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OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended
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Dec. 31, 2023
OTHER ASSETS AND OTHER LIABILITIES [Abstract] |
OTHER ASSETS AND OTHER LIABILITIES |
12 | OTHER ASSETS AND OTHER LIABILITIES
| a) | This item consists of the following:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Other assets - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Receivables (b) |  |  | 1,523,052 |  |  |  | 1,449,079 |
Derivatives receivable (c) |  |  | 987,663 |  |  |  | 1,478,726 |
Receivables from sale of investments (d) |  |  | 411,599 |  |  |  | 142,765 |
Operations in process (e) |  |  | 137,952 |  |  |  | 155,568 |
|  |  | 3,060,266 |  |  |  | 3,226,138 |
Non-financial instruments: |  |  |  |  |  |  |  |
Deferred fees (f) |  |  | 1,197,457 |  |  |  | 908,399 |
Investment in associates (g) |  |  | 748,663 |  |  |  | 726,993 |
Investment properties, net (h) |  |  | 565,274 |  |  |  | 548,558 |
Income tax prepayments, net |  |  | 348,578 |  |  |  | 186,372 |
Adjudicated assets, net |  |  | 107,562 |  |  |  | 136,079 |
Improvements in leased premises |  |  | 100,919 |  |  |  | 71,747 |
VAT (IGV) tax credit |  |  | 86,661 |  |  |  | 58,329 |
Others |  |  | 9,237 |  |  |  | 9,056 |
|  |  | 3,164,351 |  |  |  | 2,645,533 |
Total |  |  | 6,224,617 |  |  |  | 5,871,671 |
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Other liabilities - |  |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |  |
Accounts payable (i) |  |  | 2,367,204 |  |  |  | 2,058,229 |
Salaries and other personnel expenses |  |  | 1,082,059 |  |  |  | 930,622 |
Derivatives payable (c) |  |  | 891,999 |  |  |  | 1,345,665 |
Accounts payable for acquisitions of investments (d) |  |  | 448,046 |  |  |  | 153,681 |
Allowance for indirect loan losses, Note 7(c) |  |  | 368,029 |  |  |  | 658,584 |
Operations in process (e) |  |  | 258,197 |  |  |  | 89,480 |
Dividends payable |  |  | 62,976 |  |  |  | 73,607 |
|  |  | 5,478,510 |  |  |  | 5,309,868 |
Non-financial instruments: |  |  |  |  |  |  |  |
Taxes |  |  | 727,052 |  |  |  | 1,062,691 |
Provision for sundry risks (j) |  |  | 661,737 |  |  |  | 624,149 |
Others |  |  | 126,392 |  |  |  | 192,344 |
|  |  | 1,515,181 |  |  |  | 1,879,184 |
Total |  |  | 6,993,691 |  |  |  | 7,189,052 |
| b) | As of December 31, 2023, the balance is mainly composed of accounts receivable from Niubiz, margin call of operations with derivates, for sale of goods and services, accounts receivable for the sale of foreign currency, operations to be settled, funds restricted by Central Bank of Reserve of Bolivia, works for taxes, accounts paid by third parties, commissions receivable, payment protection insurance premium receivable, accounts receivable from clients for stock market operations, advances to personnel, dividends receivable, rents, among others. As of December 31, 2022, the balance mainly comprises funds restricted by the Central Reserve Bank of Bolivia, margin call of operations with derivatives, taxes receivable, accounts receivable from the sale of deferred foreign currency, protection insurance premium of payments receivable, works for taxes, accounts paid by third parties, accounts receivable for the sale of goods and services, commissions receivable, receivable from clients for stock market operations, advances to personnel, operations to settle rents receivable, dividends for charge, among others.
| c) | The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change.
The table below shows as of December 31, 2023, and 2022 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional 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.
|  |  |  | 2023 |  |  | 2022 |  |  | 2023 and 2022 |
|  |  |  | Assets |  |  | Liabilities |  |  | Notional amount |  |  | Maturity |  |  | Assets |  |  | Liabilities |  |  | Notional amount |  |  | Maturity |  |  | Related instruments |
|  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  |  |  |  |  |
Derivatives held for trading (i) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forwards |  |  |  |  | 334,505 |  |  |  | 205,341 |  |  |  | 32,206,841 |  |  | January 2024 / March 2026 |  |  |  | 500,348 |  |  |  | 288,857 |  |  |  | 34,224,865 |  |  | January 2023 / August 2024 |  |  | – |
Interest rate swaps |  |  |  |  | 341,898 |  |  |  | 204,775 |  |  |  | 17,471,629 |  |  | January 2024 / September 2033 |  |  |  | 415,034 |  |  |  | 277,988 |  |  |  | 10,834,324 |  |  | January 2023 / December 2032 |  |  | – |
Currency swaps |  |  |  |  | 230,818 |  |  |  | 429,365 |  |  |  | 12,895,649 |  |  | January 2024 / August 2033 |  |  |  | 410,439 |  |  |  | 749,420 |  |  |  | 16,000,208 |  |  | January 2023 / January 2033 |  |  | – |
Foreign exchange options |  |  |  |  | 1,104 |  |  |  | 4,002 |  |  |  | 501,189 |  |  | January 2024 / March 2025 |  |  |  | 1,349 |  |  |  | 3,168 |  |  |  | 362,324 |  |  | January 2023 / June 2024 |  |  | – |
Futures |  |  |  |  | 1,187 |  |  |  | 1,618 |  |  |  | 40,428 |  |  | March 2024 |  |  |  | 794 |  |  |  | 1,450 |  |  |  | 48,819 |  |  | March 2023 |  |  | – |
|  |  |  |  | 909,512 |  |  |  | 845,101 |  |  |  | 63,115,736 |  |  |  |  |  |  | 1,327,964 |  |  |  | 1,320,883 |  |  |  | 61,470,540 |  |  |  |  |  |  |
Derivatives held as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges (ii) - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swaps (CCS) |  | 15(a)(i) |  |  | 13,843 |  |  |  | 25,524 |  |  |  | 815,980 |  |  | January 2025 |  |  |  | 20,114 |  |  |  | 8,418 |  |  |  | 839,080 |  |  | January 2025 |  |  | Bonds issued |
Cross currency swaps (CCS) |  | 5(c)(i) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  |  | 21,935 |  |  |  | – |  |  |  | 171,630 |  |  | August 2026 |  |  | Repurchase agreements(*) |
Cross currency swaps (CCS) |  | 15(a)(v) |  |  | 1,552 |  |  |  | – |  |  |  | 78,969 |  |  | November 2025 |  |  |  | – |  |  |  | 13,688 |  |  |  | 145,715 |  |  | December 2023 |  |  | Bonds issued |
Cross currency swaps (CCS) |  | 6(b)(i) |  |  | 20,359 |  |  |  | 9,784 |  |  |  | 126,624 |  |  | February 2024 / January 2025 |  |  |  | 41,746 |  |  |  | 2,123 |  |  |  | 131,382 |  |  | January 2023 / January 2025 |  |  | Investments |
Cross currency swaps (CCS) |  | 14(b)(ii) |  |  | – |  |  |  | 11,253 |  |  |  | 222,540 |  |  | May 2025 / June 2025 |  |  |  | – |  |  |  | 156 |  |  |  | 38,140 |  |  | June 2025 |  |  | Debts to bank |
Cross currency swaps (CCS) |  | 5(c)(ii) |  |  | – |  |  |  | – |  |  |  | – |  |  | – |  |  |  | 14,861 |  |  |  | – |  |  |  | 95,350 |  |  | August 2026 |  |  | Repurchase agreements(*) |
Cross interest rate swaps (IRS) |  | 4(b)(i) |  |  | 786 |  |  |  | 337 |  |  |  | 556,350 |  |  | April 2026 / May 2026 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | Cash and due from banks |
Foreign currency forwards |  | 14(b) |  |  | 57 |  |  |  | – |  |  |  | 54,392 |  |  | June 2024 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  | Debts to bank |
Fair value hedges - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (IRS) |  | 6(b) |  |  | 41,554 |  |  |  | – |  |  |  | 778,890 |  |  | March 2025 / February 2028 |  |  |  | 52,106 |  |  |  | 397 |  |  |  | 926,497 |  |  | January 2023 / February 2028 |  |  | Investments |
|  |  |  |  | 78,151 |  |  |  | 46,898 |  |  |  | 2,633,745 |  |  |  |  |  |  | 150,762 |  |  |  | 24,782 |  |  |  | 2,347,794 |  |  |  |  |  |  |
|  |  |  |  | 987,663 |  |  |  | 891,899 |  |  |  | 65,749,481 |  |  |  |  |  |  | 1,478,726 |  |  |  | 1,345,665 |  |  |  | 63,818,334 |  |  |  |  |  |  |
| (*) | Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2023 and 2022.
| (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:
|  | 2023 |  |  | 2022 |
|  | 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 |  |  | 201,816 |  |  |  | 129,504 |  |  |  | 3,185 |  |  |  | – |  |  |  | – |  |  |  | 334,505 |  |  |  | 276,887 |  |  |  | 226,117 |  |  |  | (2,656 | ) |  |  | – |  |  |  | – |  |  |  | 500,348 |
Interest rate swaps |  |  | 8,870 |  |  |  | 11,790 |  |  |  | 94,681 |  |  |  | 128,141 |  |  |  | 98,416 |  |  |  | 341,898 |  |  |  | 12,395 |  |  |  | 43,395 |  |  |  | 58,726 |  |  |  | 122,943 |  |  |  | 177,575 |  |  |  | 415,034 |
Currency swaps |  |  | 4,955 |  |  |  | 45,436 |  |  |  | 69,962 |  |  |  | 78,513 |  |  |  | 31,952 |  |  |  | 230,818 |  |  |  | 63,465 |  |  |  | 60,940 |  |  |  | 86,950 |  |  |  | 84,650 |  |  |  | 114,434 |  |  |  | 410,439 |
Foreign exchange options |  |  | 471 |  |  |  | 592 |  |  |  | 41 |  |  |  | – |  |  |  | – |  |  |  | 1,104 |  |  |  | 153 |  |  |  | 1,163 |  |  |  | 33 |  |  |  | – |  |  |  | – |  |  |  | 1,349 |
Futures |  |  | 1,187 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,187 |  |  |  | 794 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 794 |
Total assets |  |  | 217,299 |  |  |  | 187,322 |  |  |  | 167,869 |  |  |  | 206,654 |  |  |  | 130,368 |  |  |  | 909,512 |  |  |  | 353,694 |  |  |  | 331,615 |  |  |  | 143,053 |  |  |  | 207,593 |  |  |  | 292,009 |  |  |  | 1,327,964 |
|  | 2023 |  |  | 2022 |
|  | 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 |  |  | 142,293 |  |  |  | 57,319 |  |  |  | 5,729 |  |  |  | – |  |  |  | – |  |  |  | 205,341 |  |  |  | 203,269 |  |  |  | 85,222 |  |  |  | 366 |  |  |  | – |  |  |  | – |  |  |  | 288,857 |
Interest rate swaps |  |  | 20,615 |  |  |  | 20,739 |  |  |  | 48,110 |  |  |  | 36,596 |  |  |  | 78,715 |  |  |  | 204,775 |  |  |  | 8,073 |  |  |  | 37,418 |  |  |  | 45,352 |  |  |  | 62,460 |  |  |  | 124,685 |  |  |  | 277,988 |
Currency swaps |  |  | 78,941 |  |  |  | 129,935 |  |  |  | 86,455 |  |  |  | 99,804 |  |  |  | 34,230 |  |  |  | 429,365 |  |  |  | 140,363 |  |  |  | 258,962 |  |  |  | 100,267 |  |  |  | 127,404 |  |  |  | 122,424 |  |  |  | 749,420 |
Foreign exchange options |  |  | 1,355 |  |  |  | 2,525 |  |  |  | 122 |  |  |  | – |  |  |  | – |  |  |  | 4,002 |  |  |  | 554 |  |  |  | 2,483 |  |  |  | 131 |  |  |  | – |  |  |  | – |  |  |  | 3,168 |
Futures |  |  | 1,618 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,618 |  |  |  | 1,450 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,450 |
Total liabilities |  |  | 244,822 |  |  |  | 210,518 |  |  |  | 140,416 |  |  |  | 136,400 |  |  |  | 112,945 |  |  |  | 845,101 |  |  |  | 353,709 |  |  |  | 384,085 |  |  |  | 146,116 |  |  |  | 189,864 |  |  |  | 247,109 |  |  |  | 1,320,883 |
| (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:
|  | 2023 |  |  | 2022 |
|  | 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) |  |  | 160,643 |  |  |  | 1,742,147 |  |  |  | – |  |  |  | – |  |  |  | 1,902,790 |  |  |  | 250,835 |  |  |  | 938,513 |  |  |  | 76,280 |  |  |  | – |  |  |  | 1,265,628 |
Cash outflows (liabilities) |  |  | (153,240 | ) |  |  | (1,749,748 | ) |  |  | – |  |  |  | – |  |  |  | (1,902,988 | ) |  |  | (294,548 | ) |  |  | (934,119 | ) |  |  | (73,232 | ) |  |  | – |  |  |  | (1,301,899 | )
Consolidated statement of income |  |  | 485 |  |  |  | (17,192 | ) |  |  | – |  |  |  | – |  |  |  | (16,707 | ) |  |  | 397 |  |  |  | (7,222 | ) |  |  | 7,070 |  |  |  | – |  |  |  | 245 |
As of December 31, 2023, the accumulated balance of the unrealized result from cash flow hedges, net of the corresponding deferred income tax, results from current hedges which maintain an unrealized loss of approximately S/16.7 million and revoked hedges that maintain an unrealized gain of S/5.8 million (As of December 31, 2022, current hedges maintained an unrealized gain of approximately S/0.2 million) See in note 16(c).
| d) | As of December 31, 2023 and 2022, 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.
| e) | 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.
| f) | As of December 31, 2023, the balance corresponds mainly to the payment in advance in favor of Latam Airlines Group S.A. Perú Branch for US$169.7 million, equivalent to S/629.5 million, (US$128.0 million, equivalent to S/488.4 million as of December 31, 2022) on account of the Latam Pass Miles that the Bank has been crediting to its clients for the use of 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 Pacífico S.A Entidad Prestadora de Salud (Pacífico EPS), whose balance amounts to S/686.6 million and S/627.9 million as of December 31, 2023 and 2022, respectively.
| h) | Investment properties -
The movement of investment properties is as follows:
|  | 2023 |  |  | 2022 |
|  | Land |  |  | Buildings |  |  | Total |  |  | Total |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | 328,131 |  |  |  | 285,188 |  |  |  | 613,319 |  |  |  | 526,935 |
Additions (i) |  |  | – |  |  |  | 25,034 |  |  |  | 25,034 |  |  |  | 87,132 |
Disposals and others |  |  | 14,486 |  |  |  | (13,146 | ) |  |  | 1,340 |  |  |  | (748 | )
Ending Period |  |  | 342,617 |  |  |  | 297,076 |  |  |  | 639,693 |  |  |  | 613,319 |
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  |  | – |  |  |  | 63,351 |  |  |  | 63,351 |  |  |  | 56,412 |
Depreciation for the period |  |  | – |  |  |  | 8,115 |  |  |  | 8,115 |  |  |  | 7,107 |
Disposals and others |  |  | – |  |  |  | 1,543 |  |  |  | 1,543 |  |  |  | (168 | )
Ending Period |  |  | – |  |  |  | 73,009 |  |  |  | 73,009 |  |  |  | 63,351 |
Impairment losses (ii) |  |  | 689 |  |  |  | 721 |  |  |  | 1,410 |  |  |  | 1,410 |
Net carrying amount |  |  | 341,928 |  |  |  | 223,346 |  |  |  | 565,274 |  |  |  | 548,558 |
Land and buildings are mainly used for office rental, which are free of all encumbrances.
| (i) | As of December 31, 2023, the Group has made disbursements for the acquisition of land and real estate for S/25.0 million. As of December 31, 2022, the Group has made disbursements for property improvements for S/87.1 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, 2023, and 2022, the market value of the properties amounts to approximately S/1,235.2 million and S/1,206.5 million, respectively; which was determined through a valuation made by an independent appraiser.
| i) | As of December 31, 2023, and 2022, the balance corresponds mainly to accounts payable to suppliers, accounts payable to client investors in stock exchange, for accounts payable to policyholders, account payable to intermediaries, accounts payable for premiums to the deposit insurance fund, dividend payable to minor shareholders, accounts payable for foreign exchange sale, interbank operations to be settled with the BCRP, among others.
| j) | The movement of the provision for sundry risks for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Balance at the beginning of the year |  |  | 624,149 |  |  |  | 614,012 |  |  |  | 514,382 |
Provision, note 25 |  |  | 95,873 |  |  |  | 43,846 |  |  |  | 70,824 |
Increase (decrease), net |  |  | (58,285 | ) |  |  | (33,709 | ) |  |  | 28,806 |
Balances at the end of the year |  |  | 661,737 |  |  |  | 624,149 |  |  |  | 614,012 |
Because of the nature of its business, the Group has various pending lawsuits, which provisions 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 a provision, 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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