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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2017
Disclosure of Other Assets And Other Liabilities [Abstract] |
Disclosure of other assets and other liabilities explanatory [text block] |
12 | OTHER ASSETS AND OTHER LIABILITIES
a) | This item consists of the following:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
Other assets - |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |
Receivables |  |  | 1,676,583 |  |  | 1,240,632 |
Derivatives receivable (b) |  |  | 701,826 |  |  | 942,602 |
Operations in process (c) |  |  | 82,542 |  |  | 45,450 |
|  |  | 2,460,951 |  |  | 2,228,684 |
Non-financial instruments: |  |  |  |  |  |  |
Deferred income tax asset, Note 18(c) |  |  | 480,057 |  |  | 506,044 |
Investment in associates (e) |  |  | 708,873 |  |  | 699,724 |
Investment properties, net (f) |  |  | 458,855 |  |  | 504,927 |
Deferred fees |  |  | 431,598 |  |  | 504,445 |
Income tax prepayments, net |  |  | 301,863 |  |  | 357,149 |
Seized assets, net |  |  | 95,012 |  |  | 73,466 |
VAT (IGV) tax credit |  |  | 50,138 |  |  | 41,140 |
Others |  |  | 12,651 |  |  | 13,334 |
|  |  | 2,539,047 |  |  | 2,700,229 |
Total |  |  | 4,999,998 |  |  | 4,928,913 |
Other liabilities - |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |
Accounts payable |  |  | 1,875,153 |  |  | 1,512,804 |
Derivatives payable (b) |  |  | 636,762 |  |  | 673,015 |
Salaries and other personnel expenses |  |  | 644,234 |  |  | 681,853 |
Allowance for indirect loan losses, Note 7(d) |  |  | 442,510 |  |  | 209,559 |
Operations in process (c) |  |  | 274,354 |  |  | 136,764 |
|  |  | 3,873,013 |  |  | 3,213,995 |
Non-financial instruments: |  |  |  |  |  |  |
Taxes |  |  | 480,781 |  |  | 286,504 |
Deferred income tax, Note 18(c) |  |  | 150,280 |  |  | 172,641 |
Provision for sundry risks (d) |  |  | 275,841 |  |  | 296,339 |
Others |  |  | 234,197 |  |  | 150,587 |
|  |  | 1,141,099 |  |  | 906,071 |
Total |  |  | 5,014,112 |  |  | 4,120,066 |
b) | The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change.
The table below shows at December 31, 2017 and 2016 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their nominal amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which changes in the value of derivatives are measured.
|  |  |  | 2017 |  | 2016 |  | 2017 y 2016 |
|  | Note |  | Assets |  | Liabilities |  | Notional amount |  | Maturity |  | Assets |  | Liabilities |  | Notional amount |  | Maturity |  | Related instruments |
|  |  |  | S/(000) |  | S/(000) |  | S/(000) |  |  |  | S/(000) |  | S/(000) |  | S/(000) |  |  |  |  |
Derivatives held for trading(i) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts |  |  |  |  | 62,353 |  |  | 56,869 |  |  | 10,846,203 |  | Between January 2018 and June 2020 |  |  | 73,722 |  |  | 55,437 |  |  | 9,313,965 |  | Between January 2017 and June 2020 |  | - |
Interest rate swaps |  |  |  |  | 101,765 |  |  | 94,238 |  |  | 33,057,283 |  | Between January 2018 and December 2031 |  |  | 87,872 |  |  | 55,927 |  |  | 25,900,896 |  | Between January 2017 and December 2031 |  | - |
Currency swaps |  |  |  |  | 332,376 |  |  | 349,779 |  |  | 8,528,764 |  | Between January 2018 and December 2027 |  |  | 428,928 |  |  | 490,475 |  |  | 7,518,170 |  | Between January 2017 and December 2026 |  | - |
Foreign exchange options |  |  |  |  | 2,692 |  |  | 980 |  |  | 410,982 |  | Between January 2018 and November 2018 |  |  | 21,490 |  |  | 17,202 |  |  | 2,747,601 |  | Between January 2017 and December 2017 |  | - |
|  |  |  |  | 499,186 |  |  | 501,866 |  |  | 52,843,232 |  |  |  |  | 612,012 |  |  | 619,041 |  |  | 45,480,632 |  |  |  |  |
Derivatives held as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges (ii) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 14(b)(i) |  |  | 2,491 |  |  | - |  |  | 486,150 |  | August 2019 |  |  | - |  |  | - |  |  | - |  | - |  | Debt to banks |
Interest rate swaps (IRS) |  | 14(b)(ii) |  |  | 1,864 |  |  | - |  |  | 486,150 |  | Between September 2018 and November 2019 |  |  | 1,384 |  |  | - |  |  | 318,820 |  | Between April 2017 and September 2018 |  | Debt to banks |
Interest rate swaps (IRS) |  | 14(b)(iv) |  |  | 112 |  |  | - |  |  | 324,100 |  | January 2018 |  |  | - |  |  | 218 |  |  | 335,600 |  | January 2018 |  | Debt to banks |
Interest rate swaps (IRS) |  | 14(b)(v) |  |  | 658 |  |  | - |  |  | 324,100 |  | March 2018 |  |  | 1,614 |  |  | - |  |  | 335,600 |  | March 2018 |  | Debt to banks |
Interest rate swaps (IRS) |  | 16(a)(iii) |  |  | - |  |  | - |  |  | - |  | - |  |  | - |  |  | 2,736 |  |  | 179,231 |  | October 2017 |  | Notes issued |
Interest rate swaps (IRS) |  | 5(c)(i) |  |  | 4,626 |  |  | - |  |  | 486,150 |  | Between March 2019 and December 2019 |  |  | 3,140 |  |  | 294 |  |  | 503,400 |  | Between March 2019 and December 2019 |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 16(a)(xi) |  |  | - |  |  | 97,440 |  |  | 972,300 |  | October 2019 |  |  | - |  |  | 25,387 |  |  | 1,006,800 |  | October 2019 |  | Bonds issued |
Cross currency swaps (CCS) |  | 5(c)(iii) |  |  | 18,889 |  |  | - |  |  | 226,870 |  | August 2020 |  |  | 35,158 |  |  | - |  |  | 234,920 |  | August 2020 |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 5(c)(iv) |  |  | - |  |  | 26,240 |  |  | 145,845 |  | August 2026 |  |  | - |  |  | 6,871 |  |  | 151,020 |  | August 2026 |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 5(c)(v) |  |  | - |  |  | 9,053 |  |  | 81,025 |  | August 2026 |  |  | 1,154 |  |  | - |  |  | 83,900 |  | August 2026 |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 6(a)(iv) |  |  | 24,263 |  |  | 1,386 |  |  | 228,756 |  | Between January 2018 and September 2024 |  |  | 16,537 |  |  | 9,483 |  |  | 236,335 |  | Between January 2017 and September 2024 |  | Available-for-sale investments |
Cross currency swaps (CCS) |  | 6(a)(iv) |  |  | - |  |  | 151 |  |  | 55,097 |  | March 2019 |  |  | 1,289 |  |  | 7,588 |  |  | 167,800 |  | Between January 2017 and March 2019 |  | Available-for-sale investments |
Cross currency swaps (CCS) |  | 14(b)(iii) |  |  | 73 |  |  | 79 |  |  | 324,100 |  | January 2020 |  |  | - |  |  | - |  |  | - |  | - |  | Debt to banks |
Cross currency swaps and interest rate swaps (CCS and IRS) |  | 5(c)(ii) |  |  | 32,719 |  |  | - |  |  | 259,280 |  | August 2020 |  |  | 54,103 |  |  | - |  |  | 268,480 |  | August 2020 |  | Repurchase agreements |
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 16(a) |  |  | 110,808 |  |  | - |  |  | 7,915,886 |  | Between September 2020 and April 2023 |  |  | 212,162 |  |  | - |  |  | 8,196,765 |  | Between September 2020 and April 2023 |  | Bonds issued |
Interest rate swaps (IRS) |  | 6(a)(iv) |  |  | 6,137 |  |  | 547 |  |  | 659,524 |  | Between April 2018 and October 2023 |  |  | 4,049 |  |  | 1,397 |  |  | 760,315 |  | Between January 2017 and October 2023 |  | Available-for-sale investments |
|  |  |  |  | 202,640 |  |  | 134,896 |  |  | 12,975,333 |  |  |  |  | 330,590 |  |  | 53,974 |  |  | 12,778,986 |  |  |  |  |
|  |  |  |  | 701,826 |  |  | 636,762 |  |  | 65,818,565 |  |  |  |  | 942,602 |  |  | 673,015 |  |  | 58,259,618 |  |  |  |  |
| (i) | Held-for-trading derivatives are principally negotiated to satisfy clients’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IAS 39 hedging accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows:
|  | At December 31, 2017 |  | At December 31, 2016 |
|  | Up to 3 months |  | From 3 months to 1 year |  | From 1 to 3 years |  | From 3 to 5 years |  | Over 5 years |  | Total |  | Up to 3 months |  | From 3 months to 1 year |  | From 1 to 3 years |  | From 3 to 5 years |  | Over 5 years |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Forward foreign exchange contracts |  |  | 41,995 |  |  | 19,238 |  |  | 1,120 |  |  | – |  |  | – |  |  | 62,353 |  |  | 58,168 |  |  | 12,737 |  |  | 2,040 |  |  | 777 |  |  | – |  |  | 73,722 |
Interest rate swaps |  |  | 5,487 |  |  | 16,971 |  |  | 22,705 |  |  | 18,464 |  |  | 38,138 |  |  | 101,765 |  |  | 6,763 |  |  | 9,480 |  |  | 18,550 |  |  | 9,591 |  |  | 43,488 |  |  | 87,872 |
Currency swaps |  |  | 12,190 |  |  | 7,803 |  |  | 142,370 |  |  | 58,391 |  |  | 111,622 |  |  | 332,376 |  |  | 751 |  |  | 20,029 |  |  | 87,300 |  |  | 212,990 |  |  | 107,858 |  |  | 428,928 |
Foreign exchange options |  |  | 2,468 |  |  | 224 |  |  | – |  |  | – |  |  | – |  |  | 2,692 |  |  | 9,827 |  |  | 11,663 |  |  | – |  |  | – |  |  | – |  |  | 21,490 |
Total assets |  |  | 62,140 |  |  | 44,236 |  |  | 166,195 |  |  | 76,855 |  |  | 149,760 |  |  | 499,186 |  |  | 75,509 |  |  | 53,909 |  |  | 107,890 |  |  | 223,358 |  |  | 151,346 |  |  | 612,012 |
|  | At December 31, 2017 |  | At December 31, 2016 |
|  | Up to 3 months |  | From 3 months to 1 year |  | From 1 to 3 years |  | From 3 to 5 years |  | Over 5 years |  | Total |  | Up to 3 months |  | From 3 months to 1 year |  | From 1 to 3 years |  | From 3 to 5 years |  | Over 5 years |  | Total |
Forward foreign exchange contracts |  |  | 39,888 |  |  | 16,603 |  |  | 378 |  |  | – |  |  | – |  |  | 56,869 |  |  | 46,721 |  |  | 8,661 |  |  | 43 |  |  | 12 |  |  | – |  |  | 55,437 |
Interest rate swaps |  |  | 6,841 |  |  | 14,196 |  |  | 24,537 |  |  | 17,018 |  |  | 31,646 |  |  | 94,238 |  |  | 4,226 |  |  | 8,236 |  |  | 17,749 |  |  | 4,300 |  |  | 21,416 |  |  | 55,927 |
Currency swaps |  |  | 22,457 |  |  | 27,855 |  |  | 171,412 |  |  | 17,056 |  |  | 110,999 |  |  | 349,779 |  |  | 64,023 |  |  | 37,626 |  |  | 133,530 |  |  | 178,979 |  |  | 76,317 |  |  | 490,475 |
Foreign exchange options |  |  | 547 |  |  | 433 |  |  | – |  |  | – |  |  | – |  |  | 980 |  |  | 4,564 |  |  | 12,638 |  |  | – |  |  | – |  |  | – |  |  | 17,202 |
Total liabilities |  |  | 69,733 |  |  | 59,087 |  |  | 196,327 |  |  | 34,074 |  |  | 142,645 |  |  | 501,866 |  |  | 119,534 |  |  | 67,161 |  |  | 151,322 |  |  | 183,291 |  |  | 97,733 |  |  | 619,041 |
| (ii) | The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or which bear interest at variable rates. The Group uses derivative financial instruments as cash flow hedges to cover these risks.
A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below:
|  | At December 31, 2017 |
|  | Up to 1 year |  | From 1 to 3 years |  | From 3 to 5 years |  | Over 5 years |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Cash inflows (assets) |  |  | 962,966 |  |  | 3,432,756 |  |  | 100,247 |  |  | 283,896 |  |  | 4,779,865 |
Cash outflows (liabilities) |  |  | (1,016,748) |  |  | (3,434,333) |  |  | (110,355) |  |  | (265,716) |  |  | (4,827,152) |
Consolidated statement of income |  |  | (1,043) |  |  | (26,534) |  |  | 1,749 |  |  | (7,348) |  |  | (33,176) |
|  | At December 31, 2016 |
|  | Up to 1 year |  | From 1 to 3 years |  | From 3 to 5 years |  | Over 5 years |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Cash inflows (assets) |  |  | 524,775 |  |  | 2,549,873 |  |  | 836,116 |  |  | 294,889 |  |  | 4,205,653 |
Cash outflows (liabilities) |  |  | (578,526) |  |  | (2,575,723) |  |  | (732,108) |  |  | (255,205) |  |  | (4,141,562) |
Consolidated statement of income |  |  | (1,437) |  |  | 4,863 |  |  | 6,704 |  |  | 1,383 |  |  | 11,513 |
At December 31, 2017, the accumulated balance of the net unrealized loss from the cash flow hedges is included as other comprehensive income in “Cash flow hedge reserves” and results from the current hedges, which have an unrealized profit for approximately S/33.2 million, and from the revoked hedges, which have an unrealized profit for approximately S/7.4 million (unrealized profit for approximately S/11.5 million and S/13.1 million from current and revoked hedges, respectively at December 31, 2016), which is being recognized in the consolidated statement of income over the remaining term of the underlying financial instrument. Also, the transfer of the unrealized loss on cash flow hedges to the consolidated statement of income is shown in Note 17(c).
| c) | Operations in process include deposits received, loans disbursed, loans collected, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the consolidated statement of financial position until the first days of the following month. These transactions do not affect the Group’s consolidated net income.
| d) | The movement of the provision for sundry risks for the years ended December 31, 2017, 2016 and 2015 was as follows:
|  | 2017 |  | 2016 |  | 2015 |
|  | S/(000) |  | S/(000) |  | S/(000) |
Balance at the beginning of the year |  |  | 296,339 |  |  | 196,261 |  |  | 158,013 |
Provision, Note 27 |  |  | 29,023 |  |  | 28,093 |  |  | 38,248 |
Increase (decrease), net |  |  | (49,521) |  |  | 71,985 |  |  | – |
Balances |  |  | 275,841 |  |  | 296,339 |  |  | 196,261 |
Due to the nature of its business, the Group has some pending legal claims for which it records a provision when, in the opinion of Management and its in-house legal advisors, they will result in an additional liability and such amount can be reliably estimated. Regarding legal claims against the Group which have not been provided for, in the opinion of Management and its in-house legal advisors, they will not have a material effect on the Group’s consolidated financial statements.
| e) | Credicorp’s principal associates are Pacífico EPS and Carlyle Peru, the balances of which amount to S/510.9 million and S/144.1 million, at December 31, 2017, respectively (S/490.1 million and S/145.8 million at December 31, 2016, respectively).
f) | Investment properties -
The movement of cost and accumulated depreciation of investment properties is as follows:
|  | 2017 |  | 2016 |
|  | Own assets |  |  |  |  |  |  |
|  | Land |  | Building |  | Total |  | Total |
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | 289,432 |  |  | 261,174 |  |  | 550,606 |  |  | 462,440 |
Additions (i) |  |  | 4,637 |  |  | 4,580 |  |  | 9,217 |  |  | 88,186 |
Transfers (ii) |  |  | – |  |  | 66,856 |  |  | 66,856 |  |  | – |
Sales (iii) |  |  | (47,987) |  |  | (41,910) |  |  | (89,897) |  |  | – |
Disposals and others |  |  | (27,419) |  |  | (10,738) |  |  | (38,157) |  |  | (20) |
Balance at December 31 |  |  | 218,663 |  |  | 279,962 |  |  | 498,625 |  |  | 550,606 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | – |  |  | 45,679 |  |  | 45,679 |  |  | 41,307 |
Depreciation for the year |  |  | – |  |  | 6,440 |  |  | 6,440 |  |  | 4,369 |
Sales (iii) |  |  | – |  |  | (6,277) |  |  | (6,277) |  |  | – |
Disposals and others |  |  | – |  |  | (6,072) |  |  | (6,072) |  |  | 3 |
Balance at December 31 |  |  | – |  |  | 39,770 |  |  | 39,770 |  |  | 45,679 |
Net carrying amount |  |  | 218,663 |  |  | 240,192 |  |  | 458,855 |  |  | 504,927 |
Land and buildings are mainly used for rental of offices, which are free of all encumbrances.
| (i) | During the period 2016, subsidiary Pacífico Seguros carried out constructions and acquired a plot of land located at Nicolas Dueñas Avenue 475, Cercado de Lima for an amount of approximately S/21.9 million and another located in Ex-Fundo Marquez, in the vicinity of KM 14.6 of Coronel Nestor Gambeta Avenue, Callao for an amount of approximately S/60.9 million.
| (ii) | In order to consolidate the real estate projects, mainly of offices, during the year 2017, Pacífico Seguros liquidated the trust of the “Panorama” building located at Av. Juan de Arona N° 830 for a total amount of S/66.9 million.
| (iii) | The balance of sales for the year 2017 mainly comprises the transfer by Pacífico Seguros of the building located at Av. Guardia Civil 337 – Urb. Corpac, San Borja, which was sold for S/95.7 million. The total net cost of the building amounting to S/68.5 million comprises S/34.5 million in land and S/34.0 million in building (cost of S/38.5 million and depreciation of S/4.5 million).
The Group’s Management has determined that the recoverable value of it investment properties is greater than their net carrying amount.

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