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DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended
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Dec. 31, 2023
DUE TO BANKS AND CORRESPONDENTS [Abstract] |
DUE TO BANKS AND CORRESPONDENTS |
14 | DUE TO BANKS AND CORRESPONDENTS
| a) | This item consists of the following:
|  |  | 2023 |  |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
International funds and others (b) |  |  | 7,362,734 |  |  |  | 4,694,617 |
COFIDE and FONCODES credit line (c) |  |  | 4,389,433 |  |  |  | 4,107,294 |
Inter-bank funds |  |  | 324,400 |  |  |  | – |
|  |  | 12,076,567 |  |  |  | 8,801,911 |
Interest payable |  |  | 202,114 |  |  |  | 135,500 |
Total |  |  | 12,278,681 |  |  |  | 8,937,411 |
| b) | This item consists of the following:
|  |  | 2023 |  |  |  | 2022 |
|  |  | S/(000) |  |  |  | S/(000) |
Bank of America N.A. |  |  | 1,019,975 |  |  |  | 149 |
Club Deal Loan (i) |  |  | 923,965 |  |  |  | 946,605 |
Wells Fargo Bank N.A. |  |  | 898,275 |  |  |  | 190,699 |
Bank of New York Mellon |  |  | 593,440 |  |  |  | 572,100 |
International Finance Corporation (IFC) (ii) |  |  | 567,240 |  |  |  | 382,840 |
Standard Chartered Bank Hong Kong LTD |  |  | 483,654 |  |  |  | – |
Sumitomo Mitsui Banking Corporation |  |  | 426,535 |  |  |  | – |
Corporación Financiera de Desarrollo (COFIDE) |  |  | 409,890 |  |  |  | 503,538 |
Caixabank |  |  | 370,900 |  |  |  | 190,700 |
Commerzbank AG |  |  | 370,900 |  |  |  | – |
Banco de la Nación |  |  | 355,000 |  |  |  | – |
Citibank N.A. |  |  | 185,450 |  |  |  | 381,400 |
Zürcher Kantonalbank |  |  | 185,450 |  |  |  | 95,350 |
Bradesco Bac Florida Bank |  |  | 92,725 |  |  |  | 76,280 |
Banco BBVA Perú |  |  | 60,000 |  |  |  | 114,000 |
Bancolombia S.A. |  |  | 58,171 |  |  |  | 59,604 |
Banco Bisa S.A. |  |  | 51,364 |  |  |  | – |
Banco Nacional de Bolivia S.A. |  |  | 50,994 |  |  |  | – |
Banco Internacional del Perú S.A.A. (Interbank) (iii) |  |  | 50,933 |  |  |  | 150,000 |
ICBC Perú Bank S.A. |  |  | 50,000 |  |  |  | 100,000 |
Banco de Occidente |  |  | 47,463 |  |  |  | 84,096 |
Bancoldex |  |  | 45,292 |  |  |  | 126,957 |
Standard Chartered Bank |  |  | – |  |  |  | 266,923 |
Scotiabank Perú S.A.A. |  |  | – |  |  |  | 120,000 |
The Toronto Dominion Bank |  |  | – |  |  |  | 247,910 |
Others |  |  | 65,118 |  |  |  | 85,466 |
Total |  |  | 7,362,734 |  |  |  | 4,694,617 |
As of December 31, 2023, the loans have maturities between January 2024 and April 2035 (between January 2023 and December 2031, as of December 31, 2022) and accrue interest in soles currency at rates that fluctuate between 2.23 percent and 9.33 percent (between 2.23 percent and 9.45 percent, as of December 31, 2022) and accrue interest in foreign currency as follows:
|  | 2023 |  |  | 2022 |
|  | Min |  |  | Max |  |  | Min |  |  | Max |
|  | % |  |  | % |  |  | % |  |  | % |
Boliviano |  |  | 4.90 |  |  |  | 6.90 |  |  |  | 6.00 |  |  |  | 6.00 |
Colombian peso |  |  | 0.45 |  |  |  | 17.64 |  |  |  | 0.40 |  |  |  | 17.04 |
U.S. Dollar |  |  | 5.78 |  |  |  | 7.09 |  |  |  | 1.50 |  |  |  | 6.32 |
| (i) | The balances as of December 31, 2023 and 2022, include a loan under Club Deal Loan for 25 months for US$250.0 million equivalent to S/927.3 million, having five foreign banks as borrowers: Wells Fargo Bank NY - Agent Administrative, Standard Chartered Bank, JP Morgan Chase Bank N.A., HSBC Bank and Bank of America. Subsequently, in April 2023, JP Morgan Chase Bank carried out a partial assignment of its collection rights in favor of ICBC Perú Bank S.A. for US$20.0 million or S/74.2 million, making it the sixth borrower of the Deal Club. The loan accrues interest at a 3-month SOFR variable rate plus a spread of 1.5 percent. Likewise, the expenses linked to said transaction were deferred and are coming accruing proportionally over the life of the loan.
| (ii) | As of December 31, 2023, Mibanco maintain cross currency swaps (CCS) that were designated as cash flow hedges of certain repo operations in U.S. dollars for a nominal amount of US$60.0 million, equivalent to S/222.5 million.
| (iii) | As of December 31, 2023, Mibanco maintain a foreign currency forward for a nominal amount of US$14.7 million, equivalent to S/54.4 million.
| c) | Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they mature between January 2024 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, 2023 (between January 2023 and January 2032 and with annual interest in soles between 3.50 percent and 7.60 percent and interest in foreign currency 7.75 percent as of December 31, 2022). These lines of credit are guaranteed with a portfolio of Fondo Mi Vivienda mortgage loans amounting to S/4,389.4 million and S/4,107.3 million, as of December 31, 2023 and 2022, respectively.
| d) | The following table presents the maturities of due to banks and correspondents as of December 31, 2023 and 2022 based on the period remaining to maturity:
|  | 2023 |  |  | 2022 |
|  | S/(000) |  |  | S/(000) |
Up to 3 months |  |  | 3,513,860 |  |  |  | 1,420,872 |
From 3 months to 1 year |  |  | 3,514,114 |  |  |  | 1,562,224 |
From 1 to 3 years |  |  | 1,568,163 |  |  |  | 2,660,926 |
From 3 to 5 years |  |  | 795,765 |  |  |  | 694,308 |
More than 5 years |  |  | 2,684,665 |  |  |  | 2,463,581 |
Total |  |  | 12,076,567 |  |  |  | 8,801,911 |
| e) | As of December 31, 2023 and 2022, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/11,752.2 million and S/8,801.9 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, 2023 and 2022.

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