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CASH AND DUE FROM BANKS | 12 Months Ended
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Dec. 31, 2022
CASH AND DUE FROM BANKS [Abstract] |
CASH AND DUE FROM BANKS |
4 | CASH AND DUE FROM BANKS
| a) | This item comprises the following:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Cash and clearing (b) |  |  | 5,410,294 |  |  |  | 4,973,007 |
Deposits with Central Reserve Bank of Peru (BCRP) (b) |  |  | 24,160,723 |  |  |  | 25,359,565 |
Deposits with Central Bank of Bolivia and Colombia (b) |  |  | 634,684 |  |  |  | 913,377 |
Deposits with foreign banks (c) |  |  | 2,582,838 |  |  |  | 6,727,014 |
Deposits with local banks (c) |  |  | 1,009,997 |  |  |  | 1,316,292 |
Interbank funds |  |  | 269,314 |  |  |  | 2,943 |
Accrued interest |  |  | 53,112 |  |  |  | 1,347 |
Total cash and cash equivalents |  |  | 34,120,962 |  |  |  | 39,293,545 |
Restricted funds |  |  | 62,878 |  |  |  | 27,195 |
Total cash |  |  | 34,183,840 |  |  |  | 39,320,740 |
Cash and cash equivalents presented in the consolidated statement of cash flows exclude restricted funds, see note 3(ac).
| b) | Cash, clearing and deposits with Central Banks and Bank of the Republic -
These accounts mainly include the legal cash requirements that Credicorp Subsidiaries must maintain for their obligations to the public. This item comprises the following:
|  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |
Legal cash requirements (i) |  |  |  |  |  |  |  |
Deposits with Central Reserve Bank of Perú |  |  | 21,103,687 |  |  |  | 19,383,577 |
Deposits with Central Bank of Bolivia |  |  | 628,399 |  |  |  | 905,309 |
Deposits with Republic Bank of Colombia |  |  | 6,285 |  |  |  | 8,068 |
Cash in vaults of Bank |  |  | 4,714,275 |  |  |  | 4,275,997 |
Total legal cash requirements |  |  | 26,452,646 |  |  |  | 24,572,951 |
Additional funds |  |  |  |  |  |  |  |
Overnight deposits with Central Reserve Bank of Perú (ii) |  |  | 2,013,703 |  |  |  | 4,536,379 |
Term deposits with Central Reserve Bank of Perú (iii) |  |  | 545,000 |  |  |  | 1,260,000 |
Cash in vaults of Bank and others |  |  | 696,019 |  |  |  | 697,010 |
Other Deposits BCRP |  |  | 498,333 |  |  |  | 179,609 |
Total additional funds |  |  | 3,753,055 |  |  |  | 6,672,998 |
Total |  |  | 30,205,701 |  |  |  | 31,245,949 |
| (i) | As of December 31, 2022 cash and deposits that generate interest subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 6.01 percent and 34.55 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP; as of December 31, 2021 4.77 percent and 33.17 percent, respectively.
The reserve funds, which represent the minimum mandatory, do not earn interest; however, the excess of the mandatory reserve deposited in BCRP, earns interests at a nominal rate established by BCRP. Management considers that the Group has complied with the requirements established by current regulations related to the calculation of the legal reserve.
| (ii) | As of December 31, 2022, the Group maintains three “overnight” deposits with the BCRP, of which one is denominated in soles for a total of S/35.0 million and two are denominated in U.S. dollar for a total of US$518.8 million, equivalent to S/1,978.7 million. To that date, the deposit in soles and deposits in U.S. dollar accrue interest at annual rates of 5.25 percent and 4.39 percent, respectively, and have maturities at 4 days.
As of December 31, 2021, the Group maintained four “overnight” deposits with the BCRP, which two were denominated in soles in amount of S/690.0 million and two in U.S. Dollar in amount of US$964.7 million, equivalent to S/3,846.4 million. At said date, deposits in soles and deposits in U.S. Dollar accrued interest at annual rates of 1.85 percent and 0.05 percent, respectively, and had maturities at 3 days.
| (iii) | As of December 31, 2022, the Group maintains four term deposits, which are denominated in soles, accrue interest at an annual rate between 7.30 percent and 7.49 percent and expires on January 3, 2023. As of December 31, 2021, the Group held four term deposits denominated in soles, accruing interest at an annual rate between 2.48 percent and 2.49 percent and expired between January 3 and January 4, 2022. The decrease in term deposits at the BCRP is mainly influenced by higher rate levels at the market level, this generates a lower surplus to place in term deposits with the BCRP and, in general, a lower level of liquidity at the bank level.
| c) | Deposits with local and foreign banks -
Deposits with local and foreign banks mainly consist of balances in soles and U.S. Dollar; these are cash in hand and earn interest at market rates. As of December 31, 2022 and 2021 Credicorp and its Subsidiaries do not maintain significant deposits with any bank.

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