Credicorp Ltd.: Credicorp Ltd. Updates on Tax Dispute with SUNAT

Rhea-AI Summary

Credicorp (NYSE:BAP), Peru's leading financial services holding company, has provided an update on its ongoing tax dispute with SUNAT (Peruvian Tax Authority). The company has cancelled the total amount of approximately S/ 1.6 billion soles related to Tax Assessment and Fine Resolutions issued by SUNAT on June 27, 2025.

While the payment has been made, Credicorp maintains its position on the case's merits and plans to challenge the Resolutions through legal channels. The company considers the contingency as remote and has not made any expense provisions. Credicorp operates across Peru, Chile, Colombia, Bolivia, and Panama, and remains committed to regulatory compliance and stakeholder interests.

Positive

• Company has sufficient liquidity to cancel the S/ 1.6 billion tax assessment
• Company maintains strong legal position and considers contingency remote

Negative

• Significant cash outflow of S/ 1.6 billion soles for tax assessment payment
• Ongoing legal dispute with Peruvian tax authorities creates uncertainty

The Amount Demanded by SUNAT Resolutions Has Been Cancelled; Credicorp Challenging through Legal Channels to Defend Rule of Law

Lima, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Lima, Peru – August 14, 2025 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, today provided an update regarding the tax dispute disclosed on June 30, 2025.

The Company announced that the total amount of the Tax Assessment Resolutions and Fine Resolutions issued by the Peruvian Tax Authority (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT) on June 27, 2025, totaling approximately S/ 1.6 billion soles, has been cancelled. This update does not alter the Company’s position regarding the merits of the case and resolves any potential misperception of outstanding obligations to the Peruvian State.

Grupo Credito has reaffirmed its decision to exercise all legal rights available to challenge the Resolutions. While the Company remains confident in a favorable outcome and continues to assess the contingency as remote, no expense provisions have been deemed necessary.

Credicorp reiterates its commitment to full regulatory and tax compliance, and to safeguarding the interests of its employees, clients, and shareholders.

About Credicorp:
Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

For further information please contact the IR team:
investorrelations@credicorpperu.com
Investor Relations
Credicorp Ltd.

FAQ

What is the amount of tax assessment Credicorp (BAP) has paid to SUNAT in August 2025?

Credicorp has paid approximately S/ 1.6 billion soles to SUNAT related to Tax Assessment and Fine Resolutions issued on June 27, 2025.

How is Credicorp (BAP) responding to the SUNAT tax dispute in 2025?

Credicorp is challenging the tax resolutions through legal channels while maintaining its position on the case's merits, despite having paid the assessed amount.

Has Credicorp (BAP) made any provisions for the SUNAT tax dispute?

No, Credicorp has not made any expense provisions as it considers the contingency remote and remains confident in a favorable outcome.

What impact does the SUNAT tax dispute have on Credicorp's (BAP) operations?

While Credicorp has paid the S/ 1.6 billion assessment, the company continues normal operations across Peru, Chile, Colombia, Bolivia, and Panama, maintaining its commitment to regulatory compliance.