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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
INVESTMENTS |
Schedule of investment held for trading at fair value throught Profit or loss | a) Investment at fair value through profit or loss consist of the following:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Government treasury bonds (i) |  | 1,276,573 |  | 1,318,311
Mutual funds |  | 593,552 |  | 397,918
Restricted mutual funds (ii) |  | 460,086 |  | 407,350
Corporate bonds |  | 326,673 |  | 160,006
Investment funds |  | 327,659 |  | 179,015
Participation in RAL Funds (iii) |  | 300,398 |  | 445,039
Central Bank of Chile bonds |  | 182,540 |  | 30,382
Shares |  | 83,085 |  | 101,068
Subordinated bonds |  | 80,084 |  | 94,413
Royalty Pharma (iv) |  | 68,584 |  | 56,787
Multilateral organization bonds |  | 53,353 |  | 193,395
Others |  | 93,204 |  | 123,892
Balance before accrued interest |  | 3,845,791 |  | 3,507,576
Accrued interest |  | 4,971 |  | 4,869
Total |  | 3,850,762 |  | 3,512,445
(i) At December 31, 2019 and 2018 the balance of these instruments includes the following government treasury bonds:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Colombian Treasury bonds |  | 1,102,865 |  | 1,259,516
Peruvian Treasury bonds |  | 95,308 |  | 58,795
U.S. treasury and federal agency bonds |  | 78,400 |  | —
Total |  | 1,276,573 |  | 1,318,311
(ii) The restricted mutual funds comprise the participation quotas in the private pension funds managed by the Group, and are maintained in compliance with the legal regulations in Peru. Their availability is restricted and the yield received is the same as that received by the private pension funds managed. (iii) At December 31, 2019, these funds are approximately S/166.9 million in bolivianos and S/133.5 million in U.S. Dollars (S/174.3 million in bolivianos and S/270.7 million in U.S. Dollars at December 31, 2018) and comprise the investments made by the Group in the Central Bank of Bolivia as collateral for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia. (iv) It corresponds to participations in RPI International Holding, LP, who invests in a series of subordinate funds whose objective is to invest in Royalty Pharma Investments, an investment fund established under the laws of Ireland. This investment fund is dedicated to buying medical and biotechnology patents. Participations in RPI International Holdings, LP, are not liquid and require authorization for negotiation.
Schedule of detailed information about investment at fair value through profit or loss and available for sale investments | b) Investments at fair value through other comprehensive income consist of the following:
|  | 2019 |  | 2018
|  |  |  | Unrealized gross amount |  |  |  |  |  | Unrealized gross amount |  |
|  | Amortized |  |  |  |  |  | Estimated |  | Amortized |  |  |  |  |  | Estimated
|  | cost |  | Profits |  | Losses |  | fair value |  | cost |  | Profits |  | Losses |  | fair value
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Debts instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds (i) |  | 7,974,080 |  | 706,394 |  | (8,322) |  | 8,672,152 |  | 8,263,943 |  | 208,409 |  | (182,479) |  | 8,289,873
Certificates of deposit BCRP (ii) |  | 8,649,885 |  | 15,388 |  | (1) |  | 8,665,272 |  | 9,833,776 |  | 189 |  | (4,381) |  | 9,829,584
Government treasury bonds (iii) |  | 6,009,137 |  | 690,048 |  | (1,109) |  | 6,698,076 |  | 4,977,422 |  | 260,939 |  | (47,613) |  | 5,190,748
Securitization instruments (iv) |  | 580,778 |  | 53,328 |  | (8,344) |  | 625,762 |  | 505,976 |  | 22,492 |  | (9,980) |  | 518,488
Negotiable certificates of deposit |  | 369,016 |  | 856 |  | (303) |  | 369,569 |  | 280,828 |  | 2,981 |  | (250) |  | 283,559
Subordinated bonds |  | 150,172 |  | 14,085 |  | (100) |  | 164,157 |  | 163,891 |  | 3,900 |  | (2,443) |  | 165,348
Others |  | 167,529 |  | 7,896 |  | — |  | 175,425 |  | 54,384 |  | 240 |  | (681) |  | 53,943
|  | 23,900,597 |  | 1,487,995 |  | (18,179) |  | 25,370,413 |  | 24,080,220 |  | 499,150 |  | (247,827) |  | 24,331,543
Equity instruments designated at the initial recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alicorp S.A.A. |  | 12,198 |  | 201,567 |  | — |  | 213,765 |  | 12,198 |  | 218,994 |  | — |  | 231,192
Inversiones Centenario |  | 112,647 |  | 195,305 |  | — |  | 307,952 |  | 112,647 |  | 236,063 |  | — |  | 348,710
Bolsa de Valores de Lima |  | 19,423 |  | 2,115 |  | — |  | 21,538 |  | 19,698 |  | 9,363 |  | — |  | 29,061
Bolsa de Comercio de Santiago |  | 4,964 |  | 5,688 |  | — |  | 10,652 |  | 8,808 |  | 5,360 |  | — |  | 14,168
Compañía Universal Textil S.A. |  | 9,597 |  | 248 |  | (3,432) |  | 6,413 |  | 9,597 |  | 248 |  | (3,397) |  | 6,448
Pagos Digitales Peruanos S.A. |  | 5,197 |  | — |  | — |  | 5,197 |  | 4,717 |  | — |  | — |  | 4,717
Corporación Andina de Fomento |  | 4,441 |  | 181 |  | — |  | 4,622 |  | 4,428 |  | 57 |  | — |  | 4,485
Bolsa de Valores de Colombia |  | 872 |  | 4,070 |  | (53) |  | 4,889 |  | 4,681 |  | 1,958 |  | — |  | 6,639
Others |  | 2,638 |  | 1,533 |  | — |  | 4,171 |  | 2,858 |  | 1,192 |  | — |  | 4,050
|  | 171,977 |  | 410,707 |  | (3,485) |  | 579,199 |  | 179,632 |  | 473,235 |  | (3,397) |  | 649,470
Balance before accrued interest |  | 24,072,574 |  | 1,898,702 |  | (21,664) |  | 25,949,612 |  | 24,259,852 |  | 972,385 |  | (251,224) |  | 24,981,013
Accrued interest |  |  |  |  |  |  |  | 253,111 |  |  |  |  |  |  |  | 214,822
Total |  |  |  |  |  |  |  | 26,202,723 |  |  |  |  |  |  |  | 25,195,835
Schedule of detailed information about maturities and annual market rates of available for sale investments | The maturities and annual market rates of investments at fair value through other comprehensive income during the years of 2019 and 2018, are as follows:
|  |  |  |  |  | Annual effective interest rate
|  |  |  |  |  | 2019 |  | 2018
|  |  |  |  |  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  |  |  | Other
|  |  |  |  |  | S/ |  | US$ |  | currencies |  | S/ |  | US$ |  | currencies
|  | Maturities |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max |  | Min |  | Max
|  | 2019 |  | 2018 |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | %
Corporate bonds |  | Jan-2020 / Feb-2065 |  | Jan-2019 / Feb-2065 |  | 1.09 |  | 8.16 |  | 0.47 |  | 8.25 |  | 0.62 |  | 6.55 |  | 1.49 |  | 11.90 |  | 1.16 |  | 11.39 |  | 0.94 |  | 8.39
Certificates of deposit BCRP |  | Jan-2020 / Jul-2021 |  | Jan-2019 / Jun-2020 |  | 2.02 |  | 2.35 |  | — |  | — |  | — |  | — |  | 2.59 |  | 3.04 |  | — |  | — |  | — |  | —
Government treasury bonds |  | Jan-2020 / Feb-2055 |  | Jan-2019 / Feb-2055 |  | 0.55 |  | 5.31 |  | 1.11 |  | 4.61 |  | 0.43 |  | 0.82 |  | 2.37 |  | 6.50 |  | 1.22 |  | 7.07 |  | 0.60 |  | 0.60
Securitization instruments |  | May-2020 / Sep-2045 |  | Jun-2019 / Sep-2045 |  | 2.46 |  | 13.26 |  | 3.08 |  | 9.14 |  | 1.68 |  | 6.00 |  | 3.40 |  | 14.81 |  | 4.56 |  | 6.85 |  | 1.68 |  | 6.00
Negotiable certificates of deposits |  | Jan-2020 / Dec 2026 |  | Jan-2019 / Dec-2026 |  | 3.27 |  | 4.01 |  | 2.48 |  | 2.68 |  | 1.00 |  | 4.98 |  | 4.54 |  | 4.54 |  | — |  | — |  | 1.40 |  | 4.98
Subordinated bonds |  | Apr-2022 / Aug-2045 |  | Jan-2021 / Feb-2057 |  | 1.21 |  | 5.52 |  | 3.27 |  | 5.23 |  | 1.53 |  | 1.53 |  | 3.21 |  | 7.41 |  | 3.60 |  | 7.26 |  | 2.52 |  | 2.52
Others |  | Jan-2020 / Jan-2028 |  | Oct-2019 / Jun-2021 |  | 1.95 |  | 3.73 |  | 4.73 |  | 6.92 |  | — |  | — |  | 4.24 |  | 6.14 |  | — |  | — |  | — |  | —
Schedule of detailed information about government treasury bonds | (iii) At December 31, 2019 and 2018, the balance includes the following Government Treasury Bonds:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Peruvian treasury bonds |  | 5,959,066 |  | 4,706,121
U.S. treasury and federal agency bonds |  | 391,475 |  | 82,477
Chilean treasury bonds |  | 173,364 |  | 119,517
Bolivian treasury bonds |  | 72,516 |  | 90,370
Colombian treasury bonds |  | 61,009 |  | 137,936
Others |  | 40,646 |  | 54,327
Total |  | 6,698,076 |  | 5,190,748
Schedule of detailed information about securitization instruments | (iv) At December 31, 2019 and 2018, the balance of securitization instruments includes the following:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Inmuebles Panamericana |  | 169,959 |  | 153,953
Abengoa Transmisión del Norte |  | 87,377 |  | 80,948
Industrias de Aceite S.A. |  | 32,050 |  | 48,231
Homecenters Peruanos S.A. |  | 35,269 |  | 32,520
Others |  | 301,107 |  | 202,836
Total |  | 625,762 |  | 518,488
Schedule of detailed information about held to maturity investments | c) Amortized cost investments consist of the following:
|  | 2019
|  | Carrying |  | Fair
|  | amount |  | value
|  | S/(000) |  | S/(000)
Peruvian sovereign bonds (i) |  | 3,277,667 |  | 3,694,631
Foreign government bonds (i) |  | 21,168 |  | 21,168
Certificates of payment on work progress (CRPAO) (ii) |  | 100,298 |  | 103,015
Sub total |  | 3,399,133 |  | 3,818,814
Accrued interest |  | 78,180 |  | 78,180
Total investments at amortized cost |  | 3,477,313 |  | 3,896,994
Provision for credit losses |  | (267) |  | (267)
Total investments at amortized cost, net |  | 3,477,046 |  | 3,896,727
|  | 2018
|  | Carrying |  | Fair
|  | amount |  | value
|  | S/(000) |  | S/(000)
Peruvian sovereign bonds (i) |  | 3,167,666 |  | 3,169,229
Foreign government bonds (i) |  | 347,824 |  | 347,502
Peruvian treasury bonds (i) |  | 215,769 |  | 215,787
Corporate bonds (i) |  | 220,583 |  | 218,373
Certificates of payment on work progress (CRPAO) (ii) |  | 117,173 |  | 117,209
Sub total |  | 4,069,015 |  | 4,068,100
Accrued interest |  | 87,357 |  | 87,357
Total investments at amortized cost |  | 4,156,372 |  | 4,155,457
Provision for credit losses |  | (1,534) |  | (1,534)
Total investments at amortized cost, net |  | 4,154,838 |  | 4,153,923
(i) At December 31, 2019, said bonds have maturities between January 2020 and February 2042, accruing interest at an annual effective interest rate between 2.14 percent and 5.28 percent on bonds denominated in soles and between 0.45 percent and 2.53 percent annual on bonds issued in other currencies. (at December 31, 2018 have maturities between January 2019 and February 2042, accruing interest at an annual effective interest rate between 3.15 percent and 6.24 percent on bonds denominated in soles and between 1.22 percent and 5.56 percent on bonds in U.S. Dollars). Likewise, Credicorp Management has determined that at December 31, 2018, the difference between amortized cost and the fair value of these investments is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity. At December 31, 2019, the Group has repurchase agreement transactions for investments at amortized cost for an estimated fair value of S/1,569.3 million (S/2,953.3 million at December 31, 2018), the related liability for which is presented in the caption “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). (ii) At December 31, 2019 there are 153 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (185 CRPAOs at December 31, 2018 ), issued by the Peruvian Government to finance projects and concessions. Said issuance is a mechanism established in the concession agreement signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2020 and April 2026, accruing interest at an annual effective rate between 3.74 percent and 4.67 percent at December 31, 2019 (between January 2019 and April 2026, accruing interest at an annual effective rate between 4.72 percent and 6.02 percent at December 31, 2018). d) The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:
|  | 2019
|  |  |  | At fair value |  |
|  | At fair value |  | through other |  |
|  | through profit |  | comprehensive |  | Amortized
|  | or loss |  | income |  | cost
|  | S/(000) |  | S/(000) |  | S/(000)
Up to 3 months |  | 237,624 |  | 2,420,464 |  | 9,969
From 3 months to 1 year |  | 269,199 |  | 6,694,486 |  | 908,271
From 1 to 3 years |  | 472,215 |  | 2,155,053 |  | 42,440
From 3 to 5 years |  | 289,393 |  | 2,961,767 |  | 690,289
More than 5 years |  | 1,029,883 |  | 11,138,643 |  | 1,748,164
Without maturity |  | 1,547,477 |  | 579,199 |  | —
Total |  | 3,845,791 |  | 25,949,612 |  | 3,399,133
|  | 2018
|  |  |  | At fair value |  |
|  | At fair value |  | through other |  |
|  | through profit |  | comprehensive |  | Amortized
|  | or loss |  | income |  | cost
|  | S/(000) |  | S/(000) |  | S/(000)
Up to 3 months |  | 318,648 |  | 4,280,152 |  | 372,525
From 3 months to 1 year |  | 197,829 |  | 5,842,026 |  | 208,812
From 1 to 3 years |  | 485,333 |  | 2,145,494 |  | 1,094,660
From 3 to 5 years |  | 152,083 |  | 1,722,051 |  | 273,343
More than 5 years |  | 871,020 |  | 10,341,820 |  | 2,119,675
Without maturity |  | 1,482,663 |  | 649,470 |  | —
Total |  | 3,507,576 |  | 24,981,013 |  | 4,069,015

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