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OTHER ASSETS AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
OTHER ASSETS AND OTHER LIABILITIES [Abstract]  
Components of Other Assets and Liabilities

a)
This item consists of the following:

   
2024
    
2023
  
    S/(000)
    S/(000)
  
Other assets -
                
Financial instruments:
                
Receivables (b)
    
1,225,171
      
1,319,569
  
Margin Call
    1,087,831       203,483  
Derivatives receivable (c)
    
904,791
      
987,663
  
Receivables from sale of investments (d)     824,988       411,599  
Operations in process (e)     131,029       137,952  
     
4,173,810
      
3,060,266
  
                 
Non-financial instruments:
                
Deferred fees (f)
    
1,026,896
      
1,197,457
  
Investment in associates (g)
    
763,918
      
748,663
  
Investment properties, net (h)
    
625,105
      
565,274
  
Income tax prepayments, net
    
226,847
      
348,578
  
Adjudicated assets, net
    
166,179
      
107,562
  
Improvements in leased premises
    
149,298
      
100,919
  
VAT (IGV) tax credit
    
70,339
      
86,661
  
Others
    
31,763
      
9,237
  
     
3,060,345
      
3,164,351
  
Total
    
7,234,155
      
6,224,617
  

   
2024
    
2023
  
   
S/(000)

 
S/(000)

Other liabilities -
                
Financial instruments:
                
Accounts payable (i)
    
2,366,147
      
2,367,204
  
Salaries and other personnel expenses
    1,335,800       1,082,059  
Accounts payable for acquisitions of investments (d)     832,530
      448,046
 
Derivatives payable (c)     819,473       891,999  
Operations in process (e)    
227,549
      
258,197
  
Allowance for indirect loan losses, Note 7(c)
    
383,918
      
368,029
  
Dividends payable     74,183       62,976  
     
6,039,600
      
5,478,510
  
Non-financial instruments:
                
Taxes
    786,659       727,052  
Provision for sundry risks (j)
    
646,739
      
642,520
  
Others
    
147,308
      
145,609
  
     
1,580,706
      
1,515,181
  
Total
    
7,620,306
      
6,993,691
  
Fair Value of Derivative Financial Instruments, Recorded as an Asset or a Liability
The table below shows as of December 31, 2024, and 2023 the fair value of derivative financial instruments, recorded as an asset or a liability, together with their notional amounts and maturities. The nominal amount, recorded gross, is the amount of a derivative’s underlying asset and is the basis upon which fair value of derivatives is measured.

       
2024
    
2023
    
2024 and 2023
  
     Note  
Assets
    
Liabilities
    
Notional amount
    
Maturity
    
Assets
    
Liabilities
    
Notional amount
    
Maturity
    
Related instruments
 
       
S/(000)

 
S/(000)

 
S/(000)

       
S/(000)

 
S/(000)

 
S/(000)

           
Derivatives held for trading (i) -
                                                                      
Interest rate swaps
        
456,575
      
352,677
      
48,119,429
    
January 2025 / January 2035
      
341,898
      
204,775
      
17,471,629
    
January 2024 / September 2033
    
–
  
Foreign currency forwards        
161,495
      
210,947
      
33,716,473
    
January 2025 / April 2027
      
334,505
      
205,341
      
32,206,841
    
January 2024 / March 2026
    
–
  
Currency swaps
        
219,648
      
230,848
      
13,625,101
    
January 2025 / November 2034
      
230,818
      
429,365
       12,895,649    
January 2024 / August 2033
    
–
  
Foreign exchange options
        
3,018
      
8,420
      
743,202
    
January 2025/ April 2026
      
1,104
      
4,002
      
501,189
    
January 2024 / March 2025
    
–
  
Futures
        
1,477
      
120
      
23,713
    
March 2025
      
1,187
      
1,618
      
40,428
    
March 2024
    
–
  
         
842,213
      
803,012
      
96,227,918
            
909,512
      
845,101
      
63,115,736
              
Derivatives held as hedges
                                                                     
Cash flow hedges -
                                                                      
Cross currency swaps (CCS)
  
15(a)(i)
    
18,993
      
2,359
      
828,080
    
January 2025
      
13,843
      
25,524
      
815,980
    
January 2025
    
Bonds issued
  
Cross interest rate swaps (IRS)
  
4(b)(i)
    
–
      
970
      
564,600
  
April 2026 / May 2026      
786
      
337
      
556,350
    
April 2026 / May 2026
    
Cash and due from banks
  
Cross currency swaps (CCS)
  
14(b)(i)
    
–
      
5,242
      
225,840
    
May 2025 / June 2025
      
–
      
11,253
      
222,540
    
May 2025 / June 2025
    
Debts to bank
  
Cross currency swaps (CCS)
  
15(a)(v)
    
–
      
5,937
      
71,940
    
November 2025
      
1,552
      
–
      
78,969
    
November 2025
    
Bonds issued / loans(**)
 
Cross currency swaps (CCS)
  
6(b)(i)
   
1,802
      
1,852
      
46,970
    
January 2025 / April 2025
      
20,359
      
9,784
      
126,624
    
February 2024 / January 2025
    
Investments (*)
  
Foreign currency forwards



5,597


98


125,173

January 2025 / February 2026


–


–


–

–

Investments (*)
  
Foreign currency forwards
  


3,159


3


136,603

March 2025 / December 2025


–


–


–

–

Loans  
Foreign currency forwards
  
    –       –       –     –
       57       –       54,392     June 2024     Debts to bank
  
                                                                       
Fair value hedges -
                                                                      
Interest rate swaps (IRS)
  
6(b)(i)
    
33,027
      
–
      
790,440
    
March 2025 / February 2028
     
41,554
      
–
      
778,890
    
March 2025 / February 2028
    
Investments (*)
 
         
62,578
      
16,461
      
2,789,646
            
78,151
      
46,898
      
2,633,745
              
         
904,791
      
819,473
      
99,017,564
            
987,663
      
891,999
      
65,749,481
              


(*)
Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2024 and 2023.


(**)
As of December 31, 2024, the Group held cross-currency swap contracts (CCS) for a notional amount of ¥3,000.0 million equivalent to $19.1 million (for ¥3,000.0 million equivalent to $21.3 million, as of December 31, 2023), which were decomposed by risk variables into two cross-currency swaps (CCS) for the purpose of being designated as cash flow hedges and re-expressing the initial exposures in the functional currency, as follows:

 
-
JPY-PEN for ¥3,000.0 million equivalent to S/71.9 million as of December 31, 2024 (¥3,000.0 million equivalent to S/79.0 million as of December 31, 2023) designated for cash flow hedges of bonds issued in yen.

 
-
PEN-USD for $20.3 million equivalent to S/76.4 million as of December 31, 2024 (US$20.3 million equivalent to S/75.4 million as of December 31, 2023), designated for cash flow hedging of U.S. dollar placements up to that amount.
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:

   
2024
    
2023
  
   
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)

Interest rate swaps
    
22,151
      
33,774
      
141,134
      
82,228
      
177,288
      
456,575
      
8,870
      
11,790
      
94,681
   
128,141
      
98,416
      
341,898
  
Foreign currency forwards
   
106,414
      
53,498
      
1,583
      
–
      
–
      
161,495
      
201,816
      
129,504
      
3,185
      
–
      
–
      
334,505
  
Currency swaps
    
43,713
      
31,998
      
72,826
      
56,141
      
14,970
      
219,648
      
4,955
      
45,436
      
69,962
      
78,513
      
31,952
      
230,818
  
Foreign exchange options
    
1,175
      
1,369
      
474
      
–
      
–
      
3,018
      
471
      
592
      
41
      
–
      
–
      
1,104
  
Futures
    
1,477
      
–
      
–
      
–
      
–
      
1,477
      
1,187
      
–
      
–
      
–
      
–
      
1,187
  
Total assets
    
174,930
      
120,639
      
216,017
      
138,369
      
192,258
      
842,213
      
217,299
      
187,322
      
167,869
      
206,654
      
130,368
      
909,512
  

    2024     2023  
   
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)
Interest rate swaps
    
21,591
      
50,376
      
88,792
      
29,965
      
161,953
      
352,677
      
20,615
      
20,739
      
48,110
      
36,596
      
78,715
      
204,775
  
Foreign currency forwards
   
141,078
      
67,531
      
2,338
      
–
      
–
      
210,947
      
142,293
      
57,319
      
5,729
      
–
      
–
      
205,341
  
Currency swaps
    
26,293
      
25,499
      
79,045
      
71,857
      
28,154
      
230,848
      
78,941
      
129,935
      
86,455
      
99,804
      
34,230
      
429,365
  
Foreign exchange options
    
3,175
      
4,075
      
1,170
      
–
      
–
      
8,420
      
1,355
      
2,525
      
122
      
–
      
–
      
4,002
  
Futures
    
120
      
–
      
–
      
–
      
–
      
120
      
1,618
      
–
      
–
      
–
      
–
      
1,618
  
Total liabilities
    
192,257
      
147,481
      
171,345
      
101,822
      
190,107
      
803,012
      
244,822
      
210,518
      
140,416
      
136,400
      
112,945
      
845,101
  
Cash Flow Hedges are Expected to Occur and Affect Statement of Income, Net of Deferred Income Tax
  (ii)
The Group is exposed to variability in future cash flows on assets and liabilities in foreign currency and/or those that bear interest at variable rates. The Group uses derivative financial instruments as cash flow hedges to cover these risks. 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:

   
2024
    
2023
  
   
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)
    
1,202,322
      
568,812
      
–
      
–
      
1,771,134
      
160,643
      
1,742,147
      
-
      
–
      
1,902,790
  
Cash outflows (liabilities)
    
(1,190,257
)
    
(566,730
)
    
–
   
–
   
(1,756,987
)
    
(153,240
)
    
(1,749,748
)
    
-
   
–
   
(1,902,988
)
Consolidated statement of income
    
2,764
   
1,845
   
–
   
–
   
4,609
   
485
   
(17,192
)
    
-
   
–
   
(16,707
)
Movement of Investment Property
The movement of investment properties is as follows:

   
2024
    
2023
  
   
Land
    
Buildings
    
Total
    
Total
  
    S/(000)
  S/(000)
  S/(000)
  S/(000)
Cost
                                
Balance at January 1
    
342,617
      
297,076
      
639,693
      
613,319
  
Additions (i)
    
29,013
      
41,386
      
70,399
      
25,034
  
Disposals and others
    
41
      
(2,197
)
    
(2,156
)
    
1,340
  
Balance as of December 31
    
371,671
      
336,265
      
707,936
      
639,693
  
                                 
Accumulated depreciation
                                
Balance at January 1
    
–
      
73,009
      
73,009
      
63,351
  
Depreciation for the period
   
–
      
9,098
      
9,098
      
8,115
  
Disposals and others
    
–
      
(403
)
    
(403
)
    
1,543
  
Balance as of December 31
    
–
      
81,704
      
81,704
      
73,009
  
                                 
Impairment losses (ii)
    
689
      
438
      
1,127
      
1,410
  
                                 
Net carrying amount
    
370,982
      
254,123
      
625,105
      
565,274
  

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


 (i)
As of December 31, 2024, the Group has made disbursements for the acquisition of land and real estate for S/70.4 million. As of December 31, 2023, the Group has made disbursements for the acquisition of land and real state for S/25.0 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 provision for sundry risks for the years ended December 31, 2024, 2023 and 2022 was as follows:

   
2024
    
2023
    
2022
  
    S/(000)
  S/(000)
  S/(000)
                         
Balance at the beginning of the year
    
642,520
      
624,149
      
614,012
  
Provision, Note 25
    
315,214
      
95,873
      
43,846
  
(Decrease), net
    
(310,995
)
    
(77,502
)
    
(33,709
)
Balances at the end of the year
    
646,739
      
642,520
      
624,149