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DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended
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Dec. 31, 2017
Disclosure Of Deposits From Banks Explanatory [Abstract] |
Disclosure of deposits from banks explanatory [text block] |
14 | DUE TO BANKS AND CORRESPONDENTS
a) | This item consists of the following:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
International funds and others (b) |  |  | 5,264,545 |  |  | 5,253,826 |
Promotional credit lines (c) |  |  | 2,029,989 |  |  | 1,793,205 |
Inter-bank funds |  |  | 659,737 |  |  | 408,153 |
|  |  | 7,954,271 |  |  | 7,455,184 |
Interest payable |  |  | 42,618 |  |  | 38,732 |
Total |  |  | 7,996,889 |  |  | 7,493,916 |
b) | This item consists of the following:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
Citibank N.A. (i) |  |  | 1,166,760 |  |  | 385,940 |
Wells Fargo Bank (ii) |  |  | 810,250 |  |  | 788,660 |
Corporación Financiera de Desarrollo (COFIDE) |  |  | 600,871 |  |  | 456,246 |
Comunidad Andina de Fomento – (CAF) (iii) |  |  | 324,100 |  |  | 247,013 |
Bank of America (iv) |  |  | 324,088 |  |  | 335,426 |
JP Morgan Chase Bank, National Association (v) |  |  | 324,030 |  |  | 335,204 |
Toronto Dominion Bank |  |  | 259,280 |  |  | – |
Standard Chartered Bank |  |  | 194,460 |  |  | – |
International Finance Corporation (IFC) |  |  | 190,337 |  |  | 214,600 |
Banco del Estado de Chile |  |  | 162,195 |  |  | – |
Bank of Montreal |  |  | 162,050 |  |  | 805,440 |
Banco de la Nación |  |  | 125,000 |  |  | – |
Scotiabank Perú S.A.A |  |  | 100,000 |  |  | 80,722 |
Banco Consorcio |  |  | 94,157 |  |  | 103,969 |
Deutsche Bank |  |  | 581 |  |  | 83,900 |
HSBC Bank PLC |  |  | – |  |  | 295,328 |
Bank of New York Mellon |  |  | – |  |  | 335,600 |
Canadian Imperial Bank of Commerce Toronto |  |  | – |  |  | 335,600 |
Others below S/80 million |  |  | 426,386 |  |  | 450,178 |
Total |  |  | 5,264,545 |  |  | 5,253,826 |
At December 31, 2017, the loans have maturities between January 2018 and March 2032 (between January 2017 and December 2031 at December 31, 2016) and earn interest at rates that fluctuate between 0.5 percent and 9.04 percent (between 0.44 percent and 11.43 percent at December 31, 2016).
| (i) | At December 31, 2017, the balance includes two variable rate loans obtained in July of 2017, for a total of US$150.0 million, equivalent to S/486.2 million, the amounts of which are hedged by two IRS for a nominal amount with equal principal and maturity, See Note 12(b). By means of the IRS, the two loans were economically converted to a fixed rate loan.
| (ii) | At December 31, 2017, the balance includes two variable rate loans obtained in June of 2016, and October of 2017 for a total of US$150.0 million, equivalent to S/486.2 million (two variable rate loans obtained in April and June of 2016 for a total of US$95.0 million, equivalent to S/318.8 million, at December 31, 2016) hedged with two interest rate swaps (IRS) for a nominal amount equal principal and the same maturity date, See Note12(b). By means of the IRS, said loans were economically converted to a fixed rate loan.
The variable rate loan obtained in April 2016 for US$45.0 million, equivalent to S/151.0 million, matured in April 2017.
| (iii) | At December 31, 2017, the balance corresponds to a variable rate loan in U.S. Dollars, obtained in December of 2017 for US$100.0 million, equivalent to S/324.1 million, the amount of which is hedged with a CCS for a nominal amount equal to the principal and the same maturity, See Note 12(b). By means of the CCS, said loan was economically converted to a fixed rate loan in soles.
| (iv) | At December 31, 2017, the balance corresponds to a variable rate loan obtained in December 2015 for US$100.0 million, equivalent to S/324.1 million; which is hedged with an IRS for a nominal amount equal to the principal and same maturity date (US$100.0 million equivalent to S/335.6 million at December 31, 2016), See Note 12(b). By means of the IRS, said loan was economically converted to a fixed rate loan.
| (v) | At December 31, 2017, the balance corresponds to a variable rate loan obtained in February 2016 for US$100.0 million, equivalent to S/324.1 million, hedged by an IRS for a nominal amount equal to the principal and with the same maturity date (US$100.0 million, equivalent to S/335.6 million, at December 31, 2016), See Note 12(b). By means of the IRS, said loan was economically converted to a fixed rate.
| c) | Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they have maturities between January 2018 and January 2023 at annual interest rates varying between 6.00 percent and 7.75 percent at December 31, 2017 (between January 2017 and January 2022 and with annual interest rates ranging between 6.00 percent and 7.75 percent at December 31, 2016). These credit lines are secured by a loan portfolio totaling S/2,030.0 million and S/1,793.2 million at December 31, 2017 and December 31, 2016, respectively.
| d) | The table below shows maturities of due to banks and correspondents at December 31, 2017 and 2016 based on the remaining period to the maturity date:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
Up to 3 months |  |  | 2,169,022 |  |  | 2,801,499 |
From 3 months to 1 year |  |  | 2,055,859 |  |  | 1,536,609 |
From 1 to 3 years |  |  | 1,715,035 |  |  | 1,214,848 |
From 3 to 5 years |  |  | 452,577 |  |  | 554,600 |
Over 5 years |  |  | 1,561,778 |  |  | 1,347,628 |
Total |  |  | 7,954,271 |  |  | 7,455,184 |
| e) | At December 31, 2017 and 2016, lines of credit granted by several local and foreign financial institutions, available for future operating activities total S/7,294.5 million and S/7,047.0 million, respectively.
| f) | Some debts to banks and correspondents include standard “covenants” related to the compliance of financial ratios, the use of the funds and other administrative matters; which, in Management’s opinion, do not limit the Group’s operations and have been complied with at the date of the consolidated financial statements.

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