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INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES
 12 Months Ended
Dec. 31, 2022
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES [Abstract]  
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES
22
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES

This item consists of the following:

   
2022
    
2021
    
2020
  
   
S/(000)
 
S/(000)
 
S/(000)
Interest and similar income
                        
Interest on loans
    
12,419,281
      
10,170,680
      
10,027,834
  
Interest on investments at fair value through other comprehensive income
    
1,593,047
      
1,152,542
      
1,097,952
  
Interest on due from banks
    
458,531
      
49,637
      
74,813
  
Interest on investments at amortized cost     382,097
       323,689
       226,516
  
Interest on investments at fair value through profit or loss
    
38,550
      
50,562
      
47,696
  
Dividends received
    
29,226
      
40,637
      
25,603
  
Other interest and similar income
    
90,550
      
62,659
      
47,234
  
Total
    
15,011,282
      
11,850,406
      
11,547,648
  
                         
Interest and similar expense
                        
Interest on deposits and obligations
    
(1,688,245
)
    
(865,474
)
    
(1,188,335
)
Interest on bonds and notes issued
    
(728,218
)
    
(836,977
)
    
(905,574
)
Interest on due to banks and correspondents
    
(683,078
)
    
(435,426
)
    
(557,141
)
Deposit Insurance Fund
    
(230,255
)
    
(213,741
)
    
(183,132
)
Interest on lease liabilities
    
(25,054
)
    
(27,374
)
    
(32,295
)
Other interest and similar expense
    
(138,337
)
    
(111,810
)
    
(112,219
)
Total
    
(3,493,187
)
    
(2,490,802
)
    
(2,978,696
)
 
The increase in the financial margin during 2022 is mainly due to the increase in financial income as a result of the increase in interest rates that have been growing significantly during the year 2022, both in soles and in dollars, compared to the year 2021 with rates historically low.

Likewise, this growth is partially offset by the increase in financial expenses that is affected by the same increase in market rates.