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OTHER ASSETS AND OTHER LIABILITIES (Tables)
 12 Months Ended
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