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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2022
OTHER ASSETS AND OTHER LIABILITIES [Abstract] |
OTHER ASSETS AND OTHER LIABILITIES |
13 | OTHER ASSETS AND OTHER 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 |
| b) | As of December 31, 2022, the balance corresponds mainly comprises funds restricted by the Central Reserve Bank of Bolivia for S/261.3 million, margin call of operations with derivatives for S/184.4 million, taxes receivable for S/184.9 million, receivables for the sale of deferred foreign currency for S/85.9 million, works for taxes for S/69.2 million, accounts paid by third parties for S/42.3 million, receivables for the sale of goods and services for S/53.0 million, commissions receivable for S/38.7 million, advances to personnel for S/15.7 million, dividends receivable for S/2.9 million, among others. As of December 31, 2021, the balance mainly comprises the margin call of operations with derivatives for S/410.3 million, works for taxes for S/178.3 million, receivables from Visa for payments to establishments for S/111.0 million, receivables from the sale of deferred foreign currency for S/89.7 million, taxes paid on behalf of third parties and other receivables related to taxes for S/73.7 million, receivable from financial intermediation for S/27.3 million, receivable from associate for S/6.6 million, among others.
| c) | The risk in derivative contracts arises from the possibility of the counterparty does not comply with the agreed terms and conditions and that the reference rates at which the transactions took place change.
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.
| (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 |
| (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:
|  | 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 | )
As of December 31, 2022 the accumulated balance of the net unrealized result from cash flow hedges, which is presented as other comprehensive income in the caption " Cash flow hedge reserves ", results from current hedges that have an unrealized gain of approximately S/0.2 million (unrealized loss of approximately S/0.3 million for current hedges and an unrealized loss of 0.7 million for revoked hedges, as of December 31, 2021), which has been realized in the consolidated statements of income during the term of the underlying financial instrument. Likewise, the transfer of the unrealized loss of 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, 2022 and 2021, 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, 2022, the balance mainly comprises to the payment in advance in favor of Latam Airlines Group S.A. Peru Branch for US$128.0 million, equivalent to S/488.4 million, (US$113.9 million, equivalent to S/454.0 million as of December 31, 2021) 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/627.9 million and S/598.1 million as of December 31, 2022 and 2021, respectively.
| h) | Investment properties, net -
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.
As of December 31, 2022 and 2021, the market value of the properties amounts to approximately S/1,206.5 million and S/1,244.1 million, respectively; which was determined through a valuation made by an independent appraiser.
| i) | As of December 31, 2022, the balance mainly comprises payables to suppliers for S/434.6. million, payables to client investors in stock exchange for S/322.7, payables to policyholders for S/114.6 million, payables to intermediaries for S/101.1 million, payables for premiums to the deposit insurance fund for S/57.7 million, payables for foreign exchange sale for S/22.3 million, interbank operations to be settled with the BCRP for S/6.0 million, among others. As of December 31, 2021, the balance corresponds mainly comprises payables to suppliers for S/208.4 million, payables to policyholders for S/108.1 million, payables for purchase of deferred foreign currency for S/101.6 million, payables to intermediaries for S/90.0 million, payables 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, payables to an associate for S/7.4 million, among others.
| 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 |
Because of the nature of its business, the Group has various pending lawsuits, which allowances 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 an allowance, 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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