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v3.21.1

OTHER ASSETS AND OTHER LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2020
OTHER ASSETS AND OTHER LIABILITIES |
Schedule of detailed information about other assets and liabilities explanatory | a) This item consists of the following:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Other assets - |  |  |  |
Financial instruments: |  |  |  |
Receivables (i) |  | 1,307,187 |  | 1,311,892
Derivatives receivable (b) |  | 1,214,497 |  | 1,092,107
Receivables from sale of invesments (h) |  | 271,066 |  | 278,580
Operations in process (c) |  | 245,303 |  | 110,389
|  | 3,038,053 |  | 2,792,968
Non-financial instruments: |  |  |  |
Deferred fees (g) |  | 1,039,557 |  | 1,056,656
Investment in associates (d) |  | 645,886 |  | 628,822
Investment properties, net (e) |  | 466,859 |  | 450,929
Income tax prepayments, net |  | 303,838 |  | 191,502
Adjudicated assets, net |  | 135,089 |  | 143,349
Improvements in leased premises |  | 90,146 |  | 112,385
VAT (IGV) tax credit |  | 49,364 |  | 75,605
Others |  | 9,198 |  | 26,441
|  | 2,739,937 |  | 2,685,689
Total |  | 5,777,990 |  | 5,478,657
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Other liabilities - |  |  |  |
Financial instruments: |  |  |  |
Accounts payable (j) |  | 1,788,956 |  | 1,670,525
Derivatives payable (b) |  | 1,205,213 |  | 1,040,282
Accounts payable for acquisitions of investments (h) |  | 260,786 |  | 311,348
Salaries and other personnel expenses |  | 614,349 |  | 760,140
Allowance for indirect loan losses, Note 7(c) |  | 536,863 |  | 383,797
Operations in process (c) |  | 72,800 |  | 80,734
|  | 4,478,967 |  | 4,246,826
Non-financial instruments: |  |  |  |
Taxes |  | 293,873 |  | 644,802
Provision for sundry risks (f) |  | 514,382 |  | 359,853
Others |  | 199,937 |  | 229,807
|  | 1,008,192 |  | 1,234,462
Total |  | 5,487,159 |  | 5,481,288
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.
|  |  |  | 2020 |  | 2019 |  | 2020 and 2019
|  |  |  |  |  |  |  | Notional |  |  |  |  |  |  |  | Notional |  |  |  | Related
|  |  |  | 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 |  |  |  | 256,891 |  | 257,999 |  | 22,030,623 |  | January 2021 / October 2022 |  | 306,148 |  | 246,960 |  | 27,422,634 |  | January 2020 / October 2020 |  | —
Interest rate swaps |  |  |  | 600,718 |  | 613,624 |  | 20,447,415 |  | January 2021 / December 2031 |  | 268,633 |  | 350,938 |  | 26,268,071 |  | January 2020 / December 2031 |  | —
Currency swaps |  |  |  | 323,425 |  | 181,454 |  | 9,095,243 |  | January 2021 / January 2033 |  | 411,656 |  | 366,545 |  | 8,177,179 |  | January 2020 / January 2033 |  | —
Foreign exchange options |  |  |  | 2,673 |  | 3,547 |  | 426,848 |  | January 2021 / June 2021 |  | 6,489 |  | 6,089 |  | 1,565,083 |  | January 2020 / December 2020 |  | —
Futures |  |  |  | 2,694 |  | 2,616 |  | 32,589 |  | March 2021 |  | 10 |  | 139 |  | 16,901 |  | March 2020 |  | —
|  |  |  | 1,186,401 |  | 1,059,240 |  | 52,032,718 |  |  |  | 992,936 |  | 970,671 |  | 63,449,868 |  |  |  |
Derivatives held as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 17(a)(x) |  | — |  | 2,525 |  | 108,630 |  | March 2022 |  | — |  | — |  | — |  | — |  | Bonds issued
Interest rate swaps (IRS) |  | 17(a)(v) |  | — |  | 1,473 |  | 253,470 |  | March 2021 |  | — |  | 2,555 |  | 231,980 |  | March 2021 |  | Bonds issued
Interest rate swaps (IRS) |  | 15(b)(i) |  | — |  | 315 |  | 362,100 |  | March 2021 |  | 102 |  | 1,111 |  | 662,800 |  | May 2020 / November 2020 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(iii) |  | — |  | 72 |  | 181,050 |  | March 2021 |  | 55 |  | 714 |  | 984,258 |  | February 2020 / November 2020 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(ii) |  | — |  | 60 |  | 181,050 |  | March 2021 |  | 114 |  | — |  | 331,400 |  | August 2020 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(v) |  | — |  | — |  | — |  | — |  | 315 |  | 839 |  | 994,200 |  | May 2020 / August 2020 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(vi) |  | — |  | — |  | — |  | — |  | — |  | 447 |  | 331,400 |  | June 2020 |  | Debt to banks
Interest rate swaps (IRS) |  | 15(b)(iv) |  | — |  | — |  | — |  | — |  | — |  | 1,046 |  | 629,660 |  | May 2020 / June 2020 |  | Debt to banks
Cross currency swaps (CCS) |  | 6(b)(ii)/(v) |  | 18,224 |  | 74,677 |  | 487,046 |  | January 2021 / September 2024 |  | 20,803 |  | 1,167 |  | 107,425 |  | May 2021 / September 2024 |  | Investments (*)
Cross currency swaps (CCS) |  | 17(a)(iii) |  | 5,090 |  | — |  | 181,050 |  | January 2025 |  | — |  | 8,197 |  | 165,700 |  | January 2025 |  | Bonds issued
Cross currency swaps (CCS) |  | 17(a)(vi) |  | 4,782 |  | — |  | 175,345 |  | August 2021 |  | — |  | 2,823 |  | 152,545 |  | August 2021 |  | Bonds issued
Cross currency swaps (CCS) |  | 5(c)(i) |  | — |  | 29,001 |  | 162,945 |  | August 2026 |  | — |  | 30,352 |  | 149,130 |  | August 2026 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 5(c)(ii) |  | — |  | 11,797 |  | 90,525 |  | August 2026 |  | — |  | 12,236 |  | 82,850 |  | August 2026 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 5(c)(iv) |  | — |  | — |  | — |  | — |  | 30,741 |  | — |  | 231,980 |  | August 2020 |  | Repurchase agreements
Cross currency swaps (CCS) |  | 15(b)(vi) |  | — |  | — |  | — |  | — |  | 7,624 |  | — |  | 331,400 |  | January 2020 |  | Debt to banks
Cross currency swaps (CCS) and Interest rate swaps (IRS) |  | 5(c)(iii) |  | — |  | — |  | — |  | — |  | 39,417 |  | — |  | 265,120 |  | August 2020 |  | Repurchase agreements
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 6(b) |  | — |  | 26,053 |  | 628,677 |  | March 2022 / May 2023 |  | — |  | 8,124 |  | 618,790 |  | June 2021 / May 2023 |  | Investments (*)
|  |  |  | 28,096 |  | 145,973 |  | 2,811,888 |  |  |  | 99,171 |  | 69,611 |  | 6,270,638 |  |  |  |
|  |  |  | 1,214,497 |  | 1,205,213 |  | 54,844,606 |  |  |  | 1,092,107 |  | 1,040,282 |  | 69,720,506 |  |  |  |
(*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2020 and 2019.
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:
|  | 2020 |  | 2019
|  | 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 |  | 148,076 |  | 108,541 |  | 274 |  | — |  | — |  | 256,891 |  | 199,070 |  | 104,265 |  | 2,813 |  | — |  | — |  | 306,148
Interest rate swaps |  | 4,025 |  | 25,005 |  | 81,209 |  | 46,101 |  | 444,378 |  | 600,718 |  | 3,716 |  | 8,409 |  | 38,569 |  | 8,067 |  | 209,872 |  | 268,633
Currency swaps |  | 12,324 |  | 11,499 |  | 122,673 |  | 36,219 |  | 140,710 |  | 323,425 |  | 7,124 |  | 101,368 |  | 102,703 |  | 67,826 |  | 132,635 |  | 411,656
Foreign exchange options |  | 379 |  | 2,294 |  | — |  | — |  | — |  | 2,673 |  | 1,844 |  | 4,645 |  | — |  | — |  | — |  | 6,489
Futures |  | 2,694 |  | — |  | — |  | — |  | — |  | 2,694 |  | 10 |  | — |  | — |  | — |  | — |  | 10
Total assets |  | 167,498 |  | 147,339 |  | 204,156 |  | 82,320 |  | 585,088 |  | 1,186,401 |  | 211,764 |  | 218,687 |  | 144,085 |  | 75,893 |  | 342,507 |  | 992,936
|  | 2020 |  | 2019
|  | 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 |  | 145,781 |  | 111,956 |  | 262 |  | — |  | — |  | 257,999 |  | 154,424 |  | 89,739 |  | 2,797 |  | — |  | — |  | 246,960
Interest rate swaps |  | 12,794 |  | 23,211 |  | 80,629 |  | 64,995 |  | 431,995 |  | 613,624 |  | 7,705 |  | 13,837 |  | 46,840 |  | 18,477 |  | 264,079 |  | 350,938
Currency swaps |  | 15,122 |  | 33,147 |  | 86,265 |  | 20,344 |  | 26,576 |  | 181,454 |  | 41,729 |  | 92,917 |  | 79,844 |  | 50,663 |  | 101,392 |  | 366,545
Foreign exchange options |  | 676 |  | 2,871 |  | — |  | — |  | — |  | 3,547 |  | 836 |  | 5,253 |  | — |  | — |  | — |  | 6,089
Futures |  | 2,616 |  | — |  | — |  | — |  | — |  | 2,616 |  | 139 |  | — |  | — |  | — |  | — |  | 139
Total liabilities |  | 176,989 |  | 171,185 |  | 167,156 |  | 85,339 |  | 458,571 |  | 1,059,240 |  | 204,833 |  | 201,746 |  | 129,481 |  | 69,140 |  | 365,471 |  | 970,671
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:
|  | 2020 |  | 2019
|  | 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) |  | 1,268,082 |  | 229,366 |  | 275,235 |  | 255,963 |  | 2,028,646 |  | 5,081,355 |  | 301,865 |  | 84,786 |  | 254,968 |  | 5,722,974
Cash outflows (liabilities) |  | (1,347,995) |  | (274,482) |  | (265,536) |  | (236,859) |  | (2,124,872) |  | (4,693,775) |  | (330,220) |  | (91,678) |  | (355,702) |  | (5,471,375)
Consolidated statement of income |  | (4,939) |  | (5,314) |  | (4,969) |  | (25,891) |  | (41,113) |  | (8,949) |  | (4,367) |  | (487) |  | (18,139) |  | (31,942)
Schedule of detailed information about investment property | The movement of investment properties is as follows:
|  | 2020 |  | 2019
|  | Own assets |  |  |  |
|  | Land |  | Buildings |  | Total |  | Total
|  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000)
Cost |  |  |  |  |  |  |  |
Balance at January 1 |  | 253,041 |  | 238,325 |  | 491,366 |  | 484,782
Additions (i) |  | 12,543 |  | 13,990 |  | 26,533 |  | 33,321
Sales (ii) |  | (31) |  | (202) |  | (233) |  | (26,775)
Disposals and others |  | (2,114) |  | (1,634) |  | (3,748) |  | 38
Ending Period |  | 263,439 |  | 250,479 |  | 513,918 |  | 491,366
Accumulated depreciation |  |  |  |  |  |  |  |
Balance at January 1 |  | — |  | 39,027 |  | 39,027 |  | 43,488
Depreciation for the year |  | — |  | 7,018 |  | 7,018 |  | 6,727
Sales (ii) |  | — |  | (148) |  | (148) |  | (11,435)
Disposals and others |  | — |  | (248) |  | (248) |  | 247
Ending Period |  | — |  | 45,649 |  | 45,649 |  | 39,027
Impairment losses (iii) |  | 689 |  | 721 |  | 1,410 |  | 1,410
Net carrying amount |  | 262,750 |  | 204,109 |  | 466,859 |  | 450,929
Land and buildings are mainly used for office rental, which are free of all encumbrances. (i) As of December 31, 2020, the main additions correspond to the acquisition of land located in the Comas district in the city of Lima for the amount of S/12.5 million. Likewise, in order to consolidate the real estate projects, the Group has made disbursements mainly for the improvements of buildings one of them located in Arequipa for the amount of S/5.1 million, the other located in Trujillo for approximately S/3.8 million and also improvements on the 13th floor of Panorama building located in the district of Santiago de Surco, Lima amounted of S/2.4 million. In 2019, the most important additions corresponded to the acquisition of 13th floor of Panorama Building located in the district of Santiago de Surco, Lima 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, Lima for approximately S/8.7 million. (ii) The amount for sales for the 2020 period is mainly due to the sale of a store N° 112 located in the Jr. Huallaga (Lima) building, whose sale value was S/0.08 million (disposal cost amounted to S/0.09 million). The amount for the sales of 2019, is mainly made up of the sale of a property located in Camino Real 348, San Isidro (Lima), 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 million). (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 the year of 2019.
Schedule of other provisions | f) The movement of the provision for sundry risks for the years ended December 31, 2020, 2019 and 2018 was as follows:
|  | 2020 |  | 2019 |  | 2018
|  | S/(000) |  | S/(000) |  | S/(000)
Balance at the beginning of the year |  | 359,853 |  | 342,350 |  | 275,841
Provision, Note 29 |  | 140,897 |  | 27,272 |  | 42,236
Increase (decrease), net |  | 13,632 |  | (9,769) |  | 24,273
Balances at the end of the year |  | 514,382 |  | 359,853 |  | 342,350

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