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TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended
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Dec. 31, 2019
TRANSACTIONS WITH RELATED PARTIES |
TRANSACTIONS WITH RELATED PARTIES |
| 32 |  | TRANSACTIONS WITH RELATED PARTIES
a) The Group’s consolidated financial statements at December 31, 2019 and 2018 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO. b) The following table presents the main transactions with related parties as of December 31, 2019 and 2018:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Statement of financial position - |  |  |  |
Direct loans |  | 1,657,206 |  | 2,594,712
Investments |  | 935,286 |  | 775,397
Deposits |  | (751,990) |  | (425,938)
Derivatives at fair value |  | 4,984 |  | 890
Statement of income |  |  |  |
Interest income related to loans |  | 28,477 |  | 28,384
Interest expenses related to deposits |  | (10,377) |  | (9,573)
Other income |  | 9,698 |  | 8,088
Off-balance sheet |  |  |  |
Indirect loans |  | 373,865 |  | 325,427
c) All transactions with related parties are made in accordance with normal market conditions available to other customers. At December 31, 2019, direct loans to related companies are secured by collateral, had maturities between January 2020 and December 2029, at an annual average interest rate of 6.21 percent (at December 31, 2018 maturities where between January 2019 and December 2028, and the annual average interest rate was 6.46 percent). Also, at December 31, 2019 and 2018, the Group maintains an allowance for loan losses for related parties amounting to S/12.6 million and S/13.7 million, respectively. d) At December 31, 2019 and 2018, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. At December 31, 2019 and 2018, direct loans to employees, directors, key management and family members amounted to S/1,003.2 million and S/1,031.7 million, respectively; they are repaid monthly and earn interest at market rates. e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2019 and 2018 was as follows:
|  | 2019 |  | 2018 |  | 2017
|  | S/(000) |  | S/(000) |  | S/(000)
Director’s compensation |  | 6,766 |  | 5,665 |  | 5,318
Senior Management Compensation: |  |  |  |  |  |
Remuneration |  | 32,218 |  | 34,118 |  | 27,133
Stock awards vested |  | 27,157 |  | 27,313 |  | 26,572
Total |  | 66,141 |  | 67,096 |  | 59,023
f) At December 31, 2019 and 2018 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
At fair value through profit or loss: |  |  |  |
Mutual funds, investment funds and hedge funds |  |  |  |
Bolivianos |  | 126,722 |  | 104,596
Soles |  | 59,934 |  | 18,394
U.S. Dollars |  | 38,149 |  | 76,887
Colombian pesos |  | 17,475 |  | 5,201
Chilean pesos |  | 6,765 |  | 6,938
Total |  | 249,045 |  | 212,016
Restricted mutual funds, Note 6(a)(ii) |  | 460,086 |  | 407,350

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