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INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
INVESTMENTS [Abstract] |
INVESTMENTS |
6 | INVESTMENTS
| a) | Investment at fair value through profit or loss comprises the following:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Mutual funds (i) |  |  | 1,582,050 |  |  |  | 1,574,233 |
Investment funds (ii) |  |  | 885,574 |  |  |  | 531,847 |
Government Bonds (iii) |  |  | 651,219 |  |  |  | 1,185,541 |
Restricted mutual funds (iv) |  |  | 351,317 |  |  |  | 365,954 |
Central Bank of Chile bonds |  |  | 202,986 |  |  |  | 32,761 |
Participation in RAL Funds (v) |  |  | 167,781 |  |  |  | 323,139 |
Corporate bonds |  |  | 103,330 |  |  |  | 172,857 |
Subordinated bonds |  |  | 84,121 |  |  |  | 110,484 |
Shares |  |  | 47,820 |  |  |  | 90,728 |
Multilateral organization bonds |  |  | 47,770 |  |  |  | 33,082 |
ETF (Exchange - Traded Fund) |  |  | 25,042 |  |  |  | 105,305 |
Certificates of deposit BCRP (vi) |  |  | – |  |  |  | 1,111,142 |
Hedge funds |  |  | 280 |  |  |  | 176,816 |
Others |  |  | 48,269 |  |  |  | 105,351 |
Balance before accrued interest |  |  | 4,197,559 |  |  |  | 5,919,240 |
Accrued interest |  |  | 1,775 |  |  |  | 9,298 |
Total |  |  | 4,199,334 |  |  |  | 5,928,538 |
| (i) | As of December 31, 2022, the balance comprises mutual funds from Luxembourg, Bolivia, Peru, and other countries, which represent 64.2 percent, 23.5 percent, 4.8 percent, and 7.5 percent of the total, respectively. As of December 31, 2021, the balance comprises 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.
| (ii) | As of December 31, 2022, the balance mainly comprises investment funds in Peru, the United States of America, and Colombia, which represent 44.3 percent, 30.8 percent, and 15.5 percent, respectively, among other countries. As of December 31, 2021, the balance mainly comprises investment funds in Peru and the United States of America, which represented 40.6 percent and 55.6 percent, respectively.
| (iii) | As of December 31, 2022, and 2021 the balance of these instruments includes the following government treasury bonds:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Colombian Government Bonds |  |  | 609,255 |  |  |  | 898,733 |
Chilean Government Bonds |  |  | 38,153 |  |  |  | 66,643 |
United States of America Government Bonds |  |  | 3,811 |  |  |  | 7,948 |
Peru Government Bonds |  |  | – |  |  |  | 211,571 |
Brazilian Government Bonds |  |  | – |  |  |  | 646 |
Total |  |  | 651,219 |  |  |  | 1,185,541 |
| (iv) | 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.
| (v) | As of December 31, 2022 these funds are approximately Bs218.7 million, equivalent to S/121.7 million, and US$12.1 million, equivalent to S/46.1 million. As of December 31, 2021, these funds amounted to approximately Bs346.1 million, equivalent to S/202.3 million, and US$30.3 million, equivalent to S/120.8 million; and include investments made by the Group in the Central Bank of Bolivia as a guarantee for deposits received from the public. These funds have restrictions on their use and are required of all banks in Bolivia.
| (vi) | As of December 31, 2021 the balance comprises 2,789 certificates of deposit for US$278.7 million, equivalent to S/1,111.1 million, which accrue interest at an effective annual rate of 0.67 percent to 0.70 percent, and with maturity from January to February 2022.
| b) | Investments at fair value through other comprehensive income comprises the following:
|  | 2022 |  |  | 2021 |
|  |  |  |  | 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) |  |  | 13,914,118 |  |  |  | 61,336 |  |  |  | (1,194,756 | ) |  |  | 12,780,698 |  |  |  | 14,456,083 |  |  |  | 594,025 |  |  |  | (334,687 | ) |  |  | 14,715,421 |
Government Bonds (ii) |  |  | 9,139,100 |  |  |  | 59,788 |  |  |  | (670,177 | ) |  |  | 8,528,711 |  |  |  | 9,600,115 |  |  |  | 206,701 |  |  |  | (568,417 | ) |  |  | 9,238,399 |
Certificates of deposit BCRP (iii) |  |  | 7,021,219 |  |  |  | 868 |  |  |  | (2,608 | ) |  |  | 7,019,479 |  |  |  | 8,347,101 |  |  |  | 7 |  |  |  | (9,676 | ) |  |  | 8,337,432 |
Securitization instruments (iv) |  |  | 772,737 |  |  |  | 1,564 |  |  |  | (107,377 | ) |  |  | 666,924 |  |  |  | 768,012 |  |  |  | 20,202 |  |  |  | (66,825 | ) |  |  | 721,389 |
Negotiable certificates of deposit (v) |  |  | 577,286 |  |  |  | 9,988 |  |  |  | (1,516 | ) |  |  | 585,758 |  |  |  | 615,514 |  |  |  | 10,505 |  |  |  | (1,508 | ) |  |  | 624,511 |
Subordinated bonds |  |  | 377,111 |  |  |  | 462 |  |  |  | (17,467 | ) |  |  | 360,106 |  |  |  | 217,222 |  |  |  | 6,281 |  |  |  | (4,224 | ) |  |  | 219,279 |
Others |  |  | 117,123 |  |  |  | 958 |  |  |  | (6,831 | ) |  |  | 111,250 |  |  |  | 125,877 |  |  |  | 4,699 |  |  |  | (4,324 | ) |  |  | 126,252 |
|  |  | 31,918,694 |  |  |  | 134,964 |  |  |  | (2,000,732 | ) |  |  | 30,052,926 |  |  |  | 34,129,924 |  |  |  | 842,420 |  |  |  | (989,661 | ) |  |  | 33,982,683 |
Equity instruments designated at the initial recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inversiones Centenario |  |  | 112,647 |  |  |  | 14,158 |  |  |  | – |  |  |  | 126,805 |  |  |  | 112,647 |  |  |  | 72,124 |  |  |  | – |  |  |  | 184,771 |
Alicorp S.A.A. |  |  | 12,197 |  |  |  | 144,641 |  |  |  | – |  |  |  | 156,838 |  |  |  | 12,197 |  |  |  | 125,356 |  |  |  | – |  |  |  | 137,553 |
Bolsa de Valores de Lima |  |  | 18,367 |  |  |  | 6,632 |  |  |  | – |  |  |  | 24,999 |  |  |  | 19,423 |  |  |  | 6,730 |  |  |  | – |  |  |  | 26,153 |
Bolsa de Comercio de Santiago |  |  | 3,995 |  |  |  | 4,006 |  |  |  | – |  |  |  | 8,001 |  |  |  | 3,648 |  |  |  | 4,108 |  |  |  | – |  |  |  | 7,756 |
Compañía Universal Textil S.A. |  |  | 9,597 |  |  |  | – |  |  |  | (3,191 | ) |  |  | 6,406 |  |  |  | 9,597 |  |  |  | – |  |  |  | (3,233 | ) |  |  | 6,364 |
Pagos Digitales Peruanos S.A. |  |  | 5,611 |  |  |  | – |  |  |  | (5,611 | ) |  |  | – |  |  |  | 5,197 |  |  |  | – |  |  |  | (5,197 | ) |  |  | - |
Bolsa de Valores de Colombia |  |  | 3,541 |  |  |  | – |  |  |  | (1,152 | ) |  |  | 2,389 |  |  |  | 4,402 |  |  |  | – |  |  |  | (188 | ) |  |  | 4,214 |
Corporación Andina de Fomento |  |  | 4,441 |  |  |  | 930 |  |  |  | – |  |  |  | 5,371 |  |  |  | 4,441 |  |  |  | 1,176 |  |  |  | – |  |  |  | 5,617 |
Others |  |  | 2,844 |  |  |  | 3,392 |  |  |  | (690 | ) |  |  | 5,546 |  |  |  | 3,584 |  |  |  | 2,557 |  |  |  | (742 | ) |  |  | 5,399 |
|  |  | 173,240 |  |  |  | 173,759 |  |  |  | (10,644 | ) |  |  | 336,355 |  |  |  | 175,136 |  |  |  | 212,051 |  |  |  | (9,360 | ) |  |  | 377,827 |
Balance before accrued interest |  |  | 32,091,934 |  |  |  | 308,723 |  |  |  | (2,011,376 | ) |  |  | 30,389,281 |  |  |  | 34,305,060 |  |  |  | 1,054,471 |  |  |  | (999,021 | ) |  |  | 34,360,510 |
Accrued interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 396,880 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 397,933 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,786,161 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,758,443 |
The variation in the fair value of the investments is mainly due to the increase in interest rates in soles and in foreign currency, which negatively affected the investment portfolios at fair value with changes in other comprehensive income as of December 31, 2022. Credicorp's Management has determined that the unrealized losses of investments at fair value through other comprehensive income as of December 31, 2022 and December 31, 2021 are of a temporal nature; considering factors such as the planned strategy in relation to the security or portfolio identified, the related guarantee and the credit rating of the issuers. During 2022, as a result of the evaluation of the impairment loss of investments at fair value with changes in other comprehensive income, the Group has recorded a provision for credit loss of S/58.3 million (provision for credit loss of S/6.8 million ended December 31, 2021), which is presented in the caption "Net gain in securities", see note 24 of the consolidated statement of income. Furthermore, Management has decided and has the ability to hold each of these investments for a period of time to allow an early recovery in fair value, even before their sufficient recovery or maturity. The maturities and annual market rates of investments at fair value through other comprehensive income during 2022 and 2021, are as follows:
| Maturities | Annual effective interest rate
| 2022 |  | 2021 |  | 2022 |  |  | 2021 |
|  |  |  |  | S/ |  |  |  |  |  | US$ |  |  |  |  |  | Other currencies |  |  | S/ |  |  |  |  |  | US$ |  |  |  |  |  | Other currencies |
|  |  |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |  |  | Min |  |  | Max |
|  |  |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |  |  | % |
Corporate bonds | Jan-2023 / Nov-2095 |  | Jan-2022 / Nov-2095 |  |  | 4.10 |  |  |  | 13.45 |  |  |  | 0.29 |  |  |  | 157.05 |  |  |  | 2.60 |  |  |  | 14.89 |  |  |  | 1.64 |  |  |  | 19.28 |  |  |  | – |  |  |  | 67.59 |  |  |  | 1.35 |  |  |  | 7.86 |
Government treasury bonds | Jan-2023 / Feb-2055 |  | Jan-2022 / Feb-2055 |  |  | 1.87 |  |  |  | 8.13 |  |  |  | – |  |  |  | 8.19 |  |  |  | – |  |  |  | – |  |  |  | 1.79 |  |  |  | 6.91 |  |  |  | – |  |  |  | 4.61 |  |  |  | 4.00 |  |  |  | 5.16 |
Certificates of deposit BCRP | Jan-2023 / Sep-2023 |  | Jan-2022 / Mar-2023 |  |  | 7.13 |  |  |  | 7.48 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2.52 |  |  |  | 3.40 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Negotiable certificates of deposits | Jan-2023 / Jul-2033 |  | Jan-2022 / Jul-2033 |  |  | 8.76 |  |  |  | 8.76 |  |  |  | 2.48 |  |  |  | 4.80 |  |  |  | 1.00 |  |  |  | 13.50 |  |  |  | 3.88 |  |  |  | 3.88 |  |  |  | 2.48 |  |  |  | 2.68 |  |  |  | 1.00 |  |  |  | 6.02 |
Securitization instruments | Aug-2023 / Sep-2045 |  | Jan-2022 / Sep-2045 |  |  | 5.03 |  |  |  | 30.87 |  |  |  | 5.64 |  |  |  | 16.63 |  |  |  | 3.50 |  |  |  | 7.50 |  |  |  | 4.05 |  |  |  | 28.90 |  |  |  | 2.17 |  |  |  | 10.85 |  |  |  | 3.50 |  |  |  | – |
Subordinated bonds | Jan-2023 / Aug-2045 |  | Apr-2022 / Aug-2045 |  |  | 2.15 |  |  |  | 10.01 |  |  |  | 3.36 |  |  |  | 23.73 |  |  |  | – |  |  |  | – |  |  |  | 0.28 |  |  |  | 7.48 |  |  |  | 0.86 |  |  |  | 7.62 |  |  |  | – |  |  |  | – |
Others | Apr-2023 / Feb-2035 |  | Apr-2022 / Feb-2035 |  |  | 2.22 |  |  |  | 9.56 |  |  |  | 8.03 |  |  |  | 8.58 |  |  |  | 0.05 |  |  |  | 0.08 |  |  |  | 1.77 |  |  |  | 7.99 |  |  |  | 3.39 |  |  |  | 5.05 |  |  |  | 0.05 |  |  |  | 0.05 |
Likewise, as of December 31, 2022, the Group entered into repurchase agreements for government bonds and BCRP certificates of deposit classified as investments at fair value through other comprehensive income, for an estimated fair value of S/1,108.1 million (S/318.4 million as of December 31, 2021), whose related liability is presented in "Accounts payable for repurchase agreements and securities lending" of the consolidated statement of financial position, see note 5(c). As of December 31, 2022, the Group maintains IRS, which have been designated as hedges of the fair value of certain fixed-rate bonds in U.S. dollar issued by corporate companies classified as investments at fair value through other comprehensive income, for a nominal amount of S/926.5 million (S/636.4 million as of December 31, 2021), see note 13(c); through said IRS these bonds were economically converted to a variable rate.
| (i) | As of December 31, 2022, the balance comprises corporate bonds issued by companies in the United States of America, Peru, Chile and other countries, which represent 39.2 percent, 37.4 percent, 4.4 percent and 19.0 percent. of the total, respectively. As of December 31, 2021, the balance comprises corporate bonds issued by companies in the United States of America, Peru, Chile and other countries, which represent 38.1 percent, 37.1 percent, 4.6 percent and 20.2 percent of the total, respectively.
Likewise, as of December 31, 2022, the Group maintains CCS, which were designated as cash flow hedges of certain corporate bonds for nominal amounts of S/114.1 million. As of December 31, 2021, it had CCS for an amount of S/79.1 million, see note 13(c); Through said CCS, the bonds were economically converted into soles at a fixed rate. As of December 31, 2022, the most significant individual unrealized loss amount ascends to approximately S/34.2 million of Inversiones Nacionales de Turismo - Intursa S.A, S/18.5 million as of December 31, 2021. The largest unrealized loss with respect to the balance sheet of 2021 is due to the behavior of the market.
| (ii) | As of December 31, 2022 and December 31, 2021, the balance includes the following Government Treasury Bonds:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Peruvian Government Bonds |  |  | 6,126,564 |  |  |  | 7,496,775 |
U.S. and federal agency Government Bonds |  |  | 2,103,713 |  |  |  | 1,455,114 |
Colombian Government Bonds |  |  | 130,883 |  |  |  | 87,428 |
Chilean Government Bonds |  |  | 78,383 |  |  |  | 83,978 |
Bolivian Government Bonds |  |  | 67,040 |  |  |  | 89,941 |
Others |  |  | 22,128 |  |  |  | 25,163 |
Total |  |  | 8,528,711 |  |  |  | 9,238,399 |
| (iii) | As of December 31, 2022, the Group maintains 70,253 certificates of deposits BCRP (83,494 as of December 31, 2021); 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, 2022 and December 31, 2021, the balance of securitization instruments includes the following:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Inmuebles Panamericana S.A. |  |  | 133,079 |  |  |  | 142,629 |
ATN S.A. |  |  | 77,047 |  |  |  | 98,525 |
Colegios Peruanos S.A. |  |  | 61,109 |  |  |  | 68,714 |
Multimercados Zonales S.A.C. |  |  | 47,643 |  |  |  | – |
Costa de Sol S.A. |  |  | 37,653 |  |  |  | 46,502 |
Nessus Hoteles Perú S.A. |  |  | 32,519 |  |  |  | 38,547 |
Concesionaria La Chira S.A. |  |  | 25,906 |  |  |  | 27,370 |
Fábrica Nacional de Cemento S.A. |  |  | 22,529 |  |  |  | 28,187 |
Homecenters Peruanos S.A. |  |  | 22,804 |  |  |  | 27,206 |
Others (less than S/27.7 million and S/28.2 million, respectively) |  |  | 206,635 |  |  |  | 243,709 |
Total |  |  | 666,924 |  |  |  | 721,389 |
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, 2022, the balance corresponds to certificates for US$1.8 million, equivalent to S/6.7 million, in soles for S/5.9 million; and in other currencies, equivalent to S/ 573.2 million issued mainly by the financial systems of Colombia and Bolivia. As of December 31, 2021, the balance comprises to certificates for US$0.67 million, equivalent to S/2.7 million, in soles 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.
Likewise, as of December 31, 2022, the Group maintains CCS, which were designated as cash flow hedges of certain certificates for nominal amounts of S/17.3 million. As of December 31, 2021, the amount amounted to S/75.5 million, see note 13(c); Through said CCS, the certificates were economically converted into soles at a fixed rate. Due to the increase in market liquidity due to government programs such as Reactiva Perú and the successive withdrawals of Pension Fund Administrators (hereinafter AFPs), approved by Congress since 2020, Banco de Crédito del Perú had to incorporate changes to the business model of investments at fair value with change in other comprehensive income to contribute to the matching of its assets and liabilities. In October 2022, as a result of this change, the Bank has reclassified a portfolio of investments at fair value with changes in other comprehensive income to investments at amortized cost for S/2,232.7 million and has reversed the unrealized net loss of this portfolio recorded in other comprehensive income of equity net for S/549.2 million, in order to record it as if it had always been a portfolio classified at amortized cost from the beginning. The change in the business model and the reclassification are in accordance with the provisions of IFRS 9 "Financial Instruments", see note 3(f)(iv), and have been approved by the Risk Management Committee and the of Treasury Risks and ALM of the Bank.
| c) | Amortized cost investments consist of the following:
|  | 2022 |
|  | Carrying |  |  | Fair |
|  | amount |  |  | value |
|  | S/(000) |  |  | S/(000) |
Peruvian Government Bonds (i) |  |  | 9,573,026 |  |  |  | 8,055,873 |
Corporate bonds (i) |  |  | 442,558 |  |  |  | 445,684 |
Subordinated bonds (i) |  |  | 49,597 |  |  |  | 49,830 |
Certificates of payment on work progress (CRPAO) (ii) |  |  | 47,584 |  |  |  | 46,786 |
Other government bonds (i) |  |  | 114,262 |  |  |  | 113,759 |
|  |  | 10,227,027 |  |  |  | 8,711,932 |
Accrued interest |  |  | 218,702 |  |  |  | 218,702 |
Total investments at amortized cost, net |  |  | 10,445,729 |  |  |  | 8,930,634 |
|  | 2021 |
|  | Carrying |  |  | Fair |
|  | amount |  |  | value |
|  |  | S/(000) |  |  |  | S/(000) |
Peruvian Government 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 |
Other government bonds (i) |  |  | 74,122 |  |  |  | 73,645 |
|  |  | 8,094,109 |  |  |  | 7,768,223 |
Accrued interest |  |  | 171,450 |  |  |  | 171,450 |
Total investments at amortized cost, net |  |  | 8,265,559 |  |  |  | 7,939,673 |
The expected loss of investments at amortized cost as of December 31, 2022 and 2021 is S/3.9 million and S/2.8 million, respectively.
| (i) | As of December 31, 2022, said bonds have maturities between January 2023 and February 2042; accruing interest at an effective annual rate between 6.65 percent and 8.13 percent per year for bonds issued in soles, between 2.59 percent and 16.30 percent for bonds issued in U.S. dollar, and between 5.66 percent and 11.24 percent per year for bonds issued in other currencies. As of December 31, 2021, they have maturities between January 2022 and February 2042, accruing interest at an effective annual interest rate between 3.62 percent and 6.77 percent for bonds denominated in soles, between 0.71 percent and 4.50 percent for bonds issued in U.S. dollar and between 0.0 percent and 2.96 percent on bonds issued in other currencies.
As of December 31, 2021, the instruments with an interest rate of 0.00 percent correspond to bonds issued by the Colombian Government, whose emission indicators at the acquisition date were at very low levels; however, MiBanco Colombia invested in these instruments because it is a Colombian company that must invest in them in accordance with local regulations, with the objective that the funds acquired by the Colombian Government be used for the development and incentive of certain economic sectors. The variation in the fair value of investments at amortized cost is mainly due to the increase in interest rates in soles and in foreign currency, which negatively affected the fair value of this portfolio as of December 31, 2022. Credicorp’s Management has determined that, as of December 31, 2022, the difference between the amortized cost and the fair value of these investments is of a temporary nature and Credicorp has the intention and ability to hold each of these investments until maturity. As of December 31, 2022, the Group has investment repurchase agreements at amortized cost for an estimated fair value of S/3,540.5 million. As of December 31, 2021, the amount amounted to S/3,854.0 million, whose related liability is presented in the caption "Accounts payable for repurchase agreements and securities lending" of the condensed interim consolidated statement of financial position, see note 5(c).
| (ii) | As of December 31, 2022, there are 57 certificates of Annual Acknowledgment of Work Progress Payment - CRPAO (89 CRPAO as of December 31, 2021), issued by the Peruvian State to finance projects and concessions. Said issuance is a mechanism established in the concession contract 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 2023 and April 2026, accruing interest at an effective annual rate between 6.20 percent and 7.59 percent (between January 2022 and April 2026, accruing interest at an effective annual rate between 2.32 percent and 4.26 percent as of December 31, 2021).
The increase in bonds at amortized cost is due to the fact that, in October 2022, Banco de Crédito del Perú reclassified its portfolio of bonds at fair value through other comprehensive income at amortized cost due to a change in its business model, see note 6(b).
| d) | The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss:
|  | 2022 |
|  | 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 |  |  | 296,347 |  |  |  | 8,246,819 |  |  |  | 191,098 |
From 3 months to 1 year |  |  | 358,233 |  |  |  | 2,599,972 |  |  |  | 343,670 |
From 1 to 3 years |  |  | 348,755 |  |  |  | 4,088,478 |  |  |  | 1,456,530 |
From 3 to 5 years |  |  | 257,643 |  |  |  | 4,374,806 |  |  |  | 459,604 |
More than 5 years |  |  | 694,779 |  |  |  | 10,742,851 |  |  |  | 7,776,125 |
Without maturity |  |  | 2,241,802 |  |  |  | 336,355 |  |  |  | – |
Total |  |  | 4,197,559 |  |  |  | 30,389,281 |  |  |  | 10,227,027 |
|  | 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 |  |  | 1,172,875 |  |  |  | 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 |  |  |  | 377,827 |  |  |  | – |
Total |  |  | 5,919,240 |  |  |  | 34,360,510 |  |  |  | 8,094,109 |

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