DEPOSITS AND OBLIGATIONS

12 Months Ended

Dec. 31, 2018

Disclosure of Deposits and Obligations [Abstract]

Disclosure of deposits from customers [text block]

DEPOSITS AND OBLIGATIONS

This item consists of the following:

	2018		2017
	S/(000)		S/(000)

Demand deposits		32,515,163		29,770,276
Time deposits (c)		30,426,744		30,184,314
Saving deposits		32,593,979		28,633,099
Severance indemnity deposits		7,571,375		7,170,934
Bank’s negotiable certificates		876,863		959,051
Total		103,984,124		96,717,674
Interest payable		567,186		452,737
Total		104,551,310		97,170,411

The Group has established a policy to remunerate demand deposits and savings accounts according to a growing interest rate scale, based on the average balance maintained in those accounts; on the other hand, according to its policy, balances that are lower than a specified amount for each type of account do not bear interest. Also, time deposits earn interest at market rates.

Interest rates are determined by the Group considering the interest rates prevailing in the market in which each of the Group’s subsidiaries operates.

b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below:

	2018		2017
	S/(000)		S/(000)

Non-interest-bearing -
In Peru		29,552,904		26,786,474
In other countries		2,696,702		2,596,435
		32,249,606		29,382,909

Interest-bearing -
In Peru		63,938,399		60,372,602
In other countries		7,796,119		6,962,163
		71,734,518		67,334,765

Total		103,984,124		96,717,674

The balance of time deposits classified by maturity is as follows:

	2018		2017
	S/(000)		S/(000)

Up to 3 months		14,771,836		15,152,619
From 3 months to 1 year		8,177,435		8,735,918
From 1 to 3 years		4,506,612		3,478,314
From 3 to 5 years		846,696		702,962
More than 5 years		2,124,165		2,114,501
Total		30,426,744		30,184,314

In Management’s opinion the Group’s deposits and obligations are diversified with no significant concentrations as of December 31, 2018 and 2017.

At December 31, 2018 and 2017, of the total balance of deposits and obligations, approximately S/33,571.8 million and S/30,064.8 million, respectively, are secured by the Peruvian “Fondo de Seguro de Depósitos” (Deposit Insurance Fund). At said dates, maximum amount of coverage per depositor recognized by “Fondo de Seguro de Depósitos” totaled S/100,864 and S/97,529, respectively.