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INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES
 12 Months Ended
Dec. 31, 2021
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES [Abstract]  
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES
22
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES


a)
This item consists of the following:

   
2021
    
2020
    
2019
  
   
S/(000)
 
S/(000)
 
S/(000)
Interest and similar income
                        
Interest on loans
    
10,170,680
      
10,027,834
      
10,664,519
  
Interest on investments at fair value through other comprehensive income (i)
    
1,152,542
      
1,097,952
      
1,070,469
  
Interest on investments at amortized cost (ii)
    
323,689
      
226,516
      
194,803
  
Interest on investments at fair value through profit or loss     50,562
       47,696
       46,170
  
Interest on due from banks (iii)
    
49,637
      
74,813
      
320,713
  
Dividends received
    
40,637
      
25,603
      
25,259
  
Other interest and similar income
    
62,659
      
47,234
      
59,731
  
Total
    
11,850,406
      
11,547,648
      
12,381,664
  
                         
Interest and similar expense
                        
Interest on deposits and obligations (iv)
    
(865,474
)
    
(1,188,335
)
    
(1,458,910
)
Interest on bonds and notes issued
    
(800,801
)
    
(883,913
)
    
(900,172
)
Interest on due to banks and correspondents (v)
    
(435,426
)
    
(557,141
)
    
(590,908
)
Deposit Insurance Fund
    
(213,741
)
    
(183,132
)
    
(151,626
)
Interest on lease liabilities
    
(27,374
)
    
(32,295
)
    
(36,484
)
Other interest and similar expense
    
(145,610
)
    
(131,490
)
    
(151,813
)
Total
    
(2,488,426
)
    
(2,976,306
)
    
(3,289,913
)


(i)
The increase corresponds mainly to a higher yield on investments indexed by the Constant Updating Value (VAC), due to the increase in inflation, 6.43 percent in 2021 compared to 1.97 percent in 2020.


(ii)
The variation corresponds mainly to the increase in nominal amounts, in sovereign bonds, generating a yield of S/130.2 million in these investments.


(iii)
During the year 2021, the item suffered a decrease that is mainly due to a significant drop in the interest rate remunerated by the BCR to the ordinary reserve accounts. See Note 4.


(vi)
The variation corresponds mainly to a decrease in interest on time and demand deposits as a result of lower rates offered in the market, as well as a reduction in CTS deposits after the government liberalized access to these funds.


(v)
During the year 2021, the balance of loans from international funds and collateralized repurchase agreements have decreased; as well as interest rates that have generated a lower interest accrual in the 2021 period.