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v3.22.1

INVESTMENTS | 12 Months Ended
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Dec. 31, 2021
INVESTMENTS [Abstract] |
INVESTMENTS |
6 | INVESTMENTS
| a) | Investment at fair value through profit or loss consist of the following:
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Mutual funds (i) |  |  | 1,574,233 |  |  |  | 979,296 |
Government treasury bonds (ii) |  |  | 1,185,541 |  |  |  | 1,584,913 |
Certificates of deposit BCRP (iii) |  |  | 1,111,142 |  |  |  | 1,872,875 |
Investment funds (iv) |  |  | 531,847 |  |  |  | 362,493 |
Restricted mutual funds (v) |  |  | 365,954 |  |  |  | 436,881 |
Participation in RAL Funds (vi) |  |  | 323,139 |  |  |  | 278,819 |
Hedge funds |  |  | 176,816 |  |  |  | 126,938 |
Corporate bonds |  |  | 172,857 |  |  |  | 328,315 |
Subordinated bonds |  |  | 110,484 |  |  |  | 103,162 |
ETF (Exchange - Traded Fund) |  |  | 105,305 |  |  |  | 32,085 |
Shares (vii) |  |  | 90,728 |  |  |  | 289,349 |
Multilateral organization bonds |  |  | 33,082 |  |  |  | 14,765 |
Central Bank of Chile bonds |  |  | 32,761 |  |  |  | 15,306 |
RPI International Holding, LP (viii) |  |  | – |  |  |  | 5,641 |
Others (ix) |  |  | 105,310 |  |  |  | 23,259 |
Balance before accrued interest |  |  | 5,919,199 |  |  |  | 6,454,097 |
Accrued interest |  |  | 9,298 |  |  |  | 13,374 |
Total |  |  | 5,928,497 |  |  |  | 6,467,471 |
| (i) | As of December 31, 2021, the balance corresponds to mutual funds from Luxembourg, Bolivia, Ireland and other countries, which represent 70.5 percent, 21.5 percent, 3.8 percent and 4.2 percent of the total, respectively, (from Peru, Luxembourg, Bolivia and other countries, which represent 30.9 percent, 29.5 percent, 28.8 percent and 10.8 percent of the total, respectively, as of December 31, 2020). The increase in the balance corresponds mainly to (i) the purchase of participations in the fund “BNP Paribas Insticash US$1D Short Term VNAV Classic Cap”, whose balance as of December, 31 2021 was S/279.3 million, and (ii) the purchase of new participations mainly in funds managed by Credicorp Capital Asset Management S.A. Administradora General de Fondos, whose balance as of December 31, 2021 was S/280.9 million.
| (ii) | As of December 31, 2021 and 2020 the balance of these instruments includes the following government treasury bonds:
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Colombian Treasury bonds |  |  | 898,733 |  |  |  | 1,120,991 |
Peruvian Treasury bonds |  |  | 211,571 |  |  |  | 349,219 |
U.S. treasury and federal agency bonds |  |  | 7,948 |  |  |  | – |
Chile Treasury bonds |  |  | 66,643 |  |  |  | 21,072 |
Brasil Treasury bonds |  |  | 646 |  |  |  | 53,857 |
Panama Treasury bonds |  |  | – |  |  |  | 20,644 |
Mexico Treasury bonds |  |  | – |  |  |  | 19,130 |
Total |  |  | 1,185,541 |  |  |  | 1,584,913 |
| (iii) | As of December 31, 2021, the balance corresponds to 2,789 certificates of deposit for US$278.7 million, equivalent to S/1,111.1 million, whose interest rates are from 0.67 percent to 0.70 percent, and with maturity from October to November 2021 (5,174 certificates of deposit for US$517.23 million, equivalent to S/1,872.9 million, accruing interest at an effective annual rate from 0.25 percent to 0.28 percent, and with maturity from January to March 2021, as of December 31, 2020). The variation corresponds to the maturity of the instruments.
| (iv) | As of December 31, 2021, the balance corresponds mainly to investment funds in Peru and the United States that represent 40.6 percent and 55.6 percent, respectively, among other countries (Peru and the United States that represented 40.0 percent and 25.6 percent, respectively, as of December 31, 2020). The increase in the balance corresponds to the increase in the investment funds Tishman Speyer Properties LP in S/39.3 million, Compass Group SAFI in S/38.4 million, Carlyle Peru Fund L.P. in S/31.5 million, and BD Capital SAFI S.A.C in S/22.2 million, among others.
| (v) | The restricted mutual funds comprise the participation quotas in the private pension funds managed by Prima AFP 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.
| (vi) | As of December 31, 2021, these funds amount approximately to Bs 346.1 million, equivalent to S/202.3 million, and US$30.3 million, equivalent to S/120.8 million (Bs 325.1 million, equivalent to S/173.2 million, and US$29.2 million, equivalent to S/105.6 million as December 31, 2020) 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.
| (vii) | The decrease of the balance corresponds mainly to the sale of Royalty Pharma plc’s ordinary shares. As of December 31, 2021, all of these shares were sold (757,692 shares for US$37.9 million, equivalent to S/137.2 million, as of December 31, 2020).
| (viii) | During the first trimester of 2021, all participations were liquidated.
As of December 31, 2020, the balance 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.
| (ix) | The increase mainly comprises the acquisition of finance lease bonds for S/94.4 million.
b) | Investments at fair value through other comprehensive income consist of the following:
|  | 2021 |  |  | 2020 |
|  |  |  |  | Unrealized gross amount |  |  |  |  |  |  |  |  | Unrealized gross amount |  |  |  |
|  | Cost |  |  | Profits |  |  | Losses |  |  | Estimated fair value |  |  | Cost |  |  | Profits |  |  | Losses |  |  | Estimated fair value |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Debts instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds (i) |  |  | 14,456,083 |  |  |  | 594,025 |  |  |  | (334,687 | ) |  |  | 14,715,421 |  |  |  | 12,177,023 |  |  |  | 1,132,719 |  |  |  | (52,953 | ) |  |  | 13,256,789 |
Government treasury bonds (ii) |  |  | 9,600,115 |  |  |  | 206,701 |  |  |  | (568,417 | ) |  |  | 9,238,399 |  |  |  | 11,051,662 |  |  |  | 1,158,845 |  |  |  | (5,458 | ) |  |  | 12,205,049 |
Certificates of deposit BCRP (iii) |  |  | 8,347,101 |  |  |  | 7 |  |  |  | (9,676 | ) |  |  | 8,337,432 |  |  |  | 15,343,851 |  |  |  | 20,431 |  |  |  | – |  |  |  | 15,364,282 |
Securitization instruments (iv) |  |  | 768,012 |  |  |  | 20,202 |  |  |  | (66,825 | ) |  |  | 721,389 |  |  |  | 703,920 |  |  |  | 63,131 |  |  |  | (21,471 | ) |  |  | 745,580 |
Negotiable certificates of deposit (v) |  |  | 615,514 |  |  |  | 10,505 |  |  |  | (1,508 | ) |  |  | 624,511 |  |  |  | 873,218 |  |  |  | 14,093 |  |  |  | (1,420 | ) |  |  | 885,891 |
Subordinated bonds |  |  | 217,222 |  |  |  | 6,281 |  |  |  | (4,224 | ) |  |  | 219,279 |  |  |  | 191,966 |  |  |  | 19,933 |  |  |  | (317 | ) |  |  | 211,582 |
Others |  |  | 125,877 |  |  |  | 4,699 |  |  |  | (4,324 | ) |  |  | 126,252 |  |  |  | 147,327 |  |  |  | 14,802 |  |  |  | (44 | ) |  |  | 162,085 |
|  |  | 34,129,924 |  |  |  | 842,420 |  |  |  | (989,661 | ) |  |  | 33,982,683 |  |  |  | 40,488,967 |  |  |  | 2,423,954 |  |  |  | (81,663 | ) |  |  | 42,831,258 |
Equity instruments designated at the initial recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inversiones Centenario |  |  | 112,647 |  |  |  | 72,124 |  |  |  | – |  |  |  | 184,771 |  |  |  | 112,647 |  |  |  | 168,132 |  |  |  | – |  |  |  | 280,779 |
Alicorp S.A.A. |  |  | 12,197 |  |  |  | 125,356 |  |  |  | – |  |  |  | 137,553 |  |  |  | 12,198 |  |  |  | 153,935 |  |  |  | – |  |  |  | 166,133 |
Bolsa de Valores de Lima |  |  | 19,423 |  |  |  | 6,730 |  |  |  | – |  |  |  | 26,153 |  |  |  | 19,423 |  |  |  | 3,942 |  |  |  | – |  |  |  | 23,365 |
Bolsa de Comercio de Santiago |  |  | 3,648 |  |  |  | 4,108 |  |  |  | – |  |  |  | 7,756 |  |  |  | 15,306 |  |  |  | – |  |  |  | (3,995 | ) |  |  | 11,311 |
Compañía Universal Textil S.A. |  |  | 9,597 |  |  |  | – |  |  |  | (3,233 | ) |  |  | 6,364 |  |  |  | 9,597 |  |  |  | – |  |  |  | (3,163 | ) |  |  | 6,434 |
Pagos Digitales Peruanos S.A. |  |  | 5,197 |  |  |  | – |  |  |  | (5,197 | ) |  |  | – |  |  |  | 5,197 |  |  |  | – |  |  |  | (5,197 | ) |  |  | - |
Bolsa de Valores de Colombia |  |  | 4,402 |  |  |  | – |  |  |  | (188 | ) |  |  | 4,214 |  |  |  | 5,380 |  |  |  | 118 |  |  |  | – |  |  |  | 5,498 |
Corporación Andina de Fomento |  |  | 194 |  |  |  | 1,357 |  |  |  | – |  |  |  | 1,551 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | - |
Others |  |  | 7,831 |  |  |  | 2,376 |  |  |  | (742 | ) |  |  | 9,465 |  |  |  | 7,640 |  |  |  | 1,786 |  |  |  | (396 | ) |  |  | 9,030 |
|  |  | 175,136 |  |  |  | 212,051 |  |  |  | (9,360 | ) |  |  | 377,827 |  |  |  | 187,388 |  |  |  | 327,913 |  |  |  | (12,751 | ) |  |  | 502,550 |
Balance before accrued interest |  |  | 34,305,060 |  |  |  | 1,054,471 |  |  |  | (999,021 | ) |  |  | 34,360,510 |  |  |  | 40,676,355 |  |  |  | 2,751,867 |  |  |  | (94,414 | ) |  |  | 43,333,808 |
Accrued interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 397,933 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 410,081 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,758,443 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,743,889 |
The Management of Credicorp has determined that the unrealized losses on investment at fair value through other comprehensive income as of December 31, 2021 and 2020 are of a temporary nature, considering factors such as intended strategy in relation with the identified security or portfolio, its underlying collateral and credit rating of the issuers. During 2021, as a result of assessment of the impairment of its investments at fair value through other comprehensive income, the Group recorded a credit loss provision of S/6.8 million (provision of credit loss of S/52.3 million during 2020), which is shown in “Net gain on securities”, see note 24, in the consolidated statement of income. Also, Management has decided and has the ability to hold each investment for a period of time sufficient to allow for an anticipated recovery in fair value, until the earlier of its anticipated recovery or maturity. The movement of the “Reserve for investments at fair value through other comprehensive income” net of deferred income tax and non-controlling interest, is shown in Note 18(c). It is worth mentioning the largest unrealized loss compared to the balance in 2020 is due to the political uncertainty of the country and to the downgrade of credit ratings of some bonds. See Note 2(c). The maturities and annual market rates of investments at fair value through other comprehensive income during 2021 and 2020, are as follows:
| Maturities | Annual effective interest rate
| 2021 |  | 2020 |  | 2021 |  |  | 2020 |
|  |  |  |  | S/ |  |  |  |  |  | US$ |  |  |  |  |  | Other |  |  |  |  |  | S/ |  |  |  |  |  | US$ |  |  |  |  |  | Other |  |  |  |
|  |  |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |
|  |  |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |
Corporate bonds (*) | Jan-2022 / Nov-2095 |  | Jan-2021 / Jul-2070 |  |  | 1.64 |  |  |  | 19.28 |  |  |  | – |  |  |  | 67.59 |  |  |  | 1.35 |  |  |  | 7.86 |  |  |  | (0.31 | ) |  |  | 16.21 |  |  |  | 0.01 |  |  |  | 10.51 |  |  |  | 0.78 |  |  |  | 6.25 |
Government treasury bonds | Jan-2022 / Feb-2055 |  | Jan-2021 / Feb-2055 |  |  | 1.79 |  |  |  | 6.91 |  |  |  | – |  |  |  | 4.61 |  |  |  | 4.00 |  |  |  | 5.16 |  |  |  | (1.20 | ) |  |  | 5.08 |  |  |  | 0.03 |  |  |  | 4.61 |  |  |  | 0.07 |  |  |  | 0.41 |
Certificates of deposit BCRP | Jan-2022 / Mar-2023 |  | Jan-2021 / Mar-2023 |  |  | 2.52 |  |  |  | 3.40 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 0.25 |  |  |  | 0.73 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Negotiable certificates of deposits | Jan-2022 / Jul-2033 |  | Jan-2021 / Jul-2033 |  |  | 3.88 |  |  |  | 3.88 |  |  |  | 2.48 |  |  |  | 2.68 |  |  |  | 1.00 |  |  |  | 6.02 |  |  |  | – |  |  |  | – |  |  |  | 2.48 |  |  |  | 4.57 |  |  |  | 0.05 |  |  |  | 5.90 |
Securitization instruments | Jan-2022 / Sep-2045 |  | Jan-2021 / Sep-2045 |  |  | 4.05 |  |  |  | 28.90 |  |  |  | 2.17 |  |  |  | 10.85 |  |  |  | 3.50 |  |  |  | – |  |  |  | 1.32 |  |  |  | 13.36 |  |  |  | 1.51 |  |  |  | 9.19 |  |  |  | – |  |  |  | 6.00 |
Subordinated bonds (**) | Apr-2022 / Aug-2045 |  | Apr-2022 / Aug-2045 |  |  | 0.28 |  |  |  | 7.48 |  |  |  | 0.86 |  |  |  | 7.62 |  |  |  | – |  |  |  | – |  |  |  | (0.04 | ) |  |  | 5.74 |  |  |  | 0.16 |  |  |  | 4.76 |  |  |  | – |  |  |  | – |
Others | Apr-2022 / Feb-2035 |  | Jan-2021 / Feb-2035 |  |  | 1.77 |  |  |  | 7.99 |  |  |  | 3.39 |  |  |  | 5.05 |  |  |  | 0.05 |  |  |  | 0.05 |  |  |  | (0.18 | ) |  |  | 5.84 |  |  |  | 3.38 |  |  |  | 4.52 |  |  |  | – |  |  |  | – |
(*) As of December 31, 2020, the annual effective interest rate of (0.31) corresponds to a bond issued by the Danske Bank; excluding such interest rate, the rates tend to be positive.. (**) As of December 31, 2020, the annual effective interest rate of (0.04) percent corresponds to a bond issued by the Banco Interamericano de Finanzas S.A.; excluding such interest rate, the rates tend to be positive. The negative rates correspond to bonds, whose nominal value is subject to a daily readjustment index for inflation determined by the BCRP. Said negative rates correspond to the market behavior. As of December 31, 2021, the Group maintains IRS, which have been designated as fair value hedges of certain bonds at a fixed rate in US dollar, issued by corporate entities, classified as investments at fair value through other comprehensive income, for a notional amount of S/636.4 million (S/628.7 million as of December 31, 2020), see Note 13(c); through these IRS these bonds were economically converted to a variable rate. Likewise, as of December 31, 2021, the Group entered into repurchase agreement transactions for government bonds and certificates of deposit BCRP classified as investments at fair value through other comprehensive income, for an estimated fair value of S/318.4 million (S/997.8 million as of December 31, 2020), of which the related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see Note 5(c).
| (i) | As of December 31, 2021, the balance corresponds to corporate bonds issued by companies from the United States, Peru, Chile and other countries, which represent 38.1 percent, 37.1 percent, 4.6 percent and 20.2 percent of the total, respectively, (issued by companies from Peru, the United States, Colombia and other countries, which represent 43.6 percent, 32.3 percent, 4.6 percent and 19.5 percent of the total, respectively, as of December 31, 2020).
As of December 31, 2021 the most significant individual unrealized loss amounted to approximately S/ 18.5 million (S/13.0 million as of December 31, 2020). Likewise, as of December 31, 2021, the Group maintains CCS, which were designated as cash flow hedges of certain corporate bonds for a notional amount of S/ 79.1 million (S/81.8 million as of December 31, 2020), see Note 13(c); by means of said CCS, the bonds were economically converted to soles at a fixed rate. The largest unrealized loss with respect to the balance of 2020 is due to the behavior of the market. As of December 31, 2021, the balance mainly includes S/18.5 million from the company Inversiones Nacionales de Turismo - Intursa S.A. (S/40.5 million of the Peruvian company Rutas de Lima S.A.C. as of December 31, 2020).
| (ii) | As of December 31, 2021 and 2020, the balance includes the following Government Treasury Bonds:
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Peruvian treasury bonds (*) |  |  | 7,496,775 |  |  |  | 11,343,664 |
U.S. treasury and federal agency bonds |  |  | 1,455,114 |  |  |  | 564,380 |
Bolivian treasury bonds |  |  | 89,941 |  |  |  | 74,248 |
Colombian treasury bonds |  |  | 87,428 |  |  |  | 101,741 |
Chilean treasury bonds |  |  | 83,978 |  |  |  | 81,502 |
Others |  |  | 25,163 |  |  |  | 39,514 |
Total |  |  | 9,238,399 |  |  |  | 12,205,049 |
| (*) | The variation in the balance corresponds to sales of instruments and to the decrease in the fair value. The largest unrealized loss compared to the balance in 2020 is due to the political uncertainty of the country. See Note 2(c).
| (iii) | As of December 31, 2021, the Group maintains 80,541 certificates of deposits BCRP (153,760 as of December 31, 2020); which are instruments issued at discount through public auction, traded on the Peruvian secondary market and payable in soles. The decrease in the balance is mainly due to the maturity of these instruments.
| (iv) | As of December 31, 2021 and 2020, the balance of securitization instruments includes the following:
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Inmuebles Panamericana S.A. |  |  | 142,629 |  |  |  | 164,091 |
ATN S.A. |  |  | 98,525 |  |  |  | 99,112 |
Colegios Peruanos S.A. |  |  | 68,714 |  |  |  | 63,268 |
Costa de Sol S.A. |  |  | 46,502 |  |  |  | 51,483 |
Nessus Hoteles Perú S.A. |  |  | 38,547 |  |  |  | 40,050 |
Fábrica Nacional de Cemento S.A. |  |  | 28,187 |  |  |  | 34,537 |
Concesionaria La Chira S.A. |  |  | 27,370 |  |  |  | 32,138 |
Homecenters Peruanos S.A. |  |  | 27,206 |  |  |  | 32,308 |
Industrias de Aceite S.A. |  |  | – |  |  |  | 37,175 |
Others (less than S/28.2 million and S/30.5 million, respectively) |  |  | 243,709 |  |  |  | 191,418 |
Total |  |  | 721,389 |  |  |  | 745,580 |
The instruments have semiannual payments until 2045.The pool of underlying assets consists mainly of accounts receivable from income, revenues for services and from maintenance and marketing contributions (Inmuebles Panamericana S.A.), and accounts receivable for electrical transmission services from the Carhuamayo - Cajamarca line (ATN S.A.).
| (v) | As of December 31, 2021, the balance corresponds to certificates for US$0.67 million, equivalent to S/2.7 million, in soles currency for S/6.8 million; and in other currencies, equivalent to S/615.1 million issued mainly by the financial system of Colombia and Bolivia (US$6.65 million, equivalent to S/24.1 million; and in other currencies, equivalent to S/861.8 million, issued by the system of Colombia and Bolivia, as of December 31, 2020).
Likewise, as of December 31, 2021, the Group maintains CCS, which were designated as cash flow hedges of certain certificates for a notional amount of S/75.5 million (S/405.2 million, as of December 31, 2020), see Note 13(c); by means of said CCS, the certificates were economically converted to soles at a fixed rate.
c) | Amortized cost investments consist of the following:
|  | 2021 |
|  | Carrying |  |  | Fair |
|  | amount |  |  | value |
|  | S/(000) |  |  | S/(000) |
Peruvian sovereign bonds (i) |  |  | 7,438,364 |  |  |  | 7,169,787 |
Corporate bonds (i) |  |  | 420,263 |  |  |  | 419,069 |
Subordinated bonds (i) |  |  | 86,861 |  |  |  | 86,412 |
Certificates of payment on work progress (CRPAO) (ii) |  |  | 74,499 |  |  |  | 19,310 |
Foreign government bonds (i) |  |  | 74,122 |  |  |  | 73,645 |
Sub total |  |  | 8,094,109 |  |  |  | 7,768,223 |
Accrued interest |  |  | 171,450 |  |  |  | 171,450 |
Total |  |  | 8,265,559 |  |  |  | 7,939,673 |
|  | 2020 |
|  | Carrying |  |  | Fair |
|  | amount |  |  | value |
|  |  | S/(000) |  |  |  | S/(000) |
Peruvian sovereign bonds (i) |  |  | 4,739,588 |  |  |  | 5,438,925 |
Certificates of payment on work progress (CRPAO) (ii) |  |  | 89,084 |  |  |  | 93,591 |
Foreign government bonds (i) |  |  | 28,909 |  |  |  | 28,695 |
Sub total |  |  | 4,857,581 |  |  |  | 5,561,211 |
Accrued interest |  |  | 104,801 |  |  |  | 104,801 |
Total |  |  | 4,962,382 |  |  |  | 5,666,012 |
The expected loss of investments at amortized cost as of December 31, 2021 and 2020 is S/2.8 million and S/0.7 million, respectively.
| (i) | As of December 31, 2021, said bonds have maturities between January 2022 and February 2042, accruing interest at an annual effective interest rate between 3.62 percent and 6.77 percent on bonds denominated in soles, between 0.71 percent and 4.50 percent on bonds denominated in US dollar, and between 0.00 percent and 2.96 percent annual on bonds issued in other currencies (as of December 31, 2020, have maturities between January 2021 and February 2042, accruing interest at an annual effective interest rate between 0.74 percent and 5.06 percent on bonds denominated in soles and between 0.00 percent and 3.05 percent on bonds issued in other currencies).
It is worth mentioning that the instruments with an interest rate of 0.00 percent corresponds to bonds issued by the Colombian Government, whose issue indicators on the date of acquisition were at very low levels; however, MiBanco Colombia invested in these instruments because it is a Colombian company that must invest in them according to local regulations, with the objective that the funds acquired by the Colombian Government are destined for the development and incentive of certain economic sectors. Likewise, Credicorp Management has determined that as of December 31, 2021, 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. As of December 31, 2021, the Group has repurchase agreement transactions for investments at amortized cost for an estimated fair value of S/3,854.0 million (S/2,766.2 million as of December 31, 2020), 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) | As of December 31, 2021 there are 89 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (121 CRPAOs as of December 31, 2020), 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 2022 and April 2026, accruing interest at an annual effective rate between 2.32 percent and 4.26 percent (between January 2021 and April 2026, accruing interest at an annual effective rate between 2.42 percent and 3.47 percent as of December 31, 2020).
d) | The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:
|  | 2021 |
|  | At fair value through profit or loss |  |  | At fair value through other comprehensive income |  |  | Amortized cost |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Up to 3 months |  |  | 1,172,834 |  |  |  | 8,117,458 |  |  |  | 78,311 |
From 3 months to 1 year |  |  | 209,172 |  |  |  | 3,683,466 |  |  |  | 296,699 |
From 1 to 3 years |  |  | 746,115 |  |  |  | 4,804,229 |  |  |  | 1,641,340 |
From 3 to 5 years |  |  | 136,444 |  |  |  | 4,111,276 |  |  |  | 459,363 |
More than 5 years |  |  | 1,020,840 |  |  |  | 13,266,254 |  |  |  | 5,618,396 |
Without maturity |  |  | 2,633,794 |  |  |  | 377,828 |  |  |  | – |
Total |  |  | 5,919,199 |  |  |  | 34,360,511 |  |  |  | 8,094,109 |
|  | 2020 |
|  | At fair value through profit or loss |  |  | At fair value through other comprehensive income |  |  | Amortized cost |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Up to 3 months |  |  | 1,973,038 |  |  |  | 14,564,360 |  |  |  | 11,518 |
From 3 months to 1 year |  |  | 94,554 |  |  |  | 2,606,845 |  |  |  | 42,397 |
From 1 to 3 years |  |  | 462,168 |  |  |  | 4,272,547 |  |  |  | 163,120 |
From 3 to 5 years |  |  | 486,310 |  |  |  | 3,770,438 |  |  |  | 631,740 |
More than 5 years |  |  | 1,290,057 |  |  |  | 17,617,068 |  |  |  | 4,008,806 |
Without maturity |  |  | 2,147,970 |  |  |  | 502,550 |  |  |  | – |
Total |  |  | 6,454,097 |  |  |  | 43,333,808 |  |  |  | 4,857,581 |

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- Definition The disclosure of investments other than investments accounted for using the equity method. [Refer: Investments other than investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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