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CASH AND DUE FROM BANKS (Tables) | 12 Months Ended
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Dec. 31, 2023
CASH AND DUE FROM BANKS [Abstract] |
Composition of Cash and due from Banks |
| a) | The composition of the item is presented below:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Cash and clearing (b) |  |  | 5,227,446 |  |  |  | 5,410,294 |
Deposits with Central Reserve Bank of Peru (BCRP) (b) |  |  | 23,673,777 |  |  |  | 24,160,723 |
Deposits with Central Reserve Bank of Bolivia and bank Republic of Colombia (b) |  |  | 1,397,469 |  |  |  | 634,684 |
Deposits with foreign banks (c) |  |  | 2,951,396 |  |  |  | 2,582,838 |
Deposits with local banks (c) |  |  | 600,180 |  |  |  | 1,009,997 |
Interbank funds |  |  | – |  |  |  | 269,314 |
Accrued interest |  |  | 70,346 |  |  |  | 53,112 |
Total cash and cash equivalents |  |  | 33,920,614 |  |  |  | 34,120,962 |
Restricted funds |  |  | 10,334 |  |  |  | 62,878 |
Total cash |  |  | 33,930,948 |  |  |  | 34,183,840 |
Cash, Clearing and Deposits with Central Banks and Bank of Republic | The composition of these funds is as follows:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Legal cash requirements (i) |  |  |  |  |  |  |  |
Deposits with Central Reserve Bank of Peru |  |  | 21,182,492 |  |  |  | 21,103,687 |
Deposits with Central Reserve Bank of Bolivia |  |  | 1,352,378 |  |  |  | 628,399 |
Deposits with Republic Bank of Colombia |  |  | 45,091 |  |  |  | 6,285 |
Cash in vaults of Bank |  |  | 4,490,602 |  |  |  | 4,714,275 |
Total legal cash requirements |  |  | 27,070,563 |  |  |  | 26,452,646 |
Additional funds |  |  |  |  |  |  |  |
Overnight deposits with Central Reserve Bank of Peru (ii) |  |  | 1,546,478 |  |  |  | 2,013,703 |
Term deposits with Central Reserve Bank of Peru (iii) |  |  | - |  |  |  | 545,000 |
Cash in vaults of Bank and others |  |  | 736,844 |  |  |  | 696,019 |
Other Deposits BCRP |  |  | 944,807 |  |  |  | 498,333 |
Total additional funds |  |  | 3,228,129 |  |  |  | 3,753,055 |
Total |  |  | 30,298,692 |  |  |  | 30,205,701 |
| (i) | As of December 31, 2023 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 34.87 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP; as of December 31, 2022, 6.01 percent and 34.55 percent, respectively.
As of December 31, 2023, part of the additional reserve funds in dollars at a variable rate amounting to US$150.0 million, equivalent to S/556.4 million, have cash flow coverage through interest rate swaps (IRS), through which said funds are converted into dollars at a fixed rate, see note 12(c). The reserve funds, which represent the minimum mandatory, do not earn interest; however, the mandatory reserve deposited in BCRP in excess of minimum mandatory, earns interests at a nominal rate established by BCRP. In Management’s opinion, the Group has complied with the calculation legal cash requirements established by current regulations.
| (ii) | As of December 31, 2023, the Group maintains four “overnight” deposits with the BCRP, of which one is denominated in soles in amount of S/1,160.0 million and two are denominated in U.S. Dollar in amount of US$104.2 million, equivalent to S/386.5 million. At said date, the deposit in soles and deposits in U.S. Dollar accrue interest at annual rates of 4.00 percent and 5.34 percent, respectively, and have maturities at 5 days.
As of December 31, 2022, the Group maintained three “overnight” deposits with the BCRP, which one were denominated in soles in amount of S/35.0 million and two in US Dollar in amount of US$518.8 million, equivalent to S/1,978.7 million. At said date, deposits in soles and deposits in U.S. Dollar accrued interest at annual rates of 5.25 percent and 4.39, respectively, and had maturities at 4 days.
| (iii) | As of December 31, 2023, the Group no maintains term deposits with the BCRP. As of December 31, 2022, the group held four term deposits denominated in soles, accruing interest at an annual rate between 7.30 percent and 7.49 percent and expired on January 3, 2023.

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