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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2020
OTHER ASSETS AND OTHER LIABILITIES |
OTHER ASSETS AND OTHER LIABILITIES | 13 OTHER ASSETS AND OTHER LIABILITIES 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
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 as of December 31, 2020 and 2019 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.
|  |  |  | 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. (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:
|  | 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
(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:
|  | 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)
As of December 31, 2020, 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 loss of approximately S/38.2 million and from the revoked hedges, which have an unrealized loss of approximately S/2.9 million (unrealized loss of approximately S/0.1 million from current hedges and unrealized profit for S/3.8 million from revoked hedges, as of December 31, 2019), 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/603.4 million and S/571.9 million as of December 31, 2020 and 2019, respectively. e) Investment properties - 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. As of December 31, 2020, and 2019, the market value of the property amounts to approximately S/1,050.4 million and S/937.8 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, 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
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) As of December 31, 2020, the balance corresponds mainly to the payment in advance in favor of Latam Airlines Group S.A. Peru Branch for US$165.1 million, equivalent to S/597.9 million, (US$202.0 million, equivalent to S/669.4 million as of December 31, 2019) on account of the Latam Pass Miles that the Bank must acquire from January 2020. This advance made is being applied with the miles awarded to our clients for the use of Latam Pass credit cards. Customers can use these miles directly with Latam to exchange tickets, goods or services offered by them. h) As of December 31, 2020 and 2019, corresponds to accounts receivable and payable for the sale and purchase of financial investments negotiated during the last days of the month, which were settled during the first days of the following month. i) As of December 31, 2020, the balance is mainly made up of the margin call for derivatives for S/242.3 million, works for taxes for S/169.8 million, visa account for payments to establishments for S/81.1 million, taxes paid on account from third parties and other accounts receivable related to taxes for S/75.3 million, accounts receivable from deferred currency sale for S/60.2 million, dividends receivable for S/6.8 million, accounts receivable from associate for S/6.5 million, among others (as of December 31, 2019, the balance was mainly made up of margin call for derivatives for S/201.7 million, works for taxes for S/253.5 million, account receivable from deferred currency sale for S/128.8 million, taxes paid on account from third parties and other accounts receivable related to taxes for S/94.5 million, visa account for payment to establishments for S/89.1 million, dividends receivable for S/0.4 million, account receivable from an associate for S/6.8 million, among others). j) As of December 31, 2020, the balance corresponds mainly to accounts payable to suppliers for S/215.0 million, accounts payable to policyholders for S/91.5 million, accounts payable to intermediaries for S/87.3 million, accounts payable for the purchase of deferred foreign currency for S/65.9 million, accounts payable for premiums to the Deposit Insurance Fund for S/46.4 million, interbank operations to be settled with the BCRP for S/39.6 million, Liquidation Funds of Financiera TFC for S/12.5 million, repurchase agreements to be settled for S/9.5 million, accounts payable to an associate for S/3.9 million, among others (as of December 31, 2019, the balance corresponded mainly to accounts payable to suppliers for S/313.0 million, accounts payable to intermediaries for S/206.5 million, accounts payable to policyholders for S/108.1 million, Liquidation funds of Financiera TFC for S/104.0 million, accounts payable to an associate for S/52.0 million, interbank operations to be settled with BCRP for S/22.4 million, insurance payable on behalf of third parties for S/14.0 million and accounts payable for the purchase of deferred foreign currency for S/10.9 million, among others).

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