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OTHER ASSETS AND OTHER LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
OTHER ASSETS AND OTHER LIABILITIES [Abstract] |
Components of Other Assets and Liabilities |
| a) | This item consists of the following:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Other assets - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Receivables (b) |  |  | 1,457,566 |  |  |  | 1,524,407 |
Derivatives receivable (c) |  |  | 1,478,726 |  |  |  | 1,661,628 |
Operations in process (d) |  |  | 155,568 |  |  |  | 195,875 |
Receivables from sale of investments (e) |  |  | 142,765 |  |  |  | 89,149 |
|  |  | 3,234,625 |  |  |  | 3,471,059 |
Non-financial instruments: |  |  |  |  |  |  |  |
Deferred fees (f) |  |  | 966,567 |  |  |  | 967,622 |
Investment in associates (g) |  |  | 726,993 |  |  |  | 658,697 |
Investment properties, net (h) |  |  | 548,558 |  |  |  | 469,113 |
Income tax prepayments, net |  |  | 186,372 |  |  |  | 436,961 |
Adjudicated assets, net |  |  | 136,079 |  |  |  | 136,125 |
Improvements in leased premises |  |  | 71,747 |  |  |  | 65,867 |
VAT (IGV) tax credit |  |  | 58,329 |  |  |  | 50,120 |
Others |  |  | 9,245 |  |  |  | 9,241 |
|  |  | 2,703,890 |  |  |  | 2,793,746 |
Total |  |  | 5,938,515 |  |  |  | 6,264,805 |
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Other liabilities - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Accounts payable (i) |  |  | 2,112,024 |  |  |  | 2,045,845 |
Derivatives payable (c) |  |  | 1,345,665 |  |  |  | 1,524,761 |
Salaries and other personnel expenses |  |  | 977,921 |  |  |  | 825,000 |
Allowance for indirect loan losses, Note 7(c) |  |  | 658,584 |  |  |  | 593,703 |
Accounts payable for acquisitions (e) |  |  | 153,681 |  |  |  | 253,444 |
Operations in process (d) |  |  | 89,480 |  |  |  | 51,763 |
Dividends payable |  |  | 73,607 |  |  |  | 76,097 |
|  |  | 5,410,962 |  |  |  | 5,370,613 |
Non-financial instruments: |  |  |  |  |  |  |  |
Provision for sundry risks (j) |  |  | 624,149 |  |  |  | 614,012 |
Taxes |  |  | 1,062,690 |  |  |  | 337,511 |
Others |  |  | 192,344 |  |  |  | 211,661 |
|  |  | 1,879,183 |  |  |  | 1,163,184 |
Total |  |  | 7,290,145 |  |  |  | 6,533,797 |
Fair Value of Derivative Financial Instruments, Recorded as an Asset or a Liability | As of December 31, 2022, and 2021 the table below shows the fair value of derivative financial instruments, recorded as an asset or a liability, together with their nominal 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.
|  |  |  | 2022 |  |  | 2021 |  |  | 2022 and 2021 |
|  |  |  | Assets |  |  | Liabilities |  |  | Nominal amount |  |  | Maturity |  |  | Assets |  |  | Liabilities |  |  | Nominal amount |  |  | Maturity |  |  | Related instruments |
|  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |  |  |
Derivatives held for trading (i) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  |  | 500,348 |  |  |  | 288,857 |  |  |  | 34,224,865 |  |  | January 2023 / August 2024 |  |  |  | 344,780 |  |  |  | 387,371 |  |  |  | 28,618,406 |  |  | January 2022 / June 2023 |  |  | – |
Interest rate swaps |  |  |  |  | 415,034 |  |  |  | 277,988 |  |  |  | 10,834,324 |  |  | January 2023 / December 2032 |  |  |  | 367,906 |  |  |  | 320,186 |  |  |  | 26,878,186 |  |  | January 2022 / December 2031 |  |  | – |
Currency swaps |  |  |  |  | 410,439 |  |  |  | 749,420 |  |  |  | 16,000,208 |  |  | January 2023 / January 2033 |  |  |  | 860,170 |  |  |  | 795,845 |  |  |  | 15,935,149 |  |  | January 2022 / January 2033 |  |  | – |
Foreign exchange options |  |  |  |  | 1,349 |  |  |  | 3,168 |  |  |  | 362,324 |  |  | January 2023 / June 2024 |  |  |  | 2,485 |  |  |  | 3,258 |  |  |  | 576,398 |  |  | January 2022 / December 2022 |  |  | – |
Futures |  |  |  |  | 794 |  |  |  | 1,450 |  |  |  | 48,819 |  |  | March 2023 |  |  |  | 19 |  |  |  | 405 |  |  |  | 72,165 |  |  | March 2022 / November 2022 |  |  | – |
|  |  |  |  | 1,327,964 |  |  |  | 1,320,883 |  |  |  | 61,470,540 |  |  |  |  |  |  | 1,575,360 |  |  |  | 1,507,065 |  |  |  | 72,080,304 |  |  |  |  |  |  |
Derivatives held as hedges (ii) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps (CCS) |  | 17(a)(ii) |  |  | 20,114 |  |  |  | 8,418 |  |  |  | 839,080 |  |  | January 2025 |  |  |  | 36,512 |  |  |  | – |  |  |  | 199,350 |  |  | January 2025 |  |  | Bonds issued |
Cross currency swaps (CCS) |  | 5(c)(i) |  |  | 21,935 |  |  |  | – |  |  |  | 171,630 |  |  | August 2026 |  |  |  | 16,972 |  |  |  | – |  |  |  | 179,415 |  |  | August 2026 |  |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 17(a)(vi) |  |  | – |  |  |  | 13,688 |  |  |  | 145,715 |  |  | December 2023 |  |  |  | – |  |  |  | 216 |  |  |  | 173,215 |  |  | December 2023 |  |  | Bonds issued |
Cross currency swaps (CCS) |  | 6(b)(i)(v) |  |  | 41,746 |  |  |  | 2,123 |  |  |  | 131,382 |  |  | January 2023 / January 2025 |  |  |  | 19,939 |  |  |  | 4,126 |  |  |  | 154,635 |  |  | January 2022 / September 2024 |  |  | Investments (*) |
Cross currency swaps (CCS) |  |  |  |  | – |  |  |  | 156 |  |  |  | 38,140 |  |  | June 2025 |  |  |  | – |  |  |  | – |  |  |  | – |  |  | - |  |  | Repurchase agreements |
Cross currency swaps (CCS) |  | 5(c)(ii) |  |  | 14,861 |  |  |  | – |  |  |  | 95,350 |  |  | August 2026 |  |  |  | 12,845 |  |  |  | – |  |  |  | 99,675 |  |  | August 2026 |  |  | Repurchase agreements |
Interest rate swaps (IRS) |  | 17(a)(v) |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  | – |  |  |  | 1,076 |  |  |  | 119,610 |  |  | March 2022 |  |  | Bonds issued |
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 6(b) |  |  | 52,106 |  |  |  | 397 |  |  |  | 926,497 |  |  | January 2023 / February 2028 |  |  |  | – |  |  |  | 12,278 |  |  |  | 636,405 |  |  | March 2022 / May 2023 |  |  | Investments (*) |
|  |  |  |  | 150,762 |  |  |  | 24,782 |  |  |  | 2,347,794 |  |  |  |  |  |  | 86,268 |  |  |  | 17,696 |  |  |  | 1,562,305 |  |  |  |  |  |  |
|  |  |  |  | 1,478,726 |  |  |  | 1,345,665 |  |  |  | 63,818,334 |  |  |  |  |  |  | 1,661,628 |  |  |  | 1,524,761 |  |  |  | 73,642,609 |  |  |  |  |  |  |
| (*) | It comprises investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2022 and 2021.
Maturity Analysis for Derivative Financial Instruments |
| (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:
|  | 2022 |  |  | 2021 |
|  | 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 |  |  | 276,887 |  |  |  | 226,117 |  |  |  | (2,656) |  |  |  | – |  |  |  | – |  |  |  | 500,348 |  |  |  | 193,678 |  |  |  | 148,219 |  |  |  | 2,883 |  |  |  | – |  |  |  | – |  |  |  | 344,780 |
Interest rate swaps |  |  | 12,395 |  |  |  | 43,395 |  |  |  | 58,726 |  |  |  | 122,943 |  |  |  | 177,575 |  |  |  | 415,034 |  |  |  | 16,120 |  |  |  | 25,612 |  |  |  | 16,117 |  |  |  | 51,990 |  |  |  | 258,067 |  |  |  | 367,906 |
Currency swaps |  |  | 63,465 |  |  |  | 60,940 |  |  |  | 86,950 |  |  |  | 84,650 |  |  |  | 114,434 |  |  |  | 410,439 |  |  |  | 61,522 |  |  |  | 182,002 |  |  |  | 219,240 |  |  |  | 137,046 |  |  |  | 260,360 |  |  |  | 860,170 |
Foreign exchange options |  |  | 153 |  |  |  | 1,163 |  |  |  | 33 |  |  |  | – |  |  |  | – |  |  |  | 1,349 |  |  |  | 1,287 |  |  |  | 1,198 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,485 |
Futures |  |  | 794 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 794 |  |  |  | – |  |  |  | 19 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 19 |
Total assets |  |  | 353,694 |  |  |  | 331,615 |  |  |  | 143,053 |  |  |  | 207,593 |  |  |  | 292,009 |  |  |  | 1,327,964 |  |  |  | 272,607 |  |  |  | 357,050 |  |  |  | 238,240 |  |  |  | 189,036 |  |  |  | 518,427 |  |  |  | 1,575,360 |
|  | 2022 |  |  | 2021 |
|  | 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 |  |  | 203,269 |  |  |  | 85,222 |  |  |  | 366 |  |  |  | – |  |  |  | – |  |  |  | 288,857 |  |  |  | 231,022 |  |  |  | 153,550 |  |  |  | 2,799 |  |  |  | – |  |  |  | – |  |  |  | 387,371 |
Interest rate swaps |  |  | 8,073 |  |  |  | 37,418 |  |  |  | 45,352 |  |  |  | 62,460 |  |  |  | 124,685 |  |  |  | 277,988 |  |  |  | 13,098 |  |  |  | 13,481 |  |  |  | 28,424 |  |  |  | 40,984 |  |  |  | 224,199 |  |  |  | 320,186 |
Currency swaps |  |  | 140,363 |  |  |  | 258,962 |  |  |  | 100,267 |  |  |  | 127,404 |  |  |  | 122,424 |  |  |  | 749,420 |  |  |  | 37,410 |  |  |  | 225,813 |  |  |  | 211,630 |  |  |  | 145,507 |  |  |  | 175,485 |  |  |  | 795,845 |
Foreign exchange options |  |  | 554 |  |  |  | 2,483 |  |  |  | 131 |  |  |  | – |  |  |  | – |  |  |  | 3,168 |  |  |  | 1,102 |  |  |  | 2,156 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3,258 |
Futures |  |  | 1,450 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,450 |  |  |  | 405 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 405 |
Total liabilities |  |  | 353,709 |  |  |  | 384,085 |  |  |  | 146,116 |  |  |  | 189,864 |  |  |  | 247,109 |  |  |  | 1,320,883 |  |  |  | 283,037 |  |  |  | 395,000 |  |  |  | 242,853 |  |  |  | 186,491 |  |  |  | 399,684 |  |  |  | 1,507,065 |
Cash Flow Hedges are Expected to Occur and Affect Statement of Income, Net of Deferred Income Tax | 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:
|  | 2022 |  |  | 2021 |
|  | 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) |  |  | 250,835 |  |  |  | 938,513 |  |  |  | 76,280 |  |  |  | – |  |  |  | 1,265,628 |  |  |  | 191,962 |  |  |  | 327,914 |  |  |  | 496,552 |  |  |  | – |  |  |  | 1,016,428 |
Cash outflows (liabilities) |  |  | (294,548 | ) |  |  | (934,119 | ) |  |  | (73,232 | ) |  |  | – |  |  |  | (1,301,899 | ) |  |  | (209,707 | ) |  |  | (338,518 | ) |  |  | (446,582 | ) |  |  | – |  |  |  | (994,807 | )
Consolidated statement of income |  |  | 397 |  |  |  | (7,222 | ) |  |  | 7,070 |  |  |  | – |  |  |  | 245 |  |  |  | (461 | ) |  |  | (20 | ) |  |  | 197 |  |  |  | – |  |  |  | (284 | )
Movement of Investment Property | The movement of investment properties is as follows:
|  | 2022 |  |  | 2021 |
|  | Land |  |  | Buildings |  |  | Total |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | 274,769 |  |  |  | 252,166 |  |  |  | 526,935 |  |  |  | 513,918 |
Additions (i) |  |  | 53,500 |  |  |  | 33,632 |  |  |  | 87,132 |  |  |  | 12,068 |
Disposals and others |  |  | (138 | ) |  |  | (610 | ) |  |  | (748 | ) |  |  | 949 |
Balance at December 31 |  |  | 328,131 |  |  |  | 285,188 |  |  |  | 613,319 |  |  |  | 526,935 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | – |  |  |  | 56,412 |  |  |  | 56,412 |  |  |  | 45,649 |
Depreciation for the period |  |  | – |  |  |  | 7,107 |  |  |  | 7,107 |  |  |  | 7,302 |
Disposals and others |  |  | – |  |  |  | (168 | ) |  |  | (168 | ) |  |  | 3,461 |
Balance at December 31 |  |  | – |  |  |  | 63,351 |  |  |  | 63,351 |  |  |  | 56,412 |
Impairment losses (ii) |  |  | 689 |  |  |  | 721 |  |  |  | 1,410 |  |  |  | 1,410 |
Net carrying amount |  |  | 327,442 |  |  |  | 221,116 |  |  |  | 548,558 |  |  |  | 469,113 |
Land and buildings are mainly used for office rental, which are free of all encumbrances.
| (i) | As of December 31, 2022 the Group has made disbursements for the acquisition of land and real estate for S/87.1 million. As of December 31, 2021, the Group has made disbursements for property improvements for S/12.1 million.
| (ii) | The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount.
Movement of Provision for Sundry Risks |
| j) | The movement of the allowance for sundry risks for the years ended December 31, 2022, 2021 and 2020 was as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Balance at the beginning of the year |  |  | 614,012 |  |  |  | 514,382 |  |  |  | 359,853 |
Allowance, Note 29 |  |  | 43,846 |  |  |  | 70,824 |  |  |  | 140,897 |
(Decrease) increase, net |  |  | (33,709 | ) |  |  | 28,806 |  |  |  | 13,632 |
Balances at the end of the year |  |  | 624,149 |  |  |  | 614,012 |  |  |  | 514,382 |

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