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INVESTMENTS | 12 Months Ended
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Dec. 31, 2017
Disclosure of Investments [Abstract] |
Disclosure of investments other than investments accounted for using equity method [text block] |
6 | INVESTMENTS
a) | Investment at fair value through profit or loss and available-for-sale investments consist of the following:
|  | 2017 |  | 2016 |
|  | Unrealized gross amount |  | Unrealized gross amount |
|  | Amortized cost |  | Profits |  | Losses |  | Estimated fair value |  | Amortized cost |  | Profits |  | Losses |  | Estimated fair value |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Investments at fair value through profit or loss (trading) (i) |  |  | – |  |  | – |  |  | – |  |  | 4,020,811 |  |  | – |  |  | – |  |  | – |  |  | 4,012,184 |
Interest accrued |  |  | – |  |  | – |  |  | – |  |  | 3,926 |  |  | – |  |  | – |  |  | – |  |  | 2,835 |
Total |  |  | – |  |  | – |  |  | – |  |  | 4,024,737 |  |  |  |  |  |  |  |  |  |  |  | 4,015,019 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate, leasing and subordinated bonds (ii) |  |  | 7,919,202 |  |  | 460,826 |  |  | (22,838) |  |  | 8,357,190 |  |  | 7,902,688 |  |  | 268,421 |  |  | (121,748) |  |  | 8,049,361 |
Certificates of deposit BCRP (iii) |  |  | 7,906,747 |  |  | 16,960 |  |  | – |  |  | 7,923,707 |  |  | 4,796,142 |  |  | 6,466 |  |  | – |  |  | 4,802,608 |
Government Treasury Bonds (iv) |  |  | 4,308,507 |  |  | 336,561 |  |  | (4,520) |  |  | 4,640,548 |  |  | 2,071,110 |  |  | 174,567 |  |  | (40,315) |  |  | 2,205,362 |
Participation in RAL Fund (v) |  |  | 527,405 |  |  | – |  |  | – |  |  | 527,405 |  |  | 650,803 |  |  | – |  |  | – |  |  | 650,803 |
Securitization instruments (vi) |  |  | 478,921 |  |  | 35,747 |  |  | (6,565) |  |  | 508,103 |  |  | 523,135 |  |  | 19,136 |  |  | (6,785) |  |  | 535,486 |
Restricted mutual funds (vii) |  |  | 186,407 |  |  | 230,289 |  |  | – |  |  | 416,696 |  |  | 194,315 |  |  | 174,103 |  |  | – |  |  | 368,418 |
Participation in mutual funds |  |  | 398,308 |  |  | 11,458 |  |  | (200) |  |  | 409,566 |  |  | 286,534 |  |  | 10,060 |  |  | (4,256) |  |  | 292,338 |
Negotiable certificates of deposit |  |  | 285,493 |  |  | 5,036 |  |  | (346) |  |  | 290,183 |  |  | 57,523 |  |  | 2,889 |  |  | (8) |  |  | 60,404 |
Multilateral organization bonds |  |  | 165,830 |  |  | 13,897 |  |  | (224) |  |  | 179,503 |  |  | 194,906 |  |  | 3,847 |  |  | (2,157) |  |  | 196,596 |
Certificates of Central Bank of Bolivia (viii) |  |  | 94,692 |  |  | 33 |  |  | – |  |  | 94,725 |  |  | 14,643 |  |  | – |  |  | – |  |  | 14,643 |
Investment funds |  |  | 34,703 |  |  | 25,013 |  |  | (95) |  |  | 59,621 |  |  | 34,294 |  |  | 23,339 |  |  | – |  |  | 57,633 |
Collateralized mortgage obligation (CMO) (ix) |  |  | 17,116 |  |  | 7,048 |  |  | (6) |  |  | 24,158 |  |  | 21,628 |  |  | 7,618 |  |  | – |  |  | 29,246 |
Commercial paper |  |  | 5,185 |  |  | – |  |  | – |  |  | 5,185 |  |  | 5,576 |  |  | 6 |  |  | (30) |  |  | 5,552 |
Hedge funds |  |  | 48 |  |  | 1,014 |  |  | – |  |  | 1,062 |  |  | 87 |  |  | 1,008 |  |  | – |  |  | 1,095 |
U.S. Federal agency bonds |  |  | 799 |  |  | 80 |  |  | – |  |  | 879 |  |  | 1,036 |  |  | 131 |  |  | – |  |  | 1,167 |
|  |  | 22,329,363 |  |  | 1,143,962 |  |  | (34,794) |  |  | 23,438,531 |  |  | 16,754,420 |  |  | 691,591 |  |  | (175,299) |  |  | 17,270,712 |
Shares - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed (x) |  |  | 254,931 |  |  | 496,737 |  |  | (1,937) |  |  | 749,731 |  |  | 541,969 |  |  | 711,597 |  |  | (3,101) |  |  | 1,250,465 |
Non-listed |  |  | 14,770 |  |  | 1,093 |  |  | – |  |  | 15,863 |  |  | 6,098 |  |  | 637 |  |  | – |  |  | 6,735 |
|  |  | 269,701 |  |  | 497,830 |  |  | (1,937) |  |  | 765,594 |  |  | 548,067 |  |  | 712,234 |  |  | (3,101) |  |  | 1,257,200 |
Balance before accrued interest |  |  | 22,599,064 |  |  | 1,641,792 |  |  | (36,731) |  |  | 24,204,125 |  |  | 17,302,487 |  |  | 1,403,825 |  |  | (178,400) |  |  | 18,527,912 |
Accrued interest |  |  |  |  |  |  |  |  |  |  |  | 219,766 |  |  |  |  |  |  |  |  |  |  |  | 157,755 |
Total |  |  |  |  |  |  |  |  |  |  |  | 24,423,891 |  |  |  |  |  |  |  |  |  |  |  | 18,685,667 |
The Management of Credicorp has determined that the unrealized losses of available-for-sale investments at December 31, 2017 and 2016 are of a temporary nature, considering factors such as intended strategy in relation to the identified security or portfolio, its underlying collateral and credit rating of the issuers. During 2017, as a result of the impairment assessment of its available-for-sale investments, the Group recorded an impairment loss of S/0.8 million (S/14.5 million and S/43.8 million during 2016 and 2015, respectively), which is shown in “Impairment loss on available-for-sale investments” in the consolidated statement of income. Also, Management has decided and has the ability to hold each investment for a period of time sufficient to allow for an anticipated recovery in fair value, until the earlier of its anticipated recovery or maturity. The movement of available-for-sale investments reserves, net of deferred income tax and non-controlling interest, is shown in Note 17(c). During 2017, the Group has not reclassified instruments from the portfolio available-for-sale investments to investments held to maturity (During the years 2016 and 2015, the Group reclassified instruments from the portfolio available-for-sale investments to held-to-maturity investments which, at the time of the transfer maintained an unrealized profit amounting to S/6.0 million and an unrealized loss amounting to S/12.9 million recorded in equity, respectively). During the years 2017 and 2016, S/2.1 million and S/1.6 million, respectively, were amortized from unrealized results which were recorded in equity, and were transferred to the account “Net gain on sale of securities” of the consolidated statement of income. At December 31, 2017, unrealized profit amounting to S/0.02 million is held in equity, corresponding to the investments which were reclassified in category (unrealized gain amounting to S/2.1 million at December 31, 2016). At December 31, 2017 and 2016, the maturities and annual market rates of available-for-sale investments are as follows:
|  | Maturities |  | Annual effective interest rate |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  |  |  |  |  | S/ |  | US$ |  | Other currencies |  | S/ |  | US$ |  | Other currencies |
|  |  |  |  |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |
|  |  |  |  |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |
Corporate, leasing and Subordinated bonds |  | Jan-2018 / Feb-2065 |  | Jan-2017 / Feb-2065 |  |  | 1.37 |  |  | 9.20 |  |  | 0.24 |  |  | 7.55 |  |  | 0.17 |  |  | 7.83 |  |  | 2.88 |  |  | 10.21 |  |  | 0.16 |  |  | 13.46 |  |  | 0.14 |  |  | 9.06 |
Certificates of deposit BCRP |  | Jan-2018 / Apr-2019 |  | Jan-2017 / May-2018 |  |  | 3.08 |  |  | 3.17 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 4.27 |  |  | 4.55 |  |  | – |  |  | – |  |  | – |  |  | – |
Government Treasury bonds |  | Feb-2018 / Feb-2055 |  | Jan-2017 / Feb-2055 |  |  | 1.32 |  |  | 6.25 |  |  | 1.27 |  |  | 6.25 |  |  | – |  |  | – |  |  | 1.83 |  |  | 7.13 |  |  | 0.33 |  |  | 7.10 |  |  | – |  |  | – |
Securitization instruments |  | Jan-2018 / Sep-2045 |  | Jan-2018 / Sep-2045 |  |  | 4.09 |  |  | 11.75 |  |  | 3.06 |  |  | 6.16 |  |  | 1.68 |  |  | 6.00 |  |  | 4.75 |  |  | 9.30 |  |  | 3.27 |  |  | 9.76 |  |  | 0.50 |  |  | 8.44 |
Certificates of deposits Central Bank of Bolivia |  | Jan-2018 / Sep-2018 |  | Mar-2017 / Jun-2017 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 0.50 |  |  | 1.15 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 0.10 |  |  | 0.30 |
Negotiable certificates of deposits |  | Jan-2018 / Mar-2033 |  | Jan-2017 / Feb-2026 |  |  | 0.49 |  |  | 4.33 |  |  | – |  |  | – |  |  | 1.18 |  |  | 4.90 |  |  | 2.10 |  |  | 6.54 |  |  | 0.95 |  |  | 1.98 |  |  | 1.30 |  |  | 6.25 |
Multilateral organization bonds |  | Mar-2018 / Feb-2044 |  | Jan-2017 / Feb-2044 |  |  | 2.13 |  |  | 7.04 |  |  | 1.83 |  |  | 2.44 |  |  | – |  |  | – |  |  | 3.39 |  |  | 7.47 |  |  | 1.67 |  |  | 3.31 |  |  | – |  |  | – |
Collateralized mortgage obligations (CMO) |  | Aug-2020 / Dic-2036 |  | Aug-2020 / Dec-2036 |  |  | – |  |  | – |  |  | 2.23 |  |  | 9.40 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 2.12 |  |  | 9.79 |  |  | – |  |  | – |
U.S. Federal agency bonds |  | Aug-2035 |  | Aug-2035 |  |  | – |  |  | – |  |  | 1.66 |  |  | 1.66 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 1.47 |  |  | 1.47 |  |  | – |  |  | – |
| (i) | At December 31, 2017 the balance includes mainly BCRP certificates of deposit (securities issued at discount through public auctions, negotiated in the Peruvian secondary market and settled in soles) amounting to S/2,102.3 million, government treasury bonds for an amount of S/1,142.0 million, and multilateral organization bonds for S/260.3 million, corporate and leasing bonds for S/238.4 million, listed shares for S/122.4 million and negotiable certificates of deposit for S/60.7 million (S/2,259.9 million, S/526.5 million, S/243.2 million, S/818.8 million, S/114.2 million and S/37.4 million, respectively, at December 31, 2016).
| (ii) | At December 31, 2017 the most significant individual unrealized loss amounted to approximately S/2.2 million (S/17.7 million, at December 31, 2016).
| (iii) | At December 31, 2017 the Group maintains 79,901 BCRP certificates of deposits (49,504 at December 31, 2016).
| (iv) | At December 31, 2017 and 2016, the balance includes the following Government Treasury Bonds:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
Peruvian sovereign bonds |  |  | 4,364,172 |  |  | 1,820,240 |
Bolivian sovereign bonds |  |  | 106,461 |  |  | 52,462 |
Colombian sovereign bonds |  |  | 58,381 |  |  | 212,756 |
U.S. Federal agency bonds |  |  | 55,875 |  |  | 90,191 |
Other |  |  | 55,659 |  |  | 29,713 |
Total |  |  | 4,640,548 |  |  | 2,205,362 |
Certain treasury bonds were hedged through CCS and IRS, as detailed bellow:
| - | At December 31, 2017, the Group maintains CCS, which were designated as cash flow hedges of certain corporate bonds and foreign government bonds for nominal amounts totaling S/228.8 million and S/55.1 million, respectively (S/236.3 million and S/167.8 million, respectively, at December 31, 2016), See Note 12(b); by means of said CCS, the bonds were economically converted to soles at fixed rate.
| - | At December 31, 2017, the Group maintains IRS, which have been designated as fair value hedges of certain Peruvian Government, corporate and international financial entity bonds denominated in U.S Dollars at fixed interest rate for a nominal amount of S/659.5 million (S/760.3 million at December 31, 2016), See Note 12(b); through said IRS these bonds were economically converted to variable interest rates.
| (v) | At December 31, 2017, these funds total approximately S/146.2 million in bolivianos and S/381.2 million in U.S. dollars (S/168.4 million in bolivianos and S/482.4 million in U.S. dollars respectively at December 31, 2016) and comprise the investments made by the Group in the Central Bank of Bolivia as collateral for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia.
| (vi) | At December 31, 2017 and 2016, the balance of securitization instruments includes the following:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
Inmuebles Panamericana |  |  | 156,186 |  |  | 94,478 |
Abengoa Transmisión del Norte |  |  | 82,492 |  |  | 81,581 |
Concesionaria La Chira S.A. |  |  | 30,182 |  |  | 30,661 |
Hunt Oil Company |  |  | 23,244 |  |  | 175,282 |
Others below of S/30 million |  |  | 215,999 |  |  | 153,484 |
Total |  |  | 508,103 |  |  | 535,486 |
At those dates, the bonds have semiannual payments until the year 2025. The pool of underlying assets, which is traded in the Peruvian secondary market, is mainly made up of accounts receivable from income, revenues for services and from maintenance and marketing contributions (Inmuebles Panamericana), accounts receivable for electrical transmission services from the Carhuamayo - Cajamarca line (Abengoa Transmisión Norte), accounts receivable for collection via banking channels of the charge for drinking water and sanitation service (Concesionaria La Chira) and accounts receivable for the sale of hydrocarbons in Peru (Hunt Oil Company).
| (vii) | The restricted mutual funds comprise the participation quotas in the private pension funds managed by the Group, 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.
| (viii) | At December 31, 2017 and 2016, certificates of deposit issued by the Central Bank of Bolivia are mainly denominated in Bolivianos.
| (ix) | Collateralized mortgage obligations correspond to senior tranches (“Senior Tranches”)
| (x) | Between the years 2016 and 2017, the Group sold through Credicorp Capital Corredores de Bolsa, 100.0 percent of the shares that it held of Banco de Crédito e Inversiones de Chile (hereinafter “BCI Chile”) and 100.0 percent of the shares that it held of Enel Distribución Perú S.A.A. (formerly Edelnor S.A.A.) We present below the sales made:
| - | On March 7, 2016, Credicorp signed a Memorandum of Understanding (MOU) with BCI Chile, in which, as a minority shareholder with a 4.06 percent participation in BCI Chile, it stated its intention to sell up to 50.0 percent of said shares.
Credicorp undertook not to sell the remaining 50.0 percent of its shares in BCI Chile during the period of 180 calendar days subsequent to the expiry date of the preferred option of BCI Chile which forms part of the applicable regulations in Chile. The preferred subscription period began on March 21, 2016. Accordingly, on April 22, 2016, Credicorp sold 50.0 percent of the shares which it held in BCI Chile (2,248,593 shares), at a price of CLP 27,500 (US$41.6) per share, generating cash for approximately US$94.0 million, equivalent to S/302 million. Said sale generated a profit, net of commissions, of approximately S/124.7 million.
| - | On September 15, 2017, Credicorp sold the remaining 50.0 percent of shares which it held in BCI Chile (2,286,328 shares), at a price of CLP 39,000 (US$62.3) per share, generating cash for approximately US$142.4 million, equivalent to S/462.8 million. Said sale generated a profit, net of commissions, of approximately S/281.1 million.
| - | On October 4, 2017, Credicorp sold in the Lima Stock Exchange all of its position in the shares of Enel Distribución Perú S.A.A. (43,554,445 shares), at a price of S/5.5 per share, generating cash for approximately S/239.5 million. The operation generated a profit, net of commissions, of approximately S/163.7 million.
At December 31, 2017 the unrealized gain on listed shares arises mainly from investment in Alicorp S.A.A. and Inversiones Centenario S.A.A. and totaled S/234.1 million, and S/226.5 million, respectively (S/109.4 million in Alicorp S.A.A., S/166.5 million in Inversiones Centenario S.A.A., S/141.6 million in Enel Distribución Perú S.A.A., and S/81.2 million in BCI Chile, at December 31, 2016).
b) | Held-to-maturity investments consist of the following:
|  | 2017 |
|  | Carrying amount |  | Fair value |
|  | S/(000) |  | S/(000) |
Peruvian sovereign bonds |  |  | 3,378,046 |  |  | 3,700,535 |
Bonds of foreign governments |  |  | 352,205 |  |  | 355,438 |
Peruvian treasury bonds |  |  | 217,187 |  |  | 221,799 |
Corporate bonds |  |  | 246,284 |  |  | 254,131 |
Certificates of payment on work progress (CRPAO for its Spanish acronym) (*) |  |  | 129,443 |  |  | 134,238 |
|  |  | 4,323,165 |  |  | 4,666,141 |
Accrued interest |  |  | 90,208 |  |  | 90,208 |
Total |  |  | 4,413,373 |  |  | 4,756,349 |
|  | 2016 |
|  | Carrying |  | Fair |
|  | amount |  | value |
|  | S/(000) |  | S/(000) |
Peruvian sovereign bonds |  |  | 4,016,340 |  |  | 4,099,001 |
Bonds of foreign governments |  |  | 333,133 |  |  | 336,397 |
Peruvian treasury bonds |  |  | 234,884 |  |  | 240,166 |
Corporate bonds |  |  | 277,998 |  |  | 284,028 |
Certificates of payment on work progress (CRPAO for its Spanish acronym) (*) |  |  | 154,449 |  |  | 154,496 |
|  |  | 5,016,804 |  |  | 5,114,088 |
Accrued interest |  |  | 101,616 |  |  | 101,616 |
Total |  |  | 5,118,420 |  |  | 5,215,704 |
At December 31, 2017, said bonds have maturities between January 2018 and February 2042, accruing interest at an annual effective interest rate between 3.19 percent and 6.09 percent on bonds denominated in soles and between 1.39 percent and 4.55 percent on bonds in U.S. dollar (at December 31, 2016 they show maturities between February 2017 and February 2042, bearing interest at an effective annual interest rate of 1.87 percent and 7.12 percent on bonds denominated in soles and between 0.47 percent and 6.03 percent per year on bonds in U.S. dollars). At December 31, 2017 and 2016, Credicorp Management has determined that the difference between amortized cost and fair value of held-to-maturity investment is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity. At December 31, 2017 the Group has entered into repurchase agreements transactions over corporate bonds, multilateral organization bonds and foreign government bonds accounted for as available-for-sale investments for an estimated fair value of S/2,691.8 million (S/1,598.9 million at December 31, 2016), of which the related liability is presented in “Payables from repurchase agreements and security lending” of the consolidated statement of financial position, See Note 5(c). Also, at December 31, 2017, the Group maintains repurchase agreements transactions over held-to-maturity investments for an estimated fair value of S/2,725.8 million (S/2,061.6 million at December 31, 2016), the related liability of which is presented in “Payables from repurchase agreements and security lendings” of the consolidated statement of financial position, See Note 5(c).
| (*) | At December 31, 2017 and 2016 there are, 217 and 249 certificates of Annual Recognition of Payment for Work Progress (CRPAO from Spanish acronym), respectively, issued by the Peruvian Government to finance projects and concessions are held, said issuance is a mechanism established in the concession agreement signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the works undertaken. Said investment has maturities between January 2018 and April 2026, accruing interest at an annual effective rate between 3.90 percent and 5.38 percent.
c) | The table below shows the balance of investments, by maturity groupings, before accrued interest:
|  | 2017 |
|  |  |  | Available for |  | Held to |
|  | Trading |  | sale |  | maturity |
|  | S/(000) |  | S/(000) |  | S/(000) |
Until 3 months |  |  | 1,476,174 |  |  | 4,987,080 |  |  | 334,791 |
From 3 months to 1 year |  |  | 1,096,855 |  |  | 3,785,935 |  |  | 68,690 |
From 1 to 3 years |  |  | 516,919 |  |  | 2,407,141 |  |  | 1,625,856 |
From 3 to 5 years |  |  | 180,739 |  |  | 1,516,653 |  |  | 110,746 |
Over 5 years |  |  | 574,293 |  |  | 9,327,327 |  |  | 2,183,082 |
Without maturity |  |  | 175,831 |  |  | 2,179,989 |  |  | - |
Total |  |  | 4,020,811 |  |  | 24,204,125 |  |  | 4,323,165 |
|  | 2016 |
|  |  |  | Available for |  | Held to |
|  | Trading |  | sale |  | maturity |
|  | S/(000) |  | S/(000) |  | S/(000) |
Up to 3 months |  |  | 341,995 |  |  | 1,260,163 |  |  | 17,655 |
From 3 months to 1 year |  |  | 1,723,578 |  |  | 2,835,467 |  |  | 807,319 |
From 1 to 3 years |  |  | 1,166,274 |  |  | 2,930,790 |  |  | 956,812 |
From 3 to 5 years |  |  | 329,590 |  |  | 1,361,623 |  |  | 1,082,244 |
Over 5 years |  |  | 324,417 |  |  | 7,519,715 |  |  | 2,152,774 |
Without maturity |  |  | 126,330 |  |  | 2,620,154 |  |  | - |
Total |  |  | 4,012,184 |  |  | 18,527,912 |  |  | 5,016,804 |

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