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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2019
OTHER ASSETS AND OTHER LIABILITIES |
OTHER ASSETS AND OTHER LIABILITIES | 13 OTHER ASSETS AND OTHER LIABILITIES a) This item consists of the following:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Other assets - |  |  |  |
Financial instruments: |  |  |  |
Receivables |  | 1,590,472 |  | 1,948,849
Derivatives receivable (b) |  | 1,092,107 |  | 766,317
Operations in process (c) |  | 110,389 |  | 357,611
|  | 2,792,968 |  | 3,072,777
Non-financial instruments: |  |  |  |
Deferred fees (g) |  | 1,056,656 |  | 340,564
Investment in associates (d) |  | 628,822 |  | 582,132
Investment properties, net (e) |  | 450,929 |  | 440,234
Income tax prepayments, net |  | 191,502 |  | 389,029
Adjudicated assets, net |  | 143,349 |  | 133,112
Improvements in leased premises |  | 112,385 |  | 114,685
VAT (IGV) tax credit |  | 75,605 |  | 37,771
Others |  | 6,254 |  | 12,732
|  | 2,665,502 |  | 2,050,259
Total |  | 5,458,470 |  | 5,123,036
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Other liabilities - |  |  |  |
Financial instruments: |  |  |  |
Accounts payable |  | 1,981,873 |  | 1,540,057
Derivatives payable (b) |  | 1,040,282 |  | 715,804
Salaries and other personnel expenses |  | 760,140 |  | 717,820
Allowance for indirect loan losses, Note 7(c) |  | 383,797 |  | 362,139
Operations in process (c) |  | 80,734 |  | 358,498
|  | 4,246,826 |  | 3,694,318
Non-financial instruments: |  |  |  |
Taxes |  | 644,802 |  | 677,229
Provision for sundry risks (f) |  | 359,853 |  | 342,350
Others |  | 229,807 |  | 227,636
|  | 1,234,462 |  | 1,247,215
Total |  | 5,481,288 |  | 4,941,533
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, 2019 and 2018 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. 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.
|  |  |  | 2019 |  | 2018 |  | 2019 and 2018
|  |  |  |  |  |  |  | Notional |  |  |  |  |  |  |  | Notional |  |  |  | Related
|  | Note |  | Assets |  | Liabilities |  | amount |  | Maturity |  | Assets |  | Liabilities |  | amount |  | Maturity |  | instruments
|  |  |  | S/(000) |  | S/(000) |  | S/(000) |  |  |  | S/(000) |  | S/(000) |  | S/(000) |  |  |  |
Derivatives held for trading (i) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  | 306,148 |  | 246,960 |  | 27,422,634 |  | January 2020 / October 2022 |  | 124,124 |  | 101,548 |  | 17,557,683 |  | January 2019 / September 2020 |  | —
Interest rate swaps |  |  |  | 268,633 |  | 350,938 |  | 26,268,071 |  | January 2020 / December 2031 |  | 141,731 |  | 148,119 |  | 21,890,962 |  | January 2019 / December 2031 |  | —
Currency swaps |  |  |  | 411,656 |  | 366,545 |  | 8,177,179 |  | January 2020 / January 2033 |  | 354,432 |  | 401,856 |  | 9,999,343 |  | January 2019 / January 2033 |  | —
Foreign exchange options |  |  |  | 6,489 |  | 6,089 |  | 1,565,083 |  | January 2020 / December 2020 |  | 1,281 |  | 728 |  | 306,321 |  | January 2019 / November 2020 |  | —
Futures |  |  |  | 10 |  | 139 |  | 16,901 |  | March 2020 |  | 564 |  | 2,658 |  | 241,507 |  | March 2019 |  | —
|  |  |  | 992,936 |  | 970,671 |  | 63,449,868 |  |  |  | 622,132 |  | 654,909 |  | 49,995,816 |  |  |  |
Derivatives held as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges (ii) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 15(b)(v) |  | 102 |  | 1,111 |  | 662,800 |  | May 2020 / November 2020 |  | 4,364 |  | 123 |  | 1,180,550 |  | January 2019 / August 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(iii) |  | — |  | 1,046 |  | 629,660 |  | May 2020 / June 2020 |  | 3,445 |  | 67 |  | 843,250 |  | February 2019 / November 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(ii) |  | 55 |  | 714 |  | 984,258 |  | February 2020 / November 2020 |  | 312 |  | — |  | 337,300 |  | May 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(i) |  | 315 |  | 839 |  | 994,200 |  | May 2020 / August 2020 |  | 209 |  | 233 |  | 505,950 |  | May 2019 / October 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(vi) |  | 114 |  | — |  | 331,400 |  | August 2020 |  | — |  | — |  | — |  | — |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(iv) |  | — |  | 447 |  | 331,400 |  | June 2020 |  | — |  | — |  | — |  | — |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(vii) |  | — |  | — |  | — |  | — |  | — |  | 151 |  | 337,300 |  | July 2019 |  | Debt to banks
Interest rate swaps (IRS) |  | 5(c)(v) |  | — |  | — |  | — |  | — |  | 3,417 |  | — |  | 505,950 |  | March 2019 / December 2019 |  | Repurchase agreements
Interest rate swaps (IRS) |  | 17(a)(iv) |  | — |  | 2,555 |  | 231,980 |  | March 2021 |  | — |  | — |  | — |  | — |  | Bonds issued
Cross currency swaps (CCS) |  | 5(c)(ii) |  | 30,741 |  | — |  | 231,980 |  | August 2020 |  | 35,229 |  | — |  | 236,110 |  | August 2020 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 5(c)(iii) |  | — |  | 30,352 |  | 149,130 |  | August 2026 |  | — |  | 11,939 |  | 151,785 |  | August 2026 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 5(c)(iv) |  | — |  | 12,236 |  | 82,850 |  | August 2026 |  | — |  | 1,741 |  | 84,325 |  | August 2026 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 6(b)(i) |  | 20,803 |  | 1,167 |  | 107,425 |  | May 2021 / September 2024 |  | 21,424 |  | 1,867 |  | 136,119 |  | February 2021 / September 2024 |  | Investments (*)
Cross currency swaps (CCS) |  | 6(b)(iii) |  | — |  | — |  | — |  | — |  | — |  | 4,249 |  | 77,822 |  | March 2019 |  | Investments (*)
Cross currency swaps (CCS) |  | 15(b)(iv) |  | 7,624 |  | — |  | 331,400 |  | January 2020 |  | 16,132 |  | — |  | 337,300 |  | January 2020 |  | Debt to banks
Cross currency swaps (CCS) |  | 17(a)(vi) |  | — |  | — |  | — |  | — |  | — |  | 35,658 |  | 1,011,900 |  | October 2019 |  | Bonds issued
Cross currency swaps (CCS) |  | 17(a)(i) |  | — |  | 8,197 |  | 165,700 |  | January 2025 |  | — |  | — |  | — |  | — |  | Bonds issued
Cross currency swaps (CCS) |  | 17(a)(v) |  | — |  | 2,823 |  | 152,545 |  | August 2021 |  | — |  | — |  | — |  | — |  | Bonds issued
Cross currency swaps (CCS) and Interest rate swaps (IRS) |  | 5(c)(i) |  | 39,417 |  | — |  | 265,120 |  | August 2020 |  | 47,959 |  | — |  | 269,840 |  | August 2020 |  | Repurchase agreements
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 6(b) |  | — |  | 8,124 |  | 618,790 |  | June 2021 / May 2023 |  | 11,694 |  | 4,867 |  | 923,912 |  | July 2019 / July 2025 |  | Investments (*)
|  |  |  | 99,171 |  | 69,611 |  | 6,270,638 |  |  |  | 144,185 |  | 60,895 |  | 6,939,413 |  |  |  |
|  |  |  | 1,092,107 |  | 1,040,282 |  | 69,720,506 |  |  |  | 766,317 |  | 715,804 |  | 56,935,229 |  |  |  |
(*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2019 and 2018. (i) Held-for-trading derivatives are principally negotiated to satisfy customers’ 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 IFRS 9 hedge accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows:
|  | At December 31, 2019 |  | At December 31, 2018
|  | 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 |  | 199,070 |  | 104,265 |  | 2,813 |  | — |  | — |  | 306,148 |  | 71,976 |  | 47,081 |  | 5,067 |  | — |  | — |  | 124,124
Interest rate swaps |  | 3,716 |  | 8,409 |  | 38,569 |  | 8,067 |  | 209,872 |  | 268,633 |  | 4,075 |  | 7,441 |  | 22,888 |  | 22,286 |  | 85,041 |  | 141,731
Currency swaps |  | 7,124 |  | 101,368 |  | 102,703 |  | 67,826 |  | 132,635 |  | 411,656 |  | 6,316 |  | 24,183 |  | 142,696 |  | 130,594 |  | 50,643 |  | 354,432
Foreign exchange options |  | 1,844 |  | 4,645 |  | — |  | — |  | — |  | 6,489 |  | 763 |  | 380 |  | 138 |  | — |  | — |  | 1,281
Futures |  | 10 |  | — |  | — |  | — |  | — |  | 10 |  | 564 |  | — |  | — |  | — |  | — |  | 564
Total assets |  | 211,764 |  | 218,687 |  | 144,085 |  | 75,893 |  | 342,507 |  | 992,936 |  | 83,694 |  | 79,085 |  | 170,789 |  | 152,880 |  | 135,684 |  | 622,132
|  | At December 31, 2019 |  | At December 31, 2018
|  | 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 |  | 154,424 |  | 89,739 |  | 2,797 |  | — |  | — |  | 246,960 |  | 61,801 |  | 37,501 |  | 2,246 |  | — |  | — |  | 101,548
Interest rate swaps |  | 7,705 |  | 13,837 |  | 46,840 |  | 18,477 |  | 264,079 |  | 350,938 |  | 11,265 |  | 16,586 |  | 19,458 |  | 19,459 |  | 81,351 |  | 148,119
Currency swaps |  | 41,729 |  | 92,917 |  | 79,844 |  | 50,663 |  | 101,392 |  | 366,545 |  | 22,163 |  | 34,896 |  | 187,581 |  | 87,496 |  | 69,720 |  | 401,856
Foreign exchange options |  | 836 |  | 5,253 |  | — |  | — |  | — |  | 6,089 |  | 282 |  | 310 |  | 136 |  | — |  | — |  | 728
Futures |  | 139 |  | — |  | — |  | — |  | — |  | 139 |  | 2,658 |  | — |  | — |  | — |  | — |  | 2,658
Total liabilities |  | 204,833 |  | 201,746 |  | 129,481 |  | 69,140 |  | 365,471 |  | 970,671 |  | 98,169 |  | 89,293 |  | 209,421 |  | 106,955 |  | 151,071 |  | 654,909
(ii) The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or those that 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, 2019 |  | At December 31, 2018
|  | 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) |  | 5,081,355 |  | 301,865 |  | 84,786 |  | 254,968 |  | 5,722,974 |  | 4,873,965 |  | 1,197,478 |  | 27,734 |  | 281,061 |  | 6,380,238
Cash outflows (liabilities) |  | (4,693,775) |  | (330,220) |  | (91,678) |  | (355,702) |  | (5,471,375) |  | (4,913,876) |  | (1,101,309) |  | (37,660) |  | (249,925) |  | (6,302,770)
Consolidated statement of income |  | (8,949) |  | (4,367) |  | (487) |  | (18,139) |  | (31,942) |  | (4,948) |  | 1,145 |  | (523) |  | (3,430) |  | (7,756)
At December 31, 2019, the accumulated balance of net unrealized loss from cash flow hedges, which is included as other comprehensive income in “Cash flow hedge reserves” results from the current hedges, which have an unrealized profit of approximately S/0.1 million and from the revoked hedges, which have an unrealized profit of approximately S/3.8 million (unrealized loss of approximately S/7.8 million from current hedges and unrealized profit for S/4.6 million from revoked hedges, at December 31, 2018), 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 presented in Note 18 (c). c) Transactions in process include deposits received, granted and collected loans, 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. The regularization of these transactions does not affect the Group’s net income. d) Credicorp’s principal associate is Entidad Prestadora de Salud (EPS), whose balance amounts to S/571.9 million and S/537.2 million at December 31, 2019 and 2018, respectively. e) Investment properties - The movement of investment properties is as follows:
|  | 2019 |  | 2018
|  | Own assets |  |  |  |
|  | Land |  | Buildings |  | Total |  | Total
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Cost |  |  |  |  |  |  |  |
Balance at January 1 |  | 239,225 |  | 245,557 |  | 484,782 |  | 498,625
Additions (i) |  | 23,931 |  | 9,390 |  | 33,321 |  | 49,519
Sales (ii) |  | (9,362) |  | (17,413) |  | (26,775) |  | (16,165)
Disposals and others |  | (753) |  | 791 |  | 38 |  | (47,197)
Balance at December 31 |  | 253,041 |  | 238,325 |  | 491,366 |  | 484,782
Accumulated depreciation |  |  |  |  |  |  |  |
Balance at January 1 |  | — |  | 43,488 |  | 43,488 |  | 39,770
Depreciation for the year |  | — |  | 6,727 |  | 6,727 |  | 7,405
Sales (ii) |  | — |  | (11,435) |  | (11,435) |  | (3,154)
Disposals and others |  | — |  | 247 |  | 247 |  | (533)
Balance at December 31 |  | — |  | 39,027 |  | 39,027 |  | 43,488
Impairment losses (iii) |  | 689 |  | 721 |  | 1,410 |  | 1,060
Net carrying amount |  | 252,352 |  | 198,577 |  | 450,929 |  | 440,234
Land and buildings are mainly used for office rental, which are free of all encumbrances. (i) In 2019, the most important additions corresponded to the acquisition of 13th floor of Panorama Building located in the district of Santiago de Surco for approximately S/10.1 million (S/1.3 million for land and S/8.8 million for building) and land located in the district of San Martín de Porres for approximately S/8.7 million. In 2018, the most important additions corresponded to the acquisition of two properties, one in the district of Lurín for approximately S/21.9 million and another in Chinchón Gallery for S/3.9 million. Also, the 15th floor of Panorama Building was acquired for S/10.0 million and two plots of land in the department of Trujillo for a total of S/9.5 million. (ii) The amount for the sales of 2019, is mainly made up of the sale of a property located in Camino Real 348, San Isidro, whose sale value was S/27.5 million (cost of disposal of the property amounted to S/6.3 million); and a property located in Manuel Maria Izaga Street, located in the province of Chiclayo, whose value was S/3.4 million (net cost of the property amounted to S/4.2 millions). 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 (cost of the disposal of the property amounted to S/5.0 million). 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. (iii) The Group’s Management has determined that the recoverable value of its 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/0.3 million was recorded during 2019 (S/1.1 million during the period of 2018). As of December 31, 2019, and 2018, the market value of the property amounts to approximately S/937.8 million and S/805.2 million, respectively; which was determined through a valuation made by an independent appraiser. f) The movement of the provision for sundry risks for the years ended December 31, 2019, 2018 and 2017 was as follows:
|  | 2019 |  | 2018 |  | 2017
|  | S/(000) |  | S/(000) |  | S/(000)
Balance at the beginning of the year |  | 342,350 |  | 275,841 |  | 296,339
Provision, Note 29 |  | 27,272 |  | 42,236 |  | 29,023
Increase (decrease), net |  | (9,769) |  | 24,273 |  | (49,521)
Balances at the end of the year |  | 359,853 |  | 342,350 |  | 275,841
Because of the nature of its business, the Group has various pending lawsuits, which provisions are recorded when, in Management's and its in-house legal advisors opinion, it is likely that these may result in an additional liability and such amount can be reliably estimated. Regarding lawsuits against the Group which have not been recorded as a provision, in Management’s and its in-house legal advisors opinion, they will not result in an additional liability other than those recorded previously and they will not have a material effect on the Group’s consolidated financial statements. g) The balance corresponds mainly to the payment in favor of Latam Airlines Group S.A. Sucursal Perú for US$202.0 million (equivalent in soles to S/669.4 million) on account of Latam Pass Miles that the Bank must acquire from January 2020.

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