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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2021
OTHER ASSETS AND OTHER LIABILITIES [Abstract] |
OTHER ASSETS AND OTHER LIABILITIES |
13 | OTHER ASSETS AND OTHER LIABILITIES
| a) | This item consists of the following:
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Other assets - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Receivables (b) |  |  | 1,524,407 |  |  |  | 1,307,187 |
Derivatives receivable (c) |  |  | 1,661,628 |  |  |  | 1,214,497 |
Operations in process (d) |  |  | 195,875 |  |  |  | 245,303 |
Receivables from sale of investments (e) |  |  | 76,852 |  |  |  | 271,066 |
|  |  | 3,458,762 |  |  |  | 3,038,053 |
Non-financial instruments: |  |  |  |  |  |  |  |
Deferred fees (f) |  |  | 967,622 |  |  |  | 1,039,557 |
Investment in associates (g) |  |  | 658,697 |  |  |  | 645,886 |
Investment properties, net (h) |  |  | 469,113 |  |  |  | 466,859 |
Income tax prepayments, net |  |  | 436,961 |  |  |  | 303,838 |
Adjudicated assets, net |  |  | 136,125 |  |  |  | 135,089 |
Improvements in leased premises |  |  | 65,867 |  |  |  | 90,146 |
VAT (IGV) tax credit |  |  | 50,120 |  |  |  | 49,364 |
Others |  |  | 9,241 |  |  |  | 9,198 |
|  |  | 2,793,746 |  |  |  | 2,739,937 |
Total |  |  | 6,252,508 |  |  |  | 5,777,990 |
|  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |
Other liabilities - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Accounts payable (i) |  |  | 2,103,062 |  |  |  | 1,788,956 |
Derivatives payable (c) |  |  | 1,524,761 |  |  |  | 1,205,213 |
Salaries and other personnel expenses |  |  | 825,000 |  |  |  | 591,541 |
Allowance for indirect loan losses, Note 7(c) |  |  | 593,703 |  |  |  | 536,863 |
Accounts payable for acquisitions of investments (e) |  |  | 241,026 |  |  |  | 260,786 |
Operations in process (d) |  |  | 51,763 |  |  |  | 72,800 |
Dividends payable (j) |  |  | 18,880 |  |  |  | 22,808 |
|  |  | 5,358,195 |  |  |  | 4,478,967 |
Non-financial instruments: |  |  |  |  |  |  |  |
Provision for sundry risks (k) |  |  | 614,012 |  |  |  | 514,382 |
Taxes |  |  | 337,511 |  |  |  | 293,873 |
Others |  |  | 211,661 |  |  |  | 199,937 |
|  |  | 1,163,184 |  |  |  | 1,008,192 |
Total |  |  | 6,521,379 |  |  |  | 5,487,159 |
| b) | As of December 31, 2021, the balance corresponds mainly to margin call of derivative transactions for S/410.3 million, tax works for S/178.3 million, accounts receivable from Visa for payments to establishments for S/111.0 million, accounts receivable for sale of deferred currency for S/89.7 million, taxes paid on behalf of third parties and other tax-related accounts receivable for S/73.7 million, account receivable for financial intermediation for S/27.3 million, accounts receivable from associated companies for S/6.6 million, among others (as of December 31, 2020, the balance consisted mainly of margin call from derivative operations for S/242.3 million, tax works for S/169.8 million, account receivable from Visa for payments to establishments for S/81.1 million, taxes paid on account to third parties and other accounts receivable related to taxes for S/75.3 million, account receivable for financial intermediation for S/64.4 million, account receivable for sale of deferred currency for S/60.2 million, account receivable from associate for S/6.5 million, among others).
| c) | 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, 2021 and 2020 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 the fair value of derivatives is measured.
|  |  |  | 2021 |  |  | 2020 |  |  | 2021 and 2020 |
|  |  |  | Assets |  |  | Liabilities |  |  | Notional amount |  |  | Maturity |  |  | Assets |  |  | Liabilities |  |  | Notional amount |  |  | Maturity |  |  | Related instruments |
|  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |  |  |
Derivatives held for trading (i) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  |  | 344,780 |  |  |  | 387,371 |  |  |  | 28,618,406 |  |  | January 2022 / June 2023 |  |  |  | 256,891 |  |  |  | 257,999 |  |  |  | 22,030,623 |  |  | January 2021 / October 2022 |  |  | – |
Interest rate swaps |  |  |  |  | 367,906 |  |  |  | 320,186 |  |  |  | 26,878,186 |  |  | January 2022 / December 2031 |  |  |  | 600,718 |  |  |  | 613,624 |  |  |  | 20,447,415 |  |  | January 2021 / December 2031 |  |  | – |
Currency swaps |  |  |  |  | 860,170 |  |  |  | 795,845 |  |  |  | 15,935,149 |  |  | January 2022 / January 2033 |  |  |  | 323,425 |  |  |  | 181,454 |  |  |  | 9,095,243 |  |  | January 2021 / January 2033 |  |  | – |
Foreign exchange options |  |  |  |  | 2,485 |  |  |  | 3,258 |  |  |  | 576,398 |  |  | January 2022 /December 2022 |  |  |  | 2,673 |  |  |  | 3,547 |  |  |  | 426,848 |  |  | January 2021 / June 2021 |  |  | – |
Futures |  |  |  |  | 19 |  |  |  | 405 |  |  |  | 72,165 |  |  | March 2022 / November 2022 |  |  |  | 2,694 |  |  |  | 2,616 |  |  |  | 32,589 |  |  | March 2021 |  |  | – |
|  |  |  |  | 1,575,360 |  |  |  | 1,507,065 |  |  |  | 72,080,304 |  |  |  |  |  |  | 1,186,401 |  |  |  | 1,059,240 |  |  |  | 52,032,718 |  |  |  |  |  |  |
Derivatives held as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 17(a)(v) |  |  | – |  |  |  | 1,076 |  |  |  | 119,610 |  |  | March 2022 |  |  |  | – |  |  |  | 2,525 |  |  |  | 108,630 |  |  | March 2022 |  |  | Bonds issued |
Interest rate swaps (IRS) |  | 15(b)(ii) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  |  | – |  |  |  | 315 |  |  |  | 362,100 |  |  | March 2021 |  |  | Debt to banks |
Interest rate swaps (IRS) |  | 17(a)(viii) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  |  | – |  |  |  | 1,473 |  |  |  | 253,470 |  |  | March 2021 |  |  | Bonds issued |
Interest rate swaps (IRS) |  | 15(b)(iv) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  |  | – |  |  |  | 72 |  |  |  | 181,050 |  |  | March 2021 |  |  | Debt to banks |
Interest rate swaps (IRS) |  | 15(b)(iii) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  |  | – |  |  |  | 60 |  |  |  | 181,050 |  |  | March 2021 |  |  | Debt to banks |
Cross currency swaps (CCS) |  | 17(a)(ii) |  |  | 36,512 |  |  |  | – |  |  |  | 199,350 |  |  | January 2025 |  |  |  | 5,090 |  |  |  | – |  |  |  | 181,050 |  |  | January 2025 |  |  | Bonds issued |
Cross currency swaps (CCS) |  | 5(c)(i) |  |  | 16,972 |  |  |  | – |  |  |  | 179,415 |  |  | August 2026 |  |  |  | – |  |  |  | 29,001 |  |  |  | 162,945 |  |  | August 2026 |  |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 5(c)(ii) |  |  | 12,845 |  |  |  | – |  |  |  | 99,675 |  |  | August 2026 |  |  |  | – |  |  |  | 11,797 |  |  |  | 90,525 |  |  | August 2026 |  |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 6(b)(i)(v) |  |  | 19,939 |  |  |  | 4,126 |  |  |  | 154,635 |  |  | January 2022 / September 2024 |  |  |  | 18,224 |  |  |  | 74,677 |  |  |  | 487,046 |  |  | January 2021 / September 2024 |  |  | Investments (*) |
Cross currency swaps (CCS) |  | 17(a)(vi) |  |  | – |  |  |  | 216 |  |  |  | 173,215 |  |  | December 2023 |  |  |  | 4,782 |  |  |  | – |  |  |  | 175,345 |  |  | August 2021 |  |  | Bonds issued |
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 6(b) |  |  | – |  |  |  | 12,278 |  |  |  | 636,405 |  |  | March 2022 / May 2023 |  |  |  | – |  |  |  | 26,053 |  |  |  | 628,677 |  |  | March 2022 / May 2023 |  |  | Investments (*) |
|  |  |  |  | 86,268 |  |  |  | 17,696 |  |  |  | 1,562,305 |  |  |  |  |  |  | 28,096 |  |  |  | 145,973 |  |  |  | 2,811,888 |  |  |  |  |  |  |
|  |  |  |  | 1,661,628 |  |  |  | 1,524,761 |  |  |  | 73,642,609 |  |  |  |  |  |  | 1,214,497 |  |  |  | 1,205,213 |  |  |  | 54,844,606 |  |  |  |  |  |  |
| (*) | Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2021 and 2021.
The increase in the nominal value of currency swaps as of December 31, 2021 respect to December 31, 2020 is mainly due to new operations with the BCRP.
| (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:
|  | 2021 |  |  | 2020 |
|  | Up to 3 months |  |  | From 3 months to 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 years |  |  | Total |  |  | Up to 3 months |  |  | From 3 months to 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 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 |  |  | 193,678 |  |  |  | 148,219 |  |  |  | 2,883 |  |  |  | – |  |  |  | – |  |  |  | 344,780 |  |  |  | 148,076 |  |  |  | 108,541 |  |  |  | 274 |  |  |  | – |  |  |  | – |  |  |  | 256,891 |
Interest rate swaps |  |  | 16,120 |  |  |  | 25,612 |  |  |  | 16,117 |  |  |  | 51,990 |  |  |  | 258,067 |  |  |  | 367,906 |  |  |  | 4,025 |  |  |  | 25,005 |  |  |  | 81,209 |  |  |  | 46,101 |  |  |  | 444,378 |  |  |  | 600,718 |
Currency swaps |  |  | 61,522 |  |  |  | 182,002 |  |  |  | 219,240 |  |  |  | 137,046 |  |  |  | 260,360 |  |  |  | 860,170 |  |  |  | 12,324 |  |  |  | 11,499 |  |  |  | 122,673 |  |  |  | 36,219 |  |  |  | 140,710 |  |  |  | 323,425 |
Foreign exchange options |  |  | 1,287 |  |  |  | 1,198 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,485 |  |  |  | 379 |  |  |  | 2,294 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,673 |
Futures |  |  | – |  |  |  | 19 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 19 |  |  |  | 2,694 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,694 |
Total assets |  |  | 272,607 |  |  |  | 357,050 |  |  |  | 238,240 |  |  |  | 189,036 |  |  |  | 518,427 |  |  |  | 1,575,360 |  |  |  | 167,498 |  |  |  | 147,339 |  |  |  | 204,156 |  |  |  | 82,320 |  |  |  | 585,088 |  |  |  | 1,186,401 |
|  | 2021 |  |  | 2020 |
|  | Up to 3 months |  |  | From 3 months to 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 years |  |  | Total |  |  | Up to 3 months |  |  | From 3 months to 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 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 |  |  | 231,022 |  |  |  | 153,550 |  |  |  | 2,799 |  |  |  | – |  |  |  | – |  |  |  | 387,371 |  |  |  | 145,781 |  |  |  | 111,956 |  |  |  | 262 |  |  |  | – |  |  |  | – |  |  |  | 257,999 |
Interest rate swaps |  |  | 13,098 |  |  |  | 13,481 |  |  |  | 28,424 |  |  |  | 40,984 |  |  |  | 224,199 |  |  |  | 320,186 |  |  |  | 12,794 |  |  |  | 23,211 |  |  |  | 80,629 |  |  |  | 64,995 |  |  |  | 431,995 |  |  |  | 613,624 |
Currency swaps |  |  | 37,410 |  |  |  | 225,813 |  |  |  | 211,630 |  |  |  | 145,507 |  |  |  | 175,485 |  |  |  | 795,845 |  |  |  | 15,122 |  |  |  | 33,147 |  |  |  | 86,265 |  |  |  | 20,344 |  |  |  | 26,576 |  |  |  | 181,454 |
Foreign exchange options |  |  | 1,102 |  |  |  | 2,156 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,258 |  |  |  | 676 |  |  |  | 2,871 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,547 |
Futures |  |  | 405 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 405 |  |  |  | 2,616 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,616 |
Total liabilities |  |  | 283,037 |  |  |  | 395,000 |  |  |  | 242,853 |  |  |  | 186,491 |  |  |  | 399,684 |  |  |  | 1,507,065 |  |  |  | 176,989 |  |  |  | 171,185 |  |  |  | 167,156 |  |  |  | 85,339 |  |  |  | 458,571 |  |  |  | 1,059,240 |
| (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:
|  | 2021 |  |  | 2020 |
|  | Up to 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 years |  |  | Total |  |  | Up to 1 year |  |  | From 1 to 3 years |  |  | From 3 to 5 years |  |  | Over 5 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) |  |  | 191,962 |  |  |  | 327,914 |  |  |  | 496,552 |  |  |  | - |  |  |  | 1,016,428 |  |  |  | 1,268,082 |  |  |  | 229,366 |  |  |  | 275,235 |  |  |  | 255,963 |  |  |  | 2,028,646 |
Cash outflows (liabilities) |  |  | (209,707 | ) |  |  | (338,518 | ) |  |  | (446,582 | ) |  |  | - |  |  |  | (994,807 | ) |  |  | (1,347,995 | ) |  |  | (274,482 | ) |  |  | (265,536 | ) |  |  | (236,859 | ) |  |  | (2,124,872 | )
Consolidated statement of income |  |  | (461 | ) |  |  | (20 | ) |  |  | 197 |  |  |  | - |  |  |  | (284 | ) |  |  | (4,939 | ) |  |  | (5,314 | ) |  |  | (4,969 | ) |  |  | (25,891 | ) |  |  | (41,113 | )
As of December 31, 2021, 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/0.3 million and from the revoked hedges, which have an unrealized loss of approximately S/0.7 million (unrealized loss of approximately S/38.2 million from current hedges and unrealized loss for S/2.9 million from revoked hedges, as of December 31, 2020), 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).
| d) | 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 interim condensed 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.
| e) | As of December 31, 2021 and 2020, 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.
| f) | As of December 31, 2021, the balance corresponds mainly to the payment in advance in favor of Latam Airlines Group S.A. Perú Branch for US$113.9 million, equivalent to S/454.0 million, (US$165.1 million, equivalent to S/507.9 million as of December 31, 2020) on account of the Latam Pass Miles that the Bank has been crediting to its clients for the use of your credit and debit cards, and other financial products BCP Latam Pass. Customers can use these miles directly with Latam to exchange tickets, goods or services offered by them.
| g) | Credicorp’s principal associate is Entidad Prestadora de Salud (EPS), whose balance amounts to S/598.1 million and S/603.4 million as of December 31, 2021 and 2020, respectively.
| h) | Investment properties -
The movement of investment properties is as follows:
|  | 2021 |  |  | 2020 |
|  | Own assets |  |  |  |  |  |  |
|  | Land |  |  | Buildings |  |  | Total |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | 263,439 |  |  |  | 250,479 |  |  |  | 513,918 |  |  |  | 491,366 |
Additions (i) |  |  | 12,068 |  |  |  | - |  |  |  | 12,068 |  |  |  | 26,533 |
Sales (ii) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (233 | )
Disposals and others |  |  | (738 | ) |  |  | 1,687 |  |  |  | 949 |  |  |  | (3,748 | )
Ending Period |  |  | 274,769 |  |  |  | 252,166 |  |  |  | 526,935 |  |  |  | 513,918 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | – |  |  |  | 45,649 |  |  |  | 45,649 |  |  |  | 39,027 |
Depreciation for the period |  |  | – |  |  |  | 7,302 |  |  |  | 7,302 |  |  |  | 7,018 |
Sales (ii) |  |  | – |  |  |  | - |  |  |  | - |  |  |  | (148 | )
Disposals and others |  |  | – |  |  |  | 3,461 |  |  |  | 3,461 |  |  |  | (248 | )
Ending Period |  |  | – |  |  |  | 56,412 |  |  |  | 56,412 |  |  |  | 45,649 |
Impairment losses (iii) |  |  | 689 |  |  |  | 721 |  |  |  | 1,410 |  |  |  | 1,410 |
Net carrying amount |  |  | 274,080 |  |  |  | 195,033 |  |  |  | 469,113 |  |  |  | 466,859 |
Land and buildings are mainly used for office rental, which are free of all encumbrances.
| (i) | As of December 31, 2021, in order to consolidate the real estate projects, the Group has made disbursements of improvements for S/12.1 million. Among the main disbursements is the IPAE building located in the city of Arequipa for S/5.8 million, Torre Pacifico located in Esquina Tamayo and Juan de Arona in the district of San Isidro, Lima for S/4.3 million and other minor ones for S /2.0 million. 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.
| (ii) | No sales have been made during the 2021. 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).
| (iii) | The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount.
| i) | As of December 31, 2021, the balance mainly corresponds to accounts payable to suppliers for S/208.4 million, accounts payable to policyholders for S/108.1 million, accounts payable for purchase of deferred foreign currency for S/101.6 million, accounts payable to intermediaries for S/90.0 million, accounts payable for premiums to the Deposit Insurance Fund for S/52.7 million, settlement funds of Financiera TFC for S/12.0 million, interbank operations to be settled with the BCRP for S/8.8 million, accounts payable to an associate for S/7.4 million, among others (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).
| j) | As of December 31, 2021, the balance corresponds mainly to S/17.3 million recorded by Banco de Crédito del Perú. As of December 31, 2020, the balance corresponds mainly to S/18.9 million recorded by Banco de Crédito del Perú.
| k) | The movement of the provision for sundry risks for the years ended December 31, 2021, 2020 and 2019 was as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Balance at the beginning of the year |  |  | 514,382 |  |  |  | 359,853 |  |  |  | 342,350 |
Provision, Note 29 |  |  | 70,824 |  |  |  | 140,897 |  |  |  | 27,272 |
Increase (decrease), net |  |  | 28,806 |  |  |  | 13,632 |  |  |  | (9,769 | )
Balances at the end of the year |  |  | 614,012 |  |  |  | 514,382 |  |  |  | 359,853 |
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.

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