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FINANCIAL AND NON-FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of financial risk management [line Items]  
Direct Credits (Without Interest) Classification into Groups and Allowance for each Types of Loans
The following is a summary of the direct credits (without interest) classified into three important groups and their respective allowance for loan losses for each type of loan; it is important to note that impaired loans are loans in default that are in stage 3. Additionally, it should be noted that, in accordance with IFRS 7, the total balance of the loan is considered overdue when the debtor has failed to make a payment at its contractual maturity.

   
2023
    
2022
  
Commercial loans
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
    
Stage 1
    
Stage 2
    
Stage 3
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Neither past due nor impaired
    
65,012,678
      
4,076,777
      
–
      
69,089,455
      
66,885,472
      
6,848,298
      
–
      
73,733,770
  
Past due but not impaired
    
937,720
      
693,084
      
–
      
1,630,804
      
804,155
      
691,215
      
–
      
1,495,370
  
Impaired
    
–
      
–
      
6,100,142
      
6,100,142
      
–
      
–
      
6,439,760
      
6,439,760
  
Gross
    
65,950,398
      
4,769,861
      
6,100,142
      
76,820,401
      
67,689,627
      
7,539,513
      
6,439,760
      
81,668,900
  
Less: Allowance for loan losses
    
489,706
      
394,868
      
2,330,978
      
3,215,552
      
503,651
      
489,381
      
2,260,569
      
3,253,601
  
Total, net
    
65,460,692
      
4,374,993
      
3,769,164
      
73,604,849
      
67,185,976
      
7,050,132
      
4,179,191
      
78,415,299
  

Residential mortgage loans
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
    
Stage 1
    
Stage 2
    
Stage 3
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Neither past due nor impaired
    
18,590,194
      
2,952,908
      
–
      
21,543,102
      
18,213,711
      
2,747,557
      
–
      
20,961,268
  
Past due but not impaired
    
559,877
      
605,193
      
–
      
1,165,070
      
426,722
      
459,525
      
–
      
886,247
  
Impaired
    
–
      
–
      
1,468,747
      
1,468,747
      
–
      
–
      
1,388,060
      
1,388,060
  
Gross
    
19,150,071
      
3,558,101
      
1,468,747
      
24,176,919
      
18,640,433
      
3,207,082
      
1,388,060
      
23,235,575
  
Less: Allowance for loan losses
    
54,102
      
121,257
      
785,261
      
960,620
      
83,536
      
126,834
      
757,778
      
968,148
  
Total, net
    
19,095,969
      
3,436,844
      
683,486
      
23,216,299
      
18,556,897
      
3,080,248
      
630,282
      
22,267,427
  

Microbusiness loans
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
    
Stage 1
    
Stage 2
    
Stage 3
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Neither past due nor impaired
    
15,728,517
      
3,862,859
      
–
      
19,591,376
      
13,128,339
      
6,452,839
      
–
      
19,581,178
  
Past due but not impaired
    
264,477
      
767,325
      
–
      
1,031,802
      
236,253
      
813,423
      
–
      
1,049,676
  
Impaired
    
–
      
–
      
1,802,572
      
1,802,572
      
–
      
–
      
1,741,439
      
1,741,439
  
Gross
    
15,992,994
      
4,630,184
      
1,802,572
      
22,425,750
      
13,364,592
      
7,266,262
      
1,741,439
      
22,372,293
  
Less: Allowance for loan losses
    
347,783
      
431,278
      
1,288,068
      
2,067,129
      
315,837
      
540,906
      
1,113,145
      
1,969,888
  
Total, net
    
15,645,211
      
4,198,906
      
514,504
      
20,358,621
      
13,048,755
      
6,725,356
      
628,294
      
20,402,405
  

Consumer loans
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
    
Stage 1
    
Stage 2
    
Stage 3
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Neither past due nor impaired
    
14,934,631
      
2,827,796
      
–
      
17,762,427
      
15,136,571
      
3,029,538
      
–
      
18,166,109
  
Past due but not impaired
    
261,414
      
489,658
      
–
      
751,072
      
205,944
      
442,066
      
–
      
648,010
  
Impaired
    
–
      
–
      
1,546,685
      
1,546,685
      
–
      
–
      
1,099,382
      
1,099,382
  
Gross
    
15,196,045
      
3,317,454
      
1,546,685
      
20,060,184
      
15,342,515
      
3,471,604
      
1,099,382
      
19,913,501
  
Less: Allowance for loan losses
    
285,091
      
435,151
      
1,314,373
      
2,034,615
      
300,321
      
439,572
      
940,872
      
1,680,765
  
Total, net
    
14,910,954
      
2,882,303
      
232,312
      
18,025,569
      
15,042,194
      
3,032,032
      
158,510
      
18,232,736
  

Consolidated of loans
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
    
Stage 1
    
Stage 2
    
Stage 3
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Total gross direct loans, Note 7(a)
    
116,289,508
      
16,275,600
      
10,918,146
      
143,483,254
      
115,037,167
      
21,484,461
      
10,668,641
      
147,190,269
  
Total allowance for loan losses, Note 7(a)
    
1,176,682
      
1,382,554
      
5,718,680
      
8,277,916
      
1,203,345
      
1,596,693
      
5,072,364
      
7,872,402
  
Total net direct loans
    
115,112,826
      
14,893,046
      
5,199,466
      
135,205,338
      
113,833,822
      
19,887,768
      
5,596,277
      
139,317,867
  
Renegotiated Loans, Refinanced Loans and Expected Loss
As of December 31, 2023 and 2022, renegotiated loans, refinanced loans and their expected loss are composed as follows:

 
 
2023
 
 
2022
 
 
 
Refinanced loans
 
 
Expected loss
 
 
Refinanced loans
 
 
Expected loss
 
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stage 1
 
 
56,439
 
 
 
1,445
 
 
 
67,619
 
 
 
702
 
Stage 2
 
 
41,380
 
 
 
5,984
 
 
 
23,157
 
 
 
1,698
 
Stage 3
 
 
2,288,349
 
 
 
1,018,911
 
 
 
1,999,383
 
 
 
863,751
 
Total
 
 
2,386,168
 
 
 
1,026,340
 
 
 
2,090,159
 
 
 
866,151
 

 
 
2023
 
 
2022
 
 
 
Renegotiated loans
 
 
Expected loss
 
 
Renegotiated loans
 
 
Expected loss
 
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stage 1
 
 
4,093,815
 
 
 
36,800
 
 
 
5,137,915
 
 
 
60,660
 
Stage 2
 
 
1,536,104
 
 
 
146,087
 
 
 
2,544,631
 
 
 
211,866
 
Stage 3
 
 
1,366,287
 
 
 
877,839
 
 
 
2,023,938
 
 
 
1,268,559
 
Total
 
 
6,996,206
 
 
 
1,060,726
 
 
 
9,706,484
 
 
 
1,541,085
 
Impaired Loans, Fair Value of Collateral and Allowance of Loan Losses

The detail of the gross amount of impaired direct loans by type of loan, together with the fair value of the related collateral and the amounts of its allowance for loan losses, are as follows:


   
2023
    
2022
  
   
Commercial loans
    
Residential mortgage loans
    
Microbusiness loans
    
Consumer loans
    
Total
    
Commercial loans
    
Residential mortgage loans
    
Microbusiness loans
    
Consumer loans
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
     





































Impaired loans
    
6,100,142
      
1,468,747
      
1,802,572
      
1,546,685
      
10,918,146
      
6,439,760
      
1,388,060
      
1,741,439
      
1,099,382
      
10,668,641
  
Fair value of collateral
    
5,013,453
      
1,257,251
      
347,343
      
370,790
      
6,988,837
      
5,646,832
      
1,204,144
      
440,715
      
279,380
      
7,571,071
  
Allowance for loan losses
    
2,330,978
      
785,261
      
1,288,068
      
1,314,373
      
5,718,680
      
2,260,569
      
757,778
      
1,113,145
      
940,872
      
5,072,364
  
Overdue Loans under IFRS 7
The total of the following reflects all overdue loans according to IFRS 7: (i) loans with payment delays of one day or more but that are not considered overdue under internal criteria and (ii) overdue loans under internal criteria.

   
2023
    
2022
  
   
Current loans
    
Current but impaired loans
    
Loans with delays in
payments of one day or more but not considered internal overdue loans
    
Internal
overdue loans
    
Total
    
Total past
due under
IFRS 7
    
Current loans
    
Current but impaired loans
    
Loans with delays in payments of one day or more but not considered internal overdue loans
    
Internal
overdue loans
    
Total
    
Total past
due under
IFRS 7
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
     S/(000)  
Neither past due nor impaired
    
127,986,359
      
–
      
–
      
-
      
127,986,359
      
-
      
132,442,147
      
–
      
–
      
178
      
132,442,325
      
178
  
Past due but not impaired
    
–
      
–
      
4,067,581
      
511,167
      
4,578,748
      
4,578,747
      
-
   
–
      
3,504,999
      
574,304
      
4,079,303
      
4,079,304
  
Impaired debt
    
–
      
4,303,046
      
993,101
      
5,622,000
      
10,918,147
      
6,615,101
      
–
      
4,461,962
      
827,340
      
5,379,339
      
10,668,641
      
6,206,680
  
Total
    
127,986,359
      
4,303,046
      
5,060,682
      
6,133,167
      
143,483,254
      
11,193,848
      
132,442,147
      
4,461,962
      
4,332,339
      
5,953,821
      
147,190,269
      
10,286,161
  
Classification of Direct Loans by Banking and Maturity
The classification of direct loans by type of loan and type of maturity is shown below:

   
2023
    
2022
  
   
Current loans
    
Current but impaired loans
    
Loans with delays in payments of one day or more but not considered internal overdue loans
    
Internal overdue loans
    
Total
    
Current loans
    
Current but impaired loans
    
Loans with delays in payments of one day or more but not considered internal overdue loans
    
Internal overdue loans
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Commercial loans
    
69,089,494
      
2,901,367
      
1,662,457
      
3,167,083
      
76,820,401
      
73,733,752
      
3,115,029
      
1,496,743
      
3,323,376
      
81,668,900
  
Residential mortgage loans
    
21,543,101
      
484,375
      
1,405,344
      
744,099
      
24,176,919
      
20,961,268
      
506,639
      
1,076,953
      
690,715
      
23,235,575
  
Microbusiness loans
    
19,591,337
      
333,213
      
978,265
      
1,522,935
      
22,425,750
      
19,581,019
      
365,265
      
950,477
      
1,475,532
      
22,372,293
  
Consumer loans
    
17,762,427
      
584,091
      
1,014,616
      
699,050
      
20,060,184
      
18,166,108
      
475,029
      
808,166
      
464,198
      
19,913,501
  
Total
    
127,986,359
      
4,303,046
      
5,060,682
      
6,133,167
      
143,483,254
      
132,442,147
      
4,461,962
      
4,332,339
      
5,953,821
      
147,190,269
  
Carrying Amount of Allowances for Direct and Indirect Loans Losses and its Estimation
The following table provides a comparison between the carrying amount of allowance for loan losses for direct loans, indirect loans and due from customers on banker’s acceptances, and its estimation under three scenarios: base, optimistic and pessimistic.

   
2023
    
2022
  
   
S/(000)
    
S/(000)
  
     





Carrying amount
    
8,645,945
      
8,530,986
  
                 
Scenarios:
                
Optimistic
    
8,617,203
      
8,457,825
  
Base
    
8,654,612
      
8,517,295
  
Pessimistic
    
8,712,061
      
8,631,531
  
Risk Rating Analysis of Investments
The following table shows the analysis of the risk-rating of the investments at fair value through profit or loss, at fair value through other comprehensive income and amortized cost provided by the institutions referred to above:

   
2023
    
2022
  
   
S/(000)

%
    
S/(000)

%
  
Instruments rated in Peru:
                            
AAA
    
–
      
–
      
242,679
      
0.5
  
AA- a AA+
    
–
      
–
      
311,810
      
0.7
  
A- to A+
    
65,360
      
0.1
      
1,931,461
      
4.3
  
BBB- to BBB+
    
22,584,226
      
43.3
      
18,828,927
      
41.5
  
BB- to BB+
    
657,658
      
1.3
      
454,480
      
1.0
  
Lower and equal to +B
    
132,148
      
0.3
      
–
      
–
  
Unrated:
                                
BCRP certificates of deposit
    
11,127,919
      
21.3
      
7,019,479
      
15.5
  
Listed and unlisted securities
    
312,648
      
0.6
      
344,842
      
0.8
  
Restricted mutual funds
    
334,162
      
0.6
      
351,317
      
0.8
  
Investment funds
    
651,307
      
1.2
      
628,476
      
1.4
  
Mutual funds
    
1,824
      
–
      
76,111
      
0.2
  
Hedge funds
     –       –       –       –  
Other instruments
    
242,310
      
0.5
      
237,174
      
0.5
  
Subtotal
    
36,109,562
      
69.2
      
30,426,756
      
67.2
  

   
2023
    
2022
  
   
S/(000)

%
    
S/(000)

%
  
Instruments rated abroad:
                            
AAA
    
1,007,270
      
1.9
      
2,313,750
      
5.1
  
AA- a AA+
    
2,447,819
      
4.7
      
1,201,340
      
2.6
  
A- to A+
    
2,709,151
      
5.2
      
1,356,963
      
3.0
  
BBB- to BBB+
    
4,273,210
      
8.2
      
4,322,363
      
9.5
  
BB- to BB+
    
2,045,242
      
3.9
      
2,790,835
      
6.1
  
Lower and equal to +B
    
673,757
      
1.3
      
132,760
      
0.3
  
Unrated:
                                
Listed and unlisted securities
    
60,877
      
0.1
      
34,182
      
0.1
  
Mutual funds
    
1,104,724
      
2.1
      
1,505,939
      
3.3
  
Participations of RAL funds
    
145,414
      
0.3
      
167,781
      
0.4
  
Investment funds
    
547,719
      
1.0
      
257,098
      
0.6
  
Hedge funds
    
291
      
–
      
280
      
-
  
Other instruments
    
1,090,492
      
2.1
      
921,177
      
1.8
  
Subtotal
    
16,105,966
      
30.8
      
15,004,468
      
32.8
  
Total
    
52,215,528
      
100.0
      
45,431,224
      
100.0
  
Concentration of Financial Instruments Exposed to Credit Risk
As of December 31, 2023 and 2022, financial instruments with exposure to credit risk were distributed considering the following economic sectors:

   
2023
    
2022
  
   
At fair value
through profit for loss
                      
At fair value
through profit for loss
                    
   
Held for
trading,
hedging and
others (*)
    
Designated
at inception
    
Financial
assets at
amortized
cost
    
At fair value
through other
comprehensive
income
investments (**)
    
Total
    
Held for
trading,
hedging and
others (*)
    
Designated
at inception
    
Financial
assets at
amortized
cost
    
At fair value
through other
comprehensive
income
investments (**)
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
     





































Central Reserve Bank of Perú
    
192,666
      
–
      
23,642,580
      
10,935,252
      
34,770,498
      
–
      
–
      
24,157,868
      
7,019,479
      
31,177,347
  
Financial services
    
3,409,897
      
73,182
      
14,499,904
      
3,900,949
      
21,883,932
      
3,866,108
      
312,993
      
14,507,901
      
4,311,513
      
22,998,515
  
Commerce
    
5,969
      
29
      
24,611,067
      
1,007,029
      
25,624,094
      
17,992
      
28
      
26,448,551
      
1,412,625
      
27,879,196
  
Manufacturing
    
195,981
      
78
      
22,857,640
      
1,925,973
      
24,979,672
      
139,321
      
35,435
      
23,541,034
      
1,697,174
      
25,412,964
  
Government and public administration
    
1,713,104
      
241,294
      
9,808,792
      
12,068,576
      
23,831,766
      
826,279
      
207
      
10,318,450
      
9,547,356
      
20,692,292
  
Mortgage loans
    
–
      
–
      
23,395,049
      
–
      
23,395,049
      
–
      
–
      
22,381,290
      
–
      
22,381,290
  
Consumer loans
    
–
      
–
      
18,457,100
      
–
      
18,457,100
      
–
      
–
      
18,740,588
      
–
      
18,740,588
  
Real estate and leasing
    
67,209
      
–
      
8,989,709
      
3,248
      
9,060,166
      
68,797
      
–
      
10,088,768
      
15,074
      
10,172,639
  
Communications, storage and transportation
    
69,371
      
495,995
      
8,592,952
      
957,512
      
10,115,830
      
55,499
      
270,906
      
6,495,988
      
1,096,852
      
7,919,245
  
Community services     –       –       6,463,322       –       6,463,322       –       –       6,500,918       –       6,500,918  
Electricity, gas and water
    
134,229
      
83
      
4,642,005
      
4,056,334
      
8,832,651
      
180,772
      
107,161
      
4,884,840
      
3,250,100
      
8,422,873
  
Construction
    
3,336
      
–
      
3,284,049
      
415,280
      
3,702,665
      
12,899
      
–
      
3,633,858
      
384,521
      
4,031,278
  
Agriculture     3,699       –       4,569,647       15,808       4,589,154       485       –       4,867,488       20,942       4,888,915  
Mining
    
9,399
      
–
      
3,755,224
      
155,708
      
3,920,331
      
6,323
      
–
      
3,883,227
      
149,861
      
4,039,411
  
Education, health and others     113,028       271       1,490,560       814,761       2,418,620       89,033       42,071       1,631,340       853,292       2,615,736  
Hotels and restaurants
    
–
      
–
      
2,480,313
      
–
      
2,480,313
       –      
–
      
2,736,252
      
–
      
2,736,252
  
Insurance
    
5,138
      
–
      
88,947
      
193
      
94,278
      
1,363
      
–
      
1,003,613
      
4,542
      
1,009,518
  
Fishing
    
139
      
–
      
658,316
      
–
      
658,455
      
506
      
–
      
578,526
      
–
      
579,032
  
Others
    
47,159
      
–
      
2,426,485
      
787,317
      
3,260,961
      
412,683
      
–
      
2,531,987
      
1,022,830
      
3,967,500
  
Total
    
5,970,324
      
810,932
      
184,713,661
      
37,043,940
      
228,538,857
      
5,678,060
      
768,801
      
188,932,487
      
30,786,161
      
226,165,509
  


(*)
It includes non-trading investments that did not pass SPPI test.


(**)
OCI: Other comprehensive income.
Financial Assets Subject to Offsetting
Financial assets subject to offsetting, enforceable master offsetting agreements and similar agreements:

   
2023
  
         
Net of financial
assets presented
in the consolidated
statements of
financial position
    
Related amounts not offset in the
consolidated statement of
financial position
        
Details
  
Gross amounts
recognized
financial assets
    
Financial
instruments
    
Cash
collateral
received
    
Net amount
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Receivables from derivatives
    
987,663
      
987,663
      
(234,550
)
    
(139,833
)
    
613,280
  
Cash collateral, reverse repurchase agreements and securities borrowing
    
1,410,647
      
1,410,647
      
–
      
(16,924
)
    
1,393,723
  
Investments at fair value through other comprehensive income and amortized cost pledged as collateral
    
6,533,959
      
6,533,959
      
(5,496,964
)
    
–
      
1,036,995
  
Total
    
8,932,269
      
8,932,269
      
(5,731,514
)
    
(156,757
)
    
3,043,998
  

   
2022
  
         
Net of financial
assets presented
in the consolidated
statements of
financial position
    
Related amounts not offset in the
consolidated statement of
financial position
        
Details
  
Gross amounts
recognized
financial assets
    
Financial
instruments
    
Cash
collateral
received
    
Net amount
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Receivables from derivatives
    
1,500,335
      
1,500,335
      
(285,850
)
    
(145,945
)
    
1,068,540
  
Cash collateral, reverse repurchase agreements and securities borrowing
    
1,101,856
      
1,101,856
      
–
   
(224,947
)
    
876,909
  
Investments at fair value through other comprehensive income and amortized cost pledged as collateral
    
3,540,528
      
3,540,528
      
(3,062,627
)
    
–
      
477,901
Total
    
6,142,719
      
6,142,719
      
(3,348,477
)
    
(370,892
)
    
2,423,350
  
Financial Liabilities Subject to Offsetting
Financial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements:

   
2023
  
         
Net amounts of
financial liabilities
presented in the
consolidated
statement of financial
position
    
Related amounts not offset in
the consolidated statement of
financial position
        
Details
  
Gross amounts of
recognized financial
liabilities
    
Financial
instruments
    
Cash
collateral
pledged
    
Net amount
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Payables on derivatives
    
891,999
      
891,999
      
(234,550
)
    
(170,998
)
    
486,451
  
Payables on repurchase agreements and securites lending
    
10,168,427
      
10,168,427
      
(7,566,773
)
    
(607,639
)
    
1,994,015
  
Total
    
11,060,426
      
11,060,426
      
(7,801,323
)
    
(778,637
)
    
2,480,466
  

   
2022
  
         
Net amounts of
financial liabilities
presented in the
consolidated
statement of financial
position
    
Related amounts not offset in
the consolidated statement of
financial position
        
Details
  
Gross amounts of
recognized financial
liabilities
    
Financial
instruments
    
Cash
collateral
pledged
    
Net amount
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Payables on derivatives
    
1,367,274
      
1,367,274
      
(285,850
)
    
(184,378
)
    
897,046
  
Payables on repurchase agreements and securites lending
    
12,966,725
      
12,966,725
      
(10,655,534
)
    
(649,769
)
    
1,661,422
  
Total
    
14,333,999
      
14,333,999
      
(10,941,384
)
    
(834,147
)
    
2,558,468
  
Schedule of VAR by Risk Type
As of December 31, 2023 and 2022, the Group’s VaR by risk type is as follows:

   
2023
     2022  
   
S/(000)
    
S/(000)
  
     





Interest rate risk
    
29,399
      
74,343
  
Price risk
    
5,291
      
5,219
  
Volatility risk
    
20
      
2,032
  
Diversification effect
    
(5,850
)
    
(7,347
)
Consolidated VaR by type of risk
    
28,860
      
74,247
  
Results of Sensitivity Analysis Regarding Changes in Interest Rates
The results of the sensitivity analysis regarding changes in interest rates as of December 31, 2023 and December 31, 2022 are presented below:

2023
Currency
  
Changes in
basis points
  
Sensitivity of net
profit
  
Sensitivity of Net
Economic Value
         
S/(000)
  
S/(000)
Soles
  
+/-
50
  
+/-
15,052
  
-/+
511,851
Soles
  
+/-
75
  
+/-
22,578
  
-/+
767,776
Soles
  
+/-
100
  
+/-
30,104
  
-/+
1,023,702
Soles
  
+/-
150
  
+/-
45,156
  
-/+
1,535,553
U.S. Dollar
  
+/-
50
  
+/-
48,060
  
+/-
119,342
U.S. Dollar
  
+/-
75
  
+/-
72,090
  
+/-
179,013
U.S. Dollar
  
+/-
100
  
+/-
96,120
  
+/-
238,684
U.S. Dollar
  
+/-
150
  
+/-
144,180
  
+/-
358,026

2022
Currency
  
Changes in
basis points
  
Sensitivity of net
profit
  
Sensitivity of Net
Economic Value
         
S/(000)
  
S/(000)
Soles
  
+/-
50
  
-/+
39,920
  
-/+
345,530
Soles
  
+/-
75
  
-/+
59,880
  
-/+
518,295
Soles
  
+/-
100
  
-/+
79,840
  
-/+
691,060
Soles
  
+/-
150
  
-/+
119,760
  
-/+
1,036,590
U.S. Dollar
  
+/-
50
  
+/-
103,546
  
+/-
306,792
U.S. Dollar
  
+/-
75
  
+/-
155,319
  
+/-
460,188
U.S. Dollar
  
+/-
100
  
+/-
207,092
  
+/-
613,584
U.S. Dollar
  
+/-
150
  
+/-
310,638
  
+/-
920,375
Information about Assets and Liabilities by Currencies
Transactions in foreign currency are made at market exchange rates of the countries where Credicorp’s Subsidiaries are established. As of December 31,2023 and 2022, the net open monetary position with effect on results and the equity position of the Group was as follows:

 
  
2023
          
2022
        
 
  
U.S. Dollar
    
Other
currencies
     Total    
U.S. Dollar
    
Other
currencies
     Total  
     
S/(000)

   
S/(000)

    S/(000)
   
S/(000)

   
S/(000)

    S/(000)
 
                                                
Total monetary assets
    
77,387,709
      
495,553
       77,883,262      
77,853,626
      
364,108
       78,217,734  
Total monetary liabilities
    
(79,779,686
)
    
(102,500
)
     (79,882,186 )    
(79,016,765
)
    
(217,568
)
     (79,234,333 )
 
    
(2,391,977
)
    
393,053
       (1,998,924 )    
(1,163,139
)
    
146,540
       (1,016,599 )
 
                                                
Total position in currency derivatives
     2,622,188       (369,458 )     2,252,730       353,166       (127,382 )     225,784  
                                                 
Hedging a foreign investment (*)
    
–
      
–
       –      
872,750
      
–
       872,750  
                                                 
Total monetary position with effect on income
     230,211       23,595       253,806       62,777       19,158       81,935  
                                                 
Total monetary position with effect on equity
     904,434       2,204,984       3,109,418       785,030       1,872,697       2,657,727  
 
                                                
Net monetary position
    
1,134,645
      
2,228,579
       3,363,224      
847,807
      
1,891,855
       2,739,662  

(*) As of December 31, 2023 the accounting hedge of net investment abroad was revoked, where part of our liability position in dollars related to the balance of the caption “bonds and notes issued”, see Note 15(a)(iii), was designated as cover our permanent investment in Atlantic Security Holding.
Sensitivity Analysis
The following is a sensitivity analysis of the foreign exchange position with an effect on the consolidated statement of income:

Currency rate sensibility
  
Change in
currency
rates
    

 2023
    
 2022
  
   
%
    
S/000
    
S/000
  
                       
Depreciation -
                      
Soles in relation to U.S. Dollar
    
5
      
10,962
      
2,989
  
Soles in relation to U.S. Dollar
    
10
      
20,928
      
5,707
  
                         
Appreciation -
                        
Soles in relation to U.S. Dollar
    
5
      
(12,116
)
    
(3,304
)
Soles in relation to U.S. Dollar
    
10
      
(25,579
)
    
(6,975
)

The following is the sensitivity analysis of the foreign exchange position with effect in other comprehensive income, being the main currencies of  exposure: U.S. Dollar, Boliviano,Colombian Peso and Chilean Peso. This analysis is shown as of December 31, 2023 and 2022:
Currency rate sensibility
  
Change in
currency
rates
    
2023
    

2022
  
   
%
    
S/000
    
S/000
  
                       
Depreciation -
                      
Soles in relation to U.S. Dollar
    
5
      
43,377
      
37,382
  
Soles in relation to U.S. Dollar
    
10
      
82,812
      
71,366
  
                         
Appreciation -
                        
Soles in relation to U.S. Dollar
    
5
      
(47,944
)
    
(41,317
)
Soles in relation to U.S. Dollar
    
10
      
(101,214
)
    
(87,226
)

Currency rate sensibility
  
Change in
currency
rates
    
2023
    
2022
  
   
%
    
S/000
    
S/000
  
                       
Depreciation -
                      
Soles in relation to Boliviano
    
5
      
40,969
      
45,462
  
Soles in relation to Boliviano
    
10
      
78,214
      
86,791
  
                         
Appreciation -
                        
Soles in relation to Boliviano
    
5
      
(45,282
)
    
(50,247
)
Soles in relation to Boliviano
    
10
      
(95,595
)
    
(106,078
)

Currency rate sensibility
  
Change in
currency
rates
    
2023
    
2022
  
   
%
    
S/000
    
S/000
  
                       
Depreciation -
                      
Soles in relation to Peso Colombiano
    
5
      
45,804
      
26,984
  
Soles in relation to Peso Colombiano
    
10
      
87,444
      
51,515
  
                         
Appreciation -
                        
Soles in relation to Peso Colombiano
    
5
      
(50,626
)
    
(29,825
)
Soles in relation to Peso Colombiano
    
10
      
(106,876
)
    
(62,963
)

Currency rate sensibility
  
Change in
currency
rates
    

2023
    
2022
  
   
%
    
S/000
    
S/000
  
                       
Depreciation -
                      
Soles in relation to Peso Chileno
    
5
      
18,136
      
16,571
  
Soles in relation to Peso Chileno
    
10
      
34,624
      
31,636
  
                         
Appreciation -
                        
Soles in relation to Peso Chileno
    
5
      
(20,046
)
    
(18,316
)
Soles in relation to Peso Chileno
    
10
      
(42,318
)
    
(38,667
)
Cash Flows Associated with Remaining Contractual Maturities
The table below presents the cash flows payable by the Group by remaining contractual maturities (including future interest payments) at the date of the consolidated statement of financial position. The amounts disclosed in the table are the contractual undiscounted cash flows:

   
2023
    
2022
  
   
Up to a
month
    
From 1 to
3 months
    
From 3 to
12 months
    
From 1 to
5 years
    
Over 5
Year
    
Total
    
Up to a
month
    
From 1 to
3 months
    
From 3 to
12 months
    
From 1 to
5 years
    
Over 5
Year
    
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)

                                                                                                 
Financial assets
    
38,552,719
      
26,270,643
      
60,976,000
      
92,329,896
      
47,960,945
      
266,090,203
      
51,659,698
      
29,779,019
      
55,988,081
      
81,860,492
      
45,784,016
      
265,071,306
  
                                                                                                 
Financial liabilities by type -
                                                                                                
Deposits and obligations
    
42,289,107
      
18,369,890
      
26,491,876
      
55,511,772
      
9,275,728
      
151,938,373
      
37,822,104
      
13,802,039
      
25,833,124
      
64,047,112
      
8,546,334
      
150,050,713
  
Payables from reverse purchase agreements and security lendings and due to banks and correspondents
    
6,048,623
      
2,581,452
      
5,994,505
      
5,749,977
      
3,901,739
      
24,276,296
      
4,359,993
      
2,368,114
      
6,525,912
      
7,913,422
      
10,387,277
      
31,554,718
  
Financial liabilities designated at fair value through profit or loss
    
641,915
      
–
      
–
      
–
      
–
      
641,915
      
191,010
      
–
      
–
      
–
      
–
      
191,010
  
Bonds and notes issued
    
214,609
      
188,158
      
5,624,264
      
7,492,224
      
579,266
      
14,098,521
      
217,504
      
171,471
      
3,357,173
      
13,402,553
      
374,935
      
17,523,636
  
Lease liabilities
    
30,710
      
33,118
      
89,984
      
256,960
      
102,344
      
513,116
      
32,390
      
35,637
      
105,931
      
314,714
      
129,445
      
618,117
  
Other liabilities
    
3,646,610
      
358,303
      
241,182
      
8,484
      
1,636,332
      
5,890,911
      
3,885,942
      
217,108
      
249,763
      
7,654
      
1,649,079
      
6,009,546
  
Total liabilities
    
52,871,574
      
21,530,921
      
38,441,811
      
69,019,417
      
15,495,409
      
197,359,132
      
46,508,943
      
16,594,369
      
36,071,903
      
85,685,455
      
21,087,070
      
205,947,740
  
                                                                                                 
Derivative financial liabilities -
                                                                                                
Contractual amounts receivable (Inflows)
    
961,788
      
1,059,625
      
3,153,643
      
1,394,394
      
30,653
      
6,600,103
      
1,451,819
      
1,931,304
      
972,276
      
876,270
      
384,857
      
5,616,526
  
Contractual amounts payable (outflows)
    
939,961
      
1,053,036
      
3,185,326
      
1,329,268
      
28,899
      
6,536,490
      
1,454,360
      
1,932,240
      
977,394
      
840,215
      
334,500
      
5,538,709
  
Total liabilities
    
21,827
      
6,589
      
(31,683
)
    
65,126
      
1,754
      
63,613
      
(2,541
)
    
(936
)
    
(5,118
)
    
36,055
      
50,357
      
77,817
  
Estimates of Accumulated Claims Incurred
The following table shows the estimates of accumulated claims incurred as of December 31, 2023:

   
2014
    
2015
    
2016
    
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
      S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
Gross estimates of the undiscounted amount of the claims:
                                                                                        
At the end of the claim year
    
1,397,461
      
963,490
      
1,039,516
      
1,628,377
      
1,154,065
      
1,450,470
      
1,538,564
      
2,000,372
      
1,687,397
      
1,724,774
      
14,584,486
  
1 year later
    
1,027
      
3,453
      
3,475
      
1,693
      
6,872
      
9,523
      
38,655
      
137,774
      
317,513
      
614,260
      
1,134,245
  
2 years later
    
129
      
577
      
3,441
      
4,265
      
8,398
      
5,701
      
13,276
      
71,537
      
197,750
      
191,387
      
496,461
  
3 years later
    
–
      
53
      
505
      
3,902
      
4,665
      
2,263
      
5,093
      
22,757
      
89,213
      
99,775
      
228,226
  
4 years later
    
–
      
–
      
81
      
278
      
3,148
      
4,684
      
2,712
      
7,511
      
24,184
      
44,274
      
86,872
  
5 years later
    
–
      
–
      
–
      
28
      
262
      
4,008
      
5,379
      
2,762
      
7,492
      
15,491
      
35,422
  
6 years later
    
–
      
–
      
–
      
–
      
40
      
438
      
4,331
      
7,395
      
2,405
      
4,663
      
19,272
  
7 years later
    
–
      
–
      
–
      
–
      
–
      
93
      
358
      
5,953
      
6,962
      
6,197
      
19,563
  
8 years later
    
–
      
–
      
–
      
–
      
–
      
–
      
42
      
66
      
4,639
      
9,695
      
14,442
  
9 years later
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
29
      
356
      
1,648
      
2,033
  
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence.
    
1,398,617
      
967,573
      
1,047,018
      
1,638,543
      
1,177,450
      
1,477,180
      
1,608,410
      
2,256,156
      
2,337,911
      
2,712,164
      
16,621,022
  
Liabilities / Gross Obligations accumulated by claims
    
3,672
      
6,335
      
8,955
      
13,396
      
30,289
      
34,361
      
81,747
      
321,842
      
839,516
      
1,421,449
      
2,761,562
  
Discount event
    
(527
)
    
(775
)
    
(1,207
)
    
(1,687
)
    
(2,890
)
    
(3,597
)
    
(7,361
)
    
(27,666
)
    
(64,783
)
    
(83,109
)
    
(193,602
)
Effect of Risk Adjustment for non-financial risk
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
21,590
      
21,590
  
Gross LIC of the Temporary Regime and Definitive Regime
    
3,145
      
5,560
      
7,748
      
11,709
      
27,399
      
30,764
      
74,386
      
294,176
      
774,733
      
1,359,929
      
2,589,549
  
Gross provision for incurred claims.
    
6,290
      
11,120
      
15,496
      
23,418
      
54,798
      
61,528
      
148,772
      
588,352
      
1,549,466
      
2,719,859
      
5,179,099
  

The following table shows the estimates of accumulated claims incurred as of December 31, 2022:

   
2013
    
2014
    
2015
    
2016
    
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
      S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
    S/(000)
Gross estimates of the undiscounted amount of the claims:
                                                                                        
At the end of the claim year
    
1,141,142
      
800,436
      
998,136
      
1,073,982
      
1,698,250
      
1,193,707
      
1,433,243
      
1,538,374
      
1,828,421
      
2,034,760
      
13,740,451
  
1 year later
    
–
      
2,967
      
2,876
      
1,752
      
6,463
      
7,683
      
24,014
      
88,496
      
203,932
      
334,135
      
672,318
  
2 years later
    
–
      
–
      
2,797
      
3,113
      
8,586
      
4,570
      
14,697
      
63,339
      
168,287
      
186,582
      
451,971
  
3 years later
    
–
      
–
      
–
      
2,578
      
4,092
      
2,842
      
4,127
      
29,408
      
94,517
      
77,225
      
214,789
  
4 years later
    
–
      
–
      
–
      
–
      
3,178
      
3,085
      
2,408
      
6,004
      
44,507
      
41,660
      
100,842
  
5 years later
    
–
      
–
      
–
      
–
      
–
      
3,207
      
3,298
      
3,340
      
9,036
      
19,976
      
38,857
  
6 years later
    
–
      
–
      
–
      
–
      
–
      
–
      
2,041
      
4,258
      
4,259
      
9,282
      
19,840
  
7 years later
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
1,888
      
5,650
      
2,918
      
10,456
  
8 years later
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
2,022
      
6,941
      
8,963
  
9 years later
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
6,312
      
6,312
  
Accumulated gross claims and other directly attributable expenses paid for the year of occurrence.
    
1,141,142
      
803,403
      
1,003,809
      
1,081,425
      
1,720,569
      
1,215,094
      
1,483,828
      
1,735,107
      
2,360,631
      
2,719,791
      
15,264,799
  
Liabilities / Gross Obligations accumulated by claims
    
2,043
      
6,503
      
6,723
      
10,070
      
31,556
      
27,675
      
77,292
      
244,120
      
675,107
      
1,485,336
      
2,566,425
  
Discount event
    
(293
)
    
(580
)
    
(740
)
    
(1,101
)
    
(2,256
)
    
(2,051
)
    
(6,629
)
    
(19,828
)
    
(49,865
)
    
(90,322
)
    
(173,665
)
Effect of Risk Adjustment for non-financial risk
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
13,478
      
13,478
  
Gross LIC of the Temporary Regime and Definitive Regime
    
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
      
–
  
Gross provision for incurred claims.
    
1,750
      
5,923
      
5,983
      
8,969
      
29,300
      
25,624
      
70,663
      
224,292
      
625,242
      
1,408,492
      
2,406,238
  
Analysis of Financial Instruments Measured at Fair Value by Level in Fair Value Hierarchy
The following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy into which the fair value measurement is categorized. The amounts are based on the values recognized in the consolidated statement of financial position:

         
2023
    
2022
  
   
Note
    
Level 1
    
Level 2
    
Level 3
    
Total
    
Level 1
    
Level 2
    
Level 3
    
Total
  
         
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Financial assets
                                                                      
Derivative financial instruments:
                                                                      
Currency swaps
          
–
      
230,818
      
–
      
230,818
      
–
      
410,439
      
–
      
410,439
  
Interest rate swaps
          
–
      
384,238
      
–
      
384,238
      
–
      
467,140
      
–
      
467,140
  
Foreign currency forwards
          
–
      
334,562
      
–
      
334,562
      
–
      
500,348
      
–
      
500,348
  
Cross currency swaps
          
–
      
35,754
      
–
      
35,754
      
–
      
98,656
      
–
      
98,656
  
Foreign exchange options
          
–
      
1,104
      
–
      
1,104
      
–
      
1,349
      
–
      
1,349
  
Futures
          
–
      
1,187
      
–
      
1,187
      
–
      
794
      
–
      
794
  
     
12(c)
   
–
      
987,663
      
–
      
987,663
      
–
      
1,478,726
      
–
      
1,478,726
  
                                                                         
Investments at fair value through profit or loss
    
6(a)
   
2,983,312
      
919,499
      
1,079,850
      
4,982,661
      
2,619,090
      
608,714
      
971,530
      
4,199,334
  
Financial assets at fair value through profit or loss
    

     
810,582
      
350
      
–
      
810,932
      
768,187
      
614
      
–
      
768,801
  
                                                                         
Investments at fair value through other comprehensive income:
                                                                        
Debt Instruments
                                                                        
Corporate bonds
            
6,176,329
      
7,139,979
      
68,842
      
13,385,150
      
6,103,452
      
6,874,613
      
–
      
12,978,065
  
Government treasury bonds
            
9,722,319
      
867,883
      
–
      
10,590,202
      
7,917,699
      
768,441
      
–
      
8,686,140
  
Certificates of deposit BCRP
            
–
      
10,935,253
      
–
      
10,935,253
      
–
      
7,019,479
      
–
      
7,019,479
  
Negotiable certificates of deposit
            
–
      
482,047
      
–
      
482,047
      
–
      
607,218
      
–
      
607,218
  
Securitization instruments
            
–
      
683,930
      
–
      
683,930
      
–
      
673,836
      
–
      
673,836
  
Subordinated bonds
            
71,590
      
209,349
      
–
      
280,939
      
176,712
      
186,714
      
–
      
363,426
  
Other instruments
            
–
      
297,220
      
54,397
      
351,617
      
–
      
121,642
      
–
      
121,642
  
Equity instruments
            
147,681
      
173,253
      
13,868
      
334,802
      
159,240
      
160,738
      
16,377
      
336,355
  
     
6(b)
   
16,117,919
      
20,788,914
      
137,107
      
37,043,940
      
14,357,103
      
16,412,681
      
16,377
      
30,786,161
  
                                                                         
Total financial assets
            
19,911,813
      
22,696,426
      
1,216,957
      
43,825,196
      
17,744,380
      
18,500,735
      
987,907
      
37,233,022
  
                                                                         
Financial liabilities
                                                                        
Derivatives financial instruments:
                                                                        
Currency swaps
            
–
      
429,365
      
–
      
429,365
      
–
      
749,420
      
–
      
749,420
  
Foreign currency forwards
            
–
      
205,341
      
–
      
205,341
      
–
      
288,857
      
–
      
288,857
  
Interest rate swaps
            
–
      
205,112
      
–
      
205,112
      
–
      
278,385
      
–
      
278,385
  
Cross currency swaps
            
–
      
46,561
      
–
      
46,561
      
–
      
24,385
      
–
      
24,385
  
Foreign exchange options
            
–
      
4,002
      
–
      
4,002
      
–
      
3,168
      
–
      
3,168
  
Futures
            
–
      
1,618
      
–
      
1,618
      
–
      
1,450
      
–
      
1,450
  
     
12(c)
   
–
      
891,999
      
–
      
891,999
      
–
      
1,345,665
      
–
      
1,345,665
  
Financial liabilities at fair value through profit or loss
            
–
      
641,915
      
–
      
641,915
      
–
      
191,010
      
–
      
191,010
  
                                                                         
Total financial liabilities
            
–
      
1,533,914
      
–
      
1,533,914
      
–
      
1,536,675
      
–
      
1,536,675
  
Carrying Amounts and Fair Values of Financial Instruments which are not Measured at Fair Value
We present below the disclosure of the comparison between the carrying amounts and fair values of the financial instruments, which are not measured at fair value, presented in the consolidated statement of financial position by level of the fair value hierarchy:

   
2023
    
2022
  
   
Level 1
    
Level 2
    
Level 3
    
Fair value
    
Book value
    
Level 1
    
Level 2
    
Level 3
    
Fair value
    
Book value
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
Assets
                                                                                
Cash and due from banks
    
–
      
33,930,948
      
–
      
33,930,948
      
33,930,948
      
–
      
34,183,840
      
–
      
34,183,840
      
34,183,840
  
Cash collateral, reverse repurchase agreements and securities borrowing
    
–
      
1,410,647
      
–
      
1,410,647
      
1,410,647
      
–
      
1,101,856
      
–
      
1,101,856
      
1,101,856
  
Investments at amortized cost
    
9,338,213
      
362,100
      
–
      
9,700,313
      
10,188,927
      
8,849,683
      
292,335
      
–
      
9,142,018
      
10,445,729
  
Loans, net
    
–
      
136,698,135
      
–
      
136,698,135
      
136,698,135
      
–
      
140,753,972
      
–
      
140,753,972
      
140,753,972
  
Due from customers on banker’s acceptances
    
–
      
412,401
      
–
      
412,401
      
412,401
      
–
      
699,678
      
–
      
699,678
      
699,678
  
Reinsurance contract assets
     –       872,046       –       872,046       872,046       –       744,008       –       744,008       744,008  
Other assets
    
–
      
3,593,296
      
–
      
3,593,296
      
3,593,296
      
–
      
1,747,412
      
–
      
1,747,412
      
1,747,412
  
Total
    
9,338,213
      
177,279,573
      
–
      
186,617,786
      
187,106,400
      
8,849,683
      
179,523,101
      
–
      
188,372,784
      
189,676,495
  
                                                                                 
Liabilities
                                                                                
Deposits and obligations
    
–
      
147,704,994
      
–
      
147,704,994
      
147,704,994
      
–
      
147,020,787
      
–
      
147,020,787
      
147,020,787
  
Payables on repurchase agreements and securities lending
    
–
      
10,168,427
      
–
      
10,168,427
      
10,168,427
      
–
      
12,966,725
      
–
      
12,966,725
      
12,966,725
  
Due to Banks and correspondents and other entities
    
–
      
12,308,392
      
–
      
12,308,392
      
12,278,681
      
–
      
9,012,529
      
–
      
9,012,529
      
8,937,411
  
Due from customers on banker’s acceptances
    
–
      
412,401
      
–
      
412,401
      
412,401
      
–
      
699,678
      
–
      
699,678
      
699,678
  
Lease liabilities
    
–
      
512,579
      
–
      
512,579
      
512,579
      
–
      
578,074
      
–
      
578,074
      
578,074
  
Bond and notes issued
    
–
      
14,742,600
      
–
      
14,742,600
      
14,594,785
      
–
      
16,610,504
      
–
      
16,610,504
      
17,007,194
  
Insurance contract liability
     –       12,318,133       –       12,318,133       12,318,133       –       11,154,008       –       11,154,008       11,154,008  
Other liabilities
    
–
      
4,586,511
      
–
      
4,586,511
      
4,586,511
      
–
      
3,964,203
      
–
      
3,964,203
      
3,964,203
  
Total
    
–
      
202,754,037
      
–
      
202,754,037
      
202,576,511
      
–
      
202,006,508
      
–
      
202,006,508
      
202,328,080
  
Value of Net Assets under Administration of Balance Sheet
As of December 31, 2023 and 2022, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows:

   
2023
    
2022
  
                 
Investment funds and mutual funds
    
55,773
      
69,264
  
Pension funds
    
36,867
      
30,596
  
Equity managed     35,016       35,062  
Bank trusts
    
3,949
      
4,269
  
Total
    
131,605
      
139,191
  
Credit Risk Geographical Areawise [Member]  
Disclosure of financial risk management [line Items]  
Concentration of Financial Instruments Exposed to Credit Risk
As of December 31, 2023 and 2022 financial instruments with exposure to credit risk were distributed by the following geographical areas:

   
2023
    
2022
  
   
At fair value
through profit for loss
                      
At fair value
through profit for loss
                    
   
Held for
trading,
hedging and
others (*)
    
Designated
at inception
    
Financial
assets at
amortized
cost
    
At fair value
through other
comprehensive
income
investments (**)
    
Total
    
Held for
trading,
hedging and
others (*)
    
Designated
at inception
    
Financial
assets at
amortized
cost
    
At fair value
through other
comprehensive
income
investments (**)
    
Total
  
   
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
    
S/(000)
  
     





































America:
                                                                                
Peru
    
1,601,757
      
1,333
      
163,235,790
      
25,099,606
      
189,938,486
      
1,257,305
      
328
      
167,378,965
      
19,370,001
      
188,006,599
  
Bolivia
    
550,271
      
–
      
11,609,164
      
861,246
      
13,020,681
      
588,484
      
–
      
10,808,527
      
747,078
      
12,144,089
  
United States of America
    
736,813
      
258
      
2,464,455
      
7,260,134
      
10,461,660
      
839,762
      
450,160
      
1,799,795
      
7,332,491
      
10,422,208
  
Colombia
    
1,692,862
      
–
      
3,939,155
      
796,126
      
6,428,143
      
894,043
      
6,359
      
4,073,211
      
688,313
      
5,661,926
  
Chile
    
310,247
      
–
      
1,629,984
      
590,346
      
2,530,577
      
622,346
      
–
      
2,287,020
      
652,915
      
3,562,281
  
Brazil
    
11,837
      
–
      
121,301
      
168,426
      
301,564
      
3,091
      
–
      
1,123,155
      
194,138
      
1,320,384
  
Mexico
    
14,040
      
–
      
195,420
      
396,581
      
606,041
      
16,561
      
40,811
      
132,132
      
385,631
      
575,135
  
Panama
    
4,166
      
–
      
389,002
      
68,364
      
461,532
      
383
      
–
      
402,303
      
47,551
      
450,237
  
Canada
    31,772       –       29,760       92,571       154,103       38,413       –       34,449       103,661       176,523  
Europe:
                                                                                
France
     168,648       –       9,569       136,787       315,004       163,577       7,584       28,841       152,041       352,043  
Luxembourg
     617,676       –       7,020       –       624,696       1,038,393       –       7,020       –       1,045,413  
United Kingdom
    
64,738
      
–
      
53,576
      
266,628
      
384,942
      
93,717
      
1,978
      
16,017
      
193,810
      
305,522
  
Spain
    
23,356
      
–
      
14,721
      
198,504
      
236,581
      
–
      
–
      
88,723
      
28,840
      
117,563
  
Switzerland
    
4,705
      
–
      
166
      
32,121
      
36,992
      
4
      
–
      
175
      
82,129
      
82,308
  
Netherlands
    
–
      
–
      
2,247
      
40,112
      
42,359
      
–
      
–
      
31,483
      
39,038
      
70,521
  
Others in Europe
    
74,709
      
–
      
293,096
      
92,726
      
460,531
      
80,611
      
10,126
      
51,758
      
136,207
      
278,702
  
Others
    
62,727
      
809,341
      
719,235
      
943,662
      
2,534,965
      
41,370
      
251,455
      
668,913
      
632,317
      
1,594,055
  
Total
    
5,970,324
      
810,932
      
184,713,661
      
37,043,940
      
228,538,857
      
5,678,060
      
768,801
      
188,932,487
      
30,786,161
      
226,165,509
  


(*)
It includes non-trading investments that did not pass SPPI test.


(**)
OCI: Other comprehensive income.
Market Price Change Risk [Member]  
Disclosure of financial risk management [line Items]  
Results of Sensitivity Analysis Regarding Changes in Interest Rates
The market price sensitivity tests as of December 31, 2023, and December 31,  2022, are presented below:

Equity securities
  
Measured at fair value through other comprehensive income
  
Change in
market prices
    
2023
    
2022
  
    %    
S/(000)
    
S/(000)
  
   









Equity securities
    
+/-10
      
33,480
      
32,649
  
Equity securities
    
+/-25
      
83,700
      
81,621
  
Equity securities
    
+/-30
      
100,440
      
97,946
  

Funds
  
Measured at fair value through profit or loss
  
Change in
market prices
    
2023
    
2022
  
    %    
S/(000)
    
S/(000)
  
   









Mutual funds
    
+/-10
      
108,747
      
157,932
  
Mutual funds
    
+/-25
      
271,867
      
394,831
  
Mutual funds
    
+/-30
      
326,241
      
473,797
  
Restricted mutual funds
    
+/-10
      
33,416
      
35,132
  
Restricted mutual funds
    
+/-25
      
83,541
      
87,829
  
Restricted mutual funds
    
+/-30
      
100,249
      
105,395
  
Participation in RAL funds
    
+/-10
      
14,541
      
16,778
  
Participation in RAL funds
    
+/-25
      
36,354
      
41,945
  
Participation in RAL funds
    
+/-30
      
43,624
      
50,334
  
Investment funds
    
+/-10
      
118,071
      
86,053
  
Investment funds
    
+/-25
      
295,178
      
215,133
  
Investment funds
    
+/-30
      
354,214
      
258,160
  
Hedge funds
    
+/-10
      
29
      
28
  
Hedge funds
    
+/-25
      
73
      
70
  
Hedge funds
    
+/-30
      
87
      
84
  
Exchange Trade Funds
    
+/-10
      
2,958
      
2,504
  
Exchange Trade Funds
    
+/-25
      
7,396
      
6,261
  
Exchange Trade Funds
    
+/-30
      
8,875
      
7,513
  
Interest Rate Risk [Member]  
Disclosure of financial risk management [line Items]  
Concentration of Financial Instruments Exposed to Credit Risk
The table below summarizes the Group’s exposure to interest rate risks. It includes the Group’s financial instruments at carrying amounts, categorized by the earlier of contractual re-pricing or maturity dates, what occurs first:

   
2023
  
   
Up to 1
month
    
1 to 3
months
    
3 to 12
months
    
1 to 5
years
    
More than
5 years
    
Non-interest
bearing
    
Total
  
     
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
Assets
                                                        
Cash and cash collateral, reverse repurchase agreements and securities borrowing
    
13,900,784
      
1,707,822
      
3,050,481
      
8,674,709
      
273,214
      
7,734,585
      
35,341,595
  
Investments
    
1,331,553
      
4,489,604
      
9,475,564
      
12,827,007
      
18,773,061
      
336,078
      
47,232,867
  
Loans, net
    
19,650,760
      
16,975,402
      
38,874,328
      
46,963,496
      
14,420,760
      
(186,611
)
    
136,698,135
  
Financial assets designated at fair value through profit or loss
    
–
      
–
      
–
      
–
      
–
      
810,932
      
810,932
  
Reinsurance and insurance contract assets
    
872,046
      
–
      
–
      
–
      
–
      
–
      
872,046
  
Other assets (*)
    
143,214
      
7,053
      
31,753
      
–
      
–
      
2,381,135
      
2,563,155
  
Total assets
    
35,898,357
      
23,179,881
      
51,432,126
      
68,465,212
      
33,467,035
      
11,076,119
      
223,518,730
  
                                                         
Liabilities
                                                        
Deposits and obligations
    
40,740,255
      
16,793,946
      
22,762,047
      
57,611,088
      
8,418,281
      
1,379,377
      
147,704,994
  
Payables from repurchase agreements and securities lending
    
5,987,961
      
6,344,769
      
3,477,433
      
3,238,356
      
3,026,066
      
372,523
      
22,447,108
  
Insurance and reinsurance contract liability
    
116,515
      
178,525
      
496,768
      
1,862,006
      
6,822,694
      
2,841,625
      
12,318,133
  
Financial liabilities at fair value through profit or loss
    
–
      
–
      
–
      
–
      
–
      
641,915
      
641,915
  
Bonds and Notes issued
    
81,635
      
94,831
      
5,711,424
      
7,944,189
      
603,511
      
159,195
      
14,594,785
  
Other liabilities (*)
    
497,682
      
–
      
2,046
      
–
      
–
      
4,546,082
      
5,045,810
  
Equity
    
–
      
–
      
–
      
–
      
–
      
33,107,065
      
33,107,065
  
Total liabilities and equity
    
47,424,048
      
23,412,071
      
32,449,718
      
70,655,639
      
18,870,552
      
43,047,782
      
235,859,810
  
                                                         
Off-balance-sheet accounts
                                                        
Derivative financial assets
    
72,943
      
–
      
676,380
      
–
      
–
      
–
      
749,323
  
Derivative financial liabilities
    
630,109
      
401,730
      
54,849
      
1,936,331
      
–
      
–
      
3,023,019
  
     
(557,166
)
    
(401,730
)
    
621,531
      
(1,936,331
)
    
–
      
–
      
(2,273,696
)
Marginal gap
    
(12,082,857
)
    
(633,920
)
    
19,603,939
      
(4,126,758
)
    
14,596,483
      
(31,971,663
)
    
(14,614,776
)
Accumulated gap
    
(12,082,857
)
    
(12,716,777
)
    
6,887,162
      
2,760,404
      
17,356,887
      
(14,614,776
)
    
–
  

(*) Other assets and other liabilities only include financial accounts.

Investments for trading purposes are not considered (investments at fair value through profit or loss and trading derivatives), because these instruments are part of the trading book and the Value at Risk methodology is used to measure market risks.

   
2022
  
   
Up to 1
month
    
1 to 3
months
    
3 to 12
months
    
1 to 5
years
    
More than
5 years
    
Non-interest
bearing
    
Total
  
     
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
   
S/(000)
      
S/(000)
   
S/(000)
                                                         
Assets
                                                        
 Cash and cash collateral, reverse repurchase agreements and securities borrowing
    
15,413,219
      
1,339,844
      
2,635,747
      
8,875,620
      
184,437
      
6,836,829
      
35,285,696
  
Investment
    
6,177,458
      
2,548,155
      
3,088,999
      
10,793,965
      
18,286,282
      
337,031
      
41,231,890
  
Loans, net
    
18,513,077
      
20,548,048
      
38,917,974
      
46,932,699
      
15,367,868
      
474,306
      
140,753,972
  
Financial assets designated at fair value through profit or loss
    
–
      
–
      
–
      
–
      
–
      
768,801
      
768,801
  
Reinsurance and insurance contract assets
    
62,001
      
124,001
      
558,006
      
–
      
–
      
–
      
744,008
  
Other assets (*)
    
66,225
      
–
      
–
      
–
      
–
      
2,531,629
      
2,597,854
  
Total assets
    
40,231,980
      
24,560,048
      
45,200,726
      
66,602,284
      
33,838,587
      
10,948,596
      
221,382,221
  
                                                         
Liabilities
                                                        
Deposits and obligations
    
36,293,889
      
13,244,363
      
24,789,328
      
61,459,266
      
8,201,016
      
3,032,925
      
147,020,787
  
Payables from repurchase agreements and securities lending
    
2,919,374
      
2,193,017
      
5,582,701
      
7,368,172
      
3,160,922
      
679,950
      
21,904,136
  
Insurance and reinsurance contract liability
    
198,602
      
279,488
      
515,873
      
1,526,519
      
7,329,609
      
1,303,917
      
11,154,008
  
Financial liabilities at fair value through profit or loss
    
–
      
–
      
–
      
–
      
–
      
191,010
      
191,010
  
Bonds and Notes issued
    
48,301
      
73,546
      
3,186,038
      
13,330,687
      
357,352
      
11,270
      
17,007,194
  
Other liabilities (*)
    
540,778
      
72,584
      
2,854
      
–
      
–
      
4,072,451
      
4,688,667
  
Equity
    
–
      
–
      
–
      
–
      
–
      
29,595,213
      
29,595,213
  
Total liabilities and equity
    
40,000,944
      
15,862,998
      
34,076,794
      
83,684,644
      
19,048,899
      
38,886,736
      
231,561,015
  
                                                         
Off-balance-sheet accounts
                                                        
Derivative financial assets
    
171,485
      
830,415
      
450,835
      
931,208
      
–
      
–
      
2,383,943
  
Derivative financial liabilities
    
149,938
      
46,232
      
165,610
      
1,844,839
      
95,350
      
–
      
2,301,969
  
     
21,547
      
784,183
      
285,225
      
(913,631
)
    
(95,350
)
    
–
      
81,974
  
Marginal gap
    
252,583
      
9,481,233
      
11,409,157
      
(17,995,991
)
    
14,694,338
      
(27,938,140
)
    
(10,096,820
)
Accumulated gap
    
252,583
      
9,733,816
      
21,142,973
      
3,146,982
      
17,841,320
      
(10,096,820
)
    
–
  

(*) Other assets and other liabilities only include financial accounts.