Exhibit 12.1



CERTIFICATIONS PURSUANT TO SECTION 302
OF THE U.S. SARBANES-OXLEY ACT OF 2002



I, Dionisio Romero P., certify
that:



| | 1. | I have reviewed this
                                         Annual Report on Form 20-F of Credicorp Ltd.;
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| | 2. | Based on my knowledge,
                                         this report does not contain any untrue statement of a material fact or omit to state
                                         a material fact necessary to make the statements made, in light of the circumstances
                                         under which such statements were made, not misleading with respect to the period covered
                                         by this report;
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| | 3. | Based on my knowledge,
                                         the financial statements, and other financial information included in this report, fairly
                                         present in all material respects the financial condition, results of operations and cash
                                         flows of the Company as of, and for, the periods presented in this report;
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| | 4. | The Company’s
                                         other certifying officer and I are responsible for establishing and maintaining disclosure
                                         controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
                                         internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
                                         and 15d-15(f)) for the Company and have:
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| | a) | designed such
                                         disclosure controls and procedures, or caused such disclosure controls and procedures
                                         to be designed under our supervision, to ensure that material information relating to
                                         the Company, including its consolidated subsidiaries, is made known to us by others within
                                         those entities, particularly during the period in which this report is being prepared;
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| | b) | designed such
                                         internal control over financial reporting, or caused such internal control over financial
                                         reporting to be designed under our supervision, to provide reasonable assurance regarding
                                         the reliability of financial reporting and the preparation of financial statements for
                                         external purposes in accordance with generally accepted accounting principles;
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| | c) | evaluated the
                                         effectiveness of the Company’s disclosure controls and procedures and presented
                                         in this report our conclusions about the effectiveness of the disclosure controls and
                                         procedures, as of the end of the period covered by this report based on such evaluation;
                                         and
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| | d) | disclosed in
                                         this report any change in the Company’s internal control over financial reporting
                                         that occurred during the period covered by this Annual Report that has materially affected,
                                         or is reasonably likely to materially affect, the Company’s internal control over
                                         financial reporting; and
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| | 5. | The Company’s
                                         other certifying officer and I have disclosed, based on our most recent evaluation of
                                         internal control over financial reporting, to the Company’s auditors and the Audit
                                         Committee of the Company’s board of directors (or persons performing the equivalent
                                         functions):
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| | a) | all significant
                                         deficiencies and material weaknesses in the design or operation of internal control over
                                         financial reporting which are reasonably likely to adversely affect the Company’s
                                         ability to record, process, summarize and report financial information; and
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| | b) | any fraud, whether
                                         or not material, that involves management or other employees who have a significant role
                                         in the Company’s internal control over financial reporting.
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| | Dated:
    April 27, 2017   |                            
| | --------------------------- | ---------------------------
| | /S/  DIONISIO
    ROMERO P. |                            
| | Name:                       | Dionisio
    Romero P.     
| | Title:                      | Chief
    Executive Officer