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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of financial risk management [line Items]

Direct Credits Classification into Groups and Allowance for each Types of Loans

The following is a summary of the direct credits 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.

	2021								2020
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		69,831,342		8,987,668		–		78,819,010		66,039,657		8,159,561		–		74,199,218
Past due but not impaired		542,210		739,183		–		1,281,393		371,432		266,533		–		637,965
Impaired		–		–		6,906,547		6,906,547		–		–		5,062,586		5,062,586
Gross		70,373,552		9,726,851		6,906,547		87,006,950		66,411,089		8,426,094		5,062,586		79,899,769
Less: Allowance for loan losses		554,018		636,875		2,206,979		3,397,872		717,445		659,272		1,755,096		3,131,813
Total, net		69,819,534		9,089,976		4,699,568		83,609,078		65,693,644		7,766,822		3,307,490		76,767,956

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		18,446,261		1,466,878		–		19,913,139		17,760,423		1,069,247		–		18,829,670
Past due but not impaired		255,928		291,247		–		547,175		303,647		291,165		–		594,812
Impaired		–		–		1,371,146		1,371,146		–		–		1,143,896		1,143,896
Gross		18,702,189		1,758,125		1,371,146		21,831,460		18,064,070		1,360,412		1,143,896		20,568,378
Less: Allowance for loan losses		76,706		97,388		800,639		974,733		160,945		109,666		638,845		909,456
Total, net		18,625,483		1,660,737		570,507		20,856,727		17,903,125		1,250,746		505,051		19,658,922

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		10,616,608		8,349,028		–		18,965,636		11,494,102		7,936,951		–		19,431,053
Past due but not impaired		134,473		576,320		–		710,793		64,318		522,530		–		586,848
Impaired		–		–		1,906,172		1,906,172		–		–		1,972,003		1,972,003
Gross		10,751,081		8,925,348		1,906,172		21,582,601		11,558,420		8,459,481		1,972,003		21,989,904
Less: Allowance for loan losses		434,049		625,252		1,148,629		2,207,930		568,588		1,118,054		1,406,014		3,092,656
Total, net		10,317,032		8,300,096		757,543		19,374,671		10,989,832		7,341,427		565,989		18,897,248

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		11,870,584		2,718,498		–		14,589,082		9,891,072		2,324,121		–		12,215,193
Past due but not impaired		104,821		202,577		–		307,398		102,003		260,839		–		362,842
Impaired		–		–		1,099,328		1,099,328		–		–		1,627,739		1,627,739
Gross		11,975,405		2,921,075		1,099,328		15,995,808		9,993,075		2,584,960		1,627,739		14,205,774
Less: Allowance for loan losses		317,595		637,762		941,416		1,896,773		415,223		974,113		1,375,499		2,764,835
Total, net		11,657,810		2,283,313		157,912		14,099,035		9,577,852		1,610,847		252,240		11,440,939

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)		111,802,227		23,331,399		11,283,193		146,416,819		106,026,654		20,830,947		9,806,224		136,663,825
Total allowance for loan losses, Note 7(a)		1,382,368		1,997,277		5,097,663		8,477,308		1,862,201		2,861,105		5,175,454		9,898,760
Total net direct loans		110,419,859		21,334,122		6,185,530		137,939,511		104,164,453		17,969,842		4,630,770		126,765,065

Renegotiated Loans and Expected Credit Loss

As of December 31, 2021, and 2020, renegotiated loans and their expected credit loss are composed as follows:

	2021				2020
	Refinanced loans		Allowance for loan losses		Refinanced loans		Allowance for loan losses
	S/(000)		S/(000)		S/(000)		S/(000)

Stage 1		60,420		1,097		111,638		5,063
Stage 2		44,861		10,617		33,406		6,864
Stage 3		1,681,057		936,994		1,523,285		873,216
Total		1,786,338		948,708		1,668,329		885,143

	2021				2020
	Renegotiated loans COVID		Allowance for loan losses		Renegotiated loans COVID		Allowance for loan losses
	S/(000)		S/(000)		S/(000)		S/(000)

Stage 1		10,747,826		178,357		20,555,760		591,306
Stage 2		5,440,274		666,092		8,679,864		1,867,300
Stage 3		2,752,914		1,567,504		2,319,279		1,389,257
Total		18,941,014		2,411,953		31,554,903		3,847,863

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:

	2021										2020
	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		6,906,547		1,371,146		1,906,172		1,099,328		11,283,193		5,062,586		1,143,896		1,972,003		1,627,739		9,806,224
Fair value of collateral		6,298,966		1,181,979		486,477		279,861		8,247,283		4,414,346		975,834		433,151		233,665		6,056,996
Allowance for loan losses		2,206,979		800,639		1,148,628		941,416		5,097,662		1,755,096		638,845		1,406,014		1,375,499		5,175,454

Past Due under IFRS 7

The total of the concepts: loans with a delay of payment from the first day and the amounts of the internal overdue loans reflect the totality of “past due” loans consistent with IFRS 7.

	2021												2020
	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		132,273,846		–		–		13,022		132,286,868		13,022		124,673,296		–		–		1,837		124,675,133		1,837
Past due but not impaired		–		–		2,400,329		446,429		2,846,758		2,846,758		-		–		1,824,361		358,107		2,182,468		2,182,468
Impaired debt		–		5,357,744		822,461		5,102,988		11,283,193		5,925,449		–		4,860,127		620,472		4,325,625		9,806,224		4,946,097
Total		132,273,846		5,357,744		3,222,790		5,562,439		146,416,819		8,785,229		124,673,296		4,860,127		2,444,833		4,685,569		136,663,825		7,130,402

Classification of Loans by Banking and Maturity

The classification of loans by type of loan and maturity is as follows:

	2021										2020
	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		78,815,254		3,627,246		1,362,487		3,201,963		87,006,950		74,198,117		3,117,851		683,060		1,900,741		79,899,769
Residential mortgage loans		19,913,139		581,358		731,821		605,142		21,831,460		18,828,934		376,053		744,339		619,052		20,568,378
Microbusiness loans		18,956,460		524,064		683,183		1,418,894		21,582,601		19,431,050		683,370		520,062		1,355,422		21,989,904
Consumer loans		14,588,993		625,076		445,299		336,440		15,995,808		12,215,195		682,853		497,372		810,354		14,205,774
Total		132,273,846		5,357,744		3,222,790		5,562,439		146,416,819		124,673,296		4,860,127		2,444,833		4,685,569		136,663,825

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.

	2021		2020
	S/(000)		S/(000)

Carrying amount		9,071,011		10,435,623

Scenarios:
Optimistic		9,014,409		10,100,156
Base Case		9,078,873		10,460,012
Pessimistic		9,173,730		11,018,666

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:

	2021				2020
	S/(000)		%		S/(000)		%
Instruments rated in Perú:
AAA		303,831		0.6		–		–
AA- a AA+		62,287		0.1		–		–
A- to A+		5,182		–		1,369,969		2.5
BBB- to BBB+		21,050,591		43.1		21,395,476		38.8
BB- to BB+		694,398		1.4		901,934		1.6
Lower and equal to +B		82,395		0.2		5,590		–
Unrated:
BCRP certificates of deposit (i)		9,448,574		19.3		17,237,158		31.3
Listed and unlisted securities		384,243		0.8		514,297		0.9
Restricted mutual funds		365,954		0.7		436,881		0.8
Investment funds		295,480		0.6		212,951		0.4
Mutual funds		20,672		–		302,212		0.5
Hedge funds		24,275		–		4,505		–
Other instruments		39,035		0.1		78,159		0.1
Subtotal		32,776,917		66.9		42,459,132		76.9

	2021				2020
	S/(000)		%		S/(000)		%
Instruments rated abroad:
AAA		1,723,289		3.5		700,312		1.3
AA- a AA+		1,508,978		3.1		1,043,409		1.9
A- to A+		2,172,071		4.4		2,395,327		4.4
BBB- to BBB+		4,642,916		9.5		4,594,711		8.4
BB- to BB+		3,357,991		6.9		1,733,080		3.1
Lower and equal to +B		119,379		0.2		129,094		0.2
Unrated:
Listed and unlisted securities		84,428		0.2		267,943		0.5
Mutual funds		1,553,561		3.2		677,084		1.2
Participations of RAL funds		323,139		0.7		278,819		0.5
Investment funds		236,367		0.5		155,183		0.3
Hedge funds		152,541		0.3		122,433		0.2
Other instruments		300,922		0.6		617,215		1.1
Subtotal		16,175,582		33.1		12,714,610		23.1
Total		48,952,499		100.0		55,173,742		100.0

(i)

The decrease in the balance is mainly due to the maturity of these instruments, see Notes 6(a)(iii) and 6(b)(iii).

Concentration of Financial Instruments Exposed to Credit Risk

As of December 31, 2021 and 2020, financial instruments with exposure to credit risk were distributed considering the following economic sectors:

	2021										2020
	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 (***)		1,243,890		–		25,687,934		8,337,432		35,269,256		1,872,875		–		27,108,101		15,364,282		44,345,258
Financial services		3,722,627		271,701		18,714,111		5,560,441		28,268,880		2,902,651		168,452		15,841,601		5,941,069		24,853,773
Commerce		51,436		4,610		26,716,462		1,480,290		28,252,798		18,817		–		24,029,835		490,612		24,539,264
Manufacturing		180,666		193,091		22,713,289		2,235,747		25,322,793		409,490		91,110		19,155,347		2,694,326		22,350,273
Government and public administration		1,605,754		9,516		8,142,978		10,613,437		20,371,685		1,888,710		–		5,374,603		12,831,954		20,095,267
Mortgage loans		-		–		21,128,330		–		21,128,330		–		–		19,738,710		–		19,738,710
Consumer loans		-		–		14,717,230		–		14,717,230		–		–		13,144,271		–		13,144,271
Real estate and leasing		81,019		–		11,362,371		64,193		11,507,583		93,422		3,073		11,798,614		179,368		12,074,477
Communications, storage and transportation		93,649		401,789		7,282,709		1,159,161		8,937,308		76,711		367,908		7,416,065		924,885		8,785,569
Electricity, gas and water		299,189		11,947		4,472,766		3,789,250		8,573,152		194,542		116,209		3,533,722		2,893,815		6,738,288
Community services		-		–		7,584,239		–		7,584,239		37		–		7,382,713		–		7,382,750
Construction		23,109		850		3,882,922		494,236		4,401,117		35,557		–		3,807,260		331,946		4,174,763
Mining		108,609		846		4,535,519		188,797		4,833,771		76,012		8,083		3,470,665		241,063		3,795,823
Agriculture		6,113		–		4,613,294		31,633		4,651,040		10,815		–		4,044,735		15,473		4,071,023
Hotels and restaurants		-		–		2,805,317		–		2,805,317		–		–		2,762,674		–		2,762,674
Education, health and others		102,655		75,774		1,778,522		542,754		2,499,705		20,285		68,435		1,712,817		1,680,135		3,481,672
Insurance		14,057		–		2,185,490		832		2,200,379		10,080		–		1,898,194		919		1,909,193
Fishing		1,532		–		611,616		–		613,148		923		–		639,227		9,169		649,319
Others		55,820		4,540		3,987,272		260,240		4,307,872		71,041		–		3,147,190		144,873		3,363,104
Total		7,590,125		974,664		192,922,371		34,758,443		236,245,603		7,681,968		823,270		176,006,344		43,743,889		228,255,471

(*)

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

(**)

OCI: Other comprehensive income.

(***)

The decrease in the balance corresponds mainly to (i) the purchase of certificates of deposit from the BCRP and (ii) the increase in deposits in the Banco Central de Reserva del Perú; see further details in notes 6(a), 6(b), 5(a) and note 4(a), respectively.

Financial Assets Subject to Offsetting

Financial assets subject to offsetting, enforceable master offsetting agreements and similar agreements:

	2021
			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		1,661,628		1,661,628		(237,575	)		(70,621	)		1,353,432
Cash collateral, reverse repurchase agreements and securities borrowing		1,766,948		1,766,948		–			(344,461	)		1,422,487
Investments at fair value through other comprehensive income and amortized cost pledged as collateral		3,853,967		3,853,967		(1,883,323	)		–			1,970,644
Total		7,282,543		7,282,543		(2,120,898	)		(415,082	)		4,746,563

	2020
			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		1,214,497		1,214,497		(85,156	)		(33,784	)		1,095,557
Cash collateral, reverse repurchase agreements and securities borrowing		2,394,302		2,394,302		–			(1,340,272	)		1,054,030
Available-for-sale and held-to-maturity investments pledged as collateral		2,766,162		2,766,162		(1,128,875	)		–			1,637,287
Total		6,374,961		6,374,961		(1,214,031	)		(1,374,056	)		3,786,874

Financial Liabilities Subject to Offsetting

Financial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements:

	2021
			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		1,524,761		1,524,761		(237,575	)		(428,672	)		858,514
Payables on repurchase agreements and securites lending		22,013,866		22,013,866		(17,698,069	)		(1,080,616	)		3,235,181
Total		23,538,627		23,538,627		(17,953,644	)		(1,509,288	)		4,093,695

	2020
			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		1,205,213		1,205,213		(85,156	)		(269,024	)		851,033
Payables on repurchase agreements and securites lending		27,923,617		27,923,617		(22,637,034	)		(1,601,200	)		3,685,383
Total		29,128,830		29,128,830		(22,772,190	)		(1,870,224	)		4,536,416

Schedule of VAR by Risk Type

As of December 31, 2021 and 2020, the Group’s VaR by risk type is as follows:

	2021			2020
	S/(000)			S/(000)

Interest rate risk		35,721			163,981
Price risk		4,637			6,529
Volatility risk		2,662			708
Diversification effect		(4,916	)		(857	)
Consolidated VaR by type of risk		38,104			170,361

Results of Sensitivity Analysis Regarding Changes in Interest Rates

The results of the sensitivity analysis regarding changes in interest rates at December 31, 2021 and 2020 are presented below:

2021
Currency	Changes in basis points		Sensitivity of net profit		Sensitivity of Net Economic Value
			S/(000)		S/(000)
Soles	+/-	50	+/-	45,487	-/+	340,772
Soles	+/-	75	+/-	68,231	-/+	511,158
Soles	+/-	100	+/-	90,975	-/+	681,544
Soles	+/-	150	+/-	136,462	-/+	1,022,316
US dollar	+/-	50	+/-	115,376	+/-	413,488
US dollar	+/-	75	+/-	173,064	+/-	620,232
US dollar	+/-	100	+/-	230,752	+/-	826,976
US dollar	+/-	150	+/-	346,128	+/-	1,240,463

2020
Currency	Changes in basis points		Sensitivity of net profit		Sensitivity of Net Economic Value
			S/(000)		S/(000)
Soles	+/-	50	-/+	66,151	-/+	391,821
Soles	+/-	75	-/+	99,226	-/+	587,731
Soles	+/-	100	-/+	132,302	-/+	783,642
Soles	+/-	150	-/+	198,453	-/+	1,175,462
US dollar	+/-	50	+/-	87,560	+/-	345,185
US dollar	+/-	75	+/-	131,341	+/-	517,777
US dollar	+/-	100	+/-	175,121	+/-	690,369
US dollar	+/-	150	+/-	262,681	+/-	1,035,554

Information about Assets and Liabilities by Currencies

Transactions in foreign currency are made at free market exchange rates of the countries where Credicorp’s Subsidiaries are established. As of December 31,2021 and 2020, the net open monetary position with effect on results and the equity position of the group was as follows:

	2021						2020
	US dollar			Other currencies			US dollar			Other currencies
	S/(000)			S/(000)			S/(000)			S/(000)

Total monetary assets		79,005,337			503,809			68,649,158			1,204,923
Total monetary liabilities		(81,716,408	)		(415,951	)		(70,735,019	)		(427,092	)
		(2,711,071	)		87,858			(2,085,861	)		777,831

Currency derivatives		2,142,654			(55,696	)		1,746,886			(364,886	)

Accounting hedge (investment abroad) (*)		912,337			–			490,385			–
Net monetary position with effect on consolidated statement of income		343,920			32,162			151,410			412,945

Net monetary position with effect on equity		1,021,603			1,864,335			998,175			1,583,837

Net monetary position		1,365,523			1,896,497			1,149,585			1,996,782

(*) An accounting hedge of net investment abroad was carried out where part of our liability position in dollars related to the balance of the caption “bonds and notes issued”, see Note 17(iv), 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 consolidated results, with the US dollar as the main currency of exposure. This analysis is shown as of December 31, 2021 and 2020:

Currency rate sensibility	Change in currency rates		2021			2020
	%		S/000			S/000
Depreciation -
Soles in relation to US dollar		5		16,377			7,210
Soles in relation to US dollar		10		31,265			13,765

Appreciation -
Soles in relation to US dollar		5		(18,101	)		(7,969	)
Soles in relation to US dollar		10		(38,213	)		(16,823	)

The following is the sensitivity analysis of the foreign exchange position with effect in other comprehensive income, being the US dollar, the Bolivian Peso, the Colombian Peso and the Chilean Peso the main currencies of exposure. This analysis is shown as of December 31, 2021 and 2020:

Currency rate sensibility	Change in currency rates		2021			2020
	%		S/000			S/000
Depreciation -
Soles in relation to US dollar		5		48,648			47,532
Soles in relation to US dollar		10		92,873			90,743

Appreciation -
Soles in relation to US dollar		5		(53,769	)		(52,536	)
Soles in relation to US dollar		10		(113,511	)		(110,908	)

Currency rate sensibility	Change in currency rates		2021			2020
	%		S/000			S/000
Depreciation -
Soles in relation to Peso Boliviano		5		44,220			36,408
Soles in relation to Peso Boliviano		10		84,421			69,507

Appreciation -
Soles in relation to Peso Boliviano		5		(48,875	)		(40,241	)
Soles in relation to Peso Boliviano		10		(103,181	)		(84,953	)

Currency rate sensibility	Change in currency rates		2021			2020
	%		S/000			S/000
Depreciation -
Soles in relation to Peso Colombiano		5		29,933			27,160
Soles in relation to Peso Colombiano		10		57,145			51,851

Appreciation -
Soles in relation to Peso Colombiano		5		(33,084	)		(30,019	)
Soles in relation to Peso Colombiano		10		(69,844	)		(63,373	)

Currency rate sensibility	Change in currency rates		2021			2020
	%		S/000			S/000
Depreciation -
Soles in relation to Peso Chileno		5		14,494			11,701
Soles in relation to Peso Chileno		10		27,671			22,338

Appreciation -
Soles in relation to Peso Chileno		5		(16,020	)		(12,933	)
Soles in relation to Peso Chileno		10		(33,820	)		(27,302	)

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:

	2021													2020
	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		53,974,020		29,392,887			57,407,776		87,518,411		52,533,115		280,826,209		47,587,613		33,012,127			47,692,934			89,394,618			47,041,495		264,728,787

Financial liabilities by type -
Deposits and obligations		39,925,283		14,114,645			21,880,217		66,895,318		8,562,256		151,377,719		40,780,477		11,340,863			20,204,905			66,342,002			10,220,206		148,888,453
Payables from reverse purchase agreements and security lendings and due to banks and correspondents		2,905,794		2,425,239			10,284,733		12,265,794		9,383,273		37,264,833		764,998		3,572,866			9,498,586			24,114,558			3,748,182		41,699,190
Accounts payable to reinsurers		98,755		286,473			55,296		23,301		–		463,825		72,060		209,035			40,349			17,002			–		338,446
Financial liabilities designated at fair value through profit or loss		325,571		–			–		–		–		325,571		561,602		–			–			–			–		561,602
Bonds and notes issued		216,167		219,177			1,024,759		17,124,890		424,338		19,009,331		3		432,446			1,259,147			14,103,090			626,680		16,421,366
Lease liabilities		30,048		37,284			106,712		386,878		170,976		731,898		37,557		31,718			109,969			425,566			173,744		778,554
Other liabilities		3,458,357		264,424			206,805		44,905		1,383,704		5,358,195		2,507,012		262,080			198,629			302,056			1,271,750		4,541,527
Total liabilities		46,959,975		17,347,242			33,558,522		96,741,086		19,924,547		214,531,372		44,723,709		15,849,008			31,311,585			105,304,274			16,040,562		213,229,138

Derivative financial liabilities -
Contractual amounts receivable (Inflows)		216,642		400,857			2,633,067		758,817		771,008		4,780,391		345,387		303,604			1,022,750			976,014			1,009,770		3,657,525
Contractual amounts payable (outflows)		209,197		401,809			2,574,730		717,419		646,397		4,549,552		345,360		315,352			1,030,151			985,340			951,855		3,628,058
Total liabilities		7,445		(952	)		58,337		41,398		124,611		230,839		27		(11,748	)		(7,401	)		(9,326	)		57,915		29,467

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:

			2021								2020
	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				–		860,170		–		860,170		–		323,425		–		323,425
Interest rate swaps				–		367,906		–		367,906		–		600,718		–		600,718
Foreign currency forwards				–		344,780		–		344,780		–		256,891		–		256,891
Cross currency swaps				–		86,268		–		86,268		–		28,096		–		28,096
Foreign exchange options				–		2,485		–		2,485		–		2,673		–		2,673
Futures				–		19		–		19		–		2,694		–		2,694
		13(c)		–		1,661,628		–		1,661,628		–		1,214,497		–		1,214,497

Investments at fair value through profit of loss		6(a)		3,158,478		1,813,915		956,104		5,928,497		3,186,413		2,543,159		737,899		6,467,471
Financial assets at fair value through profit of loss		8		959,505		10,647		4,512		974,664		808,182		15,088		–		823,270

Investments at fair value through other comprehensive income:
Debt Instruments
Corporate bonds				5,765,402		9,134,002		–		14,899,404		5,199,696		8,220,732		–		13,420,428
Government treasury bonds				8,631,470		784,703		–		9,416,173		11,615,890		811,526		–		12,427,416
Certificates of deposit BCRP				–		8,337,432		–		8,337,432		–		15,364,282		–		15,364,282
Negotiable certificates of deposit				–		642,218		–		642,218		–		898,277		–		898,277
Securitization instruments				–		730,115		–		730,115		53		751,383		–		751,436
Subordinated bonds				72,738		148,825		–		221,563		39,047		174,250		–		213,297
Other instruments				–		133,711		–		133,711		–		166,203		–		166,203
Equity instruments				175,676		184,712		17,439		377,827		182,943		304,291		15,316		502,550
		6(b)		14,645,286		20,095,718		17,439		34,758,443		17,037,629		26,690,944		15,316		43,743,889

Total financial assets				18,763,269		23,581,908		978,055		43,323,232		21,032,224		30,463,688		753,215		52,249,127

Financial liabilities
Derivatives financial instruments:
Currency swaps				–		795,845		–		795,845		–		181,454		–		181,454
Foreign currency forwards				–		387,371		–		387,371		–		257,999		–		257,999
Interest rate swaps				–		333,540		–		333,540		–		644,122		–		644,122
Cross currency swaps				–		4,342		–		4,342		–		115,475		–		115,475
Foreign exchange options				–		3,258		–		3,258		–		3,547		–		3,547
Futures				–		405		–		405		–		2,616		–		2,616
		13(c)		–		1,524,761		–		1,524,761		–		1,205,213		–		1,205,213
Financial liabilities at fair value through profit or loss				–		325,571		–		325,571		–		561,602		–		561,602
Total financial liabilities				–		1,850,332		–		1,850,332		–		1,766,815		–		1,766,815

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:

	2021										2020
	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		–		39,320,740		–		39,320,740		39,320,740		–		36,752,994		–		36,752,994		36,752,994
Cash collateral, reverse repurchase agreements and securities borrowing		–		1,766,948		–		1,766,948		1,766,948		–		2,394,302		–		2,394,302		2,394,302
Investments at amortized cost		7,618,178		321,495		–		7,939,673		8,265,559		5,552,020		113,992		–		5,666,012		4,962,382
Loans, net		–		139,120,104		–		139,120,104		139,120,104		–		127,761,125		–		127,761,125		127,761,125
Premiums and other policies receivable		–		921,103		–		921,103		921,103		–		937,223		–		937,223		937,223
Accounts receivable from reinsurers and coinsurers		–		1,198,379		–		1,198,379		1,198,379		–		919,419		–		919,419		919,419
Due from customers on banker’s acceptances		–		532,404		–		532,404		532,404		–		455,343		–		455,343		455,343
Other assets		–		1,797,134		–		1,797,134		1,797,134		–		1,823,556		–		1,823,556		1,823,556
Total		7,618,178		184,978,307		–		192,596,485		192,922,371		5,552,020		171,157,954		–		176,709,974		176,006,344

Liabilities
Deposits and obligations		–		150,340,862		–		150,340,862		150,340,862		–		142,365,502		–		142,365,502		142,365,502
Payables on repurchase agreements and securities lending		–		22,013,866		–		22,013,866		22,013,866		–		27,923,617		–		27,923,617		27,923,617
Due to Banks and correspondents and other entities		–		8,910,930		–		8,910,930		7,212,946		–		6,327,779		–		6,327,779		5,978,257
Due from customers on banker’s acceptances outstanding		–		532,404		–		532,404		532,404		–		455,343		–		455,343		455,343
Payable to reinsurers and coinsurers		–		463,825		–		463,825		463,825		–		338,446		–		338,446		338,446
Lease liabilities		–		655,294		–		655,294		655,294		–		750,578		–		750,578		750,578
Bond and notes issued		–		17,344,990		–		17,344,990		17,078,829		–		17,264,023		–		17,264,023		16,319,407
Other liabilities		–		3,833,434		–		3,833,434		3,833,434		–		3,273,754		–		3,273,754		3,273,754
Total		–		204,095,605		–		204,095,605		202,131,460		–		198,699,042		–		198,699,042		197,404,904

Value of Net Assets under Administration of Balance Sheet

As of December 31, 2021 and 2020, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows:

	2021		2020

Pension funds		40,024		49,582
Investment funds and mutual funds		53,365		52,174
Equity managed		28,768		25,273
Bank trusts		5,395		5,529
Total		127,552		132,558

Credit Risk Geographical Areawise [Member]

Disclosure of financial risk management [line Items]

Concentration of Financial Instruments Exposed to Credit Risk

As of December 31, 2021 and 2020 financial instruments with exposure to credit risk were distributed by the following geographical areas:

	2021										2020
	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)

Perú		2,796,583		17,224		166,930,313		22,822,157		192,566,277		3,511,686		67,821		155,598,019		34,208,824		193,386,350
United States of America		812,625		398,914		6,353,068		7,169,005		14,733,612		444,924		459,266		3,288,720		4,922,144		9,115,054
Bolivia		676,534		–		11,752,887		751,752		13,181,173		584,879		–		10,718,164		708,784		12,011,827
Colombia		1,191,151		–		2,535,639		752,919		4,479,709		1,387,406		4,788		2,264,768		1,147,770		4,804,732
Chile		416,637		13,638		2,270,868		783,983		3,485,126		420,527		5,315		1,446,246		618,572		2,490,660
Brazil		19,723		4,512		928,768		171,501		1,124,504		104,774		–		752,257		86,673		943,704
Mexico		14,680		94,884		133,350		477,342		720,256		113,988		42,336		1,942		408,567		566,833
Panama		–		–		597,310		156,752		754,062		25,624		–		405,941		131,722		563,287
Europe:
Luxembourg		1,121,779		–		7,020		2,236		1,131,035		297,652		–		306		7,963		305,921
France		256,661		189,157		16,430		237,597		699,845		423,711		1,890		32,864		253,152		711,617
United Kingdom		72,606		14,631		127,018		158,359		372,614		27,869		18,870		369,455		140,302		556,496
Others in Europe		92,442		20,529		270,678		187,004		570,653		95,156		42,991		85,235		129,506		352,888
Spain		4,110		–		42,574		41,884		88,568		26,152		–		42,157		76,770		145,079
Switzerland		956		372		18,936		110,284		130,548		494		799		74,246		60,378		135,917
Netherlands		907		1,036		27,095		63,135		92,173		952		1,526		122,696		50,676		175,850
Multilateral Organizations (***)		–		–		–		81,435		81,435		–		–		–		150,656		150,656
Canada		46,833		321		69,789		131,050		247,993		26,894		373		70,562		119,897		217,726
Others		65,898		219,446		840,628		660,048		1,786,020		189,280		177,295		732,766		521,533		1,620,874
Total		7,590,125		974,664		192,922,371		34,758,443		236,245,603		7,681,968		823,270		176,006,344		43,743,889		228,255,471

(*)

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

(**)

OCI: Other comprehensive income.

(***)

Correspond to instruments issued by the Development Bank of Latin America (formerly CAF) and by the Inter-American Development Bank (IDB).

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, 2021 and 2020 are presented below:

Equity securities
Measured at fair value through other comprehensive income	Change in market prices		2021		2020
	%		S/(000)		S/(000)

Equity securities		+/-10		37,783		50,255
Equity securities		+/-25		94,457		125,638
Equity securities		+/-30		113,348		150,765

Funds
Measured at fair value through profit or loss	Change in market prices		2021		2020
	%		S/(000)		S/(000)

Participation in mutual funds		+/-10		157,130		96,665
Participation in mutual funds		+/-25		392,825		241,661
Participation in mutual funds		+/-30		471,390		289,994
Restricted mutual funds		+/-10		36,595		43,688
Restricted mutual funds		+/-25		91,489		109,220
Restricted mutual funds		+/-30		109,786		131,064
Participation in RAL funds		+/-10		32,314		27,882
Participation in RAL funds		+/-25		80,785		69,705
Participation in RAL funds		+/-30		96,942		83,646
Investment funds		+/-10		49,837		36,160
Investment funds		+/-25		124,591		90,399
Investment funds		+/-30		149,510		108,479
Hedge funds		+/-10		17,682		12,694
Hedge funds		+/-25		44,204		31,735
Hedge funds		+/-30		53,045		38,081
Exchange Trade Funds		+/-10		10,531		3,209
Exchange Trade Funds		+/-25		26,326		8,021
Exchange Trade Funds		+/-30		31,592		9,626

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:

	2021
	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		21,200,113		835,072		2,164,640			8,430,195			180,678		8,276,990			41,087,688
Investments		7,712,405		1,134,280		3,825,114			11,313,394			18,660,101		378,708			43,024,002
Loans, net		16,062,211		18,690,355		38,761,519			48,659,533			17,619,885		(673,399	)		139,120,104
Financial assets designated at fair value
through profit or loss		–		–		–			–			–		974,664			974,664
Premiums and other policies receivable		882,182		24,565		9,162			5,194			–		–			921,103
Accounts receivable from reinsurers and coinsurers		1,138		315,184		876,680			3,985			1,392		–			1,198,379
Other assets (*)		299,648		49,697		171,495			–			62,519		1,832,448			2,415,807
Total assets		46,157,697		21,049,153		45,808,610			68,412,301			36,524,575		10,789,411			228,741,747

Liabilities
Deposits and obligations		38,932,350		13,763,617		21,336,061			65,231,646			8,349,313		2,727,875			150,340,862
Payables from repurchase agreements and securities lending		2,414,504		2,423,081		9,915,571			11,713,052			2,724,155		36,449			29,226,812
Accounts payable to reinsurers and coinsurers		98,755		286,473		55,296			23,301			–		–			463,825
Technical reserves for claims and insurance premiums		312,617		873,375		1,468,165			3,387,967			6,151,093		341,294			12,534,511
Financial liabilities at fair value through profit or loss		–		–		–			–			–		325,571			325,571
Bonds and Notes issued		70		122,746		553,109			15,935,158			399,728		68,018			17,078,829
Other liabilities (*)		135,776		23,896		2,735			57,390			–		4,163,736			4,383,533
Equity		–		–		–			–			–		27,037,439			27,037,439
Total liabilities and equity		41,894,072		17,493,188		33,330,937			96,348,514			17,624,289		34,700,382			241,391,382

Off-balance-sheet accounts
Derivative financial assets		221,370		700,009		167,250			486,430			–		–			1,575,059
Derivative financial liabilities		43,164		222,228		223,146			1,001,554			–		–			1,490,092
		178,206		477,781		(55,896	)		(515,124	)		–		–			84,967
Marginal gap		4,441,831		4,033,746		12,421,777			(28,451,337	)		18,900,286		(23,910,971	)		(12,564,668	)
Accumulated gap		4,441,831		8,475,577		20,897,354			(7,553,983	)		11,346,303		(12,564,668	)		–

(*) 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.

	2020
	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		20,110,489			1,607,867		2,052,436		7,682,481			149,669			7,544,354			39,147,296
Investment		4,639,795			11,068,740		2,777,817		8,783,106			20,934,358			502,455			48,706,271
Loans, net		12,721,639			15,427,902		31,709,621		54,248,434			16,352,436			(2,698,907	)		127,761,125
Financial assets designated at fair value
through profit or loss		–			–		–		–			–			823,270			823,270
Premiums and other policies receivable		897,086			25,288		9,472		5,377			–			–			937,223
Accounts receivable from reinsurers and coinsurers		726			164,184		730,963		1,930			675			20,941			919,419
Other assets (*)		83,113			2,961		34,482		9,539			–			2,176,901			2,306,996
Total assets		38,452,848			28,296,942		37,314,791		70,730,867			37,437,138			8,369,014			220,601,600

Liabilities
Deposits and obligations		38,284,217			10,646,664		18,968,119		62,281,065			9,594,605			2,590,832			142,365,502
Payables from repurchase agreements and securities lending		620,946			2,900,084		7,709,973		19,573,712			3,042,388			54,771			33,901,874
Accounts payable to reinsurers and coinsurers		72,060			209,035		40,349		17,002			–			–			338,446
Technical reserves for claims and insurance premiums		296,493			810,514		1,355,486		3,133,235			5,752,899			326,449			11,675,076
Financial liabilities at fair value through profit or loss		–			–		–		–			–			561,602			561,602
Bonds and Notes issued		3			425,231		1,238,141		13,867,807			616,225			172,000			16,319,407
Other liabilities (*)		601,545			49,851		8,185		–			–			3,247,834			3,907,415
Equity		–			–		–		–			–			25,445,647			25,445,647
Total liabilities and equity		39,875,264			15,041,379		29,320,253		98,872,821			19,006,117			32,399,135			234,514,969

Off-balance-sheet accounts
Derivative financial assets		547,271			1,307,322		557,277		341,564			–			–			2,753,434
Derivative financial liabilities		112,357			1,017,607		360,010		1,046,481			238,600			–			2,775,055
		434,914			289,715		197,267		(704,917	)		(238,600	)		–			(21,621)
Marginal gap		(987,502	)		13,545,278		8,191,805		(28,846,871	)		18,192,421			(24,030,121	)		(13,934,990	)
Accumulated gap		(987,502	)		12,557,776		20,749,581		(8,097,290)			10,095,131			(13,934,990	)		–

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