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OTHER ASSETS AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
OTHER ASSETS AND OTHER LIABILITIES [Abstract]  
Components of Other Assets and Liabilities

a)
This item consists of the following:

   
2022
    
2021
  
   
S/(000)

 
S/(000)

Other assets -
                
Financial instruments:
                
Receivables (b)
    
1,457,566
      
1,524,407
  
Derivatives receivable (c)
    
1,478,726
      
1,661,628
  
Operations in process (d)     155,568       195,875  
Receivables from sale of investments (e)
    
142,765
      
89,149
  
     
3,234,625
      
3,471,059
  
                 
Non-financial instruments:
                
Deferred fees (f)
    
966,567
      
967,622
  
Investment in associates (g)
    
726,993
      
658,697
  
Investment properties, net (h)
    
548,558
      
469,113
  
Income tax prepayments, net
    
186,372
      
436,961
  
Adjudicated assets, net
    
136,079
      
136,125
  
Improvements in leased premises
    
71,747
      
65,867
  
VAT (IGV) tax credit
    
58,329
      
50,120
  
Others
    
9,245
      
9,241
  
     
2,703,890
      
2,793,746
  
Total
    
5,938,515
      
6,264,805
  

   
2022
    
2021
  
   
S/(000)

 
S/(000)

Other liabilities -
                
Financial instruments:
                
Accounts payable (i)
    
2,112,024
      
2,045,845
  
Derivatives payable (c)     1,345,665       1,524,761  
Salaries and other personnel expenses
    
977,921
      
825,000
  
Allowance for indirect loan losses, Note 7(c)
    
658,584
      
593,703
  
Accounts payable for acquisitions (e)     153,681       253,444  
Operations in process (d)
    
89,480
      
51,763
  
Dividends payable     73,607       76,097  
     
5,410,962
      
5,370,613
  
Non-financial instruments:
                
Provision for sundry risks (j)
    
624,149
      
614,012
  
Taxes     1,062,690       337,511  
Others
    
192,344
      
211,661
  
     
1,879,183
      
1,163,184
  
Total
    
7,290,145
      
6,533,797
  
Fair Value of Derivative Financial Instruments, Recorded as an Asset or a Liability
As of December 31, 2022, and 2021 the table below shows the fair value of derivative financial instruments, recorded as an asset or a liability, together with their nominal amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which the fair value of derivatives is measured.

       
2022
    
2021
    
2022 and 2021
  
       
Assets
    
Liabilities
    
Nominal amount
    
Maturity
    
Assets
    
Liabilities
    
Nominal amount
    
Maturity
    
Related instruments
  
       
S/(000)

 
S/(000)

 
S/(000)

       
S/(000)

 
S/(000)

 
S/(000)

           
Derivatives held for trading (i) -
                                                                      
Foreign currency forwards
        
500,348
      
288,857
      
34,224,865
    
January 2023 / August 2024
      
344,780
      
387,371
      
28,618,406
    
January 2022 / June 2023
    
–
  
Interest rate swaps
        
415,034
      
277,988
      
10,834,324
    
January 2023 / December 2032
      
367,906
      
320,186
      
26,878,186
    
January 2022 / December 2031
    
–
  
Currency swaps
        
410,439
      
749,420
      
16,000,208
    
January 2023 / January 2033
      
860,170
      
795,845
      
15,935,149
    
January 2022 / January 2033
    
–
  
Foreign exchange options
        
1,349
      
3,168
      
362,324
    
January 2023 / June 2024
      
2,485
      
3,258
      
576,398
    
January 2022 / December 2022
    
–
  
Futures
        
794
      
1,450
      
48,819
    
March 2023
      
19
      
405
      
72,165
    
March 2022 / November 2022
    
–
  
         
1,327,964
      
1,320,883
      
61,470,540
            
1,575,360
      
1,507,065
      
72,080,304
              
Derivatives held as hedges (ii)
                                                                      
Cash flow hedges -
                                                                      
Cross currency swaps (CCS)
  
17(a)(ii)
    
20,114
      
8,418
      
839,080
    
January 2025
      
36,512
      
–
      
199,350
    
January 2025
    
Bonds issued
  
Cross currency swaps (CCS)
  
5(c)(i)
    
21,935
      
–
      
171,630
    
August 2026
      
16,972
      
–
      
179,415
    
August 2026
    
Repurchase agreements
  
Cross currency swaps (CCS)
  
17(a)(vi)
    
–
      
13,688
      
145,715
    
December 2023
      
–
      
216
      
173,215
    
December 2023
    
Bonds issued
  
Cross currency swaps (CCS)
  
 
6(b)(i)(v)
    
41,746
      
2,123
      
131,382
    
January 2023 / January 2025
      
19,939
      
4,126
      
154,635
    
January 2022 / September 2024
    
Investments (*)
  
Cross currency swaps (CCS)
  

   
–
      
156
      
38,140
    
June 2025
      
–
      
–
      
–
    
-
    
Repurchase agreements
  
Cross currency swaps (CCS)
    5(c)(ii)     14,861       –       95,350     August 2026       12,845       –       99,675     August 2026     Repurchase agreements
  
Interest rate swaps (IRS)
  17(a)(v)
     –       –       –             –       1,076       119,610     March 2022      Bonds issued  
                                                                       
Fair value hedges -
                                                                      
Interest rate swaps (IRS)
  
6(b)
    
52,106
      
397
      
926,497
    
January 2023 / February 2028
      
–
      
12,278
      
636,405
    
March 2022 / May 2023
    
Investments (*)
  
         
150,762
      
24,782
      
2,347,794
            
86,268
      
17,696
      
1,562,305
              
         
1,478,726
      
1,345,665
      
63,818,334
            
1,661,628
      
1,524,761
      
73,642,609
              


(*)
It comprises investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2022 and 2021.
Maturity Analysis for Derivative Financial Instruments


(i)
Held-for-trading derivatives are principally negotiated to satisfy customers’ needs. On the other hand, the Group may also take positions with the expectation of profiting from favorable movements in prices or rates. Also, this caption includes any derivatives which do not comply with IFRS 9 hedge accounting requirements. Fair value of derivatives held for trading classified by contractual maturity is as follows:

   
2022
    
2021
  
   
Up to 3
months
    
From 3 months
to 1 year
    
From 1 to 3
years
    
From 3 to 5
years
    
Over 5
years
    
Total
    
Up to 3
months
    
From 3 months
to 1 year
    
From 1 to 3
years
    
From 3 to 5
years
    
Over 5
years
    
Total
  
   
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

Foreign currency forwards
    
276,887
      
226,117
      
(2,656)
      
–
      
–
      
500,348
      
193,678
      
148,219
      
2,883
      
–
      
–
      
344,780
  
Interest rate swaps
    
12,395
      
43,395
      
58,726
      
122,943
      
177,575
      
415,034
      
16,120
      
25,612
      
16,117
      
51,990
      
258,067
      
367,906
  
Currency swaps
    
63,465
      
60,940
      
86,950
      
84,650
      
114,434
      
410,439
      
61,522
      
182,002
      
219,240
      
137,046
      
260,360
      
860,170
  
Foreign exchange options
    
153
      
1,163
      
33
      
–
      
–
      
1,349
      
1,287
      
1,198
      
–
      
–
      
–
      
2,485
  
Futures
    
794
      
–
      
–
      
–
      
–
      
794
      
–
      
19
      
–
      
–
      
–
      
19
  
Total assets
    
353,694
      
331,615
      
143,053
      
207,593
      
292,009
      
1,327,964
      
272,607
      
357,050
      
238,240
      
189,036
      
518,427
      
1,575,360
  

    2022     2021  
   
Up to 3
months
    
From 3 months
to 1 year
    
From 1 to 3
years
    
From 3 to 5
years
    
Over 5
years
    
Total
    
Up to 3
months
    
From 3 months
to 1 year
    
From 1 to 3
years
    
From 3 to 5
years
    
Over 5
years
    
Total
  
   
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

Foreign currency forwards
    
203,269
      
85,222
      
366
      
–
      
–
      
288,857
      
231,022
      
153,550
      
2,799
      
–
      
–
      
387,371
  
Interest rate swaps
    
8,073
      
37,418
      
45,352
      
62,460
      
124,685
      
277,988
      
13,098
      
13,481
      
28,424
      
40,984
      
224,199
      
320,186
  
Currency swaps
    
140,363
      
258,962
      
100,267
      
127,404
      
122,424
      
749,420
      
37,410
      
225,813
      
211,630
      
145,507
      
175,485
      
795,845
  
Foreign exchange options
    
554
      
2,483
      
131
      
–
      
–
      
3,168
      
1,102
      
2,156
      
–
      
–
      
–
      
3,258
  
Futures
    
1,450
      
–
      
–
      
–
      
–
      
1,450
      
405
      
–
      
–
      
–
      
–
      
405
  
Total liabilities
    
353,709
      
384,085
      
146,116
      
189,864
      
247,109
      
1,320,883
      
283,037
      
395,000
      
242,853
      
186,491
      
399,684
      
1,507,065
  
Cash Flow Hedges are Expected to Occur and Affect Statement of Income, Net of Deferred Income Tax
A schedule indicating the periods when the current cash flow hedges are expected to occur and affect the consolidated statement of income, net of deferred income tax is presented below:

   
2022
    
2021
  
   
Up to 1 year
    
From 1 to 3 years
    
From 3 to 5 years
    
Over 5 years
    
Total
    
Up to 1 year
    
From 1 to 3 years
    
From 3 to 5 years
    
Over 5 years
    
Total
  
   
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
  
S/(000)
  
Cash inflows (assets)
    
250,835
      
938,513
      
76,280
      
–
      
1,265,628
      
191,962
      
327,914
      
496,552
      
–
      
1,016,428
  
Cash outflows (liabilities)
    
(294,548
)
    
(934,119
)
    
(73,232
)
    
–
   
(1,301,899
)
    
(209,707
)
    
(338,518
)
    
(446,582
)
    
–
   
(994,807
)
Consolidated statement of income
    
397
   
(7,222
)
    
7,070
   
–
   
245
   
(461
)
    
(20
)
    
197
   
–
   
(284
)
Movement of Investment Property
The movement of investment properties is as follows:

   
2022
    
2021
  
   
Land
    
Buildings
    
Total
    
Total
  
   
S/(000)

 
S/(000)

 
S/(000)

 
S/(000)

Cost
                                
Balance at January 1
    
274,769
      
252,166
      
526,935
      
513,918
  
Additions (i)
    
53,500
      
33,632
      
87,132
      
12,068
  
Disposals and others
    
(138
)
    
(610
)
    
(748
)
    
949
  
Balance at December 31
    
328,131
      
285,188
      
613,319
      
526,935
  
                                 
Accumulated depreciation
                                
Balance at January 1
    
–
      
56,412
      
56,412
      
45,649
  
Depreciation for the period
   
–
      
7,107
      
7,107
      
7,302
  
Disposals and others
    
–
      
(168
)
    
(168
)
    
3,461
  
Balance at December 31
    
–
      
63,351
      
63,351
      
56,412
  
                                 
Impairment losses (ii)
    
689
      
721
      
1,410
      
1,410
  
                                 
Net carrying amount
    
327,442
      
221,116
      
548,558
      
469,113
  

Land and buildings are mainly used for office rental, which are free of all encumbrances.


 (i)
As of December 31, 2022 the Group has made disbursements for the acquisition of land and real estate for S/87.1 million. As of December 31, 2021, the Group has made disbursements for property improvements for S/12.1 million.

  (ii)
The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount.
Movement of Provision for Sundry Risks

j)
The movement of the allowance for sundry risks for the years ended December 31, 2022, 2021 and 2020 was as follows:

   
2022
    
2021
    
2020
  
   
S/(000)

 
S/(000)

 
S/(000)

                         
Balance at the beginning of the year
    
614,012
      
514,382
      
359,853
  
Allowance, Note 29
    
43,846
      
70,824
      
140,897
  
(Decrease) increase, net
    
(33,709
)
    
28,806
      
13,632
  
Balances at the end of the year
    
624,149
      
614,012
      
514,382