CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING (Tables)

12 Months Ended

Dec. 31, 2023

CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING [Abstract]

Composition of Cash Collateral, Reverse Repurchase Agreements and Securities Borrowing

a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing:

	2023		2022
	S/(000)		S/(000)
Cash collateral on repurchase agreements and security lendings (i)		607,639		649,769
Reverse repurchase agreement and security Borrowings (ii)		719,722		452,087
Receivables for short sales		83,286		–
Total		1,410,647		1,101,856

(i)
As of December 31, 2023, the balance mainly comprises cash guarantees in U.S. Dollar and Bolivianos. Cash guarantees were delivered to the Central Bank of Bolivia, in Bolivians and U.S. Dollar for the equivalent of S/590.7 million (S/424.8 million, as of December 31, 2022). As of December 31, 2022, cash collateral for approximately US$52.5 million, equivalent to S/200.4 million to secure a borrowing in Soles of approximately S/185.0 million.
Cash collateral granted bears interest at an average annual effective interest rate according to market rates. The related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see paragraph (c) below.

Information about Reverse Repurchase Agreements and Security Borrowings, Financial Instrument Serves as Collateral

(ii) Credicorp, mainly through its subsidiaries, provides financing to its customers through reverse repurchase agreements and securities borrowing, in which a financial instrument serves as collateral. Details of said transactions are as follows:

		2023												2022
	Currency	Average interest rate		Up to 3 days		From 3 to 30 days		More than 30 days		Carrying amount		Fair value of underlying assets		Average interest rate		Up to 3 days		From 3 to 30 days		More than 30 days		Carrying amount		Fair value of underlying assets
		%		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		%		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)
Instruments issued by the Colombian Government	Colombian peso		6.09		–		603,441		82,075		685,516		687,878		4.66		–		205,480		26,979		232,459		254,226
Other instruments	Several		0.96		6,722		25,585		1,899		34,206		34,223		1.69		42,616		128,232		48,780		219,628		218,859
					6,722		629,026		83,974		719,722		722,101				42,616		333,712		75,759		452,087		473,085

Information about Payables from Repurchase Agreements and Security Lending

b) Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and securities lending” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows:

		2023												2022
	Currency	Average interest rate		Up to 3 days		From 3 to 30 days		More than 30 days		Carrying amount		Fair value of underlying assets		Average interest rate		Up to 3 days		From 3 to 30 days		More than 30 days		Carrying amount		Fair value of underlying assets
		%		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)		%		S/(000)		S/(000)		S/(000)		S/(000)		S/(000)
Debt instruments, cash and credit portfolio (c)					–		9,582		8,596,559		8,606,141		9,268,346				-		64,273		12,268,416		12,332,689		12,449,218
Instruments issued by the Colombian Government	Colombian pesos		6.22		–		1,410,328		–		1,410,328		1,408,486		6.12		–		539,731		–		539,731		536,398
Instruments issued by the Chilean Government	Chilean pesos		0.75		57,066		–		–		57,066		57,095		0.96		38,192		–		–		38,192		38,192
Other instruments			6.91		41,056		53,836		–		94,892		94,659		3.77		15,840		40,273		–		56,113		56,193
					98,122		1,473,746		8,596,559		10,168,427		10,828,586				54,032		644,277		12,268,416		12,966,725		13,080,001

Information about Repurchase Agreement Secured with Cash, Investments and Loans

c) As of December 31, 2023, and 2022, the Group has repurchase agreements secured with: (i) cash, see note 4(a), (ii) investments, see note 6(b), and (iii) loans, see note 7(a). This item consists of the following:

		2023			2022
			Carrying			Carrying
Counterparties	Currency	Maturity	amount	Collateral	Maturity	amount	Collateral
			S/(000)			S/(000)
BCRP	Sol	January 2024 / September 2025	5,436,564	Investment and credit portfolio	January 2023 / September 2025	3,263,472	Investment and credit Portfolio
BCRP -  Reactiva Perú (*)	Sol	May 2024 / December 2025	1,779,934	Loans guaranteed by National Government	May 2023 / December 2025	6,981,698	Loans guaranteed by National Government
Banco Central de Bolivia	Boliviano	December 2024 / March 2025	590,715	Cash	January 2023 / December 2023	424,822	Cash
Natixis S.A.	Sol	August 2028	270,000	Investments	August 2028	270,000	Investments
Citigroup Global Markets Limited (i)	U.S. Dollar	August 2026	166,905	Investments	August 2026	171,630	Investments
BCRP - Reactiva Perú Especial (*)	Sol	June 2024 / December 2025	133,309	Loans guaranteed by National Government	June 2023 / December 2025	793,734	Loans guaranteed by National Government
Natixis (ii)	U.S. Dollar	August 2026	92,725	Investments	August 2026	95,350	Investments
Banco de la República	Colombian peso	January 2024	9,569	Investments	January 2023	58,955	Investments
BCRP, note 5(a)(i)	Sol	-	-	-	March 2023	185,000	Cash with BCRP
Other minors	-	-	-	-	January 2023	5,099	Investments
Accrued interest			126,420			82,929
			8,606,141			12,332,689

(*)   Throug Repo Operations, BCP and MiBanco sell representing credit securities guaranteed by the BCRP, they receive soles and are obliged to buy them back at a later date. The credit representing securities with guarantee of the National Government may have the form of a portfolio of credit representing titles or of Certificates of Participation in trustee of the loan portfolio guaranteed by the National Government (Reactiva Especial). The BCRP will charge a fixed interest annual rate in soles of 0.50 percent for the operation and will include a grace period of twelve months without payment of interest or principal. As of December 31, 2023, the total credits granted through the Reactiva Peru program are S/2,877.2 million (S/8,877.2 million, as of December 31, 2022), see Note 7(a).