{"url_path":"/sec/bap/10-k/2026/item-8","section_key":"item-8","section_title":"Item 8 FINANCIAL INFORMATION","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":2350,"has_tables":true,"body_markdown":"ITEM 8.FINANCIAL INFORMATION\n\n8.AConsolidated Statements and Other Financial Information\n\nOur annual consolidated financial statements, audited by an independent registered public accounting firm (for years 2023, 2024 and 2025) and accompanied by an audit report, are included beginning on page F-1 of this Annual Report.\n\n(1)Government Investigations\n\nCredicorp was subject to an Administrative Sanctioning Proceeding (Procedimiento Administrativo Sancionador) initiated by the SMV in 2019, for the alleged failure to timely disclose to the market political contributions made in the years 2011 and 2016 (the latter made by three of its subsidiaries). Credicorp was notified of a first‑instance administrative resolution imposing monetary penalties, which was duly appealed. As the SMV did not resolve the appeal within the legally established term, Credicorp filed a judicial action (a contentious‑administrative lawsuit), which was admitted by the competent court. Accordingly, the administrative sanctioning proceeding was terminated, and the dispute is currently under judicial review and will be decided by the judicial branch. Notwithstanding the foregoing, Credicorp paid the fine imposed by the first‑instance administrative resolution in compliance with the applicable regulations in force.\n\nLikewise, three subsidiaries of Credicorp (Banco de Crédito del Perú, Mibanco and Grupo Pacífico) were each subject to separate Administrative Sanctioning Proceedings initiated by the SMV for the alleged failure to timely disclose to the market political contributions made during the 2016 political campaign. Each of these entities was notified of first‑instance administrative resolutions imposing monetary penalties, which were duly appealed by each company. As the SMV did not resolve the appeals within the legally established term, each of the three subsidiaries filed a judicial action (a contentious‑administrative lawsuit), which was admitted by the competent courts. Consequently, the administrative\n\n226\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nsanctioning proceedings were terminated, and the disputes are currently under judicial review and will be decided by the judicial branch. Notwithstanding the foregoing, each of the three subsidiaries paid the fine imposed by the first‑instance administrative resolution in compliance with applicable regulations in force.\n\nIn the opinion of Credicorp’s management, none of the judicial or administrative proceedings described above is expected to have a material adverse effect on the normal course of the company’s operations or business.\n\n(2)Claim regarding alleged withholding on stock exchange transactions\n\nCredicorp, through its subsidiary Grupo Crédito S.A., is subject to an administrative proceeding before the Peruvian Tax Superintendency (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT), relating to alleged taxes and interest arising from securities transactions carried out in 2018 and 2019. In June 2025, SUNAT issued Tax Assessment and Penalty Resolutions in an aggregate amount of approximately S/1,568 million, based on the alleged obligation to withhold income tax on certain transactions that, in the opinion of the Company and its legal advisors, satisfied the requirements under the regulations in effect at the time to qualify for an exemption.\n\nOn August 13, 2025, the amounts included in the Tax Assessment and Penalty Resolutions issued by SUNAT were paid, without prejudice to the Company's position and without constituting and acknowledgement of an enforceable tax liability. 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. 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\n(3)Regulatory Sanctions\n\nSBS Resolution No. 2755-2018, which approves the Regulation on Infringements and Sanctions of the SBS, requires the Board of Directors to inform the General Shareholders’ Meeting of the sanctions imposed by the SBS on supervised entities, as well as on their shareholders, directors, managers, and principal officers, when such sanctions arise from the commission of infringements classified as serious or very serious.\n\nIn accordance with this sector-specific provision and with the obligations established under the capital markets regulations applicable to the Group, we hereby report: (i) the serious and/or very serious sanctions imposed by the SBS which, pursuant to the applicable sector regulations, were required to be reported to the Board of Directors and to the General Shareholders’ Meeting; and (ii) the serious and/or very serious sanctions imposed by other local and foreign supervisory authorities that perform supervisory and oversight functions over the Group’s companies, including, among others, the Superintendency of the Securities Market (SMV) and the National Authority for the Protection of Personal Data (ANPDP), which, due to their materiality, were disclosed to the market by Credicorp as a Material Event during the past year.\n\nIn April 2025, the SBS imposed on Banco de Crédito del Perú a fine of sixty‑five (65) Tax Units (S/ 357,500) for having incurred in a serious infringement classified under item (e) of numeral 79, Section II, of Annex 1 of the SBS Regulations on Infractions and Sanctions. The sanction was imposed due to the Bank’s failure to assess the risks associated with a significant service provided by a third party responsible for the operation and maintenance of the primary and alternate Data Processing Centers (Centros de Procesamiento de Datos – CPD), including the air‑conditioning systems of both facilities. This failure affected the operational continuity of services on July 30 (for eight hours) and August 5, 2024 (for two hours), as set forth in SBS Resolution No. 1423‑2025‑SBS.\n\nIn May 2025, the SBS imposed on Banco de Crédito del Perú a fine of twenty (20) Tax Units (S/ 110,000) for having incurred in a serious infringement classified under numeral 14, Section II, of Annex 1 of the SBS Regulations on Infractions and Sanctions, due to non‑compliance with the Manual for the Prevention and Management of Money Laundering and Terrorist Financing Risks related to limits on cash U.S. Dollar purchase and sale transactions. Such limits were exceeded in six (6) transactions out of a sample of twenty (20) transactions, as set forth in SBS Resolution No. 1859‑2025‑SBS.\n\n227\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\n(4)Dividend Policy\n\nUnder Bermuda law, a dividend may only be declared and paid if (i) the Company is able to pay its liabilities as they become due, and (ii) the realizable value of its assets is not less than the aggregate value of its liabilities, issued share capital and share premium accounts.\n\nEach year, the Company intends to declare and pay dividends in cash of at least 25% of the Company’s consolidated net profits based on the last audited financial accounts. The Board of Directors shall take into consideration the following when deciding whether to distribute dividends:\n\n•There being dividends from the Company’s subsidiaries;\n\n•That the declaration and payment of dividends shall not cause the Company to breach any applicable laws or adversely impact the equity growth requirements of the Company or its subsidiaries;\n\n•The financial performance of the Company;\n\n•The overall business and the economic-financial conditions affecting the Company;\n\n•Regulatory requirements related to consolidated solvency; and\n\n•Any other factors that the Board may deem relevant.\n\nThe Board of Directors may in its sole discretion declare and pay a dividend below 25%, if any of the aforementioned conditions fail to be met. Subject to the foregoing, it is expected that dividend payments are to be made once a year within 90 calendar days of the meeting held by the Board to approve the dividend declaration and payment. No interim dividends are to be paid. This policy has been in force since 2016 and was amended in February 2026 solely to include regulatory requirements related to consolidated solvency among the factors considered by the Board of Directors when determining whether to distribute dividends. All other provisions of the policy approved in 2016 remain unchanged, and the policy will continue to be applicable until amended or rescinded by the Board of Directors. For further details about the risk associated with our ability to pay dividends, please refer to “ITEM 3. KEY INFORMATION – 3.D Risk Factors – Our ability to pay dividends to shareholders and to pay corporate expenses may be adversely affected by the ability of our subsidiaries to pay dividends to us.”\n\nFurthermore, the Board of Directors of the Company, in its session held on December 23, 2021, resolved that, subject to the provisions of Credicorp’s Dividend Policy, the Board of Directors expects that Credicorp will declare dividends, if any, each year in April or thereafter, once the Company’s subsidiaries have agreed on the declaration and payment dates of any dividends in their respective shareholder and board meetings. This decision aligns with Credicorp’s Dividend Policy.\n\n228\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\nThe following table shows the cash and stock dividends that we paid based on the results of our operations in the periods indicated:\n\nYear ended December 31,Number of Shares Entitled to DividendsCash Dividends Per ShareStock Dividends Per Share\n\n200294,382,317US$0.40 0\n\n200394,382,317US$0.30 0\n\n200494,382,317US$0.40 0\n\n200594,382,317US$0.80 0\n\n200694,382,317US$1.10 0\n\n200794,382,317US$1.30 0\n\n200894,382,317US$1.50 0\n\n200994,382,317US$1.70 0\n\n201094,382,317US$1.95 0\n\n201194,382,317US$2.30 0\n\n201294,382,317US$2.6 0\n\n201394,382,317US$1.90 0\n\n201494,382,317US$2.19 0\n\n201594,382,317US$2.3160 0\n\n201694,382,317US$12.2865 0\n\n201694,382,317S/15.7000 0\n\n201794,382,317S/14.1726 0\n\n201894,382,317S/20.0000 0\n\n201894,382,317S/8.0000 0\n\n2019(1)94,382,317S/30.0000 0\n\n2020(2)94,382,317S/5.0000 0\n\n2021(3)94,382,317S/15.0000 0\n\n2022(4)94,382,317S/25.0000 0\n\n2023(5)94,382,317S/35.0000 0\n\n2023(6)94,382,317S/11.0000 0\n\n2024(7)94,382,317S/40.0000 0\n\n2025(8)94,382,317S/50.0000 0\n\n(1)At a meeting held on February 27, 2020, the Board of Directors declared a cash dividend of S/30.0000 per common share. The cash dividend was paid in US Dollars using the weighted exchange rate registered by the SBS for the transactions at the close of business on May 6, 2020. The US Dollar dividend amount was rounded up to four decimals. The aforementioned cash dividend was paid on May 8, 2020, to those shareholders that were registered as shareholders of Credicorp as of the close of business on April 13, 2020.\n\n(2)At a meeting held on February 25, 2021, the Board of Directors discussed the probability of approving a distribution of dividends for the results obtained in 2020. Due to the uncertainty in the health and economic expectations of Peru and the countries in which we operate, this decision was defined in the following directories agreed during 2021, taking into account the evolution of the pandemic and its possible impact on the solvency, liquidity and profitability of Credicorp. At a meeting held on August 26, 2021, the Board of Directors declared a cash dividend of S/5.0000 per common share. The cash dividend was paid in U.S. Dollars using the weighted exchange rate registered by the SBS for the transactions at the close of business on October 5, 2021. The U.S. Dollar dividend amount was rounded up to four decimals. The aforementioned cash dividend was paid on October 7, 2021, to those shareholders that were registered as shareholders of Credicorp as of the close of business on September 15, 2021.\n\n(3)In a meeting held on April 28, 2022, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/15.0000 per share. The cash dividend was paid in US Dollars using the weighted exchange rate recorded by the SBS for\n\n229\n\n[Table of Contents](#ib149d99176634ff8adf88f8fa17ce583_7)\n\ntransactions at the close of business on June 8, 2022. The dividend amount in US Dollars was rounded to four decimal places. The aforementioned cash dividend was paid on June 10, 2022, to those shareholders who were registered as shareholders of Credicorp at the close of operations on May 20, 2022.\n\n(4)In a meeting held on April 27, 2023, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/25.0000 per share. The cash dividend was paid in US Dollars using the weighted exchange rate recorded by the SBS for transactions at the close of business on June 7, 2023. The dividend amount in US Dollars was rounded to four decimal places. The aforementioned cash dividend was paid on June 9, 2023, to those shareholders who were registered as shareholders of Credicorp at the close of operations on May 19, 2023.\n\n(5)In a meeting held on April 25, 2024, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/35.0000 per share. The cash dividend was paid in US Dollars using the weighted exchange rate recorded by the SBS for transactions at the close of business on June 12, 2024. The dividend amount in US Dollars was rounded to four decimal places. The aforementioned cash dividend was paid on June 14, 2024, to those shareholders who were registered as shareholders of Credicorp at the close of operations on May 20, 2024.\n\n(6)In a meeting held on August 29, 2024, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/11.0000 per share. The cash dividend was paid in US dollars using the weighted exchange rate recorded by the SBS for transactions at the close of business on October 16, 2024. The dividend amount in US dollars was rounded to four decimal places. The aforementioned cash dividend was paid on October 18, 2024, to those shareholders who were registered as shareholders of Credicorp at the close of operations on September 23, 2024.\n\n(7)In a meeting held on April 24, 2025, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/40.0000 per share. The cash dividend was paid in US dollars using the weighted exchange rate recorded by the SBS for transactions at the close of business on June 11, 2025. The dividend amount in US dollars was rounded to four decimal places. The aforementioned cash dividend was paid on June 13, 2025, to those shareholders who were registered as shareholders of Credicorp at the close of operations on May 19, 2025.\n\n(8)In a meeting held on April 23, 2026, the Board of Directors of Credicorp Ltd. declared a cash dividend of S/50.0000 per share. The cash dividend will be paid out on June 12, 2026, without withholding tax at source, to shareholders of record on May 18, 2026. The dividend will be paid in US Dollars using the weighted exchange rate published by the SBS for transactions at the close of business on June 10, 2026\n\n8.BSignificant changes\n\nThere have not been any significant changes since the date of our consolidated financial statements."}