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OTHER ASSETS AND OTHER LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
OTHER ASSETS AND OTHER LIABILITIES [Abstract] |
Components of Other Assets and 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 |
Fair Value of Derivative Financial Instruments, Recorded as an Asset or a Liability | 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.
Maturity Analysis for Derivative Financial Instruments |
| (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 |
Cash Flow Hedges are Expected to Occur and Affect Statement of Income, Net of Deferred Income Tax | 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 |
Movement of Investment Property | 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.
Movement of Provision for Sundry Risks |
| 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 |

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