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DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended
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Dec. 31, 2022
DUE TO BANKS AND CORRESPONDENTS [Abstract] |
DUE TO BANKS AND CORRESPONDENTS |
15 | DUE TO BANKS AND CORRESPONDENTS
| a) | This item consists of the following:
|  |  | 2022 |  |  |  | 2021 |
|  |  | S/(000) |  |  |  | S/(000) |
International funds and others (b) |  |  | 4,694,617 |  |  |  | 3,519,453 |
Promotional credit lines (c) |  |  | 4,107,294 |  |  |  | 3,592,008 |
|  |  | 8,801,911 |  |  |  | 7,111,461 |
Interest payable |  |  | 135,500 |  |  |  | 101,485 |
Total |  |  | 8,937,411 |  |  |  | 7,212,946 |
| b) | This item consists of the following:
|  |  | 2022 |  |  |  | 2021 |
|  |  | S/(000) |  |  |  | S/(000) |
Bank of New York Mellon |  |  | 572,100 |  |  |  | – |
Corporación Financiera de Desarrollo (COFIDE) |  |  | 503,538 |  |  |  | 563,136 |
Standard Chartered Bank (i) |  |  | 456,244 |  |  |  | – |
International Finance Corporation (IFC) |  |  | 382,840 |  |  |  | – |
Citibank N.A. |  |  | 381,400 |  |  |  | 398,700 |
Wells Fargo Bank, N.A. (i) |  |  | 380,020 |  |  |  | 677,790 |
The Toronto Dominion Bank |  |  | 247,910 |  |  |  | – |
Caixabank |  |  | 190,700 |  |  |  | – |
Bank of America N.A. (i) |  |  | 189,470 |  |  |  | 920,036 |
HSBC Bank USA (i) |  |  | 189,321 |  |  |  | – |
JP Morgan Chase Bank, N.A. (i) |  |  | 189,321 |  |  |  | – |
Banco Internacional del Perú S.A.A. (Interbank) |  |  | 150,000 |  |  |  | – |
Bancoldex |  |  | 126,957 |  |  |  | 174,145 |
Scotiabank Perú S.A.A. |  |  | 120,000 |  |  |  | 180,198 |
Banco BBVA Perú |  |  | 114,000 |  |  |  | 119,900 |
ICBC Perú Bank S.A. |  |  | 100,000 |  |  |  | – |
Banco de Occidente |  |  | 84,096 |  |  |  | 43,167 |
Bradesco Bac Florida Bank |  |  | 76,280 |  |  |  | – |
Bancolombia S.A. |  |  | 59,604 |  |  |  | 78,715 |
Zurcher Kantonalbank |  |  | 95,350 |  |  |  | – |
Banco de la Nación |  |  | – |  |  |  | 185,000 |
Others |  |  | 85,466 |  |  |  | 178,666 |
Total |  |  | 4,694,617 |  |  |  | 3,519,453 |
As of December 31, 2022, the loans have maturities between January 2023 and December 2031 (between January 2022 and March 2032, as of December 31, 2021) and accrue interest in soles currency at rates that fluctuate between 2.23 percent and 9.45 percent (between 1.15 percent and 7.53 percent, as of December 31, 2021) and accrue interest in foreign currency as follows:
|  | 2022 |  |  | 2021 |
|  | Min |  |  | Max |  |  | Min |  |  | Max |
|  | % |  |  | % |  |  | % |  |  | % |
Boliviano |  |  | 6.00 |  |  |  | 6.00 |  |  |  | 0.73 |  |  |  | 6.00 |
Chilean Peso |  |  | – |  |  |  | – |  |  |  | 5.20 |  |  |  | 5.26 |
Colombian Peso |  |  | 0.40 |  |  |  | 17.04 |  |  |  | 0.40 |  |  |  | 8.30 |
U.S. Dollar |  |  | 1.50 |  |  |  | 6.32 |  |  |  | 0.43 |  |  |  | 6.30 |
| (i) | In November 2022, the Bank agreed on a loan under the Club Deal Loan Format at 25 months for US$250.0 million equivalent to S/953.5 million, having as borrowers to five foreign banks: Wells Fargo – Administrative Agent, Standard Chartered, JP Morgan Chase, HSBC Bank and Bank of America. The loan accrues interest at a variable interest rate of 3 months SOFR plus a 1.5 percent spread. Likewise, the expenses related to said transaction were deferred and accrued proportionally during the months of November and December 2022 and will continue accruing during the term of the loan.
| c) | Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES by its acronyms in Spanish, respectively) to promote the development of Peru, they mature between January 2023 and January 2032 and bear annual interest in soles at rates that fluctuate between 3.50 percent and 7.60 percent and interest in foreign currency 7.75 percent as of December 31, 2022 (between January 2022 and January 2032 and with annual interest in soles between 6.00 percent and 7.60 percent and interest in foreign currency 7.75 percent as of December 31, 2021). These lines of credit are guaranteed with a portfolio of Fondo Mi Vivienda mortgage loans amounting to S/4,107.3 million and S/3,592.0 million, as of December 31, 2022 and 2021, respectively.
| d) | As of December 31, 2022 and 2021 the following table presents the maturities of due to banks and based on the period remaining to maturity:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Up to 3 months |  |  | 1,420,872 |  |  |  | 1,786,693 |
From 3 months to 1 year |  |  | 1,562,224 |  |  |  | 1,255,291 |
From 1 to 3 years |  |  | 2,660,926 |  |  |  | 1,091,482 |
From 3 to 5 years |  |  | 694,308 |  |  |  | 781,547 |
More than 5 years |  |  | 2,463,581 |  |  |  | 2,196,448 |
Total |  |  | 8,801,911 |  |  |  | 7,111,461 |
| e) | As of December 31, 2022 and 2021, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/8,801.9 million and S/7,111.5 million, respectively.
| f) | Certain debts to banks, correspondents and other entities include specific agreements on how the funds received should be used, the financial conditions that the Bank must maintain, as well as other administrative matters. In Management’s opinion, these specific agreements have been fulfilled by the Bank as of December 31, 2022 and 2021.

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