybersecurity awareness in all companies. In addition, cybersecurity indicators are used to ensure alignment between operations and the Group's business strategy.\n\nGroup companies have third-party governance policies in place, which establish the security requirements to be met by service providers, compliance with which is mandatory.\n\nFinally, asset information security management is carried out through a systematic process, documented and known throughout the organization, following best practices and regulatory requirements. Guidelines based on policies and procedures are designed and developed to guarantee the availability, confidentiality and integrity of the information.\n\n30.7    Corporate Security, Investigations and Cybercrime Management -\n\nAs part of the management of non-financial risks, the Corporate Security, Investigations and Cybercrime Area is responsible for detecting and responding to incidents involving fraud, cybercrime and physical security.\n\nF-157\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThese efforts led out by specialized teams in investigations, cybercrime, electronic security, disaster management, and strategic intelligence activities, including social conflicts. Likewise, new capabilities have been incorporated into our infrastructure’s video surveillance system, which not only ensures compliance with new standards and regulations but also facilitates the integration of next-generation video intelligence functions. These include intelligent cameras supported by algorithms, analytics, and artificial intelligence, thus optimizing risk management with the expanded reach provided by current technology.\n\nFinally, we contribute to the security of the Financial System are made through collaborative efforts carried out at both the local and regional levels. At the local level, these efforts are channeled through participation in the Association of Banks of Peru (ASBANC, by its acronym in Spanish), while at the Latin American level, they are conducted through the Committee of Security Experts of the Latin American Federation of Banks (FELABAN, by its acronym in Spanish).\n\n30.8    Model Risk -\n\nThe Group uses models for different purposes such as credit admission, capital calculation, behavior, provisions, market risk, liquidity, among others.\n\nModel risk is defined as the probability of loss resulting from decisions (credit, market, among others) based on the use of poorly designed and/or poorly implemented models. The sources that generate this risk are mainly: deficiencies in data, errors in the model (from design to implementation), use of the model.\n\nThe management of model risk is proportional to the importance of each model. In this sense, a concept of “tiering” (measurement system that orders the models depending to the importance according to the impact on the business) is defined as the main attribute to synthesize the level of importance or relevance of a model, from which is determined the intensity of the model risk management processes to be followed.\n\nModel risk management is structured around a set of processes known as the life cycle of the model. The definition of phases of the life cycle of the model in the Group is detailed below: Identification, Planning, Development, Internal Validation, Approval, Implementation and use, and Monitoring and control.\n\n30.9    Risk of the insurance activity -\n\nThe main risk faced by the Group in insurance contracts is that the actual cost of claims and payments, or the timing thereof, differ from expectations. This is influenced by the frequency of claims, the severity of claims, the actual benefits paid and the subsequent development of claims over the long term. The Group's objective is therefore to ensure that sufficient reserves are available to cover these liabilities.\n\nRisk exposure is mitigated by diversification through a large portfolio of insurance contracts and by having different lines of business. Risks are also mitigated by careful selection and implementation of strategic underwriting guidelines, as well as the use of reinsurance agreements. Reinsurance underwriting is diversified in such a way that the Group is not dependent on any particular reinsurer; likewise, the Group's operations are not dependent on any particular reinsurance contract.\n\nLife insurance contracts -\n\nThe main risks that the Group is exposed to are mortality, morbidity, longevity, investment yield and flow, losses arising from policies due to the expense incurred being different than expected, and the policyholder decision; all of which, do not vary significantly in relation to the location of the risk insured by the Group, type of risk insured or industry.\n\nThe Group’s underwriting strategy is designed to ensure that risks are well diversified in terms of type of risk and level of insured benefits. This is achieved through diversification across insurable risks, the use of medical screening in order to ensure that pricing takes account of current health conditions and family medical history, regular review of actual claims experience and product pricing, as well as detailed claims handling procedures. Underwriting limits are in place to enforce appropriate risk selection criteria. For example, the Group has the right not to renew individual policies, it can impose deductibles and it has the right to reject the payment of fraudulent claims.\n\nF-158\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFor contracts when death or disability is the insured risk, the significant factors that could increase the overall frequency of claims are epidemics, widespread changes in lifestyle and natural disasters, resulting in more claims than expected.\n\nFor retirement, survival and disability annuities contracts, the most significant factor is continuing improvement in medical science and social conditions that increase longevity.\n\nNon-life insurance contracts (general insurance and healthcare) -\n\nThe Group mainly issues the following types of non-life general insurance contracts: automobile, technical branches, business and healthcare insurances. Healthcare contracts provide medical expense cover to policyholders. Risks under non-life insurance policies usually cover 12 months.\n\nFor general insurance contracts the most significant risks arise from climate changes, natural disasters and other type of damages. For healthcare contracts the most significant risks arise from lifestyle changes, epidemics and medical science and technology improvements. The above risk exposures are mitigated by diversification across a large portfolio of insurance contracts and by having different lines of business. The sensitivity of risk is improved by careful selection and implementation of underwriting strategies of insurance contracts, which are designed to ensure that risks are diversified in terms of type of risks and level of insured benefits. This is achieved, in various cases, through diversification across industry sectors and geographic location.\n\nFurthermore, strict claim review policies to assess all new and ongoing claims and in process of settlement, regular detailed review of claims handling procedures and frequent investigation of possible fraudulent claims are all policies and procedures put in place to reduce the Group’s risk exposure. Insurance contracts also entitle the Group to pursue third parties for payment of some or all costs. Also, the Group actively manages and promptly pursues claims, in order to reduce its exposure to unpredictable future developments that can negatively impact the Group.\n\nThe Group has also limited its exposure by imposing maximum claim amounts on certain contracts as well as the use of reinsurance arrangements in order to limit its exposure to catastrophic events.\n\nF-159\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nClaims development table:\n\nThe following table presents the estimates of accumulated incurred claims measured under the PAA, mainly as of December 31, 2025:\n\n2016201720182019202020212022202320242025Total\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nGross estimates of the undiscounted amount of the claims:\n\nAt the end of the claim year1,923,936 1,620,489 1,179,383 1,426,645 1,597,362 2,162,977 1,397,741 1,680,689 1,399,261 1,490,574 15,879,057 \n\n1 year later1,390 3,450 3,561 2,321 9,853 44,296 70,983 104,804 254,237 199,398 694,293 \n\n2 years later1,447 83 2,196 2,788 2,045 8,055 30,262 72,363 101,636 98,789 319,664 \n\n3 years later2,162 27 78 2,462 2,424 2,109 9,012 27,570 72,489 32,038 150,371 \n\n4 years later232 622 41 130 1,513 3,386 2,211 9,711 23,323 17,705 58,874 \n\n5 years later– 179 600 51 102 1,671 4,586 1,821 27,137 15,608 51,755 \n\n6 years later– – 158 968 20 27 2,639 3,139 2,454 11,794 21,199 \n\n7 years later– – – 169 770 27 89 3,089 2,923 8,417 15,484 \n\n8 years later– – – – 216 350 13 15 2,711 11,742 15,047 \n\n9 years later– – – – – 466 1,501 480 737 525 3,709 \n\nAccumulated gross claims and other directly attributable expenses paid for the year of occurrence1,929,167 1,624,850 1,186,017 1,435,534 1,614,305 2,223,364 1,519,037 1,903,681 1,886,908 1,886,590 17,209,453 \n\nLiabilities / Gross Obligations accumulated by claims12,904 6,087 12,615 11,535 38,043 148,659 233,355 346,916 576,782 1,058,432 2,445,328 \n\nDiscount event(1,570)(756)(1,377)(1,164)(3,273)(8,802)(18,875)(25,155)(37,617)(50,549)(149,138)\n\nEffect of Risk Adjustment for non-financial risk– – – – – – – – 3,540 17,589 21,129 \n\nGross LIC of the Temporary Regime and Definitive Regime– – – – – – – – – – 32,599 \n\nGross provision for incurred claims11,334 5,331 11,238 10,371 34,770 139,857 214,480 321,761 542,705 1,025,472 2,349,918 \n\nAs of December 31, 2025, liabilities for incurred claims amounting to S/3,686.0 million also include liabilities related to the pension and SCTR businesses of approximately S/1,223.0 million, as well as other minor liabilities amounting to S/113.0 million, the uncertainty regarding the amount and timing of payments of which is typically resolved within a period of less than one year.\n\nF-160\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table presents the estimates of accumulated incurred claims measured under the PAA, mainly as of December 31, 2024:\n\n2015201620172018201920202021202220232024Total\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nS/(000)\n\nGross estimates of the undiscounted amount of the claims:\n\nAt the end of the claim year1,637,838 1,047,428 1,602,775 1,152,556 1,426,087 1,548,529 2,106,530 1,379,742 1,564,601 1,491,978 14,958,064 \n\n1 year later2,458 1,999 2,917 5,830 15,447 21,123 107,965 167,943 172,015 670,047 1,167,744 \n\n2 years later2,052 164 1,889 3,469 4,180 11,051 39,861 127,303 85,383 217,606 492,958 \n\n3 years later3,390 82 92 2,122 2,880 3,500 11,137 31,737 59,927 94,077 208,944 \n\n4 years later– 1,533 46 90 2,389 4,431 4,203 9,776 22,453 67,570 112,491 \n\n5 years later– – 843 75 144 3,446 6,419 4,076 9,912 17,756 42,671 \n\n6 years later– – – 811 81 111 5,158 4,783 4,248 38,738 53,930 \n\n7 years later– – – – 1,419 30 30 2,316 3,339 5,486 12,620 \n\n8 years later– – – – – 1,028 46 92 2,328 3,322 6,816 \n\n9 years later– – – – – – 297 854 244 2,557 3,952 \n\nAccumulated gross claims and other directly attributable expenses paid for the year of occurrence1,645,738 1,051,206 1,608,562 1,164,953 1,452,627 1,593,249 2,281,646 1,728,622 1,924,450 2,609,137 17,060,190 \n\nLiabilities / Gross Obligations accumulated by claims8,317 6,919 7,909 18,380 30,226 56,998 222,417 466,484 454,110 1,698,314 2,970,074 \n\nDiscount event(1,614)(1,021)(1,015)(1,900)(2,849)(4,729)(15,369)(34,248)(34,104)(93,068)(189,917)\n\nEffect of Risk Adjustment for non-financial risk– – – – – – – – – 28,729 28,729 \n\nGross LIC of the Temporary Regime and Definitive Regime– – – – – – – – – – 39,082 \n\nGross provision for incurred claims6,703 5,898 6,894 16,480 27,377 52,269 207,048 432,236 420,006 1,633,975 2,847,968 \n\nAs of December 31, 2024, liabilities for incurred claims amounting to S/3,857.0 million also include liabilities related to the pension and SCTR businesses of approximately S/1,001.0 million, as well as other minor liabilities amounting to S/8.0 million, the uncertainty regarding the amount and timing of payments of which is typically resolved within a period of less than one year.\n\n30.10    Capital management -\n\nThe Group maintains an actively managed capital base to cover risks inherent in its business. The adequacy of the Group’s capital is monitored using, among other measures, the rules and ratios established by the SBS, the supervising authority of its major subsidiaries and for consolidation purposes. Furthermore, capital management responds to market expectations in relation to the solvency of the Group and to support the growth of the businesses considered in the strategic planning. In this way, the capital maintained by the Group enables it to assume unexpected losses in normal conditions and conditions of severe stress.\n\nThe Group’s objectives when managing capital are: (i) to comply with the capital requirements set by the regulators of the markets where the entities within the Group operate; (ii) to safeguard the Group’s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and (iii) to maintain a strong capital base to support the development of its business, in line with the limits and tolerances established in the declaration of Risk Appetite.\n\nAs of December 31, 2025, and 2024, the regulatory capital for the subsidiaries amounted to approximately S/43,813.2 million and S/40,009.5 million, respectively. The regulatory capital has been determined in accordance with SBS regulations in force as of said dates. Under the SBS regulations, the Group’s regulatory capital exceeds by approximately S/11,466.7 million the minimum regulatory capital required as of December 31, 2025 (approximately S/10,885.9 million as of December 31, 2024).\n\nF-161\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n30.11    Fair values –\n\na)    Financial instruments recorded at fair value and fair value hierarchy –\n\nThe following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorized. The amounts are based on the values recognized in the consolidated statement of financial position:\n\n20252024\n\nLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nFinancial assets\n\nDerivative financial instruments:\n\n  Foreign currency forwards– 547,175 – 547,175 – 161,495 – 161,495 \n\n  Interest rate swaps– 455,613 – 455,613 – 489,602 – 489,602 \n\n  Currency swaps– 223,448 – 223,448 – 219,648 – 219,648 \n\n  Foreign exchange options– 5,532 – 5,532 – 3,018 – 3,018 \n\n  Cross currency swaps – – – – – 29,551 – 29,551 \n\n  Futures– 97 – 97 – 1,477 – 1,477 \n\n– 1,231,865 – 1,231,865 – 904,791 – 904,791 \n\nInvestments at fair value through profit of loss2,499,724 681,939 1,775,573 4,957,236 2,512,497 625,116 1,577,730 4,715,343 \n\nFinancial assets at fair value through profit of loss985,836 6,593 – 992,429 930,627 2,107 – 932,734 \n\nInvestments at fair value through other comprehensive income:\n\nDebt Instruments\n\n  Corporate bonds4,512,131 8,841,584 90,084 13,443,799 7,094,584 7,292,412 – 14,386,996 \n\n  Government bonds10,079,754 2,808,308 – 12,888,062 11,565,309 902,942 – 12,468,251 \n\n  Certificates of deposit BCRP390,875 10,493,155 – 10,884,030 – 11,435,757 – 11,435,757 \n\n  Securitization instruments– 1,003,639 – 1,003,639 – 714,738 – 714,738 \n\n  Subordinated bonds100,258 95,177 – 195,435 42,493 127,455 – 169,948 \n\n  Negotiable certificates of deposit – 246,569 – 246,569 – 438,988 – 438,988 \n\n  Other instruments10,876 168,577 102,741 282,194 – 282,104 98,592 380,696 \n\nEquity instruments2 77,894 12,425 90,321 15,307 118,735 13,222 147,264 \n\n15,093,896 23,734,903 205,250 39,034,049 18,717,693 21,313,131 111,814 40,142,638 \n\nTotal financial assets18,579,456 25,655,300 1,980,823 46,215,579 22,160,817 22,845,145 1,689,544 46,695,506 \n\nFinancial liabilities\n\nDerivatives financial instruments:\n\n  Interest rate swaps– 396,355 – 396,355 – 353,647 – 353,647 \n\n  Currency swaps– 346,591 – 346,591 – 230,848 – 230,848 \n\n  Foreign currency forwards– 300,695 – 300,695 – 210,947 – 210,947 \n\n  Cross currency swaps– – – – – 15,491 – 15,491 \n\n  Foreign exchange options– 4,263 – 4,263 – 8,420 – 8,420 \n\n  Futures– 3 – 3 – 120 – 120 \n\n– 1,047,907 – 1,047,907 – 819,473 – 819,473 \n\nFinancial liabilities at fair value through profit or loss– 1,055,893 – 1,055,893 – 151,485 – 151,485 \n\nTotal financial liabilities– 2,103,800 – 2,103,800 – 970,958 – 970,958 \n\nFinancial instruments classified within Level 1 are those measured based on quoted prices obtained in an active market. A financial instrument is considered to be quoted in an active market if prices are readily and regularly available from a centralized trading mechanism, dealer, broker, industry group, pricing service, or regulatory agency, and such prices are regularly derived from arm’s-length market transactions.\n\nF-162\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nFinancial instruments classified within Level 2 are measured based on market inputs. This category includes instruments valued using: market prices of similar instruments, whether from active or inactive markets, and other valuation techniques (models) in which all significant inputs are directly or indirectly observable in the market.\n\nBelow, we present a description of how the fair value of the Group’s main financial instruments is determined when valuation techniques with observable market inputs are used, incorporating Credicorp’s estimates regarding the assumptions that market participants would use to value these instruments:\n\nValuation of derivative financial instruments –\n\nDerivatives valued using standard models fed with observable market data (such as interest rate curves, forwards, credit spreads, and implied volatilities) are classified within Level 2.\n\nInterest rate and foreign exchange swaps, as well as foreign exchange forward contracts, are valued using valuation techniques based on observable market inputs. The valuation techniques most frequently used include forward and swap valuation models through present value calculations. These models incorporate various inputs, including counterparties’ credit quality, spot exchange rates, forward rates, and interest rate curves. Options are valued using recognized and generally accepted market models.\n\nA credit valuation adjustment (“CVA”) is applied to the exposure of over-the-counter (OTC) derivatives to consider counterparty default risk when measuring the fair value of derivatives. CVA represents the market cost of protection required to hedge counterparty credit risk in this type of derivatives portfolio. CVA is calculated by multiplying the probability of default (PD), loss given default (LGD), and expected exposure (EE) at the time of default.\n\nA debit valuation adjustment (“DVA”) is applied to incorporate Credicorp’s own credit risk into the fair value of its derivatives (i.e., the risk that the Group may fail to meet its contractual obligations), using the same calculation methodology as for CVA.\n\nAs of December 31, 2025, the balance of derivative financial instruments receivable and payable amounts to S/1,231.9 million and S/1,047.9 million, respectively (see Note 12(c)), resulting in a DVA and CVA adjustment of approximately S/3.0 million and S/4.8 million respectively. The net effect of both adjustments has been recognized in the consolidated statement of income as a loss of approximately S/0.9 million.\n\nAs of December 31, 2024, the balance of derivative financial instruments receivable and payable amounts to S/904.8 million and S/819.5 million, respectively (see Note 12(c)), resulting in a DVA and CVA adjustment of approximately S/3.0 million and S/5.7 million, respectively. The net effect of both adjustments has been recognized in the consolidated statement of income as a loss of approximately S/1.2 million.\n\n-Valuation of debt instruments classified as “fair value through other comprehensive income” and included in Level 1\n\nFinancial instruments classified in Level 1 of the fair value hierarchy are measured using quoted (unadjusted) prices in active markets that are directly observable and accessible to the entity at the measurement date.\n\nIn these cases, fair value is determined directly from executable market prices derived from frequent and representative transactions carried out under arm’s length conditions, without the need to apply adjustments or use valuation models.\n\nWithin this category are sovereign bonds with frequent daily trading, Central Bank Certificates of Deposit issued on the same day, or cases where there is sufficient evidence of observable market transactions.\n\nF-163\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n-Valuation of debt securities classified in the category “at fair value through other comprehensive income” and included in level 2\n\nInstruments are classified within this level when fair value is determined using a valuation model that incorporates observable market inputs, such as sovereign yield curves, benchmark interest rates, credit spreads, or prices of comparable liquid instruments. This criterion applies to instruments whose valuation is based on publicly available and representative information, without requiring significant subjective adjustments.\n\nFor example, Central Bank of Peru (BCRP) Certificates of Deposit classified as Level 2, corporate bonds, finance lease bonds, and government treasury bonds are valued by calculating their Net Present Value (NPV) through the discounting of their cash flows, using the relevant zero-coupon yield curves to discount the flows in the respective currency and considering observable market transactions.\n\nOther debt instruments are valued using valuation techniques based on assumptions supported by observable prices from current market transactions, with prices obtained from pricing providers. However, when prices are not determined in an active market, fair value is based on broker quotations and on assets valued using models in which most assumptions are observable in the market.\n\n-Valuation of financial instruments included in level 3\n\nThey are measured using valuation techniques (internal models) based on assumptions that are not supported by observable transaction prices in the market for the same instrument, nor by available market data.\n\nIn this regard, no significant differences were observed between the estimated fair values and their respective carrying amounts.\n\nF-164\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nb)    Financial instruments not measured at fair value -\n\nWe present below the disclosure of the comparison between the carrying amounts and fair values of the financial instruments, which are not measured at fair value, presented in the consolidated statement of financial position by level of the fair value hierarchy:\n\n20252024\n\nLevel 1Level 2Level 3Fair valueCarrying amountLevel 1Level 2Level 3Fair valueCarrying amount\n\nS/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)\n\nAssets\n\nCash and due from banks– 49,044,457 – 49,044,457 49,044,457 – 47,655,196 – 47,655,196 47,655,196 \n\nCash collateral, reverse repurchase agreements and securities borrowing– 2,177,200 – 2,177,200 2,177,200 – 1,033,177 – 1,033,177 1,033,177 \n\nInvestments at amortized cost8,292,014 441,900 – 8,733,914 8,813,657 8,146,745 296,793 – 8,443,538 8,967,877 \n\nLoans, net– 142,315,004 – 142,315,004 142,315,004 – 137,737,296 – 137,737,296 137,737,296 \n\nDue from customers on banker’s acceptances– 345,906 – 345,906 345,906 – 528,184 – 528,184 528,184 \n\nOther assets (*)\n– 5,102,543 – 5,102,543 5,102,543 – 3,269,019 – 3,269,019 3,269,019 \n\nTotal8,292,014 199,427,010 – 207,719,024 207,798,767 8,146,745 190,519,665 – 198,666,410 199,190,749 \n\nLiabilities\n\nDeposits and obligations– 170,401,633 – 170,401,633 170,401,633 – 161,842,066 – 161,842,066 161,842,066 \n\nPayables on repurchase agreements and securities lending– 8,243,787 – 8,243,787 8,243,787 – 9,060,710 – 9,060,710 9,060,710 \n\nDue to Banks and correspondents and other entities– 10,651,649 – 10,651,649 10,675,238 – 10,820,211 – 10,820,211 10,754,385 \n\nDue from customers on banker’s acceptances\n– 345,906 – 345,906 345,906 – 528,184 – 528,184 528,184 \n\nLease liabilities– 612,259 – 612,259 612,259 – 404,817 – 404,817 404,817 \n\nBond and notes issued– 14,346,976 – 14,346,976 14,025,535 – 17,230,157 – 17,230,157 17,268,443 \n\nOther liabilities (**)\n– 5,700,097 – 5,700,097 5,700,097 – 5,220,127 – 5,220,127 5,220,127 \n\nTotal– 210,302,307 – 210,302,307 210,004,455 – 205,106,272 – 205,106,272 205,078,732 \n\n(*) Corresponds to receivables, margin call, receivables from sale of investments and operations in process.\n\n(**) Corresponds to accounts payable, salaries and other personnel expenses, accounts payable for acquisitions of investments, operations in process, allowance for indirect loan losses and dividends payable\n\nThe methodologies and assumptions used by the Group to determine fair values depend on the terms and risk characteristics of the various financial instruments and include the following:\n\n(i)    Long-term fixed-rate and variable-rate loans are evaluated by the Group based on parameters such as interest rates, specific country risk factors, and individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are considered for the incurred losses of these loans. As of December 31, 2025, and 2024, the carrying amounts of loans, net of allowances, were not materially different from their calculated fair values.\n\n(ii)    Assets for which fair values approximate their carrying value - For financial assets and financial liabilities that are liquid or have a short-term maturity (less than three months) it is assumed that the carrying amounts approximate to their fair values. This assumption is also applicable to time deposits, savings accounts without a specific maturity and variable rate financial instruments.\n\n(iii)    Fixed rate financial instruments - The fair value of fixed rate financial assets and liabilities carried at amortized cost are estimated by comparing market interest rates when they were first recognized with current market rates offered for similar financial instruments. The estimated fair value of fixed interest-bearing deposits is based on discounted cash flows using prevailing market interest rates for financial instruments with similar credit risk and maturity. For quoted debt issued the fair values are calculated based on quoted market prices. When quoted market prices are not available, a discounted cash flow model is used based on a current interest rate yield curve appropriate for the remaining term to maturity.\n\nF-165\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n30.12    Fiduciary activities, management of funds and pension funds -\n\nThe Group provides custody, trustee, investment management and advisory services to third parties; therefore, the Group makes allocations and purchase and sale decisions in relation to a wide range of financial instruments. Assets that are held in a fiduciary capacity are not included in these consolidated financial statements. These services give rise to the risk that the Group will be accused of mismanagement or under-performance.\n\nAs of December 31, 2025, and 2024, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows:\n\n20252024\n\nInvestment funds and mutual funds66,353 64,430 \n\nEquity managed\n51,368 39,372 \n\nPension funds33,538 32,437 \n\nBank trusts5,155 6,120 \n\nTotal156,414 142,359 \n\n31          COMMITMENTS AND CONTINGENCIES\n\ni)    Government Investigations -\n\nIn 2019, the former chairman and the current vice chairman of the Board of Directors of Credicorp, in their respective capacities as Chairman of the Board and as a Director of BCP, were summoned as witnesses by Peruvian prosecutors, along with 26 other Peruvian business executives, to testify in connection with a judicial investigation that was being carried out regarding contributions made to the electoral campaign of a political party in the 2011 Peruvian presidential elections. The former chairman informed prosecutors that in 2010 and 2011 Credicorp made donations totaling US$3.65 million to the Fuerza 2011 campaign (in total amounts of US$1.7 million in 2010 and US$1.95 million in 2011). These contributions were made in coordination with the General Manager of Credicorp at that time. While the amount of these contributions exceeded the limits then permitted under Peruvian electoral law, the law in place at that time provided no sanction for contributors, and instead only for the recipient of the campaign contribution.\n\nThe former chairman also informed prosecutors that in 2016, three subsidiaries of Credicorp (BCP, Mibanco and Grupo Pacífico) made donations totaling S/711,000 (approximately US$200,000) to the “Peruanos Por el Kambio” campaign. These contributions were made in accordance with Peruvian electoral law and Credicorp’s own political contributions guidelines, which were adopted in 2015.\n\nThe Peruvian Superintendencia del Mercado de Valores (“SMV”, for its Spanish acronym) initiated sanctioning proceedings against Credicorp for failing to timely disclose to the market the political campaign contributions made in 2011 and 2016. The SMV also initiated sanctioning proceedings against three subsidiaries of Credicorp (BCP, Mibanco and Grupo Pacífico) for failing to timely disclose to the market the political campaign contributions made in connection with the 2016 presidential elections. The SMV notified Credicorp, BCP, Mibanco and Grupo Pacífico of first‑instance resolutions in connection with these proceedings. Such resolutions imposed pecuniary sanctions (fines) on Credicorp and its three subsidiaries. Credicorp, BCP, Mibanco and Grupo Pacífico appealed the resolutions. As the appeals were not resolved within the timeframe established by law, Credicorp and each of the three subsidiaries filed contentious‑administrative lawsuits against the SMV’s resolutions due to negative administrative silence. Notwithstanding the foregoing, Credicorp and its three subsidiaries paid the fines imposed by the SMV in compliance with Peruvian law. In the Judiciary, first‑instance court rulings declared the aforementioned lawsuits unfounded. Credicorp and its three subsidiaries appealed such rulings, and therefore the first‑instance decisions are currently under review at the second‑instance level. In the case of Credicorp, a second‑instance ruling issued in January 2026 confirmed the first‑instance decision, against which Credicorp has filed a cassation appeal. Accordingly, as of the date of these financial statements, all four cases remain pending a final resolution by the Judiciary.\n\nCredicorp is of the opinion that the contributions made and the sanctioning processes related to the SMV do not represent a significant risk of material liability for the Group. Furthermore, these processes may not have a\n\nF-166\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nnegative effect on the Group’s business or financial situation, given that the fines imposed by the SMV have already been paid.\n\nii)    Claim regarding alleged withholding on stock exchange transactions -\n\nIn June 2025, Grupo Crédito received notifications from the Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) consisting of Tax Assessment and Penalty Resolutions for a total amount of S/1,568.0 million. The resolutions relate to an alleged failure to withhold Income Tax applicable to non-domiciled taxpayers in connection with purchases of shares of Banco de Crédito del Perú carried out through the Lima Stock Exchange during 2018 and 2019, in which Grupo Crédito acted as the acquirer and Credicorp Ltd. as the transferor. SUNAT maintains that Grupo Crédito was required to act as a withholding agent; however, in the opinion of Management and its external legal advisors, such withholding obligation was not applicable, as the transactions in question were exempt from Income Tax in accordance with the regulations in force at the time the transactions were executed.\n\nOn August 13, 2025, the amounts included in the Tax Assessment and Penalty Resolutions issued by SUNAT to Grupo Crédito on June 27, 2025, were settled, and the corresponding amounts have been recognized as an asset under the caption “Claim filed with the Tax Authority” within the line item “Other assets” in accordance with IFRS Accounting Standards, the amount is classified as an asset relating to an uncertain tax position.\n\nGrupo Crédito has formally challenged the aforementioned Tax Assessment and Penalty Resolutions by filing an Administrative Claim with SUNAT, and the administrative proceeding is currently pending resolution by the tax authority. If necessary, the Company will continue to defend its position at subsequent administrative and judicial levels, including the Tax Court and the judiciary.\n\nGrupo Crédito S.A. has obtained independent legal opinions that support its tax position and confirm that the Company’s actions were in compliance with the tax, civil and financial legislation applicable and in force at the time the transactions were carried out. Both Management and external advisors concur that there are robust grounds and a high probability of obtaining a favorable outcome. Accordingly, consistent with IFRS Accounting Standards, the amount has been recognized as an asset, as it is more likely than not that the Group’s tax position will be sustained.\n\n32           SUBSEQUENT EVENTS\n\nDividend distribution -\n\nOn April 23, 2026, the Board of Directors of Credicorp Ltd. approved the distribution of a cash dividend of S/4,719.1 million equivalent to S/50.00 per share, to be distributed on June 12, 2026.\n\nF-167"}