v3.26.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
INVESTMENTS [Abstract]  
INVESTMENTS
6            INVESTMENTS
a)    Investments at fair value through profit or loss consist of the following:
20252024
S/(000)S/(000)
Government bonds (i)1,940,978 1,685,543 
Investment funds (ii)1,498,168 1,401,956 
Mutual funds (iii)704,936 622,157 
Restricted mutual funds (iv)336,159 307,225 
Participation in RAL funds (v)125,393 432,503 
Corporate bonds (vi)87,644 75,601 
Shares84,806 71,425 
Bonds from financial organizations61,066 22,081 
Subordinated bonds35,678 24,587 
ETF (Exchange - Traded Fund)34,097 39,309 
Central Bank of Chile bonds25,478 11,355 
Others6,259 7,676 
Balance before accrued interest4,940,662 4,701,418 
Accrued interest16,574 13,925 
Total4,957,236 4,715,343 
(i)    As of December 31, 2025, and 2024 the balance of these instruments includes the following government treasury bonds:
20252024
S/(000)S/(000)
Colombian treasury bonds1,191,445 1,018,392 
Peruvian treasury bonds626,301 420,019 
Chilean treasury bonds123,232 87,505 
United States of America treasury bonds
– 73,338 
Mexican treasury bonds
– 43,334 
Panama Government bonds
– 42,955 
Total1,940,978 1,685,543 
(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.
(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.
(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.
(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.
(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.
b)    Investments at fair value through other comprehensive income consist of the following:
20252024
Unrealized gross amountUnrealized gross amount
CostProfitsLosses
Estimated
fair value
CostProfitsLosses
Estimated
fair value
S/(000)S/(000)S/(000)S/(000)S/(000)S/(000)
S/(000)
S/(000)
Debts instruments:
Corporate bonds (i)13,253,965 350,709 (384,360)13,220,314 14,481,834 159,106 (535,597)14,105,343 
Government bonds (ii)11,534,879 884,414 (23,135)12,396,158 12,112,328 231,115 (96,788)12,246,655 
Certificates of deposit BCRP (iii)
10,883,913 1,263 (1,146)10,884,030 11,431,599 4,542 (384)11,435,757 
Securitization instruments (iv)983,540 34,755 (21,965)996,330 735,673 15,414 (41,592)709,495 
Negotiable certificates of deposit (v)231,724 2,408 (2,862)231,270 416,236 5,247 (3,676)417,807 
Subordinated bonds189,880 5,439 (2,501)192,818 171,618 2,329 (5,482)168,465 
Others461,555 3,516 (2,634)462,437 367,348 1,231 (2,023)366,556 
37,539,456 1,282,504 (438,603)38,383,357 39,716,636 418,984 (685,542)39,450,078 
Equity instruments designated at the initial recognition
Shares issued by:
Inversiones Centenario112,647 – (34,753)77,894 112,647 – (8,488)104,159 
Corporación Andina de Fomento4,441 210 – 4,651 4,441 873 – 5,314 
Holding Bursatil Chilena S.A.2 – – 2 13,232 1,738 – 14,970 
Holding Bursatil Regional S.A.– – – – 20,599 – (6,023)14,576 
Pagos Digitales Peruanos S.A.5,611 – (5,611)– 5,611 – (5,611)– 
Others5,677 4,465 (2,368)7,774 8,095 2,733 (2,583)8,245 
128,378 4,675 (42,732)90,321 164,625 5,344 (22,705)147,264 
Balance before accrued interest37,667,834 1,287,179 (481,335)38,473,678 39,881,261 424,328 (708,247)39,597,342 
Accrued interest560,371 545,296 
Total39,034,049 40,142,638 
As 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.
The maturities and annual market rates of investments at fair value through other comprehensive income as of 2025 and 2024, are as follows:
MaturitiesAnnual market rate of return
2025202420252024
S/US$
Other currencies
S/US$
Other currencies
MinMaxMinMaxMinMaxMinMaxMinMaxMinMax
%%%%%%%%%%%%
Corporate bonds
Jan-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 
Government 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 
Certificates of deposit BCRP
Jan-2026 / Jul-2027Jan-2025 / Jun-20263.96 4.21 – – – – 4.24 4.93 – – – – 
Securitization 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 
Negotiable certificates of depositsJan-2026 / Aug-2037Feb-2025 / Nov-2037– – – – 0.53 6.64 – – – – 0.53 6.10 
Subordinated bonds
May-2026 / Jun-2055Apr-2025 / Jun-20553.73 8.52 3.08 7.78 – – 3.81 8.03 2.28 8.05 – – 
OthersJan-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 
Likewise, 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).
(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.
As 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.
As 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).
Likewise, 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).
(ii)    As of December 31, 2025 and December 31, 2024, the balance includes the following government treasury bonds:
20252024
S/(000)S/(000)
Peruvian Government bonds11,225,526 10,387,634 
Colombian Government bonds392,458 341,299 
United States of America Government bonds342,688 1,279,202 
Panama Government bonds194,799 108,069 
Mexican Government bonds73,441 7,089 
Chilean Government bonds73,059 79,282 
Brazilian Government bonds53,230 3,598 
Philippine Government bonds10,589 5,822 
Qatari Government bonds10,362 11,653 
Others20,006 23,007 
Total12,396,158 12,246,655 
(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.
(iv)    As of December 31, 2025 and 2024, the balance of securitization instruments includes the following:
20252024
S/(000)S/(000)
Inmuebles Panamericana S.A.151,944 149,074 
Mall Aventura S.A.95,594 – 
Colegios Peruanos S.A.84,583 81,291 
ATN S.A.
77,547 77,244 
Inretail Shopping Malls73,208 – 
Centro Comercial Plaza Norte S.A.C.65,419 25,241 
Multimercados Zonales S.A.C.55,708 54,374 
Aeropuertos del Perú S.A.46,651 14,058 
Centro Comercial Mall del Sur S.A.C.42,975 25,215 
Universidad Peruana Cayetano Heredia37,314 – 
Costa del Sol S.A.
35,772 35,483 
Asociación Civil San Juan Bautista34,310 22,327 
Inmobiliaria Terrano S.A. y Operadora Portuaria S.A.34,244 40,125 
Nessus Hoteles Perú S.A.31,635 36,629 
Concesionaria La Chira S.A.26,210 26,279 
Red Eléctrica del Sur S.A. y Transmisora Eléctrica del Sur S.A.23,027 21,748 
Ferreyros S.A.
21,846 23,784 
Compañía de Turismo La Paz S.A.C.
– 19,780 
Other minors
58,343 56,843 
Total996,330 709,495 
The 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.
(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.
c)    Amortized cost investments consist of the following:
2025
CarryingFair
amountvalue
S/(000)S/(000)
Peruvian Government bonds (i)8,049,799 7,965,134 
Corporate bonds (i)404,338 408,397 
Bonds from financial organizations (i)66,520 66,995 
Other government bonds (i)57,218 57,098 
Subordinated bonds (i)28,175 28,304 
Securitization instruments11,812 12,182 
Negotiable certificates of deposits3,905 3,917 
Certificates of payment on work progress (CRPAO)2,108 2,105 
8,623,875 8,544,132 
Accrued interest189,782 189,782 
Total investments at amortized cost, net8,813,657 8,733,914 
2024
CarryingFair
amountvalue
S/(000)S/(000)
Peruvian Government Bonds (i)8,085,248 7,558,307 
Corporate bonds (i)534,396 536,321 
Bonds from financial organizations (i)48,090 48,307 
Subordinated bonds (i)44,763 45,148 
Other government bonds (i)29,074 29,185 
Negotiable certificates of deposits23,889 23,904 
Certificates of payment on work progress (CRPAO) 8,321 8,270 
8,773,781 8,249,442 
Accrued interest194,096 194,096 
Total investments at amortized cost, net8,967,877 8,443,538 
The 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.
(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
annually 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.
Likewise, 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.
As 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).
d) 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.
In 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.
e)    The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:
2025
At fair value
through other
comprehensive
income
Amortized
cost
S/(000)S/(000)
Up to 3 months6,033,742 39,815 
From 3 months to 1 year6,815,415 270,064 
From 1 to 3 years3,139,798 1,413,293 
From 3 to 5 years2,749,017 1,017,231 
More than 5 years19,642,799 5,883,472 
Without maturity92,907 – 
Total38,473,678 8,623,875 
2024
At fair value
through other
comprehensive
income
Amortized
cost
S/(000)S/(000)
Up to 3 months4,631,496 161,924 
From 3 months to 1 year8,960,899 196,986 
From 1 to 3 years5,259,160 642,039 
From 3 to 5 years5,176,129 2,211,166 
More than 5 years15,422,394 5,561,666 
Without maturity147,264 – 
Total39,597,342 8,773,781