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DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended
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Dec. 31, 2018
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:
|  | 2018 |  |  | 2017 |
|  | S/(000) |  |  | S/(000) |
International funds and others (b) |  |  | 5,460,725 |  |  |  | 5,264,545 |
Promotional credit lines (c) |  |  | 2,389,086 |  |  |  | 2,029,989 |
Inter-bank funds |  |  | 547,300 |  |  |  | 659,737 |
|  |  | 8,397,111 |  |  |  | 7,954,271 |
Interest payable |  |  | 51,029 |  |  |  | 42,618 |
Total |  |  | 8,448,140 |  |  |  | 7,996,889 |
| b) | This item consists of the following:
|  | 2018 |  |  | 2017 |
|  | S/(000) |  |  | S/(000) |
Citibank N.A. (i) |  |  | 1,180,550 |  |  |  | 1,166,760 |
Wells Fargo Bank (ii) |  |  | 843,250 |  |  |  | 810,250 |
Corporación Andina de Fomento (CAF) (iii) |  |  | 674,600 |  |  |  | 324,100 |
Bank of America (iv) |  |  | 505,950 |  |  |  | 324,088 |
Standard Chartered Bank (v) |  |  | 404,760 |  |  |  | 194,460 |
Corporación Financiera de Desarrollo (COFIDE) |  |  | 340,572 |  |  |  | 600,871 |
Sumitomo Mitsui Banking Corporation (vi) |  |  | 337,300 |  |  |  | – |
Deutsche Bank |  |  | 337,300 |  |  |  | 581 |
International Finance Corporation (IFC) |  |  | 183,391 |  |  |  | 190,337 |
Scotiabank Perú S.A.A. |  |  | 100,000 |  |  |  | 100,000 |
Wachovia Bank N.A. |  |  | 84,325 |  |  |  | – |
BBVA Banco Continental |  |  | 82,850 |  |  |  | – |
Banco Consorcio |  |  | 79,526 |  |  |  | 94,157 |
Banco de la Nación |  |  | 75,000 |  |  |  | 125,000 |
Toronto Dominion Bank |  |  | – |  |  |  | 259,280 |
Bank of Montreal |  |  | – |  |  |  | 162,050 |
JP Morgan Chase Bank, National Association (vii) |  |  | – |  |  |  | 324,030 |
Banco del Estado de Chile |  |  | – |  |  |  | 162,195 |
Others less than S/75.0 million |  |  | 231,351 |  |  |  | 426,386 |
Total |  |  | 5,460,725 |  |  |  | 5,264,545 |
At December 31, 2018, the loans have maturities between January 2019 and March 2032 (January 2018 and March 2032, at December 31, 2017) and accrue interest at rates that fluctuate between 1.00 percent and 8.67 percent (between 0.50 percent and 9.04 percent, at December 31, 2017).
| (i) | At December 31, 2018, the balance corresponds to four variable rate loans obtained in July 2017, May 2018 and October 2018 for a total of US$350.0 million, equivalent to S/1,180.6 million (two loans obtained in July 2017 for a total of US$150.0 million, equivalent to S/486.2 million, at December 31, 2017), the amounts of which are hedged by four IRS (two IRS at December 31, 2017) for a notional amount equal to the principal and with the same maturity, see Note 12(b). By means of the IRS, said loans were economically converted to a fixed rate.
| (ii) | At December 31, 2018, the balance corresponds to three variable rate loans obtained in October 2017, February 2018 and October 2018 for a total of US$250.0 million, equivalent to S/843.3 million (two loans obtained in June 2016 and October 2017 for a total of US$150.0 million, equivalent to S/486.2 million, at December 31, 2017); the amounts of which are hedged by three IRS (two IRS at December 31, 2017) for a notional amount equal to the principal and with the same maturity, see Note 12(b). By means of the IRS, said loans were economically converted to a fixed rate.
| (iii) | At December 31, 2018, the balance includes a variable rate loan in US Dollars, obtained in December 2017 for US$100.0 million, equivalent to S/337.3 million, the amount of which is hedged by two CCS for a notional amount equal to the principal and with the same maturity (US$100.0 million, equivalent to S/324.1 million, at December 31, 2017), see Note 12(b). By means of the CCS, said loan was economically converted to soles at a fixed rate.
| (iv) | At December 31, 2018, the balance corresponds to three variable rate loans obtained in May, July and October 2018 for a total of US$150.0 million, equivalent to S/506.0 million (a loan obtained in December 2015 for US$100.0 million, equivalent to S/324.1 million, at December 31, 2017), whose amounts are hedged by three IRS (one IRS at December 31, 2017) for a notional amount equal to the principal and with the same maturity, see Note 12(b). By means of the IRS, said loans were economically converted to a fixed rate.
The loan obtained in December 2015 for US$100.0 million matured in January 2018.
| (v) | At December 31, 2018, the balance includes a variable rate loan obtained in October 2018 for US$100.0 million, equivalent to S/337.3 million, the amount of which is hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 12(b). By means of the IRS, said loan was economically converted to a fixed rate.
| (vi) | At December 31, 2018, the balance corresponds to a variable rate loan obtained in May 2018 for US$100.0 million, equivalent to S/337.3 million, the amount of which is hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 12(b). By means of the IRS, said loan was economically converted to a fixed rate.
| (vii) | At December 31, 2017, the balance corresponded to a variable rate loan obtained in February 2016 for US$100.0 million, equivalent to S/324.1 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 12(b). By means of the IRS, said loan was economically converted to a fixed rate.
Said loan for US$100.0 million matured in March 2018.
| 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 mature between January 2019 and July 2024 and bear annual interest rates varying 4.20 percent and 7.75 percent at December 31, 2018 (between January 2018 and January 2023 and with annual interest rates ranging between 6.00 percent and 7.75 percent at December 31, 2017). These credit lines are secured by a loan portfolio totaling S/2,389.1 million and S/2,030.0 million, at December 31, 2018 and December 31, 2017, respectively.
| d) | The following table presents the maturities of due to banks and correspondents at December 31, 2018 and 2017 based on the period remaining to maturity:
|  | 2018 |  |  | 2017 |
|  | S/(000) |  |  | S/(000) |
Up to 3 months |  |  | 1,917,829 |  |  |  | 2,169,022 |
From 3 months to 1 year |  |  | 3,347,134 |  |  |  | 2,055,859 |
From 1 to 3 years |  |  | 1,030,310 |  |  |  | 1,715,035 |
From 3 to 5 years |  |  | 406,895 |  |  |  | 452,577 |
More than 5 years |  |  | 1,694,943 |  |  |  | 1,561,778 |
Total |  |  | 8,397,111 |  |  |  | 7,954,271 |
| e) | At December 31, 2018 and 2017, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/7,849.8 million and S/7,294.5 million, respectively.
| f) | Certain debts to banks and correspondents include standard covenants addressing observance 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 with which it is compliant at the date of the consolidated financial statements.

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