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v3.20.1

OTHER ASSETS AND OTHER LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
OTHER ASSETS AND OTHER LIABILITIES |
Schedule of detailed information about other assets and liabilities explanatory | 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
Schedule of detailed information about derivative's underlying asset and is the basis upon which changes in the value of derivatives | 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.
Schedule of detailed information about maturity analysis for derivative financial instruments | 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
Schedule of detailed information about hedging instruments | 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)
Schedule of detailed information about investment property | 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).
Schedule of other provisions | 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

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