XML 41 R12.htm IDEA: XBRL DOCUMENT
v3.23.1

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | 12 Months Ended
--- | ---
Dec. 31, 2022
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING [Abstract] |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING |
5 | CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING
| a) | We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Cash collateral on repurchase agreements and security lendings (i) |  |  | 649,769 |  |  |  | 1,080,616 |
Reverse repurchase agreement and security borrowings (ii) |  |  | 452,087 |  |  |  | 654,783 |
Receivables for short sales |  |  | – |  |  |  | 31,549 |
Total |  |  | 1,101,856 |  |  |  | 1,766,948 |
| (i) | As of December 31, 2022, the balance mainly comprises cash guarantees in U.S. dollar and Bolivianos. Cash guarantees were delivered to the Central Bank of Bolivia, received in Bolivians and U.S. dollar for the equivalent of S/424.8 million (S/736.2 million, as of December 31, 2021). Likewise, cash guarantees were delivered to the BCRP for US$52.5 million, equivalent to S/200.4 million, to guarantee debts with this same institution for approximately S/185.0 million, (as of December 31, 2021, cash guarantee for approximately US$82.4 million, equivalent to S/328.4 million to guarantee a debt in soles of approximately S/285.0 million). Cash collateral granted bears interest at an average annual effective interest rate according to market rates. The related liability is presented in “Payables from repurchase agreements and securities lending” in the consolidated statement of financial position, see paragraph (c) below.
| (ii) | Credicorp, through its subsidiaries, provides financing to its customers through reverse repurchase agreements and securities borrowing, in which a financial instrument serves as collateral. Details of said transactions are as follows:
|  |  | 2022 |  |  | 2021 |
| Currency |  | Average interest rate |  |  | Up to 3 days |  |  | From 3 to 30 days |  |  | More than 30 days |  |  | Carrying amount |  |  | Fair value of underlying assets |  |  | Average interest rate |  |  | Up to 3 days |  |  | From 3 to 30 days |  |  | More than 30 days |  |  | Carrying amount |  |  | Fair value of underlying assets |
|  |  | % |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | % |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Instruments issued by the Colombian Government | Colombian peso |  |  | 4.66 |  |  |  | – |  |  |  | 205,480 |  |  |  | 26,979 |  |  |  | 232,459 |  |  |  | 254,226 |  |  |  | 5.89 |  |  |  | – |  |  |  | 321,196 |  |  |  | – |  |  |  | 321,196 |  |  |  | 361,337 |
Other instruments (*) |  |  |  | 1.69 |  |  |  | 42,616 |  |  |  | 128,232 |  |  |  | 48,780 |  |  |  | 219,628 |  |  |  | 218,859 |  |  |  | 2.83 |  |  |  | 31,736 |  |  |  | 256,874 |  |  |  | 44,977 |  |  |  | 333,587 |  |  |  | 292,414 |
|  |  |  |  |  |  |  | 42,616 |  |  |  | 333,712 |  |  |  | 75,759 |  |  |  | 452,087 |  |  |  | 473,085 |  |  |  |  |  |  |  | 31,736 |  |  |  | 578,070 |  |  |  | 44,977 |  |  |  | 654,783 |  |  |  | 653,751 |
(*) Corporate and financial system instruments. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| b) | Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and securities lending” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows:
|  |  | 2022 |  |  | 2021 |
| Currency |  | Average interest rate |  |  | Up to 3 days |  |  | From 3 to 30 days |  |  | More than 30 days |  |  | Carrying amount |  |  | Fair value of underlying assets |  |  | Average interest rate |  |  | Up to 3 days |  |  | From 3 to 30 days |  |  | More than 30 days |  |  | Carrying amount |  |  | Fair value of underlying assets |
|  |  | % |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | % |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Debt instruments, cash and loans (c) |  |  |  |  |  |  | – |  |  |  | 64,273 |  |  |  | 12,268,416 |  |  |  | 12,332,689 |  |  |  | 12,449,218 |  |  |  |  |  |  | - |  |  |  | 204,916 |  |  |  | 20,986,894 |  |  |  | 21,191,810 |  |  |  | 21,362,884 |
Instruments issued by the Colombian Government | Colombian pesos |  |  | 6.12 |  |  |  | – |  |  |  | 539,731 |  |  |  | – |  |  |  | 539,731 |  |  |  | 536,398 |  |  |  | 5.36 |  |  |  | – |  |  |  | 676,361 |  |  |  | – |  |  |  | 676,361 |  |  |  | 676,300 |
Instruments issued by the Chilean Government | Chilean pesos |  |  | 0.96 |  |  |  | 38,192 |  |  |  | – |  |  |  | – |  |  |  | 38,192 |  |  |  | 38,192 |  |  |  | 0.31 |  |  |  | - |  |  |  | 74,218 |  |  |  | – |  |  |  | 74,218 |  |  |  | 74,216 |
Other instruments |  |  |  | 3.77 |  |  |  | 15,840 |  |  |  | 40,273 |  |  |  | – |  |  |  | 56,113 |  |  |  | 56,193 |  |  |  | 2.91 |  |  |  | - |  |  |  | 71,477 |  |  |  | – |  |  |  | 71,477 |  |  |  | 71,431 |
|  |  |  |  |  |  |  | 54,032 |  |  |  | 644,277 |  |  |  | 12,268,416 |  |  |  | 12,966,725 |  |  |  | 13,080,001 |  |  |  |  |  |  |  | - |  |  |  | 1,026,972 |  |  |  | 20,986,894 |  |  |  | 22,013,866 |  |  |  | 22,184,831 |
| c) | As of December 31, 2022, and 2021 the Group has repurchase agreements secured with: (i) cash, see note 5(a), (ii) investments, see note 6(b), and (iii) loans, see note 7(a). This item consists of the following:
|  |  |  | 2022 |  | 2021
|  |  |  |  |  | Carrying |  |  |  |  |  | Carrying |  |
Counterparties |  | Currency |  | Maturity |  | amount |  | Collateral |  | Maturity |  | amount |  | Collateral
|  |  |  |  |  | S/(000) |  |  |  |  |  | S/(000) |  |
BCRP - Reactiva Perú (*) |  | Sol |  | May 2023 / December 2025 |  | 6,981,698 |  | Loans guaranteed by National Government |  | May 2023 / December 2025 |  | 14,994,230 |  | Loans guaranteed by National Government
BCRP |  | Sol |  | January 2023 / September 2025 |  | 3,263,472 |  | Investments |  | January 2022 / September 2025 |  | 2,938,683 |  | Investments
Banco Central de Bolivia |  | Boliviano |  | January 2023 / December 2023 |  | 424,822 |  | Cash |  | February 2022 / December 2022 |  | 736,155 |  | Cash
BCRP - Reactiva Perú Especial (*) |  | Sol |  | June 2023 / December 2025 |  | 793,734 |  | Loans guaranteed by National Government |  | June 2023 / December 2025 |  | 1,408,018 |  | Loans guaranteed by National Government
Natixis S.A. |  | Sol |  | August 2028 |  | 270,000 |  | Investments |  | August 2028 |  | 270,000 |  | Investments
BCRP, Note 5(a)(i) |  | Sol |  | March 2023 |  | 185,000 |  | Cash with BCRP |  | March 2022 / March 2023 |  | 285,000 |  | Cash with BCRP
Citigroup Global Markets Limited (i) |  | U.S. Dollar |  | August 2026 |  | 171,630 |  | Investments |  | August 2026 |  | 179,415 |  | Investments
Natixis S.A. (ii) |  | U.S. Dollar |  | August 2026 |  | 95,350 |  | Investments |  | August 2026 |  | 99,675 |  | Investments
Banco de la República |  | Colombian peso |  | January 2023 |  | 58,955 |  | Investments |  | January 2022 |  | 203,026 |  | Investments
Other minors |  |  |  | January 2023 |  | 5,099 |  | Investments |  | January 2022 |  | 1,848 |  | Investments
Accrued interest |  |  |  |  |  | 82,929 |  |  |  |  |  | 75,760 |  |
|  |  |  |  |  | 12,332,689 |  |  |  |  |  | 21,191,810 |  |
(*) Comprised Agreement Transactions where BCP and MiBanco sell representing credit securities guaranteed by the BCRP, they receive soles and are obliged to buy them back at a later date. The credit representing securities with guarantee of the National Government may have the form of a portfolio of credit representing titles or of Certificates of Participation in trustee of the loan portfolio guaranteed by the National Government (Reactiva Especial). The BCRP will charge a fixed interest annual rate in soles of 0.5 percent for the operation and will include a grace period of twelve months without payment of interest or principal. As of December 2022, the total credits granted through the Reactiva Perú program is S/8,877.2 million (S/18,404.6 million, at December 31, 2021), see Note 7(a). As of December 31, 2022, said operations accrue interest at fixed and variable rates between 0.50 percent and 12.84 percent and between Libor 6M + 1.68 percent and Libor 6M + 1.90 percent, respectively, (between 0.50 percent and 6.73 percent and between Libor 6M + 1.68 percent and Libor 6M + 1.90 percent , respectively, as of December 31, 2021). Certain repurchase agreements were hedged using cross-currency swaps (CCS), as detailed below:
| (i) | As of December 31, 2022 the Group maintains cross currency swaps (CCS) which were designated as a cash flow hedge of certain repurchase agreements in U.S. Dollar at variable rate for a notional amount of US$ 45.0 million, equivalent to S/ 171.6 million (approximately US$ 45.0 million, equivalent to S/179.4 million, as ofDecember 31, 2021). By means of these CCS, said repurchase agreements were economically converted to soles, see note 13(c).
| (ii) | As of December 31, 2022, the Group maintains a CCS which was designated as a cash flow hedge of a repurchase agreement in U.S. dollar at variable rate for a total notional amount of US$25.0 million, equivalent to S/95.3 million (approximately US$25.0 million, equivalent to S/99.7 million, as of December 31, 2021). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate; see note 13(c).

X
- References No definition available. + Details
Name: | bap_CASHCOLLATERALREVERSEREPURCHASEAGREEMENTSANDSECURITIESBORROWINGANDPAYABLESFROMREPURCHASEAGREEMENTSANDSECURITIESLENDINGAbstract
Namespace Prefix: | bap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of repurchase and reverse repurchase agreements. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration