OTHER ASSETS AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Other Assets And Other Liabilities [Abstract]

Disclosure of detailed information about other assets and liabilities explanatory [text block]

This item consists of the following:

	2018		2017
	S/(000)		S/(000)
Other assets -
Financial instruments:
Receivables		1,948,849		1,676,583
Derivatives receivable (b)		766,317		701,826
Operations in process (c)		357,611		82,542
		3,072,777		2,460,951

Non-financial instruments:
Deferred income tax asset, Note 18(c)		463,717		480,057
Investment in associates (d)		582,132		708,873
Investment properties, net (e)		440,234		458,855
Deferred fees		455,249		431,598
Income tax prepayments, net		389,029		301,863
Seized assets, net		133,112		95,012
VAT (IGV) tax credit		37,771		50,138
Others		12,732		12,651
		2,513,976		2,539,047
Total		5,586,753		4,999,998

	2018		2017
	S/(000)		S/(000)
Other liabilities -
Financial instruments:
Accounts payable		1,540,057		1,875,153
Derivatives payable (b)		715,804		636,762
Salaries and other personnel expenses		717,820		644,234
Allowance for indirect loan losses, Note 7(d)		362,139		442,510
Operations in process (c)		358,498		274,354
		3,694,318		3,873,013
Non-financial instruments:
Taxes		677,229		480,781
Deferred income tax, Note 18(c)		108,603		150,280
Provision for sundry risks (f)		342,350		275,841
Others		227,636		234,197
		1,355,818		1,141,099
Total		5,050,136		5,014,112

Disclosure of detailed information about derivative's underlying asset and is the basis upon which changes in the value of derivatives [text block]

The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which fair value of derivatives is measured.

		2018							2017							2018 and 2017
	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) -
Foreign currency forwards			124,688		104,206		17,799,190	January 2019 / September 2020		62,353		56,869		10,846,203	January 2018 / June 2020	–
Interest rate swaps			141,731		148,119		29,905,592	January 2019 / December 2031		101,765		94,238		33,057,283	January 2018 / December 2031	–
Currency swaps			354,432		401,856		9,999,343	January 2019 / January 2033		332,376		349,779		8,528,764	January 2018 / December 2027	–
Foreign exchange options			1,281		728		306,321	January 2019 / November 2020		2,692		980		410,982	January 2018 / November 2018	–
			622,132		654,909		58,010,446			499,186		501,866		52,843,232
Derivatives held as hedges
Cash flow hedges (ii) -
Interest rate swaps (IRS)	14(b)(i)		4,364		123		1,180,550	January 2019 / August 2019		2,491		–		486,150	August 2019	Debt to banks
Interest rate swaps (IRS)	14(b)(ii)		3,445		67		843,250	February 2019 / November 2019		1,864		–		486,150	September 2018 / November 2019	Debt to banks
Interest rate swaps (IRS)	14(b)(iv)		209		233		505,950	May 2019 / October 2019		112		–		324,100	January 2018	Debt to banks
Interest rate swaps (IRS)	14(b)(v)		–		151		337,300	July 2019		–		–		–	–	Debt to banks
Interest rate swaps (IRS)	14(b)(vi)		312		–		337,300	May 2019		–		–		–	–	Debt to banks
Interest rate swaps (IRS)	14(b)(vii)		–		–		–			658		–		324,100	March 2018	Debt to banks
Interest rate swaps (IRS)	5(c)(i)		3,417		–		505,950	March 2019 / December 2019		4,626		–		486,150	March 2019 / December 2019	Repurchase agreements
Cross currency swaps (CCS)	16(a)(x)		–		35,658		1,011,900	October 2019		–		97,440		972,300	October 2019	Bonds issued
Cross currency swaps (CCS)	5(c)(iii)		35,229		–		236,110	August 2020		18,889		–		226,870	August 2020	Repurchase agreements
Cross currency swaps (CCS)	5(c)(iv)		–		11,939		151,785	August 2026		–		26,240		145,845	August 2026	Repurchase agreements
Cross currency swaps (CCS)	5(c)(v)		–		1,741		84,325	August 2026		–		9,053		81,025	August 2026	Repurchase agreements
Cross currency swaps (CCS)	6(b)(i) and 6(c)(i)		21,424		1,867		136,119	February 2021 / September 2024		24,263		1,386		228,756	January 2018 / September 2024	Investments (*)
Cross currency swaps (CCS)	6(b)(iii) and 6(c)(iii)		–		4,249		77,822	March 2019		–		151		55,097	March 2019	Investments (*)
Cross currency swaps (CCS)	14(b)(iii)		16,132		–		337,300	January 2020		73		79		324,100	January 2020	Debt to banks
Cross currency swaps and interest rate swaps (CCS and IRS)	5(c)(ii)		47,959		–		269,840	August 2020		32,719		–		259,280	August 2020	Repurchase agreements

Fair value hedges -
Interest rate swaps (IRS)	6(b) y 6(c)		11,694		4,867		923,912	July 2019 / July 2025		6,137		547		659,524	April 2018 / October 2023	Investments (*)
Interest rate swaps (IRS)	16(a)		–		–		–	–		110,808		–		7,915,886	September 2020 / April 2023	Bonds issued
			144,185		60,895		6,939,413			202,640		134,896		12,975,333
			766,317		715,804		64,949,859			701,826		636,762		65,818,565

(*)

Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2018 (classified as available-for-sale under IAS 39 as of December 31, 2017).

Disclosure of detailed information about maturity analysis for derivative financial instruments [text block]

Fair value of derivatives held for trading classified by contractual maturity is as follows:

	At December 31, 2018												At December 31, 2017
	Up to 3		From 3 months		From 1 to 3		From 3 to 5		Over 5				Up to 3		From 3 months		From 1 to 3		From 3 to 5		Over 5
	months		to 1 year		years		years		years		Total		months		to 1 year		years		years		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)
Foreign currency forwards		72,540		47,081		5,067		–		–		124,688		41,995		19,238		1,120		–		–		62,353
Interest rate swaps		4,075		7,441		22,888		22,286		85,041		141,731		5,487		16,971		22,705		18,464		38,138		101,765
Currency swaps		6,316		24,183		142,696		130,594		50,643		354,432		12,190		7,803		142,370		58,391		111,622		332,376
Foreign exchange options		763		380		138		–		–		1,281		2,468		224		–		–		–		2,692
Total assets		83,694		79,085		170,789		152,880		135,684		622,132		62,140		44,236		166,195		76,855		149,760		499,186

	At December 31, 2018												At December 31, 2017
	Up to 3		From 3 months		From 1 to 3		From 3 to 5		Over 5				Up to 3		From 3 months		From 1 to 3		From 3 to 5		Over 5
	months		to 1 year		years		years		years		Total		months		to 1 year		years		years		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)
Foreign currency forwards		64,459		37,501		2,246		–		–		104,206		39,888		16,603		378		–		–		56,869
Interest rate swaps		11,265		16,586		19,458		19,459		81,351		148,119		6,841		14,196		24,537		17,018		31,646		94,238
Currency swaps		22,163		34,896		187,581		87,496		69,720		401,856		22,457		27,855		171,412		17,056		110,999		349,779
Foreign exchange options		282		310		136		–		–		728		547		433		–		–		–		980
Total liabilities		98,169		89,293		209,421		106,955		151,071		654,909		69,733		59,087		196,327		34,074		142,645		501,866

Disclosure of detailed information about hedging instruments [text block]

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, 2018															At December 31, 2017
	Up to 1			From 1 to 3			From 3 to 5			Over 5						Up to 1			From 1 to 3			From 3 to 5			Over 5
	year			years			years			years			Total			year			years			years			years			Total
	S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)			S/(000)
Cash inflows (assets)		4,873,965			1,197,478			27,734			281,061			6,380,238			962,966			3,432,756			100,247			283,896			4,779,865
Cash outflows (liabilities)		(4,913,876	)		(1,101,309	)		(37,660	)		(249,925	)		(6,302,770	)		(1,016,748	)		(3,434,333	)		(110,355	)		(265,716	)		(4,827,152	)
Consolidated statement of income		(4,948	)		1,145			(523	)		(3,430	)		(7,756	)		(8,073	)		(26,534	)		1,749			(7,348	)		(40,206	)

Disclosure of detailed information about investment property [text block]

The movement of investment properties is as follows:

	2018									2017
	Own assets
	Land			Buildings			Total			Total
	S/(000)			S/(000)			S/(000)			S/(000)
Cost
Balance at January 1		237,214			261,411			498,625			550,606
Additions (i)		28,433			21,086			49,519			9,217
Transfers (ii)		–			–			–			66,856
Sales (iii)		(10,934	)		(5,231	)		(16,165	)		(89,897	)
Disposals and others		(32,224	)		(14,973	)		(47,197	)		(38,157	)
Balance at December 31		222,489			262,293			484,782			498,625

Accumulated depreciation
Balance at January 1		–			39,770			39,770			45,679
Depreciation for the year		–			7,405			7,405			6,440
Sales		–			(3,154	)		(3,154	)		(6,277	)
Disposals and others		–			(533	)		(533	)		(6,072	)
Balance at December 31		–			43,488			43,488			39,770

Impairment losses (iv)		689			371			1,060			–

Net carrying amount		221,800			218,434			440,234			458,855

Land and buildings are mainly used for office rental, which are free of all encumbrances.

(i)

In 2018, the most important additions corresponded to the acquisition of two properties, one in Lurín for approximately S/21.9 million (S/14.0 million and S/7.9 million correspond to the land and the building, respectively) and another in Galería Chinchón for S/3.9 million (S/1.4 million and S/2.5 million correspond to the land and the building, respectively). Also, the 15th floor of Edificio Panorama was acquired for S/10.0 million and two plots of land in Trujillo for S/6.9 million and S/2.6 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 2018, mainly comprises of the disposal of a property located at Av. Santa Cruz, whose sale value was S/12.6 million. The net cost of the property amounted to S/5.0 million comprises S/2.4 million in land and S/2.6 million in building.

Likewise, land located at Av. Reducto and Av. Salaverry were sold for approximately S 10.1 million and S/2.9 million, whose disposal costs were S/6.5 million and S/2.0 million, respectively.

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, for a sale value of S/95.7 million and disposal cost of S/68.5 million (S/34.5 million in land and S/34.0 million in building).

(iv)

The Group’s Management has determined that the recoverable value of it investment properties is greater than their net carrying amount, with the exception of a property located in the city of Ica, for which an impairment of S/1.1 million was recorded during 2018.

Disclosure of other provisions [text block]

The movement of the provision for sundry risks for the years ended December 31, 2018, 2017 and 2016 was as follows:

	2018		2017			2016
	S/(000)		S/(000)			S/(000)

Balance at the beginning of the year		275,841		296,339			196,261
Provision, Note 28		42,236		29,023			28,093
Increase (decrease), net		24,273		(49,521	)		71,985
Balances at the end of the year		342,350		275,841			296,339